Superior Well Services,
Inc.,
as Issuer
Any Subsidiary Guarantors parties
hereto,
as Subsidiary Guarantors
[Trustee’s Name],
as Trustee
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PAGE
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1
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ARTICLE ONE
DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
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1
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2
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2
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2
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2
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2
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2
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2
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2
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3
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3
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3
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3
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3
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3
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3
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3
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3
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3
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3
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3
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3
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3
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3
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3
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4
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4
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4
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4
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4
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4
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4
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4
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Original Issue Discount Security
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4
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4
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5
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5
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5
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6
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PAGE
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6
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6
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6
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6
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6
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6
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6
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6
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6
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6
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6
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6
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7
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7
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7
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U.S. Government Obligation
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7
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7
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7
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7
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SECTION 102. Compliance Certificates and
Opinions
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7
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SECTION 103. Form of Documents Delivered to
Trustee
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8
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SECTION 104. Acts of Holders; Record
Dates
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8
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SECTION 105. Notices, Etc., to Trustee and
Company
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10
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SECTION 106. Notice to Holders;
Waiver
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11
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SECTION 107. Conflict with Trust Indenture
Act
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11
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SECTION 108. Effect of Headings and Table
of Contents
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11
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SECTION 109. Successors and
Assigns
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12
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SECTION 110. Separability Clause
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12
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SECTION 111. Benefits of
Indenture
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12
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SECTION 112. Governing Law
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12
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SECTION 113. Legal Holidays
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12
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ARTICLE TWO SECURITY
FORMS
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SECTION 201. Forms Generally
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12
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SECTION 202. Form of Face of
Security
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13
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SECTION 203. Form of Reverse of
Security
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15
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SECTION 204. Form of Subsidiary
Guarantee
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18
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SECTION 205. Form of Legend for Global
Securities
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21
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SECTION 206. Form of Trustee’s
Certificate of Authentication
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21
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SECTION 207. Form of Conversion
Notice
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22
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ARTICLE THREE THE
SECURITIES
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SECTION 301. Amount Unlimited; Issuable in
Series
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23
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SECTION 302. Denominations
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25
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SECTION 303. Execution, Authentication,
Delivery and Dating
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25
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PAGE
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SECTION 304. Temporary
Securities
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27
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SECTION 305. Registration, Registration of
Transfer and Exchange
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27
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SECTION 306. Mutilated, Destroyed, Lost and
Stolen Securities
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29
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SECTION 307. Payment of Interest; Interest
Rights Preserved
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30
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SECTION 308. Persons Deemed
Owners
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31
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SECTION 309. Cancellation
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31
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SECTION 310. Computation of
Interest
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32
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ARTICLE FOUR SATISFACTION AND
DISCHARGE
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SECTION 401. Satisfaction and Discharge of
Indenture
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32
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SECTION 402. Application of Trust
Money
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33
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ARTICLE FIVE REMEDIES
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SECTION 501. Events of Default
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33
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SECTION 502. Acceleration of Maturity;
Rescission and Annulment
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35
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SECTION 503. Collection of Indebtedness and
Suits for Enforcement by Trustee
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36
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SECTION 504. Trustee May File Proofs of
Claim
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37
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SECTION 505. Trustee May Enforce Claims
Without Possession of Securities
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37
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SECTION 506. Application of Money
Collected
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38
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SECTION 507. Limitation on Suits
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38
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SECTION 508. Unconditional Right of Holders
to Receive Principal, Premium and Interest
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39
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SECTION 509. Restoration of Rights and
Remedies
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39
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SECTION 510. Rights and Remedies
Cumulative
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39
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SECTION 511. Delay or Omission Not
Waiver
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39
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SECTION 512. Control by Holders
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40
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SECTION 513. Waiver of Past
Defaults
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40
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SECTION 514. Undertaking for
Costs
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40
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SECTION 515. Waiver of Usury, Stay or
Extension Laws
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40
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ARTICLE SIX THE TRUSTEE
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SECTION 601. Certain Duties and
Responsibilities
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41
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SECTION 602. Notice of Defaults
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41
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SECTION 603. Certain Rights of
Trustee
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41
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SECTION 604. Not Responsible for Recitals
or Issuance of Securities
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42
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SECTION 605. May Hold Securities
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42
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SECTION 606. Money Held in Trust
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43
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SECTION 607. Compensation and
Reimbursement
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43
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SECTION 608. Conflicting
Interests
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43
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SECTION 609. Corporate Trustee Required;
Eligibility
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43
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SECTION 610. Resignation and Removal;
Appointment of Successor
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44
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SECTION 611. Acceptance of Appointment by
Successor
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45
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SECTION 612. Merger, Conversion,
Consolidation or Succession to Business
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46
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PAGE
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SECTION 613. Preferential Collection of
Claims Against Company and Subsidiary Guarantors
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46
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SECTION 614. Appointment of Authenticating
Agent
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46
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ARTICLE SEVEN HOLDERS’ LISTS
AND REPORTS BY TRUSTEE AND COMPANY
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SECTION 701. Company to Furnish Trustee
Names and Addresses of Holders
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48
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SECTION 702. Preservation of Information;
Communications to Holders
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48
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SECTION 703. Reports by Trustee
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49
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SECTION 704. Reports by Company and
Subsidiary Guarantors
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49
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ARTICLE EIGHT CONSOLIDATION, MERGER,
CONVEYANCE, TRANSFER OR LEASE
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SECTION 801. Company May Consolidate, Etc.,
Only on Certain Terms
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49
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SECTION 802. Subsidiary Guarantors May
Consolidate, Etc., Only on Certain Terms
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50
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SECTION 803. Successor
Substituted
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51
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ARTICLE NINE SUPPLEMENTAL
INDENTURES
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SECTION 901. Supplemental Indentures
Without Consent of Holders
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51
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SECTION 902. Supplemental Indentures With
Consent of Holders
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52
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SECTION 903. Execution of Supplemental
Indentures
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54
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SECTION 904. Effect of Supplemental
Indentures
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54
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SECTION 905. Conformity with Trust
Indenture Act
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54
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SECTION 906. Reference in Securities to
Supplemental Indentures
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54
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ARTICLE TEN COVENANTS
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SECTION 1001. Payment of Principal, Premium
and Interest
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54
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SECTION 1002. Maintenance of Office or
Agency
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55
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SECTION 1003. Money for Securities Payments
to Be Held in Trust
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55
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SECTION 1004. Statement by Officers as to
Default
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56
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57
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SECTION 1006. Maintenance of
Properties
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57
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SECTION 1007. Payment of Taxes and Other
Claims
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57
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SECTION 1008. Maintenance of
Insurance
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57
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SECTION 1009. Waiver of Certain
Covenants
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57
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ARTICLE ELEVEN REDEMPTION OF
SECURITIES
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SECTION 1101. Applicability of
Article
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58
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SECTION 1102. Election to Redeem; Notice to
Trustee
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58
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SECTION 1103. Selection by Trustee of
Securities to Be Redeemed
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58
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SECTION 1104. Notice of
Redemption
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59
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SECTION 1105. Deposit of Redemption
Price
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60
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SECTION 1106. Securities Payable on
Redemption Date
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60
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SECTION 1107. Securities Redeemed in
Part
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61
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ARTICLE TWELVE [INTENTIONALLY
OMITTED]
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ARTICLE THIRTEEN SUBSIDIARY
GUARANTEES
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PAGE
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SECTION 1301. Applicability of
Article
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61
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SECTION 1302. Subsidiary
Guarantees
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61
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SECTION 1303. Execution and Delivery of
Subsidiary Guarantees
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63
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SECTION 1304. Release of Subsidiary
Guarantors
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63
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SECTION 1305. Additional Subsidiary
Guarantors
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64
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SECTION 1306. Limitation on
Liability
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64
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ARTICLE FOURTEEN [INTENTIONALLY
OMITTED]
|
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ARTICLE FIFTEEN DEFEASANCE AND
COVENANT DEFEASANCE
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SECTION 1501. Company’s Option to
Effect Defeasance or Covenant Defeasance
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64
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SECTION 1502. Defeasance and
Discharge
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65
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SECTION 1503. Covenant
Defeasance
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65
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SECTION 1504. Conditions to Defeasance or
Covenant Defeasance
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66
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SECTION 1505. Deposited Money and U.S.
Government Obligations to Be Held in Trust; Miscellaneous
Provisions
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67
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SECTION 1506. Reinstatement
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68
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ARTICLE SIXTEEN SINKING
FUNDS
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SECTION 1601. Applicability of
Article
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68
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SECTION 1602. Satisfaction of Sinking Fund
Payments with Securities
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69
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SECTION 1603. Redemption of Securities for
Sinking Fund
|
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69
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|
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80
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I-1
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SUPERIOR WELL SERVICES,
INC
CERTAIN SECTIONS OF THIS INDENTURE
RELATING TO SECTIONS 310
THROUGH 318, INCLUSIVE, OF THE TRUST INDENTURE ACT OF
1939:
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TRUST
INDENTURE
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ACT
SECTION
|
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INDENTURE
SECTION
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609
|
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|
609
|
|
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|
Not
Applicable
|
|
|
|
Not
Applicable
|
|
|
|
608
|
|
|
|
610
|
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|
|
613
|
|
|
|
613
|
|
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701
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702
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702
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702
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703
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703
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703
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703
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704
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101
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1004
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|
Not
Applicable
|
|
|
|
102
|
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|
102
|
|
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|
Not
Applicable
|
|
|
|
Not
Applicable
|
|
|
|
102
|
|
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|
601
|
|
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|
602
|
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601
|
|
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601
|
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514
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101
|
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502
|
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512
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513
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Not
Applicable
|
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|
|
508
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104
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TRUST
INDENTURE
|
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ACT
SECTION
|
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INDENTURE
SECTION
|
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503
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504
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1003
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107
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NOTE:
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This reconciliation and tie shall
not, for any purpose, be deemed to be a part of the
Indenture.
|
INDENTURE, dated
as of
, 200___, among Superior Well Services, Inc., a corporation duly
organized and existing under the laws of the State of Delaware
(herein called the “Company”), having its principal
office at 1380 Rt. 286 East, Suite #121, Indiana, Pennsylvania
15701, any Subsidiary Guarantors (defined herein) parties hereto
from time to time and [Trustee’s Name] , a banking
corporation duly organized and existing under the laws of the State
of [
] , as Trustee (herein called the
“Trustee”).
RECITALS OF THE COMPANY AND THE
SUBSIDIARY GUARANTORS
The Company has
duly authorized the execution and delivery of this Indenture to
provide for the issuance from time to time of its unsecured
debentures, notes or other evidences of indebtedness (herein called
the “Securities”), to be issued in one or more series
as in this Indenture provided, and each Subsidiary Guarantor that
may become a party to this Indenture will duly authorize the
Subsidiary Guarantee of the Securities, as in this Indenture
provided.
The Company and
the Subsidiary Guarantors are members of the same consolidated
group of companies. The Subsidiary Guarantors will derive direct
and indirect economic benefit from the issuance of the Securities.
Accordingly, each Subsidiary Guarantor has duly authorized the
execution and delivery of this Indenture to provide for its full,
unconditional and joint and several guarantee of the Securities to
the extent provided in or pursuant this Indenture.
All things
necessary to make this Indenture a valid agreement of the Company,
in accordance with its terms, have been done.
NOW, THEREFORE,
THIS INDENTURE WITNESSETH:
For and in
consideration of the premises and the purchase of the Securities by
the Holders thereof, it is mutually agreed, for the equal and
proportionate benefit of all Holders of the Securities or of series
thereof, as follows:
DEFINITIONS AND OTHER PROVISIONS
OF GENERAL APPLICATION
SECTION 101.
Definitions.
For all purposes
of this Indenture, except as otherwise expressly provided or unless
the context otherwise requires:
(1) the terms
defined in this Article have the meanings assigned to them in this
Article and include the plural as well as the singular;
(2) all other
terms used herein which are defined in the Trust Indenture Act,
either directly or by reference therein, have the meanings assigned
to them therein;
1
(3) all accounting
terms not otherwise defined herein have the meanings assigned to
them in accordance with generally accepted accounting principles,
and, except as otherwise herein expressly provided, the term
“generally accepted accounting principles” with respect
to any computation required or permitted hereunder shall mean such
accounting principles as are generally accepted at the date of this
instrument;
(4) unless the
context otherwise requires, any reference to an
“Article” or a “Section” refers to an
Article or a Section, as the case may be, of this Indenture;
and
(5) the words
“herein”, “hereof”, “hereunder”
and other words of similar import refer to this Indenture as a
whole and not to any particular Article, Section or other
subdivision.
“Act”,
when used with respect to any Holder, has the meaning specified in
Section 104.
“Affiliate”
of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For the purposes of this
definition, “control” when used with respect to any
specified Person means the power to direct the management and
policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and
the terms “controlling” and “controlled”
have meanings correlative to the foregoing; provided that direct or
indirect beneficial ownership of 10% or more of the Voting Stock of
a Person shall be deemed to control.
“Authenticating
Agent” means any Person authorized by the Trustee pursuant to
Section 614 to act on behalf of the Trustee to authenticate
Securities of one or more series.
“Board of
Directors” means, with respect to the Company, either the
board of directors of the Company or any committee of that board
duly authorized to act for it in respect hereof, and with respect
to any Subsidiary Guarantor, either the board of directors of such
Subsidiary Guarantor or any committee of that board duly authorized
to act for it in respect hereof.
“Board
Resolution” means, with respect to the Company or any
Subsidiary Guarantor, a copy of a resolution certified by the
Secretary or an Assistant Secretary of the Company or such
Subsidiary Guarantor, as the case may be, to have been duly adopted
by its Board of Directors and to be in full force and effect on the
date of such certification, and delivered to the
Trustee.
“Business
Day”, when used with respect to any Place of Payment, means
each Monday, Tuesday, Wednesday, Thursday and Friday which is not a
day on which banking institutions in that Place of Payment are
authorized or obligated by law or executive order to
close.
“Capital
Stock” of any Person means any and all shares, interests,
participations or other equivalents (however designated) of
corporate stock or other equity participations, including
partnership interests, whether general or limited, of such
Person.
“Commission”
means the Securities and Exchange Commission, from time to time
constituted, created under the Exchange Act, or, if at any time
after the execution of this
2
instrument such
Commission is not existing and performing the duties now assigned
to it under the Trust Indenture Act, then the body performing such
duties at such time.
“Common
Stock” means the common stock, no par value, of the Company
as the same exists at the date of execution and delivery of this
Indenture or other Capital Stock of the Company into which such
common stock is converted, reclassified or changed from time to
time.
“Company”
means the Person named as the “Company” in the first
paragraph of this instrument until a successor Person shall have
become such pursuant to the applicable provisions of this
Indenture, and thereafter “Company” shall mean such
successor Person.
“Company
Request” or “Company Order” means a written
request or order signed in the name of the Company by its Chairman
of the Board of Directors, its Vice Chairman of the Board of
Directors, its President or a Vice President, and by its Treasurer,
an Assistant Treasurer, its Secretary or an Assistant Secretary,
and delivered to the Trustee.
“Conversion
Agent” means any Person authorized by the Company to convert
any Securities on behalf of the Company.
“Corporate
Trust Office” means the principal office of the Trustee at
which at any particular time its corporate trust business shall be
administered, such office being located on the date hereof at
[Trustee’s Address] .
“corporation”
means a corporation, association, limited liability company,
joint-stock company or business trust.
“Covenant
Defeasance” has the meaning specified in
Section 1503.
“Defaulted
Interest” has the meaning specified in
Section 307.
“Defeasance”
has the meaning specified in Section 1502.
“Depositary”
means, with respect to Securities of any series issuable in whole
or in part in the form of one or more Global Securities, a clearing
agency registered under the Exchange Act that is designated to act
as Depositary for such Securities as contemplated by
Section 301.
“Event of
Default” has the meaning specified in
Section 501.
“Exchange
Act” means the Securities Exchange Act of 1934 and any
statute successor thereto, in each case as amended from time to
time.
“Expiration
Date” has the meaning specified in
Section 104.
“Global
Security” means a Security that evidences all or part of the
Securities of any series and bears the legend set forth in
Section 205 (or such legend as may be specified as
contemplated by Section 301 for such Securities).
“Holder”
means a Person in whose name a Security is registered in the
Security Register.
3
“Indenture”
means this instrument as originally executed and as it may from
time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable
provisions hereof, including, for all purposes of this instrument
and any such supplemental indenture, the provisions of the Trust
Indenture Act that are deemed to be a part of and govern this
instrument and any such supplemental indenture, respectively. The
term “Indenture” shall also include the terms of
particular series of Securities established as contemplated by
Section 301.
“interest”,
when used with respect to an Original Issue Discount Security which
by its terms bears interest only after Maturity, means interest
payable after Maturity.
“Interest
Payment Date”, when used with respect to any Security, means
the Stated Maturity of an installment of interest on such
Security.
“Investment
Company Act” means the Investment Company Act of 1940 and any
statute successor thereto, in each case as amended from time to
time.
“Maturity”,
when used with respect to any Security, means the date on which the
principal of such Security or an installment of principal becomes
due and payable as therein or herein provided, whether at the
Stated Maturity or by declaration of acceleration, call for
redemption or otherwise.
“Notice of
Default” means a written notice of the kind specified in
Section 501(4).
“Officers’
Certificate” means a certificate signed by the Chairman of
the Board of Directors, a Vice Chairman of the Board of Directors,
the President or a Vice President, and by the Treasurer, an
Assistant Treasurer, the Secretary or an Assistant Secretary, of
the Company or any Subsidiary Guarantor, as the case may be, and
delivered to the Trustee. One of the officers signing an
Officers’ Certificate given pursuant to Section 1004
shall be the principal executive, financial or accounting officer
of the Company.
“Opinion of
Counsel” means, as to the Company or any Subsidiary
Guarantor, a written opinion of counsel, who may be counsel for the
Company or such Subsidiary Guarantor, as the case may be, and who
shall be acceptable to the Trustee.
“Original
Issue Discount Security” means any Security which provides
for an amount less than the principal amount thereof to be due and
payable upon a declaration of acceleration of the Maturity thereof
pursuant to Section 502.
“Outstanding”,
when used with respect to Securities, means, as of the date of
determination, all Securities theretofore authenticated and
delivered under this Indenture, except:
(1) Securities
theretofore cancelled by the Trustee or delivered to the Trustee
for cancellation;
(2) Securities for
whose payment or redemption money in the necessary amount has been
theretofore deposited with the Trustee or any Paying Agent (other
than the Company) in trust or set aside and segregated in trust by
the Company (if the
4
Company shall
act as its own Paying Agent) for the Holders of such Securities;
provided that, if such Securities are to be redeemed, notice of
such redemption has been duly given pursuant to this Indenture or
provision therefor satisfactory to the Trustee has been
made;
(3) Securities as
to which Defeasance has been effected pursuant to
Section 1502; and
(4) Securities
which have been paid pursuant to Section 306 or in exchange
for or in lieu of which other Securities have been authenticated
and delivered pursuant to this Indenture, other than any such
Securities in respect of which there shall have been presented to
the Trustee proof satisfactory to it that such Securities are held
by a bona fide purchaser in whose hands such Securities are valid
obligations of the Company;
provided,
however, that in determining whether the Holders of the requisite
principal amount of the Outstanding Securities have given, made or
taken any request, demand, authorization, direction, notice,
consent, waiver or other action hereunder as of any date,
(A) the principal amount of an Original Issue Discount
Security which shall be deemed to be Outstanding shall be the
amount of the principal thereof which would be due and payable as
of such date upon acceleration of the Maturity thereof to such date
pursuant to Section 502, (B) if, as of such date, the
principal amount payable at the Stated Maturity of a Security is
not determinable, the principal amount of such Security which shall
be deemed to be Outstanding shall be the amount as specified or
determined as contemplated by Section 301, (C) the
principal amount of a Security denominated in one or more foreign
currencies or currency units which shall be deemed to be
Outstanding shall be the U.S. dollar equivalent, determined as of
such date in the manner provided as contemplated by Section 301, of
the principal amount of such Security (or, in the case of a
Security described in clause (A) or (B) above, of the
amount determined as provided in such clause), and
(D) Securities owned by the Company, any Subsidiary Guarantor
or any other obligor upon the Securities or any Affiliate of the
Company, any Subsidiary Guarantor or of such other obligor shall be
disregarded and deemed not to be Outstanding, except that, in
determining whether the Trustee shall be protected in relying upon
any such request, demand, authorization, direction, notice,
consent, waiver or other action, only Securities which the Trustee
knows to be so owned shall be so disregarded. Securities so owned
which have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of the
Trustee the pledgee’s right so to act with respect to such
Securities and that the pledgee is not the Company, a Subsidiary
Guarantor or any other obligor upon the Securities or any Affiliate
of the Company, a Subsidiary Guarantor or of such other
obligor.
“Paying
Agent” means any Person authorized by the Company to pay the
principal of or any premium or interest on any Securities on behalf
of the Company.
“Person”
means any individual, corporation, partnership, joint venture,
trust, unincorporated organization or government or any agency or
political subdivision thereof.
“Place of
Payment”, when used with respect to the Securities of any
series, means the place or places where the principal of and any
premium and interest on the Securities of that series are payable
as specified as contemplated by Section 301.
5
“Predecessor
Security” of any particular Security means every previous
Security evidencing all or a portion of the same debt as that
evidenced by such particular Security; and, for the purposes of
this definition, any Security authenticated and delivered under
Section 306 in exchange for or in lieu of a mutilated,
destroyed, lost or stolen Security shall be deemed to evidence the
same debt as the mutilated, destroyed, lost or stolen
Security.
“Redemption
Date”, when used with respect to any Security to be redeemed,
means the date fixed for such redemption by or pursuant to this
Indenture.
“Redemption
Price”, when used with respect to any Security to be
redeemed, means the price at which it is to be redeemed pursuant to
this Indenture.
“Regular
Record Date” for the interest payable on any Interest Payment
Date on the Securities of any series means the date specified for
that purpose as contemplated by Section 301.
“Securities”
has the meaning stated in the first recital of this Indenture and
more particularly means any Securities authenticated and delivered
under this Indenture.
“Securities
Act” means the Securities Act of 1933 and any statute
successor thereto, in each case as amended from time to
time.
“Security
Register” and “Security Registrar” have the
respective meanings specified in Section 305.
“Significant
Subsidiary” means, at any date of determination, any
Subsidiary that represents 10% or more of the Company’s
consolidated total assets at the end of the most recent fiscal
quarter for which financial information is available or 10% or more
of the Company’s consolidated net revenues or consolidated
operating income for the most recent four quarters for which
financial information is available.
“Special
Record Date” for the payment of any Defaulted Interest means
a date fixed by the Trustee pursuant to
Section 307.
“Stated
Maturity”, when used with respect to any Security or any
installment of principal thereof or interest thereon, means the
date specified in such Security as the fixed date on which the
principal of such Security or such installment of principal or
interest is due and payable.
“Subsidiary”
of any Person means (1) a corporation more than 50% of the
combined voting power of the outstanding Voting Stock of which is
owned, directly or indirectly, by such Person or by one or more
other Subsidiaries of such Person or by such Person and one or more
Subsidiaries thereof or (2) any other Person (other than a
corporation) in which such Person, or one or more other
Subsidiaries of such Person or such Person and one or more other
Subsidiaries thereof, directly or indirectly, has at least a
majority ownership and power to direct the policies, management and
affairs thereof.
“Subsidiary
Guarantees” means the guarantees of any Subsidiary Guarantors
as provided in Article Thirteen.
6
“Subsidiary
Guarantors” means the Person or Persons named as the
“Subsidiary Guarantors” on the signature pages of this
instrument, or a supplement hereto, until a successor Person or
Persons shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter “Subsidiary
Guarantors” shall mean such successor Person or Persons, and
any other Subsidiary of the Partnership who may execute this
instrument, or a supplement hereto, for the purpose of providing a
Subsidiary Guarantee pursuant to this Indenture, in each case (i),
(ii) and (iii) until such Subsidiary Guarantor ceases to
be such in accordance with Section 1304 hereof. .
“Trust
Indenture Act” means the Trust Indenture Act of 1939 as in
force at the date as of which this instrument was executed;
provided, however, that in the event the Trust Indenture Act of
1939 is amended after such date, “Trust Indenture Act”
means, to the extent required by any such amendment, the Trust
Indenture Act of 1939 as so amended.
“Trustee”
means the Person named as the “Trustee” in the first
paragraph of this instrument until a successor Trustee shall have
become such pursuant to the applicable provisions of this
Indenture, and thereafter “Trustee” shall mean or
include each Person who is then a Trustee hereunder, and if at any
time there is more than one such Person, “Trustee” as
used with respect to the Securities of any series shall mean the
Trustee with respect to Securities of that series.
“U.S.
Government Obligation” has the meaning specified in
Section 1504.
“Vice
President”, when used with respect to the Company or the
Trustee, means any vice president, whether or not designated by a
number or a word or words added before or after the title
“vice president”.
“Voting
Stock” of any Person means Capital Stock of such Person which
ordinarily has voting power for the election of directors (or
persons performing similar functions) of such Person, whether at
all times or only so long as no senior class of securities has such
voting power by reason of any contingency.
“Wholly
Owned Subsidiary” of any Person means a Subsidiary of such
Person all of the outstanding Capital Stock or other ownership
interests of which (other than directors’ qualifying shares)
shall at the time be owned by such Person or by one or more Wholly
Owned Subsidiaries of such Person or by such Person and one or more
Wholly Owned Subsidiaries of such Person.
SECTION 102.
Compliance Certificates and Opinions.
Upon any
application or request by the Company or any Subsidiary Guarantor
to the Trustee to take any action under any provision of this
Indenture, the Company and/or such Subsidiary Guarantor, as
appropriate, shall furnish to the Trustee such certificates and
opinions as may be required under the Trust Indenture Act. Each
such certificate or opinion shall be given in the form of an
Officers’ Certificate, if to be given by an officer of the
Company or a Subsidiary Guarantor, or an Opinion of Counsel, if to
be given by counsel, and shall comply with the requirements of the
Trust Indenture Act and any other requirements set forth in this
Indenture.
7
Every certificate
or opinion with respect to compliance with a condition or covenant
provided for in this Indenture shall include:
(1) a statement
that each individual signing such certificate or opinion has read
such covenant or condition and the definitions herein relating
thereto;
(2) a brief
statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in
such certificate or opinion are based;
(3) a statement
that, in the opinion of each such individual, he 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 complied with; and
(4) a statement as
to whether, in the opinion of each such individual, such condition
or covenant has been complied with.
SECTION 103.
Form of Documents Delivered to Trustee.
In any case where
several matters are required to be certified by, or covered by an
opinion of, any specified Person, it is not necessary that all such
matters be certified by, or covered by the opinion of, only one
such Person, or that they be so certified or covered by only one
document, but one such Person may certify or give an opinion with
respect to some matters and one or more other such Persons as to
other matters, and any such Person may certify or give an opinion
as to such matters in one or several documents.
Any certificate or
opinion of an officer of the Company or any Subsidiary Guarantor
may be based, insofar as it relates to legal matters, upon a
certificate or opinion of, or representations by, counsel, unless
such officer knows, or in the exercise of reasonable care should
know, that the certificate or opinion or representations with
respect to the matters upon which his certificate or opinion is
based are erroneous. Any such certificate or opinion of counsel may
be based, insofar as it relates to factual matters, upon a
certificate or opinion of, or representations by, an officer or
officers of the Company or such Subsidiary Guarantor stating that
the information with respect to such factual matters is in the
possession of the Company or such Subsidiary Guarantor, unless such
counsel knows, or in the exercise of reasonable care should know,
that the certificate or opinion or representations with respect to
such matters are erroneous.
Where any Person
is required to make, give or execute two or more applications,
requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be
consolidated and form one instrument.
SECTION 104.
Acts of Holders; Record Dates.
Whenever in this
Indenture it is provided that the Holders of a specified percentage
in aggregate principal amount of the Securities of any or all
series may take action (including the making of any demand or
request, the giving of any direction, notice, consent or waiver or
the taking of any other action) the fact that at the time of taking
any such action the Holders of such specified percentage have
joined therein may be evidenced (a) by any instrument or any
number
8
of instruments
of similar tenor executed by Holders in person or by agent or proxy
appointed in writing, (b) by the record of the Holders voting
in favor thereof at any meeting of Holders duly called and held in
accordance with procedures approved by the Trustee, (c) by a
combination of such instrument or instruments and any such record
of such a meeting of Holders or (d) in the case of Securities
evidenced by a Global Security, by any electronic transmission or
other message, whether or not in written format, that complies with
the Depositary’s applicable procedures. Such evidence (and
the action embodied therein and evidenced thereby) are herein
sometimes referred to as the “Act” of the relevant
Holders. Proof of execution of any such instrument or of a writing
appointing any such agent or proxy shall be sufficient for any
purpose of this Indenture and (subject to Section 601)
conclusive in favor of the Trustee and the Company, if made in the
manner provided in this Section.
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 him the
execution thereof. Where such execution is by a signer acting in a
capacity other than his individual capacity, such certificate or
affidavit shall also constitute sufficient proof of his 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 that the Trustee deems
sufficient.
The ownership of
Securities shall be proved by the Security Register.
Any request,
demand, authorization, direction, notice, consent, waiver or other
Act of the Holder of any Security shall bind every future Holder of
the same Security and the Holder of every Security issued upon the
registration of transfer thereof or in exchange therefor or in lieu
thereof in respect of anything done, omitted or suffered to be done
by the Trustee or the Company in reliance thereon, whether or not
notation of such action is made upon such Security.
The Company may
set any day as a record date for the purpose of determining the
Holders of Outstanding Securities of any series entitled to give,
make or take any request, demand, authorization, direction, notice,
consent, waiver or other action provided or permitted by this
Indenture to be given, made or taken by Holders of Securities of
such series, provided that the Company may not set a record date
for, and the provisions of this paragraph shall not apply with
respect to, the giving or making of any notice, declaration,
request or direction referred to in the next paragraph. If any
record date is set pursuant to this paragraph, the Holders of
Outstanding Securities of the relevant series on such record date,
and no other Holders, shall be entitled to take the relevant
action, whether or not such Holders remain Holders after such
record date; provided that no such action shall be effective
hereunder unless taken on or prior to the applicable Expiration
Date by Holders of the requisite principal amount of Outstanding
Securities of such series on such record date. Nothing in this
paragraph shall be construed to prevent the Company from setting a
new record date for any action for which a record date has
previously been set pursuant to this paragraph (whereupon the
record date previously set shall automatically and with no action
by any Person be cancelled and of no effect), and nothing in this
paragraph shall be construed to render ineffective any action taken
by Holders of the requisite principal amount of Outstanding
Securities of the relevant series on the date such action is taken.
Promptly after any record date is set pursuant to this paragraph,
the Company, at its
9
own expense,
shall cause notice of such record date, the proposed action by
Holders and the applicable Expiration Date to be given to the
Trustee in writing and to each Holder of Securities of the relevant
series in the manner set forth in Section 106.
The Trustee may
set any day as a record date for the purpose of determining the
Holders of Outstanding Securities of any series entitled to join in
the giving or making of (i) any Notice of Default,
(ii) any declaration of acceleration referred to in
Section 502, (iii) any request to institute proceedings
referred to in Section 507(2) or (iv) any direction
referred to in Section 512, in each case with respect to Securities
of such series. If any record date is set pursuant to this
paragraph, the Holders of Outstanding Securities of such series on
such record date, and no other Holders, shall be entitled to join
in such notice, declaration, request or direction, whether or not
such Holders remain Holders after such record date; provided that
no such action shall be effective hereunder unless taken on or
prior to the applicable Expiration Date by Holders of the requisite
principal amount of Outstanding Securities of such series on such
record date. Nothing in this paragraph shall be construed to
prevent the Trustee from setting a new record date for any action
for which a record date has previously been set pursuant to this
paragraph (whereupon the record date previously set shall
automatically and with no action by any Person be cancelled and of
no effect), and nothing in this paragraph shall be construed to
render ineffective any action taken by Holders of the requisite
principal amount of Outstanding Securities of the relevant series
on the date such action is taken. Promptly after any record date is
set pursuant to this paragraph, the Trustee, at the Company’s
expense, shall cause notice of such record date, the proposed
action by Holders and the applicable Expiration Date to be given to
the Company in writing and to each Holder of Securities of the
relevant series in the manner set forth in
Section 106.
With respect to
any record date set pursuant to this Section, the party hereto
which sets such record dates may designate any day as the
“Expiration Date” and from time to time may change the
Expiration Date to any earlier or later day; provided that no such
change shall be effective unless notice of the proposed new
Expiration Date is given to the other party hereto in writing, and
to each Holder of Securities of the relevant series in the manner
set forth in Section 106, on or prior to the existing
Expiration Date. If an Expiration Date is not designated with
respect to any record date set pursuant to this Section, the party
hereto which set such record date shall be deemed to have initially
designated the 180th day after such record date as the Expiration
Date with respect thereto, subject to its right to change the
Expiration Date as provided in this paragraph. Notwithstanding the
foregoing, no Expiration Date shall be later than the 180th day
after the applicable record date.
Without limiting
the foregoing, a Holder entitled hereunder to take any action
hereunder with regard to any particular Security may do so with
regard to all or any part of the principal amount of such Security
or by one or more duly appointed agents each of which may do so
pursuant to such appointment with regard to all or any part of such
principal amount.
SECTION 105.
Notices, Etc., to Trustee and Company.
Any request,
demand, authorization, direction, notice, consent, waiver or Act of
Holders or other document provided or permitted by this Indenture
to be made upon, given or furnished to, or filed with:
10
(1) the Trustee by
any Holder or by the Company or any Subsidiary Guarantor shall be
sufficient for every purpose hereunder if made, given, furnished or
filed in writing in the English language to or with the Trustee at
its Corporate Trust Office, Attention: Corporate Trust Department;
or
(2) the Company or
any Subsidiary Guarantor by the Trustee or by any Holder shall be
sufficient for every purpose hereunder (unless otherwise herein
expressly provided) if in writing in the English language and
mailed, first-class postage prepaid, in the case of the Company
addressed to it at the address of its principal office specified in
the first paragraph of this instrument or at any other address
previously furnished in writing to the Trustee by the Company and,
in the case of any Subsidiary Guarantor, to it at the address of
the Company’s principal office specified in the first
paragraph of this instrument, Attention: Chief Financial Officer,
or at any other address previously furnished in writing to the
Trustee by such Subsidiary Guarantor.
SECTION 106.
Notice to Holders; Waiver.
Where this
Indenture provides for notice to Holders of any event, such notice
shall be sufficiently given (unless otherwise herein expressly
provided) if in writing and mailed, first-class postage prepaid, to
each Holder affected by such event, at his address as it appears in
the Security Register, not later than the latest date (if any), and
not earlier than the earliest date (if any), prescribed for the
giving of such notice. In any case where notice to Holders is given
by mail, neither the failure to mail such notice, nor any defect in
any notice so mailed, to any particular Holder shall affect the
sufficiency of such notice with respect to other Holders. Where
this Indenture provides for notice in any manner, such notice may
be waived in writing by the Person entitled to receive such notice,
either before or after the event, and such waiver shall be the
equivalent of such notice. Waivers of notice by Holders shall be
filed with the Trustee, but such filing shall not be a condition
precedent to the validity of any action taken in reliance upon such
waiver.
In case by reason
of the suspension of regular mail service or by reason of any other
cause it shall be impracticable to give such notice by mail, then
such notification as shall be made with the approval of the Trustee
shall constitute a sufficient notification for every purpose
hereunder.
SECTION 107.
Conflict with Trust Indenture Act.
If any provision
hereof limits, qualifies or conflicts with a provision of the Trust
Indenture Act which is required under such Act to be a part of and
govern this Indenture, the latter provision shall control. If any
provision of this Indenture modifies or excludes any provision of
the Trust Indenture Act which may be so modified or excluded, the
latter provision shall be deemed to apply to this Indenture as so
modified or to be excluded, as the case may be.
SECTION 108.
Effect of Headings and Table of Contents.
The Article and
Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction
hereof.
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SECTION 109.
Successors and Assigns.
All covenants and
agreements in this Indenture by the Company and any Subsidiary
Guarantor shall bind its successors and assigns, whether so
expressed or not.
SECTION 110.
Separability Clause.
In case any
provision in this Indenture, the Securities or the Subsidiary
Guarantees shall be invalid, illegal or unenforceable, the
validity, legality and enforce ability of the remaining provisions
shall not in any way be affected or impaired thereby.
SECTION 111.
Benefits of Indenture.
Nothing in this
Indenture, the Securities or the Subsidiary Guarantees, express or
implied, shall give to any Person, other than the parties hereto
and their successors hereunder and the Holders, any benefit or any
legal or equitable right, remedy or claim under this
Indenture.
SECTION 112.
Governing Law.
This Indenture,
the Securities and the Subsidiary Guarantees shall be governed by
and construed in accordance with the law of the State of New
York.
SECTION 113.
Legal Holidays.
In any case where
any Interest Payment Date, Redemption Date, purchase date or Stated
Maturity of any Security shall not be a Business Day at any Place
of Payment, then (notwithstanding any other provision of this
Indenture or of the Securities (other than a provision of any
Security which specifically states that such provision shall apply
in lieu of this Section)) payment of interest or principal (and
premium, if any) need not be made at such Place of Payment on such
date, but may be made on the next succeeding Business Day at such
Place of Payment with the same force and effect as if made on the
Interest Payment Date, Redemption Date or purchase date, or at the
Stated Maturity.
SECTION 201.
Forms Generally.
The Securities of
each series and, if applicable, the Subsidiary Guarantees to be
endorsed thereon shall be in substantially the form set forth in
this Article, or in such other form as shall be established by or
pursuant to a Board Resolution or in one or more indentures
supplemental hereto, in each case with such appropriate insertions,
omissions, substitutions and other variations as are required or
permitted by this Indenture, and may have such letters, numbers or
other marks of identification and such legends or endorsements
placed thereon as may be required to comply with the rules of any
securities exchange or Depositary therefor or as may, consistently
herewith, be determined by the officers executing such Securities
or Subsidiary
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Guarantees, as
the case may be, as evidenced by their execution thereof. If the
form of Securities of any series is established by action taken
pursuant to a Board Resolution, a copy of an appropriate record of
such action shall be certified by the Secretary or an Assistant
Secretary of the Company and delivered to the Trustee at or prior
to the delivery of the Company Order contemplated by
Section 303 for the authentication and delivery of such
Securities.
The definitive
Securities shall be printed, lithographed or engraved on steel
engraved borders or may be produced in any other manner, all as
determined by the officers executing such Securities, as evidenced
by their execution of such Securities.
SECTION 202.
Form of Face of Security.
[Insert any
legend required by the Internal Revenue Code and the regulations
thereunder.]
Superior Well Services,
Inc.
Superior Well
Services, Inc., a corporation duly organized and existing under the
laws of Delaware (herein called the “Company,” which
term includes any successor Person under the Indenture hereinafter
referred to), for value received, hereby promises to pay to
, or registered assigns, the principal sum of
Dollars on
[if the Security is to bear interest prior to Maturity, insert
— , and to pay interest thereon from
or from the most recent Interest Payment Date to which interest has
been paid or duly provided for, semi-annually on
and
in each year, commencing
, at the rate of ___% per annum, until the principal hereof is paid
or made available for payment, provided that any principal and
premium, and any such installment of interest, which is overdue
shall bear interest at the rate of ___% per annum (to the extent
that the payment of such interest shall be legally enforceable),
from the dates such amounts are due until they are paid or made
available for payment, and such interest shall be payable on
demand. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in
such Indenture, be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close
of business on the Regular Record Date for such interest, which
shall be the ___or ___ (whether or not a Business Day), as the case
may be, next preceding such Interest Payment Date. Any such
interest not so punctually paid or duly provided for will forthwith
cease to be payable to the Holder on such Regular Record Date and
may either be paid to the Person in whose name this Security (or
one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given
to Holders of Securities of this series not less than 10 days
prior to such Special Record Date, or be paid at any time in any
other lawful manner not inconsistent with the requirements of any
securities exchange on which the Securities of this series may be
listed, and upon such notice as may be required by such exchange,
all as more fully provided in said Indenture].
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[If the Security
is not to bear interest prior to Maturity, insert — The
principal of this Security shall not bear interest except in the
case of a default in payment of principal upon acceleration, upon
redemption or at Stated Maturity and in such case the overdue
principal and any overdue premium shall bear interest at the rate
of ___% per annum (to the extent that the payment of such interest
shall be legally enforceable), from the dates such amounts are due
until they are paid or made available for payment. Interest on any
overdue principal or premium shall be payable on demand. Any such
interest on overdue principal or premium which is not paid on
demand shall bear interest at the rate of
% per annum (to the extent that the payment of such interest on
interest shall be legally enforceable), from the date of such
demand until the amount so demanded is paid or made available for
payment. Interest on any overdue interest shall be payable on
demand.]
Payment of the
principal of (and premium, if any) and [if applicable, insert
— any such] interest on this Security will be made at the
office or agency of the Company maintained for that purpose in
, 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; provided, however, that at the option of the Company
payment of interest may be made by check mailed to the address of
the Person entitled thereto as such address shall appear in the
Security Register.
Reference is
hereby made to the further provisions of this Security set forth on
the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
Unless the
certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this
Security shall not be entitled to any benefit under the Indenture
or be valid or obligatory for any purpose.
IN WITNESS
WHEREOF, the Company has caused this instrument to be duly executed
under its corporate seal.
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Superior Well
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SECTION 203.
Form of Reverse of Security.
This Security is
one of a duly authorized issue of securities of the Company (herein
called the “Securities”), issued and to be issued in
one or more series under an Indenture, dated as of
, 200___ (herein called the “Indenture”, which term
shall have the meaning assigned to it in such instrument), among
the Company, any Subsidiary Guarantors named therein and
[Trustee’s Name] , as Trustee (herein called the
“Trustee”, which term includes any successor trustee
under the Indenture), and reference is hereby made to the Indenture
for a statement of the respective rights, limitations of rights,
duties and immunities thereunder of the Company, any Subsidiary
Guarantors, the Trustee and the Holders of the Securities and of
the terms upon which the Securities are, and are to be,
authenticated and delivered. This Security is one of the series
designated on the face hereof [if applicable, insert — ,
limited in aggregate principal amount to $
].
[If applicable,
insert — The Securities of this series are subject to
redemption upon not less than 30 days’ notice by mail,
[if applicable, insert — (1) on
in any year commencing with the year
and ending with the year
through operation of the sinking fund for this series at a
Redemption Price equal to 100% of the principal amount, and (2)] at
any time [if applicable, insert — on or after
, 20___], as a whole or in part, at the election of the Company, at
the following Redemption Prices (expressed as percentages of the
principal amount): If redeemed [if applicable, insert — on or
before
,
%, and if redeemed] during the 12-month period beginning
of the years indicated,
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Redemption
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Redemption
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Year
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and thereafter
at a Redemption Price equal to ___% of the principal amount,
together in the case of any such redemption [if applicable, insert
— (whether through operation of the sinking fund or
otherwise)] with accrued interest to the Redemption Date, but
interest installments whose Stated Maturity is on or prior to such
Redemption Date will be payable to the Holders of such Securities,
or one or more Predecessor Securities, of record at the close of
business on the relevant Record Dates referred to on the face
hereof, all as provided in the Indenture.]
[If applicable,
insert — The Securities of this series are subject to
redemption upon not less than 30 days’ notice by mail,
(1) on
in any year commencing with the year
and ending with the year ___through operation of the sinking fund
for this series at the Redemption Prices for redemption through
operation of the sinking fund (expressed as percentages of the
principal amount) set forth in the table below, and (2) at any
time [if applicable, insert — on or after
], as a whole or in part, at the election of the Company, at the
Redemption Prices for redemption otherwise than through operation
of the
15
sinking fund
(expressed as percentages of the principal amount) set forth in the
table below: If redeemed during the 12-month period beginning
of the years indicated,
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Redemption Price
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For Redemption
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and thereafter
at a Redemption Price equal to ___% of the principal amount,
together in the case of any such redemption (whether through
operation of the sinking fund or otherwise) with accrued interest
to the Redemption Date, but interest installments whose Stated
Maturity is on or prior to such Redemption Date will be payable to
the Holders of such Securities, or one or more Predecessor
Securities, of record at the close of business on the relevant
Record Dates referred to on the face hereof, all as provided in the
Indenture.]
[If applicable,
insert — Notwithstanding the foregoing, the Company may not,
prior to
, redeem any Securities of this series as contemplated by [if
applicable, insert — clause (2) of] the preceding
paragraph as a part of, or in anticipation of, any refunding
operation by the application, directly or indirectly, of moneys
borrowed having an interest cost to the Company (calculated in
accordance with generally accepted financial practice) of less than
___% per annum.]
[If applicable,
insert — The sinking fund for this series provides for the
redemption on
in each year beginning with the year
and ending with the year ___of [if applicable, insert — not
less than $
(“mandatory sinking fund”) and not more than] $
aggregate principal amount of Securities of this series. Securities
of this series acquired or redeemed by the Company otherwise than
through [if applicable, insert — mandatory] sinking fund
payments may be credited against subsequent [if applicable, insert
— mandatory] sinking fund payments otherwise required to be
made [if applicable, insert — , in the inverse order in which
they become due].]
[If the Security
is subject to redemption of any kind, insert — In the event
of redemption of this Security in part only, a new Security or
Securities of this series and of like tenor for the unredeemed
portion hereof will be issued in the name of the Holder hereof upon
the cancellation hereof.]
[If the Security
is subject to conversion, insert – Subject to the provisions
of the Indenture, each Holder has the right to convert the
principal amount of this Security into fully paid and nonassessable
shares of Common Stock of the Company at the initial conversion
price per share of Common Stock of $___ (or $___ in principal
amount of Securities for each such share of Common Stock), or at
the adjusted conversion price then in effect, if adjustment has
been made as provided in the Indenture, upon surrender of the
Security to the Conversion
16
Agent, together
with a fully executed notice in substantially the form attached
hereto and, if required by the Indenture, an amount equal to
accrued interest payable on this Security.]
[If applicable,
insert — As provided in the Indenture and subject to certain
limitations therein set forth, the obligations of the Company under
this Security are guaranteed pursuant to the Subsidiary Guarantees
endorsed hereon. The Indenture provides that a Subsidiary Guarantor
shall be released from its Subsidiary Guarantee upon compliance
with certain conditions.]
[If applicable,
insert — The Indenture contains provisions for Defeasance at
any time of [the entire indebtedness of this Security] [or]
[certain restrictive covenants and Events of Default with respect
to this Security] [, in each case] upon compliance with certain
conditions set forth in the Indenture.]
[If the Security
is not an Original Issue Discount Security, insert — If an
Event of Default with respect to Securities of this series shall
occur and be continuing, the principal of the Securities of this
series may be declared due and payable in the manner and with the
effect provided in the Indenture.]
[If the Security
is an Original Issue Discount Security, insert — If an Event
of Default with respect to Securities of this series shall occur
and be continuing, an amount of principal of the Securities of this
series may be declared due and payable in the manner and with the
effect provided in the Indenture. Such amount shall be equal to
— insert formula for determining the amount. Upon payment
(i) of the amount of principal so declared due and payable and
(ii) of interest on any overdue principal, premium and
interest (in each case to the extent that the payment of such
interest shall be legally enforceable), all of the Company’s
obligations in respect of the payment of the principal of and
premium and interest, if any, on the Securities of this series
shall terminate.]
The Indenture
permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each
series to be affected under the Indenture at any time by the
Company and the Trustee with the consent of the Holders of a
majority in principal amount of the Securities at the time
Outstanding of each series to be affected. The Indenture also
contains provisions permitting the Holders of specified percentages
in principal amount of the Securities of each series at the time
Outstanding, on behalf of the Holders of all Securities of such
series, to waive compliance by the Company with certain provisions
of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of
this Security shall be conclusive and binding upon such Holder and
upon all future Holders of this Security and of any Security issued
upon the registration of transfer hereof or in exchange herefor or
in lieu hereof, whether or not notation of such consent or waiver
is made upon this Security.
As provided in and
subject to the provisions of the Indenture, the Holder of this
Security shall not have the right to institute any proceeding with
respect to the Indenture or for the appointment of a receiver or
trustee or for any other remedy thereunder, unless such Holder
shall have previously given the Trustee written notice of a
continuing Event of Default with respect to the Securities of this
series, the Holders of not less than 25% in principal amount of
the
17
Securities of
this series at the time Outstanding shall have made written request
to the Trustee to institute proceedings in respect of such Event of
Default as Trustee and offered the Trustee reasonable indemnity,
and the Trustee shall not have received from the Holders of a
majority in principal amount of Securities of this series at the
time Outstanding a direction inconsistent with such request, and
shall have failed to institute any such proceeding, for
60 days after receipt of such notice, request and offer of
indemnity. The foregoing shall not apply to any suit instituted by
the Holder of this Security for the enforcement of any payment of
principal hereof or any premium or interest hereon on or after the
respective due dates expressed herein.
No reference
herein to the Indenture and no provision of this Security or of the
Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of and
any premium and interest on this Security at the times, place and
rate, and in the coin or currency, herein prescribed.
As provided in the
Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registrable in the Security Register,
upon surrender of this Security for registration of transfer at the
office or agency of the Company in any place where the principal of
and any premium and interest on this Security are payable, duly
endorsed by, or accompanied by a written instrument of transfer in
form satisfactory to the Company and the Security Registrar duly
executed by, the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Securities of this series
and of like tenor, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated
transferee or transferees.
The Securities of
this series are issuable only in registered form without coupons in
denominations of $
and any integral multiple thereof. As provided in the Indenture and
subject to certain limitations therein set forth, Securities of
this series are exchangeable for a like aggregate principal amount
of Securities of this series and of like tenor of a different
authorized denomination, as requested by the Holder surrendering
the same.
No service charge
shall be made for any such registration of transfer or exchange,
but the Company may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection
therewith.
Prior to due
presentment of this Security for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Security is registered as
the owner hereof for all purposes, whether or not this Security be
overdue, and neither the Company, the Trustee nor any such agent
shall be affected by notice to the contrary.
All terms used in
this Security which are defined in the Indenture shall have the
meanings assigned to them in the Indenture.
SECTION 204.
Form of Subsidiary Guarantee.
For value
received, each of the Subsidiary Guarantors named (or deemed herein
to be named) below hereby jointly and severally fully and
unconditionally guarantees to the Holder of
18
the Security
upon which this Subsidiary Guarantee is endorsed, and to the
Trustee on behalf of such Holder, the due and punctual payment of
the principal of (and premium, if any) and interest on such
Security when and as the same shall become due and payable, whether
at the Stated Maturity, by acceleration, call for redemption, offer
to purchase or otherwise, according to the terms thereof and of the
Indenture referred to therein and to cover all the rights of the
Trustee under Section 607. In case of the failure of the Company
punctually to make any such payment, each of the Subsidiary
Guarantors hereby jointly and severally agrees to cause such
payment to be made punctually when and as the same shall become due
and payable, whether at the Stated Maturity or by acceleration,
call for redemption, offer to purchase or otherwise, and as if such
payment were made by the Company.
Each of the
Subsidiary Guarantors hereby jointly and severally agrees that its
obligations hereunder shall be absolute and unconditional,
irrespective of, and shall be unaffected by, the validity,
regularity or enforceability of such Security or the Indenture, the
absence of any action to enforce the same or any release,
amendment, waiver or indulgence granted to the Company or any other
guarantor, or any consent to departure from any requirement of any
other guarantee of all or of any of the Securities of this series,
or any other circumstances which might otherwise constitute a legal
or equitable discharge or defense of a surety or guarantor;
provided, however, that, notwithstanding the foregoing, no such
release, amendment, waiver or indulgence shall, without the consent
of such Subsidiary Guarantor, increase the principal amount of such
Security, or increase the interest rate thereon, or alter the
Stated Maturity thereof. Each of the Subsidiary Guarantors hereby
waives the benefits of diligence, presentment, demand of payment,
any requirement that the Trustee or any of the Holders protect,
secure, perfect or insure any security interest in or other lien on
any property subject thereto or exhaust any right or take any
action against the Company or any other Person or any collateral,
filing of claims with a court in the event of insolvency or
bankruptcy of the Company, any right to require a proceeding first
against the Company, protest or notice with respect to such
Security or the indebtedness evidenced thereby and all demands
whatsoever, and covenants that this Subsidiary Guarantee will not
be discharged except by complete performance of the obligations
contained in such Security and in this Subsidiary Guarantee. Each
Subsidiary Guarantor agrees that if, after the occurrence and
during the continuance of an Event of Default with respect to
Securities of this series, the Trustee or any of the Holders are
prevented by applicable law from exercising their respective rights
to accelerate the maturity of the Securities of this series, to
collect interest on the Securities of this series, or to enforce or
exercise any other right or remedy with respect to the Securities
of this series, such Subsidiary Guarantor agrees to pay to the
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 Trustee
or any of the Holders.
No reference
herein to the Indenture and no provision of this Subsidiary
Guarantee or of the Indenture shall alter or impair the Subsidiary
Guarantee of any Subsidiary Guarantor, which is absolute and
unconditional, of the due and punctual payment of the principal
(and premium, if any) and interest on the Security upon which this
Subsidiary Guarantee is endorsed.
Each Subsidiary
Guarantor shall be subrogated to all rights of the Holder of this
Security against the Company in respect of any amounts paid by such
Subsidiary Guarantor on account of this Security pursuant to the
provisions of its Subsidiary Guarantee or the Indenture;
provided,
19
however, that
such Subsidiary Guarantor shall not be entitled to enforce or to
receive any payments arising out of, or based upon, such right of
subrogation until the principal of (and premium, if any) and
interest on this Security and all other Securities of this series
issued under the Indenture shall have been paid in full.
This Subsidiary
Guarantee shall remain in full force and effect and continue to be
effective should any petition be filed by or against the Company
for liquidation or reorganization, should the Company become
insolvent or make an assignment for the benefit of creditors or
should a receiver or trustee be appointed for all or any part of
the Company’s assets, and shall, to the fullest extent
permitted by law, continue to be effective or be reinstated, as the
case may be, if at any time payment and performance of the
Securities of this series is, pursuant to applicable law, rescinded
or reduced in amount, or must otherwise be restored or returned by
any Holder of the Securities of this series, whether as a
“voidable preference,” “fraudulent
transfer,” or otherwise, all as though such payment or
performance had not been made. In the event that any payment, or
any part thereof, is rescinded, reduced, restored or returned, the
Securities of this series shall, to the fullest extent permitted by
law, be reinstated and deemed reduced only by such amount paid and
not so rescinded, reduced, restored or returned.
The Subsidiary
Guarantors or any particular Subsidiary Guarantor shall be released
from this Subsidiary Guarantee upon the terms and subject to
certain conditions provided in the Indenture.
By delivery to the
Trustee of a supplement to the Indenture referred to in the
Security upon which this Subsidiary Guarantee is endorsed in
accordance with the terms of the Indenture, each Person that
becomes a Subsidiary Guarantor after the date of first issuance of
the Securities of this series will be deemed to have executed and
delivered this Subsidiary Guarantee for the benefit of the Holder
of the Security upon which this Subsidiary Guarantee is endorsed
with the same effect as if such Subsidiary Guarantor was named
below and has executed and delivered this Subsidiary
Guarantee.
All terms used in
this Subsidiary Guarantee which are defined in the Indenture shall
have the meanings assigned to them in such Indenture.
This Subsidiary
Guarantee shall not be valid or obligatory for any purpose until
the certificate of authentication on the Security upon which this
Subsidiary Guarantee is endorsed shall have been executed by the
Trustee under the Indenture by manual signature.
Reference is made
to the Indenture for further provisions with respect to this
Subsidiary Guarantee.
This Subsidiary
Guarantee shall be governed by and construed in accordance with the
laws of the State of New York.
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IN WITNESS
WHEREOF, each of the Subsidiary Guarantors has caused this
Subsidiary Guarantee to be duly executed.
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[Insert Names
of Subsidiary Guarantors]
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By
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Title:
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SECTION 205.
Form of Legend for Global Securities.
Unless otherwise
specified as contemplated by Section 301 for the Securities
evidenced thereby, every Global Security authenticated and
delivered hereunder shall bear a legend in substantially the
following form:
THIS SECURITY
IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A
DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED
IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF
THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF
ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT
IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.
SECTION 206.
Form of Trustee’s Certificate of Authentication.
The
Trustee’s certificates of authentication shall be in
substantially the following form:
This is one of the
Securities of the series designated therein referred to in the
within-mentioned Indenture.
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[Trustee’s Name] ,
As Trustee
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By
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Authorized
Officer
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SECTION 207.
Form of Conversion Notice.
Each convertible
Security shall have attached thereto, or set forth on the reverse
of the Security, a notice of conversion in substantially the
following form:
Conversion Notice
To: Superior Well Services, Inc.
The undersigned
owner of this Security hereby: (i) irrevocably exercises the
option to convert this Security, or the portion hereof below
designated, for shares of Common Stock of Superior Well Services,
Inc. in accordance with the terms of the Indenture referred to in
this Security and (ii) directs that such shares of Common
Stock deliverable upon the conversion, together with any check in
payment for fractional shares and any Security(ies) representing
any unconverted principal amount hereof, be issued and delivered to
the registered holder hereof unless a different name has been
indicated below. If shares are to be delivered registered in the
name of a person other than the undersigned, the undersigned will
pay all transfer taxes payable with respect thereto. Any amount
required to be paid by the undersigned on account of interest
accompanies this Security.
Fill in for
registration of shares if to be delivered, and of Securities if to
be issued, otherwise than to and in the name of the registered
holder.
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Social Security
or other
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Taxpayer
Identification Number
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(Please print
name and address)
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Principal
amount to be converted: (if less than all)
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$
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*
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Participant in
a recognized Signature Guarantee Medallion Program (or other
signature acceptable to the Trustee).
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SECTION 301.
Amount Unlimited; Issuable in Series.
The aggregate
principal amount of Securities which may be authenticated and
delivered under this Indenture is unlimited.
The Securities may
be issued in one or more series. There shall be established in or
pursuant to a Board Resolution and, subject to Section 303,
set forth, or determined in the manner provided, in an
Officers’ Certificate, or established in one or more
indentures supplemental hereto, prior to the issuance of Securities
of any series,
(1) the title of
the Securities of the series (which shall distinguish the
Securities of the series from Securities of any other
series);
(2) if the
Securities of the series will not have the benefit of the
Subsidiary Guarantees of the Subsidiary Guarantors;
(3) any limit upon
the aggregate principal amount of the Securities of the series
which may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of,
other Securities of the series pursuant to Section 304, 305,
306, 906 or 1107 and except for any Securities which, pursuant to
Section 303, are deemed never to have been authenticated and
delivered hereunder);
(4) the Person to
whom any interest on a Security of the series shall be payable, if
other than the Person in whose name that Security (or one or more
Predecessor Securities) is registered at the close of business on
the Regular Record Date for such interest;
(5) the date or
dates on which the principal of any Securities of the series is
payable;
(6) the rate or
rates at which any Securities of the series shall bear interest, if
any, the date or dates from which any such interest shall accrue,
the Interest Payment Dates on which any such interest shall be
payable and the Regular Record Date for any such interest payable
on any Interest Payment Date;
(7) the place or
places where the principal of and any premium and interest on any
Securities of the series shall be payable;
(8) the period or
periods within which, the price or prices at which and the terms
and conditions upon which any Securities of the series may be
redeemed, in whole or in part, at the option of the Company and, if
other than by a Board Resolution, the manner in which any election
by the Company to redeem the Securities shall be
evidenced;
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(9) the
obligation, if any, of the Company to redeem or purchase any
Securities of the series pursuant to any sinking fund or analogous
provisions or at the option of the Holder thereof and the period or
periods within which, the price or prices at which and the terms
and conditions upon which any Securities of the series shall be
redeemed or purchased, in whole or in part, pursuant to such
obligation;
(10) if other than
denominations of $1,000 and any integral multiple thereof, the
denominations in which any Securities of the series shall be
issuable;
(11) if the amount
of principal of or any premium or interest on any Securities of the
series may be determined with reference to an index or pursuant to
a formula, the manner in which such amounts shall be
determined;
(12) if other than
the currency of the United States of America, the currency,
currencies or currency units in which the principal of or any
premium or interest on any Securities of the series shall be
payable and the manner of determining the equivalent thereof in the
currency of the United States of America for any purpose, including
for purposes of the definition of “Outstanding” in
Section 101;
(13) if the
principal of or any premium or interest on any Securities of the
series is to be payable, at the election of the Company or the
Holder thereof, in one or more currencies or currency units other
than that or those in which such Securities are stated to be
payable, the currency, currencies or currency units in which the
principal of or any premium or interest on such Securities as to
which such election is made shall be payable, the periods within
which and the terms and conditions upon which such election is to
be made and the amount so payable (or the manner in which such
amount shall be determined);
(14) if other than
the entire principal amount thereof, the portion of the principal
amount of any Securities of the series which shall be payable upon
declaration of acceleration of the Maturity thereof pursuant to
Section 502;
(15) if the
principal amount payable at the Stated Maturity of any Securities
of the series will not be determinable as of any one or more dates
prior to the Stated Maturity, the amount which shall be deemed to
be the principal amount of such Securities as of any such date for
any purpose thereunder or hereunder, including the principal amount
thereof which shall be due and payable upon any Maturity other than
the Stated Maturity or which shall be deemed to be Outstanding as
of any date prior to the Stated Maturity (or, in any such case, the
manner in which such amount deemed to be the principal amount shall
be determined);
(16) if
applicable, that the Securities of the series, in whole or any
specified part, shall be defeasible pursuant to Section 1502
or Section 1503 or both such Sections and, if other than by a
Board Resolution, the manner in which any election by the Company
to defease such Securities shall be evidenced;
(17) if
applicable, that any Securities of the series shall be issuable in
whole or in part in the form of one or more Global Securities and,
in such case, the respective
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Depositories
for such Global Securities, the form of any legend or legends which
shall be borne by any such Global Security in addition to or in
lieu of that set forth in Section 205 and any circumstances in
addition to or in lieu of those set forth in clause (2) of the
last paragraph of Section 305 in which any such Global
Security may be exchanged in whole or in part for Securities
registered, and any transfer of such Global Security in whole or in
part may be registered, in the name or names of Persons other than
the Depositary for such Global Security or a nominee
thereof;
(18) any addition
to or change in the Events of Default which applies to any
Securities of the series and any change in the right of the Trustee
or the requisite Holders of such Securities to declare the
principal amount thereof due and payable pursuant to
Section 502;
(19) any addition
to or change in the covenants set forth in Article Ten which
applies to Securities of the series;
(20) whether the
Securities of the series will be convertible into Common Stock (or
cash in lieu thereof) and, if so, the terms and conditions upon
which such conversion will be effected; and
(21) any other
terms of the series (which terms shall not be inconsistent with the
provisions of this Indenture, except as permitted by
Section 901(5)).
All Securities of
any one series shall be substantially identical except as to
denomination and except as may otherwise be provided in or pursuant
to the Board Resolution referred to above and (subject to
Section 303) set forth, or determined in the manner provided,
in the Officers’ Certificate referred to above or in any such
indenture supplemental hereto.
If any of the
terms of the series are established by action taken pursuant to a
Board Resolution, a copy of an appropriate record of such action
shall be certified by the Secretary or an Assistant Secretary of
the Company and delivered to the Trustee at or prior to the
delivery of the Officers’ Certificate setting forth the terms
of the series.
The Securities of
each series shall have the benefit of the Subsidiary Guarantees
unless the Company elects otherwise upon the establishment of a
series pursuant to this Section 301.
SECTION 302.
Denominations.
The Securities of
each series shall be issuable only in registered form without
coupons and only in such denominations as shall be specified as
contemplated by Section 301. In the absence of any such
specified denomination with respect to the Securities of any
series, the Securities of such series shall be issuable in
denominations of $1,000 and any integral multiple
thereof.
SECTION 303.
Execution, Authentication, Delivery and Dating.
The Securities
shall be executed on behalf of the Company by its Chairman of the
Board of Directors, its Vice Chairman of the Board of Directors,
its President or one of its Vice
25
Presidents. If
its corporate seal is reproduced thereon, then it shall be attested
by its Secretary or one of its Assistant Secretaries. The signature
of any of these officers on the Securities may be manual or
facsimile.
Securities bearing
the manual or facsimile signatures of individuals who were at any
time the proper officers of the Company shall bind the Company,
notwithstanding that such individuals or any of them have ceased to
hold such offices prior to the authentication and delivery of such
Securities or did not hold such offices at the date of such
Securities.
At any time and
from time to time after the execution and delivery of this
Indenture, the Company may deliver Securities of any series
executed by the Company and, if applicable, having endorsed thereon
the Subsidiary Guarantees executed as provided in Section 1303
by the Subsidiary Guarantors to the Trustee for authentication,
together with a Company Order for the authentication and delivery
of such Securities, and the Trustee in accordance with the Company
Order shall authenticate and deliver such Securities. If the form
or terms of the Securities of the series have been established by
or pursuant to one or more Board Resolutions as permitted by
Sections 201 and 301, in authenticating such Securities, and
accepting the additional responsibilities under this Indenture in
relation to such Securities, the Trustee shall be entitled to
receive, and (subject to Section 601) shall be fully protected
in relying upon, an Opinion of Counsel stating,
(1) if the form of
such Securities has been established by or pursuant to Board
Resolution as permitted by Section 201, that such form has
been established in conformity with the provisions of this
Indenture;
(2) if the terms
of such Securities have been established by or pursuant to Board
Resolution as permitted by Section 301, that such terms have
been established in conformity with the provisions of this
Indenture; and
(3) that such
Securities, when authenticated and delivered by the Trustee and
issued by the Company in the manner and subject to any conditions
specified in such Opinion of Counsel, will constitute valid and
legally binding obligations of the Company, and, if applicable, the
Subsidiary Guarantees endorsed thereon will constitute valid and
legally binding obligations of the Subsidiary Guarantors,
enforceable in accordance with their terms, subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and
similar laws of general applicability relating to or affecting
creditors’ rights and to general equity
principles.
If such form or
terms have been so established, the Trustee shall not be required
to authenticate such Securities if the issue of such Securities
pursuant to this Indenture will affect the Trustee’s own
rights, duties or immunities under the Securities and this
Indenture or otherwise in a manner which is not reasonably
acceptable to the Trustee.
Notwithstanding
the provisions of Section 301 and of the preceding paragraph,
if all Securities of a series are not to be originally issued at
one time, it shall not be necessary to deliver the Officers’
Certificate otherwise required pursuant to Section 301 or the
Company Order and Opinion of Counsel otherwise required pursuant to
such preceding paragraph at or
26
prior to the
authentication of each Security of such series if such documents
are delivered at or prior to the authentication upon original
issuance of the first Security of such series to be
issued.
Each Security
shall be dated the date of its authentication.
No Security or
Subsidiary Guarantee shall be entitled to any benefit under this
Indenture or be valid or obligatory for any purpose unless there
appears on such Security a certificate of authentication
substantially in the form provided for herein executed by the
Trustee by manual signature, and such certificate upon any Security
shall be conclusive evidence, and the only evidence, that such
Security has been duly authenticated and delivered hereunder.
Notwithstanding the foregoing, if any Security shall have been
authenticated and delivered hereunder but never issued and sold by
the Company, and the Company shall deliver such Security to the
Trustee for cancellation as provided in Section 309, for all
purposes of this Indenture such Security shall be deemed never to
have been authenticated and delivered hereunder and shall never be
entitled to the benefits of this Indenture.
SECTION 304.
Temporary Securities.
Pending the
preparation of definitive Securities of any series, the Company may
execute, and upon Company Order the Trustee shall authenticate and
deliver, temporary Securities which are printed, lithographed,
typewritten, mimeographed or otherwise produced, in any authorized
denomination, substantially of the tenor of the definitive
Securities and, if applicable, having endorsed thereon the
Subsidiary Guarantees in lieu of which they are issued and with
such appropriate insertions, omissions, substitutions and other
variations as the officers executing such Securities and, if
applicable, Subsidiary Guarantees may determine, as evidenced by
their execution of such Securities and Subsidiary
Guarantees.
If temporary
Securities of any series are issued, the Company will cause
definitive Securities of that series to be prepared without
unreasonable delay. After the preparation of definitive Securities
of such series, the temporary Securities of such series shall be
exchangeable for definitive Securities of such series upon
surrender of the temporary Securities of such series at the office
or agency of the Company in a Place of Paymen
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