SECOND SUPPLEMENTAL THIRD LIEN INDENTURE
SECOND SUPPLEMENTAL THIRD LIEN INDENTURE (this Supplemental Indenture), dated as of January 24, 2019, among Vantage Drilling International (f/k/a Offshore Group Investment Limited), a Cayman Islands exempted company (the Company), Rig Finance Ltd., an exempted company limited by shares incorporated under the laws of Bermuda (the Guaranteeing Subsidiary), a subsidiary of the Company, the other Guarantors (as defined in the Indenture referred to herein) and U.S. Bank National Association, as Trustee and as Noteholder Collateral Agent under the Indenture referred to below (in such capacities, collectively, the Trustee).
W I T N E S S E T H
WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (the Original Indenture), dated as of February 10, 2016, providing for the issuance of 1% / 12% Step-Up Senior Secured Third Lien Convertible Notes due 2030 (the Notes), as amended by the first supplemental indenture thereto, dated as of June 8, 2016 (the First Supplemental Indenture, and the Original Indenture, as amended and supplemented by the First Supplemental Indenture, the Indenture);
WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Companys Obligations under the Notes and the Indenture on the terms and conditions set forth herein (the Note Guarantee); and
WHEREAS, pursuant to Section 9.01 (Without Consent of Holders) of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:
1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.
2. AGREEMENT TO GUARANTEE. The Guaranteeing Subsidiary hereby agrees to provide an unconditional Note Guarantee on the terms and subject to the conditions set forth in the Note Guarantee and in the Indenture including but not limited to Article 11 thereof, and subject to the limitations therein.
3. NO RECOURSE AGAINST OTHERS. No director, officer, employee, incorporator or stockholder of the Company or any Guarantor, as such, will have any liability for any obligations of the Company or the Guarantors under the Notes, the Indenture or the Note Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws.