Registration Rights Agreement



  
 Exhibit 4.1 

 
 REGISTRATION RIGHTS AGREEMENT 
  
 This Registration Rights Agreement (this “Agreement”) is made and
entered into as of August 26, 2004 by and among Secunda International Limited, a corporation organized under the laws of Nova Scotia (the “Company”), 3013563 Nova Scotia Limited, Secunda Marine International Incorporated, Secunda Marine
Services Limited, Secunda Global Marine Inc., JDM Shipping Inc., International Shipping Corporation Inc., Secunda Global International Inc., Navis Shipping Incorporated, Secunda Atlantic Incorporated, Secunda Marine Atlantic Limited and Offshore
Logistics Incorporated (each a “Guarantor” and collectively, the “Guarantors”), and RBC Capital Markets Corporation, as representative of the several Initial Purchasers named in Schedule II to the Purchase Agreement (the
“Initial Purchasers”), who have agreed to purchase U.S.$125,000,000 aggregate amount of the Company’s Senior Secured Floating Rate Notes due 2012 (the “Initial Notes”) pursuant to and subject to the terms and conditions of a
certain Purchase Agreement, dated August 17, 2004 (the “Purchase Agreement”) among the Company, the Guarantors and the Initial Purchasers. In order to induce the Initial Purchasers to purchase the Initial Notes, the Company has agreed to
provide the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the obligation of the Initial Purchasers to purchase the Initial Notes pursuant to the Purchase Agreement. 
  
 SECTION 1. DEFINITIONS 
  
 As used in this Agreement, the following capitalized terms shall have the following meanings: 
  
 Advice: As defined in Section 6(d) hereof. 
  
 Agreement: As defined in the preamble hereof. 
  
 Affiliate: With respect to any specified Person, “Affiliate”
shall mean 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 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 “affiliated,” “controlling” and
“controlled” have meanings correlative to the foregoing. 
  
 Broker-Dealer: Any broker or dealer registered under the Exchange Act. 
  
 Broker Dealer Transfer Restricted Securities: Exchange Notes that are acquired by a Broker-Dealer in the Exchange Offer in exchange for Initial Notes that such Broker-Dealer acquired for its own account as a
result of market-making activities or other trading activities (other than Initial Notes acquired directly from the Company or any of its Affiliates). 
  
 Business Day: Any day except a Saturday, Sunday or other day in the City of New York, or in the city of the corporate trust office of the Trustee,
on which banks are authorized to close. 
  
 Closing Date:
The date on which the Initial Notes are initially issued. 
  
 Commission: The United States Securities and Exchange Commission, or any other federal agency at the time administering the Exchange Act or the Securities Act, whichever is the relevant statute for the particular purpose. 

 
 Company: As defined in the preamble hereof. 
  

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 Consummate: An Exchange Offer shall be deemed “Consummated” for purposes of this
Agreement upon the occurrence of (i) the filing and effectiveness under the Securities Act of the Exchange Offer Registration Statement relating to the Exchange Notes to be issued in the Exchange Offer, (ii) the maintenance of such Exchange Offer
Registration Statement continuously effective and the keeping of the Exchange Offer open for a period not less than the minimum period required pursuant to Section 3(b) hereof, and (iii) the delivery by the Company to the Trustee under the Indenture
of Exchange Notes in the same aggregate principal amount as the aggregate principal amount of Initial Notes that were tendered by Holders thereof pursuant to the Exchange Offer. 
  
 Damages Payment Date: With respect to the Transfer Restricted Securities, each Interest Payment Date. 
  
 Definitive Notes: As defined in the Indenture. 
  
 Effectiveness Target Date: As defined in Section 5 hereof. 

 
 Effective Time: In the case of (i) an Exchange Registration, shall
mean the time and date as of which the Commission declares the Exchange Offer Registration Statement effective or as of which the Exchange Offer Registration Statement otherwise becomes effective and (ii) a Shelf Registration, shall mean the time
and date as of which the Commission declares the Shelf Registration Statement effective or as of which the Shelf Registration Statement otherwise becomes effective. 
  
 Exchange Act: The Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

  
 Exchange Notes: The Company’s Senior Secured
Floating Rate Notes due 2012 to be issued pursuant to the Indenture (i) in the Exchange Offer or (ii) upon the request of any Holder of Notes covered by a Shelf Registration Statement, in exchange for such Notes. Each Note is entitled to the benefit
of the guarantees provided for in the Indenture (the “Guarantees”) and, unless the context otherwise requires, any reference herein to a “Note,” an “Exchange Note” or a “Transfer Restricted Security” shall
include a reference to the related Guarantees. 
  
 Exchange Offer: The registration by the Company under the Securities Act of the Exchange Notes pursuant to an Exchange Offer Registration Statement pursuant to which the Company offers the Holders of all outstanding Transfer
Restricted Securities the opportunity to exchange all such outstanding Transfer Restricted Securities held by such Holders for Exchange Notes in an aggregate principal amount equal to the aggregate principal amount of the Transfer Restricted
Securities tendered in such exchange offer by such Holders. 
  
 Exchange Offer Registration Statement: The Registration Statement relating to the Exchange Offer, including the related Prospectus. 
  
 Global Note: As defined in the Indenture. 
  
 Guarantor: As defined in the preamble hereof. 
  
 Holders: As defined in Section 2(b) hereof. 
  
 indemnified party: As defined in Section 8(c) hereof. 
  
 indemnifying party: As defined in Section 8(c) hereof. 
  

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 Indenture: The Indenture, dated as of August 26, 2004, among the Company, the Guarantors and Wells
Fargo Bank, National Association, as trustee (the “Trustee”), pursuant to which the Notes are to be issued, as such Indenture is amended or supplemented from time to time in accordance with the terms thereof. 
  
 Initial Notes: as defined in the preamble hereof. 
  
 Initial Purchasers: As defined in the preamble hereof. 
  
 Interest Payment Date: As defined in the Indenture and the
Notes. 
  
 NASD: National Association of Securities
Dealers, Inc. 
  
 Notes: The Initial Notes and the
Exchange Notes. 
  
 Person: An individual, partnership,
corporation, limited liability company, joint venture, association, joint-stock company, trust or unincorporated organization, or a government or agency or political subdivision thereof or any other entity. 
  
 Prospectus: The prospectus included in a Registration Statement at the
time such Registration Statement is declared effective, as amended or supplemented by any prospectus supplement and by all other amendments thereto, including post-effective amendments, and all material incorporated by reference into such
Prospectus. 
  
 Purchase Agreement: As defined in the
preamble hereof. 
  
 Record Holder: With respect to any
Damages Payment Date relating to Notes, each Person who is a Holder of Notes on the record date with respect to the Interest Payment Date on which such Damages Payment Date shall occur. 
  
 Registration Default: As defined in Section 5 hereof. 
  
 Registration Statement: Any registration statement of the Company and the Guarantors relating to (a) an offering of
Exchange Notes pursuant to an Exchange Offer or (b) the registration for resale of Transfer Restricted Securities pursuant to the Shelf Registration Statement, in each case (i) which is filed pursuant to the provisions of this Agreement, and (ii)
including the Prospectus included therein, all amendments and supplements thereto (including post-effective amendments) and all exhibits and material incorporated by reference therein. 
  
 Restricted Broker-Dealer: Any Broker-Dealer which holds Broker-Dealer Transfer Restricted Securities. 
  
 Securities Act: The Securities Act of 1933, as amended, and the rules
and regulations promulgated thereunder. 
  
 Shelf Filing
Deadline: As defined in Section 4 hereof. 
  
 Shelf
Registration Statement: As defined in Section 4 hereof. 
  
 Special Interest: As defined in Section 5 hereof. 
  

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 TIA: The Trust Indenture Act of 1939, as amended (15 U.S.C. Section 77aaa-77bbbb), as in effect on
the date of the Indenture. 
  
 Transfer Restricted
Securities: Each Initial Note, until the earliest to occur of (a) the date on which such Initial Note is exchanged by a Person other than a Broker-Dealer in the Exchange Offer for an Exchange Note, (b) the date on which such Initial Note has
been effectively registered under the Securities Act and disposed of in accordance with a Shelf Registration Statement, (c) the date on which such Initial Note is distributed to the public pursuant to Rule 144 under the Securities Act or is saleable
pursuant to Rule 144(k) under the Securities Act and (d) following the exchange by the Broker-Dealer in the Exchange Offer of an Initial Note for an Exchange Note, the date on which such Exchange Note is sold to a purchaser who receives from such
Broker-Dealer on or prior to the date of such sale a copy of the Prospectus contained in the Exchange Offer Registration Statement. 
  
 Underwritten Registration or Underwritten Offering: A registration in which securities of the Company are sold to an underwriter for reoffering to
the public. 
  
 SECTION 2. SECURITIES SUBJECT TO THIS AGREEMENT

  
 (a) Transfer Restricted Securities. The securities
entitled to the benefits of this Agreement are the Transfer Restricted Securities. 
  
 (b) Holders of Transfer Restricted Securities. A Person is deemed to be a holder of Transfer Restricted Securities (each, a “Holder”) whenever such Person owns Transfer Restricted Securities.

  
 SECTION 3. REGISTERED EXCHANGE OFFER 
  
 (a) Unless the Exchange Offer shall not be permissible under applicable law
or Commission policy (after the procedures set forth in Section 6(a) below have been complied with), the Company and the Guarantors shall (i) cause to be filed with the Commission on or prior to that date which is 120 days after the Closing Date,
the Exchange Offer Registration Statement under the Securities Act relating to the Exchange Notes and the Exchange Offer, (ii) use their reasonable best efforts to have the Exchange Offer Registration Statement declared effective by the Commission
on or prior to that date which is 210 days after the Closing Date, (iii) in connection with the foregoing, (A) file all pre-effective amendments to such Exchange Offer Registration Statement as may be necessary in order to cause such Exchange Offer
Registration Statement to become effective, (B) if applicable, file a post-effective amendment to such Exchange Offer Registration Statement pursuant to Rule 430A under the Securities Act and (C) cause all necessary filings, if any, in connection
with the registration and qualification of the Exchange Notes to be made under the Blue Sky laws of such jurisdictions as are necessary to permit Consummation of the Exchange Offer and (iv) promptly upon the effectiveness of such Exchange Offer
Registration Statement, commence the Registered Exchange Offer and use their reasonable best efforts to issue, on or prior to 60 days after the date on which the Exchange Offer Registration Statement was declared effective by the Commission,
Exchange Notes in exchange for all Initial Notes tendered prior thereto in the Registered Exchange Offer. The Exchange Offer Registration Statement shall be on the appropriate form permitting registration of the Exchange Notes to be offered in
exchange for the Transfer Restricted Securities and to permit sales of Broker-Dealer Transfer Restricted Securities by Broker-Dealers as contemplated by Section 3(c) below. 
  
 (b) The Company and the Guarantors shall use their respective reasonable best efforts to cause the Exchange Offer
Registration Statement to be effective continuously and shall keep the Exchange Offer open for a period of not less than the minimum period required under applicable federal, 

  

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state and provincial securities laws to Consummate the Exchange Offer; provided, however, that in no event shall such period be less than twenty (20)
Business Days. The Company and the Guarantors shall cause the Exchange Offer to comply with all applicable federal, state and provincial securities laws. No securities other than the Notes shall be included in the Exchange Offer Registration
Statement. 
  
 (c) The Company and the Guarantors shall include a
“Plan of Distribution” (or similar provision) section in the Prospectus contained in the Exchange Offer Registration Statement and indicate that any Restricted Broker-Dealer who holds Initial Notes that are Transfer Restricted Securities
and that were acquired for the account of such Restricted Broker-Dealer as a result of market-making activities or other trading activities (other than Transfer Restricted Securities acquired directly from the Company or one of its Affiliates) may
exchange such Initial Notes pursuant to the Exchange Offer; however, such Broker-Dealer may be deemed to be an “underwriter” within the meaning of the Securities Act and must, therefore, deliver a prospectus meeting the requirements of the
Securities Act in connection with its initial sale of the Exchange Notes received by such Broker-Dealer in the Exchange Offer, which prospectus delivery requirement may be satisfied by the delivery by such Broker-Dealer of the Prospectus contained
in the Exchange Offer Registration Statement. Such “Plan of Distribution” (or similar provision) section shall also contain all other information with respect to such resales of Broker-Dealer Transfer Restricted Securities that the
Commission may require in order to permit such sales pursuant thereto but such “Plan of Distribution” (or other similar provision) section shall not name any such Broker-Dealer or disclose the amount of Notes held by any such Broker-Dealer
except to the extent required by the Commission as a result of a change in policy after the date of this Agreement. 
  
 The Company and the Guarantors shall use their respective reasonable best efforts to keep the Exchange Offer Registration Statement continuously
effective, supplemented and amended as required by the provisions of Section 6(c) below to the extent necessary to ensure that it is available for resales of Broker-Dealer Transfer Restricted Securities acquired by Restricted Broker-Dealers and to
ensure that it conforms with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the Commission as announced from time to time, for a period of 180 days from the date on which the Exchange Offer
Registration Statement is declared effective or, if shorter, until all Broker-Dealer Transfer Restricted Securities have been sold thereunder. 
  
 The Company shall provide sufficient copies of the latest version of such Prospectus to such Restricted Broker-Dealers promptly upon request at any time
during such 180 day period (or such shorter period, if applicable) in order to facilitate such sales. 
  
 SECTION 4. SHELF REGISTRATION 
  
 (a) Shelf Registration. If (i) the Company or any of the Guarantors is not permitted to file an Exchange Offer Registration Statement or to consummate the Exchange Offer because the Exchange Offer is not permitted by applicable law
or Commission policy (after the procedures set forth in Section 6(a) below have been complied with) or (ii) any Holder of Transfer Restricted Securities shall notify the Company within twenty (20) Business Days of the Consummation of the Exchange
Offer that (A) such Holder is prohibited by applicable law or Commission policy from participating in the Exchange Offer, (B) such Holder may not resell the Exchange Notes acquired by it in the Exchange Offer to the public without delivering a
prospectus and that the Prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales by such Holder, or (C) such Holder is a Broker-Dealer and holds Initial Notes acquired directly from the
Company or one of its Affiliates, then the Company and the Guarantors shall: 
  
 (i) use their reasonable best efforts to file a shelf registration statement pursuant to Rule 415 under the Securities Act, which may be an amendment to the Exchange Offer 

  

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Registration Statement (in either event, the “Shelf Registration Statement”), on or prior to the date that is (1) in the case of clause (i) above,
the 60th day after the date on which the Company receives notice from the Commission or determines that it is not
required to file the Exchange Offer Registration Statement, or (2) in the case of clause (ii) above, the 60th day
after the date on which the Company receives notice from a Holder of Transfer Restricted Securities, (as applicable in each case, such date being the “Shelf Filing Deadline”), which Shelf Registration Statement shall provide for resales of
all Transfer Restricted Securities the Holders of which shall have provided the information required pursuant to Section 4(b) hereof; and 
  
 (ii) use their reasonable best efforts to cause such Shelf Registration Statement to be declared effective by the Commission on or before
the 150th day after the Shelf Filing Deadline. 
  
 The Company and the Guarantors shall use their respective reasonable best efforts to keep such Shelf Registration Statement
continuously effective, supplemented and amended as required by and subject to the provisions of Sections 6(b) and (c) hereof to the extent necessary to ensure that it is available for sales of Transfer Restricted Securities by the Holders thereof
entitled to the benefit of this Section 4(a), and to ensure that it conforms with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the Commission as announced from time to time, for a period of two
years (as extended pursuant to Section 6(c)(i)) following the date on which such Shelf Registration Statement first becomes effective under the Securities Act or such shorter period ending when all of the Transfer Restricted Securities available for
sale thereunder (i) have been sold pursuant thereto or (ii)are no longer restricted securities (as defined in Rule 144 under the Securities Act). 
  
 (b) Provision by Holders of Certain Information in Connection with the Shelf Registration Statement. No Holder of Transfer Restricted Securities
may include any of its Transfer Restricted Securities in any Shelf Registration Statement pursuant to this Agreement unless and until such Holder furnishes to the Company in writing, within 30 Business Days after receipt of a request therefor, such
information as the Company may reasonably request for use in connection with any Shelf Registration Statement or Prospectus or preliminary Prospectus included therein. No Holder of Transfer Restricted Securities shall be entitled to Special Interest
(as defined below) pursuant to Section 5 hereof unless and until such Holder shall have provided all such reasonably requested information. Each Holder as to which any Shelf Registration Statement is being effected agrees to furnish promptly to the
Company all information required to be disclosed in order to make the information previously furnished to the Company by such Holder not materially misleading. 
  

SECTION 5. SPECIAL INTEREST 
  
 If (i) any of the Registration Statements required by this Agreement are not filed with the Commission on or prior to the date specified for such filing
in this Agreement, (ii) any of such Registration Statements has not been declared effective by the Commission on or prior to the date specified for such effectiveness in this Agreement (the “Effectiveness Target Date”), (iii) the Exchange
Offer has not been Consummated within 60 Business Days after the Effectiveness Target Date with respect to the Exchange Offer Registration Statement or (iv) any Registration Statement required by this Agreement is filed and declared effective but
shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded within 30 days by a post-effective amendment to such Registration Statement, the effectiveness of another Registration Statement or the use
of the Prospectus (as amended or supplemented) is again permitted that cures such failure (each such event referred to in clauses (i) through (iv), a “Registration Default”), the Company and the Guarantors, jointly and severally, hereby
agree to pay, as liquidated damages for such Registration Default, subject to the provisions of Section 12(a), special interest (“Special Interest”). Special interest shall be paid to each Holder of Transfer Restricted Securities, for the
period from the occurrence of such Registration Default until such 

  

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time as such Registration Default is no longer in effect, in an amount equal to U.S.$0.05 per week per U.S.$1,000 principal amount of Notes held by such
Holder during the first 90-day period immediately following the occurrence and during the continuance of such Registration Default, increasing by an additional U.S.$0.05 per week per U.S.$1,000 principal amount of such Notes with respect to each
subsequent 90-day period during which such Registration Default continues, up to a maximum amount of special interest of U.S.$0.25 per week per U.S.$1,000 principal amount of Notes. All accrued Special Interest shall be paid to the holder(s) of
Global Note(s) representing Transfer Restricted Securities by the Company by wire transfer of immediately available funds or by federal funds check and to Holders of Definitive Notes by wire transfer to the accounts specified by them or by mailing
checks to their registered addresses if no such accounts have been specified on each Damages Payment Date, as provided in the Indenture. Notwithstanding anything to the contrary set forth herein, (1) upon filing of the Exchange Offer Registration
Statement (and/or, if applicable, the Shelf Registration Statement), in the case of (i) above, (2) upon the effectiveness of the Exchange Offer Registration Statement (and/or, if applicable, the Shelf Registration Statement), in the case of (ii)
above, (3) upon Consummation of the Exchange Offer, in the case of (iii) above, or (4) upon the filing of a post-effective amendment to the Registration Statement or an additional Registration Statement that causes the Exchange Offer Registration
Statement (and/or, if applicable, the Shelf Registration Statement) to again be declared effective or the Prospectus to be made usable in the case of (iv) above, the Special Interest payable with respect to the Transfer Restricted Securities as a
result of such clause (i), (ii), (iii) or (iv), as applicable, shall cease. 
  
 All obligations of the Company and the Guarantors set forth in the preceding paragraph that are outstanding with respect to any Transfer Restricted Security at the time such security ceases to be a Transfer Restricted
Security shall survive until such time as all such obligations with respect to such security shall have been satisfied in full. 
  
 SECTION 6. REGISTRATION PROCEDURES 
  
 (a) Exchange Offer Registration Statement. In connection with the Exchange Offer, the Company and the Guarantors shall comply with all applicable
provisions of Section 6(c) below, shall use their respective reasonable best efforts to effect such exchange to permit the sale of Broker-Dealer Transfer Restricted Securities being sold in accordance with the intended method or methods of
distribution thereof (which shall be in a manner consistent with the terms of this Agreement), and shall comply with all of the following provisions: 
  
 (i) If, following the date hereof and prior to the Consummation of the Exchange Offer, there has been published a change in Commission
policy with respect to exchange offers such as the Exchange Offer, such that in the reasonable opinion of counsel to the Company there is a substantial question as to whether the Exchange Offer is permitted by applicable law or Commission policy,
the Company and the Guarantors hereby agree to seek a no-action letter or other favorable decision from the Commission allowing the Company and the Guarantors to Consummate an Exchange Offer for such Initial Notes. The Company and the Guarantors
hereby agree to pursue the issuance of such a decision to the Commission staff level but shall not be required to take commercially unreasonable action to effect a change of Commission policy. 
  
 (ii) As a condition to its participation in the Exchange
Offer pursuant to the terms of this Agreement, each Holder of Transfer Restricted Securities shall furnish, upon the request of the Company, prior to the Consummation thereof, a written representation to the Company (which may be contained in the
letter of transmittal contemplated by the Exchange Offer Registration Statement) to the effect that (A) it is not an Affiliate of the Company, (B) it is not engaged in, and does not intend to engage in, and has no arrangement or understanding with
any 

  

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Person to participate in, a distribution of the Exchange Notes to be issued in the Exchange Offer and (C) it is acquiring the Exchange Notes in its ordinary
course of business. In addition, all such Holders of Transfer Restricted Securities shall otherwise reasonably cooperate in the Company’s preparations for the Exchange Offer. Each Holder hereby acknowledges and agrees that any Broker-Dealer and
any such Holder using the Exchange Offer to participate in a distribution of the securities to be acquired in the Exchange Offer (1) could not under Commission policy as in effect on the date of this Agreement rely on the position of the Commission
enunciated in no-action letters issued to Morgan Stanley and Co. Incorporated (available June 5, 1991) and Exxon Capital Holdings Corporation (available May 13, 1988), as interpreted in the Commission’s letter to Shearman & Sterling dated
July 2, 1993, and similar no-action letters (including any no-action letter obtained pursuant to clause (i) above), and (2) must comply with the registration and prospectus delivery requirements of the Securities Act in connection with a secondary
resale transaction and that such a secondary resale transaction should be covered by an effective registration statement containing the selling security holder information required by Item 507 or 508, as applicable, of Regulation S-K if the resales
are of the Exchange Notes obtained by such Holder in exchange for Initial Notes acquired by such Holder directly from the Company or an Affiliate thereof. 
  
 (iii) Prior to effectiveness of the Exchange Offer Registration Statement, the Company and the Guarantors shall provide a supplemental
letter to the Commission (A) stating that the Company and the Guarantors are registering the Exchange Offer in reliance on the position of the Commission enunciated in no-action letters issued to Exxon Capital Holdings Corporation (available May 13,
1988), Morgan Stanley and Co. Incorporated (available June 5, 1991) and, if applicable, any no-action letter obtained pursuant to clause (i) above, (B) including a representation that neither the Company nor any Guarantor has entered into any
arrangement or understanding with any Person to distribute the Exchange Notes to be received in the Exchange Offer and that, to the best of the Company’s information and belief, each Holder participating in the Exchange Offer is acquiring the
Exchange Notes in its ordinary course of business and has no arrangement or understanding with any Person to participate in the distribution of the Exchange Notes received in the Exchange Offer and (C) any other undertaking or representation
required by the Commission as set forth in any no-action letter obtained pursuant to clause (i) above. 
  
 (b) Shelf Registration Statement. In connection with the Shelf Registration Statement, the Company and the Guarantors shall comply with all the
provisions of Section 6(c) below and shall use their reasonable best efforts to effect such registration to permit the sale of the Transfer Restricted Securities being sold in accordance with the intended method or methods of distribution thereof,
and pursuant thereto the Company and the Guarantors will within the time periods and otherwise in accordance with the provisions hereof, prepare and file with the Commission a Shelf Registration Statement relating to the registration on any
appropriate form under the Securities Act, which form shall be available for the sale of the Transfer Restricted Securities in accordance with the intended method or methods of distribution thereof. 
  
 (c) General Provisions. In connection with any Registration Statement
and any Prospectus required by this Agreement to permit the sale or resale of Transfer Restricted Securities (including, without limitation, any Exchange Offer Registration Statement and the related Prospectus required to permit resales of Transfer
Restricted Securities by Restricted Broker-Dealers), the Company and the Guarantors shall: 
  
 (i) use their respective reasonable best efforts to keep such Registration Statement continuously effective and provide all requisite
financial statements for the period specified in Section 3 or 4 of this Agreement, as applicable; upon the occurrence of any event that would 

  

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cause any such Registration Statement or the Prospectus contained therein (A) to contain a material misstatement or omission or (B) not to be effective and
usable for resale of Transfer Restricted Securities during the period required by this Agreement, the Company and the Guarantors shall file promptly an appropriate amendment to such Registration Statement, (1) in the case of clause (A), correcting
any such misstatement or omission, and (2) in the case of either clause (A) or (B), use their respective reasonable best efforts to cause such amendment to be declared effective and such Registration Statement and the related Prospectus to become
usable for their intended purpose(s) as soon as practicable thereafter; provided, however, in the case of a Shelf Registration Statement, if (A) the full Board of Directors of the Company determines in good faith that it is in the best
interests of the Company or the Guarantors not to disclose the existence of or facts surrounding any proposed or pending material corporate transaction involving the Company or any of its subsidiaries and (B) the Company notifies the Holders,
pursuant to Section 6(c)(iii)(D) hereof, within two Business Days after such Board of Directors makes such determination, the Company may allow the Shelf Registration Statement to fail to be effective and usable as a result of such nondisclosure for
up to 90 days during the period of effectiveness required by Section 4 hereof, but in no event for a period in excess of 30 consecutive days; 
  
 (ii) use their respective reasonable best efforts to prepare and file with the Commission such amendments and post-effective amendments to
the Registration Statement as may be necessary to keep the Registration Statement effective for the applicable period set forth in Section 3 or 4 hereof, as applicable, or such shorter period as will terminate when all Transfer Restricted Securities
covered by such Registration Statement have been sold; cause the Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 under the Securities Act, and to comply fully with the
applicable provisions of Rules 424, 430A and 462, as applicable, under the Securities Act in a timely manner; and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration
Statement during the applicable period in accordance with the intended method or methods of distribution by the sellers thereof set forth in such Registration Statement or supplement to the Prospectus; 
  
 (iii) in the case of a Shelf Registration Statement, advise
the underwriter(s), if any, and selling Holders promptly and, if requested by such Persons, to confirm such advice in writing, (A) when the Prospectus or any Prospectus supplement or post-effective amendment thereto has been filed, and, with respect
to any Registration Statement or any post-effective amendment thereto, when the same has become effective, (B) of any request by the Commission for amendments to the Registration Statement or amendments or supplements to the Prospectus or for
additional information relating thereto, (C) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement under the Securities Act or of the suspension by any state securities commission of the
qualification of the Transfer Restricted Securities for offering or sale in any jurisdiction, or the initiation of any proceeding for any of the preceding purposes, (D) of the existence of any fact or the happening of any event that makes any
statement of a material fact made in the Registration Statement, the Prospectus, any amendment or supplement thereto, or any document incorporated by reference therein untrue in any material respect, or that requires the making of any additions to
or changes in the Registration Statement or the Prospectus in order to make the statements therein, in light of the circumstances under which they were made, not misleading. If at any time the Commission shall issue any stop order suspending the
effectiveness of the Registration Statement, or any state securities commission or other regulatory authority shall issue an order suspending the qualification or exemption from qualification of the Transfer Restricted Securities under state
securities or Blue Sky laws, the 

  

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Company shall use its reasonable best efforts to obtain the withdrawal or lifting of such order at the earliest practicable time; 
  
 (iv) furnish to the Initial Purchasers, and, upon written
request, to each of the selling Holders and each of the underwriter(s) in connection with such sale, if any, before filing with the Commission, copies of any Registration Statement or any Prospectus included therein or any amendments or supplements
to any such Registration Statement or Prospectus (but excluding any documents incorporated by reference as a result of the Company’s periodic reporting requirements under the Exchange Act, if any), which documents will be subject to the review
of such Initial Purchasers, Holders and underwriter(s) in connection with such sale, if any, for a period of at least five Business Days, and the Company will not file any such Registration Statement or Prospectus or any amendment or supplement to
any such Registration Statement or Prospectus to which an Initial Purchaser, a selling Holder of Transfer Restricted Securities covered by such Registration Statement or the underwriter(s) in connection with such sale, if any, shall reasonably
object within five Business Days after the receipt thereof. An Initial Purchaser, selling Holder or underwriter in connection with such sale, if any, shall be deemed to have reasonably objected to such filing (A) if such Registration Statement,
amendment, Prospectus or supplement, as applicable, as proposed to be filed, contains a material misstatement or omission or fails to comply with the applicable requirements of the Securities Act or (B) if any of the information furnished to the
Company by such selling Holder or underwriter in connection with such sale, if any, and included in such Registration Statement, amendment, Prospectus or supplement, as applicable, as proposed to be filed is incorrect in any respect; 
  
 (v) in the case of a Shelf Registration Statement, and upon
written request, promptly prior to the filing of any document that is to be incorporated by reference into a Registration Statement or Prospectus, provide copies of such document to the Initial Purchasers, the selling Holders and to the
underwriter(s) in connection with such sale, if any, make the Company’s representatives available for discussion of such document and other customary due diligence matters, and include such information in such document prior to the filing
thereof as such Initial Purchasers, selling Holders or underwriters, if any, reasonably may request; 
  
 (vi) in the case of a Shelf Registration Statement, make available at reasonable times for inspection by the selling Holders, any
underwriter participating in any disposition pursuant to such Registration Statement, and any attorney or accountant retained by such selling Holders or any of the underwriter(s), all relevant financial and other records, pertinent corporate
documents and properties of the Company and use their reasonable best efforts to cause the Company’s officers, directors and employees to supply all information, in each case, reasonably requested by any such Holder, underwriter, attorney or
accountant in connection with such Registration Statement or any post-effective amendment thereto subsequent to the filing thereof and prior to its effectiveness; provided, however, that such Persons shall first agree in writing with the
Company and/or the Guarantors that any information that is reasonably and in good faith designated by the Company and/or the Guarantors as confidential at the time of delivery of such information shall be kept confidential by such Persons, unless
(i) disclosure of such information is required by court or administrative order or is necessary to respond to inquiries of regulatory authorities, (ii) disclosure of such information is required by law, (iii) such information becomes generally
available to the public other than as a result of a disclosure or failure to safeguard such information by such Person or (iv) such information becomes available to such Person from a source other than the Company or a Guarantor and such source is
not bound by a confidentiality agreement; and; provided, further, that the foregoing inspection and information gathering shall be coordinated on behalf of the selling Holders, underwriters, or any representative thereof, by 

  

 10 








 
one counsel, who shall be such legal counsel as may be chosen by the Holders of a majority in principal amount of Transfer Restricted Securities; 

 
 (vii) in the case of a Shelf Registration Statement, and
if requested by any selling Holders or the underwriter(s) in connection with such sale, if any, promptly incorporate in any Registration Statement or Prospectus, pursuant to a supplement or post-effective amendment if necessary, such information as
such selling Holders and underwriter(s), if any, may reasonably request to have included therein, including, without limitation, information relating to the “Plan of Distribution” of the Transfer Restricted Securities, information with
respect to the principal amount of Transfer Restricted Securities being sold to such underwriter(s), the purchase price being paid therefor and any other terms of the offering of the Transfer Restricted Securities to be sold in such offering; and
make all required filings of such Prospectus supplement or post-effective amendment as soon as practicable after the Company is notified of the matters to be incorporated in such Prospectus supplement or post-effective amendment; 
  
 (viii) in the case of a Shelf Registration Statement, use
their respective commercially reasonable efforts to cause the Transfer Restricted Securities covered by the Registration Statement to be rated with the appropriate rating agencies, if so requested by the Holders of a majority in aggregate principal
amount of Notes covered thereby or the underwriter(s) in connection with such sale, if any, unless such Transfer Restricted Securities are already so rated; 
  
 (ix) in the case of a Shelf Registration Statement, furnish to each Initial Purchaser, each selling Holder and each of the underwriter(s)
in connection with such sale, if any, without charge, at least one copy of the Registration Statement, as first filed with the Commission, and of each amendment thereto, including all documents incorporated by reference therein and all exhibits
(including exhibits incorporated therein by reference); 
  
 (x) deliver to each selling Holder and each of the underwriter(s), if any, without charge, as many copies of the Prospectus (including each preliminary prospectus) and any amendment or supplement thereto as such
Persons reasonably may request; the Company and the Guarantors hereby consent to the use of the Prospectus and any amendment or supplement thereto by each of the selling Holders and each of the underwriter(s), if any, in connection with the offering
and the sale of the Transfer Restricted Securities covered by the Prospectus or any amendment or supplement thereto; 
  
 (xi) in the case of an Underwritten Offering, enter into such agreements (including an underwriting agreement), and make such
representations and warranties with respect to the business of the Company as are customarily addressed in representations and warranties made by issuers to underwriters in underwritten offerings, and take all such other commercially reasonable
actions in connection therewith in order to expedite or facilitate the disposition of the Transfer Restricted Securities pursuant to any Registration Statement contemplated by this Agreement, all to such extent as may be requested by any Holder or
the managing underwriters, if any, in connection with any sale or resale pursuant to any Registration Statement contemplated by this Agreement; and whether or not an underwriting agreement is entered into and whether or not the registration is an
Underwritten Registration, the Company and the Guarantors shall: 
  
 (A) if requested by any Holder furnish to the such Holders and each managing underwriter, if any, in such substance and scope as such Holders may reasonably request and as are customarily made by issuers to
underwriters in primary underwritten offerings, upon the date of the Consummation of the Exchange Offer and, if applicable, the effectiveness of the Shelf Registration Statement: 
  
 (1) a certificate, dated the date of Consummation of the Exchange Offer or the date of effectiveness of the
Shelf Registration Statement, as the case may be, signed on behalf of the Company and each of the Guarantors by the Chairman of the Board, President or any Vice President and Treasurer or Chief Financial Officer of the Company, confirming, as of the
date thereof, the matters set forth in paragraph (k) of Section 7 of the Purchase Agreement and such other matters as such parties may reasonably request; 
  

 11 








 (2) opinions, dated the date of Consummation of the Exchange Offer or the date of
effectiveness of the Shelf Registration Statement, as the case may be, of counsel or counsels for the Company and the Guarantors, covering such matters as are customarily covered in opinions given in connection with underwritten firm commitment
offerings. 
  
 (3) a customary comfort letter,
dated as of the date of Consummation of the Exchange Offer or the date of effectiveness of the Shelf Registration Statement, as the case may be, from the Company’s independent accountants, in the customary form and covering matters of the type
customarily covered in comfort letters in connection with Underwritten Offerings, and affirming the matters set forth in the comfort letters delivered pursuant to paragraphs (h) and (i) of Section 7 of the Purchase Agreement, without exception;

  
 (B) set forth in full or incorporate by
reference in the underwriting agreement, if any, the indemnification provisions and procedures of Section 8 hereof with respect to all parties to be indemnified pursuant to said Section; and 
  
 (C) deliver such other documents and certificates as may be
reasonably requested by such parties to evidence compliance with clause (A) above and with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company and the Guarantors pursuant to this clause
(xi), if any. 
  
 The above shall be done at each closing under
such underwriting or similar agreement, as and to the extent required thereunder, and, if at any time the representations and warranties of the Company and the Guarantors contemplated in clause (A)(1) above cease to be true and correct in any
material respect, the Company and the Guarantors shall so advise the Initial Purchasers and the underwriter(s), if any, each selling Holder and each Restricted Broker-Dealer promptly and, if requested by such Persons, shall confirm such advice in
writing; 
  
 (xii) prior to any public offering
of Transfer Restricted Securities, cooperate with the selling Holders, the underwriter(s), if any, and its counsel in connection with the registration and qualification of the Transfer Restricted Securities under the securities or Blue Sky laws of
such jurisdictions as the selling Holders or underwriter(s), if any, may request and do any and all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the Transfer Restricted Securities covered by the
applicable Registration Statement; provided, however, that neither the Company nor any Guarantor shall be required to register or qualify as a foreign corporation where it is not now so qualified or to take any action that would subject it to the
service of process in suits or to taxation, other than as to matters and transactions relating to the Registration Statement, in any jurisdiction where it is not now so subject; 
  
 (xiii) shall issue, upon the request of any Holder of Initial Notes covered by any Shelf Registration
Statement contemplated by this Agreement, Exchange Notes, having an aggregate principal amount equal to the aggregate principal amount of the Initial Notes surrendered to the 

  

 12 








 
Company by such Holder in exchange therefor or being sold by such Holder; such Exchange Notes to be registered in the name of such Holder or in the name of
the purchaser(s) of such Notes, as the case may be; in return, the Initial Notes held by such Holder shall be surrendered to the Company for cancellation; 
  
 (xiv) cooperate with the selling Holders and the underwriter(s), if any, to facilitate the timely preparation and delivery of certificates
representing Transfer Restricted Securities to be sold and not bearing any restrictive legends; and enable such Transfer Restricted Securities to be in such denominations and registered in such names as the Holders or the underwriter(s), if any, may
request at least two Business Days prior to any sale of Transfer Restricted Securities made by such underwriter(s); 
  
 (xv) use their respective commercially reasonable efforts to cause the disposition of the Transfer Restricted Securities covered by the
Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter(s), if any, to consummate the disposition of such Transfer
Restricted Securities, subject to the proviso contained in clause (xii) above; 
  
 (xvi) subject to Section 6(c)(i), if any fact or event contemplated by clause 6(c)(iii)(D) above shall exist or have occurred, prepare a
supplement or post-effective amendment to the Registration Statement or related Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers of Transfer
Restricted Securities, the Prospectus will not contain an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein in the light of the circumstances under which they were made not misleading;

  
 (xvii) provide a CUSIP number for all
Transfer Restricted Securities not later than the effective date of the Registration Statement covering such Transfer Restricted Securities and provide the Trustee under the indenture with printed certificates for the Transfer Restricted Securities
which are in a form eligible for deposit with the Depositary Trust Company; 
  
 (xviii) in the case of a Shelf Registration, cooperate and assist in any filings required to be made with the NASD and in the performance of any due diligence investigation by any underwriter (including any
“qualified independent underwriter” that is required to be retained in accordance with the rules and regulations of the NASD), and use their respective reasonable best efforts to cause such Registration Statement to become effective and
approved by such governmental agencies or authorities as may be necessary to enable the Holders selling Transfer Restricted Securities to consummate the disposition of such Transfer Restricted Securities; 
  
 (xix) otherwise use their respective commercially reasonable
efforts to comply with all applicable rules and regulations of the Commission, and make generally available to its security holders, as soon as practicable, a consolidated earnings statement meeting the requirements of Rule 158 (which need not be
audited) for the twelve-month period (A) commencing at the end of any fiscal quarter in which Transfer Restricted Securities are sold to underwriters in a firm or best efforts Underwritten Offering or (B) if not sold to underwriters in such an
offering, beginning with the first month of the Company’s first fiscal quarter commencing after the effective date of the Registration Statement; 
  

(xx) qualify the Indenture under the TIA (at or before the Effective Time of the Exchange Offer or the Shelf Registration, as the case
may be); 
  

 13 








 (xxi) use their reasonable best efforts to cause all Transfer Restricted Securities
covered by the Registration Statement to be listed on each securities exchange on which similar securities issued by the Company are then listed if requested by the Holders of a majority in aggregate principal amount of the Initial Notes or the
managing underwriter(s), if any; and 
  
 (xxii)
provide promptly to each Holder upon request each document filed with the Commission pursuant to the requirements of Section 13 and Section 15(d) of the Exchange Act. 
  
 (d) Restrictions on Holders. 
  
 (i) Each Holder agrees by acquisition of a Transfer Restricted Security that, upon receipt of any notice
from the Company of the existence of any fact of the kind described in Section 6(c)(iii)(D) hereof, such Holder will forthwith discontinue disposition of Transfer Restricted Securities pursuant to the applicable Registration Statement until such
Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 6(c)(xvi) hereof, or until it is advised in writing (the “Advice”) by the Company that the use of the Prospectus may be resumed, and has
received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus. If so directed by the Company, each Holder will deliver to the Company (at the Company’s expense) all copies, other than permanent
file copies then in such Holder’s possession, of the Prospectus covering such Transfer Restricted Securities that was current at the time of receipt of such notice. In the event the Company shall give any such notice, the time period regarding
the effectiveness of such Registration Statement set forth in Section 3 or 4 hereof, as applicable, shall be extended by the number of days during the period from and including the date of the giving of such notice pursuant to Section 6(c)(iii)(D)
hereof to and including the date when each selling Holder covered by such Registration Statement shall have received the copies of the supplemented or amended Prospectus contemplated by Section 6(c)(xvi) hereof or shall have received the Advice.

  
 (ii) The Company may require a Holder of
Transfer Restricted Securities to be included in a Registration Statement to furnish to the Company such information as required by law to be disclosed by such Holder in such Registration Statement, and the Company may exclude from such Registration
Statement the Transfer Restricted Securities of any Holder who unreasonably fails to furnish such information within a reasonable time after receiving such request. 
  
 SECTION 7. REGISTRATION EXPENSES 
  
 All expenses incident to the Company’s and the Guarantors’ performance of or compliance with this Agreement will be borne by the Company and the
Guarantors, jointly and severally, regardless of whether a Registration Statement becomes effective, including, without limitation: (i) all registration and filing fees and expenses (including filings made by the Initial Purchasers or Holder with
the NASD (and, if applicable, the fees and expenses of any “qualified independent underwriter”) that may be required by the rules and regulations of the NASD); (ii) all fees and expenses of compliance with federal securities, state Blue
Sky or securities laws and provincial securities laws; (iii) all expenses of printing (including printing certificates for the Exchange Notes to be issued in the Exchange Offer and printing of Prospectuses); (iv) all fees and disbursements of
counsel for the Company; (v) all messenger and delivery services and telephone expenses of the Company and the Guarantors; (vi) all application and filing fees in connection with listing Notes on a national securities exchange or automated quotation
system pursuant to the requirements hereof; and (vii) all fees and disbursements of independent certified public accountants of the Company (including the expenses of any special audit and comfort letters required by or incident to such
performance). 
  

 14 








 The Company and the Guarantors will, in any event, bear their internal expenses (including, without
limitation, all salaries and expenses of any of their officers and employees performing legal or accounting duties), the expenses of any annual audit and the fees and expenses of any Person, including special experts, retained by the Company or the
Guarantors. The Company and the Guarantors shall not be responsible for any commissions, fees and discounts of underwriters, brokers, dealers and agents. 
  
 SECTION 8. INDEMNIFICATION 
  
 (a) The Company and each Guarantor, jointly and severally, shall indemnify and hold harmless each Holder, its directors, officers and each Person, if any,
who controls such Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages, liabilities, judgments and actions, joint or several, or any action in respect
thereof (including, but not limited to, any loss, claim, damage, liability, judgment or action relating to purchases and sales of Notes), to which that Holder, its directors, officers or controlling Persons may become subject, under the Securities
Act or otherwise, insofar as such loss, claim, damage, liability, judgment or action arises out of, or is based upon, (i) any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement, Preliminary
Prospectus or Prospectus or in any amendment or supplement thereto or (ii) the omission or alleged omission to state in any Registration Statement, Preliminary Prospectus or Prospectus, or in any amendment or supplement thereto, any material fact
required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, and shall reimburse such Holder and each such director, officer or controlling Person
promptly upon demand for any legal or other expenses reasonably incurred by such Holder, director, officer or controlling Person in connection with investigating or defending or preparing to defend against any such loss, claim, damage, liability,
judgment or action as such expenses are incurred; provided, however, that the Company and the Guarantors shall not be liable in any such case to the extent that any such loss, claim, damage, liability, judgment or action arises out of, or is based
upon, any untrue statement or alleged untrue statement or omission or alleged omission made in any Registration Statement, Preliminary Prospectus or Prospectus, or in any such amendment or supplement thereto, in reliance upon and in conformity with
written information concerning such Holder furnished to the Company by or on behalf of such Holder specifically for inclusion therein. The foregoing indemnity agreement is in addition to any liability which the Company may otherwise have to any
Holder or to any director, officer or controlling Person of such Holder. 
  
 (b) Each Holder, severally and not jointly, shall indemnify and hold harmless the Company, the Guarantors and their respective directors, officers and each Person, if any, who controls the Company or any Guarantor
within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages, liabilities, judgments or actions, joint or several, or any action in respect thereof, to which the
Company, any Guarantor or any such director, officer or controlling Person may become subject, under the Securities Act or otherwise, insofar as such loss, claim, damage, liability, judgment or action arises out of, or is based upon, (i) any untrue
statement or alleged untrue statement of a material fact contained in any Registration Statement, Preliminary Prospectus or Prospectus or in any amendment or supplement thereto or (ii) the omission or alleged omission to state in any Registration
Statement, Preliminary Prospectus or Prospectus, or in any amendment or supplement thereto, any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were
made, not misleading, but in each case only to the extent that the untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information concerning such Holder furnished to
the Company by or on behalf of such Holder specifically for inclusion therein, and shall reimburse the Company, the Guarantors and any such director, officer or controlling Person 

  

 15 








 
promptly upon demand for any legal or other expenses reasonably incurred by the Company, any Guarantor or any such director, officer or controlling Person in
connection with investigating or defending or preparing to defend against any such loss, claim, damage, liability, judgment or action as such expenses are incurred. The foregoing indemnity agreement is in addition to any liability which any Holder
may otherwise have to the Company, any Guarantor or any such director, officer or controlling Person. 
  
 (c) Promptly after receipt by any Person in respect of which indemnity may be sought pursuant to Section 8(a) or 8(b) (the “indemnified party”)
of notice of any claim or the commencement of any action, the indemnified party shall, if a claim in respect thereof is to be made against any Person against whom indemnity may be sought pursuant to Section 8(a) or 8(b) (the “indemnifying
party”), notify the indemnifying party in writing of the claim or the commencement of that action; provided, however, that the failure to notify the indemnifying party shall not relieve it from any liability which it may have under this Section
8 except to the extent it did not otherwise learn of such action and such failure results in the forfeiture by the indemnifying party of substantial rights and defenses and, provided further, that the failure to notify the indemnifying party shall
not relieve it from any liability which it may have to an indemnified party otherwise than under this Section 8. If any such claim or action shall be brought against an indemnified party, and it shall notify the indemnifying party thereof, the
indemnifying party shall be entitled to participate therein and, to the extent that it wishes, jointly with any other similarly notified indemnifying party, to assume the defense thereof with counsel reasonably satisfactory to the indemnified party
and the payment of all fees and expenses of such counsel shall be the responsibility of the indemnifying party. After notice from the indemnifying party to the indemnified party of the indemnifying party’s election to assume the defense of such
claim or action, the indemnifying party shall not be liable to the indemnified party under this Section 8 for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense thereof other than reasonable
costs of investigation. In addition, any indemnified party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of the
indemnified party unless (i) the employment of such counsel shall have been specifically authorized in writing by the indemnifying party, (ii) the indemnifying party shall have failed to assume the defense of such action or employ counsel reasonably
satisfactory to the indemnified party or (iii) the named parties to any such action (including any impleaded parties) include both the indemnified party and the indemnifying party, and the indemnified party shall have been advised by such counsel
that there may be one or more legal defenses available to it which are different from or additional to those available to the indemnifying party (in which case the indemnifying party shall not have the right to assume the defense of such action on
behalf of the indemnified party). In any such case, the indemnifying party shall not, in connection with any one action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or
circumstances, be liable for the fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) of all indemnified parties, and all such fees and expenses shall be reimbursed as they are incurred. Such firm shall be
designated in writing by RBC Capital Markets Corporation in the case of the parties indemnified pursuant to Section 8(a), and by the Company in the case of parties indemnified pursuant to Section 8(b). No indemnifying party shall (i) without the
prior written consent of the indemnified parties (which consent shall not be unreasonably withheld), settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect
of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent includes an unconditional release of each
indemnified party from all liability arising out of such claim, action, suit or proceeding, or (ii) be liable for any settlement of any such action effected without its written consent (which consent shall not be unreasonably withheld), but if
settled with the consent of the indemnifying party or if there be a final judgment of the plaintiff in any such action, the 

  

 16 








 
indemnifying party agrees to indemnify and hold harmless any indemnified party from and against any loss or liability by reason of such settlement or
judgment. 
  
 (d) If the indemnification provided for in this
Section 8 shall for any reason be unavailable or insufficient to hold harmless an indemnified party under Section 8(a) or 8(b) in respect of any loss, claim, damage, liability, judgment or any action in respect thereof, referred to therein, then
each indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage, liability, judgment or action in respect thereof, (i) in such
proportion as shall be appropriate to reflect the relative benefits received by the Company and the Guarantors, on the one hand, and the Holders, on the other, from the offering of the Notes or (ii) if the allocation provided by clause (i) above is
not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company and the Guarantors, on the one hand, and the Holders, on the
other, with respect to the statements or omissions which resulted in such loss, claim, damage, liability, judgment or action in respect thereof, as well as any other relevant equitable considerations. The relative benefits received by the Company
and the Guarantors, on the one hand, and the Holders, on the other, with respect to such offering shall be deemed to be in the same proportion as the total net proceeds from the offering of the Initial Notes purchased under the Purchase Agreement
(before deducting expenses) received by the Company on the one hand, and the total net proceeds received by such Holder upon its resale of Notes less the amount paid by such Holder for such Notes, on the other hand, bear to the total sum of such
amounts. The relative fault shall be determined by reference to whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company and the
Guarantors or such Holder, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement or omission. Solely for the purposes of the preceding two sentences, the net proceeds
received by the Company shall be deemed also to be indirectly for the benefit of the Guarantors and the information supplied by the Company shall also be deemed to have been supplied by the Guarantors. The Company and the Guarantors and the Holders
agree that it would not be just and equitable if contributions pursuant to this Section 8(d) were to be determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation which
does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, damage, liability, judgment or action in respect thereof, referred to above in this
Section 8(d), shall be deemed to include, for purposes of this Section 8(d), any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the
provisions of this Section 8(d), no Holder, and none of its directors, officers or controlling Persons, shall be required to contribute, in the aggregate, any amount in excess of the amount by which the total net proceeds received by such Holder
upon its resale of Notes exceeds the sum of the amount paid by such Holder for such Notes and the amount of any damages which such Holder has otherwise paid or become liable to pay by reason of any untrue or alleged untrue statement or omission or
alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The
Holders’ obligations to contribute as provided in this Section 8(d) are several in proportion to the respective principal amount of Notes held by each of the Holders hereunder and not joint. 
  
 SECTION 9. RULE 144A 
  
 The Company and the Guarantors hereby agree with each Holder, for so long as any Transfer Restricted Securities remain
outstanding and during any period in which the Company and the Guarantors are subject to Section 13 or 15(d) of the Exchange Act, to make available to any Holder or beneficial owner of Transfer Restricted Securities in connection with any sale
thereof and any prospective 

  

 17 








 
purchaser of such Transfer Restricted Securities from such Holder or beneficial owner, the information required by Rule 144A(d)(4) under the Securities Act
in order to permit resales of such Transfer Restricted Securities pursuant to Rule 144A.  
  
 SECTION 10. PARTICIPATION IN UNDERWRITTEN REGISTRATION 
  
 No Holder may participate in any Underwritten Registration hereunder unless such Holder (a) agrees to sell such Holder’s Transfer Restricted Securities on the basis provided in any underwriting arrangements
approved by the Persons entitled hereunder to approve such arrangements and (b) completes and executes all reasonable questionnaires, powers of attorney, indemnities, underwriting agreements, lock-up letters and other documents required under the
terms of such underwriting arrangements. 
  
 SECTION 11. SELECTION OF
UNDERWRITERS 
  
 For any Underwritten Offering, the
investment banker or investment bankers and manager or managers that will administer such offering will be selected by the Holders of a majority in aggregate principal amount of the Transfer Restricted Securities included in such offering; provided,
that such investment bankers and managers must be reasonably satisfactory to the Company. Such investment bankers and managers are referred to herein as the “underwriters.” 
  
 SECTION 12. MISCELLANEOUS 
  
 (a) Remedies. The Company and the Guarantors agree that (i) monetary damages (including the Special Interest contemplated hereby) would not be
adequate compensation for any loss incurred by reason of a breach by them of the provisions of this Agreement, (ii) each Holder will be entitled to specific performance of its rights under Sections 3 and 4 of this Agreement and (iii) they hereby
agree to waive the defense in any action for specific performance that a remedy at law would be adequate. 
  
 (b) No Inconsistent Agreements. Neither the Company nor any Guarantor will on or after the date of this Agreement enter into any agreement with
respect to its securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. Neither the Company nor any Guarantor is currently bound by any agreement granting
registration rights with respect to its securities that conflicts with the registration rights set forth herein. 
  
 (c) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to or departures
from the provisions hereof may not be given unless (i) in the case of Section 5 hereof and this Section 12(d), the Company has obtained the written consent of the Holders of a majority of the outstanding principal amount of Transfer Restricted
Securities and (ii) in the case of all other provisions hereof, the Company has obtained the written consent of Holders of a majority of the outstanding principal amount of Transfer Restricted Securities. Notwithstanding the foregoing, a waiver or
consent to departure from the provisions hereof that relates exclusively to the rights of Holders whose securities are being tendered pursuant to the Exchange Offer and that does not affect directly or indirectly the rights of other Holders whose
securities are not being tendered pursuant to such Exchange Offer may be given by the Holders of a majority of the outstanding principal amount of Transfer Restricted Securities being tendered or registered. 
  

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 (d) Notices. All notices and other communications provided for or permitted hereunder shall be
made in writing by hand-delivery, first-class mail (registered or certified, return receipt requested), fax, or air courier guaranteeing overnight delivery: 
  
 (i) if to a Holder, at the address set forth on the records of the Registrar under the Indenture, with a copy to the Registrar under the
Indenture; and 
  
 With a copy to: 
  
 RBC Capital Markets Corporation 
 5700 Williams Tower 
 2800 Post Oak Blvd.

 Houston, Texas 77056 
 Facsimile: (713) 403-5627 
 Attention: Shauvik Kundagrami 
  

	 	(ii)	if to the Initial Purchasers to: 

  
 RBC Capital Markets Corporation 
 5700
Williams Tower 
 2800 Post Oak Blvd. 
 Houston, Texas 77056 
 Facsimile: (713) 403-5627 
 Attention: Shauvik Kundagrami 
  
 With a copy to: 
  
 Fulbright & Jaworski L.L.P.

 1301 McKinney, Suite 5100 
 Houston, Texas 77010 
 Facsimile: 713-651-5246 
 Attention: Charles L. Strauss 
  

	 	(iii)	if to the Company or any Guarantor: 

  
 Secunda International Limited 
 One Canal
Street 
 Dartmouth, Nova Scotia B2Y 2W1 Canada 
 Facsimile: (902) 465-2578 
 Attention: Don MacLeod 
  
 With a copy to: 
  
 Vinson & Elkins L.L.P. 
 2300 First City Tower 
 1001 Fannin Street

 Houston, Texas 77002 
 Facsimile: (713) 615-5531 
 Attention: T. Mark Kelly 
  
 All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally
delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if faxed; and on the next Business Day, if timely delivered to an air courier guaranteeing overnight delivery. 
  

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 Copies of all such notices, demands or other communications shall be concurrently delivered by the Person
giving the same to the Trustee at the address specified in the Indenture. 
  
 (e) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties, including without limitation and without the need for an express
assignment, subsequent Holders of Transfer Restricted Securities; provided, however, that nothing herein shall be deemed to permit any assignment, transfer or other disposition of Transfer Restricted Securities in violation of the terms hereof or of
the Purchase Agreement or the Indenture. If any transferee of any Holder shall acquire Transfer Restricted Securities in any manner, whether by operation of law or otherwise, such Transfer Restricted Securities shall be held subject to all of the
terms of this Agreement, and by owning and holding such Transfer Restricted Securities such Person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement, including the
restrictions on resale set forth in this Agreement and, if applicable, the Purchase Agreement, and such Person shall be entitled to receive the benefits hereof. 
  

(f) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
  
 (g) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

  
 (h) Governing Law, Jurisdiction and Venue. THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES. 
  
 Any legal suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated hereby (“Related Proceedings”)
may be instituted in the federal courts of the United States of America located in the City and County of New York or the courts of the State of New York in each case located in the City and County of New York (collectively, the “Specified
Courts”), and each party irrevocably submits to the non-exclusive jurisdiction (except for proceedings instituted in regard to the enforcement of a judgment of any such court (a “Related Judgment”), as to which such jurisdiction is
non-exclusive) of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail to such party’s address set forth above shall be effective service of process for any suit, action or other
proceeding brought in any such court. The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally waive and agree not to
plead or claim in any such court that any such suit, action or other proceeding brought in any such court has been brought in an inconvenient forum. In addition to the foregoing, the Company and each of the Guarantors irrevocably appoints Wilmington
Trust Company with offices at the date of this Agreement at 520 Madison Avenue, 33rd Floor, New York, New York
10022, USA, as its authorized agent on which any and all legal process may be served in any such action, suit or proceeding brought in the Specified Courts. The Company and each Guarantor agrees that service of process in respect of it upon such
agent, together with written notice of such service given to it in the manner provided in Section 12 hereof, shall be deemed to be effective service of process upon it in any such action, suit or proceeding. The Company and each Guarantor agrees
that the failure of such agent to give notice to it of any such service shall not impair or affect the validity of such service or any judgment rendered in any such action, suit or proceeding based thereon. If for any reason such agent shall cease
to be available to act as such, the Company and each Guarantor agrees to irrevocably appoint another such agent in New York City, as its authorized agent for service of process, on the terms and for the purposes of this Section 12(h). Nothing herein
shall in any way be deemed to limit the ability of the Initial Purchasers, any Holder or any other 

  

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Person to serve any such legal process in any other manner permitted by applicable law or to obtain jurisdiction over the Company or any Guarantor or bring
actions, suits or proceedings against it in such other jurisdiction, and in such matter, as may be permitted by applicable law. 
  
 (i) Severability. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held
invalid, illegal or unenforceable by a court of competent jurisdiction, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired
thereby. 
  
 (j) Entire Agreement. This Agreement and the
other writings referred to herein (including the Purchase Agreement, the Indenture and the form of Notes) are intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and
understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to the registration rights granted
by the Company with respect to the Transfer Restricted Securities. This Agreement and the other writings referred to herein (including the Purchase Agreement, the Indenture and the form of Notes) supersede all prior agreements and understandings
between the parties with respect to such subject matter. 
  

 21 








 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

  

					
	 SECUNDA INTERNATIONAL LIMITED

		
	By:	 	/s/ Alfred A. Smithers
	 	 	 Name: Alfred A. Smithers

	 	 	 Title: President

	
	 3013563 NOVA SCOTIA LIMITED

	 SECUNDA MARINE INTERNATIONAL INCORPORATED

	 SECUNDA MARINE SERVICES LIMITED

	 SECUNDA GLOBAL MARINE INC.

	 JDM SHIPPING INC.

	 INTERNATIONAL SHIPPING CORPORATION INC.

	 SECUNDA GLOBAL INTERNATIONAL INC.

	 NAVIS SHIPPING INCORPORATED

	 SECUNDA ATLANTIC INCORPORATED

	 SECUNDA MARINE ATLANTIC LIMITED

	 OFFSHORE LOGISTICS INCORPORATED

			
	 	 	By:	 	/s/ Alfred A. Smithers
	 	 	 	 	 Name: Alfred A. Smithers

	 	 	 	 	 Title: President



  

			
	Accepted as of the date hereof:
	
	 RBC CAPITAL MARKETS CORPORATION
On behalf of each of the Initial Purchasers

		
	By:	 	/s/ William H. Cook
	 	 	 Name: William H. Cook

	 	 	 Title: Managing Director


  

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