Document:

ex10-1.htm

EXHIBIT 10.1

 

TWELFTH AMENDMENT TO LOAN AND SECURITY AGREEMENT

 

This Twelfth Amendment to Loan and Security Agreement ("Twelfth Amendment") is made as of the 19th day of September, 2012, by and between the entities set forth on Exhibit "A" attached hereto, each a Delaware limited liability company, (collectively "Borrower" and each an "Individual Borrower"), and both U.S. BANK NATIONAL ASSOCIATION, A NATIONAL BANKING ASSOCIATION ORGANIZED AND EXISTING UNDER THE LAWS OF THE UNITED STATES OF AMERICA, NOT IN ITS INDIVIDUAL CAPACITY BUT SOLELY IN ITS CAPACITY AS TRUSTEE FOR THE REGISTERED HOLDERS OF WACHOVIA BANK COMMERCIAL MORTGAGE TRUST, COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-C27 and WELLS FARGO BANK, N.A., AS TRUSTEE FOR THE REGISTERED HOLDERS OF BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-4 (together, "Lender") as successor in interest to GERMAN AMERICAN CAPITAL CORPORATION, a Maryland corporation ("GA").

 

R E C I T A L S:

 

WHEREAS, the entities set forth on Exhibit "B" attached hereto, each a Delaware limited liability company, ("Original Borrower") and GA entered into that certain Loan and Security Agreement dated June 9, 2006 ("Loan Agreement") pursuant to which GA loaned Original Borrower the principal sum of $295,000,000.00 ("Loan");

 

WHEREAS, the Loan Agreement has been amended by that certain First Amendment to Loan and Security Agreement dated December 17, 2008, that certain Second Amendment to Loan and Security Agreement dated December 30, 2008, that certain Third Amendment to Loan and Security Agreement dated May 22, 2009, and that certain Fourth Amendment to Loan and Security Agreement dated February 18, 2011, and that certain Fifth Amendment to Loan and Security Agreement dated July 12, 2011 ("Fifth Amendment"), that certain Sixth Amendment to Loan and Security Agreement dated December 30, 2011, that certain Seventh Amendment to Loan and Security Agreement dated December 30, 2011, that certain Eighth Amendment to Loan and Security Agreement dated March 20, 2012, that certain Ninth Amendment to Loan and Security Agreement dated March 21, 2012, that certain Tenth Amendment to Loan and Security Agreement dated March 27, 2012, and that certain Eleventh Amendment to Loan and Security Agreement of approximately even date herewith ("Eleventh Amendment");

 

WHEREAS, the Loan is evidenced by the Loan Documents.  The Loan Documents, except for Amended and Restated Notes A-1 and A-2, were assigned, and Amended and Restated Note A-2 was endorsed, to Wachovia Bank, National Association, thereafter to Wells Fargo Bank, N.A., as Trustee for the Registered Holders of Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2006-C27, thereafter to Bank of America, N.A., as Trustee for the registered holders of Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2006-C27, and thereafter Lender replaced Bank of America, N.A. as Trustee, and Amended and Restated Note A-1 was endorsed to Wachovia Bank, National Association and thereafter to Wells Fargo Bank, N.A., as Trustee for the Registered Holders of Banc of America Commercial Mortgage, Inc., Commercial Mortgage Pass-Through Certificates, Series 2006-4;

 

  

  

  

 

WHEREAS, LNR Partners, LLC, a Florida limited liability company is the Special Servicer of the Loan for each entity of Lender;

 

WHEREAS, Borrower has requested that Section 8.4 of the Loan Agreement, previously amended by the Fifth Amendment, be further amended to allow for a portion of the funds held by Lender in the LCR Deterioration Reserve Account be released to Borrower; and

 

WHEREAS, pursuant to the provisions of the Eleventh Amendment, Borrower is selling and receiving certain funds from the sale of Borrowers' real property located in Newark, California.

 

NOW, THEREFORE, for and in consideration of the foregoing and other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto consent and agree as follows:

 

1.   The above and foregoing Recitals are true and correct and incorporated herein by reference thereto.

 

2.   Article XVII of the Loan Agreement is hereby amended to add the following as Section 17.4:

 

    17.4       Severing Loan Documents.  As a result of an Event of Default, for purposes of evidencing and enforcing its rights and remedies provided hereunder, Lender shall have the right from time to time to sever the Note and the other Loan Documents into one or more separate notes, mortgages, deeds of trust, deeds to secure debt, and other security documents (the "Severed Loan Documents") in such denominations and priorities as Lender shall determine in its sole discretion.  Borrower shall execute and deliver to Lender from time to time, promptly after the request of Lender, a severance agreement and such other documents as Lender shall request in order to effect the severance described in the preceding sentence, all in form and substance reasonably satisfactory to Lender.  Borrower hereby absolutely and irrevocably appoints Lender as their true and lawful attorney, coupled with an interest, in their name and stead to make and execute all documents necessary or desirable to effect the aforesaid severance, Borrower ratifying all that its said attorney shall do by virtue thereof; provided, however, Lender shall not make or execute any such documents under such power until three (3) Business Days after notice has been given to Borrower by Lender of Lender's intent to exercise its rights under such power.  Borrower shall be obligated to pay the costs and expenses incurred in connection with the preparation, execution, recording or filing of the Severed Loan Documents.  The Severed Loan Documents shall not contain any representations, warranties or covenants not contained in the Loan Documents and any such representations and warranties contained in the Severed Loan Documents will be given by Borrower only as of June 9, 2006.

 

  

2

  

 

3.   Section 16.5 of the Loan Agreement, as previously amended by the Fifth Amendment, is further amended as follows:

 

         (a)     Promptly after the execution hereof by the parties hereto, Lender shall apply all of the funds existing as of August 31, 2012 held in the LCR Deterioration Reserve Account to the Loan, one-half (1/2) to Amended and Restated Note A-1 and one-half (1/2) to Amended and Restated Note A-2, without imposition of the otherwise applicable Yield Maintenance Premium.

 

                             (b)           (i)           On the last business day of each calendar quarter, starting with the fourth (4th) calendar quarter of 2012, Lender shall apply all of the funds then held in the LCR Deterioration Reserve Account to the Loan, one-half (1/2) to Amended and Restated Note A-1 and one-half (1/2) to Amended and Restated Note A-2, without imposition of the otherwise applicable Yield Maintenance Premium, until the cumulative sum of $10,000,000.00 has been applied to the Loan.  In the event the Low LCR Cash Sweep Period terminates before the $10,000,000.00 has been applied and then recommences, then in that event, the application as aforesaid of the funds in the LCR Deterioration Reserve Account shall recommence until the application of the $10,000,000.00 has been satisfied or the LCR Cash Sweep Period is again terminated.  In the event the Low LCR Cash Sweep Period terminates for a second time before the $10,000,000.00 has been applied and then recommences, then in that event, the application as aforesaid of the funds in the LCR Deterioration Reserve Account shall recommence until the application of the $10,000,000.00 has been satisfied or the LCR Cash Sweep Period is again terminated.  The terminating and recommencing shall continue until the $10,000,000.00 has been applied.

 

                     (ii)   On the last day of the calendar quarter in which the funds applied pursuant to sub-section (i) above reaches $10,000,000.00, the funds remaining then and thereafter in the LCR Deterioration Reserve Account in said calendar quarter and on the last business day of each calendar quarter thereafter, to and including the second (2nd) calendar quarter of 2014, shall be released to Borrower until the cumulative sum of $10,000,000.00 has been released to Borrower.

 

                      (iii)         While the provisions of sub-sections (i) and (ii) above are in effect, there shall be a suspension of the release of funds from the LCR Deterioration Reserve Account to Borrower for capital expenses as set forth in Section 5 of the Fifth Amendment.

 

        (c)                      Upon application by Lender of the funds set forth in sub-sections (a) and (b)(i) above, Lender shall readjust the Monthly Debt Service Payment Amount utilizing the method set forth in Section 4.b.ii of both of Amended and Restated Notes A-1 and A-2.

 

4.   All net proceeds paid to Borrower from the sale of their real property in Newark, California (which shall not exceed $4,160,000.00), and all funds released to Borrower pursuant to the provisions of sub-section 3.B.(ii) above shall only be used to pay for usual and customary operating expenses of Borrower and/or BlueLinx Corporation and/or BlueLinx Holdings, Inc., and shall not be paid out as dividends or any other distribution (except to fund payment of said usual and customary operating and maintenance expenses) to shareholders or members of Borrower and/or BlueLinx Corporation and/or BlueLinx Holdings, Inc., and/or any other related Blue Linx entity.  Any such prohibited distribution shall constitute a Monetary Default under the Loan Documents.

 

  

3

  

 

5.   In order to induce Lender to consent to the release of the Newark, California, property from the lien of the Loan Documents and to enter into this Twelfth Amendment, Borrower shall pay Special Servicer a fee of $250,000.00 simultaneous with the execution hereof by wire transfer of federal funds, from Borrower's separate funds and not from the Holding Account or any sub-accounts thereof held by Lender.

 

6.   Borrower hereby represents, warrants, acknowledges and covenants to and with Lender that:

 

          (a)        To the best of Borrower's knowledge, no Event of Default or Default under any of the Loan Documents has occurred and is continuing.

 

          (b)        As of the date hereof (but not as to any matters arising hereafter), Borrower has no defenses, setoffs, claims, counterclaims or causes of action of any kind or nature whatsoever against Lender or any of Lender's predecessors in interest or any subsidiary of Lender or any of the past, present and future officers, directors, contractors, employees, agents, servicers (including, but not limited to, LNR Partners, LLC, and Wachovia Bank, National Association), attorneys, representatives, participants, successors and assigns of Lender and Lender's predecessors in interest (collectively, the "Lender Partners") with respect to: (i) the Loan; (ii) the Loan Documents; (iii) any other documents or instruments now or previously evidencing, securing or in any way relating to the Loan; (iv) the administration or funding of the Loan; or (v) the development, operation or financing of the Property. To the extent Borrower would be deemed to have any such defenses, setoffs, claims, counterclaims or causes of action as of the date hereof, Borrower waives and relinquishes them.

 

          (c)        Borrower acknowledges that as of the date hereof, the outstanding principal balance of the Loan is $234,882,068.92 (exclusive of any reduction on account of the sale of even date of the Newark, California property).  In the event of an error or omission in the foregoing information, neither Borrower nor Lender in any way prejudices their respective right and entitlement to all monies lawfully due Lender and/or obligations regarding the same.

 

          (d)        Borrower reaffirms and confirms the truth and accuracy of all representations and warranties set forth in the Loan Documents as if made on the date hereof, except to the extent such representations and warranties may be subject to change in the ordinary course of Borrower's business (to the extent permitted by the Loan Documents).

 

          (e)        To the best of Borrower’s knowledge, no representation or warranty of Borrower in this Twelfth Amendment or of Guarantor or Maryland Guarantor or Indemnitor executing a Joinder hereto contains any untrue statement of material fact or intentionally omits to state a material fact necessary in order to make such representations and warranties not misleading in any material respect in light of the circumstances under which they are made.  Any breach by Borrower or by any of the parties executing a Joinder hereto of any of the representations, warranties or covenants set forth herein or any Joinder hereto, after expiration of all applicable notice and cure periods, shall constitute an Event of Default under the Loan Documents.

 

  

4

  

 

            (f)         All certifications set forth in the Borrower's Certificate of even date are true and correct in all material respects.  The Borrower/Lessor and Lessee Certificate by Borrower as Lessor and BlueLinx Corporation as Lessee is true and correct in all material respects.

 

7.   Miscellaneous items:

 

7.1       Ratification.  Borrower hereby ratifies and confirms to Lender, as of the date hereof that, except as otherwise expressly and specifically modified by the terms of this Twelfth Amendment, all of the terms, representations, warranties, covenants, indemnifications and provisions of the Note, the Loan Agreement and the other Loan Documents are and shall remain in full force and effect as legally and binding obligations of Borrower. Consent by Lender shall not constitute or imply consent to any other amendment or modification of the Loan Documents.

 

7.2       References.  All references in the Loan Documents to the Loan Agreement shall mean the Loan Agreement, amended by the eleven (11) amendments described in the second Whereas clause above, as further amended hereby.

 

7.3       Counterparts.  This Twelfth Amendment may be executed in any number of counterparts with the same effect as if all parties hereto had signed the same document. All such counterparts shall be construed together and shall constitute one instrument, but in making proof hereof it shall only be necessary to produce one such counterpart.

 

7.4       Successors and Assigns.  This Twelfth Amendment shall be binding upon and inure to the benefit of the parties and their respective heirs, legal representatives, successors and assigns.

 

7.5       Governing Law.  This Twelfth Amendment shall be governed by, and construed in accordance with, the laws of the State of New York and any applicable law of the United States of America.  The terms and conditions of Section 19.3 of the Loan Agreement are hereby incorporated herein by this reference, with the same force and effect as if set forth herein in their entirety.

 

7.6       Waiver of Jury Trial.  BORROWER, GUARANTOR, MARYLAND GUARANTOR, INDEMNITORS AND LENDER EACH HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS TWELFTH AMENDMENT, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION HEREWITH.  THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY BORROWER, GUARANTOR, INDEMNITORS AND LENDER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE.  BORROWER, GUARANTOR, MARYLAND GUARANTOR, INDEMNITOR AND LENDER ARE EACH HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY BORROWER.

 

  

5

  

 

7.7       No Modification.  No modification, amendment, extension, discharge, termination or waiver of any provision of this Twelfth Amendment or of any other Loan Document, nor consent to any departure by Borrower therefrom, shall in any event be effective unless the same shall be in a writing signed by the party against whom enforcement is sought, and then such waiver or consent shall be effective only in the specific instance, and for the purpose, for which given.

 

7.8       Defined Terms.  Unless otherwise defined in this Twelfth Amendment, terms defined in the Loan Agreement or in any of the other Loan Documents shall have their defined meanings when used herein.

 

 

 

(Signature on following page)

 

  

6

  

    IN WITNESS WHEREOF, Borrower and Lender, joined by Guarantor, Maryland Guarantor and Indemnitor, have executed this Twelfth Amendment as of the day and date first above written.

 

BORROWER

	 	
ABP AL (MIDFIELD) LLC

	 	
ABP AR (LITTLE ROCK) LLC

	 	
ABP CA (CITY OF INDUSTRY) LLC

	 	
ABP CA (NATIONAL CITY) LLC

	 	
XXXXXXXXXXXXXXXXXXXX

	 	
ABP CO I (DENVER) LLC

	 	
XXXXXXXXXXXXXXXXXXXX

	 	
XXXXXXXXXXXXXXXXXXXX

	 	
ABP CO II (DENVER) LLC

	 	
ABP FL (MIAMI) LLC

	 	
ABP FL (LAKE CITY) LLC

	 	
ABP FL (TAMPA) LLC

	 	
ABP FL (PENSACOLA) LLC

	 	
ABP GA (LAWRENCEVILLE) LLC

	 	
ABP FL (YULEE) LLC

	 	
ABP IL (UNIVERSITY PARK) LLC

	 	
ABP IA (DE MOINES) LLC

	 	
ABP KY (INDEPENDENCE) LLC

	 	
ABP IN (ELKHART) LLC

	 	
ABP MA (BELLINGHAM) LLC

	 	
ABP LA (SHREVEPORT) LLC

	 	
ABP ME (PORTLAND) LLC

	 	
ABP MD (BALTIMORE) SUBSIDIARY LLC

	 	
ABP MI (GRAND RAPIDS) LLC

	 	
ABP MI (DETROIT) LLC

	 	
ABP MN (MAPLE GROVE) LLC

	 	
XXXXXXXXXXXXXXXXXXXX

	 	
ABP MO (KANSAS CITY) LLC

	 	
ABP MO (BRIDGETON) LLC

	 	
ABP MS (PEARL) LLC

	 	
ABP MO (SPRINGFIELD) LLC

	 	
ABP NC (CHARLOTTE) LLC

	 	
ABP NC (BUTNER) LLC

	 	
ABP NJ (DENVILE) LLC

	 	
ABP LA (NEW ORLEANS) LLC

	 	
ABP NY (YAPHANK) LLC

	 	
XXXXXXXXXXXXXXXXXXXXXXXXX

	 	
ABP OK (TULSA) LLC

	 	
ABP OH (TALMADGE) LLC

	 	
ABP PA (ALLENTOWN) LLC

	 	
ABP OR (BEAVERTON) LLC

	 	
ABP SC (CHARLESTON) LLC

	 	
ABP PA (STANTON) LLC

	 	
ABP TN (ERWIN) LLC

	 	
ABP SD (SIOUX FALLS) LLC

	 	
ABP TN (MADISON) LLC

	 	
ABP TN (MEMPHIS) LLC

	 	
ABP TX (FORT WORTH) LLC

	 	
ABP TX (EL PASO) LLC

	 	
ABP TX (HOUSTON) LLC

	 	
ABP TX (HARLINGEN) LLC

	 	
ABP TX (SAN ANTONIO) LLC

	 	
ABP TX (LUBBOCK) LLC

	 	
ABP VA (VIRGINIA BEACH) LLC

	 	
ABP VA (RICHMOND) LLC

	 	
XXXXXXXXXXXXXXXXXXXX

	 	
ABP VT (SHELBURNE) LLC

	 	
ABP WI (WAUSAU) LLC

 

	 	Each entity listed above	 
	 	 	 	 
	
 

	
By: 

	/s/ H. Douglas Goforth	 
	 	 	H. Douglas Goforth	 
	 	 	Vice-President and Secretary	 

  

7

  

 

	 	LENDER:
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, A NATIONAL BANKING ASSOCIATION ORGANIZED AND EXISTING UNDER THE LAWS OF THE UNITED STATES OF AMERICA, NOT IN ITS INDIVIDUAL CAPACITY BUT SOLELY IN ITS CAPACITY AS TRUSTEE FOR THE REGISTERED HOLDERS OF WACHOVIA BANK COMMERCIAL MORTGAGE TRUST, COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-C27
	 	 
	 	
By:

	
LNR Partners, LLC, a Florida limited liability company, as Attorney-in-Fact

	 	 	 
	 	 	By:	/s/ Arnold Shulkin
	 	 	Name:	Arnold Shulkin 
	 	 	Title: 	Vice President
	 	 	 	 
	 	And	 	 
	 	 	 	 
	 	WELLS FARGO BANK, N.A., AS TRUSTEE FOR THE REGISTERED HOLDERS OF BANC OF AMERICA COMMERCIAL MORTGAGE INC., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-4
	 	 	 	 
	 	
By:

	
LNR Partners, LLC, a Florida limited liability company and successor to LNR Partners, Inc., a Florida corporation, as Attorney-in-Fact

	 	 	 	 
	 	 	By: 	/s/ Arnold Shulkin
	 	 	Name:	Arnold Shulkin
	 	 	Title:	Vice President 

 

  

8

  

 

Guarantor hereby acknowledges the modifications to the Loan Agreement made herein and hereby ratifies and confirms to Lender, as of the date hereof, that all of the terms, covenants, indemnifications and provisions of the Guaranty of Recourse Obligations dated June 9, 2006 are and shall remain in full force and effect without change except as otherwise expressly and specifically modified by this Twelfth Amendment.

 

	 	GUARANTOR:	 
	 	 	 	 
	 	BLUELINX HOLDINGS, INC., a Delaware corporation	 
	 	 	 
	 	 	 	 
	
 

	
By: 

	/s/ H. Douglas Goforth	 
	 	 	H. Douglas Goforth	 
	 	 	Chief Financial Officer and Treasurer	 
	 	 	 	 

 

Maryland Loan Guarantor hereby acknowledges the modifications to the Loan Agreement made herein and hereby ratifies and confirms to Lender, as of the date hereof, that all of the terms, covenants, indemnifications and provisions of the Guaranty dated June 9, 2006 are and shall remain in full force and effect without change except as otherwise expressly and specifically modified by this Twelfth Amendment.

 

	 	MARYLAND LOAN GUARANTOR:	 
	 	 	 	 
	 	ABP MD (BALTIMORE) LLC, a Delaware limited liability company	 
	 	 	 
	 	 	 	 
	
  

	
By: 

	/s/ H. Douglas Goforth	 
	 	 	H. Douglas Goforth	 
	 	 	Vice-President and Secretary	 
	 	 	 	 

(Continued on following page)

  

9

  

Indemnitor hereby acknowledges the modifications to the Loan Agreement and the other Loan Documents as made herein and hereby ratify and confirm to Lender, as of the date thereof, that all of the terms, covenants, indemnifications and provisions of the Environmental Indemnity dated June 9, 2006 are and shall remain in full force and effect without change except as otherwise expressly and specifically modified by this Twelfth Amendment.

 

	 	INDEMNITOR:	 
	 	 	 	 
	 	BLUELINX HOLDINGS, INC., a Delaware corporation	 
	 	 	 
	 	 	 	 
	
  

	
By: 

	/s/ H. Douglas Goforth	 
	 	 	H. Douglas Goforth	 
	 	 	Chief Financial Officer and Treasurer	 
	 	 	 	 

 

  

10

  

 

EXHIBIT "A"

 

BORROWER

	 	
ABP AL (MIDFIELD) LLC

	 	
ABP AR (LITTLE ROCK) LLC

	 	
ABP CA (CITY OF INDUSTRY) LLC

	 	
ABP CA (NATIONAL CITY) LLC

	 	
XXXXXXXXXXXXXXXXXXXXXXXX

	 	
ABP CO I (DENVER) LLC

	 	
XXXXXXXXXXXXXXXXXXXXXXXX

	 	
XXXXXXXXXXXXXXXXXXXXXXXX

	 	
ABP CO II (DENVER) LLC

	 	
ABP FL (MIAMI) LLC

	 	
ABP FL (LAKE CITY) LLC

	 	
ABP FL (TAMPA) LLC

	 	
ABP FL (PENSACOLA) LLC

	 	
ABP GA (LAWRENCEVILLE) LLC

	 	
ABP FL (YULEE) LLC

	 	
ABP IL (UNIVERSITY PARK) LLC

	 	
ABP IA (DE MOINES) LLC

	 	
ABP KY (INDEPENDENCE) LLC

	 	
ABP IN (ELKHART) LLC

	 	
ABP MA (BELLINGHAM) LLC

	 	
ABP LA (SHREVEPORT) LLC

	 	
ABP ME (PORTLAND) LLC

	 	
ABP MD (BALTIMORE) SUBSIDIARY LLC

	 	
ABP MI (GRAND RAPIDS) LLC

	 	
ABP MI (DETROIT) LLC

	 	
ABP MN (MAPLE GROVE) LLC

	 	
XXXXXXXXXXXXXXXXXXXXXXXX

	 	
ABP MO (KANSAS CITY) LLC

	 	
ABP MO (BRIDGETON) LLC

	 	
ABP MS (PEARL) LLC

	 	
ABP MO (SPRINGFIELD) LLC

	 	
ABP NC (CHARLOTTE) LLC

	 	
ABP NC (BUTNER) LLC

	 	
ABP NJ (DENVILE) LLC

	 	
ABP LA (NEW ORLEANS) LLC

	 	
ABP NY (YAPHANK) LLC

	 	
XXXXXXXXXXXXXXXXXXXXXXXXX

	 	
ABP OK (TULSA) LLC

	 	
ABP OH (TALMADGE) LLC

	 	
ABP PA (ALLENTOWN) LLC

	 	
ABP OR (BEAVERTON) LLC

	 	
ABP SC (CHARLESTON) LLC

	 	
ABP PA (STANTON) LLC

	 	
ABP TN (ERWIN) LLC

	 	
ABP SD (SIOUX FALLS) LLC

	 	
ABP TN (MADISON) LLC

	 	
ABP TN (MEMPHIS) LLC

	 	
ABP TX (FORT WORTH) LLC

	 	
ABP TX (EL PASO) LLC

	 	
ABP TX (HOUSTON) LLC

	 	
ABP TX (HARLINGEN) LLC

	 	
ABP TX (SAN ANTONIO) LLC

	 	
ABP TX (LUBBOCK) LLC

	 	
ABP VA (VIRGINIA BEACH) LLC

	 	
ABP VA (RICHMOND) LLC

	 	
XXXXXXXXXXXXXXXXXXXXXXXX

	 	
ABP VT (SHELBURNE) LLC

	 	
ABP WI (WAUSAU) LLC

  

11

  

EXHIBIT "B"

ORIGINAL BORROWER

	 	
ABP AL (MIDFIELD) LLC

	 	
ABP AR (LITTLE ROCK) LLC

	 	
ABP CA (CITY OF INDUSTRY) LLC

	 	
ABP CA (NATIONAL CITY) LLC

	 	
ABP CA (NEWARK) LLC

	 	
ABP CO I (DENVER) LLC

	 	
ABP CA (RIVERSIDE) LLC

	 	
ABP CT (NEWTON) LLC

	 	
ABP CO II (DENVER) LLC

	 	
ABP FL (MIAMI) LLC

	 	
ABP FL (LAKE CITY) LLC

	 	
ABP FL (TAMPA) LLC

	 	
ABP FL (PENSACOLA) LLC

	 	
ABP GA (LAWRENCEVILLE) LLC

	 	
ABP FL (YULEE) LLC

	 	
ABP IL (UNIVERSITY PARK) LLC

	 	
ABP IA (DE MOINES) LLC

	 	
ABP KY (INDEPENDENCE) LLC

	 	
ABP IN (ELKHART) LLC

	 	
ABP MA (BELLINGHAM) LLC

	 	
ABP LA (SHREVEPORT) LLC

	 	
ABP ME (PORTLAND) LLC

	 	
ABP MD (BALTIMORE) SUBSIDIARY LLC

	 	
ABP MI (GRAND RAPIDS) LLC

	 	
ABP MI (DETROIT) LLC

	 	
ABP MN (MAPLE GROVE) LLC

	 	
ABP MN (EAGAN) LLC

	 	
ABP MO (KANSAS CITY) LLC

	 	
ABP MO (BRIDGETON) LLC

	 	
ABP MS (PEARL) LLC

	 	
ABP MO (SPRINGFIELD) LLC

	 	
ABP NC (CHARLOTTE) LLC

	 	
ABP NC (BUTNER) LLC

	 	
ABP NJ (DENVILE) LLC

	 	
ABP ND (NORTH FARGO) LLC

	 	
ABP NY (YAPHANK) LLC

	 	
ABP NM (ALBUQUERQUE) LLC

	 	
ABP OK (TULSA) LLC

	 	
ABP OH (TALMADGE) LLC

	 	
ABP PA (ALLENTOWN) LLC

	 	
ABP OR (BEAVERTON) LLC

	 	
ABP SC (CHARLESTON) LLC

	 	
ABP PA (STANTON) LLC

	 	
ABP TN (ERWIN) LLC

	 	
ABP SD (SIOUX FALLS) LLC

	 	
ABP TN (NASHVILLE) LLC

	 	
ABP TN (MEMPHIS) LLC

	 	
ABP TX (FORT WORTH) LLC

	 	
ABP TX (EL PASO) LLC

	 	
ABP TX (HOUSTON) LLC

	 	
ABP TX (HARLINGEN) LLC

	 	
ABP TX (SAN ANTONIO) LLC

	 	
ABP TX (LUBBOCK) LLC

	 	
ABP VA (VIRGINIA BEACH) LLC

	 	
ABP VA (RICHMOND) LLC

	 	
ABP WA (WOODINVILLE) LLC

	 	
ABP VT (SHELBURNE) LLC

	 	
ABP WI (WAUSAU) LLC

 

12Form of Commercial Paper Dealer Agreement

 Exhibit 10.1 
 FORM OF COMMERCIAL PAPER DEALER AGREEMENT 
 4(a)(2) Program; Guaranteed

 Among: 
 NOBLE
CORPORATION, a Cayman Islands exempted 
 company limited by shares, as Issuer, 

NOBLE HOLDING INTERNATIONAL LIMITED, a 
 Cayman Islands exempted company limited by shares, as a Guarantor, 
 NOBLE
DRILLING CORPORATION, a Delaware corporation, as 
 a Guarantor, and 

                      
                              , as Dealer 

Concerning Notes to be issued pursuant to a Commercial Paper Issuing and Paying Agent Agreement dated as of
                , 2012 between the Issuer
and                            , as Issuing and Paying Agent 

Dated as of                 , 2012 

 Commercial Paper Dealer Agreement 

4(a)(2) Program; Guaranteed 
 This agreement (the “Agreement”) sets forth the understandings among the Issuer, the Guarantors and the Dealer, each named on the cover page hereof, in connection with the issuance and sale by
the Issuer of its short-term promissory notes (the “Notes”) through the Dealer. 
 Each of Noble Drilling Corporation, a Delaware
corporation (“NDC”), and Noble Holding International Limited, a Cayman Islands exempted company limited by shares (“NHIL” and, together with NDC, the “Guarantors”), has agreed unconditionally and irrevocably to
guarantee payment in full of the principal of and interest (if any) on all such Notes of the Issuer, pursuant to a guarantee, dated the date hereof, in the form of Exhibit D hereto (the “Guarantee”). 

Certain terms used in this Agreement are defined in Section 6 hereof. 
 The Addendum to this Agreement, and any Annexes or Exhibits described in this Agreement or such Addendum, are hereby incorporated into this Agreement and made fully a part hereof. 

1. Offers, Sales and Resales of Notes. 
  

	 	1.1	While (i) the Issuer has and shall have no obligation to sell the Notes to the Dealer or to permit the Dealer to arrange any sale of the Notes for the account of
the Issuer, and (ii) the Dealer has and shall have no obligation to purchase the Notes from the Issuer or to arrange any sale of the Notes for the account of the Issuer, the parties hereto agree that in any case where the Dealer purchases Notes
from the Issuer, or arranges for the sale of Notes by the Issuer, such Notes will be purchased or sold by the Dealer in reliance on the representations, warranties, covenants and agreements of the Issuer and the Guarantors contained herein or made
pursuant hereto and on the terms and conditions and in the manner provided herein and sold by the Issuer in reliance on the representations, warranties, covenants and agreements of the Dealer contained herein or made pursuant hereto and on the terms
and conditions and in the manner provided herein. 

  

	 	1.2	So long as this Agreement shall remain in effect, and in addition to the limitations contained in Section 1.7 hereof, neither the Issuer nor any Guarantor shall,
without the consent of the Dealer (which consent shall not be unreasonably withheld, conditioned or delayed), offer, solicit or accept offers to purchase, or sell, any Notes except (a) in transactions with one or more dealers which may from
time to time after the date hereof become dealers with respect to the Notes by executing with the Issuer and the Guarantors one or more agreements which contain provisions substantially identical to those contained in Section 1 of this
Agreement, of which the Issuer and the Guarantors hereby undertake to provide the Dealer prompt notice or (b) in transactions with the other dealers listed on the Addendum hereto, which are executing agreements with the Issuer and the
Guarantors which contain provisions substantially identical to Section 1 of this Agreement contemporaneously herewith. In no event shall the Issuer or any Guarantor offer, solicit or accept offers to purchase, or sell, any Notes directly on its
own behalf in transactions with persons other than broker-dealers as specifically permitted in this Section 1.2. 

  
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	 	1.3	 The Notes shall be in a minimum denomination of $250,000 or integral multiples of $1,000 in excess thereof, will bear such interest rates, if interest
bearing, or will be sold at such discount from their face amounts, as shall be agreed upon by the Dealer and the Issuer, shall have a maturity not exceeding 397 days from the date of issuance and may have such terms as are specified in Exhibit C
hereto or the Private Placement Memorandum. The Notes shall not contain any provision for extension, renewal or automatic “rollover.” 

  

	 	1.4	The authentication and issuance of, and payment for, the Notes shall be effected in accordance with the Issuing and Paying Agency Agreement, and the Notes shall be
either individual physical certificates or book-entry notes evidenced by one or more master notes (each, a “Master Note”) registered in the name of The Depository Trust Company (“DTC”) or its nominee, in the form or forms annexed
to this Agreement as Annex 1. 

  

	 	1.5	If the Issuer and the Dealer shall agree on the terms of the purchase of any Note by the Dealer or the sale of any Note arranged by the Dealer (including, but not
limited to, agreement with respect to the date of issue, purchase price, principal amount, maturity and interest rate or interest rate index and margin (in the case of interest-bearing Notes) or discount thereof (in the case of Notes issued on a
discount basis), and appropriate compensation for the Dealer’s services hereunder) pursuant to this Agreement, the Issuer shall cause such Note to be issued and delivered in accordance with the terms of the Issuing and Paying Agency Agreement
and payment for such Note shall be made by the purchaser thereof, either directly or through the Dealer, to the Issuing and Paying Agent, for the account of the Issuer. Except as otherwise agreed, in the event that the Dealer is acting as an agent
and a purchaser shall either fail to accept delivery of or make payment for a Note on the date fixed for settlement, the Dealer shall promptly notify the Issuer, and if the Dealer has theretofore paid the Issuer for the Note, the Issuer will
promptly return such funds to the Dealer against its return of the Note to the Issuer, in the case of a certificated Note, and upon notice of such failure in the case of a book-entry Note. If such failure occurred for any reason other than default
by the Dealer, the Issuer and the Guarantors agree, jointly and severally, to reimburse the Dealer on an equitable basis for the Dealer’s loss of the use of such funds for the period such funds were credited to the Issuer’s account.

  

	 	1.6	The Dealer, the Issuer and the Guarantors hereby establish and agree to observe the following procedures in connection with offers, sales and subsequent resales or
other transfers of the Notes: 

 (a) Offers and sales of the Notes by or through the Dealer shall be made only to:
(i) investors reasonably believed by the Dealer to be Qualified Institutional Buyers, Institutional Accredited Investors or Sophisticated Individual Accredited Investors and (ii) non-bank fiduciaries or agents that will be purchasing Notes
for one or more accounts, each of which is reasonably believed by the Dealer to be a Qualified Institutional Buyer, an Institutional Accredited Investor or Sophisticated Individual Accredited Investor. 

  
 3 

 (b) Resales and other transfers of the Notes by the holders thereof shall be made only in
accordance with the restrictions in the legend described in clause (e) below and to the extent such resale is of a Note purchased directly by the Dealer from the Issuer, the Dealer will comply with the provisions of such legend and this
Section 1.6. 
 (c) No general solicitation or general advertising shall be used in connection with the offering of the
Notes. Without limiting the generality of the foregoing, without the prior written approval of the other party, neither the Issuer nor any Guarantor, on the one hand, nor the Dealer, on the other hand, shall issue any press release, make any other
statement to any member of the press making reference to the Notes, the offer or sale of the Notes, the Guarantee or this Agreement or place or publish any “tombstone” or other advertisement relating to the Notes, the offer or sale of the
Notes or the Guarantee. Notwithstanding the foregoing, any publication by the Issuer of a notice in accordance with Rule 135c under the Securities Act shall not be deemed to constitute general solicitation or general advertising hereunder and shall
not require prior written approval of the Dealer. Except as required by applicable law or regulation, the Issuer and each Guarantor, as applicable, shall (i) omit the names of the Dealer from any publicly available filing by the Issuer or any
Guarantor that makes reference to the offer or sale of the Notes, the issuance of the Guarantee or this Agreement and (ii) redact the Dealer’s name and any contact or other information that could identify the Dealer from any agreement or
other information included in such filing. 
 (d) No sale of Notes to any one purchaser shall be for less than $250,000
principal or face amount, and no Note shall be issued in a smaller principal or face amount. If the purchaser is a non-bank fiduciary or agent acting on behalf of others, each person for whom such purchaser is acting must purchase at least $250,000
principal or face amount of Notes. 
 (e) Offers and sales of the Notes by the Issuer through the Dealer acting as agent for the
Issuer shall be made in accordance with Rule 506 under the Securities Act, and shall be subject to the restrictions described in the legend appearing on Exhibit A hereto. A legend substantially to the effect of such Exhibit A shall appear as part of
the Private Placement Memorandum used in connection with offers and sales of Notes hereunder, as well as on each individual certificate representing a Note and each Master Note representing book-entry Notes offered and sold pursuant to this
Agreement. 

  
 4 

 (f) The Dealer shall furnish or shall have furnished to each purchaser of Notes for which
it has acted as the dealer a copy of the then-current Private Placement Memorandum unless such purchaser has previously received a copy of the Private Placement Memorandum as then in effect. The Private Placement Memorandum shall expressly state
that any person to whom Notes are offered shall have an opportunity to ask questions of, and receive information from the Issuer, the Guarantors and the Dealer and shall provide the names, addresses and telephone numbers of the persons from whom
information regarding the Issuer and the Guarantors may be obtained. 
 (g) The Issuer and the Guarantors, jointly and
severally, agree for the benefit of the Dealer and each of the holders and prospective purchasers from time to time of the Notes that, if at any time the Issuer and the Guarantors shall not be subject to Section 13 or 15(d) of the Exchange Act,
the Issuer and the Guarantors will furnish, upon request and at their expense, to the Dealer and to holders and prospective purchasers of Notes information required by Rule 144A(d)(4)(i) in compliance with Rule 144A(d). 

(h) In the event that any Note offered or to be offered by the Dealer would be ineligible for resale under Rule 144A, the Issuer shall
promptly notify the Dealer (by telephone, confirmed in writing) of such fact and shall promptly prepare and deliver to the Dealer an amendment or supplement to the Private Placement Memorandum describing the Notes that are ineligible, the reason for
such ineligibility and any other relevant information relating thereto. 
 (i) The Issuer and the Guarantors represent that
neither the Issuer nor any Guarantor is currently issuing commercial paper in the United States market in reliance upon the exemption provided by Section 3(a)(3) of the Securities Act. The Issuer and the Guarantors agree that, if the Issuer or
any Guarantor shall issue commercial paper after the date hereof in reliance upon such exemption (a) the proceeds from the sale of the Notes will be segregated from the proceeds of the sale of any such commercial paper by being placed in a
separate account; (b) the Issuer and the Guarantors will institute appropriate corporate procedures to ensure that the offers and sales of notes issued by the Issuer or a Guarantor, as the case may be, pursuant to the Section 3(a)(3)
exemption are not integrated with offerings and sales of Notes hereunder; and (c) the Issuer and the Guarantors will comply with each of the requirements of Section 3(a)(3) of the Securities Act in selling commercial paper or other
short-term debt securities other than the Notes in the United States. 
  

	 	1.7	Each of the Issuer and each Guarantor hereby represents and warrants to the Dealer, in connection with offers, sales and resales of Notes, as follows:

 (a) The Issuer and each Guarantor hereby confirm to the Dealer that within the preceding six months neither the
Issuer nor any Guarantor nor any person other than the Dealer or the other dealers referred to in Section 1.2 hereof acting on behalf of the Issuer or any Guarantor has offered or sold any Notes, or any substantially similar security of the
Issuer or any Guarantor (including, without limitation, medium-term notes issued by the Issuer or a Guarantor with maturities less than 365 days), to, or solicited offers to buy any such security from, any

  
 5 

 
person other than the Dealer or the other dealers referred to in Section 1.2 hereof. The Issuer and each Guarantor also agree that (except as permitted by Section 1.6(i)), as long as
the Notes are being offered for sale by the Dealer and the other dealers referred to in Section 1.2 hereof as contemplated hereby and until at least six months after the offer of Notes hereunder has been terminated, none of the Issuer, any
Guarantor nor any person other than the Dealer or the other dealers referred to in Section 1.2 hereof (except as contemplated by Section 1.2 hereof) will offer the Notes or any substantially similar security of the Issuer or a Guarantor
for sale to, or solicit offers to buy any such security from, any person other than the Dealer or the other dealers referred to in Section 1.2 hereof, it being understood that such agreement is made with a view to bringing the offer and sale of
the Notes within the exemption provided by Section 4(a)(2) of the Securities Act and Rule 506 thereunder and shall survive any termination of this Agreement. Each of the Issuer and each Guarantor hereby represents and warrants that it has not
taken or omitted to take, and will not take or omit to take, any action that would cause the offering and sale of Notes hereunder to be integrated with any other offering of securities, whether such offering is made by the Issuer or a Guarantor or
some other party or parties. 
 (b) The Issuer represents and agrees that the proceeds of the sale of the Notes are not
currently contemplated to be used for the purpose of buying, carrying or trading securities within the meaning of Regulation T and the interpretations thereunder by the Board of Governors of the Federal Reserve System. In the event that the Issuer
determines to use such proceeds for the purpose of buying, carrying or trading securities, whether in connection with an acquisition of another company or otherwise, the Issuer shall give the Dealer at least five business days’ prior written
notice to that effect but shall not be required to identify or disclose such securities. Thereafter, in the event that the Dealer purchases Notes as principal and does not resell such Notes on the day of such purchase, to the extent necessary to
comply with Regulation T and the interpretations thereunder, the Dealer will sell such Notes either (i) only to offerees it reasonably believes to be Qualified Institutional Buyers or to Qualified Institutional Buyers it reasonably believes are
acting for other Qualified Institutional Buyers, in each case in accordance with Rule 144A or (ii) in a manner which would not cause a violation of Regulation T and the interpretations thereunder. 

2. Representations and Warranties of the Issuer and the Guarantors. 
 Each of the Issuer and each Guarantor represents and warrants as to itself that: 
  

	 	2.1	The Issuer is a company duly organized, validly existing and in good standing under the laws of the jurisdiction of its formation and has all the requisite power and
authority to execute, deliver and perform its obligations under the Notes, this Agreement and the Issuing and Paying Agency Agreement. 

  
 6 

	 	2.2	Each Guarantor is a company or a corporation, as applicable, duly organized, validly existing and in good standing under the laws of the jurisdiction of its formation
and has all the requisite power and authority to execute, deliver and perform its obligations under the Guarantee, this Agreement and the Issuing and Paying Agency Agreement. 

 

	 	2.3	This Agreement and the Issuing and Paying Agency Agreement have been duly authorized, executed and delivered by the Issuer and constitute legal, valid and binding
obligations of the Issuer enforceable against the Issuer in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and subject, as to enforceability, to general
principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). This Agreement has been duly authorized, executed and delivered by each Guarantor and constitutes the legal, valid and binding obligation of each
Guarantor enforceable against each Guarantor in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and subject, as to enforceability, to general principles of equity
(regardless of whether enforcement is sought in a proceeding in equity or at law). 

  

	 	2.4	The Notes have been duly authorized, and when issued as provided in the Issuing and Paying Agency Agreement, will be duly and validly issued and will constitute legal,
valid and binding obligations of the Issuer enforceable against the Issuer in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and subject, as to enforceability,
to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 

  

	 	2.5	The Guarantee has been duly authorized, executed and delivered by each Guarantor and constitutes the legal, valid and binding obligation of each Guarantor enforceable
against each Guarantor in accordance with its terms subject to applicable bankruptcy, insolvency or similar laws affecting creditors’ rights generally, and subject, as to enforceability, to general principles of equity (regardless of whether
enforcement is sought in a proceeding in equity or at law). 

  

	 	2.6	Assuming compliance by the Dealer with the procedures applicable to it set forth in Section 1, the offer and sale of the Notes and the Guarantee in the manner
contemplated hereby do not require registration of the Notes or the Guarantee under the Securities Act, pursuant to the exemption from registration contained in Section 4(a)(2) thereof, and no indenture in respect of the Notes or the Guarantee
is required to be qualified under the Trust Indenture Act of 1939, as amended. 

  

	 	2.7	The Notes and the Guarantee will rank at least pari passu with all other unsecured and unsubordinated indebtedness of the Issuer and each Guarantor, respectively.

  
 7 

	 	2.8	Assuming compliance by Dealer with the procedures set forth in Section 1, no consent or action of, or filing or registration with, any governmental or public
regulatory body or authority, including the SEC, is required to authorize, or is otherwise required in connection with the execution, delivery or performance of, this Agreement, the Notes, the Guarantee or the Issuing and Paying Agency Agreement,
except as may be required by the securities or Blue Sky laws of the various states in connection with the offer and sale of the Notes. 

  

	 	2.9	Neither the execution and delivery of this Agreement, the Guarantee and the Issuing and Paying Agency Agreement, nor the issuance of the Notes in accordance with the
Issuing and Paying Agency Agreement, nor the fulfillment of or compliance with the terms and provisions hereof or thereof by the Issuer or the Guarantors, will (i) result in the creation or imposition of any mortgage, lien, charge or
encumbrance of any nature whatsoever upon any of the properties or assets of the Issuer or the Guarantors, or (ii) violate or result in a breach or a default under any of the terms of the charter documents or by-laws of the Issuer or the
Guarantors, any contract or instrument to which the Issuer or a Guarantor is a party or by which it or its property is bound, or any law or regulation, or any order, writ, injunction or decree of any court or government instrumentality, to which the
Issuer or a Guarantor is subject or by which it or its property is bound, which breach, violation or default could reasonably be expected to have a material adverse effect on the condition (financial or otherwise), operations or business of the
Issuer and its subsidiaries, taken as a whole, or any Guarantor and its subsidiaries, taken as a whole, or the ability of the Issuer or any Guarantor to perform its obligations under this Agreement, the Notes, the Guarantee or the Issuing and Paying
Agency Agreement, as applicable. 

  

	 	2.10	There is no litigation or governmental proceeding pending, or to the knowledge of the Issuer or any Guarantor threatened, against or affecting the Issuer or any
Guarantor or any of their subsidiaries which could reasonably be expected to result in a material adverse change in the condition (financial or otherwise), operations or business of the Issuer and its subsidiaries, taken as a whole, or any Guarantor
and its subsidiaries, taken as a whole, or the ability of the Issuer or any Guarantor to perform its obligations under this Agreement, the Notes, the Guarantee or the Issuing and Paying Agency Agreement, as applicable. 

 

	 	2.11	Neither the Issuer nor any Guarantor is an “investment company” within the meaning of the Investment Company Act of 1940, as amended.

  

	 	2.12	Neither the Private Placement Memorandum nor the Company Information contains any untrue statement of a material fact or omits to state a material fact required to be
stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; provided that the Issuer and the Guarantors make no representation or warranty as to the Dealer Information.

  

	 	2.13	 Each (a) issuance of Notes by the Issuer hereunder and (b) amendment or supplement of the Private Placement Memorandum shall be deemed a
representation and warranty by each of the Issuer and each Guarantor to the Dealer, as of the date thereof, that, both before and after giving effect to such issuance and 

  
 8 

	 	
after giving effect to such amendment or supplement, (i) the representations and warranties given by the Issuer and the Guarantors set forth in this Section 2 remain true and correct on
and as of such date as if made on and as of such date, (ii) in the case of an issuance of Notes, the Notes being issued on such date have been duly and validly issued and constitute legal, valid and binding obligations of the Issuer,
enforceable against the Issuer in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and subject, as to enforceability, to general principles of equity (regardless of
whether enforcement is sought in a proceeding in equity or at law) and are guaranteed pursuant to the Guarantee, (iii) in the case of an issuance of Notes, since the date of the most recent Private Placement Memorandum (as most recently amended
or supplemented, including by incorporation of Company Information therein), there has been no material adverse change in the condition (financial or otherwise), operations or business of the Issuer and its subsidiaries taken as a whole, or the
Guarantors and their respective subsidiaries taken as a whole, which has not been disclosed to the Dealer in writing and (iv) neither the Issuer nor any Guarantor is in default of any of its obligations hereunder or under the Notes, the
Guarantee or the Issuing and Paying Agency Agreement. 

  

	 	2.14	Under the laws of the Cayman Islands, neither the Issuer or NHIL (collectively, the “Cayman Entities”) nor any of their revenues, assets or properties has any
right of immunity from service of process or from the jurisdiction of competent courts of the Cayman Islands or the United States or the State of New York in connection with any suit, action or proceeding, attachment prior to judgment, attachment in
aid of execution of a judgment or execution of a judgment or from any other legal process with respect to its obligations under this Agreement, the Issuing and Paying Agency Agreement, the Guarantee or the Notes. 

 

	 	2.15	Each of the Cayman Entities is permitted to make all payments under this Agreement, the Issuing and Paying Agency Agreement, the Guarantee and the Notes to holders of
the Notes that are non-residents of the Cayman Islands, free and clear of and without deduction or withholding for or on account of any taxes or other governmental charges imposed by the Cayman Islands. There is no stamp or documentary tax or other
charge imposed by the Cayman Islands in connection with the execution, delivery, issuance, payment, performance, enforcement or introduction into evidence in a court of the Cayman Islands of this Agreement, the Issuing and Paying Agency Agreement,
the Guarantee or any Note. 

  

	 	2.16	The choice of New York law to govern this Agreement, the Issuing and Paying Agency Agreement, the Guarantee and the Notes is, under the laws of the Cayman Islands, a
valid, effective and irrevocable choice of law, and the submission by each of the Cayman Entities in Section 7.3 (b) of the Agreement to the jurisdiction of the courts of the United States District Court and the State of New York located
in the Borough of Manhattan is valid and binding upon the Cayman Entities under the laws of the Cayman Islands. 

  
 9 

	 	2.17	Any final judgment rendered by any court referred to in Section 2.16 in an action to enforce the obligations of a Cayman Entity under this Agreement, the Issuing
and Paying Agency Agreement, the Guarantee or the Notes is capable of being enforced in the courts of the Cayman Islands. 

  

	 	2.18	As a condition to the admissibility in evidence of this Agreement, the Issuing and Paying Agency Agreement, the Guarantee or the Notes in the courts of the Cayman
Islands, it is not necessary that this Agreement, the Issuing and Paying Agency Agreement, the Guarantee or the Notes be filed or recorded with any court or other authority. 

 

	 	2.19	Each Guarantor will receive financial benefits by the issuance of the Notes by the Issuer and such Guarantor’s issuance of the Guarantee in respect of the Notes.

 3. Covenants and Agreements of the Issuer and the Guarantors. 
 Each of the Issuer and each Guarantor covenants and agrees as to itself that: 
  

	 	3.1	The Issuer and the Guarantors will give the Dealer prompt notice (but in any event prior to any subsequent issuance of Notes hereunder) of any amendment to,
modification of or waiver with respect to, the Notes, the Guarantee or the Issuing and Paying Agency Agreement, including a complete copy of any such amendment, modification or waiver. 

 

	 	3.2	The Issuer and the Guarantors shall, whenever there shall occur any material adverse change in the condition (financial or otherwise), operations or business of the
Issuer and its subsidiaries, taken as a whole, or a Guarantor and its subsidiaries, taken as a whole, or any adverse development or occurrence in relation to the Issuer or any Guarantor that would be material to holders of the Notes or potential
holders of the Notes (including any downgrading or receipt of any notice of intended or potential downgrading or any review for potential change in the rating accorded any of the securities of the Issuer or any Guarantor by any nationally recognized
statistical rating organization which has published a rating of the Notes), promptly, and in any event prior to any subsequent issuance of Notes hereunder, notify the Dealer (by telephone, confirmed in writing) of such change, development or
occurrence, provided that, to the extent any such development or occurrence is described in reasonable detail in any periodic or current report of the Issuer or Noble-Swiss on file with the Securities and Exchange Commission and available to the
Dealer on a timely basis, the Dealer shall be deemed notified in accordance herewith. 

  

	 	3.3	The Issuer and the Guarantors shall from time to time furnish to the Dealer such information as the Dealer may reasonably request, including, without limitation, any
press releases or material provided by the Issuer or any Guarantor to any national securities exchange or rating agency, regarding (i) the operations and financial condition of the Issuer or such Guarantor, (ii) the due authorization and
execution of the Notes and the Guarantee, (iii) the Issuer’s ability to pay the Notes as they mature and (iv) such Guarantor’s ability to fulfill its obligations under the Guarantee. 

  
 10 

	 	3.4	The Issuer and each Guarantor will take all such action as the Dealer may reasonably request to ensure that each offer and each sale of the Notes will comply with any
applicable state Blue Sky laws; provided, however, that neither the Issuer nor any Guarantor shall be obligated to file any general consent to service of process or to qualify as a foreign corporation in any jurisdiction in which it is not so
qualified or subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject. 

  

	 	3.5	The Issuer shall not issue Notes hereunder until the Dealer shall have received (a) opinions of counsel to the Issuer and the Guarantors, addressed to the Dealer,
reasonably satisfactory in form and substance to the Dealer, (b) a copy of the executed Issuing and Paying Agency Agreement as then in effect, (c) a copy of the executed Guarantee, (d) a copy of the resolutions adopted by the Boards
of Directors (or other governing bodies) of the Issuer and each Guarantor, reasonably satisfactory in form and substance to the Dealer and certified by the Secretary or other appropriate officer or director of the Issuer or such Guarantor, as the
case may be, authorizing execution and delivery by the Issuer and such Guarantor of this Agreement, the Issuing and Paying Agency Agreement, the Guarantee and the Notes, as applicable, and consummation by the Issuer and such Guarantor of the
transactions contemplated hereby and thereby, (e) prior to the issuance of any book-entry Notes represented by a master note registered in the name of DTC or its nominee, a copy of the executed Letter of Representations among the Issuer, the
Guarantors, the Issuing and Paying Agent and DTC and of the executed master note, (f) prior to the issuance of any Notes in physical form, a copy of such form (unless attached to this Agreement or the Issuing and Paying Agency Agreement) and
(g) such other certificates, opinions, letters and documents as the Dealer shall have reasonably requested. 

  

	 	3.6	The Issuer and the Guarantors, jointly and severally, shall reimburse the Dealer for all of the Dealer’s reasonable out-of-pocket expenses related to this
Agreement, including expenses incurred in connection with its preparation and negotiation, and the transactions contemplated hereby (including, but not limited to, the printing and distribution of the Private Placement Memorandum), and, if
applicable, for the reasonable fees and out-of-pocket expenses of the Dealer’s external counsel. 

 4. Disclosure.

  

	 	4.1	The Private Placement Memorandum and its contents (other than the Dealer Information) shall be the sole responsibility of the Issuer and the Guarantors. The Private
Placement Memorandum shall contain a statement expressly offering an opportunity for each prospective purchaser to ask questions of, and receive answers from, the Issuer and the Guarantors concerning the offering of Notes and to obtain relevant
additional information which the Issuer possesses or can acquire without unreasonable effort or expense. 

  
 11 

	 	4.2	Each of the Issuer and each Guarantor agrees to promptly furnish the Dealer with the Company Information upon or promptly following the time it is filed with the SEC or
otherwise becomes publicly available, provided that such Company Information shall be deemed furnished and delivered on the date such information has been posted on the SEC website accessible through http://www.sec.gov/edgar/searchedgar/webusers.htm
or such successor webpage of the SEC thereto. 

  

	 	4.3	(a) Each of the Issuer and each Guarantor further agrees to notify the Dealer promptly upon the occurrence of any event relating to or affecting the Issuer or a
Guarantor that would cause any of the Company Information (other than any Company Information described in clause (iii) of the definition thereof) to include an untrue statement of a material fact or to omit to state a material fact necessary
in order to make the statements contained therein, in light of the circumstances under which they are made, not misleading. 

 (b) In the event that the Issuer or a Guarantor gives the Dealer notice pursuant to Section 4.3(a) and the Dealer notifies the Issuer that it then has Notes it is holding in inventory, the Issuer and
the Guarantors agree promptly to supplement or amend the Private Placement Memorandum (including through documents incorporated by reference or referred to therein) so that the Private Placement Memorandum, as amended or supplemented, shall not
contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein, in light of the circumstances under which they were made, not misleading, and the Issuer and the Guarantors
shall make such supplement or amendment available to the Dealer. 
 (c) In the event that (i) the Issuer or a Guarantor
gives the Dealer notice pursuant to Section 4.3(a), (ii) the Dealer does not notify the Issuer or the Guarantors that it is then holding Notes in inventory and (iii) the Issuer or any Guarantor chooses not to promptly amend or
supplement the Private Placement Memorandum in the manner described in clause (b) above, then all solicitations and sales of Notes shall be suspended until such time as the Issuer and the Guarantors have so amended or supplemented the Private
Placement Memorandum, and made such amendment or supplement available to the Dealer. 
 (d) Without limiting the generality of
Section 4.3(a), the Issuer and the Guarantors shall review, amend and supplement the Private Placement Memorandum (including through documents incorporated by reference or referred to therein) on a periodic basis, but no less than at least once
annually, to incorporate current financial information of the Issuer and the Guarantors to the extent necessary to ensure that the information provided in the Private Placement Memorandum is accurate and complete. 

  
 12 

 5. Indemnification and Contribution. 

 

	 	5.1	The Issuer and the Guarantors, jointly and severally, will indemnify and hold harmless the Dealer, each individual, corporation, partnership, trust, association or
other entity controlling the Dealer, any affiliate of the Dealer or any such controlling entity and their respective directors, officers, employees, partners, incorporators, shareholders, servants, trustees and agents (hereinafter the
“Indemnitees”) against any and all liabilities, penalties, suits, causes of action, losses, damages, claims, costs and expenses (including, without limitation, reasonable fees and disbursements of external counsel) or judgments of whatever
kind or nature (each a “Claim”), imposed upon, incurred by or asserted against the Indemnitees arising out of or based upon (i) any allegation that the Private Placement Memorandum, the Company Information or any information provided
by the Issuer or any Guarantor to the Dealer included (as of any relevant time) or includes an untrue statement of a material fact or omitted (as of any relevant time) or omits to state any material fact necessary to make the statements therein, in
light of the circumstances under which they were made, not misleading or (ii) the breach by the Issuer or any Guarantor of any agreement, covenant or representation made in or pursuant to this Agreement. This indemnification shall not apply to
the extent that the Claim arises out of or is based upon (i) Dealer Information or (ii) with respect to the indemnity contained in clause (ii) of the immediately preceding sentence, the gross negligence or willful misconduct of the
Dealer as established by a final nonappealable judgment of a court of competent jurisdiction. 

  

	 	5.2	Provisions relating to claims made for indemnification under this Section 5 are set forth in Exhibit B to this Agreement. 

 

	 	5.3	In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in this Section 5 is held to be unavailable or
insufficient to hold harmless the Indemnitees, although applicable in accordance with the terms of this Section 5, the Issuer and the Guarantors, jointly and severally, shall contribute to the aggregate costs incurred by the Dealer in
connection with any Claim in the proportion of the respective economic interests of the Issuer and the Guarantors, on the one hand and the Dealer, on the other hand; provided, however, that such contribution by the Issuer and the Guarantors shall be
in an amount such that the aggregate costs incurred by the Dealer do not exceed the aggregate of the commissions and fees earned by the Dealer hereunder with respect to the issue or issues of Notes to which such Claim relates. The respective
economic interests shall be calculated by reference to the aggregate proceeds to the Issuer of the Notes issued hereunder and the aggregate commissions and fees earned by the Dealer hereunder. 

6. Definitions. 
  

	 	6.1	“Claim” shall have the meaning set forth in Section 5.1. 

  
 13 

	 	6.2	“Company Information” at any given time shall mean the Private Placement Memorandum together with, to the extent applicable, (i) the Issuer’s most
recent report on Form 10-K filed with the SEC and each report on Form 10-Q or 8-K filed by the Issuer or Noble-Swiss with the SEC since the most recent Form 10-K, (ii) the Issuer’s most recent annual audited financial statements and each
interim financial statement or report prepared subsequent thereto, if not included in item (i) above, (iii) the Issuer’s and their affiliates’ other publicly available recent reports, including, but not limited to, any publicly
available filings or reports provided to their respective shareholders, (iv) any other information or disclosure prepared pursuant to Section 4.3 hereof and (v) any information prepared or approved by the Issuer or any Guarantor for
dissemination to investors or potential investors in the Notes. 

  

	 	6.3	“Dealer Information” shall mean material concerning the Dealer provided by the Dealer in writing expressly for inclusion in the Private Placement Memorandum.

  

	 	6.4	“Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as amended. 

 

	 	6.5	“Indemnitee” shall have the meaning set forth in Section 5.1. 

 

	 	6.6	“Institutional Accredited Investor” shall mean an institutional investor that is an accredited investor within the meaning of Rule 501 under the Securities
Act and that has such knowledge and experience in financial and business matters that it is capable of evaluating and bearing the economic risk of an investment in the Notes, including, but not limited to, a bank, as defined in Section 3(a)(2)
of the Securities Act, or a savings and loan association or other institution, as defined in Section 3(a)(5)(A) of the Securities Act, whether acting in its individual or fiduciary capacity. 

 

	 	6.7	“Issuing and Paying Agency Agreement” shall mean the issuing and paying agency agreement described on the cover page of this Agreement, as such agreement may
be amended or supplemented from time to time. 

  

	 	6.8	“Issuing and Paying Agent” shall mean the party designated as such on the cover page of this Agreement, as issuing and paying agent under the Issuing and
Paying Agency Agreement, or any successor thereto in accordance with the Issuing and Paying Agency Agreement. 

  

	 	6.9	“Noble-Swiss” shall mean Noble Corporation, a corporation organized and existing under the laws of Switzerland. 

 

	 	6.10	“Non-bank fiduciary or agent” shall mean a fiduciary or agent other than (a) a bank, as defined in Section 3(a)(2) of the Securities Act, or
(b) a savings and loan association, as defined in Section 3(a)(5)(A) of the Securities Act. 

  

	 	6.11	“Private Placement Memorandum” shall mean offering materials prepared in accordance with Section 4 (including materials referred to therein or
incorporated by reference therein, if any) provided to purchasers and prospective purchasers of the Notes, and shall include amendments and supplements thereto which may be prepared from time to time in accordance with this Agreement (other than any
amendment or supplement that has been completely superseded by a later amendment or supplement). 

  
 14 

	 	6.12	“Qualified Institutional Buyer” shall have the meaning assigned to that term in Rule 144A under the Securities Act. 

 

	 	6.13	“Rule 144A” shall mean Rule 144A under the Securities Act. 

  

	 	6.14	“SEC” shall mean the U.S. Securities and Exchange Commission. 

  

	 	6.15	“Securities Act” shall mean the U.S. Securities Act of 1933, as amended. 

 

	 	6.16	“Sophisticated Individual Accredited Investor” shall mean an individual who (a) is an accredited investor within the meaning of Regulation D under the
Securities Act and (b) based on his or her pre-existing relationship with the Dealer, is reasonably believed by the Dealer to be a sophisticated investor (i) possessing such knowledge and experience (or represented by a fiduciary or agent
possessing such knowledge and experience) in financial and business matters that he or she is capable of evaluating and bearing the economic risk of an investment in the Notes and (ii) having not less than $5 million in investments (as defined,
for purposes of this section, in Rule 2a51-1 under the Investment Company Act of 1940, as amended). 

 7. General

  

	 	7.1	Unless otherwise expressly provided herein, all notices under this Agreement to parties hereto shall be in writing and shall be effective when received at the address
of the respective party set forth in the Addendum to this Agreement. 

  

	 	7.2	This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to its conflict of laws provisions.

  

	 	7.3	(a) Each of the Issuer and each Guarantor agrees that any suit, action or proceeding brought by the Issuer or a Guarantor against the Dealer in connection with or
arising out of this Agreement or the Notes or the offer and sale of the Notes shall be brought solely in the United States federal courts located in the Borough of Manhattan or the courts of the State of New York located in the Borough of Manhattan.
EACH OF THE DEALER, THE ISSUER AND EACH GUARANTOR WAIVES ITS RIGHT TO TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

(b) Each of the Issuer and each Guarantor hereby irrevocably accepts and submits to the non-exclusive jurisdiction of each of the
aforesaid courts in personam, generally and unconditionally, for itself and in respect of its properties, assets and revenues, with respect to any suit, action or proceeding in connection with or arising out of this Agreement, the Guarantee or the
Notes or the offer and sale of the Notes. 

  
 15 

 (c) Each of the Issuer and each Guarantor hereby irrevocably designates, appoints and
empowers CT Corporation System, with offices at 111 8th Avenue, New York, New York 10011, as its designee, appointee and agent to receive, accept and acknowledge for and on its behalf, and its properties, assets and revenues, service for any and all
legal process, summons, notices and documents which may be served in any such action, suit or proceeding brought in the courts listed in Section 7.3(a) which may be made on such designee, appointee and agent in accordance with legal procedures
prescribed for such courts, with respect to any suit, action or proceeding in connection with or arising out of this Agreement or the Notes or the offer and sale of the Notes. If for any reason such designee, appointee and agent hereunder shall
cease to be available to act as such, each of the Issuer and each Guarantor agrees to designate a new designee, appointee and agent in The City of New York on the terms and for the purposes of this Section 7.3 satisfactory to the Dealer. Each
of the Issuer and each Guarantor further hereby irrevocably consents and agrees to the service of any and all legal process, summons, notices and documents out of any of the aforesaid courts in any such action, suit or proceeding by serving a copy
thereof upon the agent for service of process referred to in this Section 7.3 (whether or not the appointment of such agent shall for any reason prove to be ineffective or such agent shall accept or acknowledge such service) or by mailing
copies thereof by registered or certified airmail, postage prepaid, to it at its address specified in or designated pursuant to this Agreement. Each of the Issuer and each Guarantor agrees that the failure of any such designee, appointee and agent
to give any notice of such service to it shall not impair or affect in any way the validity of such service or any judgment rendered in any action or proceeding based thereon. Nothing herein shall in any way be deemed to limit the ability of the
holders of any Notes or the Dealer to serve any such legal process, summons, notices and documents in any other manner permitted by applicable law or to obtain jurisdiction over the undersigned or bring actions, suits or proceedings against the
undersigned in such other jurisdictions, and in such other manner, as may be permitted by applicable law. Each of the Issuer and each Guarantor hereby irrevocably and unconditionally waives any objection which it may now or hereafter have to the
laying of venue of any of the aforesaid actions, suits or proceedings arising out of or in connection with this Agreement brought in the courts listed in Section 7.3(a) and hereby further irrevocably and unconditionally waives and agrees not to
plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 
 (d) To the extent that the Issuer or any Guarantor or any of their respective properties, assets or revenues may have or may hereafter become entitled to, or have attributed to them, any right of
immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding in connection with or arising out of this Agreement, the Guarantee or the Notes or the offer and sale of the Notes, from the giving of any relief in any
thereof, from setoff or counterclaim, from the jurisdiction of any court, from service 

  
 16 

	 	
of process, from attachment upon or prior to judgment, from attachment in aid of execution of judgment, or from execution of judgment, or other legal process or proceeding for the giving of any
relief or for the enforcement of any judgment, in any jurisdiction in which proceeding may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with this Agreement, the
Issuing and Paying Agency Agreement, the Guarantee or the Notes, each of the Issuer and each Guarantor, respectively, hereby irrevocably and unconditionally waives, and agrees for the benefit of the Dealer and any holder from time to time of the
Notes not to plead or claim, any such immunity, and consents to such relief and enforcement. 

  

	 	7.4	This Agreement may be terminated, at any time, by the Issuer, upon one business day’s prior notice to such effect to the Dealer, or by the Dealer upon one business
day’s prior notice to such effect to the Issuer. Any such termination, however, shall not affect the obligations of the Issuer or the Guarantors under Sections 3.7, 5, 7.3, 7.8 and 7.9 hereof or the respective representations, warranties,
agreements, covenants, rights or responsibilities of the parties made or arising prior to the termination of this Agreement. 

  

	 	7.5	This Agreement is not assignable by any party hereto without the written consent of the other parties; provided, however, that the Dealer may assign its rights and
obligations under this Agreement to any affiliate of the Dealer. 

  

	 	7.6	This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon
the same instrument. 

  

	 	7.7	Except as provided in Section 5 with respect to non-party Indemnitees, this Agreement is for the exclusive benefit of the parties hereto, and their respective
permitted successors and assigns hereunder, and shall not be deemed to give any legal or equitable right, remedy or claim to any other person whatsoever; provided, however, that Sections 7.3(b), (c) and (d) and Section 7.9 are hereby
specifically and exclusively acknowledged to also be for the benefit of the holders from time to time of the Notes, as third-party beneficiaries. 

  

	 	7.8	 Each of the Issuer and each Guarantor acknowledges and agrees that (i) the purchase and sale, or placement, of the Notes pursuant to this
Agreement, including the determination of any price for the Notes and Dealer compensation, are arm’s-length commercial transactions between the Issuer and the Guarantors, on the one hand, and the Dealer, on the other, (ii) in connection
therewith and with the process leading to such transactions, the Dealer is acting solely as a principal and not the agent (except to the extent explicitly set forth herein) or fiduciary of the Issuer or the Guarantors or any of their affiliates,
(iii) the Dealer has not assumed an advisory or fiduciary responsibility in favor of the Issuer or the Guarantors or any of their respective affiliates with respect to the offering contemplated hereby or the process leading thereto
(irrespective of whether the Dealer has advised or is currently 

  
 17 

	 	
advising the Issuer or the Guarantors or any of their respective affiliates on other matters) or any other obligation to the Issuer or the Guarantors or any of their affiliates except the
obligations expressly set forth in this Agreement, (iv) the Issuer and the Guarantors are capable of evaluating and understanding and each understands and accepts the terms, risks and conditions of the transactions contemplated by this
Agreement, (v) the Dealer and its affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Issuer and/or the Guarantors and that the Dealer has no obligation to disclose any of those
interests by virtue of any advisory or fiduciary relationship, (vi) the Dealer has not provided any legal, accounting, regulatory or tax advice with respect to the transactions contemplated hereby, and (vii) each of the Issuer and each
Guarantor has consulted its own legal and financial advisors to the extent it deemed appropriate. Each of the Issuer and each Guarantor agrees that it will not claim that the Dealer has rendered advisory services of any nature or respect, or owes a
fiduciary or similar duty to the Issuer or any Guarantor, in connection with such transactions or the process leading thereto. Any review by the Dealer of the Issuer or any Guarantor, the transactions contemplated hereby or other matters relating to
such transactions shall be performed solely for the benefit of the Dealer and shall not be on behalf of the Issuer or any Guarantor. This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Issuer or
any Guarantor and the Dealer with respect to the subject matter hereof. Each of the Issuer and each Guarantor hereby waives and releases, to the fullest extent permitted by law, any claims the Issuer or any Guarantor may have against the Dealer with
respect to any breach or alleged breach of fiduciary duty. 

  

	 	7.9	(a) Any payments to the Dealer hereunder or to any holder from time to time of Notes shall be in United States dollars and shall be free of all withholding and other
taxes and of all other governmental charges of any nature whatsoever imposed by the respective jurisdictions in which each of the Issuer and each Guarantor is incorporated other than taxes or governmental charges based on or measured by net income
or receipts and any other taxes or governmental charges which are imposed because of a connection between the Dealer or holder with such jurisdiction other than the purchase, ownership or disposition of Notes. In the event any such withholding is
required by law, the Issuer and the Guarantors agree to (i) pay the same and (ii) pay such additional amounts to the Dealer or any such holder which, after deduction of any such withholding, or other taxes or governmental charges of any
nature whatsoever imposed with respect to the payment of such additional amount, shall equal the amount withheld pursuant to clause (i). The Issuer and each Guarantor, jointly and severally, agree promptly to pay any stamp duty or other taxes or
governmental charges payable in connection with the execution, delivery, payment or performance of this Agreement, the Issuing and Paying Agency Agreement, the Guarantee or the Notes and shall indemnify and hold harmless the Dealer and each holder
of Notes from all liabilities arising from any failure to pay, or delay in paying, such taxes or charges. 

  
 18 

 (b) Each of the Issuer and each Guarantor agrees to indemnify and hold harmless the Dealer
and each holder from time to time of Notes against any loss incurred by the Dealer or such holder as a result of any judgment or order being given or made for any amount due hereunder or under the Notes or the Guarantee and such judgment or order
being expressed and paid in a currency (the “Judgment Currency”) other than United States dollars and as a result of any variation as between (i) the rate of exchange at which the United States dollar amount is converted into the
Judgment Currency for the purpose of such judgment or order, and (ii) the rate of exchange at which the Dealer or such holder is able to purchase United States dollars with the amount of Judgment Currency actually received by the Dealer or such
holder. The foregoing indemnity shall constitute separate and independent obligations of the Issuer and the Guarantors and shall continue in full force and effect notwithstanding any such judgment or order as aforesaid. The term “rate of
exchange” shall include any premiums and costs of exchange payable in connection with the purchase of, or conversion into, the relevant currency. 
 [Signature page follows] 

  
 19 

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

									
	 NOBLE CORPORATION, a Cayman
 Islands exempted company limited by
 shares, as
Issuer
	  		  	                           
                     , as Dealer
					
	By:	  	  
	  		  	By:	  	  

	Name:	  		  		  	Name:	  	  

	Title:	  		  		  	Title:	  	  

			
	 NOBLE HOLDING INTERNATIONAL
 LIMITED, a Cayman Islands exempted
 company limited by shares, as a
Guarantor
	  		  	
					
	By:	  	  
	  		  		  	
	Name:	  		  		  		  	
	Title:	  		  		  		  	
			
	 NOBLE DRILLING CORPORATION, a
 Delaware corporation, as a Guarantor
	  		  	
					
	By:	  	  
	  		  		  	
	Name:	  		  		  		  	
	Title:	  		  		  		  	

  
 (Signature
Page to Dealer Agreement) 

 Addendum 
 The following additional clauses shall apply to the Agreement and be deemed a part thereof. 
  

	1.	The other dealers referred to in clause (b) of Section 1.2 of the Agreement
are                                        
                         . 

  

	2.	The addresses of the respective parties for purposes of notices under Section 7.1 are as follows: 

For the Issuer: 

Address: Noble Corporation, Suite 3D, Landmark Square, 64 Earth Close, P.O. Box 31327, Georgetown, Grand Cayman, Cayman Islands, BWI

 Attention: Alan R. Hay, Vice President 
 Telephone number: (345) 938-0293 
 For the Guarantors: 

Address: Noble Holding International Limited, c/o Noble Corporation, Suite 3D, Landmark Square, 64 Earth Close, P.O. Box 31327,
Georgetown, Grand Cayman, Cayman Islands, BWI 
 Attention: Alan R. Hay, Vice President 

Telephone number: (345) 938-0293 
 With a copy to: 
 Address: Noble Drilling Corporation, 13135 South Dairy Ashford,
Suite 800, Sugar Land, Texas 77478 
 Attention: Legal Department 

Telephone number: (281) 276-6160 
 Fax number: (281) 491-2092 
 For the Dealer: 

Address: 

Attention: 

Telephone number: 

  

 Exhibit A 
 Form of Legend for Private Placement Memorandum and Notes 
 NEITHER THE NOTES NOR THE
GUARANTEE THEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY OTHER APPLICABLE SECURITIES LAW, AND OFFERS AND SALES THEREOF MAY BE MADE ONLY IN COMPLIANCE WITH AN APPLICABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. BY ITS ACCEPTANCE OF A NOTE, THE PURCHASER WILL BE DEEMED TO REPRESENT THAT (I) IT HAS BEEN AFFORDED AN OPPORTUNITY TO INVESTIGATE MATTERS RELATING TO THE ISSUER,
THE GUARANTORS, THE NOTES AND THE GUARANTEE, (II) IT IS NOT ACQUIRING SUCH NOTE WITH A VIEW TO ANY DISTRIBUTION THEREOF AND (III) IT IS EITHER (A)(1) AN INSTITUTIONAL INVESTOR OR SOPHISTICATED INDIVIDUAL INVESTOR THAT IS AN ACCREDITED INVESTOR
WITHIN THE MEANING OF RULE 501(a) UNDER THE ACT AND WHICH, IN THE CASE OF AN INDIVIDUAL, (i) POSSESSES SUCH KNOWLEDGE AND EXPERIENCE IN FINANCIAL AND BUSINESS MATTERS THAT HE OR SHE IS CAPABLE OF EVALUATING AND BEARING THE ECONOMIC RISK OF AN
INVESTMENT IN THE NOTES AND (ii) HAS NOT LESS THAN $5 MILLION IN INVESTMENTS (AN “INSTITUTIONAL ACCREDITED INVESTOR” OR “SOPHISTICATED INDIVIDUAL ACCREDITED INVESTOR”, RESPECTIVELY) AND (2)(i) PURCHASING NOTES FOR ITS
OWN ACCOUNT, (ii) A BANK (AS DEFINED IN SECTION 3(a)(2) OF THE ACT) OR A SAVINGS AND LOAN ASSOCIATION OR OTHER INSTITUTION (AS DEFINED IN SECTION 3(a)(5)(A) OF THE ACT) ACTING IN ITS INDIVIDUAL OR FIDUCIARY CAPACITY OR (iii) A FIDUCIARY OR
AGENT (OTHER THAN A U.S. BANK OR SAVINGS AND LOAN ASSOCIATION) PURCHASING NOTES FOR ONE OR MORE ACCOUNTS EACH OF WHICH ACCOUNTS IS SUCH AN INSTITUTIONAL ACCREDITED INVESTOR OR SOPHISTICATED INDIVIDUAL ACCREDITED INVESTOR; OR (B) A QUALIFIED
INSTITUTIONAL BUYER (“QIB”) WITHIN THE MEANING OF RULE 144A UNDER THE ACT THAT IS ACQUIRING NOTES FOR ITS OWN ACCOUNT OR FOR ONE OR MORE ACCOUNTS, EACH OF WHICH ACCOUNTS IS A QIB AND WITH RESPECT TO EACH OF WHICH ACCOUNTS THE PURCHASER HAS
SOLE INVESTMENT DISCRETION; AND THE PURCHASER ACKNOWLEDGES THAT IT IS AWARE THAT THE SELLER MAY RELY UPON THE EXEMPTION FROM THE REGISTRATION PROVISIONS OF SECTION 5 OF THE ACT PROVIDED BY RULE 144A. BY ITS ACCEPTANCE OF A NOTE, THE PURCHASER
THEREOF SHALL ALSO BE DEEMED TO AGREE THAT ANY RESALE OR OTHER TRANSFER THEREOF WILL BE MADE ONLY (A) IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE ACT, EITHER (1) TO THE ISSUER OR TO A PLACEMENT AGENT DESIGNATED BY THE ISSUER AS A
PLACEMENT AGENT FOR THE NOTES (COLLECTIVELY, THE “PLACEMENT AGENTS”), NONE OF WHICH SHALL HAVE ANY OBLIGATION TO ACQUIRE SUCH NOTE, (2) THROUGH A PLACEMENT AGENT TO AN INSTITUTIONAL ACCREDITED INVESTOR, SOPHISTICATED INDIVIDUAL
ACCREDITED INVESTOR OR A QIB, OR (3) TO A QIB IN A TRANSACTION THAT MEETS THE REQUIREMENTS OF RULE 144A AND (B) IN MINIMUM AMOUNTS OF $250,000. 

 Exhibit B 
 Further Provisions Relating to Indemnification 
 (a) The Issuer and the Guarantors, jointly
and severally, agree to reimburse each Indemnitee for all expenses (including reasonable fees and disbursements of external counsel) as they are incurred by it in connection with investigating or defending any loss, claim, damage, liability or
action in respect of which indemnification may be sought under Section 5 of the Agreement (whether or not it is a party to any such proceedings). 
 (b) Promptly after receipt by an Indemnitee of notice of the existence of a Claim, such Indemnitee will, if a claim in respect thereof is to be made against the Issuer or the Guarantors, notify the Issuer
and the Guarantors in writing of the existence thereof; provided that (i) the omission to so notify the Issuer or any Guarantor will not relieve the Issuer or any Guarantor from any liability which it may have hereunder unless and except to the
extent it did not otherwise learn of such Claim and such failure results in the forfeiture by the Issuer or the Guarantors of substantial rights and defenses, and (ii) the omission to so notify the Issuer or any Guarantor will not relieve them
from liability which they may have to an Indemnitee otherwise than on account of this indemnity agreement. In case any such Claim is made against any Indemnitee and it notifies the Issuer or the Guarantors of the existence thereof, the Issuer and
the Guarantors will be entitled to participate therein, and to the extent that any of them may elect by written notice delivered to the Indemnitee, to assume the defense thereof, with counsel reasonably satisfactory to such Indemnitee; provided that
if the defendants in any such Claim include both the Indemnitee and either the Issuer or any of the Guarantors or all of the foregoing, and the Indemnitee shall have concluded that there may be legal defenses available to it which are different from
or additional to those available to the Issuer or any Guarantor, the Issuer and the Guarantors shall not have the right to direct the defense of such Claim on behalf of such Indemnitee, and the Indemnitee shall have the right to select separate
counsel to assert such legal defenses on behalf of such Indemnitee. Upon receipt of notice from the Issuer or the Guarantors to such Indemnitee of the election of the Issuer and the Guarantors to assume the defense of such Claim and approval by the
Indemnitee of counsel, the Issuer and the Guarantors will not be liable to such Indemnitee for expenses incurred thereafter by the Indemnitee in connection with the defense thereof (other than reasonable costs of investigation) unless (i) the
Indemnitee shall have employed separate counsel in connection with the assertion of legal defenses in accordance with the proviso to the next preceding sentence (it being understood, however, that neither the Issuer nor the Guarantors shall be
liable for the expenses of more than one separate counsel (in addition to any local counsel in the jurisdiction in which any Claim is brought), approved by the Dealer, representing the Indemnitee who is party to such Claim), (ii) the Issuer and
the Guarantors shall not have employed counsel reasonably satisfactory to the Indemnitee to represent the Indemnitee within a reasonable time after notice of existence of the Claim or (iii) the Issuer or the Guarantors have authorized in
writing the employment of counsel for the Indemnitee. The indemnity, reimbursement and contribution obligations of the Issuer and the Guarantors hereunder shall be in addition to any other liability the Issuer or the Guarantors may otherwise have to
an Indemnitee and shall be binding upon and inure to the benefit of any successors, assigns, heirs and personal representatives of the Issuer, the Guarantors and any Indemnitee. Each of the Issuer and each Guarantor agrees that without the
Dealer’s prior written consent, it will not settle, compromise or consent to the entry of any judgment in any Claim in respect of which indemnification may be sought under the indemnification provision of the Agreement

 
(whether or not the Dealer or any other Indemnitee is an actual or potential party to such Claim), unless such settlement, compromise or consent (i) includes an unconditional release of each
Indemnitee from all liability arising out of such Claim and (ii) does not include a statement as to or an admission of fault, culpability or failure to act, by or on behalf of any Indemnitee. Neither the Issuer nor any Guarantor shall be liable
hereunder to any Indemnitee regarding any settlement, compromise or entry of judgment with respect to any Claim unless such settlement, compromise or entry of judgment is consented to by the Issuer, which consent shall not be unreasonably withheld,
conditioned or delayed. 

 Exhibit C 
 Statement of Terms for Interest – Bearing Commercial Paper Notes of Noble Corporation 

THE PROVISIONS SET FORTH BELOW ARE QUALIFIED TO THE EXTENT APPLICABLE BY THE TRANSACTION SPECIFIC PRIVATE PLACEMENT MEMORANDUM SUPPLEMENT (THE
“SUPPLEMENT”) (IF ANY) SENT TO EACH PURCHASER AT THE TIME OF THE TRANSACTION. 
 1. General. (a) The
obligations of the Issuer to which these terms apply (each a “Note”) are represented by one or more Master Notes (each, a “Master Note”) issued in the name of (or of a nominee for) The Depository Trust Company (“DTC”),
which Master Note includes the terms and provisions for the Issuer’s Interest-Bearing Commercial Paper Notes that are set forth in this Statement of Terms, since this Statement of Terms constitutes an integral part of the Underlying Records as
defined and referred to in the Master Note. 
 (b) “Business Day” means any day other than a Saturday or Sunday
that is neither a legal holiday nor a day on which banking institutions are authorized or required by law, executive order or regulation to be closed in New York City and, with respect to LIBOR Notes (as defined below) is also a London Business Day.
“London Business Day” means a day, other than a Saturday or Sunday, on which dealings in deposits in U.S. dollars are transacted in the London interbank market. 
 2. Interest. (a) Each Note will bear interest at a fixed rate (a “Fixed Rate Note”) or at a floating rate (a “Floating Rate Note”). 

(b) The Supplement sent to each holder of such Note will describe the following terms: (i) whether such Note is a Fixed Rate Note or
a Floating Rate Note and whether such Note is an Original Issue Discount Note (as defined below); (ii) the date on which such Note will be issued (the “Issue Date”); (iii) the Stated Maturity Date (as defined below); (iv) if such
Note is a Fixed Rate Note, the rate per annum at which such Note will bear interest, if any, and the Interest Payment Dates; (v) if such Note is a Floating Rate Note, the Base Rate, the Index Maturity, the Interest Reset Dates, the Interest
Payment Dates and the Spread and/or Spread Multiplier, if any (all as defined below), and any other terms relating to the particular method of calculating the interest rate for such Note; and (vi) any other terms applicable specifically to such
Note. “Original Issue Discount Note” means a Note which has a stated redemption price at the Stated Maturity Date that exceeds its Issue Price by more than a specified de minimis amount and which the Supplement indicates will be an
“Original Issue Discount Note”. 
 (c) Each Fixed Rate Note will bear interest from its Issue Date at the rate per
annum specified in the Supplement until the principal amount thereof is paid or made available for payment. Interest on each Fixed Rate Note will be payable on the dates specified in the Supplement (each an “Interest Payment Date” for a
Fixed Rate Note) and on the Maturity Date (as defined below). Interest on Fixed Rate Notes will be computed on the basis of a 360-day year of twelve 30-day months. 

 If any Interest Payment Date or the Maturity Date of a Fixed Rate Note falls on a day that
is not a Business Day, the required payment of principal, premium, if any, and/or interest will be payable on the next succeeding Business Day, and no additional interest will accrue in respect of the payment made on that next succeeding Business
Day. 
 (d) The interest rate on each Floating Rate Note for each Interest Reset Period (as defined below) will be determined by reference to an
interest rate basis (a “Base Rate”) plus or minus a number of basis points (one basis point equals one-hundredth of a percentage point) (the “Spread”), if any, and/or multiplied by a certain percentage (the “Spread
Multiplier”), if any, until the principal thereof is paid or made available for payment. The Supplement will designate which of the following Base Rates is applicable to the related Floating Rate Note: (a) the CD Rate (a “CD Rate
Note”), (b) the Commercial Paper Rate (a “Commercial Paper Rate Note”), (c) the Federal Funds Rate (a “Federal Funds Rate Note”), (d) LIBOR (a “LIBOR Note”), (e) the Prime Rate (a “Prime
Rate Note”), (f) the Treasury Rate (a “Treasury Rate Note”) or (g) such other Base Rate as may be specified in such Supplement. 
 The rate of interest on each Floating Rate Note will be reset daily, weekly, monthly, quarterly or semi-annually (the “Interest Reset Period”). The date or dates on which interest will be reset
(each an “Interest Reset Date”) will be, unless otherwise specified in the Supplement, in the case of Floating Rate Notes which reset daily, each Business Day, in the case of Floating Rate Notes (other than Treasury Rate Notes) that reset
weekly, the Wednesday of each week; in the case of Treasury Rate Notes that reset weekly, the Tuesday of each week; in the case of Floating Rate Notes that reset monthly, the third Wednesday of each month; in the case of Floating Rate Notes that
reset quarterly, the third Wednesday of March, June, September and December; and in the case of Floating Rate Notes that reset semiannually, the third Wednesday of the two months specified in the Supplement. If any Interest Reset Date for any
Floating Rate Note is not a Business Day, such Interest Reset Date will be postponed to the next day that is a Business Day, except that in the case of a LIBOR Note, if such Business Day is in the next succeeding calendar month, such Interest Reset
Date shall be the immediately preceding Business Day. Interest on each Floating Rate Note will be payable monthly, quarterly or semiannually (the “Interest Payment Period”) and on the Maturity Date. Unless otherwise specified in the
Supplement, and except as provided below, the date or dates on which interest will be payable (each an “Interest Payment Date” for a Floating Rate Note) will be, in the case of Floating Rate Notes with a monthly Interest Payment Period, on
the third Wednesday of each month; in the case of Floating Rate Notes with a quarterly Interest Payment Period, on the third Wednesday of March, June, September and December; and in the case of Floating Rate Notes with a semiannual Interest Payment
Period, on the third Wednesday of the two months specified in the Supplement. In addition, the Maturity Date will also be an Interest Payment Date. 
 If any Interest Payment Date for any Floating Rate Note (other than an Interest Payment Date occurring on the Maturity Date) would otherwise be a day that is not a Business Day, such Interest Payment Date
shall be postponed to the next day that is a Business Day, except that in the case of a LIBOR Note, if such Business Day is in the next succeeding calendar month, such Interest Payment Date shall be the immediately preceding Business Day. If the
Maturity Date of a Floating Rate Note falls on a day that is not a Business Day, the payment of principal and interest will be made on the next succeeding Business Day, and no interest on such payment shall accrue for the period from and after such
maturity. 

 Interest payments on each Interest Payment Date for Floating Rate Notes will include accrued interest from
and including the Issue Date or from and including the last date in respect of which interest has been paid, as the case may be, to, but excluding, such Interest Payment Date. On the Maturity Date, the interest payable on a Floating Rate Note will
include interest accrued to, but excluding, the Maturity Date. Accrued interest will be calculated by multiplying the principal amount of a Floating Rate Note by an accrued interest factor. This accrued interest factor will be computed by adding the
interest factors calculated for each day in the period for which accrued interest is being calculated. The interest factor (expressed as a decimal) for each such day will be computed by dividing the interest rate applicable to such day by 360, in
the cases where the Base Rate is the CD Rate, Commercial Paper Rate, Federal Funds Rate, LIBOR or Prime Rate, or by the actual number of days in the year, in the case where the Base Rate is the Treasury Rate. The interest rate in effect on each day
will be (i) if such day is an Interest Reset Date, the interest rate with respect to the Interest Determination Date (as defined below) pertaining to such Interest Reset Date, or (ii) if such day is not an Interest Reset Date, the interest
rate with respect to the Interest Determination Date pertaining to the next preceding Interest Reset Date, subject in either case to any adjustment by a Spread and/or a Spread Multiplier. 
 The “Interest Determination Date” where the Base Rate is the CD Rate or the Commercial Paper Rate will be the second Business Day next preceding an Interest Reset Date. The Interest
Determination Date where the Base Rate is the Federal Funds Rate or the Prime Rate will be the Business Day next preceding an Interest Reset Date. The Interest Determination Date where the Base Rate is LIBOR will be the second London Business Day
next preceding an Interest Reset Date. The Interest Determination Date where the Base Rate is the Treasury Rate will be the day of the week in which such Interest Reset Date falls when Treasury Bills are normally auctioned. Treasury Bills are
normally sold at auction on Monday of each week, unless that day is a legal holiday, in which case the auction is held on the following Tuesday or the preceding Friday. If an auction is so held on the preceding Friday, such Friday will be the
Interest Determination Date pertaining to the Interest Reset Date occurring in the next succeeding week. 
 The “Index Maturity” is
the period to maturity of the instrument or obligation from which the applicable Base Rate is calculated. 
 The “Calculation Date,”
where applicable, shall be the earlier of (i) the tenth calendar day following the applicable Interest Determination Date or (ii) the Business Day preceding the applicable Interest Payment Date or Maturity Date. 

All times referred to herein reflect New York City time, unless otherwise specified. 
 The Issuer shall specify in writing to the Issuing and Paying Agent which party will be the calculation agent (the “Calculation Agent”) with respect to the Floating Rate Notes. The Calculation
Agent will provide the interest rate then in effect and, if determined, the interest rate which will become effective on the next Interest Reset Date with respect to such Floating Rate Note to the Issuing and Paying Agent as soon as the interest
rate with respect to such Floating Rate Note has been determined and as soon as practicable after any change in such interest rate. 

 All percentages resulting from any calculation on Floating Rate Notes will be rounded to the nearest one
hundred-thousandth of a percentage point, with five-one millionths of a percentage point rounded upwards. For example, 9.876545% (or .09876545) would be rounded to 9.87655% (or .0987655). All dollar amounts used in or resulting from any calculation
on Floating Rate Notes will be rounded, in the case of U.S. dollars, to the nearest cent or, in the case of a foreign currency, to the nearest unit (with one-half cent or unit being rounded upwards). 

CD Rate Notes 
 “CD
Rate” means the rate on any Interest Determination Date for negotiable certificates of deposit having the Index Maturity as published by the Board of Governors of the Federal Reserve System (the “FRB”) in “Statistical Release
H.15(519), Selected Interest Rates” or any successor publication of the FRB (“H.15(519)”) under the heading “CDs (Secondary Market)”. 
 If the above rate is not published in H.15(519) by 3:00 p.m. on the Calculation Date, the CD Rate will be the rate on such Interest Determination Date set forth in the daily update of H.15(519), available
through the world wide website of the FRB at http://www.federalreserve.gov/releases/h15/Update, or any successor site or publication or other recognized electronic source used for the purpose of displaying the applicable rate (“H.15 Daily
Update”) under the caption “CDs (Secondary Market)”. 
 If such rate is not published in
either H.15(519) or H.15 Daily Update by 3:00 p.m. on the Calculation Date, the Calculation Agent will determine the CD Rate to be the arithmetic mean of the secondary market offered rates as of 10:00 a.m. on such Interest Determination Date of
three leading nonbank dealers1 in negotiable U.S. dollar
certificates of deposit in New York City selected by the Calculation Agent for negotiable U.S. dollar certificates of deposit of major United States money center banks of the highest credit standing in the market for negotiable certificates of
deposit with a remaining maturity closest to the Index Maturity in the denomination of $5,000,000. 
 If the dealers selected by
the Calculation Agent are not quoting as set forth above, the CD Rate will remain the CD Rate then in effect on such Interest Determination Date. 
 Commercial Paper Rate Notes 
 “Commercial Paper Rate” means the Money
Market Yield (calculated as described below) of the rate on any Interest Determination Date for commercial paper having the Index Maturity, as published in H.15(519) under the heading “Commercial Paper-Nonfinancial”. 

If the above rate is not published in H.15(519) by 3:00 p.m. on the Calculation Date, then the Commercial Paper Rate will be the Money
Market Yield of the rate on such Interest Determination Date for commercial paper of the Index Maturity as published in H.15 Daily Update under the heading “Commercial Paper-Nonfinancial”. 

 

	1 	 Such nonbank dealers referred to in this Statement of Terms may include affiliates of the Dealer. 

 If by 3:00 p.m. on such Calculation Date such rate is not published in either H.15(519) or
H.15 Daily Update, then the Calculation Agent will determine the Commercial Paper Rate to be the Money Market Yield of the arithmetic mean of the offered rates as of 11:00 a.m. on such Interest Determination Date of three leading dealers of U.S.
dollar commercial paper in New York City selected by the Calculation Agent for commercial paper of the Index Maturity placed for an industrial issuer whose bond rating is “AA,” or the equivalent, from a nationally recognized statistical
rating organization. 
 If the dealers selected by the Calculation Agent are not quoting as mentioned above, the Commercial Paper
Rate with respect to such Interest Determination Date will remain the Commercial Paper Rate then in effect on such Interest Determination Date. 
 “Money Market Yield” will be a yield calculated in accordance with the following formula: 
 D x 360 
 Money Market Yield = x 100 

360 - (D x M) 
 where “D” refers to the applicable per annum rate for commercial paper quoted on a bank discount basis and expressed as a decimal and “M” refers to the actual number of days in the
interest period for which interest is being calculated. 
 Federal Funds Rate Notes 

“Federal Funds Rate” means the rate on any Interest Determination Date for federal funds as published in H.15(519) under the
heading “Federal Funds (Effective)” and displayed on Moneyline Telerate (or any successor service) on page 120 (or any other page as may replace the specified page on that service) (“Telerate Page 120”). 

If the above rate does not appear on Telerate Page 120 or is not so published by 3:00 p.m. on the Calculation Date, the Federal Funds Rate
will be the rate on such Interest Determination Date as published in H.15 Daily Update under the heading “Federal Funds/(Effective)”. 
 If such rate is not published as described above by 3:00 p.m. on the Calculation Date, the Calculation Agent will determine the Federal Funds Rate to be the arithmetic mean of the rates for the last
transaction in overnight U.S. dollar federal funds arranged by each of three leading brokers of Federal Funds transactions in New York City selected by the Calculation Agent prior to 9:00 a.m. on such Interest Determination Date. 

If the brokers selected by the Calculation Agent are not quoting as mentioned above, the Federal Funds Rate will remain the Federal Funds
Rate then in effect on such Interest Determination Date. 
 LIBOR Notes 
 The London Interbank offered rate (“LIBOR”) means, with respect to any Interest Determination Date, the rate for deposits in U.S. dollars having the Index Maturity that appears on the Designated
LIBOR Page as of 11:00 a.m. London time, on such Interest Determination Date. 

 If no rate appears, LIBOR will be determined on the basis of the rates at approximately
11:00 a.m., London time, on such Interest Determination Date at which deposits in U.S. dollars are offered to prime banks in the London interbank market by four major banks in such market selected by the Calculation Agent for a term equal to the
Index Maturity and in principal amount equal to an amount that in the Calculation Agent’s judgment is representative for a single transaction in U.S. dollars in such market at such time (a “Representative Amount”). The Calculation
Agent will request the principal London office of each of such banks to provide a quotation of its rate. If at least two such quotations are provided, LIBOR will be the arithmetic mean of such quotations. If fewer than two quotations are provided,
LIBOR for such interest period will be the arithmetic mean of the rates quoted at approximately 11:00 a.m., in New York City, on such Interest Determination Date by three major banks in New York City, selected by the Calculation Agent, for loans in
U.S. dollars to leading European banks, for a term equal to the Index Maturity and in a Representative Amount; provided, however, that if fewer than three banks so selected by the Calculation Agent are providing such quotations, the then existing
LIBOR rate will remain in effect for such Interest Payment Period. 
 “Designated LIBOR Page” means the display
designated as page “3750” on Moneyline Telerate (or such other page as may replace the 3750 page on that service or such other service or services as may be nominated by the British Bankers’ Association for the purposes of displaying
London interbank offered rates for U.S. dollar deposits). 
 Prime Rate Notes 

“Prime Rate” means the rate on any Interest Determination Date as published in H.15(519) under the heading “Bank Prime
Loan”. 
 If the above rate is not published in H.15(519) prior to 3:00 p.m. on the Calculation Date, then the Prime Rate
will be the rate on such Interest Determination Date as published in H.15 Daily Update opposite the caption “Bank Prime Loan”. 
 If the rate is not published prior to 3:00 p.m. on the Calculation Date in either H.15(519) or H.15 Daily Update, then the Calculation Agent will determine the Prime Rate to be the arithmetic mean of the
rates of interest publicly announced by each bank that appears on the Reuters Screen US PRIME1 Page (as defined below) as such bank’s prime rate or base lending rate as of 11:00 a.m. on that Interest Determination Date. 

If fewer than four such rates referred to above are so published by 3:00 p.m. on the Calculation Date, the Calculation Agent will
determine the Prime Rate to be the arithmetic mean of the prime rates or base lending rates quoted on the basis of the actual number of days in the year divided by 360 as of the close of business on such Interest Determination Date by three major
banks in New York City selected by the Calculation Agent. 
 If the banks selected are not quoting as mentioned above, the Prime
Rate will remain the Prime Rate in effect on such Interest Determination Date. 

 “Reuters Screen US PRIME1 Page” means the display designated as page “US
PRIME1” on the Reuters Monitor Money Rates Service (or such other page as may replace the US PRIME1 page on that service for the purpose of displaying prime rates or base lending rates of major United States banks). 

Treasury Rate Notes 
 “Treasury Rate”
means: 
 (1) the rate from the auction held on the Interest Determination Date (the “Auction”) of direct obligations of the United
States (“Treasury Bills”) having the Index Maturity specified in the Supplement under the caption “INVESTMENT RATE” on the display on Moneyline Telerate (or any successor service) on page 56 (or any other page as may replace that
page on that service) (“Telerate Page 56”) or page 57 (or any other page as may replace that page on that service) (“Telerate Page 57”), or 
 (2) if the rate referred to in clause (1) is not so published by 3:00 p.m. on the related Calculation Date, the Bond Equivalent Yield (as defined below) of the rate for the applicable Treasury Bills
as published in H.15 Daily Update, under the caption “U.S. Government Securities/Treasury Bills/Auction High”, or 
 (3) if the rate
referred to in clause (2) is not so published by 3:00 p.m. on the related Calculation Date, the Bond Equivalent Yield of the auction rate of the applicable Treasury Bills as announced by the United States Department of the Treasury, or

 (4) if the rate referred to in clause (3) is not so announced by the United States Department of the Treasury, or if the Auction is not
held, the Bond Equivalent Yield of the rate on the particular Interest Determination Date of the applicable Treasury Bills as published in H.15(519) under the caption “U.S. Government Securities/Treasury Bills/Secondary Market”, or

 (5) if the rate referred to in clause (4) not so published by 3:00 p.m. on the related Calculation Date, the rate on the particular
Interest Determination Date of the applicable Treasury Bills as published in 
 H.15 Daily Update, under the caption “U.S.
Government Securities/Treasury Bills/Secondary Market”, or 
 (6) if the rate referred to in clause (5) is not so
published by 3:00 p.m. on the related Calculation Date, the rate on the particular Interest Determination Date calculated by the Calculation Agent as the Bond Equivalent Yield of the arithmetic mean of the secondary market bid rates, as of
approximately 3:30 
 p.m. on that Interest Determination Date, of three primary United States government securities dealers
selected by the Calculation Agent for the issue of Treasury Bills with a remaining maturity closest to the Index Maturity specified in the Supplement, or 
 (7) if the dealers so selected by the Calculation Agent are not quoting as mentioned in clause (6), the Treasury Rate in effect on the particular Interest Determination Date. 

 “Bond Equivalent Yield” means a yield (expressed as a percentage) calculated in accordance with
the following formula: 
     D x N 
 Bond Equivalent Yield = x 100 
 360 - (D x M) 

where “D” refers to the applicable per annum rate for Treasury Bills quoted on a bank discount basis and expressed as a decimal, “N”
refers to 365 or 366, as the case may be, and “M” refers to the actual number of days in the applicable Interest Reset Period. 
 1
Final Maturity. The Stated Maturity Date for any Note will be the date so specified in the Supplement, which shall be no later than 397 days from the date of issuance. On its Stated Maturity Date, or any date prior to the Stated Maturity Date
on which the particular Note becomes due and payable by the declaration of acceleration, each such date being referred to as a Maturity Date, the principal amount of each Note, together with accrued and unpaid interest thereon, will be immediately
due and payable. 
 2 Events of Default. The occurrence of any of the following shall constitute an “Event
of Default” with respect to a Note: (i) default in any payment of principal of or interest on such Note (including on a redemption thereof); (ii) the Issuer or any Guarantor makes any compromise arrangement with its creditors
generally including the entering into any form of moratorium with its creditors generally; (iii) a court having jurisdiction shall enter a decree or order for relief in respect of the Issuer or any Guarantor in an involuntary case under any
applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or there shall be appointed a receiver, administrator, liquidator, custodian, trustee or sequestrator (or similar officer) with respect to the whole or substantially
the whole of the assets of the Issuer or any Guarantor and any such decree, order or appointment is not removed, discharged or withdrawn within 60 days thereafter; or (iv) the Issuer or any Guarantor shall commence a voluntary case under any
applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consent to the entry of an order for relief in an involuntary case under any such law, or consent to the appointment of or taking possession by a receiver,
administrator, liquidator, assignee, custodian, trustee or sequestrator (or similar official), with respect to the whole or substantially the whole of the assets of the Issuer or any Guarantor or make any general assignment for the benefit of
creditors. Upon the occurrence of an Event of Default, the principal of each obligation evidenced by such Note (together with interest accrued and unpaid thereon) shall become, without any notice or demand, immediately due and payable.2 
 1 Obligation Absolute. No provision of the Issuing and Paying Agency Agreement under which the Notes are issued shall alter or impair the obligation of the Issuer, which is absolute and
unconditional, to pay the principal of and interest on each Note at the times, place and rate, and in the coin or currency, herein prescribed. 
  

	2	Supplement. Any term contained in the Supplement shall supersede any conflicting term contained herein. 

 

	2 	 Unlike single payment notes, where a default arises only at the stated maturity, interest-bearing notes with multiple payment dates should contain a
default provision permitting acceleration of the maturity if the Issuer defaults on an interest payment. 

 Exhibit D Form of Guarantee 
 GUARANTEE 
 GUARANTEE, dated as of
                , 2012, of Noble Drilling Corporation, a corporation organized under the laws of Delaware (“NDC”), and Noble Holding International Limited, a
Cayman Islands exempted company limited by shares (“NHIL” and, together with NDC, collectively, the “Guarantors” and individually, a “Guarantor”). 
 The Guarantors, for value received, hereby jointly and severally agree as follows for the benefit of the holders from time to time of the Notes hereinafter described: 

1. The Guarantors jointly and severally irrevocably guarantee payment in full, as and when the same becomes due and payable, of the principal of and
interest, if any, on the promissory notes (the “Notes”) issued by Noble Corporation, a Cayman Islands exempted company limited by shares which directly or indirectly owns all of the outstanding equity interests of each Guarantor (the
“Issuer”), from time to time pursuant to the Issuing and Paying Agency Agreement, dated as of                 , 2012, as the same may be amended, supplemented
or modified from time to time, between the Issuer and the Issuing and Paying Agent (the “Agreement”). 
 2. Each Guarantor’s
obligations under this Guarantee shall be unconditional, irrespective of the validity or enforceability of any provision of the Agreement or the Notes. 
 3. This Guarantee is a guaranty of the due and punctual payment (and not merely of collection) of the principal of and interest, if any, on the Notes by the Issuer and shall remain in full force and
effect until all such amounts have been validly, finally and irrevocably paid in full, and shall not be affected in any way by any circumstance or condition whatsoever (other than complete irrevocable payment), including without limitation

 (a) the absence of any action to obtain such amounts from the Issuer, (b) any variation, extension, waiver, compromise or release of any
or all of the obligations of the Issuer under the Agreement or the Notes or of any collateral security therefore or (c) any change in the existence or structure of, or the bankruptcy or insolvency of, the Issuer or by any other circumstance
(other than by complete, irrevocable payment) that might otherwise constitute a legal or equitable discharge or defense of a guarantor or surety. Each Guarantor waives all requirements as to diligence, presentment, demand for payment, protest and
notice of any kind with respect to the Agreement and the Notes. 
 4. In the event of a default in payment of principal of or interest on any
Notes, the holders of such Notes may institute legal proceedings directly against any Guarantor or both of the Guarantors to enforce this Guarantee without first proceeding against the Issuer. 
 5. This Guarantee shall remain in full force and effect or shall be reinstated (as the case may be) if at any time any payment by the Issuer of the principal of or interest, if any, on the Notes, in whole
or in part, is rescinded or must otherwise be returned by the holder upon the insolvency, bankruptcy or reorganization of the Issuer or otherwise, all as though such payment had not been made. 
 6. This Guarantee shall be governed by and construed in accordance with the laws of the State of New York. 

 7. (a) Each Guarantor hereby irrevocably accepts and submits to the non-exclusive jurisdiction of the
United States federal courts located in the Borough of Manhattan and the courts of the State of New York located in the Borough of Manhattan. 

(b) Each Guarantor hereby irrevocably designates, appoints and empowers CT Corporation System, with offices at 111 8th Avenue, New York, New York 10011,
as their designee, appointee and agent to receive, accept and acknowledge for and on its behalf, and its properties, assets and revenues, service for any and all legal process, summons, notices and documents which may be served in any such action,
suit or proceeding brought in the courts listed in Section 7(a) which may be made on such designee, appointee and agent in accordance with legal procedures prescribed for such courts, with respect to any suit, action or proceeding in connection
with or arising out of this Guarantee. If for any reason such designee, appointee and agent hereunder shall cease to be available to act as such, each Guarantor agrees to designate a new designee, appointee and agent in the City of New York on the
terms and for the purposes of this Section 7 satisfactory to the Dealer. Each Guarantor further hereby irrevocably consents and agrees to the service of any and all legal process, summons, notices and documents out of any of the aforesaid
courts in any such action, suit or proceeding by serving a copy thereof upon the agent for service of process referred to in this Section 7 (whether or not the appointment of such agent shall for any reason prove to be ineffective or such agent
shall accept or acknowledge such service) or by mailing copies thereof by registered or certified airmail, postage prepaid, to it at its address specified in or designated pursuant to this Guarantee. Each Guarantor agrees that the failure of any
such designee, appointee and agent to give any notice of such service to it shall not impair or affect in any way the validity of such service or any judgment rendered in any action or proceeding based thereon. Nothing herein shall in any way be
deemed to limit the ability of the holders of any Notes to serve any such legal process, summons, notices and documents in any other manner permitted by applicable law or to obtain jurisdiction over the undersigned or bring actions, suits or
proceedings against the undersigned in such other jurisdictions, and in such other manner, as may be permitted by applicable law. Each Guarantor hereby irrevocably and unconditionally waives any objection which it may now or hereafter have to the
laying of venue of any of the aforesaid actions, suits or proceedings arising out of or in connection with this Guarantee brought in the courts listed in Section 7(a) and hereby further irrevocably and unconditionally waives and agrees not to
plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 

8 To the extent that any Guarantor or any of its properties, assets or revenues may have or may hereafter become entitled to, or have attributed to it,
any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding in connection with or arising out of this Guarantee, from the giving of any relief in any thereof, from setoff or counterclaim, from the
jurisdiction of any court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution of judgment, or from execution of judgment, or other legal process or proceeding for the giving of any relief or for
the enforcement of any judgment, in any jurisdiction in which proceeding may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with this Guarantee, such Guarantor
hereby irrevocably and unconditionally waives, and agrees for the benefit of the holders from time to time of the Notes not to plead or claim, any such immunity, and consents to such relief and enforcement. 

 9 Any payments under this Guarantee shall be in United States dollars and shall be free of all withholding,
stamp and other similar taxes and of all other governmental charges of any nature whatsoever imposed by any jurisdiction in which any Guarantor is located or from which any such payment is made. In the event any withholding is required by law, the
Guarantors jointly and severally agree to (i) pay the same and (ii) pay such additional amounts which, after deduction of any such withholding, stamp or other taxes or governmental charges of any nature, whatsoever imposed with respect to
the payment of such additional amount, shall equal the amount withheld pursuant to clause (i). 
 10. The Guarantors jointly and severally agree
to indemnify each holder from time to time of Notes against any loss incurred by such holder as a result of any judgment or order being given or made for any amount due hereunder or thereunder and such judgment or order being expressed and paid in a
currency (the “Judgment Currency”) other than United States dollars and as a result of any variation as between (i) the rate of exchange at which the United States dollar amount is converted into the Judgment Currency for the purpose
of such judgment or order, and (ii) the rate of exchange at which such holder is able to purchase United States dollars with the amount of Judgment Currency actually received by such holder. The foregoing indemnity shall constitute a separate
and independent obligation of the Guarantors and shall continue in full force and effect notwithstanding any such judgment or order as aforesaid. The term “rate of exchange” shall include any premiums and costs of exchange payable in
connection with the purchase of, or conversion into, the relevant currency. 
 IN WITNESS WHEREOF, each Guarantor has caused this Guarantee to
be duly executed as of the day and year first above written. 
  

			
	 NOBLE HOLDING INTERNATIONAL LIMITED,

	 a Cayman Islands exempted company limited by shares

		
	 By:
	 	 
	 Name: 
	 	
	 Title:
	 	
	
	 NOBLE DRILLING CORPORATION,

a Delaware corporation

		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

 Annex 1 Form of Note 
 (see attached)

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