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  Exhibit 4.2    
    

 
 

  FORM OF REGISTRATION RIGHTS AGREEMENT    
    

        This Registration Rights Agreement (this "Agreement") is made and entered into as of
[                        ], 2015, by and among Midstates Petroleum Company, Inc., a Delaware corporation (the
"Company"), Midstates Petroleum Company LLC, a Delaware limited liability company ("Midstates
Sub" and, together with the Company, the "Issuers"), and the initial purchasers of the Initial Notes (as defined below) named in
Schedule A hereto (collectively, the "Purchasers"), each of whom has agreed to purchase the Issuers' 12% Third Lien Senior Notes due 2020 (the
"Initial Notes") pursuant to the Exchange Agreement (as defined below). The Initial Notes will be fully and unconditionally guaranteed on a
third-priority senior secured basis, jointly and severally, by any subsidiary of the Company formed or acquired after the Closing Date that executes a guarantee in accordance with the terms of the
Indenture, and their respective successors and assigns (collectively, the "Guarantors"), pursuant to their guarantees (the
"Guarantees"). The Initial Notes and any future Guarantee attached thereto are herein collectively referred to as the "Initial
Securities." 

        This
Agreement is made pursuant to the Exchange Agreement, dated May 19, 2015 (the "Exchange Agreement"), among the Issuers and the
Purchasers (i) for the benefit of the Purchasers and (ii) for the benefit of the holders from time to time of the Initial Securities, including the Purchasers. In order to induce the
Purchasers to purchase the Initial Securities, the Issuers have agreed to provide the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to
the obligations of the Purchasers set forth in the Exchange Agreement. 

        The
parties hereby agree as follows: 

        SECTION 1.
Definitions. As used in this Agreement, the following capitalized terms shall have the following meanings: 

        Additional Interest:    As defined in Section 5 hereto. 

         Broker-Dealer:    Any broker or dealer registered under the Exchange Act. 

         Business Day:    Shall have the meaning ascribed to such term in Rule 14d-1 under the Exchange Act. 

         Closing Date:    The date of this Agreement. 

        Commission:    The Securities and Exchange Commission. 

         Company:    As defined in the preamble hereto. 

         Consummate:    A registered Exchange Offer shall be deemed "Consummated" for purposes of this Agreement upon the occurrence of
(i) the filing and
effectiveness under the Securities Act of the Exchange Offer Registration Statement relating to the Exchange Securities to be issued in the Exchange Offer, (ii) the maintenance of such
Registration Statement continuously effective and the keeping of the Exchange Offer open for a period not less than the minimum period required pursuant to Section 3(b) hereof, and
(iii) the delivery by the Issuers to the Registrar under the Indenture of
Exchange Securities in the same aggregate principal amount as the aggregate principal amount of Initial Securities that were tendered by Holders thereof pursuant to the Exchange Offer. 

         EDGAR:    The Electronic Data Gathering, Analysis and Retrieval system of the Commission. 

         Exchange Act:    The Securities Exchange Act of 1934, as amended. 

        Exchange Offer:    The registration by the Issuers under the Securities Act of the Exchange Securities pursuant to a Registration Statement
pursuant to
which the Issuers offer the Holders of all outstanding Transfer Restricted Securities the opportunity to exchange all such outstanding Transfer Restricted Securities held by such Holders for Exchange
Securities in an aggregate principal amount 

 

equal
to the aggregate principal amount of the Transfer Restricted Securities tendered in such exchange offer by such Holders. 

        Exchange Offer Registration Statement:    The Registration Statement relating to the Exchange Offer, including the related Prospectus, as
defined in
Section 3(a) hereof. 

         Exchange Deadline:    As defined in Section 3(b) hereof. 

         Exchange Securities:    The 12% Third Lien Senior Notes due 2020, of the same series under the Indenture as the Initial Notes and any
Guarantee attached
thereto, to be issued to Holders in exchange for Transfer Restricted Securities pursuant to this Agreement. 

        FINRA:    The Financial Industry Regulatory Authority, Inc., an independent regulatory organization. 

         Guarantees:    As defined in the preamble hereto. 

         Guarantors:    As defined in the preamble hereto. 

         Holders:    As defined in Section 2(b) hereof. 

        Indemnified Holder:    As defined in Section 8(a) hereof. 

         Indenture:    The Indenture, dated as of May 21, 2015, between the Issuers and Wilmington Trust, National Association, as trustee
(the
"Trustee"), pursuant to which the Securities are to be issued, as such Indenture is amended or supplemented from time to time in accordance with the terms thereof. 

         Initial Notes:    As defined in the preamble hereto. 

        Initial Placement:    The issuance and sale by the Issuers of the Initial Securities to the Purchasers pursuant to the Exchange Agreement.

         Purchaser:    As defined in the preamble hereto. 

         Initial Securities:    As defined in the preamble hereto. 

         Interest Payment Date:    As defined in the Securities. 

        Issuers:    As defined in the preamble hereto. 

         Person:    An individual, partnership, corporation, limited liability company, trust, unincorporated organization or other legal entity,
or a government
or agency or political subdivision thereof. 

         Prospectus:    The prospectus included in a Registration Statement, as amended or supplemented by any prospectus supplement and by all
other amendments
thereto, including post-effective amendments, and all material incorporated by reference into such Prospectus. 

        Exchange Agreement:    As defined in the preamble hereto. 

         Registration Default:    As defined in Section 5 hereof. 

         Registration Statement:    Any registration statement of the Issuers relating to (a) an offering of Exchange Securities pursuant to
an Exchange
Offer or (b) the registration for resale of Transfer Restricted Securities pursuant to the Shelf Registration Statement, which is filed pursuant to the provisions of this Agreement, in each
case, including the Prospectus included therein, all amendments and supplements thereto (including post-effective amendments) and all exhibits and material incorporated by reference therein. 

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         Securities:    The Initial Securities and the Exchange Securities. 

         Securities Act:    The Securities Act of 1933, as amended. 

        Shelf Filing Date:    As defined in Section 4(a) hereof. 

         Shelf Filing Deadline:    As defined in Section 4(a) hereof. 

         Shelf Registration Statement:    As defined in Section 4(a) hereof. 

         Transfer Restricted Securities:    Each Initial Security, until the earliest to occur of (a) the date on which such Initial Security
is exchanged
in the Exchange Offer for an Exchange Security entitled to be resold to the public by the Holder thereof without complying with the prospectus delivery requirements of the Securities Act,
(b) the date on which such Initial Security has been effectively registered under the Securities Act and disposed of in accordance with a Shelf Registration Statement, (c) the date on
which such Initial Security is distributed to the public by a Broker-Dealer pursuant to the "Plan of Distribution" contemplated by the Exchange Offer Registration Statement (including delivery of the
Prospectus contained therein) and (d) the date on which such Initial Security ceases to be outstanding. 

         Trust Indenture Act:    The Trust Indenture Act of 1939, as amended. 

        Underwritten Registration or Underwritten Offering:    A registration in which securities of the Issuers are sold to an underwriter for
reoffering to
the public. 

        SECTION 2.
Securities Subject to this Agreement. 

        (a)    Transfer Restricted Securities.    The securities entitled to the benefits of this Agreement are the Transfer
Restricted Securities. 

        (b)    Holders of Transfer Restricted Securities.    A Person is deemed to be a holder of Transfer Restricted
Securities (each, a "Holder") whenever such Person owns Transfer Restricted Securities. 

        SECTION 3.
Registered Exchange Offer.

        (a)   Unless
the Exchange Offer shall not be permissible under applicable law or Commission policy (after the procedures set forth in Section 6(a) hereof have been
complied with), each of the Issuers shall (i) cause to be filed with the Commission sufficiently promptly so as to avoid a Registration Default with respect to the Exchange Offer, a
Registration Statement under the Securities Act relating to the Exchange Securities and the Exchange Offer (the "Exchange Offer Registration
Statement"), (ii) use commercially reasonable efforts to cause such Exchange Offer Registration Statement to become effective under the Securities Act sufficiently
promptly so as to avoid a Registration Default with respect to the Exchange Offer, but in no event more than 270 days after the Closing Date, (iii) in connection with the foregoing,
(A) file all pre-effective amendments to such Exchange Offer Registration Statement as may be necessary in order to cause such Exchange Offer Registration Statement to become effective,
(B) if applicable, file a post-effective amendment to such Exchange Offer Registration Statement pursuant to Rule 430A under the Securities Act and (C) cause all necessary
filings in connection with the registration and qualification of the Exchange Securities to be made under the state securities or blue sky laws of such jurisdictions as are necessary to permit
Consummation of the Exchange Offer, and (iv) upon the effectiveness of such Registration Statement commence the Exchange Offer. The Exchange Offer shall be on the appropriate form permitting
registration of the Exchange Securities to be offered in exchange for the Transfer Restricted Securities and to permit resales of Transfer Restricted Securities held by Broker-Dealers as contemplated
by Section 3(c) hereof. 

        (b)   The
Issuers shall cause the Exchange Offer Registration Statement to be effective continuously and shall keep Offer open for a period of not less than the minimum period
required 

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under
applicable federal and state securities laws to Consummate the Exchange Offer; provided, however, that in no event shall such period be less than
20 Business Days after the date notice of the Exchange Offer is mailed to the Holders. The Issuers shall cause the Exchange Offer to comply with all applicable federal and state securities laws. No
securities other than the Exchange Securities shall be included in the Exchange Offer Registration Statement. The Issuers shall use commercially reasonable efforts to cause the Exchange Offer to be
Consummated on the earliest practicable date after the Exchange Offer Registration Statement has become effective, but in no event later than 270 days after the Closing Date (or if such
270th day is not a Business Day, the next succeeding Business Day) (such 270th day herein referred to as the "Exchange Deadline"). 

        (c)   The
Issuers shall indicate in a "Plan of Distribution" section contained in the Prospectus forming a part of the Exchange Offer Registration Statement that any
Broker-Dealer who holds Initial Securities that are Transfer Restricted Securities and that were acquired for its own account as a result of market-making activities or other trading activities (other
than Transfer Restricted Securities acquired directly from the Issuers), may exchange such Initial Securities pursuant to the Exchange Offer; however, such Broker-Dealer may be deemed to be an
"underwriter" within the meaning of the Securities Act and must, therefore, deliver a prospectus meeting the requirements of the Securities Act in connection with any resales of the Exchange
Securities received by such Broker-Dealer in the Exchange Offer, which prospectus delivery requirement may be satisfied by the delivery by such Broker-Dealer of the Prospectus contained in the
Exchange Offer Registration Statement. Such "Plan of Distribution" section shall also contain all other information with respect to such resales by Broker-Dealers that the Commission may require in
order to permit such resales pursuant thereto, but such "Plan of Distribution" shall not name any such Broker-Dealer or disclose the amount of Initial Securities held by any such Broker-Dealer except
to the extent required by the Commission as a result of a change in policy after the date of this Agreement. 

        Each
of the Issuers shall use commercially reasonable efforts to keep the Exchange Offer Registration Statement continuously effective, supplemented and amended as required by the
provisions of Section 6(c) hereof to the extent necessary to ensure that it is available for resales of Transfer Restricted Securities acquired by Broker-Dealers for their own accounts as a
result of market-making activities or other trading activities, and to ensure that it conforms with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of
the Commission as announced from time to time, for a period ending on the earlier of (i) 180 days from the date on which the Exchange Offer Registration Statement is declared effective
and (ii) the date on which a Broker-Dealer is no longer required to deliver a prospectus in connection with market-making or other trading activities. 

        The
Issuers shall provide sufficient copies of the latest version of such Prospectus to Broker-Dealers promptly upon request at any time during such 180-day (or shorter as provided in
the foregoing sentence) period in order to facilitate such resales. 

        SECTION 4.
Shelf Registration.

        (a)    Shelf Registration.    If (i) the Issuers are not required to file an Exchange Offer Registration
Statement or to consummate the Exchange Offer for the Initial Securities because the Exchange Offer is not permitted by applicable law or Commission policy (after the procedures set forth in
Section 6(a) hereof have been complied with), (ii) for any reason the Exchange Offer is not Consummated by the Exchange Deadline, or (iii) with respect to any Holder of Transfer
Restricted Securities (A) such Holder is prohibited by applicable law or Commission policy from participating in the Exchange Offer, or (B) such Holder may not resell the Exchange
Securities acquired by it in the Exchange Offer to the public without delivering a prospectus and the Prospectus contained in the Exchange Offer Registration Statement is not appropriate or available
for such resales by such Holder, or (C) such Holder is a 

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Broker-Dealer
and holds Initial Securities acquired directly from the Issuers or one of their affiliates, then, upon such Holder's request, the Issuers shall: 

         (x)  cause
to be filed a shelf registration statement pursuant to Rule 415 under the Securities Act, which may be an amendment to the Exchange Offer Registration
Statement (in either event, the "Shelf Registration Statement") as soon as practicable but in any event on or prior to 30 days after the date
such obligation arises (or if such 30th day is not a Business Day, the next succeeding Business Day) (such date being the "Shelf Filing
Deadline"), which Shelf Registration Statement shall provide for resales of all Transfer Restricted Securities the Holders of which shall have provided the information required
pursuant to Section 4(b) hereof; and 

        (y)   use
their commercially reasonable efforts to cause such Shelf Registration Statement to be declared effective by the Commission on or before the 90th day after
the Shelf Registration Statement has been filed with the Commission (the "Shelf Filing Date") (or if such 90th day is not a Business Day, the
next succeeding Business Day). 

        Each
Issuer shall use commercially reasonable efforts to keep such Shelf Registration Statement continuously effective, supplemented and amended as required by the provisions of
Sections 6(b) and (c) hereof to the extent necessary to ensure that it is available for resales of Initial Securities by the Holders of Transfer Restricted Securities entitled to the
benefit of this Section 4(a), and to ensure that it conforms with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the Commission as announced
from time to time, for a period of at least one year following the effective date of such Shelf Registration Statement (or shorter period that will terminate when all the Initial Securities covered by
such Shelf Registration Statement have been sold pursuant to such Shelf Registration Statement). 

        (b)    Provision by Holders of Certain Information in Connection with the Shelf Registration Statement.    No Holder
of Transfer Restricted Securities may include any of its Transfer Restricted Securities in any Shelf Registration Statement pursuant to this Agreement unless and until such Holder furnishes to the
Issuers in writing, within 20 Business Days after receipt of a request therefor, such information as the Issuers may reasonably request for use in connection with any Shelf Registration Statement or
Prospectus or preliminary Prospectus included therein. Each Holder as to which any Shelf Registration Statement is being effected agrees to furnish promptly to the Issuers all information required to
be disclosed in order to make the information previously furnished to the Issuers by such Holder not materially misleading. 

        SECTION 5.
Additional Interest. If (a) the Exchange Offer is not Consummated on or prior to the Exchange Deadline,
(b) a Shelf Registration Statement applicable to the Transfer Restricted Securities required to be filed by the terms of this Agreement is not declared effective (or does not automatically
become effective) on or prior to the 90th calendar day following any Shelf Filing Date (or if such 90th day is not a Business Day, the next succeeding Business Day), or (c) a
Shelf Registration Statement applicable to the Transfer Restricted Securities required to be filed by the terms of this Agreement is declared effective (or automatically becomes effective) as required
but thereafter fails to remain effective or becomes unusable in connection with resales for more than 30 calendar days (each such event referred to in clauses (a) through (c) above, a
"Registration Default"), the Issuers hereby agree that the interest rate borne by the Transfer Restricted Securities shall be increased by 1.0% per
annum payable in cash ("Additional Interest") for the period of occurrence of the Registration Default until the earlier of the consummation of the
Exchange Offer and such time as no Registration Default is in effect. Following the cure of all Registration Defaults, Additional Interest will cease to accrue and the interest rate on the Transfer
Restricted Securities will revert to the original rate; provided, however, that, if after the date such
Additional Interest ceases to accrue, another Registration Default occurs, Additional Interest will again commence accruing pursuant to the foregoing provisions. Additional Interest will be paid as
provided in the Indenture. 

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        All
obligations of the Issuers set forth in the preceding paragraph that are outstanding with respect to any Transfer Restricted Security at the time such security ceases to be a
Transfer Restricted Security shall survive until such time as all such obligations with respect to such security shall have been satisfied in full. 

        SECTION 6.
Registration Procedures.

        (a)    Exchange Offer Registration Statement.    In connection with the Exchange Offer, the Issuers shall comply with
all of the provisions of Section 6(c) hereof, shall use their commercially reasonable efforts to effect such exchange to permit the sale of Transfer Restricted Securities being sold in
accordance with the intended method or methods of distribution thereof, and shall comply with all of the following provisions: 

          (i)  If
in the reasonable opinion of counsel to the Issuers there is a question as to whether the Exchange Offer is permitted by applicable law, each of the Issuers hereby
agrees to seek a no-action letter or other favorable decision from the Commission allowing the Issuers to Consummate an Exchange Offer for such Initial Securities. Each of the Issuers hereby agrees to
pursue the issuance of such a decision to the Commission staff level but shall not be required to take commercially unreasonable action to effect a change of Commission policy. Each of the Issuers
hereby agrees, however, to (A) participate in telephonic conferences with the Commission, (B) deliver to the Commission staff an analysis prepared by counsel to the Issuers setting forth
the legal bases, if any, upon which such counsel has concluded that such an Exchange Offer should be permitted and (C) diligently pursue a favorable resolution by the Commission staff of such
submission. 

         (ii)  As
a condition to its participation in the Exchange Offer pursuant to the terms of this Agreement, each Holder of Transfer Restricted Securities shall furnish, upon the
request of the Issuers, prior to the Consummation thereof, a written representation to the Issuers (which may be contained in the letter of transmittal contemplated by the Exchange Offer Registration
Statement) to the effect that (A) it is not an affiliate of either Issuer, (B) it is not engaged in, and does not intend to engage in, and has no arrangement or understanding with any
Person to participate in, a distribution of the Exchange Securities to be issued in the Exchange Offer and (C) it is acquiring the Exchange Securities in its ordinary course of business. In
addition, all such Holders of Transfer Restricted Securities shall otherwise cooperate in the Issuers' preparations for the Exchange Offer. Each Holder hereby acknowledges and agrees that any
Broker-Dealer and any such Holder using the Exchange Offer to participate in a distribution of the securities to be acquired in the Exchange Offer (1) could not under Commission policy as in
effect on the date of this Agreement rely on the position of the Commission enunciated in Morgan Stanley and Co., Inc. (available
June 5, 1991) and Exxon Capital Holdings Corporation (available May 13, 1988), as interpreted in the Commission's letter to
Shearman & Sterling dated July 2, 1993, and similar no-action letters (which may include any no-action letter obtained pursuant to clause (i) above), and (2) must comply
with the registration and prospectus delivery requirements of the Securities Act in connection with a secondary resale transaction and that such a secondary resale transaction should be covered by an
effective registration statement containing the selling security holder information required by Item 507 or 508, as applicable, of Regulation S-K if the resales are of Exchange
Securities obtained by such Holder in exchange for Initial Securities acquired by such Holder directly from the Issuers. 

        (b)    Shelf Registration Statement.    In connection with the Shelf Registration Statement, each of the Issuers shall
comply with all the provisions of Section 6(c) hereof and shall use commercially reasonable efforts to effect such registration to permit the sale of the Transfer Restricted Securities being
sold in accordance with the intended method or methods of distribution thereof, and pursuant thereto each of the Issuers will as expeditiously as possible prepare and file with the Commission a 

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Registration
Statement relating to the registration on any appropriate form under the Securities Act, which form shall be available for the sale of the Transfer Restricted Securities in accordance
with the intended method or methods of distribution thereof. 

        (c)    General Provisions.    In connection with any Registration Statement and any Prospectus required by this
Agreement to permit the sale or resale of Transfer Restricted Securities (including, without limitation, any Registration Statement and the related Prospectus required to permit resales of Initial
Securities by Broker-Dealers), each of the Issuers shall: 

          (i)  use
commercially reasonable efforts to keep such Registration Statement continuously effective and provide all requisite financial statements (including, if required by
the Securities Act or any regulation
thereunder, financial statements of Midstates Sub or any Guarantor) for the period specified in Section 3 or 4 hereof, as applicable; upon the occurrence of any event that would cause any such
Registration Statement or the Prospectus contained therein (A) to contain a material misstatement or omission or (B) not to be effective and usable for resale of Transfer Restricted
Securities during the period required by this Agreement, the Issuers shall file promptly an appropriate amendment to such Registration Statement, in the case of clause (A), correcting any such
misstatement or omission, and, in the case of either clause (A) or (B), use commercially reasonable efforts to cause such amendment to be declared effective and such Registration Statement and
the related Prospectus to become usable for their intended purpose(s) as soon as practicable thereafter; 

         (ii)  prepare
and file with the Commission such amendments and post-effective amendments to the applicable Registration Statement as may be necessary to keep the Registration
Statement effective for the applicable period set forth in Section 3 or 4 hereof, as applicable, or such shorter period as will terminate when all Transfer Restricted Securities covered by such
Registration Statement have been sold; cause the Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 under the
Securities Act, and to comply fully with the applicable provisions of Rules 424 and 430A under the Securities Act in a timely manner; and comply with the provisions of the Securities Act with
respect to the disposition of all securities covered by such Registration Statement during the applicable period in accordance with the intended method or methods of distribution by the sellers
thereof set forth in such Registration Statement or supplement to the Prospectus; 

        (iii)  advise
the underwriters, if any, and selling Holders promptly and, if requested by such Persons, to confirm such advice in writing, (A) when the Prospectus or
any Prospectus supplement or post-effective amendment has been filed, and, with respect to any Registration Statement or any post-effective amendment thereto, when the same has become effective,
(B) of any request by the Commission for amendments to the Registration Statement or amendments or supplements to the Prospectus or for additional information relating thereto, (C) of
the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement under the Securities Act or of the suspension by any state securities commission of the
qualification of the Transfer Restricted Securities for offering or sale in any jurisdiction, or the initiation of any proceeding for any of the preceding purposes, (D) of the existence of any
fact or the happening of any event that makes any statement of a material fact made in the Registration Statement, the Prospectus, any amendment or supplement thereto, or any document incorporated by
reference therein untrue, or that requires the making of any additions to or changes in the Registration Statement or the Prospectus in order to make the statements therein (with respect to the
Prospectus or any supplement thereto, in light of the circumstances under which they were made) not misleading. If at any time the Commission shall issue any stop order suspending the effectiveness of
the Registration Statement, or any state securities commission or other regulatory authority shall issue an order suspending the qualification or exemption from qualification of the Transfer
Restricted 

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Securities
under state securities or blue sky laws, each of the Issuers shall use commercially reasonable efforts to obtain the withdrawal or lifting of such order at the earliest possible time; 

        (iv)  furnish
without charge to each of the Purchasers, each selling Holder named in any Registration Statement, each of the underwriters, if any, before filing with the
Commission, copies of any Registration Statement or any Prospectus included therein or any amendments or supplements to any such Registration Statement or Prospectus (including all documents
incorporated by reference after the initial filing of such Registration Statement), which documents will be subject to the review and comment of such Holders and underwriters in connection with such
sale, if any, for a period of at least five Business Days, and the Issuers will not file any such Registration Statement or Prospectus or any amendment or supplement to any such Registration Statement
or Prospectus (including all such documents incorporated by reference) to which a Purchaser of Transfer Restricted Securities covered by such Registration Statement or the underwriters, if any, shall
reasonably object in writing within five Business Days after the receipt thereof (such objection to be deemed timely made upon confirmation of telecopy transmission within such period). The objection
of a Purchaser or underwriter, if any, shall be deemed to be reasonable if such Registration Statement, amendment, Prospectus or supplement, as applicable, as proposed to be filed, contains a material
misstatement or omission; 

         (v)  promptly
prior to the filing of any document that is to be incorporated by reference into a Registration Statement or Prospectus, provide copies of such document to the
Purchasers, each selling Holder named in any Registration Statement, and to the underwriters, if any, make the Issuers' representatives available for discussion of such document and other customary
due diligence matters, and include such information in such document prior to the filing thereof as such selling Holders or underwriters, if any, reasonably may request; 

        (vi)  make
available at reasonable times for inspection by the Purchasers, the managing underwriters, if any, participating in any disposition pursuant to such Registration
Statement and any attorney or accountant retained by such Purchasers or any of the underwriters, all financial and other records, pertinent corporate documents and properties of each of the Issuers
and cause the Issuers' officers, directors and employees to supply all information reasonably requested by any such Holder, underwriter, attorney or accountant in connection with such Registration
Statement or any post-effective amendment thereto subsequent to the filing thereof and prior to its effectiveness and to participate in meetings with investors to the extent requested by the managing
underwriters, if any; 

       (vii)  if
requested by any selling Holders or the underwriters, if any, promptly incorporate in any Registration Statement or Prospectus, pursuant to a supplement or
post-effective amendment if necessary, such information as such selling Holders and underwriters, if any, may reasonably request to
have included therein, including, without limitation, information relating to the "Plan of Distribution" of the Transfer Restricted Securities, information with respect to the principal amount of
Transfer Restricted Securities being sold to such underwriters, the purchase price being paid therefor and any other terms of the offering of the Transfer Restricted Securities to be sold in such
offering; and make all required filings of such Prospectus supplement or post-effective amendment as soon as practicable after the Issuers are notified of the matters to be incorporated in such
Prospectus supplement or post-effective amendment; 

      (viii)  cause
the Transfer Restricted Securities covered by the Registration Statement to be rated with the appropriate rating agencies, if so requested by the Holders of a
majority in aggregate principal amount of Securities covered thereby or the underwriters, if any; 

        (ix)  furnish
to each Purchaser, each selling Holder and each of the underwriters, if any, without charge, at least one copy of the Registration Statement, as first filed
with the Commission, and of each amendment thereto, including financial statements and schedules, all documents 

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incorporated
by reference therein and all exhibits (including exhibits incorporated therein by reference); 

         (x)  deliver
to each selling Holder and each of the underwriters, if any, without charge, as many copies of the Prospectus (including each preliminary prospectus) and any
amendment or supplement thereto as such Persons reasonably may request; each of the Issuers hereby consents to the use of the Prospectus and any amendment or supplement thereto by each of the selling
Holders and each of the underwriters, if any, in connection with the offering and the sale of the Transfer Restricted Securities covered by the Prospectus or any amendment or supplement thereto; 

        (xi)  enter
into such agreements (including an underwriting agreement), and make such representations and warranties, and take all such other actions in connection therewith
in order to expedite or facilitate the disposition of the Transfer Restricted Securities pursuant to any Registration Statement contemplated by this Agreement, all to such extent as may be requested
by any Purchaser or by any Holder of Transfer Restricted Securities or underwriter in connection with any sale or resale pursuant to any Registration Statement contemplated by this Agreement; and
whether or not an underwriting agreement is entered into and whether or not the registration is an Underwritten Registration, each of the Issuers shall: 

        (A)  furnish
to each Purchaser, each selling Holder and each underwriter, if any, in such substance and scope as they may request and as are customarily made by issuers to
underwriters in primary underwritten offerings, upon the date of the Consummation of the Exchange Offer or, if applicable, of the effectiveness of the Shelf Registration Statement: 

        (1)   a
certificate, dated the date of Consummation of the Exchange Offer or the date of effectiveness of the Shelf Registration Statement, as the case may be, signed by
(y) the Chairman of the Board, Chief Executive Officer or President and (z) the Chief Financial Officer or Chief Accounting Officer of each of the Issuers, confirming, such matters as
such parties may reasonably request; 

        (2)   an
opinion, dated the date of Consummation of the Exchange Offer or the date of effectiveness of the Shelf Registration Statement, as the case may be, of counsel for the
Issuers, covering such matters as such parties may reasonably request, and in any event including a statement to the effect that such counsel has participated in conferences with officers and other
representatives of the Issuers, representatives of the independent public accountants for the Company, representatives of the underwriters, if any, and counsel to the underwriters, if any, in
connection with the preparation of such Registration Statement and the related Prospectus and have considered the matters required to be stated therein and the statements contained therein, although
such counsel has not independently verified the accuracy, completeness or fairness of such statements; and that such counsel advises that, on the basis of the foregoing, no facts came to such
counsel's attention that caused such counsel to believe that the applicable Registration Statement, at the time such Registration Statement or any post-effective amendment thereto became effective,
and, in the case of the Exchange Offer Registration Statement, as of the date of Consummation, contained an untrue statement of a material fact or omitted to state a material fact required to be
stated therein or necessary to make the statements therein not misleading, or that the Prospectus contained in such Registration Statement as of its date and, in the case of the opinion dated the date
of Consummation of the Exchange Offer, as of the date of Consummation, contained an untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading. Without limiting the foregoing, such counsel may state further that such counsel assumes no responsibility for, and
has not independently verified, the accuracy, 

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completeness
or fairness of the financial statements, notes and schedules and other financial, accounting and reserve data included in any Registration Statement contemplated by this Agreement or the
related Prospectus; and 

        (3)   a
customary comfort letter, dated the date of effectiveness of the Shelf Registration Statement, from the Company's independent accountants and any other independent
accountants who have certified audited financial statements contained in or incorporated by reference into the Registration Statement, in the customary form and covering matters of the type
customarily requested to be covered in comfort letters by underwriters in connection with primary underwritten offerings; 

        (B)  set
forth in full or incorporate by reference in the underwriting agreement, if any, the indemnification provisions and procedures of Section 8 hereof with
respect to all parties to be indemnified pursuant to said Section; and 

        (C)  deliver
such other documents and certificates as may be reasonably requested by such parties to evidence compliance with Section 6(c)(xi)(A) hereof and with any
customary conditions contained in the underwriting agreement or other agreement entered into by the Issuers pursuant to this Section 6(c)(xi), if any. 

        If
at any time the representations and warranties of the Issuers set forth in Section 6(c)(xi)(A)(1) hereof cease to be true and correct, the Issuers shall so advise the
Purchasers and the underwriters, if any, and each selling Holder promptly and, if requested by such Persons, shall confirm such advice in writing; 

       (xii)  prior
to any public offering of Transfer Restricted Securities, cooperate with the selling Holders, the underwriters, if any, and their respective counsel in
connection with the registration and qualification of the Transfer Restricted Securities under the state securities or blue sky laws of such jurisdictions as the selling Holders or underwriters, if
any, may request and do any and all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the Transfer Restricted Securities covered by the Shelf Registration
Statement; provided, however, that neither Issuers shall be required to register or qualify as a foreign corporation where it is not then so qualified
or to take any action that would subject it to the service of process in suits or to taxation, other than as to matters and transactions relating to the Registration Statement, in any jurisdiction
where it is not then so subject; 

      (xiii)  shall
issue, upon the request of any Holder of Initial Securities covered by the Exchange Offer Registration Statement, Exchange Securities having an aggregate
principal amount equal to the aggregate principal amount of Initial Securities surrendered to the Issuers by such Holder in exchange therefor or being sold by such Holder; such Exchange Securities, in
certificated form, to be registered in the name of such Holder or in the name of the purchasers of such Securities, as the case may be; in return, the Initial Securities held by such Holder shall be
surrendered to the Issuers for cancellation; 

      (xiv)  cooperate
with the selling Holders and the underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Transfer Restricted
Securities to be sold and not bearing any restrictive legends; and enable such Transfer Restricted Securities to be in such denominations and registered in such names as the Holders or the
underwriters, if any, may request at least two Business Days prior to any sale of Transfer Restricted Securities made by such Holders or underwriters; 

       (xv)  use
commercially reasonable efforts to cause the Transfer Restricted Securities covered by the Registration Statement to be registered with or approved by such other
governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriters, if any, to consummate the disposition of such Transfer Restricted Securities,
subject to the proviso contained in Section 6(c)(xii) hereof; 

10

 

      (xvi)  if
any fact or event contemplated by Section 6(c)(iii)(D) hereof shall exist or have occurred, prepare a supplement or post-effective amendment to the
Registration Statement or related Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers of Transfer
Restricted Securities, the Prospectus will not contain an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in light of the
circumstances under which they were made, not misleading; 

     (xvii)  provide
a CUSIP number for all Exchange Securities not later than the effective date of the Registration Statement covering such Exchange Securities and provide the
Trustee under the Indenture with printed certificates for such Exchange Securities which are in a form eligible for deposit with the Depository Trust Company and take all other action necessary to
ensure that all such Exchange Securities are eligible for deposit with the Depository Trust Company; 

    (xviii)  cooperate
and assist in any filings required to be made with FINRA and in the performance of any due diligence investigation by any underwriter (including any
"qualified independent underwriter" as that term is defined within the rules and regulations of FINRA) that is required to be retained in accordance with the rules and regulations of FINRA; 

      (xix)  otherwise
use commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, and make generally available to its security
holders, as soon as practicable, a consolidated earnings statement meeting the requirements of Rule 158 under the Securities Act (which need not be audited) for the twelve-month period
(A) commencing at the end of any fiscal quarter in which Transfer Restricted Securities are sold to underwriters in a firm commitment or best efforts Underwritten Offering or (B) if not
sold to underwriters in such an offering, beginning with the first month of the Company's first fiscal quarter commencing after the effective date of the Registration Statement; 

       (xx)  cause
the Indenture to be qualified under the Trust Indenture Act not later than the effective date of the first Registration Statement required by this Agreement, and,
in connection therewith, cooperate with the Trustee and the Holders of Securities to effect such changes to the Indenture as may be required for such Indenture to be so qualified in accordance with
the terms of the Trust Indenture Act; and to execute and use commercially reasonable efforts to cause the Trustee to execute, all documents that may be required to effect such changes and all other
forms and documents required to be filed with the Commission to enable such Indenture to be so qualified in a timely manner; and 

      (xxi)  if
not publicly available on EDGAR, provide promptly to each Holder upon reasonable request each document filed with the Commission pursuant to the requirements of
Section 13 and Section 15 of the Exchange Act. 

        Each
Holder agrees by acquisition of a Transfer Restricted Security that, upon receipt of any notice from the Issuers of the existence of any fact of the kind described in
Section 6(c)(iii)(D) hereof, such Holder will forthwith discontinue disposition of Transfer Restricted Securities pursuant to the applicable Registration Statement until such Holder's receipt
of the copies of the supplemented or amended Prospectus contemplated by Section 6(c)(xvi) hereof, or until it is advised in writing ("the  Advice") by the Issuers that the use of the Prospectus may
be resumed, and has received copies of any additional or supplemental filings that are
incorporated by reference in the Prospectus. If so directed by the Issuers, each Holder will deliver to the Issuers (at the Issuers' expense) all copies, other than permanent file copies then in such
Holder's possession, of the Prospectus covering such Transfer Restricted Securities that was current at the time of receipt of such notice. In the event the Issuers shall give any such notice, the
time period regarding the effectiveness of such Registration Statement set forth in Section 3 or 4 hereof, as applicable, shall be extended by the number of days during the period from and
including the date of the giving of such notice pursuant to Section 6(c)(iii)(D) hereof to and including the date when each selling Holder covered by such Registration Statement shall have
received the copies of the supplemented or amended Prospectus contemplated by Section 6(c)(xvi) 

11

 

hereof
or shall have received the Advice; provided, however, that no such extension shall be taken into account in determining whether Additional
Interest is due pursuant to Section 5 hereof or the amount of such Additional Interest, it being agreed that the Issuers' option to suspend use of a Registration Statement pursuant to this
paragraph shall be treated as a Registration Default for purposes of Section 5 hereof. 

        SECTION 7.
Registration Expenses.

        (a)   All
expenses incident to the Issuers' performance of or compliance with this Agreement will be borne by the Issuers, jointly and severally, regardless of whether a
Registration Statement becomes effective, including, without limitation: (i) all registration and filing fees and expenses (including filings made by any Purchaser or Holder with FINRA (and, if
applicable, the fees and expenses of any "qualified independent underwriter" and its counsel that may be required by the rules and regulations of FINRA)); (ii) all fees and expenses of
compliance with federal securities and state securities or blue sky laws; (iii) all expenses of printing (including printing certificates for the Exchange Securities to be issued in the
Exchange Offer and printing of Prospectuses), messenger and delivery services and telephone; (iv) all fees and disbursements of counsel for the Issuers and, subject to Section 7(b)
hereof, the Holders of Transfer Restricted Securities; (v) all application and filing fees in connection with listing the Exchange Securities on a securities exchange or automated quotation
system pursuant to the requirements thereof; and (vi) all fees and disbursements of independent certified public accountants of the Company (including the expenses of any special audit and
comfort letters required by or incident to such performance). 

        Each
of the Issuers will, in any event, bear its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting
duties), the expenses of any annual audit and the fees and expenses of any Person, including special experts, retained by either Issuer. 

        (b)   In
connection with any Registration Statement required by this Agreement (including, without limitation, the Exchange Offer Registration Statement and the Shelf
Registration Statement), the Issuers, jointly and severally, will reimburse the Purchasers and the Holders of Transfer Restricted Securities being tendered in the Exchange Offer and/or resold pursuant
to the "Plan of Distribution" contained in the Exchange Offer Registration Statement or registered pursuant to the Shelf Registration Statement, as applicable, for the reasonable fees and
disbursements of not more than one counsel, who shall be Milbank, Tweed, Hadley & McCloy LLP or such other counsel as may be chosen by the Holders of a majority in principal amount of
the Transfer Restricted Securities for whose benefit such Registration Statement is being prepared. 

        SECTION 8.
Indemnification. 

        (a)   The
Issuers, jointly and severally, agree to indemnify and hold harmless (i) each Holder and (ii) each Person, if any, who controls (within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act) any Holder (any of the Persons referred to in this clause (ii) being hereinafter referred to as a "controlling
person") and (iii) the respective officers, directors, partners, employees, representatives and agents of any Holder or any controlling person (any Person referred to in clause (i),
(ii) or (iii) may hereinafter be referred to as an "Indemnified Holder"), to the fullest extent lawful, from and against any and all losses, claims, damages, liabilities, judgments,
actions and expenses (including, without limitation, and as incurred, reimbursement of all reasonable costs of investigating, preparing, pursuing, settling, compromising, paying or defending any claim
or action, or any investigation or proceeding by any governmental agency or body, commenced or threatened, including the reasonable fees and expenses of counsel to any Indemnified Holder), joint or
several, directly or indirectly caused by, related to, based upon, arising out of or in connection with any untrue statement or alleged untrue statement of a material fact contained in any
Registration Statement or Prospectus (or any amendment or supplement thereto), or any omission or alleged omission to state 

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therein
a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as such losses, claims, damages, liabilities or expenses are caused by
an untrue statement or omission or alleged untrue statement or omission that is made in reliance upon and in conformity with information relating to any of the Holders furnished in writing to the
Issuers by any of the Holders expressly for use therein. This indemnity agreement shall be in addition to any liability which the Issuers may otherwise have. 

        In
case any action or proceeding (including any governmental or regulatory investigation or proceeding) shall be brought or asserted against any of the Indemnified Holders with respect
to which indemnity may be sought against either Issuer, such Indemnified Holder (or the Indemnified Holder controlled by such controlling person) shall promptly notify the Issuers in writing;  provided, however, that the failure to give such notice shall not relieve either Issuer of its obligations pursuant to this Agreement. Such Indemnified
Holder shall have the right to employ its own counsel in any such action and the fees and expenses of such counsel shall be paid, as incurred, by the Issuers (regardless of whether it is ultimately
determined that an Indemnified Holder is not entitled to indemnification hereunder). The Issuers shall not, in connection with any one such action or proceeding or separate but substantially similar
or related actions or proceedings in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm
of attorneys (in addition to any local counsel) at any time for such Indemnified Holders, which firm shall be designated by the Holders. The Issuers shall be liable for any settlement of any such
action or proceeding effected with the Issuers' prior written consent, which consent shall not be withheld unreasonably, and each of the Issuers agrees to indemnify and hold harmless any Indemnified
Holder from and against any loss, claim, damage, liability or expense by reason of any settlement of any action effected with the written consent of the Issuers. The Issuers shall not, without the
prior written consent of each Indemnified Holder, settle or compromise or consent to the entry of judgment in or otherwise seek to terminate any pending or threatened action, claim, litigation or
proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not any Indemnified Holder is a party thereto), unless such settlement, compromise, consent or
termination includes an unconditional release of each Indemnified Holder from all liability arising out of such action, claim, litigation or proceeding. 

        (b)   Each
Holder of Transfer Restricted Securities agrees, severally and not jointly, to indemnify and hold harmless the Issuers and their respective directors, officers,
partners, employees, representatives and agents of the Issuers who sign a Registration Statement, and any Person controlling (within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act) either Issuer, and the respective officers, directors, partners, employees, representatives and agents of each such Person, to the same extent as the foregoing
indemnity from the Issuers to each of the Indemnified Holders, but only with respect to claims and actions based on information relating to such Holder furnished in writing by such Holder expressly
for use in any Registration Statement. In case any action or proceeding shall be brought against either Issuer or their respective directors or officers or any such controlling person in respect of
which indemnity may be sought against a Holder of Transfer Restricted Securities, such Holder shall have the rights and duties given the Issuers, and the Issuers, their respective directors, officers,
partners, employees, representatives and agents and such controlling person shall have the rights and duties given to each Holder by the preceding paragraph. 

        (c)   If
the indemnification provided for in this Section 8 is unavailable to an indemnified party under Section 8(a) or (b) hereof (other than by reason
of exceptions provided in those Sections) in respect of any losses, claims, damages, liabilities, judgments, actions or expenses referred to therein, then each applicable indemnifying party, in lieu
of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages, liabilities or expenses in such proportion
as is appropriate to reflect the relative benefits received by the Issuers, on the one hand, and the Holders, on the other hand, from the Initial 

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Placement
(which in the case of the Issuers shall be deemed to be equal to the total gross proceeds to the Issuers from the Initial Placement), the amount of Additional Interest which did not become
payable as a result of the filing of the Registration Statement resulting in such losses, claims, damages, liabilities, judgments actions or expenses, and such Registration Statement, or if such
allocation is not permitted by applicable law, the relative fault of the Issuers, on the one hand, and the Holders, on the other hand, in connection with the statements or omissions which resulted in
such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative fault of the Issuers, on the one hand, and of the Indemnified Holder, on the
other, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates
to information supplied by either Issuer, on the one hand, or the Indemnified Holders, on the other hand, and the parties' relative intent, knowledge, access to information and opportunity to correct
or prevent such statement or omission. The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject
to the limitations set forth in the second paragraph of Section 8(a) hereof, any legal or other fees or expenses reasonably incurred by such party in connection with investigating or defending
any action or claim. 

        Each
Issuer and each Holder of Transfer Restricted Securities agree that it would not be just and equitable if contribution pursuant to this Section 8(c) were determined by pro
rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation which
does not take account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims, damages,
liabilities or expenses referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by
such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 8, none of the Holders (and its related Indemnified
Holders) shall be required to contribute, in the aggregate, any amount in excess of the amount by which the total discount received by such Holder with respect to the Initial Securities exceeds the
amount of any damages which such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The
Holders' obligations to contribute pursuant to this Section 8(c) are several in proportion to the respective principal amount of Initial Securities held by each of the Holders hereunder and not
joint. 

        SECTION 9.  Rule 144A. Each of the Issuers hereby agrees with each Holder, for so long as any Transfer Restricted Securities
remain outstanding, to make available to any Holder or beneficial owner of Transfer Restricted Securities in connection with any sale thereof and any prospective purchaser of such Transfer Restricted
Securities from such Holder or beneficial owner, the information required by Rule 144A(d)(4) under the Securities Act in order to permit resales of such Transfer Restricted Securities pursuant
to Rule 144A under the Securities Act. 

        SECTION 10.
Participation in Underwritten Registrations. No Holder may participate in any Underwritten Registration hereunder
unless such Holder (a) agrees to sell such Holders' Transfer Restricted Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve
such arrangements and (b) completes and executes all reasonable questionnaires, powers of attorney, indemnities, underwriting agreements, lock-up letters and other documents required under the
terms of such underwriting arrangements. 

        SECTION 11.
Selection of Underwriters. The Holders of Transfer Restricted Securities covered by the Shelf Registration Statement
who desire to do so may sell such Transfer Restricted Securities in an Underwritten Offering. In any such Underwritten Offering, the investment bankers and managing underwriters that will administer
such offering will be selected by the Holders of a majority in 

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aggregate
principal amount of the Transfer Restricted Securities included in such offering; provided, however, that such investment bankers and managing
underwriters must be reasonably satisfactory to the Issuers. 

        SECTION 12.
Miscellaneous. 

        (a)    Remedies.    Each of the Issuers hereby agrees that monetary damages would not be adequate compensation for any
loss incurred by reason of a breach by it of the provisions of this Agreement and hereby agree to waive the defense in any action for specific performance that a remedy at law would be adequate. 

        (b)    No Inconsistent Agreements.    Each of the Issuers will not on or after the date of this Agreement enter into
any agreement with respect to its securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. Neither Issuer has
previously entered into any agreement granting any registration rights with respect to its securities to any Person. The rights granted to the Holders hereunder do not in any way conflict with and are
not inconsistent with the rights granted to the holders of either Issuer's securities under any agreement in effect on the date hereof. 

        (c)    Adjustments Affecting the Securities.    The Issuers will not take any action, or permit any change to occur,
with respect to the Securities that would materially and adversely affect the ability of the Holders to Consummate any Exchange Offer. 

        (d)    Amendments and Waivers.    The provisions of this Agreement may not be amended, modified or supplemented, and
waivers or consents to or departures from the provisions hereof may not be given unless the Issuers have (i) in the case of Section 5 hereof and this Section 12(d)(i), obtained
the written consent of Holders of all outstanding Transfer Restricted Securities and (ii) in the case of all other provisions hereof, obtained the written consent of Holders of a majority of
the outstanding principal amount of Transfer Restricted Securities (excluding any Transfer Restricted Securities held by either Issuer or its Affiliates). Notwithstanding the foregoing, a waiver or
consent to departure from the provisions hereof that relates exclusively to the rights of Holders whose securities are being tendered pursuant to the Exchange Offer and that does not affect directly
or indirectly the rights of other Holders whose securities are not being tendered pursuant to such Exchange Offer may be given by the Holders of a majority of the outstanding principal amount of
Transfer Restricted Securities being tendered or registered; provided, however, that, with respect to any matter that directly or indirectly affects the
rights of any Purchaser hereunder, the Issuers shall obtain the written consent of each such Purchaser with respect to which such amendment, qualification, supplement, waiver, consent or departure is
to be effective. 

        (e)    Notices.    All notices and other communications provided for or permitted hereunder shall be made in writing
by hand-delivery, first-class mail (registered or certified, return receipt requested), telex, telecopier, or air courier guaranteeing overnight delivery: 

          (i)  if
to a Holder, at the address set forth on the records of the Registrar under the Indenture, with a copy to the Registrar under the Indenture; and 

if
to the Issuers: 

Midstates
Petroleum Company, Inc.

321 South Boston, Suite 600

Tulsa, Oklahoma 74103

918-947-8550

Attention: Nelson Haight 

        All
such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail,
postage 

15

 

prepaid,
if mailed; when answered back, if telexed; when receipt acknowledged, if telecopied; and on the next Business Day, if timely delivered to an air courier guaranteeing overnight delivery. 

        Copies
of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee at the address specified in the Indenture. 

        (f)    Successors and Assigns.    This Agreement shall inure to the benefit of and be binding upon the successors and
assigns of each of the parties, including, without limitation, and without the need for an express assignment, subsequent Holders of Transfer Restricted Securities; provided,
however, that this Agreement shall not inure to the benefit of or be binding upon a successor or assign of a Holder unless and to the extent such successor or assign acquired
Transfer Restricted Securities from such Holder. 

        (g)    Counterparts.    This Agreement may be executed in any number of counterparts and by the parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

        (h)    Headings.    The headings in this Agreement are for convenience of reference only and shall not limit or
otherwise affect the meaning hereof. 

        (i)    Governing Law.    THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK. 

        (j)    Severability.    In the event that any one or more of the provisions contained herein, or the application
thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained
herein shall not be affected or impaired thereby. 

        (k)    Entire Agreement.    This Agreement is intended by the parties as a final expression of their agreement and
intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein with respect to the registration rights granted by the Issuers with respect to the Transfer Restricted Securities. This
Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter. 

16

QuickLinks

Exhibit 4.2

FORM OF REGISTRATION RIGHTS AGREEMENTExhibit 10.8

 

PROMISSORY NOTE

 

	
$250,000,000.00
    	
[·], 2015
    

 

FOR VALUE RECEIVED, the undersigned, GAMCO Investors, Inc., a [       ] corporation (the “Maker”), hereby promises to pay to Gabelli Securities Group, Inc., a Delaware corporation (the “Holder”), the Outstanding Principal Amount (as defined herein) of this Promissory Note (this “Note”), in lawful money of the United States of America, in accordance with the terms, and on the dates, set forth herein.  This Note has been executed by the Maker and delivered to and accepted by the Holder on the date set forth above (the “Effective Date”).

 

1.                                      Definitions.  For purposes of this Note, the following terms shall have the meanings set forth below:

 

(a)                                 “Bankruptcy Law” means Title 11 of the United States Code (11 U.S.C. 101 et seq.), as amended from time to time, and any successor statute, or if the context so requires, any similar federal or state law.

 

(b)                                 “Business Day” means any day except Saturday, Sunday or any day on which banking institutions in The City of New York, New York are authorized or required by law, regulation or executive order to remain closed.

 

(c)                                  “Effective Date” shall have the meaning set forth in the Preamble.

 

(d)                                 “Event of Default” shall have the meaning set forth in Section 7.

 

(e)                                  “Holder” shall have the meaning set forth in the Preamble.

 

(f)                                   “Interest Payment Date” shall have the meaning set forth in Section 4.

 

(g)                                  “Interest Rate” shall have the meaning set forth in Section 3.

 

(h)                                 “Maker” shall have the meaning set forth in the Preamble.

 

(i)                                     “Maker’s Class A Stock” shall have the meaning set forth in Section 4.

 

(j)                                    “Material Subsidiary” means any Subsidiary that meets either of the following conditions:  (1) the Maker’s and its Subsidiaries’ investments in and advances to such Subsidiary exceed 10% of the Maker’s and its Subsidiaries’ total assets consolidated (determined in accordance with United States generally accepted accounting principles) as of the end of the most recent fiscal quarter; or (2) the Maker’s and its Subsidiaries’ proportionate share of the total assets (after intercompany eliminations) of such Subsidiary exceeds 10% of the Maker’s and its Subsidiaries’ total assets consolidated (determined in accordance with United States generally accepted accounting principles) as of the end of the most recent fiscal quarter.

 

(k)                                 “Note” shall have the meaning set forth in the Preamble.

 

 

(l)                                     “Original Principal Amount” means two hundred and fifty million dollars ($250,000,000.00), which is the original aggregate principal amount of this Note on the Effective Date.

 

(m)                             “Original Principal Amount Maturity Date” shall have the meaning set forth in Section 5.

 

(n)                                 “Original Principal Payment Date” shall have the meaning set forth in Section 5.

 

(o)                                 “Outstanding Principal Amount” means principal amount of this Note that is outstanding from time to time, which, for the avoidance of doubt shall be the Original Principal Amount, plus any PIK Amounts that at such time has been added thereto, less any payments or prepayments of principal made in cash pursuant to the terms hereof, including, without limitation, Sections 5 and 6 hereof.

 

(p)                                 “Person” means a corporation, an association, a partnership, a limited liability company, an individual, a joint venture, a joint stock company, a trust, an unincorporated organization or a government or an agency or a political subdivision thereof.

 

(q)                                 “PIK Amount” shall have the meaning set forth in Section 4.

 

(r)                                    “PIK Amount Maturity Date” shall have the meaning set forth in Section 5.

 

(s)                                   “Subsidiary” means, with respect to the Maker, any Person (excluding an individual) a majority of the outstanding voting stock, partnership interests, membership interests or other equity interest, as the case may be, of which is owned or controlled, directly or indirectly, by the Maker or by one or more other Subsidiaries of the Maker.  For the purposes of this definition, (i) “voting stock” means stock having voting power for the election of directors, trustees or managers, as the case may be, whether at all times or only so long as no senior class of stock has such voting power by reason of any contingency and (ii) in the case of a partnership, such partnership shall only be deemed to be a Subsidiary of the Maker if (A) the Maker or a Subsidiary of the Maker is the sole general partner or the managing general partner of such partnership or (B) the only general partners of such partnership are the Maker or one or more Subsidiaries of the Maker (or a combination thereof).

 

(t)                                    “Trading Day” shall mean a full trading day on the Trading Market (beginning at 9:30 a.m., New York City time, and ending at 4:00 p.m., New York City time, or such other times that any such Trading Market is ordinarily open for a full day of business and trading).

 

(u)                                 “Trading Market” means the New York Stock Exchange, Inc. or any successor to the New York Stock Exchange, Inc.; provided, however, that in the event the Maker’s Class A Stock is not then listed on the New York Stock Exchange, Inc. or any successor to the New York Stock Exchange, Inc., then “Trading Market” shall mean any other national or regional securities exchange on which the Maker’s Class A Stock is then listed or admitted for trading, or any system of automated dissemination of quotations of securities prices on which the 

 

2

 

Maker’s Class A Stock is then quoted, or if the Maker’s Class A Stock is not listed or admitted on a national or regional securities exchange or quoted on any system of automated dissemination of quotation of securities prices, the over-the-counter market for which a closing bid and a closing asked price for the Maker’s Class A Stock is then available.

 

(v)                                 “VWAP” means the volume weighted average price (the aggregate sales price of all trades of Maker’s Class A Stock during a Trading Day divided by the total number of shares of Maker’s Class A Stock traded during such Trading Day) of the Maker’s Class A Stock during a Trading Day as reported by Bloomberg L.P. using the AQR function.

 

For the avoidance of doubt, all references to “principal” or “principal amount” in this Note shall include principal in the form of any PIK Amount that at such time has been added to the Outstanding Principal Amount of this Note.

 

2.                                      Spin-off Transaction.  This Note is being issued to partially capitalize Holder in connection with the spin-off of the Maker’s alternative investment management business, its institutional research services business and certain cash and other assets to Holder.

 

3.                                      Interest Rate.  Interest shall accrue on the Outstanding Principal Amount of this Note from and including the Effective Date until the date all of the Outstanding Principal Amount is paid in full, in cash, at the rate of four percent (4.0%) per annum (the “Interest Rate”).  Interest on the Outstanding Principal Amount of this Note shall not accrue on such Outstanding Principal Amount, or any portion thereof, for the day on which such Outstanding Principal Amount or such portion is paid.  The Maker shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal, if any, at the rate equal to 2.0% per annum in excess of the then applicable interest rate on the Note to the extent lawful.  The Maker shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period) at the same rate to the extent lawful.  Interest will be computed on the basis of a 360-day year of twelve 30-day months.

 

4.                                      Payment of Interest.  The Maker agrees to make annual interest payments at the Interest Rate in cash to the Holder on the Outstanding Principal Amount in arrears on each anniversary of the Effective Date (each such date, an “Interest Payment Date”).  Interest on this Note will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the Effective Date; provided, however, at the election of the Maker, payments of this Note may, in lieu of being paid in cash, be paid, in whole or in part, (i) in kind (each such in kind interest, a “PIK Amount”) on the then-Outstanding Principal Amount (which shall thereby increase the then-Outstanding Principal Amount by adding such PIK Amount due on such Interest Payment Date to the then-Outstanding Principal Amount) or (ii) in shares of Maker’s Class A Common Stock, par value $0.001 per share (“Maker’s Class A Stock”), valued at the average VWAP for the ten Trading Days immediately preceding the applicable Interest Payment Date.  Notwithstanding the foregoing, in no event shall any interest be paid in kind pursuant to 

 

3

 

clause (i) of the preceding sentence with respect to any Interest Payment Date subsequent to [•], 2019.(1)

 

5.                                      Payment of Principal.  Subject to Section 6(d) hereof, the Maker agrees to repay the Original Principal Amount of this Note to the Holder, in cash, in five equal annual installments of fifty million dollars ($50,000,000.00) on each Interest Payment Date (each, an “Original Principal Payment Date”) up to and including [•], 2020 (the “Original Principal Amount Maturity Date”) and shall repay all PIK Amounts added to the Outstanding Principal Amount of this Note to the Holder, in cash, on the fifth anniversary of the date on which each such PIK Amount was added to the Outstanding Principal Amount of this Note (such fifth anniversary date with respect to any PIK Amount, a “PIK Amount Maturity Date”), with all PIK Amounts to be paid by Holder no later than [•], 2024.(2)

 

6.                                      Application of Payments; Prepayment.

 

(a)                                 All cash payments in respect of this Note shall be applied as follows: (i) first, to the payment in full of the accrued and unpaid interest hereunder that is not paid in kind in the form of PIK Amounts or paid in Maker’s Class A Stock pursuant to the proviso in the second sentence of Section 4 hereof, and (ii) second, to the payment of the Outstanding Principal Amount, including the PIK Amounts included therein, in accordance with Section 5.

 

(b)                                 Upon payment in full of the entire Outstanding Principal Amount, including all PIK Amounts included therein, in cash, and all accrued and unpaid interest thereon to such date in cash or in Maker’s Class A Common Stock pursuant to clause (ii) of the proviso in the second sentence of Section 4 hereof, this Note shall be deemed cancelled and the Holder shall cause this Note to be marked “Paid in Full” and promptly returned to the Maker.

 

(c)                                  If any payment under this Note (interest, principal or otherwise) would otherwise be due on a day other than Business Day, then such payment shall instead be due on the next succeeding Business Day and no adjustment shall be made to the amount of such payment as a result of such deferral.

 

(d)                                 The Maker may prepay all or any portion of the then- Outstanding Principal Amount, including all PIK Amounts included therein, of this Note at any time without penalty or premium.  Prepayments on such Outstanding Principal Amount of this Note shall be applied to the Original Principal Amount and any or all PIK Amounts included in the Outstanding Principal Amount as directed by the Maker.  In the case of a partial prepayment of the Original Principal Amount of this Note, the remaining Original Principal Amount shall be paid ratably over the remaining Original Principal Payment Dates until the Original Principal Amount Maturity Date.

 

(1)  This date would be the fourth Interest Payment Date.

 

(2)  This date is five years from the last interest date on which interest may be paid in kind.

 

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7.                                      Events of Default.

 

(a)                                 Each of the following events shall constitute an event of default (an “Event of Default”):

 

(i)                                     Failure of the Maker to pay any interest when due in accordance with the terms of this Note and such failure is not cured within 30 days;

 

(ii)                                  Failure of the Maker to pay any principal amounts when due in accordance with the terms of this Note, including the Original Principal Amounts payable on each Original Principal Payment Date and on the Original Principal Amount Maturity Date and any PIK Amounts payable on each PIK Amount Maturity Date;

 

(iii)                               The Maker or any of its Material Subsidiaries (as defined below) pursuant to or under or within the meaning of any Bankruptcy Law (as defined below):

 

(1)                                 commences a voluntary case or proceeding seeking liquidation, reorganization or other relief with respect to the Maker or any of its Material Subsidiaries or their debts or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Maker or any of its Material Subsidiaries or any substantial part of the property of the Maker or any of its Material Subsidiaries; or

 

(2)                                 consents to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against the Maker or any of its Material Subsidiaries; or

 

(3)                                 consents to the appointment of a custodian of it or for all or substantially all of its property; or

 

(4)                                 makes a general assignment for the benefit of creditors; or

 

(iv)                              an involuntary case or other proceeding shall be commenced against the Maker or any of its Material Subsidiaries seeking liquidation, reorganization or other relief with respect to the Maker or any of its Material Subsidiaries or their debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Maker or any of its Material Subsidiaries or any substantial part of the property of the Maker or any of its Material Subsidiaries, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of thirty (30) calendar days; or

 

(v)                                 a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(1)                                 is for relief against the Maker or any of its Material Subsidiaries in an involuntary case or proceeding; or

 

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(2)                                 appoints a trustee, receiver, liquidator, custodian or other similar official of the Maker or any of its Material Subsidiaries or any substantial part of the property of the Maker or any of its Material Subsidiaries; or

 

(3)                                 orders the liquidation of the Maker or any of its Material Subsidiaries;

 

and, in each case in this clause (v), the order or decree remains unstayed and in effect for thirty (30) calendar days,

 

(b)                                 Acceleration.  Upon the occurrence of an Event of Default set forth in Sections 7(a)(i) or 7(a)(ii) hereof, the Holder may, by written notice to the Maker, declare this Note to be due and payable, whereupon the Outstanding Principal Amount, including all PIK Amounts included therein, together with all accrued and unpaid interest thereon and any and all other amounts payable hereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.  If an Event of Default specified in Sections 7(a)(iii), 7(a)(iv) or 7(a)(v) occurs, the Outstanding Principal Amount, including all PIK Amounts included therein, together with all accrued and unpaid interest thereon and any and all other amounts payable hereunder, shall become immediately automatically due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

8.                                      Miscellaneous.

 

(a)                                 Successors and Assigns.  The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective executors, administrators, heirs, successors and permitted assigns of the Maker and the Holder.  The Holder may not assign any of its rights or obligations hereunder without the written consent of the Maker.  The Maker may assign its rights and obligations hereunder to any affiliate of Maker, so long as the Maker continues to remain obligated for its responsibilities, liabilities and obligations hereunder.

 

(b)                                 Loss or Mutilation of Note.  Upon receipt by the Maker of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Note (together with indemnity reasonably satisfactory to the Maker), the Maker shall, in the case of loss, theft, destruction or mutilation, or the surrender and cancellation of this Note, execute and deliver to the Holder a new promissory note of like tenor and denomination as this Note to replace this Note.

 

(c)                                  Place of Payment.  All payments due hereunder shall be made by checks or by wire transfer of United States Dollars and in immediately available funds to one or more accounts designated by the Holder to the Maker in writing.

 

(d)                                 GOVERNING LAW.  THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES OF SUCH STATE.

 

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(e)                                  WAIVER OF JURY TRIAL.  EACH OF THE MAKER AND THE HOLDER, BY ACCEPTING THIS NOTE, AGREES THAT IT HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO JURY TRIAL OF ANY CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION (I) ARISING UNDER THIS NOTE OR (II) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS IN RESPECT OF THIS NOTE, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY, OR OTHERWISE.  EACH OF THE MAKER AND THE HOLDER, BY ACCEPTING THIS NOTE, HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT EACH OF THE HOLDER AND THE MAKER MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS NOTE WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE HOLDER OR THE MAKER TO THE WAIVER OF SUCH PERSON’S RIGHT TO TRIAL BY JURY.

 

(f)                                   Waiver and Amendment.  Any term of this Note may be amended, waived or modified only with the written consent of the Maker and the Holder.  The Maker hereby waives presentment for payment, demand, notice of demand, notice of non-payment or dishonor, protest and notice of protest of this Note and agrees that the Holder shall not be required first to institute any suit, or to exhaust its remedies against the Maker in order to enforce the payment of this Note.  No failure or delay on the part of the Holder in exercising any right, power or privilege hereunder or under this Note shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege hereunder or thereunder preclude or require any other or further exercise thereof or the exercise of any other right, power or privilege.

 

(g)                                  Headings; Interpretation.  Section and subsection headings in this Note are included for convenience purposes only and shall not affect the construction or interpretation of any term or provision of this Note.

 

(h)                                 Unsecured.  For the avoidance of doubt, the Maker and the Holder acknowledge that this Note and all obligations, liabilities and indebtedness evidenced hereby and/or incurred by the Maker hereunder are not secured by any collateral and represent general unsecured obligations of the Maker.

 

(i)                                     Tax Matters.  The Maker shall be entitled to withhold from any payment to Holder under this Note (and any such withheld amounts shall be deemed paid to such Holder for the purposes of this Note) if such withholding is otherwise required by applicable law.

 

*                                         *                                         *                                         *                                         *

 

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IN WITNESS WHEREOF, the undersigned have executed and delivered this Note as of the date first above written.

 

 

	
 
    	
 
    	
GAMCO INVESTORS, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 
    	
Its:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
ACCEPTED   AND AGREED:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    

 

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