Document:

EX-4.1

 Exhibit 4.1 

Execution Version 
  

 
  

INDENTURE 
 Dated as of
April 23, 2021 
 Among 

DIAMOND FOREIGN ASSET COMPANY, 

DIAMOND FINANCE, LLC, 
 THE
GUARANTORS NAMED ON THE SIGNATURE PAGES HERETO, 
 WILMINGTON SAVINGS FUND SOCIETY, FSB, 

as Trustee 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Collateral Agent 

9.00%/11.00%/13.00% SENIOR SECURED FIRST LIEN PIK TOGGLE NOTES DUE 2027 

 
  

 

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
	 ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	 
			
	 Section 1.01
	  	 Definitions
	  	 	1	 
	 Section 1.02
	  	 Other Definitions
	  	 	40	 
	 Section 1.03
	  	 [Reserved]
	  	 	40	 
	 Section 1.04
	  	 Rules of Construction
	  	 	41	 
	 Section 1.05
	  	 Acts of Holders
	  	 	41	 
		
	 ARTICLE 2 THE NOTES
	  	 	43	 
			
	 Section 2.01
	  	 Form and Dating; Terms
	  	 	43	 
	 Section 2.02
	  	 Execution and Authentication
	  	 	45	 
	 Section 2.03
	  	 Registrar and Paying Agent
	  	 	45	 
	 Section 2.04
	  	 Paying Agent to Hold Money in Trust
	  	 	46	 
	 Section 2.05
	  	 Holder Lists
	  	 	46	 
	 Section 2.06
	  	 Transfer and Exchange
	  	 	46	 
	 Section 2.07
	  	 Replacement Notes
	  	 	57	 
	 Section 2.08
	  	 Outstanding Notes
	  	 	57	 
	 Section 2.09
	  	 Treasury Notes
	  	 	57	 
	 Section 2.10
	  	 Temporary Notes
	  	 	57	 
	 Section 2.11
	  	 Cancellation
	  	 	58	 
	 Section 2.12
	  	 Defaulted Interest
	  	 	58	 
	 Section 2.13
	  	 CUSIP and ISIN Numbers
	  	 	58	 
		
	 ARTICLE 3 REDEMPTION
	  	 	59	 
			
	 Section 3.01
	  	 Notices to Trustee
	  	 	59	 
	 Section 3.02
	  	 Selection of Notes to Be Redeemed
	  	 	59	 
	 Section 3.03
	  	 Notice of Redemption
	  	 	59	 
	 Section 3.04
	  	 Effect of Notice of Redemption
	  	 	60	 
	 Section 3.05
	  	 Deposit of Redemption or Purchase Price
	  	 	60	 
	 Section 3.06
	  	 Notes Redeemed or Purchased in Part
	  	 	61	 
	 Section 3.07
	  	 Optional Redemption
	  	 	61	 
	 Section 3.08
	  	 [Reserved]
	  	 	62	 
	 Section 3.09
	  	 Offers to Repurchase by Application of Excess Proceeds
	  	 	62	 
	 Section 3.10
	  	 Redemption for Changes in Taxes
	  	 	64	 
		
	 ARTICLE 4 COVENANTS
	  	 	65	 
			
	 Section 4.01
	  	 Payment of Notes
	  	 	65	 
	 Section 4.02
	  	 Maintenance of Office or Agency
	  	 	66	 
	 Section 4.03
	  	 Reports and Other Information
	  	 	66	 
	 Section 4.04
	  	 Compliance Certificate
	  	 	68	 
	 Section 4.05
	  	 Taxes
	  	 	69	 
	 Section 4.06
	  	 Stay, Extension and Usury Laws
	  	 	69	 

							
	 	  	 	  	Page	 
	 Section 4.07
	  	 Limitation on Restricted Payments
	  	 	69	 
	 Section 4.08
	  	 Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries
	  	 	70	 
	 Section 4.09
	  	 Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred
Stock
	  	 	71	 
	 Section 4.10
	  	 Asset Sales
	  	 	73	 
	 Section 4.11
	  	 Transactions with Affiliates
	  	 	76	 
	 Section 4.12
	  	 Liens
	  	 	77	 
	 Section 4.13
	  	 Corporate Existence
	  	 	77	 
	 Section 4.14
	  	 Offer to Repurchase Upon Change of Control
	  	 	78	 
	 Section 4.15
	  	 Limitation on Guarantees of Indebtedness by Restricted Subsidiaries
	  	 	79	 
	 Section 4.16
	  	 Discharge and Suspension of Covenants
	  	 	80	 
	 Section 4.17
	  	 Additional Amounts
	  	 	81	 
	 Section 4.18
	  	 Payments and Modifications of Other Indebtedness
	  	 	84	 
	 Section 4.19
	  	 Change of Ownership or Operator of any Rig; Change of Registered Flag Registry of
Rigs
	  	 	85	 
	 Section 4.20
	  	 Designation and Redesignation of Restricted and Unrestricted Subsidiaries; Indebtedness of
Unrestricted Subsidiaries
	  	 	86	 
	 Section 4.21
	  	 Offer to Repurchase Upon Repayment of Other Last Out Debt
	  	 	87	 
	 Section 4.22
	  	 Sale Leasebacks
	  	 	88	 
		
	 ARTICLE 5 SUCCESSORS
	  	 	88	 
			
	 Section 5.01
	  	 Merger, Consolidation or Sale of All or Substantially All Assets
	  	 	88	 
	 Section 5.02
	  	 Successor Corporation Substituted
	  	 	92	 
		
	 ARTICLE 6 DEFAULTS AND REMEDIES
	  	 	93	 
			
	 Section 6.01
	  	 Events of Default
	  	 	93	 
	 Section 6.02
	  	 Acceleration
	  	 	96	 
	 Section 6.03
	  	 Other Remedies
	  	 	97	 
	 Section 6.04
	  	 Waiver of Past Defaults
	  	 	97	 
	 Section 6.05
	  	 Control by Majority
	  	 	98	 
	 Section 6.06
	  	 Limitation on Suits
	  	 	98	 
	 Section 6.07
	  	 Rights of Holders of Notes to Receive Payment
	  	 	98	 
	 Section 6.08
	  	 Collection Suit by Trustee
	  	 	98	 
	 Section 6.09
	  	 Restoration of Rights and Remedies
	  	 	99	 
	 Section 6.10
	  	 Rights and Remedies Cumulative
	  	 	99	 
	 Section 6.11
	  	 Delay or Omission Not Waiver
	  	 	99	 
	 Section 6.12
	  	 Trustee May File Proofs of Claim
	  	 	99	 
	 Section 6.13
	  	 Priorities
	  	 	100	 
	 Section 6.14
	  	 Undertaking for Costs
	  	 	100	 
		
	 ARTICLE 7 TRUSTEE
	  	 	100	 
			
	 Section 7.01
	  	 Duties of Trustee
	  	 	100	 
	 Section 7.02
	  	 Rights of Trustee
	  	 	101	 
	 Section 7.03
	  	 Individual Rights of Trustee
	  	 	103	 
	 Section 7.04
	  	 Trustee’s Disclaimer
	  	 	103	 
	 Section 7.05
	  	 Notice of Defaults
	  	 	103	 
	 Section 7.06
	  	 Reports by Trustee to Holders of the Notes
	  	 	103	 
	 Section 7.07
	  	 Compensation and Indemnity
	  	 	104	 

  
 -ii- 

							
	 	  	 	  	Page	 
	 Section 7.08
	  	 Replacement of Trustee
	  	 	104	 
	 Section 7.09
	  	 Successor Trustee by Merger, Etc.
	  	 	105	 
	 Section 7.10
	  	 Eligibility; Disqualification
	  	 	106	 
	 Section 7.11
	  	 Preferential Collection of Claims Against Issuer
	  	 	106	 
	 Section 7.12
	  	 Limitation on Duty of Trustee and Collateral Agent in Respect of Collateral
	  	 	106	 
		
	 ARTICLE 8 LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  	 	107	 
			
	 Section 8.01
	  	 Option to Effect Legal Defeasance or Covenant Defeasance
	  	 	107	 
	 Section 8.02
	  	 Legal Defeasance and Discharge
	  	 	107	 
	 Section 8.03
	  	 Covenant Defeasance
	  	 	107	 
	 Section 8.04
	  	 Conditions to Legal or Covenant Defeasance
	  	 	108	 
	 Section 8.05
	  	 Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous
Provisions
	  	 	109	 
	 Section 8.06
	  	 Repayment to Issuers
	  	 	109	 
	 Section 8.07
	  	 Reinstatement
	  	 	110	 
		
	 ARTICLE 9 AMENDMENT, SUPPLEMENT AND WAIVER
	  	 	110	 
			
	 Section 9.01
	  	 Without Consent of Holders of Notes
	  	 	110	 
	 Section 9.02
	  	 With Consent of Holders of Notes
	  	 	112	 
	 Section 9.03
	  	 [Reserved]
	  	 	114	 
	 Section 9.04
	  	 Revocation and Effect of Consents
	  	 	114	 
	 Section 9.05
	  	 Notation on or Exchange of Notes
	  	 	114	 
	 Section 9.06
	  	 Trustee to Sign Amendments, Etc.
	  	 	114	 
		
	 ARTICLE 10 GUARANTEES
	  	 	115	 
			
	 Section 10.01
	  	 Guarantee
	  	 	115	 
	 Section 10.02
	  	 Limitation on Guarantor Liability
	  	 	116	 
	 Section 10.03
	  	 Execution and Delivery
	  	 	117	 
	 Section 10.04
	  	 Subrogation
	  	 	117	 
	 Section 10.05
	  	 Benefits Acknowledged
	  	 	117	 
	 Section 10.06
	  	 Release of Guarantees
	  	 	117	 
		
	 ARTICLE 11 SATISFACTION AND DISCHARGE
	  	 	119	 
			
	 Section 11.01
	  	 Satisfaction and Discharge
	  	 	119	 
	 Section 11.02
	  	 Application of Trust Money
	  	 	119	 
		
	 ARTICLE 12 MISCELLANEOUS
	  	 	120	 
			
	 Section 12.01
	  	 [Reserved]
	  	 	120	 
	 Section 12.02
	  	 Notices
	  	 	120	 
	 Section 12.03
	  	 Communication by Holders of Notes with Other Holders of Notes
	  	 	122	 
	 Section 12.04
	  	 Certificate and Opinion as to Conditions Precedent
	  	 	122	 
	 Section 12.05
	  	 Statements Required in Certificate or Opinion
	  	 	122	 
	 Section 12.06
	  	 Rules by Trustee and Agents
	  	 	123	 
	 Section 12.07
	  	 No Personal Liability of Directors, Officers, Employees and Stockholders
	  	 	123	 
	 Section 12.08
	  	 Governing Law
	  	 	123	 
	 Section 12.09
	  	 Waiver of Jury Trial
	  	 	123	 

  
 -iii- 

							
	 	  	 	  	Page	 
	 Section 12.10
	  	 Force Majeure
	  	 	123	 
	 Section 12.11
	  	 No Adverse Interpretation of Other Agreements
	  	 	124	 
	 Section 12.12
	  	 Successors
	  	 	124	 
	 Section 12.13
	  	 Severability
	  	 	124	 
	 Section 12.14
	  	 Counterpart Originals
	  	 	124	 
	 Section 12.15
	  	 Table of Contents, Headings, Etc.
	  	 	124	 
	 Section 12.16
	  	 U.S.A. PATRIOT Act
	  	 	124	 
	 Section 12.17
	  	 Jurisdiction
	  	 	124	 
	 Section 12.18
	  	 Legal Holidays
	  	 	125	 
	 Section 12.19
	  	 Currency Indemnity
	  	 	125	 
	 Section 12.20
	  	 Waiver of Immunity
	  	 	126	 
		
	 ARTICLE 13 COLLATERAL
	  	 	126	 
			
	 Section 13.01
	  	 Security Documents
	  	 	126	 
	 Section 13.02
	  	 Non-Impairment of Liens
	  	 	127	 
	 Section 13.03
	  	 Release of Collateral
	  	 	127	 
	 Section 13.04
	  	 Suits to Protect the Collateral
	  	 	128	 
	 Section 13.05
	  	 Authorization of Receipt of Funds by the Trustee Under the Security Documents
	  	 	129	 
	 Section 13.06
	  	 Purchaser Protected
	  	 	129	 
	 Section 13.07
	  	 Powers Exercisable by Receiver or Trustee
	  	 	129	 
	 Section 13.08
	  	 Release Upon Termination of the Issuers’ Obligations
	  	 	129	 
	 Section 13.09
	  	 Collateral Agent
	  	 	130	 

 EXHIBITS 
  

			
	Exhibit A	  	Form of Note
	Exhibit B	  	Form of Certificate of Transfer
	Exhibit B-1	  	Form of Accredited Investor Certificate
	Exhibit C	  	Form of Certificate of Exchange
	Exhibit D	  	Form of Supplemental Indenture to be Delivered by Subsequent Guarantors
	Exhibit E	  	Form of Intercreditor Agreement

  
 -iv- 

 INDENTURE, dated as of April 23, 2021, among Diamond Foreign Asset Company, an exempted
company formed under the laws of the Cayman Islands and a Wholly Owned Subsidiary of the Company (as defined below) (the “Cayman Issuer”), and Diamond Finance, LLC, a limited liability company organized and existing under the laws
of the State of Delaware and a Wholly Owned Subsidiary of the Cayman Issuer (the “U.S. Issuer,” together with the Cayman Issuer, the “Issuers”), Diamond Offshore Drilling, Inc., a corporation incorporated under the
laws of the State of Delaware (the “Company”), the other Guarantors (as defined herein) listed on the signature pages hereto, Wilmington Savings Fund Society, FSB, as Trustee, and Wells Fargo Bank, National Association, as
Collateral Agent. 
 W I T N E S S E T H 

WHEREAS, the Issuers have duly authorized the creation of an issue of $85,320,750 aggregate principal amount of 9.00%/11.00%/13.00% Senior
Secured First Lien PIK Toggle Notes due 2027 (the “Initial Notes”); and 
 WHEREAS, the Issuers and each of the Guarantors
have duly authorized the execution and delivery of this Indenture. 
 NOW, THEREFORE, the Issuers, the Guarantors, the Trustee and the
Collateral Agent agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders of the Notes. 
 ARTICLE
1 
 DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01 Definitions. 

“144A Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend
and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule
144A. 
 “Acceptable Appraisal” means a third-party desktop appraisal conducted by an Approved Firm; provided that,
with respect to any “idle” Rig, such appraisal shall not be required to discount the value of such Rig as a result of its “idle” status (and, in the case of the appraisal delivered on the Issue Date, shall not take into account
the discounts for idleness contemplated in the definition of “Rig Value”), but shall set forth the estimated reactivation costs of such “idle” Rig (other than for any “idle” Rig for which the Rig Value is required to be
$0 in accordance with the definition thereof). 
 “Acceptable Security Interest” means, with respect to any Property, a
Lien which (a) exists in favor of the Collateral Agent for the benefit of the Secured Parties, (b) is superior to all Liens or rights of any other Person in the Property encumbered thereby, other than Specified Permitted Liens,
(c) secures the Secured Obligations, (d) is enforceable, except as such enforceability may be limited by any applicable Debtor Relief Laws, (e) other than as to Excluded Perfection Collateral, is perfected (or the equivalent under the
Applicable Law of any non-U.S. jurisdiction with respect to applicable non-U.S. security interests), and (f) is subject to the Intercreditor Agreement. 

  
 1 

 “Acquisition” means any acquisition, or any series of related acquisitions,
consummated on or after the date of this Indenture, by which any Issuer or Guarantor or any of their Restricted Subsidiaries (a) acquires any business or all or substantially all of the assets of any Person, or business unit, line of business,
or division thereof, whether through purchase of assets, exchange, issuance of stock, or other equity or debt securities, merger, reorganization, amalgamation, division, or otherwise or (b) directly or indirectly acquires (in one transaction or
as the most recent transaction in a series of transactions) at least a majority (in number of votes) of the securities of a corporation which have ordinary voting power for the election of members of the board of directors or the equivalent
governing body (other than securities having such power only by reason of the happening of a contingency) or a majority (by percentage or voting power) of the outstanding ownership interests of a partnership or limited liability company. 

“Acquisition EBITDA Adjustments” means, with respect to the calculation of Consolidated EBITDA as of any date of
determination: 
 (a) solely in connection with calculating Consolidated EBITDA for the purposes of any incurrence test in connection with
any Permitted Acquisition or similar Permitted Investment, the amount of Consolidated EBITDA forecasted to be attributable to such Rig(s) contemplated to be acquired pursuant to such transaction for the first
12-month period following the consummation of the applicable Permitted Acquisition or similar investment, based solely on contracts which, as of the date such Permitted Acquisition or other similar Permitted
Investment is to be consummated, (i) have commenced or have an estimated contract start date (as determined in good faith by the Company as of such date) that is no later than the six-month anniversary of
the date of such consummation and (ii) have a remaining term of at least one (1) year from the date of such consummation (such amount to be determined in good faith by the Company based on customer contracts relating to such transaction,
projected revenues from such contracts, capital costs and expenses, scheduled Commercial Operation Date, contractual limitations on distributions and other factors and assumptions believed by the Issuers to be reasonable or appropriate at the time);
and 
 (b) otherwise with respect to any Rig(s) acquired or constructed after the date hereof during any Reference Period (and
notwithstanding any restatement of the consolidated financial statements of the Company or any direct or indirect parent of the Company in connection with any such acquisition), an amount equal to the lesser of (i) the Consolidated EBITDA that
would have been attributable to such Rig(s) if such Rig(s) had been acquired, or completed and delivered, on the first day of the four-quarter period mostly recently ended prior to the consummation of such transaction, determined on a historical pro
forma basis and (ii) an amount determined by the Issuers, in the same manner as set forth in the foregoing clause (a), as the Consolidated EBITDA forecasted to be attributable to such Rig(s) for the balance of the four full fiscal quarter
period following the consummation of such transaction. 
 “Additional Notes” means additional Notes (other than the Initial
Notes) issued under this Indenture in accordance with Sections 2.01 and 4.09 hereof. The Initial Notes and the Additional Notes, if any, shall constitute one series for all purposes under this Indenture (and as such will vote together on matters
under the Indenture). 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or
controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and
“under common control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership
of voting securities, by agreement or otherwise. 
 “Affiliate Transaction” means any transaction, contract, agreement,
understanding, loan advance or guarantee with any Affiliate of the Company. 
 “Agent” means any Registrar, Paying Agent or
authenticating agent. 

  
 2 

 “AI Global Note” means a Global Note substantially in the form of
Exhibit A hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding
principal amount of the Notes sold in reliance on the exemption from the registration requirements of the Securities Act provided by Section 4(a)(2) thereof. 

“Applicable Law” means all applicable provisions of constitutions, laws, statutes, ordinances, rules, treaties, regulations,
permits, licenses, approvals, interpretations, and orders of Governmental Authorities and all orders and decrees of all courts and arbitrators. 

“Applicable Premium” means, with respect to any Note being redeemed on any Redemption Date, the greater of: 

(1) 1.0% of the principal amount of such Note; and 

(2) the excess, if any, of (a) the present value at such Redemption Date of (i) such principal amount of such Notes as of such
Redemption Date, plus (ii) all required interest payments due on such Note (assuming cash interest payments) through, in each case, April 22, 2023, computed using a discount rate equal to the Treasury Rate as of such Redemption Date plus
50 basis points; over (b) the then outstanding principal amount of such Note. 
 The Issuers shall calculate or cause to be calculated
the Applicable Premium and the Trustee shall have no duty to calculate or verify the Issuers’ calculation of the Applicable Premium. 

“Applicable Procedures” means, with respect to any selection of Notes, transfer or exchange of or for beneficial interests in
any Global Note, the rules and procedures of the Depositary, Euroclear and/or Clearstream that apply to such selection, transfer or exchange. 

“Approved Firm” means any of (a) Clarkson Valuations Limited, (b) Fearnley Offshore Supply Pte. Ltd., (c) Bassoe
Offshore, (d) Arctic Offshore, (e) Pareto Offshore, (f) any successor or affiliated ship broker of those ship brokers listed in clauses (a) – (e), and (g) any other similarly qualified, independent ship broker that is not an
Affiliate of the Company, the Issuers or any Subsidiary. 
 “Asset Sale” means: 

(1) the sale, transfer, license, lease or other disposition, whether in a single transaction or a series of related
transactions, of any Property (including by way of a sale and leaseback transaction and any division, merger or disposition of Equity Interests) of the Company or any of its Restricted Subsidiaries (each referred to as a “disposition”); or

 (2) the issuance of Equity Interests by any Restricted Subsidiary of the Company to any Person that is not an Issuer
or a Guarantor or any Restricted Subsidiary thereof, whether in a single transaction or a series of related transactions; 

in each case, other than: 

(a) any disposition in the ordinary course of business of obsolete, worn-out or
surplus assets no longer used or useful in the business of the Company or any of its Restricted Subsidiaries, in each case other than a Rig; 

  
 3 

 (b) the sale, transfer or other disposition of assets to the Issuers or any
Guarantor pursuant to any other transaction expressly permitted pursuant to Article 5 hereof; 
 (c) dispositions of
cash and Cash Equivalents in the ordinary course of business; 
 (d) dispositions (i) between or among the Issuers
and/or Guarantors, (ii) by any Excluded Subsidiary to any Issuer or Guarantor (provided that in connection with any new transfer, such Issuer or Guarantor shall not pay more than an amount equal to the fair market value of such assets as
determined in good faith by the Company at the time of such transfer) and (iii) by any Excluded Subsidiary to any other Excluded Subsidiary; 

(e) non-exclusive licenses and sublicenses of intellectual property rights in the
ordinary course of business not interfering, individually or in the aggregate, in any material respect with the business of the Issuers and their Subsidiaries; (f) any disposition in connection with the receipt by any Issuer or Guarantor or any
Restricted Subsidiary thereof of any cash insurance proceeds or condemnation award payable by reason of theft, loss, physical destruction or damage, taking, or similar event with respect to any of their respective Property; 

(g) any disposition of property (other than a Rig or Rig Subsidiary) in the form of an Investment permitted pursuant to
the definition of Permitted Investments (other than clause (e) thereof); 
 (h) any disposition of any Property other
than any Rig or Rig Subsidiary, (i) that is made for fair market value to a third party on arm’s-length terms and the consideration received for such disposition is no less than 85% in cash,
(ii) in respect of which any Net Proceeds and other consideration are pledged as Collateral subject to an Acceptable Security Interest to the extent required by Article 13 promptly following the date such transaction is consummated, and
(iii) for consideration in an amount that does not cause the aggregate consideration for all dispositions under this clause (h) (other than the sale of the Mexico Office Building) since the Issue Date to exceed $5,000,000; 

(i) the sale of: 

(i) either of the Ocean America and the Ocean Valiant; provided, that (A) such Rig (x) is
cold-stacked at the time of such disposition, and (y) is sold for at least fair market value to a third-party on arm’s-length terms and the consideration received from such disposition
is no less than 85% in cash, (B) the Net Proceeds and other consideration of such disposition are pledged as Collateral subject to an Acceptable Security Interest to the extent required by Article 13 promptly following the date such transaction
is consummated, (C) no Default has occurred and is continuing or would result therefrom and (D) the Company is in Pro Forma Compliance with each Collateral Coverage Ratio Requirement, both before and after giving effect to such
disposition; and 

  
 4 

 (ii) the Ocean Valor, so long as (A) such Rig is sold for at
least fair market value to a third party on arm’s-length terms and the consideration received is no less than 85% in cash based on an Acceptable Appraisal, (B) the Net Proceeds and other
consideration of such disposition are pledged as Collateral subject to an Acceptable Security Interest to the extent required by Article 13 promptly following the date such transaction is consummated and (C) no Default has occurred and is
continuing or would result therefrom; 
 (j) [Reserved]; 

(k) any “asset swap” for which (i) the replacement assets received in connection therewith have an appraised
value greater than or equal to the appraised value of the replaced assets as reflected in an Acceptable Appraisal in respect of any replacement Rig (with such appraised value to include, for this purpose, the value of net cash flows through any
then-existing contracted backlog), (ii) all assets received as consideration for such “asset swap” or acquired with the Net Proceeds therefrom, shall be pledged as Collateral subject to an Acceptable Security Interest to the extent
required by Article 13 promptly following the date such transaction is consummated, (iii) no Default has occurred and is continuing or would result therefrom, and (iv) the Company is in Pro Forma Compliance with each Collateral Coverage
Ratio Requirement, both before and after giving effect to such “asset swap”; and 
 (l) any disposition of
any Property for scrap in the ordinary course of business, (i) that is made for at least fair market value to a third party on arm’s-length terms and the consideration received is no less than 85% in
cash, (ii) that does not cause the consideration for each such transaction or series of related transactions under this clause (l) to exceed $500,000, and (iii) in respect of which any Net Proceeds and other consideration are pledged
as Collateral subject to an Acceptable Security Interest to the extent required by Article 13 promptly following the date such transaction is consummated. 

Notwithstanding anything to the contrary, prior to the RCF Discharge Date, any Asset Sale that is permitted under the Revolving Loan Credit
Agreement (whether pursuant to the terms of the Revolving Loan Credit Agreement (and any related documents) or as a result of any determination made thereunder, or by amendment or waiver of the terms of the Revolving Loan Credit Agreement, or
otherwise) shall be permitted under this Indenture and the other Note Documents without any further action required by any party hereto. 

“Attributable Indebtedness” means, on any date of determination, (a) in respect of any Capital Lease Obligation of any
Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease, the capitalized amount or principal amount of the remaining
lease payments under the relevant lease that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a Capital Lease Obligation. 

“Bankruptcy Code” means Title 11 of the United States Code, as amended. 

“Bankruptcy Court” means the United States Bankruptcy Court for the Southern District of Texas. 

“Bankruptcy Law” means the Bankruptcy Code and any similar federal, state or foreign law for the relief of debtors. 

  
 5 

 “BOP Lease Agreement” means that certain Lease Agreement, dated as of
February 5, 2016, between Diamond Offshore Limited and EFS BOP, LLC, as amended by that certain Amendment to Lease Agreement dated as of March 31, 2021. 

“Business Day” means each day which is not a Legal Holiday. 

“Capital Expenditures” means, with respect to the Company and its Restricted Subsidiaries on a Consolidated basis, for any
period, (a) the additions to property, plant, and equipment and other capital expenditures that are (or would be) set forth in a Consolidated statement of cash flows of such Person for such period prepared in accordance with GAAP and
(b) Capital Lease Obligations during such period, but excluding expenditures for the restoration, repair, or replacement of any fixed or capital asset which was destroyed or damaged, in whole or in part, to the extent financed by the proceeds
of an insurance policy maintained by such Person. 
 “Capital Lease Obligations” of any Person means the obligations of
such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as finance leases on
a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. 

“Capital Stock” means: 

(1) in the case of a corporation, corporate stock or shares in the capital of such corporation; 

(2) in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of capital stock; 
 (3) in the case of a partnership or limited liability company,
partnership or membership interests (whether general or limited); and 
 (4) any other interest or participation that
confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person (it being understood and agreed, for the avoidance of doubt, that “cash-settled phantom appreciation programs”
in connection with employee benefits that do not require a dividend or distribution shall not constitute Capital Stock) but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such debt securities
include any right of participation with Capital Stock. 
 “Cash Equivalents” means, collectively,
(a) marketable direct obligations issued or unconditionally guaranteed by the United States or any agency thereof to the extent such obligations are backed by the full faith and credit of the United States, in each case maturing within one
(1) year from the date of acquisition thereof, (b) commercial paper maturing no more than two hundred seventy (270) days from the date of creation thereof and currently having the highest rating obtainable from either S&P
or Moody’s (or, if at any time either S&P or Moody’s are not rating such fund, an equivalent rating from another nationally recognized statistical rating agency), (c) investments in certificates of deposit, banker’s acceptances,
money market deposits and time deposits maturing within one hundred eighty (180) days from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of
any commercial bank organized under the laws of the United States of America or any State thereof that has a combined capital and surplus and 

  
 6 

 undivided profits of not less than $500,000,000 and having a long-term debt rating of
“A” or better by S&P or “A2” or better from Moody’s (or, if at any time either S&P or Moody’s are not rating such fund, an equivalent rating from another nationally recognized statistical rating agency), (d)
investments in any money market fund or money market mutual fund that has (i) substantially all of its assets invested in the types of investments referred to in clauses (a) through (c) above, (ii) net assets of not less than
$250,000,000, and (iii) a rating of at least A-2 from S&P or at least P-2 from Moody’s (or, if at any time either S&P or Moody’s are not rating
such fund, an equivalent rating from another nationally recognized statistical rating agency), and (e) substantially equivalent investments to those outlined in clauses (a) through (d) above which are reasonably comparable in tenor and
credit quality (taking into account the jurisdiction where the Company and its Restricted Subsidiaries conduct business) and customarily used in the ordinary course of business by similar companies for cash management purposes in any jurisdiction in
which such Person conducts business (it being understood that such investments may be denominated in the currency of any jurisdiction in which such Person conducts business). 

“Cash Management Agreement” means any agreement to provide cash management services, including treasury, depository,
overdraft, credit or debit card (including non-card electronic payables and purchasing cards), electronic funds transfer, and other cash management arrangements. 

“Cayman Issuer” has the meaning set forth in the preamble hereto. 

“Change of Control” means the occurrence of any event or series of events by which: 

(i) any “person” or related Persons constituting a “group” (as such terms are used in Rule 13d-5 under the Exchange Act) (other than Pacific Investment Management Company LLC or Avenue Capital Management II, L.P., their respective Affiliates, and/or funds controlled by Pacific Investment Management
Company LLC or Avenue Capital Management II, L.P. or any of their Affiliates) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the
Exchange Act, except that a “person” or “group” shall be deemed to have “beneficial ownership” of all Equity Interests that such “person” or “group” has the right to acquire, whether such right is
exercisable immediately or only after the passage of time), directly or indirectly, of more than 50% of voting power of the ordinary shares of the Company (or the Permitted Holdco on or after a Permitted Holdco Event, for so long as the conditions
set forth in the definition of “Permitted Holdco Event” continue to be satisfied) (such “person” or “group” a “Parent”); provided, that such ownership by a Parent shall not constitute a change of
control if no “person” or related Persons constituting a “group” directly or indirectly owns more than 50% of the voting power of the ordinary shares of such Parent; 

(ii) a majority of the members of the board of directors (or equivalent governing body) of the Company (or the Permitted Holdco on or
after a Permitted Holdco Event, for so long as the conditions set forth in the definition of “Permitted Holdco Event” continue to be satisfied) shall not constitute Continuing Directors; 

(iii) there shall have occurred under any document evidencing any Material Indebtedness any “change of control” or similar
provision (as set forth in such document); or 
 (iv) the Company shall cease to own directly or indirectly, 100% of the Equity
Interests of any of the Issuers or any Guarantor (or the Permitted Holdco (on or after a Permitted Holdco Event, for so long as the conditions set forth in the definition of “Permitted Holdco Event” continue to be satisfied) shall cease to
own directly or indirectly, 100% of the Equity Interests of the Company). 

  
 7 

 Notwithstanding anything to the contrary in this Indenture, the Company shall be permitted
to engage in a business combination with any Person engaged in a Similar Business, and no Change of Control shall result from such combination if, after giving pro forma effect to such combination, either: (A) both the Consolidated Total Net
Leverage Ratio and the Consolidated Secured Net Leverage Ratio, in each case on a Pro Forma Basis (excluding synergies) would be less than or equal to the Consolidated Total Net Leverage Ratio or Consolidated Secured Net Leverage Ratio, as
applicable, before giving effect to such transaction(s); or (B) either (i) a Permitted Holdco Event has occurred or (ii) the Equity Interests of the Combination Party is held in a separate ownership-silo such that (x) creditors of the
business combined shall have no recourse to the assets of the Company and (y) creditors of the Company shall have no recourse to the assets of the acquired Person; provided, for the avoidance of doubt, any transaction between such two
silos will continue to be subject to the to the terms of this Indenture. 
 “Chapter 11 Cases” means the chapter 11 cases
of the Company and certain of its Subsidiaries jointly administered as Bankruptcy Case No. 20-32307 before the Bankruptcy Court. 

“Clearstream” means Clearstream Banking S.A. and its successors. 

“Code” means the United States Internal Revenue Code of 1986, as amended, or any successor thereto. 

“Collateral” means all the assets and properties subject to the Liens created by the Security Documents. 

“Collateral Agent” means Wells Fargo Bank, National Association, in its capacity as collateral agent for the Secured Parties,
together with its successors and assigns in such capacity. 
 “Collateral Coverage Ratio” means either of the RCF
Collateral Coverage Ratio or the Total Collateral Coverage Ratio, or both, as the context requires. 
 “Collateral Coverage Ratio
Requirement” means either of the RCF Collateral Coverage Ratio Requirement or the Total Collateral Coverage Ratio Requirement, or both, as the context requires. 

“Collateral Rig Value” means, as of any date of determination, the sum of the Rig Value of all Rigs that are directly owned,
operated, and chartered by the Issuers and the Guarantors, in each case to the extent (x) each such Rig is subject to an Acceptable Security Interest and not subject to any other Liens securing Indebtedness for borrowed money (other than the
Revolving Loans and L/C Obligations, Last Out Term Loans, the Notes and the Last Out Incremental Debt), and (y) each such Rig is not subject to any other financing arrangement (other than the Revolving Loans and L/C Obligations, Last Out Term
Loans, the Notes and the Last Out Incremental Debt); provided that the Rig Value attributable to non-marketed Rigs shall not constitute more than 5% of the Collateral Rig Value as calculated hereunder. 

“Company” has the meaning set forth in the preamble hereto. 

“Commercial Operation Date” means the date on which an acquired Rig commences commercial operations in accordance with the
terms of its material customer contracts. 
 “Consolidated” means, when used with reference to financial statements or
financial statement items of any Person, such statements or items on a consolidated basis in accordance with applicable principles of consolidation under GAAP. 

  
 8 

 “Consolidated EBITDA” means, for any period, the sum of the following
determined on a Consolidated basis, without duplication, for any Person: 
 (a) Consolidated Net Income for such period, plus

 (b) the sum of the following, without duplication, to the extent deducted in determining Consolidated Net Income for such period:

 (i) Consolidated Interest Expense; 

(ii) expense for Taxes measured by net income, profits, or capital (or any similar measures), paid or accrued, including
federal and state and local income Taxes, foreign income Taxes, and franchise Taxes; 
 (iii) depreciation,
amortization, and other non-cash charges or non-cash expenses, including any write-offs or write-downs, but excluding any
non-cash charge or non-cash expense that represents an accrual for a cash expense to be taken in a future period; 

(iv) net cash proceeds from business interruption insurance or reimbursement of expenses received related to any Permitted
Acquisition or dispositions of Property; provided that the aggregate amount added back pursuant to this clause (b)(iv), when combined with the amounts added back pursuant to clauses (b)(v), (vii), and (ix), shall not exceed the greater of (x)
$2,500,000 and (y) 5% of Consolidated EBITDA in any Reference Period (calculated before giving effect to any such amounts added back); 

(v) all other extraordinary, unusual, or non-recurring charges, expenses, losses
(whether cash or non-cash); provided that the aggregate amount of such cash charges, expenses or losses under this clause (b)(v), when combined with the amounts added back pursuant to clauses (b)(iv),
(vii), and (ix), shall not exceed the greater of (x) $2,500,000 and (y) 5% of Consolidated EBITDA in any Reference Period (calculated before giving effect to any such amount added back); 

(vi) any non-cash adjustments and charges stemming from the application of fresh start
accounting; 
 (vii) transaction expenses incurred in connection with Permitted Acquisitions, dispositions of Property
and Permitted Holdco Events; provided that (A) the aggregate amount of such cash expenses under this clause (b)(vii) (1) when combined with the charges and expenses added back pursuant to clauses (b)(iv), (v), and (ix), shall not
exceed the greater of (x) $2,500,000 and (y) 5% of Consolidated EBITDA in any Reference Period (calculated before giving effect to any such amounts added back) and (2) shall not exceed 1% of the total transaction value of the applicable
Permitted Acquisition, Permitted Holdco Event or dispositions of Property, as applicable, and (B) no such transaction expenses added back hereunder shall have been paid to any Affiliate of the Company or any of its Restricted Subsidiaries
(except to the extent such payment is in respect of third party expenses required to be paid or reimbursed by the Company or any Restricted Subsidiary); 

(viii) non-cash charges and expenses relating to employee benefit plans or equity
compensation plans; 

  
 9 

 (ix) charges, costs or losses attributable to the severance in
connection with any undertaking or implementation of restructurings (including any tax restructuring), cost savings initiatives and cost rationalization programs, business optimization initiatives, systems implementation, termination or modification
of Material Contracts, entry into new markets, strategic initiatives, expansion or relocation, consolidation of any facility, modification to any pension and post-retirement employee benefit plan, software development, new systems design, project
startup, consulting, business, integrity and corporate development; provided that the aggregate amount of cash charges, costs, or losses under this clause (b)(ix), when combined with the charges and expenses added back pursuant to clauses
(b)(iv), (v), and (vii), shall not exceed the greater of (x) $2,500,000 and (y) 5% of Consolidated EBITDA in any Reference Period (calculated before giving effect to any such amounts added back); and 

(x) any Acquisition EBITDA Adjustments; less 

(c) the sum of the following, without duplication, to the extent included in determining Consolidated Net Income for such period: 

(i) interest income, 

(ii) federal, state, local, and foreign income Tax credits of the Company and its Restricted Subsidiaries for such period
(to the extent not netted from income Tax expense); 
 (iii) any extraordinary, unusual, or
non-recurring income; 
 (iv) non-cash
gains or non-cash items; 
 (v) any cash expense made during such period which
represents the reversal of any non-cash expense that was added in a prior period pursuant to clause (b)(iii) above subsequent to the fiscal quarter in which the relevant
non-cash expenses, charges or losses were incurred; and 
 (vi) the Consolidated
EBITDA attributable to any Rig disposed of by such Person during such Reference Period. 
 For purposes of this Indenture, Consolidated
EBITDA shall be calculated on a Pro Forma Basis. Unless otherwise expressly stated, references to Consolidated EBITDA shall mean the Consolidated EBITDA of the Company and its Restricted Subsidiaries. 

“Consolidated Funded Indebtedness” means, as of any date of determination, for the Company and its Restricted Subsidiaries on
a Consolidated basis, the sum of, without duplication, (a) all liabilities, obligations, and indebtedness for borrowed money including, but not limited to, obligations evidenced by bonds, debentures, notes, or other similar instruments of any
such Person, (b) all purchase money indebtedness, (c) all obligations to pay the deferred purchase price of Property or services of any such Person (including all payment obligations under
non-competition, earn-out, or similar agreements, solely to the extent any such payment obligation under non-competition, earn-out, or similar agreements becomes a liability on the balance sheet of such Person in accordance with GAAP), except trade payables arising in the ordinary course of business not more than 180 days past due, or
that are currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided for on the books of such Person, (d) the Attributable Indebtedness of such Person with
respect to such Person’s Capital Lease Obligations and Synthetic Leases (regardless of whether accounted for as indebtedness under GAAP), (e) all drawn and unreimbursed obligations, contingent or otherwise, of (i) any such Person relative
to letters of credit, including any reimbursement obligation thereunder, and (ii) banker’s acceptances issued for the account of any such Person, (f) all obligations of any such Person in respect of Disqualified Stock which shall be
valued, in the case of a 

  
 10 

 
redeemable preferred interest, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends that are past due, (g) all Guarantees of any such
Person with respect to any of the foregoing, and (h) all Indebtedness of the types referred to in clauses (a) through (g) above of any partnership or joint venture (other than a joint venture that is itself a corporation or limited
liability company) in which such Person is a general partner or joint venturer, to the extent such Indebtedness is recourse to such Person. 

“Consolidated Funded Secured Indebtedness” means, as of any date of determination, any Consolidated Funded Indebtedness that
is secured by a Lien on any Property of the Company and its Restricted Subsidiaries. 
 “Consolidated Interest Expense”
means, for any period, the sum of the following determined on a Consolidated basis, without duplication, for the Company and its Restricted Subsidiaries in accordance with GAAP, interest expense (including interest expense attributable to Capital
Lease Obligations and all net payment obligations pursuant to Hedge Agreements) for such period. 
 “Consolidated Net
Income” means, with respect to the Company and its Restricted Subsidiaries, for any period, the Consolidated net income (or loss) of the Company and its Restricted Subsidiaries; provided that there shall be excluded from such net
income (to the extent otherwise included therein) the following: (a) the net income of any Person in which the Company or any of its Restricted Subsidiaries has an interest (which interest does not cause the net income of such other Person to
be consolidated with the net income of the Company and its Restricted Subsidiaries in accordance with GAAP), except to the extent of the amount of dividends or distributions actually paid in cash during such period by such other Person to the
Company or to any of its Restricted Subsidiaries, as the case may be, (b) the net income (or loss), in each case determined in accordance with GAAP, during such period of any Subsidiary that is not a Restricted Subsidiary, except to the extent
of the amount of dividends or distributions actually paid in cash during such period by such other Person to the Company or to any of its Restricted Subsidiaries, as the case may be, (c) the net income (or loss) of any Person acquired in a pooling-of-interests transaction for any period prior to the date of such transaction, (d) any extraordinary gains or losses during such period, including any
cancellation of indebtedness income, (e) any non-cash gains or losses or positive or negative adjustments under ASC 815 (and any statements replacing, modifying or superseding such statement), in each
case as the result of changes in the fair market value of derivatives, and (f) any gains or losses attributable to writeups or writedowns of any Property. 

“Consolidated Secured Net Leverage Ratio” means, as of any date of determination, the ratio of (a)(i) Consolidated Funded
Secured Indebtedness on such date minus (ii) Specified Cash, to (b) Consolidated EBITDA for the most recently completed Reference Period. 

“Consolidated Total Assets” means, as of any date of determination, the total assets of the Company and its Restricted
Subsidiaries determined on a Consolidated basis in accordance with GAAP. 
 “Consolidated Total Gross Leverage Ratio”
means, as of any date of determination, the ratio of (a) Consolidated Funded Indebtedness on such date to (b) Consolidated EBITDA for the most recently completed Reference Period. 

“Consolidated Total Net Leverage Ratio” means, as of any date of determination, the ratio of (a)(i) Consolidated Funded
Indebtedness on such date minus (ii) Specified Cash, to (b) Consolidated EBITDA for the most recently completed Reference Period. 

  
 11 

 “Continuing Directors” means: 

(a) prior to a Permitted Holdco Event and following the occurrence of a Permitted Holdco Event and whenever the conditions set forth in the
definition of “Permitted Holdco Event” cease to be satisfied, the directors (or equivalent governing body) of the Company on the Issue Date and each other director (or equivalent) of the Company, if, in each case, such other Person’s
nomination for election to the board of directors (or equivalent governing body) of the Company is approved by at least 51% of the then Continuing Directors, or 

(b) on and after a Permitted Holdco Event, the directors (or equivalent governing body) of the Permitted Holdco on the date of the
occurrence of such Permitted Holdco Event and each other director (or equivalent) of the Permitted Holdco, if, in each case, such other Person’s nomination for election to the board of directors (or equivalent governing body) of the Permitted
Holdco is approved by at least 51% of the then Continuing Directors. 
 “Corporate Trust Office” shall be at the address of
the Trustee or the Collateral Agent, as applicable, specified in Section 12.02 hereof or such other address as to which the Trustee or Collateral Agent, respectively, may give notice to the Holders and the Issuers. 

“Custodian” means the Trustee, as custodian for the Depositary with respect to the Notes in global form, or any successor
entity thereto. 
 “Debtor Relief Laws” means the Bankruptcy Code of the United States of America, and all other
liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to
time in effect. 
 “Default” means any event that is, or with the passage of time or the giving of notice or both would be,
an Event of Default. 
 “Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued
in accordance with Section 2.06(c) hereof, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note”
attached thereto. 
 “Depositary” means, with respect to the Notes issuable or issued in whole or in part in global form,
the Person specified in Section 2.03 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as Depositary hereunder and having become such pursuant to the applicable provision of this Indenture. 

“Designated Non-cash Consideration” means the fair market value of non-cash
consideration received by the Company or a Restricted Subsidiary in connection with an Asset Sale that is so designated as Designated Non-cash Consideration by the Company, less the amount of cash or Cash
Equivalents received in connection with a subsequent sale, redemption or repurchase of or collection or payment on such Designated Non-cash Consideration. 

“Determination Date” shall mean, with respect to each Interest Period, the tenth calendar day immediately prior to the first
day of such Interest Period. 
 “Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person
which, by its terms, or by the terms of any security into which it is convertible or for which it is putable or exchangeable, or upon the happening of any event or condition, (1) matures or is mandatorily redeemable (other than solely for
Capital Stock of such Person that would not otherwise constitute Disqualified 

  
 12 

 
Stock) pursuant to a sinking fund obligation or otherwise, other than solely as a result of a change of control, asset sale, casualty, eminent domain or condemnation event, or (2) is
redeemable at the option of the holder thereof (other than solely for Capital Stock of such Person that would not otherwise constitute Disqualified Stock) other than solely as a result of a change of control, asset sale, casualty, eminent domain or
condemnation event, in whole or in part, in each case prior to the date 91 days after the earlier of the maturity date of the Notes or the date the Notes are no longer outstanding; provided, however, that if such Capital Stock is
issued to any plan for the benefit of employees of the Company or its respective Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by
the Company or its respective Subsidiaries in order to satisfy applicable statutory or regulatory obligations. 
 “Domestic
Subsidiary” means any Restricted Subsidiary organized under the laws of any political subdivision of the United States. 

“Drilling Contract” means any drilling contract with respect to any Rig. 

“Eligible Local Content Entities” means a Local Content Entity that (a) is not prohibited by its Organizational
Documents or Applicable Law from providing a Guarantee of the Secured Obligations (subject to inclusion of any local Applicable Law-required limitations), (b) is controlled by the Company, and (c) is not
an Unrestricted Subsidiary. 
 “Equity Interests” means Capital Stock and all warrants, options or other rights to acquire
Capital Stock, but excluding any debt security that is convertible into, or exchangeable for, Capital Stock. 
 “Equity
Offering” means any public or private sale of common stock or Preferred Stock of the Issuers or any of its direct or indirect parent companies (excluding Disqualified Stock), other than: 

(1) public offerings with respect to the Issuers’ or any direct or indirect parent company’s common stock registered on Form S-8; and 
 (2) issuances to any Subsidiary of the Company. 

“ERISA” means the Employee Retirement Income Security Act of 1974, and the rules and regulations thereunder. 

“Euroclear” means Euroclear Bank SA/NV and its successors, as operator of the Euroclear System. 

“European Union” means all members of the European Union as of January 1, 2004. “Exchange Act” means the
Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder. 
 “Exchange
Rate” means, on any day, the rate at which the currency other than the Required Currency may be exchanged into the Required Currency at approximately 11:00 a.m., New York City time, on such date on the Bloomberg Key Cross Currency Rates
Page for the relevant currency. To the extent that such rate does not appear on any Bloomberg Key Cross Currency Rate Page, the Exchange Rate shall be determined by the Company in good faith. 

  
 13 

 “Excluded Perfection Collateral” has the meaning set forth in
Section 1.1 of the Revolving Loan Credit Agreement, as applied mutatis mutandis with respect to the Notes in good faith by the Issuers. 

“Excluded Property” has the meaning set forth in Section 1.1 of the Revolving Loan Credit Agreement, as applied mutatis
mutandis with respect to the Notes in good faith by the Issuers. 
 “Excluded Subsidiary” means: 

(a) any Subsidiary (other than a Rig Subsidiary) (i) that would be prohibited or restricted from guaranteeing the Secured
Obligations by any Governmental Authority with authority over such Subsidiary, Applicable Law, or analogous restriction or contract (including any requirement to obtain the consent, approval, license, or authorization of any Governmental Authority
or a third party, unless such consent, approval, license, or authorization has been received, but excluding any restriction in any Organizational Documents of such Subsidiary; except for any such Subsidiary that is deemed not to be an Excluded
Subsidiary pursuant to the terms of the Revolving Loan Credit Agreement; 
 (b) any
non-Wholly Owned Subsidiary (other than a Rig Subsidiary) that is prohibited from guaranteeing the Secured Obligations pursuant to its Organizational Documents (provided that no Wholly Owned Subsidiary that is
a Guarantor as of the Closing Date shall be or be deemed to be an “Excluded Subsidiary” pursuant to this clause (b)(i) solely because a portion (but not all) of the Equity Interests in such Subsidiary are sold, transferred, or otherwise
disposed of to any Person that is not an Issuer or a Guarantor, and, notwithstanding such sale, transfer, or other disposition of a portion (but not all) of the Equity Interests in such Subsidiary, such Subsidiary shall remain a Guarantor to the
extent it does not otherwise constitute an Excluded Subsidiary)
 (c) any Unrestricted Subsidiary; 

(d) any Immaterial Subsidiary; 

(e) any Wholly Owned Restricted Subsidiary (other than a Rig Subsidiary) acquired with
pre-existing Indebtedness permitted pursuant to Section 4.09(b)(vi) hereof, the terms of which prohibit the provision of a Guarantee being provided by such Subsidiary; and 

(f) any Foreign Subsidiary that is deemed to be an Excluded Subsidiary pursuant to the terms of the Revolving Loan Credit
Agreement and is not otherwise an Excluded Subsidiary described in clauses (a) through (e) of the definition hereof. 
 “Exempt
Entity” means any non-Guarantor. 
 “fair market value” means, with
respect to any asset or liability, the fair market value of such asset or liability as determined by the Company in good faith. 

“Fitch” means Fitch, Inc., or any successor to its rating agency business. 

“Fixed Charge Coverage Ratio” means, with respect to any Person for any period, the ratio of Consolidated EBITDA of such
Person for such period to the Fixed Charges of such Person for such period. In the event that the Company or any Restricted Subsidiary incurs, assumes, guarantees, redeems (or gives irrevocable notice of redemption for), repays, retires or
extinguishes any Indebtedness 

  
 14 

 (other than Indebtedness incurred or repaid under any revolving credit facility, unless such Indebtedness
has been permanently repaid and has not been replaced) or issues or redeems Disqualified Stock or Preferred Stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated but prior to or
simultaneously with the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Fixed Charge Coverage Ratio Calculation Date”), then the Fixed Charge Coverage Ratio shall be calculated giving pro
forma effect to such incurrence, assumption, guarantee, redemption (including as contemplated by any such irrevocable notice of redemption), repayment, retirement or extinguishment of Indebtedness, or such issuance or redemption of
Disqualified Stock or Preferred Stock, as if the same had occurred at the beginning of the applicable four-quarter period. 

Notwithstanding anything to the contrary herein, in the event an item of Indebtedness (or any portion thereof) is incurred or issued, any Lien
is incurred or other transaction is undertaken in reliance on a ratio basket based on the Fixed Charge Coverage Ratio, Consolidated Secured Net Leverage Ratio, Consolidated Total Gross Leverage Ratio, Consolidated Total Net Leverage Ratio and
Collateral Coverage Ratio, such ratio(s) shall be calculated with respect to such incurrence, issuance or other transaction without giving effect to amounts being utilized under any other basket (other than a ratio basket based on the Fixed Charge
Coverage Ratio, Consolidated Secured Net Leverage Ratio, Consolidated Total Gross Leverage Ratio, Consolidated Total Net Leverage Ratio and Collateral Coverage Ratio) on the same date. Each item of Indebtedness that is incurred or issued, each Lien
incurred and each other transaction undertaken will be deemed to have been incurred, issued or taken first, to the extent available, pursuant to the relevant Fixed Charge Coverage Ratio, Consolidated Secured Net Leverage Ratio, Consolidated Total
Gross Leverage Ratio, Consolidated Total Net Leverage Ratio and Collateral Coverage Ratio Requirement. 
 This Indenture provides that any
calculation or measure that is determined with reference to the Company’s financial statements (including Consolidated EBITDA, Consolidated Interest Expense, Consolidated Net Income, Fixed Charges, Fixed Charge Coverage Ratio, Consolidated
Secured Net Leverage Ratio, Consolidated Total Gross Leverage Ratio and Consolidated Total Net Leverage Ratio) may be determined with reference to the financial statements of a parent entity instead, so long as such parent entity does not hold any
material assets other than, directly or indirectly, the Capital Stock of the Company. 
 For purposes of making the computation referred to
in the paragraph above, Investments, acquisitions, dispositions, mergers, consolidations and disposed operations (as determined in accordance with GAAP) that have been made by the Company or any of its Restricted Subsidiaries during the four-quarter
reference period or subsequent to such reference period and on or prior to or simultaneously with the Fixed Charge Coverage Ratio Calculation Date shall be calculated on a pro forma basis assuming that all such Investments,
acquisitions, dispositions, mergers, consolidations and disposed operations (and the change in any associated fixed charge obligations and the change in Consolidated EBITDA resulting therefrom) had occurred on the first day of the four-quarter
reference period. If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged with or into the Company or any of its Restricted Subsidiaries since the beginning of such period shall have made any
Investment, acquisition, disposition, merger, consolidation or disposed operation that would have required adjustment pursuant to this definition, then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect thereto for
such period as if such Investment, acquisition, disposition, merger, consolidation or disposed operation had occurred at the beginning of the applicable four-quarter period (subject to the threshold specified in the previous sentence). 

  
 15 

 If any Indebtedness bears a floating rate of interest and is being given pro
forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the Fixed Charge Coverage Ratio Calculation Date had been the applicable rate for the entire period (taking into account any hedging obligations
applicable to such Indebtedness). Interest on a Capital Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by the Company to be the rate of interest implicit in such Capital Lease Obligation in accordance with GAAP.
For purposes of making the computation referred to above, interest on any Indebtedness under a revolving credit facility computed on a pro forma basis shall be computed based upon the average daily balance of such Indebtedness during the
applicable period except as set forth in the first paragraph of this definition. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or
other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the Company may designate. 

“Fixed Charges” means, with respect to any Person for any period, the sum, without duplication, of: 

(1) Consolidated Interest Expense of such Person for such period; 

(2) all cash dividends or other distributions paid (excluding items eliminated in consolidation) on any series of
Preferred Stock of any Restricted Subsidiary during such period; and 
 (3) all cash dividends or other distributions
paid (excluding items eliminated in consolidation) on any series of Disqualified Stock during such period. 
 “Foreign
Subsidiary” means any Restricted Subsidiary that is not a Domestic Subsidiary. 
 “GAAP” means generally accepted
accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board or such other principles as may be approved by a significant segment of the accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied. 

“Global Note Legend” means the legend set forth in Section 2.06(g)(2) hereof, which is required to be placed on all
Global Notes issued under this Indenture. 
 “Global Notes” means, individually and collectively, each of the Restricted
Global Notes and the Unrestricted Global Notes, substantially in the form of Exhibit A hereto, issued in accordance with Section 2.01, 2.06(b) or 2.06(d) hereof. 

“Government Securities” means securities that are: 

(1) direct obligations of the United States of America for the timely payment of which its full faith and credit is pledged; or

 ( 2) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United
States of America the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, 

  
 16 

 which, in either case, are not callable or redeemable at the option of the issuer thereof,
and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act), as custodian with respect to any such Government Securities or a specific payment of principal of or interest on any such
Government Securities held by such custodian for the account of the holder of such depository receipt; provided, that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of
such depository receipt from any amount received by the custodian in respect of the Government Securities or the specific payment of principal of or interest on the Government Securities evidenced by such depository receipt. 

“Governmental Authority” means the government of the United States or any other nation, or of any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining
to government (including any supra-national bodies such as the European Union or the European Central Bank). 
 “Grantors”
means the Cayman Issuer, the U.S. Issuer, the Guarantors and any future Guarantor that becomes a party to the Notes Security Agreement. 

“guarantee” means a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary course of
business), direct or indirect, in any manner (including letters of credit and reimbursement agreements in respect thereof), of all or any part of any Indebtedness or other monetary obligations. 

“Guarantee” means the guarantee by any Guarantor of the Issuers’ Obligations under this Indenture. 

“Guarantor” means the Company and each Restricted Subsidiary that Guarantees the Notes in accordance with the terms of this
Indenture. 
 “Hedge Agreement” means (a) any and all rate swap transactions, basis swaps, credit derivative
transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward
bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or
any other similar transactions, or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all
transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign
Exchange Master Agreement, or any other master agreement. 
 “Hedge Termination Value” means, in respect of any one or more
Hedge Agreements, after taking into account the effect of any legally enforceable netting agreement relating to such Hedge Agreements, (a) for any date on or after the date such Hedge Agreements have been closed out and termination value(s)
determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the
mark-to-market value(s) for such Hedge Agreements, as determined based upon one or more mid-market or other readily available
quotations provided by any recognized dealer in such Hedge Agreements. 
 “Holder” means the Person in whose name a Note is
registered on the Registrar’s books. 

  
 17 

 “Immaterial Subsidiary” means any Restricted Subsidiary of the Company,
which, together with its Subsidiaries that are Restricted Subsidiaries, as of the last day of the most recently ended Reference Period of the Company for which financial statements are available, (a) contributed less than two and one-half percent (2.5%) of the Consolidated EBITDA of the Company and its Restricted Subsidiaries for such period and (b) owns, directly or indirectly through its Subsidiaries, total assets (excluding
intercompany obligations owing by or to such Restricted Subsidiary) of less than two and one-half percent (2.5%) of Consolidated Total Assets as of the last day of such period; provided that such Restricted
Subsidiary, taken together with all Immaterial Subsidiaries as of such date, (i) contributed less than five percent (5.0%) of the Consolidated EBITDA of the Company and its Restricted Subsidiaries for such period, and (ii) owns, directly
or indirectly through its Subsidiaries, total assets (excluding intercompany obligations owing by or to such Restricted Subsidiary) of less than five percent (5.0%) of Consolidated Total Assets as of the last day of such period; provided
further, that no Restricted Subsidiary shall be an Immaterial Subsidiary if such Restricted Subsidiary as of such date (x) is a Rig Subsidiary or (y) is owed gross intercompany receivables by the Company or another of its Restricted
Subsidiaries (without netting of any payables owed by such Restricted Subsidiary) in an aggregate amount greater than $35,000,000. 

“Indebtedness” means, with respect to any Person at any date and without duplication, the sum of the following: 

(a) all liabilities, obligations, and indebtedness of such Person for borrowed money, including obligations of such Person evidenced by
bonds, debentures, notes, or other similar instruments, of such Person; 
 (b) all obligations of such Person to pay the deferred
purchase price of Property or services of such Person (including all payment obligations under non-competition, earn-out, or similar agreements, solely to the extent any
such payment obligation under non-competition, earn-out, or similar agreements becomes a liability on the balance sheet of such Person in accordance with GAAP), except
trade payables arising in the ordinary course of business not more than ninety (90) days past due, or that are currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have
been provided for on the books of such Person; 
 (c) the Attributable Indebtedness of such Person with respect to such Person’s
Capital Lease Obligations and Synthetic Leases (regardless of whether accounted for as indebtedness under GAAP); 
 (d) all obligations of
such Person under conditional sale or other title retention agreements relating to Property purchased by such Person to the extent of the value of such Property (other than customary reservations or retentions of title under agreements with
suppliers entered into in the ordinary course of business); 
 (e) all Indebtedness of any other Person secured by a Lien on any Property
owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements except trade payables arising in the ordinary course of business), whether or not such indebtedness shall have been
assumed by such Person or is limited in recourse; 
 (f) all obligations, contingent or otherwise, of such Person relative to the face
amount of letters of credit, whether or not drawn, and banker’s acceptances issued for the account of such Person; 
 (g) all
obligations of such Person in respect of Disqualified Stock; 
 (h) all net obligations of such Person under any Hedge Agreements; and

  
 18 

 (i) all Guarantees of such Person with respect to any of the foregoing. 

For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint
venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person. In
respect of Indebtedness of another Person secured by a Lien on the Property of the specified Person, if such Indebtedness shall not have been assumed by such Person or is limited in recourse to the Property securing such Lien, the amount of such
Indebtedness as of any date of determination will be the lesser of (i) the fair market value of such Property as of such date (as determined in good faith by the Company) and (ii) the amount of such Indebtedness as of such date. The amount
of any net obligation under any Hedge Agreement on any date shall be deemed to be the Hedge Termination Value thereof as of such date. The amount of obligations in respect of any Disqualified Stock shall be valued, in the case of a redeemable
preferred interest, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends that are past due. 

“Indenture” means this Indenture, as amended or supplemented from time to time. 

“Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant. 

“Initial Notes” has the meaning set forth in the recitals hereto. 

“Intercompany Subordination Agreement” means the Intercompany Subordination Agreement, substantially in the form of
Exhibit M to the Revolving Loan Credit Agreement, executed by each Issuer and Guarantor and their Restricted Subsidiaries, as amended, restated, amended and restated, supplemented, or otherwise modified from time to time as permitted
hereunder. 
 “Intercreditor Agreement” means the Collateral Agency and Intercreditor Agreement, dated as of the date
hereof and executed by the Issuer and the Guarantors, the Collateral Agent, the RCF Administrative Agent, the Term Loan Administrative Agent and the Trustee, as amended, restated, amended and restated, supplemented, or otherwise modified from time
to time in accordance with its terms and as permitted hereunder, including, without limitation, any modification to include the requisite holders or an authorized representative thereof (with the consent of the requisite holders) of any Last Out
Incremental Debt as parties thereto. 
 “Interest Payment Date” means April 30 and October 31 of each year to
stated maturity, except as otherwise provided in the Note. 
 “Interest Period” means the period commencing on the Issue
Date and ending on (but excluding) the first Interest Payment Date and each successive period beginning on (and including) an Interest Payment Date and ending on (but excluding) the next succeeding Interest Payment Date. 

“Intermediate DOFC” means Diamond Offshore Finance Company, a Delaware corporation. 

“Intermediate DOSC” means Diamond Offshore Services, LLC, a Delaware corporation. 

“Investment Grade Rating” means a rating equal to or higher than (x) Baa3 (or the equivalent) by Moody’s, (y) BBB- (or the equivalent) by S&P or (z) a rating of BBB- (or the equivalent) by Fitch, as applicable, or if the Notes are not then rated by Moody’s,
S&P or Fitch, an equivalent rating by any other Rating Agency. 

  
 19 

 “Investments” means, with respect to any Person, all investments by such
Person in other Persons (including Affiliates) in the form of loans (including guarantees), advances or capital contributions (excluding accounts receivable, credit card and debit card receivables, trade credit, advances to customers and
distributors, commission, travel and similar advances to employees, directors, officers, managers, distributors and consultants in each case made in the ordinary course of business and excluding, in the case of the Company and its Subsidiaries,
intercompany loans, advances, or Indebtedness having a term not exceeding 364 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness,
Equity Interests or other securities issued by any other Person and investments that are required by GAAP to be classified on the balance sheet (excluding the footnotes) of the Company in the same manner as the other investments included in this
definition to the extent such transactions involve the transfer of cash or other property; provided, that endorsements of negotiable instruments and documents in the ordinary course of business will not be deemed to be an Investment.

 For purposes of Section 4.07 and Section 4.20 hereof: 

(1) “Investments” shall include the portion (proportionate to the Company’s direct or indirect equity interest
in such Subsidiary) of the fair market value of the net assets of a Subsidiary of the Company at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon a redesignation of such Subsidiary as
a Restricted Subsidiary, the Company or the applicable Restricted Subsidiary shall be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary in an amount (if positive) equal to: 

(a) the Company “Investment” in such Subsidiary at the time of such redesignation; less 

(b) the portion (proportionate to the Company’s equity interest in such Subsidiary) of the fair market value of the
net assets of such Subsidiary at the time of such redesignation; and 
 (2) any property transferred to or from an
Unrestricted Subsidiary shall be valued at its fair market value at the time of such transfer, in each case as determined in good faith by the Company. 

The amount of any Investment outstanding at any time shall be the original cost of such Investment, reduced by any dividend,
distribution, interest payment, return of capital, repayment or other amount received in cash or other property by the Company or a Restricted Subsidiary in respect of such Investment. 

“Issue Date” means April 23, 2021. 

“Issuer Order” means a written request or order signed on behalf of each Issuer by an Officer of such Issuers and delivered
to the Trustee. 
 “Issuers” has the meaning set forth in the preamble hereto until a successor replaces the applicable
entity in accordance with the applicable provisions of this Indenture and, thereafter, includes such successor. 
 “Junior
Indebtedness” means, with respect to the Company and its Restricted Subsidiaries, any (a) Subordinated Indebtedness, (b) Indebtedness secured by Liens that are junior to the Liens securing the Secured Obligations, and
(c) unsecured Indebtedness with an aggregate outstanding principal amount in excess of the Threshold Amount. 

  
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 “Last Out Incremental Debt” means any first lien last out secured
Indebtedness issued after the Issue Date, (a) the terms of which do not provide for any scheduled repayment, mandatory redemption, or sinking fund obligation prior to the latest of (i) the 365th day after the “Maturity Date”
under the Revolving Loan Credit Agreement, (ii) the “Maturity Date” under the Last Out Term Loan Agreement, and (iii) the scheduled maturity date of the Notes, other than customary offers to purchase upon a change of control,
asset sale, or casualty or condemnation event and customary acceleration rights following an event of default (however denominated), in each case, subject to the prior repayment in full in cash of the RCF Secured Obligations (as defined in the
Revolving Loan Credit Agreement) (other than contingent indemnification obligations not then due), (b) the covenants, events of default, guarantees, collateral requirements, and other terms of which (other than interest rate, fees, funding
discounts, and redemption or prepayment premiums and other pricing terms determined by the Issuer to be “market” rates, fees, discounts, and other premiums at the time of issuance or incurrence of any such notes), taken as a whole, are not
more restrictive or burdensome than those set forth in this Indenture and the other Note Documents and do not contain any financial ratio, (c) in respect of which no Restricted Subsidiary of the Company (other than the Issuers and other
Guarantors) is an obligor, (d) the terms of which do not restrict the ability of the Company or any of its Restricted Subsidiaries from amending, modifying, restating, or otherwise supplementing this Indenture or the other Note Documents,
except as permitted by the Intercreditor Agreement, (e) the terms of which do not restrict the ability of the Company or any of its Restricted Subsidiaries to guarantee the Notes or to pledge assets as Collateral for the Notes, (f) the
terms of which do not prohibit the repayment or prepayment of the Last Out Term Loans, and (g) which are subject to the Intercreditor Agreement or another intercreditor agreement; provided that if the Last Out Incremental Debt takes the
form of Additional Notes, the terms of such Additional Notes shall be the same as the Initial Notes, including, for the avoidance of doubt, the maturity date. 

“Last Out Incremental Debt Documents” means the documents governing the terms of any Last Out Incremental Debt, as amended,
restated, amended and restated, supplemented, or otherwise modified to the extent permitted under this Indenture and the Intercreditor Agreement. 

“Last Out Term Loan Agreement” means that Term Loan Agreement dated as of the Issue Date among the Company, the Issuer, Wells
Fargo as administrative agent and collateral agent and each Lender (as defined therein) from time to time party thereto, as amended, restated, amended and restated, supplemented, or otherwise modified to the extent permitted under the Revolving Loan
Credit Agreement and the Intercreditor Agreement. 
 “Last Out Term Loan Documents” means the “Loan Documents,”
as defined in the Last Out Term Loan Agreement. 
 “Last Out Term Loan Obligations” means the “Term Loan Secured
Obligations,” as defined in the Last Out Term Loan Agreement. 
 “Last Out Term Loans” means the “Loans,” as
defined in the Last Out Term Loan Agreement. 
 “L/C Obligations” means the “L/C Obligations” as defined in the
Revolving Loan Credit Agreement. 
 “Legal Holiday” means a Saturday, a Sunday or a day on which commercial banking
institutions are not required to be open in the State of New York or in the place of payments. 

  
 21 

 “Lien” means, with respect to any Property, any mortgage, leasehold
mortgage, lien, security assignment, pledge, charge, security interest, hypothecation, or encumbrance of any kind in respect of such Property. For the purposes of this Indenture, a Person shall be deemed to own subject to a Lien any Property which
it has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, Capital Lease Obligation, or other title retention agreement relating to such Property. 

“Liquidity” means, as of any date of determination, an amount equal to (a) Specified Cash, plus (b) RCF
Availability. 
 “Local Content Entities” means any Affiliate of the Company (a) that owns a Rig and (b) the
capital stock or other Equity Interests of which is jointly owned by the Company or any Restricted Subsidiary(ies) and any other Person(s) but only to the extent such ownership of capital stock or other Equity Interests by such Person(s) is(are)
required or necessary under local Applicable Law or custom as a condition for the operation of such Rig in such jurisdiction; provided that Local Content Entities shall not include joint ventures that are formed in the ordinary course of
business and for purposes other than local Applicable Law requirements or customs. 
 “Material Adverse Effect” means a
circumstance or condition affecting the business, financial condition, or results of operations of the Company and its Subsidiaries, taken as a whole, that would reasonably be expected to have a materially adverse effect on (a) the ability of
the Company to perform their payment obligations under the Notes or (b) the material rights and remedies of the Collateral Agent and the Holders under the Notes. 

“Material Contract” means (a) any contract or agreement of any Issuer or Guarantor or any of their Restricted
Subsidiaries involving monetary liability of or to any such Person in an amount in excess of $5,000,000 per annum, (b) all contracts or agreements of any Issuer or Guarantor or any of their Restricted Subsidiaries with respect to the operation
of any mobile offshore drilling unit (including, without limitation, any jackup rig, semi-submersible rig, drillship, and barge ship) of any third-party (including, without limitation, any services contract related to any such contract or
agreement), in each case that are material to the operation thereof, (c) all Drilling Contracts and all other contracts or agreements with respect to the Rigs that are material to the operation thereof, (d) at any time after a Permitted
Holdco Event has occurred, any contract or agreement described under clause (b) of the definition of “Permitted Holdco Event,” (e) the BOP Lease Agreement, (f) the PCbtH Service Contract, and (g) any other contract or
agreement of any Issuer or Guarantor or any of their Restricted Subsidiaries, the breach, non-performance, cancellation, or failure to renew of which would reasonably be expected to result in a Material
Adverse Effect. 
 “Material Indebtedness” means (a) any Indebtedness of the Company and its Restricted Subsidiaries
in the aggregate principal amount (including any undrawn committed or available amounts) of $40,000,000, and (b) any Indebtedness outstanding at any time pursuant to the Last Out Term Loan Agreement, the Notes, or the Last Out Incremental Debt
(if any). 
 “Mexico Office Building” means the office building located at Carretera Carmen – Puerto Real Km 11.3 Col.
El Fenix, Ciudad del Carmen, Campeche C.P. 24157. 
 “Moody’s” means Moody’s Investors Service, Inc. and any
successor to its rating agency business. 

  
 22 

 “Mortgages” means the collective reference to each mortgage, deed of trust,
or other real property security document, encumbering any real property now or hereafter owned by any Issuer or Guarantor and executed by such Issuer or Guarantor in favor of the Collateral Agent, for the ratable benefit of the Secured Parties, as
any such document may be amended, restated, supplemented, or otherwise modified from time to time. 
 “Net Proceeds” means,
as applicable, with respect to any Asset Sale, all cash and Cash Equivalents received by any Issuer, Guarantor or any of their Restricted Subsidiaries (including any cash or Cash Equivalents received by way of deferred payment pursuant to, or by
monetization of, a note receivable or otherwise, as and when received and any cash received upon the sale or other disposition of any Designated Non-cash Consideration received in any Asset Sale) less
the sum of (i) all income Taxes and other Taxes assessed by, or reasonably estimated to be payable to, a Governmental Authority as a result of such transaction or event (provided that if such estimated Taxes exceed the amount of actual Taxes
required to be paid in cash in respect of such Asset Sale, the amount of such excess shall constitute Net Proceeds), (ii) all reasonable and customary out-of-pocket fees
and expenses actually incurred by any Issuer or Guarantor or any of their Restricted Subsidiaries directly in connection with such transaction or event, and (iii) the principal amount of, premium, if any, and interest on any Indebtedness
incurred pursuant to Section 4.09(b)(v) hereof and secured by a Lien on the Property permitted pursuant to clauses (b), (c) or (d) of the definition of Permitted Liens (or a portion thereof) sold or otherwise disposed of, which
Indebtedness is required to be repaid in connection with such transaction or event. 

“Non-Guarantor Subsidiary” means any Restricted Subsidiary of the Company (other than
the Issuers) that is not a Guarantor. 
 “Note Documents” means, collectively, this Indenture, each Note, the Security
Documents, the Intercreditor Agreement, the Intercompany Subordination Agreement, the Permitted Holdco Undertaking, if any, and each other document, instrument, certificate, and agreement executed and delivered by the Issuers, the Guarantors or any
of their Restricted Subsidiaries in favor of or provided to the Trustee, the Collateral Agent or any Secured Party in connection with this Indenture or otherwise referred to herein or contemplated hereby that is designated by the Issuers as a Note
Document. 
 “Noteholder Secured Parties” means the Trustee, the Collateral Agent and each Holder of Notes and each other
holder of, or obligee in respect of, any Notes Obligations. 
 “Notes” means the Initial Notes (including any increases in
principal amount thereof as a result of a PIK Payment) and more particularly means any Note authenticated and delivered under this Indenture. For all purposes of this Indenture, the term “Notes” shall also include any Additional Notes and
any PIK Notes issued in a PIK Payment that may be issued under a supplemental indenture. Unless the context requires otherwise, references to the “principal” or “principal amount” of Notes or of the Notes of any series for all
purposes of this Indenture include any increase in the principal amount of outstanding Notes (including PIK Notes) as a result of a PIK Payment or outstanding Notes of such series (including PIK Notes) as a result of a PIK Payment with respect to
the Notes of such series, as applicable. 
 “Notes Obligations” means any Indebtedness or other Obligations under this
Indenture. 
 “Notes Security Agreement” means the security agreement, dated as of the Issue Date, among the Issuers, the
other Grantors party thereto, the Collateral Agent and the other parties thereto, as amended, restated, amended and restated, extended, supplemented or otherwise modified from time to time. 

  
 23 

 “Obligations” means any principal, interest (including any interest
accruing subsequent to the filing of a petition in bankruptcy, reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed claim under applicable state, federal
or foreign law), premium, penalties, fees, indemnifications, reimbursements (including reimbursement obligations with respect to letters of credit and bankers’ acceptances), damages and other liabilities, and guarantees of payment of such
principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities, payable under the documentation governing any Indebtedness. 

“Officer” means the Chairman of the Board, the Chief Executive Officer, the President, any Executive Vice President, Senior
Vice President or Vice President, the Treasurer or Assistant Treasurer, the Secretary or Assistant Secretary, or other similar officer, manager or member of the Board of Directors or Board of Managers of the Company, the Issuers or any other Person,
as the case may be, and with respect to certain limited liability companies or partnerships that do not have officers, any manager, sole member, managing member or general partner thereof. 

“Officer’s Certificate” means a certificate signed on behalf of the Company by an Officer of the Company, the Issuers or
their respective Subsidiaries or on behalf of any other Person, as the case may be, of the Company, the Issuers or their respective Subsidiaries or such other Person, that meets the requirements set forth in this Indenture. 

“Opinion of Counsel” means a written opinion from legal counsel. Such counsel may be an employee of or counsel to the
Company, the Issuers or their Subsidiaries. 
 “Organizational Documents” means, (a) with respect to any corporation,
the certificate or articles of incorporation and the bylaws, memorandum and articles of association (or equivalent or comparable constitutive documents), (b) with respect to any limited liability company, the certificate or articles of formation or
organization and operating agreement or limited liability company agreement (or equivalent or comparable documents), (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership or other applicable
agreement of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or
organization and, if applicable, any certificate or articles of formation or organization of such entity, and (d) any applicable joint venture agreement or equityholders’ agreement. 

“Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the
Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 
 “PCbtH
Service Contract” means that certain Contractual Service Agreement, dated as of February 5, 2016, between Diamond Offshore Company and Hydril USA Distribution LLC, as amended by that certain Amendment No. 1 dated as of
April 18, 2019, Amendment No. 2 dated as of September 16, 2019, and Amendment No. 3 to Contractual Service Agreement dated as of March 29, 2021. 

“Permitted Acquisition” means any Acquisition that meets all of the following requirements: 

(a) no less than fifteen (15) Business Days prior to the proposed closing date of such Acquisition (or such shorter period as may be
agreed to by the Trustee), the Issuers shall have delivered written notice of such Acquisition to the Trustee, which notice shall include the proposed closing date of such Acquisition; 

(b) the board of directors or other similar governing body of the Person to be acquired shall have approved such Acquisition; 

  
 24 

 (c) the Person or business to be acquired shall be in a line of business permitted pursuant
to the Note Documents or, in the case of an Acquisition of assets, the assets acquired are useful in the business of the Company and its Restricted Subsidiaries as conducted immediately prior to such Acquisition or otherwise permitted pursuant to
the Note Documents; 
 (d) no Change of Control would result from such transaction; 

(e) (i) no Default shall have occurred and be continuing both before and after giving effect to such Acquisition and (ii) the
Company shall be in Pro Forma Compliance with each Collateral Coverage Ratio Requirement, both before and after giving effect to such Acquisition; 

(f) either: 

(i) such Acquisition is made with the net cash proceeds of new, concurrent Qualified Equity Interests issued by or any capital
contribution in respect of Qualified Equity Interests of the Company, or 
 (ii) the requirements set forth below are
satisfied with respect thereto (it being understood and agreed that, in the case of substantially concurrent transactions or a series of related transactions, such satisfaction shall be determined with respect to such transactions, on an aggregate
basis): 
 (A) (1)(x) the Consolidated Total Net Leverage Ratio on a Pro Forma Basis (excluding synergies) would be less than
or equal to 2.5 to 1.0 as of the last day of the most recently ended fiscal quarter and (y) the Consolidated Secured Net Leverage Ratio on a Pro Forma Basis (excluding synergies) would be less than or equal to 2.0 to 1.0 as of the last day of
the most recently ended fiscal quarter or (2) both the Consolidated Total Net Leverage Ratio and the Consolidated Secured Net Leverage Ratio, in each case, on a Pro Forma Basis (excluding synergies) would be less than or equal to the
Consolidated Total Net Leverage Ratio or Consolidated Secured Net Leverage Ratio, as applicable, before giving effect to such transaction(s); and 

(B) Liquidity would be greater than or equal to $150,000,000 on a Pro Forma Basis after giving effect to such
transaction(s) and any concurrent incurrence of Indebtedness; and 
 (g) any Property, including Equity Interests, acquired pursuant to
such Acquisition shall become Collateral subject to an Acceptable Security Interest to the extent required by Article 13, and any Restricted Subsidiary acquired pursuant to such Acquisition shall become a Subsidiary Guarantor to the extent it is a
Required Guarantor. 
 “Permitted Asset Swap” means the concurrent purchase and sale or exchange of Related Business Assets
or a combination of Related Business Assets and cash or Cash Equivalents between the Company or any of its Restricted Subsidiaries and another Person; provided, that any cash or Cash Equivalents received must be applied in accordance with
Section 4.10 hereof. 
 “Permitted Holdco” has the meaning assigned thereto in the definition of “Permitted
Holdco Event.” 

  
 25 

 “Permitted Holdco Event” means the occurrence of any event or series of
events that results in the ownership of 100% of the Equity Interests of the Company by any Person (the “Permitted Holdco”), so long as: 

(a) no Change of Control has occurred, or would be caused by such event or series of events, in each case with respect to any provisions
applicable on or after a Permitted Holdco Event; 
 (b) the terms of any management services agreement, shared services agreement, or
other arrangement relating to shared services, management, overhead, employees, expenses, taxes, or other relationship between the Company or any of its Restricted Subsidiaries on the one hand, and the Permitted Holdco on the other hand, as well as
any subsequent amendments or other modifications to any such agreements or arrangements, are at least as favorable to the Company as would be obtainable in an arm’s-length transaction and otherwise subject to all other covenants and
restrictions contained in this Indenture (including, without limitation, Section 4.11 hereof); 
 (c) the Permitted Holdco has pledged
100% of the Equity Interests of the Company as Collateral to secure the Secured Obligations pursuant to an Acceptable Security Interest contained in a pledge agreement (the “Permitted Holdco Pledge”) (the terms of which shall
include a negative pledge prohibiting the granting of Liens on any Equity Interests of the Company by the Permitted Holdco to any Person other than Liens granted to the Collateral Agent for the benefit of the Secured Parties); 

(d) the Permitted Holdco shall not own any material Property, Equity Interests, or business interests other than (i) 100% of the Equity
Interests in the Company and (ii) 100% of the equity interests in one or more other Persons whose primary business is the provision of contract drilling services, drilling rigs, and related equipment to the energy industry (each such person, a
“Combination Party”); provided that, if the Permitted Holdco owns any Equity Interests in a Combination Party, then (A) the Company and its Restricted Subsidiaries on the one hand, and each applicable Combination Party
and its Subsidiaries on the other hand, are held in separate ownership silos such that (x) neither the creditors of the Permitted Holdco nor the creditors of any Combination Party or its respective Subsidiaries shall have any recourse to the
Company, its Restricted Subsidiaries, or any of their respective Properties, and (y) creditors of the Company and its Restricted Subsidiaries shall have no recourse to any applicable Combination Party, its respective Subsidiaries, or any of
their respective Properties, and (B) all transactions and dealings between the Company and its Restricted Subsidiaries on the one hand, and each applicable Combination Party and its respective Subsidiaries on the other hand, or between the
Company and its Restricted Subsidiaries on the one hand, and the Permitted Holdco on the other hand, shall be subject to all other covenants and restrictions contained in this Indenture (including, without limitation, Section 4.11 hereof); 

(e) the Permitted Holdco shall not incur or suffer to exist any Indebtedness, obligations or other liabilities, other than (i) the
Permitted Holdco’s obligations under the Permitted Holdco Undertaking, (ii) Tax liabilities of the Permitted Holdco arising in the ordinary course of business, (iii) corporate, administrative and operating expenses of the Permitted
Holdco incurred in the ordinary course of business, (iv) liabilities of the Permitted Holdco under any contracts or agreements with the Company and its Restricted Subsidiaries described in clauses (b) and (c) of this definition, and
(v) liabilities of the Permitted Holdco under contracts or agreements with the Combination Party and its Subsidiaries that would comply with the description in clause (b) of this definition; 

(f) the Permitted Holdco shall not engage in any activities or business other than (i) issuing shares of its own common Equity Interests,
(ii) holding the assets and incurring the liabilities described and permitted in clauses (b), (c), (d) and (e) of this definition and activities incidental and related thereto, pledging the Equity Interests of the Company as described and
permitted in clause (c) above (and activities incidental and related thereto) and, if applicable, pledging the Equity Interests of any Combination Party as 

  
 26 

 
collateral to secure obligations under the debt facilities of such Combination Party (or of its direct or indirect parent entity that is itself a Combination Party) and activities incidental and
related thereto and (iii) making dividends or distributions not prohibited by this Indenture that would not result in the structure described in the lead-in to this definition failing to meet the
conditions described in this definition; 
 (g) on and after such Permitted Holdco Event, in the event of any Business Opportunity (to be
defined in the definitive Permitted Holdco Undertaking documentation, but in any case to include, without limitation, any subsequent bidding or tender opportunity for a new or extended contract fixture for a Rig (or similar opportunity to provide
Rigs, drilling services, or other services in the Company’s line of business)), Permitted Holdco will ensure that the Company and its Restricted Subsidiaries, or Rigs owned by the Company and its Restricted Subsidiaries, as applicable, that
meet the relevant criteria for such Business Opportunity (including availability) are included in such bid, tender, or other Business Opportunity and participate on a competitive basis in such bid, tender, or other Business Opportunity, if, in the
reasonable judgment of the Company, it is in the best interest of the Company to bid or participate in such bid, tender, or other Business Opportunity ((x) taking into account all relevant costs and liabilities associated with such bid, tender,
Business Opportunity, or contract fixture, and (y) specifically not taking into account activity or availability of any mobile offshore drilling unit (including, without limitation, any jackup rig, semi-submersible rig, drillship, and barge
rig) or Subsidiaries directly or indirectly owned by any Combination Party or otherwise by the Permitted Holdco outside of the Company and its Restricted Subsidiaries, or the business or interests of any Combination Party or the Permitted Holdco
outside of the Company and its Restricted Subsidiaries); and 
 (h) on or prior to such Permitted Holdco Event, the Trustee shall have
received an agreement, executed and delivered by the Permitted Holdco, for the benefit of the Secured Parties, which shall constitute a Note Document for all purposes hereunder (such undertaking, the “Permitted Holdco Undertaking”),
pursuant to which the Permitted Holdco shall agree to (i) comply, and cause the Company and its Restricted Subsidiaries to comply, with the requirements of clauses (a) through (g) of this definition in all respects, and (ii) deliver
to the Trustee a quarterly certificate of a Responsible Officer of the Permitted Holdco and a Responsible Officer of the Company, in each case, certifying compliance with such requirements and committing to comply with such requirements at all times
thereafter;  
 provided that each of the provisions applicable to and undertakings by the Permitted Holdco in this definition
shall apply equally to any Subsidiary of the Permitted Holdco that directly or indirectly holds Equity Interests in the topmost entity in either the Company’s silo or any Combination Party’s silo that is a borrower, issuer, guarantor, or
other obligor with respect to all of the obligations under the primary debt facilities at such silo. 
 “Permitted Holdco
Pledge” has the meaning assigned thereto in the definition of “Permitted Holdco Event.” 
 “Permitted Holdco
Undertaking” has the meaning assigned thereto in the definition of “Permitted Holdco Event.” 
 “Permitted
Investments” means: 
 (a) Investments existing on the Issue Date (other than Investments in Subsidiaries existing on the Issue
Date) and any modification, replacement, renewal or extension thereof so long as such modification, renewal or extension thereof does not increase the amount of such Investment except as otherwise permitted by this definition of Permitted
Investments; 

  
 27 

 (b) Investments (i) existing on the Issue Date in Subsidiaries existing on the Issue
Date, (ii) made after the Issue Date by any Issuer or Guarantor in any other Issuer or Guarantor, (iii) made after the Issue Date by any Excluded Subsidiary in any Issuer or Guarantor and (iv) made after the Issue Date by any Excluded
Subsidiary in any other Excluded Subsidiary; provided that any such Investment that is an Acquisition of a Person or business that was not owned by the Company and its Restricted Subsidiary’s immediately prior to such transaction must be
separately permitted pursuant to clause (f) of this definition of Permitted Investments; 
 (c) Investments in cash and Cash
Equivalents in the ordinary course of business; 
 (d) Guarantees permitted pursuant to Section 4.09(b)(xi) hereof; 

(e) non-cash consideration received in connection with Asset Sales expressly permitted by the
definition of “Asset Sales” (other than clause (g) in the definition of “Asset Sales”); 
 (f) Investments by the
Company or any Restricted Subsidiary in the form of a Permitted Acquisition; 
 (g) Investments made at any time after March 31,
2023, in an amount not to exceed the Discretionary Basket (as defined in the Last Out Term Loan Agreement) at such time; provided, that (i) no Default has occurred and is continuing or would result therefrom, (ii) the Company is in
Pro Forma Compliance with each Collateral Coverage Ratio Requirement, both before and after giving effect to such Investment, (iii) the Consolidated Total Net Leverage Ratio does not exceed 2.0 to 1.0 on a Pro Forma Basis as of the last day of
the most recently ended fiscal quarter after giving effect thereto, and (iv) Liquidity would greater than or equal to $150,000,000 on a Pro Forma Basis after giving effect to such Investment and any concurrent incurrence of Indebtedness; 

(h) Investments made solely with, or solely with the proceeds of, new Qualified Equity Interests of the Company (or any parent company
thereof) issued concurrently with such Investment; provided, that (i) no Default has occurred and is continuing or would result therefrom, and (ii) the Company is in Pro Forma Compliance with each Collateral Coverage Ratio
Requirement, both before and after giving effect to such Investment; 
 (i) other Investments in an aggregate amount not to exceed
$5,000,000 since the Issue Date; provided, that (i) no Default has occurred and is continuing or would result therefrom, and (ii) the Company is in Pro Forma Compliance with each Collateral Coverage Ratio Requirement, both before
and after giving effect to such Investment; 
 (j) any other Investment; provided, that (i) no Default has occurred and is
continuing or would result therefrom, (ii) the Company is in Pro Forma Compliance with each Collateral Coverage Ratio Requirement, both before and after giving effect to such Investment, (iii) the Consolidated Total Net Leverage Ratio does
not exceed 1.50 to 1.0 on a Pro Forma Basis as of the last day of the most recently ended fiscal quarter after giving effect thereto, and (iv) Liquidity would be greater than or equal to $150,000,000 on a Pro Forma Basis after giving effect to
such Investment and any concurrent incurrence of Indebtedness; and 
 (k) Investments in any Restricted Subsidiary of Parent to fund
ordinary course operating costs and expenses, including but not limited to payroll expenses and accrued and unpaid taxes; 

  
 28 

 provided that, in each case, (x) any Restricted Subsidiary acquired or formed in
connection with an Investment permitted to be made pursuant to this definition of Permitted Investments shall become a Guarantor to the extent required by the definition of “Required Guarantor” and (y) any Property, including Equity
Interests, acquired in connection with such Investment shall become Collateral to the extent required by Article 13. 
 For purposes of determining the
amount of any Investment outstanding for purposes of this definition of Permitted Investments such amount shall be deemed to be the amount of such Investment when made, purchased or acquired (without adjustment for subsequent increases or decreases
in the value of such Investment) less any amount realized in respect of such Investment upon the sale, collection or return of capital (not to exceed the original amount invested). 

“Permitted Liens” means, with respect to any Person: 

(a) (i) Liens created pursuant to the Note Documents in favor of the Collateral Agent, for the benefit of the Secured Parties and subject
to the Intercreditor Agreement and (ii) Liens created pursuant to the Revolving Loan Credit Agreement in favor of the Issuing Lenders on the RCF Cash Collateral (each as defined in the Revolving Loan Credit Agreement); 

(b) Liens securing Indebtedness permitted under Section 4.09(b)(v)(i) hereof; provided that (i) the Indebtedness secured by
such Liens is secured only by the Property subject to such Capital Lease Obligations and not any other Property of the Company or any of its Restricted Subsidiaries (although individual financings of equipment (other than Rigs) may be
cross-collateralized to other financings of equipment by the same lender), (ii) such Liens securing such Indebtedness are incurred prior to or within 365 days after such acquisition or the later of the completion of such construction or the date of
commercial operation of the assets constructed, and (iii) such Liens securing Indebtedness shall not attach to any Rig; 

(c) Liens securing Indebtedness permitted under Section 4.09(b)(v)(ii) hereof; provided that, (i) the Indebtedness
secured by such Liens is secured only by the fixed or capital assets acquired, constructed, improved, altered, or repaired with the proceeds of such Indebtedness and any related contracts, intangibles and other assets incidental thereto (including
accessions thereto and replacements thereof) (although individual financings of equipment (other than Rigs) may be cross-collateralized to other financings of equipment by the same lender), (ii) such Liens securing such Indebtedness are incurred
prior to or within 365 days after such acquisition or the later of the completion of such construction or the date of commercial operation of the assets constructed, and (iii) such Liens securing Indebtedness shall not attach to any Rig; 

(d) Liens securing Rig Debt permitted under Section 4.09(b)(v)(iii) hereof; provided that, (i) the Liens securing such
Rig Debt shall attach only to such Rig and related contracts, intangibles, and other assets that are incidental thereto (including accessions thereto and replacements thereof) or that otherwise arise therefrom and not any other Property of the
Company or its Restricted Subsidiaries, (ii) such Liens securing such Indebtedness are incurred prior to or within 365 days after such acquisition or the later of the completion of such construction or the date of commercial operation of the
assets constructed, (iii) such Liens securing such Indebtedness shall not apply to any other Property or assets of the Company or any Restricted Subsidiary, and (iv) such Liens securing Indebtedness shall not attach to any Rig (other than
a Rig acquired or constructed with the proceeds of such Indebtedness) (although individual financings of equipment (other than Rigs) may be cross-collateralized to other financings of equipment by the same lender); 

(e) Liens for taxes, assessments and other governmental charges or levies (excluding any Lien imposed pursuant to any of the provisions of
ERISA or environmental laws) (i) not yet due or as to which the period of grace (not to exceed thirty (30) days), if any, related thereto has not expired or (ii) which are being contested in good faith and by appropriate proceedings
if adequate reserves are maintained to the extent required by GAAP; 

  
 29 

 (f) the claims of materialmen, mechanics, carriers, warehousemen, processors or landlords
for labor, materials, supplies or rentals incurred in the ordinary course of business, which (i) are not overdue for a period of more than (x) thirty (30) days in respect of assets located in the United States and (y) sixty (60) days
in respect of assets located outside of the United States, or such Liens are being contested in good faith and by appropriate proceedings, and adequate reserves are maintained therefor to the extent required by GAAP, and (ii) do not,
individually or in the aggregate, materially impair the use thereof in the operation of the business of the Company or any of its Subsidiaries; 

(g) deposits or pledges made in the ordinary course of business in connection with, or to secure payment of, obligations under workers’
compensation, unemployment insurance and other types of social security or similar legislation, or to secure the performance of bids, trade contracts, leases statutory obligations, surety bonds (other than bonds related to judgments or litigation),
performance bonds and other obligations of a like nature incurred in the ordinary course of business, in each case, other than Indebtedness and so long as no foreclosure sale or similar proceeding has been commenced with respect to any portion of
the Collateral on account thereof; 
 (h) encumbrances in the nature of zoning restrictions, easements and rights or restrictions of record
on the use of real property, which in the aggregate are not substantial in amount and which do not, in any case, materially detract from the value of such property or impair the use thereof in the ordinary conduct of business; 

(i) Liens arising from the filing of precautionary UCC financing statements relating solely to personal property leased pursuant to operating
leases entered into in the ordinary course of business; 
 (j) Liens securing judgments for the payment of money not constituting an Event
of Default under clause (5) of Section 6.01 hereof or securing appeal or other surety bonds relating to such judgments; 
 (k)
Liens on Property of a Person that becomes a Restricted Subsidiary existing at the time that such Person becomes a Restricted Subsidiary in connection with a Permitted Acquisition; provided that, (i) such Liens are not incurred in
connection with, or in anticipation of, such Permitted Acquisition, (ii) such Liens do not encumber any Property other than Property encumbered at the time of such Permitted Acquisition or such Person becoming a Restricted Subsidiary and the
proceeds and products thereof, (iii) such Liens do not attach to any other Property of the Company or any of its Subsidiaries and (iv) such Liens will secure only (A) those obligations which it secures at the time such acquisition
occurs, and (B) extensions, renewals, and replacements thereof which, if such Lien secures Indebtedness, constitute Permitted Refinancing Indebtedness in respect thereof; 

(l) Liens of any depositary bank in connection with statutory, common law and contractual rights of setoff and recoupment with respect to any
deposit account of any Issuer, Guarantor or Restricted Subsidiary thereof, except as provided otherwise in an account control agreement with respect to such deposit account; 

(m) Liens on cash and Cash Equivalents securing (i) such Issuer’s, Guarantor’s or Restricted Subsidiary’s obligations in
respect of a purchase card program or (ii) obligations under any purchase card program with a local bank outside of the United States in an aggregate amount not to exceed $250,000; 

  
 30 

 (n) maritime Liens, whether now existing or hereafter arising, in the ordinary course of
business during normal operations, maintenance, or repair of a Rig, (i) for damages arising out of a maritime tort which are unclaimed, or are covered by insurance and any deductible applicable thereto, or in respect of which a bond or other
security has been posted on behalf of the relevant Issuer or Guarantor with the appropriate court or other tribunal to prevent the arrest or secure the release of the Rig from arrest, (ii) for wages of stevedores when employed directly by a Rig
Subsidiary, any charterer or sub-charterer of any Rig, or the master or agent of any Rig, in each case, which have accrued for not more than sixty days, (iii) for crew’s wages (including wages of the
master of any Rig) that are discharged in the ordinary course of business and have accrued for not more than sixty days, (iv) for salvage and general average (including contract salvage), which have accrued for not more than sixty days,
(v) for charters or subcharters or leases or subleases permitted under this Indenture, or (vi) otherwise arising by operation of law; 

(o) rights reserved to or vested in any municipality or governmental, statutory or public authority to control, regulate or use any
property of a Person, which do not in any case materially detract from the value of such property or impair the use thereof in the ordinary course of business; and 

(p) other Liens securing Indebtedness or other obligations expressly subordinated to the Notes in an aggregate principal amount not to
exceed $5,000,000 at any time outstanding; provided that, prior to or substantially simultaneously with the incurrence thereof, such Liens shall have been expressly subordinated to the Liens securing the Notes pursuant to a subordination
agreement. 
 “Permitted Refinancing Indebtedness” means any Indebtedness (the “Refinancing
Indebtedness”), the proceeds of which are used to refinance, refund, renew, extend, or replace outstanding Indebtedness as permitted by Section 4.09 hereof (such outstanding Indebtedness, the “Refinanced
Indebtedness”); provided that (a) the principal amount (or accreted value, if applicable) of such Refinancing Indebtedness (including any unused commitments thereunder) is not greater than the principal amount (or accreted
value, if applicable) of the Refinanced Indebtedness at the time of such refinancing, refunding, renewal, extension, or replacement, except by an amount equal to any original issue discount thereon and the amount of unpaid accrued interest and
premium thereon plus other reasonable amounts paid, and fees and expenses reasonably and actually incurred, in connection with such refinancing, refunding, renewal, extension, or replacement, and by an amount equal to any existing commitments
thereunder that have not been utilized at the time of such refinancing, refunding, renewal, extension, or replacement; (b) the final stated maturity and Weighted Average Life to Maturity of such Refinancing Indebtedness shall not be prior to or
shorter than that applicable to the Refinanced Indebtedness; (c) such Refinancing Indebtedness shall not be secured by (i) Liens on assets other than assets securing the Refinanced Indebtedness immediately prior to such refinancing,
refunding, renewal, extension, or replacement or (ii) Liens having a higher priority than the Liens, if any, securing the Refinanced Indebtedness immediately prior to such refinancing, refunding, renewal, extension, or replacement;
(d) such Refinancing Indebtedness shall not be guaranteed by or otherwise recourse to any Person other than the Person(s) to whom the Refinanced Indebtedness is recourse or by whom it is guaranteed, in each case immediately prior to such
refinancing, refunding, renewal, extension, or replacement; (e) to the extent such Refinanced Indebtedness is subordinated in right of payment to the Notes (or the Liens securing such Indebtedness were originally contractually subordinated to
the Liens securing the Collateral pursuant to the Security Documents), such refinancing, refunding, renewal, extension, or replacement is subordinated in right of payment to the Notes (or the Liens securing such Indebtedness shall be subordinated to
the Liens securing the Collateral pursuant to the Security Documents) on terms at least as favorable to the Holders of Notes as those contained in the documentation governing such Refinanced Indebtedness; (f) in the event that the Refinancing
Indebtedness is unsecured Indebtedness (including unsecured Subordinated Indebtedness), such Refinancing Indebtedness does not include cross-defaults (but may include cross-payment defaults and cross-defaults at the final stated maturity thereof and
cross-acceleration); and (g) no Default shall have occurred and be continuing at the time of, or would result from, such refinancing, refunding, renewal, extension, or replacement. 

  
 31 

 “Person” means any individual, corporation, limited liability company,
partnership, joint venture, association, joint stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 

“PIK Interest” means payment of interest on the Notes through an increase in the principal amount of the outstanding Notes or
through the issuance of PIK Notes, to the extent all interest due on an Interest Payment Date is so paid. 
 “PIK Loan”
means any loan made or deemed made pursuant to the Revolving Loan Credit Agreement. 
 “Plan” means the plan of
reorganization of the Company and certain of its Subsidiaries, as debtors and debtors-in-possession, filed in the Chapter 11 Cases (and any annexes, supplements,
exhibits, term sheets, or other attachments thereto), as amended, modified or supplemented prior to the Effective Date (as defined in the Plan), including by the Plan Supplement (as defined in the Plan), in accordance with the terms there of and as
permitted hereunder. 
 “Preferred Stock” means any Equity Interest with preferential rights of payment of dividends or
upon liquidation, dissolution, or winding up. 
 “Private Placement Legend” means the legend set forth in
Section 2.06(g)(i) hereof to be placed on all Notes issued under this Indenture, except where otherwise permitted by the provisions of this Indenture. 

“Pro Forma Basis” means: 

(a) for purposes of calculating Consolidated EBITDA for any period during which one or more Specified Transactions occurs, that such Specified
Transaction (and all other Specified Transactions that have been consummated during the applicable period) shall be deemed to have occurred as of the first day of the applicable period of measurement; provided that the foregoing amounts shall
be without duplication of any adjustments that are already included in the calculation of Consolidated EBITDA; 
 (b) in the event that
the Company or any Restricted Subsidiary thereof incurs (including by assumption or guarantees) or repays (including by redemption, repayment, retirement, discharge, defeasance, or extinguishment) any Indebtedness included in the calculations of any
financial ratio or test (in each case, other than Indebtedness incurred or repaid under any revolving credit facility in the ordinary course of business for working capital purposes), (i) during the applicable measurement period or
(ii) subsequent to the end of the applicable measurement period and prior to or simultaneously with the event for which the calculation of any such ratio is made, then such financial ratio or test shall be calculated giving pro forma
effect to such incurrence or repayment of Indebtedness, to the extent required, as if the same had occurred on the first day of the applicable measurement period and any such Indebtedness that is incurred (including by assumption or guarantee)
that has a floating or formula rate of interest shall have an implied rate of interest for the applicable period determined by utilizing the rate which is or would be in effect with respect to such Indebtedness as of the relevant date of
determination. 
 “Pro Forma Compliance” means, with respect to the Company’s compliance with the RCF Collateral
Coverage Ratio Requirement and/or the Company’s Total Collateral Coverage Ratio Requirement on the relevant date of determination, that the Parent is in compliance with such Collateral Coverage Ratio Requirement recomputed as of such date
before (to the extent required by the applicable provision hereof) and after giving effect to the event or action with respect to which such pro forma calculation is required and each other transaction occurring on such date; provided that,
for purposes of 

  
 32 

 any such calculation of pro forma compliance, (a) such calculation shall give pro forma effect to
Permitted Acquisitions, Asset Sales, and any change of such Rig’s status to “marketed,” “warm stacked,” “cold stacked,” “preservation stacked,” “held for sale,” “held at a shipyard,”
or other type of classification and (b) Indebtedness shall be calculated on a Pro Forma Basis. 
 “Property” means any
right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible, including Equity Interests. 

“QIB” means a “qualified institutional buyer” as defined in Rule 144A. 

“Qualified Equity Interests” means any Equity Interests that are not Disqualified Stock. “Rating Agencies” means
Moody’s, S&P and Fitch or if Moody’s, S&P or Fitch (or any combination thereof) shall not make a rating on the Notes publicly available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by
the Company which shall be substituted for Moody’s, S&P or Fitch (or such combination thereof), as the case may be. 
 “RCF
Administrative Agent” means Wells Fargo Bank, National Association, in its capacity as administrative agent under the Revolving Loan Credit Agreement, and any successor thereto. 

“RCF Availability” means, as of any date of determination, an amount equal to (a) the “Available Commitments”
(as defined in the Revolving Loan Credit Agreement) then in effect pursuant to the Revolving Loan Credit Agreement at such time (or any equivalent term under any revolving credit facility constituting Permitted Refinancing Indebtedness with respect
thereto), minus (b) the aggregate amount of “Outstandings” (as defined in the Revolving Loan Credit Agreement) (excluding any PIK Loans (as defined in the Revolving Loan Credit Agreement) then outstanding) pursuant to the Revolving
Loan Credit Agreement at such time (or any equivalent term under any revolving credit facility constituting Permitted Refinancing Indebtedness with respect thereto). 

“RCF Collateral Coverage Ratio” means, as of any date of determination, (a) prior to the RCF Discharge Date, the
“RCF Collateral Coverage Ratio” as defined in the Revolving Loan Credit Agreement, and (b) at any time on or after the RCF Discharge Date, the ratio of (i) the Collateral Rig Value as of such date, based on an Acceptable
Appraisal, to (ii) the aggregate outstanding principal amount of all loans and letter of credit obligations under the primary revolving credit facility of the Company and its Restricted Subsidiaries. 

“RCF Collateral Coverage Ratio Requirement” means (a) prior to the RCF Discharge Date, the financial maintenance
covenant set forth in Section 8.15(a) of the Revolving Loan Credit Agreement, and (b) at any time on or after the RCF Discharge Date, the requirement that, as of the last day of the most recently ended fiscal quarter of the Company, the
RCF Collateral Coverage Ratio be greater than 2.0 to 1.0. 
 “RCF Discharge Date” means the “Discharge Date,” as
defined in the Revolving Loan Credit Agreement. 
 “Record Date” for the interest payable on any applicable Interest
Payment Date means April 15 or October 16 (whether or not a Business Day) next preceding such Interest Payment Date, except as otherwise provided in the Note. 

  
 33 

 “Reference Period” means, as of any date of determination, the period of
four (4) consecutive fiscal quarters ended on or immediately prior to such date for which financial statements of the Company and its Subsidiaries are available. 

“Regulation S” means Regulation S promulgated under the Securities Act. 

“Regulation S Global Note” means a Regulation S Temporary Global Note or Regulation S Permanent Global Note, as applicable.

 “Regulation S Permanent Global Note” means a permanent Global Note in the form of Exhibit A hereto bearing the
Global Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Regulation S Temporary
Global Note upon expiration of the Restricted Period. 
 “Regulation S Temporary Global Note” means a temporary Global Note
in the form of Exhibit A hereto bearing the Global Note Legend, the Private Placement Legend and the Regulation S Temporary Global Note Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee,
issued in a denomination equal to the outstanding principal amount of the Notes initially sold in reliance on Rule 903. 

“Regulation S Temporary Global Note Legend” means the legend set forth in Section 2.06(g)(3) hereof. 

“Related Business Assets” means assets (other than cash or Cash Equivalents) used or useful in a Similar Business,
provided, that any assets received by the Company or a Restricted Subsidiary in exchange for assets transferred by the Company or a Restricted Subsidiary shall not be deemed to be Related Business Assets if they consist of securities of a
Person, unless upon receipt of the securities of such Person, such Person would become a Restricted Subsidiary. 
 “Required
Guarantors” means (a) the Company, Intermediate DOFC, Intermediate DOSC, and the Issuers, (b) each Rig Subsidiary, (c) each Restricted Subsidiary of the Company that directly or indirectly owns Equity Interests in a Rig
Subsidiary, (d) any other Person that is a borrower, issuer, or guarantor of the Revolving Loans and L/C Obligations, Last Out Term Loans, and/or Last Out Incremental Debt (if any), and (e) any other Restricted Subsidiary of the Company,
including any Eligible Local Content Entity, that is not, in the case of this clause (e), an Excluded Subsidiary; provided, that the Company and its Restricted Subsidiaries shall not be required to cause any Restricted Subsidiary to become a
Subsidiary Guarantor unless and until the Company or such Restricted Subsidiary is required to cause such Restricted Subsidiary to become a guarantor of the obligations outstanding under the Revolving Loan Agreement or the Last Out Term Loan
Agreement pursuant to the terms of the Revolving Loan Credit Agreement or the Last Out Term Loan Agreement (whether pursuant to the terms of the Revolving Loan Credit Agreement or the Last Out Term Loan Agreement (and any related documents) or as a
result of any determination made thereunder, or by amendment or waiver of the terms of the Revolving Loan Credit Agreement or the Last Out Term Loan Agreement, or otherwise). 

“Responsible Officer” means (i) when used with respect to the Trustee or the Collateral Agent, any officer within the
corporate trust department of the Trustee or Collateral Agent, as the case may be, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee or Collateral
Agent, as the case may be, who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter relating to this Indenture is referred because of
such 

  
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 Person’s knowledge of and familiarity with the particular subject and who, in each case, shall have
direct responsibility for the administration of this Indenture, and (ii) when used with respect to the Issuers, the chief executive officer, president, vice president, chief financial officer, treasurer or assistant treasurer, or other similar
officer, manager or a member of the board of directors of such Issuer. Any document delivered hereunder that is signed by a Responsible Officer shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or
other action on the part of the Issuers and such Responsible Officer shall be conclusively presumed to have acted on behalf of the Issuer. 

“Restricted Definitive Note” means a Definitive Note bearing the Private Placement Legend. 

“Restricted Global Note” means a Global Note bearing the Private Placement Legend. 

“Restricted Payment” means any dividend on, or the making of any payment or other distribution on account of, or the
purchase, redemption, retirement, or other acquisition (directly or indirectly) of, or the setting apart assets for a sinking or other analogous fund for the purchase, redemption, retirement, or other acquisition of, any class of Equity Interests of
any Issuer or Guarantor or any Restricted Subsidiary thereof, the making of any payment with respect to any earn-out or similar obligation incurred in connection with an Acquisition permitted hereunder, or the
making of any distribution of cash or Property to the holders of any Equity Interests of any Issuer or Guarantor or any Subsidiary thereof on account of such Equity Interests, or the making of any Investment other than a Permitted Investment. 

“Restricted Period” means the 40-day distribution compliance period as defined in
Regulation S. 
 “Restricted Subsidiary” means, at any time, any direct or indirect Subsidiary of the Company (including
the Issuers) that is not then an Unrestricted Subsidiary; provided, however, that upon the occurrence of an Unrestricted Subsidiary ceasing to be an Unrestricted Subsidiary, such Subsidiary shall be included in the definition of
“Restricted Subsidiary.” Unless otherwise specified or the context otherwise requires, a reference to a “Restricted Subsidiary” shall be a reference to a Restricted Subsidiary of the Company. 

“Revolving Loan Credit Agreement” means that revolving loan credit agreement dated as of April 23, 2021 among the
Company, the Issuer, the Collateral Agent and the lenders party thereto from time to time, as amended, restated, amended and restated, supplemented, replaced or otherwise modified from time to time. 

“Revolving Loan Documents” means the “Loan Documents,” as defined in the Revolving Loan Credit Agreement. 

“Revolving Loan Obligations” means the Obligations as defined in the Revolving Loan Credit Agreement. 

“Revolving Loans” means any revolving loan made pursuant to the Revolving Loan Credit Agreement. 

“Rig” means any mobile offshore drilling unit (including, without limitation, any jackup rig, semi-submersible rig,
drillship, and barge rig) of the Company or a Restricted Subsidiary, including, without limitation, the Rigs in existence on the Issue Date. 

  
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 “Rig Debt” means Indebtedness incurred solely to finance the acquisition or
construction of any Rig. 
 “Rig Subsidiary” means each Restricted Subsidiary of the Company that (a) owns a Rig,
(b) operates or is a party to a Drilling Contract or charter (or similar contract) related to a Rig, (c) operates or provides services to a mobile offshore drilling unit (including, without limitation, any jackup rig, semi-submersible rig,
drillship, and barge rig) of any Person, or (d) holds a deposit account or any other type of account into which any payments in respect of any Rig, or under any contract or charter with respect to any Rig, are made or held. As of the Issue
Date, the Rig Subsidiaries are as set forth in Schedule 1.1(d) of the Revolving Loan Credit Agreement. 
 “Rig Value” has
the meaning set forth in Section 1.1 of the Revolving Loan Credit Agreement, as applied mutatis mutandis with respect to the Notes in good faith by the Issuers. 

“Rule 144” means Rule 144 promulgated under the Securities Act. 

“Rule 144A” means Rule 144A promulgated under the Securities Act. 

“Rule 903” means Rule 903 promulgated under the Securities Act. 

“Rule 904” means Rule 904 promulgated under the Securities Act. 

“S&P” means S&P Global Ratings, a division of S&P Global Inc., and any successor to its rating agency business.

 “SEC” means the U.S. Securities and Exchange Commission. 

“Secured Obligations” has the meaning assigned thereto in the Security Agreement. 

“Secured Parties” has the meaning assigned thereto in the Security Agreement. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Security Agreement” means that New York law governed pledge and security agreement dated as of the date
hereof among the Collateral Agent, the Issuers and the Guarantors, as amended, restated, amended and restated, supplemented, or otherwise modified from time to time. 

“Security Documents” means, collectively, any security agreements, hypotecs, intellectual property security agreements,
mortgages, collateral assignments, security agreement supplements, pledge agreements, bond or any similar agreements, guarantees and each of the other agreements, instruments or documents pursuant to which any Issuer, Guarantor or the Permitted
Holdco, if any, pledges or grants a security interest in Property or assets securing any Secured Obligations, as amended, extended, renewed, restated, refunded, replaced, refinanced, supplemented, modified or otherwise changed from time to time.

 “Senior Credit Facilities” means the Revolving Loan Credit Agreement, the Last Out Term Loan Agreement and the Last Out
Incremental Debt Documents. 

  
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 “Significant Subsidiary” means any Restricted Subsidiary that would be a
“significant subsidiary” as defined in Article 1, Rule 1-02(w)(2) of Regulation S-X, promulgated pursuant to the Securities Act, as such regulation is in
effect on the Issue Date. 
 “Similar Business” means (1) any business conducted or proposed to be conducted by the
Company or any of its Subsidiaries on the Issue Date or (2) any business or other activities that are reasonably similar, incidental, ancillary, complementary or related to, or a reasonable extension, development or expansion of, the businesses
in which the Company and any of its Subsidiaries were engaged on the Issue Date. 
 “Specified Cash” means, as of any date
of determination, the aggregate amount of the following (without duplication): cash and Cash Equivalents of the Company and its Restricted Subsidiaries, in each case, that are on deposit in or held in, any deposit account, securities account, or
other bank account, and in each case, that is subject to (a) with respect to any cash and Cash Equivalents contained in a U.S. account, an Acceptable Security Interest pursuant to an account control agreement, or (b) with respect to any
cash and Cash Equivalents contained in a non-U.S. account, an appropriate security arrangement in the relevant jurisdiction that is required by, or effective pursuant to, Applicable Law to create an Acceptable
Security Interest in such account. 
 “Specified Permitted Lien” means any Liens incurred pursuant to clauses (b), (c),
(d), (e), (f), (g), (h), (l) or (n) of the definition of Permitted Lien. 
 “Specified Transaction” means (a) any
disposition permitted pursuant to the definition of Asset Sale, (b) any Permitted Acquisition, (c) any Permitted Investment and (d) the Transactions. 

“Subordinated Indebtedness” means, with respect to the Notes, any Indebtedness of any of the Issuers or Guarantors which is
by its terms subordinated in right of payment to the Notes in the case of an Issuer or to the Guarantee in the case of a Guarantor. 

“Subsidiary” means, with respect to any Person: 

(1) any corporation, association or other business entity (other than a partnership, joint venture, limited liability company or similar
entity) of which more than 50.0% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time of determination
owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof; and 

(2) any partnership, joint venture, limited liability company or similar entity of which 

(x) more than 50.0% of the capital accounts, distribution rights, total equity and voting interests or general or limited
partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof whether in the form of membership, general, special or limited
partnership or otherwise, and 
 (y) such Person or any Restricted Subsidiary of such Person is a controlling general
partner or otherwise controls such entity. 
 “Subsidiary Guarantor” means any Guarantor other than the Company. 

  
 37 

 “Synthetic Lease” means any synthetic lease, tax retention operating lease,
off-balance sheet loan, or similar off-balance sheet financing product where such transaction is considered borrowed money Indebtedness for Tax purposes but is
classified as an operating lease in accordance with GAAP. 
 “Tax Distributions” means in respect of any taxable period for
which the Company is a member of a consolidated, combined, affiliated, unitary or similar tax group for U.S. federal and/or applicable state, local or foreign income Tax purposes of which a direct or indirect parent of the Company is the common
parent, or for which the Company is a disregarded entity for U.S. federal income Tax purposes that is wholly owned (directly or indirectly) by a C corporation for U.S. federal and/or applicable state or local income Tax purposes, distributions to
any direct or indirect parent of the Company to pay U.S. federal, state, local, or foreign income Taxes of such parent or such C corporation (including distributions to fund estimated payments of such taxes) in an amount not to exceed the amount of
any U.S. federal, state, local or foreign income Taxes that the Company would have paid for such taxable period had the Company been treated as a stand-alone corporate taxpayer or a standalone corporate group, calculated taking into account
accumulated losses and deductions that would have been available if the Company had been so treated. 
 “Taxes” means all
present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees, or other charges imposed by any Governmental Authority, including any interest, additions to tax, or penalties applicable
thereto. 
 “Term Loan Administrative Agent” means Wells Fargo Bank, National Association, in its capacity as
administrative agent under the Last Out Term Loan Agreement, and any successor thereto. 
 “Threshold Amount” means
$40,000,000. 
 “Total Collateral Coverage Ratio” means, as of any date of determination, (a) prior to the RCF
Discharge Date, the “Total Collateral Coverage Ratio” as defined in the Revolving Loan Credit Agreement, and (b) at any time on or after the RCF Discharge Date, the ratio of (i) the Collateral Rig Value as of such date, based on
an Acceptable Appraisal, to (ii) the sum of (1) the aggregate outstanding principal amount of all loans and letter of credit obligations under the primary revolving credit facility of the Company and its Restricted Subsidiaries, plus
(2) the aggregate outstanding principal amount of the Last Out Term Loans as of such date, plus (3) the aggregate outstanding principal amount of the Notes as of such date, plus (4) the aggregate outstanding principal amount of the
Last Out Incremental Debt as of such date. 
 “Total Collateral Coverage Ratio Requirement” means (a) prior to the RCF
Discharge Date, the financial maintenance covenant set forth in Section 8.15(b) of the Revolving Loan Credit Agreement, and (b) at any time on or after the RCF Discharge Date, the requirement that, as of the last day of the most recently
ended fiscal quarter of the Company, the Total Collateral Coverage Ratio be greater than 1.3 to 1.0. 
 “Transactions”
means (a) the execution and delivery of this Indenture and the other Note Documents and the issuance of the Notes, (b) the consummation of the Plan in accordance with the terms thereof, the Confirmation Order (as defined in the Plan), and
the applicable Restructuring Documents (as defined in the Plan), and (c) the payment of all fees, expenses, and costs actually incurred by the Issuers and the Guarantors and their Restricted Subsidiaries in connection with the foregoing. 

“Treasury Rate” means, the weekly average for each Business Day during the most recent week that has ended at least two
Business Days prior to the Redemption Date of the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled and 

  
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 published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly
available at least two Business Days prior to the Redemption Date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the Redemption Date to
April 22, 2023; provided, however, that if the period from the Redemption Date to April 22, 2023 is not equal to the constant maturity of a United States Treasury security for which a yield is given, the Treasury Rate shall
be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the yields of United States Treasury securities for which such yields are given, except that if the period from the
Redemption Date to such date is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. 

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended. 

“Trustee” means Wilmington Savings Fund Society, FSB, as trustee, until a successor replaces it in accordance with the
applicable provisions of this Indenture and thereafter means the successor serving hereunder. 
 “UCC” means the Uniform
Commercial Code. 
 “Unrestricted Definitive Note” means one or more Definitive Notes that do not bear and are not required
to bear the Private Placement Legend. 
 “Unrestricted Global Note” means a permanent Global Note, substantially in the
form of Exhibit A hereto that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, and that is deposited with or on behalf of and registered in the name of the
Depositary, representing Notes that do not bear the Private Placement Legend. 
 “Unrestricted Subsidiary” means
(a) any Subsidiary of the Company (i) designated as an Unrestricted Subsidiary as of the Issue Date, or (ii) which the Company has designated in writing to the Trustee to be an Unrestricted Subsidiary pursuant to, and in accordance
with, Section 4.20 hereof, in each case, unless such Subsidiary is thereafter designated as a Restricted Subsidiary pursuant to Section 4.20 hereof, and (b) each Subsidiary of an Unrestricted Subsidiary. 

“U.S. Issuer” has the meaning set forth in the preamble hereto. 

“U.S. Person” means a U.S. person as defined in Rule 902(k) under the Securities Act. 

“Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by
dividing: (a) the sum of the products obtained by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity, or other required payments of principal, including payment at final maturity, in respect
thereof, by (ii) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (b) the then outstanding principal amount of such
Indebtedness, in each case of clauses (a) and (b), without giving effect to the application of any prior prepayment to such installment, sinking fund, serial maturity, or other required payment of principal. 

“Wholly Owned Subsidiary” of any Person means a Subsidiary of such Person, 100.0% of the outstanding Equity Interests of
which (other than directors’ qualifying shares and shares issued to foreign nationals as required by Applicable Law) shall at the time be owned by such Person or by one or more Wholly Owned Subsidiaries of such Person or by such Person and one
or more Wholly Owned Subsidiaries of such Person. 

  
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 Section 1.02 Other Definitions. 

 

			
	 Term
	  	Defined in
Section
	 “Acceptable Commitment”
	  	4.10
	 “Additional Amounts”
	  	4.17
	 “Asset Sale Offer”
	  	4.10
	 “Authentication Order”
	  	2.02
	 “Change of Control Offer”
	  	4.14
	 “Change of Control Payment”
	  	4.14
	 “Change of Control Payment Date”
	  	4.14
	 “Covenant Defeasance”
	  	8.03
	 “Covenant Suspension Event”
	  	4.16
	 “disposition”
	  	1.01
	 “DTC”
	  	2.03
	 “Event of Default”
	  	6.01
	 “Excess Proceeds”
	  	4.10
	 “incur”
	  	4.09
	 “Increased Amount”
	  	4.12
	 “Other Last Out Debt Repayment Offer”
	  	4.21
	 “Other Last Out Debt Payment”
	  	4.21
	 “Other Last Out Debt Payment Date”
	  	4.21
	 “Legal Defeasance”
	  	8.02
	 “Note Register”
	  	2.03
	 “Offer Amount”
	  	3.09
	 “Offer Period”
	  	3.09
	 “Pari Passu Indebtedness”
	  	4.10(d)
	 “Paying Agent”
	  	2.03
	 “PIK Interest”
	  	Exhibit A
	 “PIK Notes”
	  	2.01(a)(ii)
	 “PIK Payment”
	  	2.01(a)(ii)
	 “Purchase Date”
	  	3.09
	 “Redemption Date”
	  	3.07
	 “Refinancing Indebtedness”
	  	1.01
	 “Registrar”
	  	2.03
	 “Required Currency”
	  	12.19
	 “Restricted Payments”
	  	4.07
	 “Reversion Date”
	  	4.16
	 “Successor Company”
	  	5.01
	 “Successor Person”
	  	5.01
	 “Suspended Covenants”
	  	4.16
	 “Suspension Period”
	  	4.16
	 “Tax Jurisdiction”
	  	4.17(a)

 Section 1.03 [Reserved] 

  
 40 

 Section 1.04 Rules of Construction. 

Unless the context otherwise requires: 

(a) a term has the meaning assigned to it; 

(b) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(c) “or” is not exclusive; 

(d) words in the singular include the plural, and in the plural include the singular; 

(e) “will” shall be interpreted to express a command; 

(f) provisions apply to successive events and transactions; 

(g) references to sections of, or rules under, the Securities Act shall be deemed to include substitute, replacement or successor
sections or rules adopted by the SEC from time to time; 
 (h) unless the context otherwise requires, any reference to an
“Article,” “Section,” “clause” or “Exhibit” refers to an Article, Section, clause or Exhibit, as the case may be, of this Indenture; 

(i) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Indenture
as a whole and not any particular Article, Section, clause, other subdivision or Exhibit; and 
 (j) unless otherwise provided in this
Indenture, in any Note or in any other Note Document, the words “execute,” “execution,” “signed,” and “signature” and words of similar import used in or related to any document to be signed in connection with
this Indenture, any Note, any other Note Document or any of the transactions contemplated hereby (including amendments, waivers, consents and other modifications) shall be deemed to include electronic signatures and the keeping of records in
electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature in ink or the use of a paper-based recordkeeping system, as applicable, to the fullest extent and as provided for in any
applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, and any other similar state laws based on the Uniform Electronic Transactions Act,
provided that, notwithstanding anything herein to the contrary, neither the Trustee nor the Collateral Agent is under any obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the
Trustee or the Collateral Agent, as applicable, pursuant to procedures approved by the Trustee or the Collateral Agent, as applicable. 
 Section 1.05
Acts of Holders. 
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this
Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing. Except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments or record or both are delivered to the Trustee, the Collateral Agent, if applicable, and, where it is hereby expressly required, to the Issuers. Proof of execution of
any such instrument or of a writing appointing any such agent, or the holding by any Person of a Note, shall be sufficient for any purpose of this Indenture and (subject to Section 7.01 hereof) conclusive in favor of the Trustee, the Collateral
Agent and the Issuers, if made in the manner provided in this Section 1.05. 

  
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 (b) The fact and date of the execution by any Person of any such instrument or writing may
be proved by the affidavit of a witness of such execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged
to him the execution thereof. Where such execution is by or on behalf of any legal entity other than an individual, such certificate or affidavit shall also constitute proof of the authority of the Person executing the same. The fact and date of the
execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner that the Trustee deems sufficient. 

(c) The ownership of Notes shall be proved by the Note Register. Notwithstanding anything to the contrary in this Indenture or any of the
other Note Documents, solely for purposes of determining whether any notice, direction, action to be taken or consent to be given under this Indenture is authorized, provided or given (as the case may be) by a sufficient aggregate principal amount
of Notes, an owner of a beneficial interest in a Global Note shall be treated as a Holder, and the Trustee and, if applicable, the Collateral Agent, shall accept evidence of such beneficial interest provided by such owner. 

(d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Note shall bind every future
Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of any action taken, suffered or omitted by the Trustee, the Collateral Agent or the Issuers
in reliance thereon, whether or not notation of such action is made upon such Note. 
 (e) The Issuers may, in the circumstances permitted
by the Trust Indenture Act, set a record date for purposes of determining the identity of Holders entitled to give any request, demand, authorization, direction, notice, consent, waiver or take any other act, or to vote or consent to any action by
vote or consent authorized or permitted to be given or taken by Holders. Unless otherwise specified, if not set by the Issuers prior to the first solicitation of a Holder made by any Person in respect of any such action, or in the case of any such
vote, prior to such vote, any such record date shall be the later of 30 days prior to the first solicitation of such consent or the date of the most recent list of Holders furnished to the Trustee prior to such solicitation. 

(f) Without limiting the foregoing, a Holder entitled to take any action hereunder with regard to any particular Note may do so with regard to
all or any part of the principal amount of such Note or by one or more duly appointed agents, each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. Any notice given or action taken by a Holder
or its agents with regard to different parts of such principal amount pursuant to this Section 1.05(f) shall have the same effect as if given or taken by separate Holders of each such different part. 

(g) Without limiting the generality of the foregoing, a Holder, including DTC that is the Holder of a Global Note, may make, give or take, by
a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders, and DTC that is the Holder of a Global Note may
provide its proxy or proxies to the beneficial owners of interests in any such Global Note through such depositary’s standing instructions and customary practices. 

  
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 (h) The Issuers may fix a record date for the purpose of determining the Persons who are
beneficial owners of interests in any Global Note held by DTC entitled under the procedures of such depositary to make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent,
waiver or other action provided in this Indenture to be made, given or taken by Holders. If such a record date is fixed, the Holders on such record date or their duly appointed proxy or proxies, and only such Persons, shall be entitled to make, give
or take such request, demand, authorization, direction, notice, consent, waiver or other action, whether or not such Holders remain Holders after such record date. No such request, demand, authorization, direction, notice, consent, waiver or other
action shall be valid or effective if made, given or taken more than 90 days after such record date. 
 ARTICLE 2 

THE NOTES 
 Section 2.01 Form and Dating;
Terms. 
 (a) General. (i) The Notes and the Trustee’s certificate of authentication shall be substantially in the form
of Exhibit A hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rules or usage. Each Note shall be dated the date of its authentication. The Notes shall be in minimum denominations of $1.00 and
integral multiples of $1.00 in excess thereof. 
 (ii) If the Issuers are entitled to pay PIK Interest in respect of the
Notes, the Issuer may elect (subject to the restrictions contained in the Notes), without the consent of the Holders of the Notes (and without regard to any restrictions or limitations set forth under Section 4.09 hereof), to pay the applicable
amount of PIK Interest (in accordance with the requirements contained in the Notes) for such Interest Period in respect of each outstanding Note on the Interest Payment Date in respect of such Interest Period by (y) increasing the outstanding
principal amount of Notes by an amount equal to the PIK Interest elected to be paid (rounded up to the nearest whole dollar), and, upon receipt of an Issuer Order, an adjustment shall be made by the Trustee to reflect such increase, with respect to
Global Notes, in the “Schedule of Exchanges of Interests in the Global Note”, or (z) issuing additional Notes (the “PIK Notes”) under this Indenture on the same terms and conditions as the Notes with respect to which
such PIK Notes are being issued as PIK Interest in an amount equal to the PIK Interest elected to be paid (rounded up to the nearest whole dollar) (in each case of (y) and (z), a “PIK Payment”). The Initial Notes (including any
increases thereof as the result of a PIK Payment and any PIK Notes issued as a PIK Payment with respect thereto) and any Additional Notes of the same series (including any increases thereof as the result of a PIK Payment and any PIK Notes issued as
a PIK Payment with respect to such Additional Notes) subsequently issued under this Indenture will be treated as a single class for all purposes under this Indenture, including waivers, amendments, redemptions and offers to purchase. Unless the
context requires otherwise, references to the “principal” or “principal amount” of Notes or of the Notes of any series for all purposes of this Indenture includes any increase in the principal amount of outstanding Notes
(including PIK Notes) as a result of a PIK Payment or outstanding Notes of such series (including PIK Notes) as a result of a PIK Payment with respect to the Notes of such series, as applicable. Interest for the first Interest Period commencing on
the Issue Date, for the last Interest Period concluding on the Maturity Date of the Notes and in connection with any redemption or repurchase shall be payable entirely in cash. If the Issuers are permitted to pay PIK Interest for any Interest Period
and desires to pay PIK Interest for such Interest Period, the Issuer must comply with the procedures and notice requirements contained in the Notes. 

  
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 (b) Global Notes. Notes issued in global form shall be substantially in the form of
Exhibit A hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form shall be substantially in the form of Exhibit A
hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note shall represent such of the outstanding Notes as shall be specified in the
“Schedule of Exchanges of Interests in the Global Note” attached thereto and each shall provide that it shall represent up to the aggregate principal amount of Notes from time to time endorsed thereon and that the aggregate principal
amount of outstanding Notes represented thereby may from time to time be reduced or increased, as applicable, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate
principal amount of outstanding Notes represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 

(c) Temporary Global Notes. Notes offered and sold in reliance on Regulation S shall be issued initially in the form of the Regulation
S Temporary Global Note, which shall be deposited on behalf of the purchasers of the Notes represented thereby with the Trustee, as custodian for the Depositary, and registered in the name of the Depositary or the nominee of the Depositary for the
accounts of designated agents holding on behalf of Euroclear or Clearstream, duly executed by the Issuers and authenticated by the Trustee as hereinafter provided. 

Following the termination of the Restricted Period, beneficial interests in the Regulation S Temporary Global Note shall be exchanged for
beneficial interests in the Regulation S Permanent Global Note pursuant to the Applicable Procedures. Simultaneously with the authentication of the Regulation S Permanent Global Note, the Trustee shall cancel the Regulation S Temporary Global Note.
The aggregate principal amount of the Regulation S Temporary Global Note and the Regulation S Permanent Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary or its nominee,
as the case may be, in connection with transfers of interest as hereinafter provided. 
 (d) Terms. The aggregate principal amount of
Notes that may be authenticated and delivered under this Indenture is unlimited. 
 The terms and provisions contained in the Notes shall
constitute, and are hereby expressly made, a part of this Indenture and the Issuers, the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to
the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 

The Notes shall be subject to repurchase by the Issuers pursuant to an Asset Sale Offer as provided in Section 4.10 hereof, a Change of
Control Offer as provided in Section 4.14 hereof or an Other Last Out Debt Repayment Offer as provided in Section 4.21 hereof. The Notes shall not be redeemable, other than as provided in Article 3. 

Additional Notes ranking pari passu with the Initial Notes may be created and issued from time to time by the Issuers without
notice to or consent of the Holders and shall be consolidated with and, to the extent the Additional Notes are fungible with the Initial Notes, form a single class with the Initial Notes and shall have the same terms as to status, redemption or
otherwise as the Initial Notes; provided, that the Issuers’ ability to issue Additional Notes shall be subject to the Issuers’ compliance with Section 4.09 hereof and provided further, that if the Additional Notes are
not fungible with the Initial Notes for U.S. federal income tax purposes, the Additional Notes will have a separate CUSIP number, ISIN or Common Code, if applicable. Any Additional Notes shall be issued with the benefit of an indenture supplemental
to this Indenture. 

  
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 (e) Euroclear and Clearstream Procedures Applicable. The provisions of the
“Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream shall
be applicable to transfers of beneficial interests in any Global Notes that are held by Participants through Euroclear or Clearstream. 
 Section 2.02
Execution and Authentication. 
 One Officer of each Issuer shall execute the Notes on behalf of the Issuers by manual or facsimile
signature. 
 If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall
nevertheless be valid. 
 A Note shall not be entitled to any benefit under this Indenture or be valid or obligatory for any purpose until
authenticated substantially in the form of Exhibit A attached hereto by the manual signature of the Trustee. The signature shall be conclusive evidence that the Note has been duly authenticated and delivered under this Indenture. 

On the Issue Date, the Trustee shall, upon receipt of an Issuer Order (an “Authentication Order”), authenticate and deliver
the Initial Notes. In addition, at any time, from time to time, the Trustee shall upon receipt of an Authentication Order authenticate and deliver (a) any Additional Notes (including any PIK Notes) for an aggregate principal amount specified in
such Authentication Order for such Additional Notes (including any PIK Notes) issued hereunder and (b) record increases in the principal amount of the Notes to reflect a PIK Payment or authenticate PIK Notes to reflect a PIK Payment, each upon
receipt of an Issuer Order. 
 The Trustee may appoint an authenticating agent acceptable to the Issuers to authenticate Notes. An
authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with
Holders or an Affiliate of the Issuers. 
 Section 2.03 Registrar and Paying Agent. 

The Issuers shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange
(“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar shall keep a register of the Notes (“Note Register”) and of their transfer and
exchange. The Issuers may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the
term “Paying Agent” includes any additional paying agent. The Issuers may change any Paying Agent or Registrar without prior notice to any Holder. The Issuers shall notify the Trustee in writing of the name and address of any Agent not a
party to this Indenture. If the Issuers fail to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Issuers or any of their Subsidiaries may act as Paying Agent or Registrar. 

The Issuers initially appoint The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes.

  
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 The Issuers initially appoint the Trustee to act as the Paying Agent and Registrar for the
Notes and to act as Custodian with respect to the Global Notes. 
 Section 2.04 Paying Agent to Hold Money in Trust. 

The Issuers shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent shall hold in trust for the
benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium, if any, or interest on the Notes, and shall notify the Trustee of any default by the Issuers in making any such payment. While any such
default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Issuers at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent
(if other than the Issuers or a Subsidiary) shall have no further liability for the money. If the Issuers or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it
as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Issuers, the Trustee shall serve as Paying Agent for the Notes. 

Section 2.05 Holder Lists. 
 The
Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders and shall otherwise comply with Trust Indenture Act Section 312(a). If the Trustee is not
the Registrar, the Issuers shall furnish to the Trustee at least five Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may
reasonably require of the names and addresses of the Holders of Notes and the Issuers shall otherwise comply with Trust Indenture Act Section 312(a). 

Section 2.06 Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. Except as otherwise set forth in this Section 2.06, a Global Note may be transferred,
in whole and not in part, only to another nominee of the Depositary or to a successor Depositary or a nominee of such successor Depositary. A beneficial interest in a Global Note may not be exchanged for a Definitive Note unless (i) the
Depositary (x) notifies the Issuers that it is unwilling or unable to continue as Depositary for such Global Note or (y) has ceased to be a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is
not appointed by the Issuers within 120 days or (ii) there shall have occurred and be continuing a Default with respect to the Notes. Upon the occurrence of any of the preceding events in (i) or (ii) above, Definitive Notes delivered in
exchange for any Global Note or beneficial interests therein will be registered in the names, and issued in any approved denominations, requested by or on behalf of the Depositary (in accordance with its customary procedures). Global Notes also may
be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or
Section 2.07 or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note, except for Definitive Notes issued subsequent to any of the preceding events in (i) or (ii) above and pursuant to
Section 2.06(b)(2)(B) and 2.06(c) hereof. A Global Note may not be exchanged for another Note other than as provided in this Section 2.06(a); provided, however, beneficial interests in a Global Note may be transferred and
exchanged as provided in Section 2.06(b) or (c) hereof. 

  
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 (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer
and exchange of beneficial interests in the Global Notes shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Notes shall be
subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also shall require compliance with either subparagraph (i) or (ii)
below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 
 (1) Transfer of
Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with
the transfer restrictions set forth in the Private Placement Legend; provided, however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in the Regulation S Temporary Global Note may not be made
to a U.S. Person or for the account or benefit of a U.S. Person. Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No
written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(1). 

(2) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and
exchanges of beneficial interests that are not subject to Section 2.06(b)(1) hereof, the transferor of such beneficial interest must deliver to the Registrar either (A) (1) a written order from a Participant or an Indirect Participant
given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged
and (2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase or (B) (1) a written order from a Participant or an Indirect Participant
given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given by the
Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above; provided, that in no event shall Definitive Notes
be issued upon the transfer or exchange of beneficial interests in the Regulation S Temporary Global Note prior to (A) the expiration of the Restricted Period and (B) the receipt by the Registrar of the certificates in the form of Exhibit
B. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal
amount of the relevant Global Note(s) pursuant to Section 2.06(h) hereof. 
 (3) Transfer of Beneficial Interests to
Another Restricted Global Note. A beneficial interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with
the requirements of Section 2.06(b)(2) hereof and the Registrar receives the following: 
 (A) if the transferee
will take delivery in the form of a beneficial interest in the 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 

(B) if the transferee will take delivery in the form of a beneficial interest in the Regulation S Global Note, then the
transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; or 

  
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 (C) if the transferee will take delivery in the form of a beneficial
interest in the AI Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (3)(d) thereof. 

(4) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted
Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial
interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.06(b)(2) hereof and 

the Registrar receives the following: 

(A) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest
for a beneficial interest in an Unrestricted Global Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or 

(B) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to
a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144 under the Securities Act, or
pursuant to an effective registration statement under the Securities Act, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this Section 2.06(b)(4), if the Registrar or Issuers so requests or if the Applicable
Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar and Issuers to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and
in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
 If any
such transfer is effected pursuant to this Section 2.06(b)(4) at a time when an Unrestricted Global Note has not yet been issued, the Issuers shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof,
the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to this Section 2.06(b)(4). 

Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery
thereof in the form of, a beneficial interest in a Restricted Global Note. 
 (c) Transfer or Exchange of Beneficial Interests for
Definitive Notes. 
 (1) Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If any
holder of a beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted
Definitive Note, then, upon the occurrence of any of the events in clauses (i) or (ii) of Section 2.06(a) hereof and receipt by the Registrar of the following documentation: 

  
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 (A) if the holder of such beneficial interest in a Restricted Global Note
proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such holder substantially in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof; 

(B) if such beneficial interest is being transferred to a non-U.S. Person in an
offshore transaction in accordance with Rule 903 or Rule 904, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (2) thereof; 

(C) if such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the
Securities Act in accordance with Rule 144A, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(a) thereof; 

(D) if such beneficial interest is being transferred to an “accredited investor” (as defined in Rule 501(a)(1),
(2), (3) or (7) of the Securities Act) in reliance on any other exemption from the registration requirements of the Securities Act in accordance with Rule 144, other than those listed in subparagraphs (B) or (C) above, a certificate
substantially in the form of Exhibit B hereto, including the certifications in item (3) thereof and Exhibit B-1 hereto; 

(E) if such beneficial interest is being transferred to the Issuers, the Guarantors or any of the Restricted Subsidiaries,
a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(b) thereof; or 

(F) if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities
Act, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(c) thereof, 
 the Trustee shall cause the
aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the Issuers shall execute and upon receipt of an Authentication Order, the Trustee shall authenticate and mail to the
Person designated in the instructions a Definitive Note in the applicable principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c) shall be registered in
such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall
mail such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(i) shall bear the Private
Placement Legend and shall be subject to all restrictions on transfer contained therein. 
 (2) Beneficial Interests in
Regulation S Temporary Global Note to Definitive Notes. Notwithstanding Sections 2.06(c)(i)(A) and (C) hereof, a beneficial interest in the Regulation S Temporary Global Note may not be exchanged for a Definitive Note or transferred to a
Person who takes delivery thereof in the form of a Definitive Note prior to (A) the expiration of the Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant to Exhibit B, except in the case of a
transfer pursuant to an exemption from the registration requirements of the Securities Act other than Rule 903 or Rule 904. 

  
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 (3) Beneficial Interests in Restricted Global Notes to Unrestricted
Definitive Notes. A holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form
of an Unrestricted Definitive Note only upon the occurrence of any of the events in subsection (i) or (ii) of Section 2.06(a) hereof and if the Registrar receives the following: 

(A) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest
for an Unrestricted Definitive Note, a certificate from such holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or 

(B) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to
a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144 under the Securities Act, or pursuant to an
effective registration statement under the Securities Act, a certificate from such holder substantially in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case, if the Registrar or Issuers so requests or if the Applicable Procedures so require, an Opinion of Counsel in form
reasonably acceptable to the Registrar and Issuers to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act. 
 (4) Beneficial Interests in Unrestricted Global Notes
to Unrestricted Definitive Notes. If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery
thereof in the form of a Definitive Note, then, upon the occurrence of any of the events in subsection (i) or (ii) of Section 2.06(a) hereof and satisfaction of the conditions set forth in Section 2.06(b)(2) hereof, the Trustee shall
cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the Issuers shall execute and, upon receipt of an Authentication Order, the Trustee shall authenticate and mail
to the Person designated in the instructions a Definitive Note in the applicable principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iv) shall be registered in such name or names
and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from or through the Depositary and the Participant or Indirect Participant. The Trustee shall mail such
Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iv) shall not bear the Private Placement Legend. 

(d) Transfer and Exchange of Definitive Notes for Beneficial Interests. 

(1) Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted
Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global
Note, then, upon receipt by the Registrar of the following documentation: 
 (A) if the Holder of such Restricted
Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof; 

  
 50 

 (B) if such Restricted Definitive Note is being transferred to a QIB in
accordance with Rule 144A, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (1) thereof; 

(C) if such Restricted Definitive Note is being transferred to a non-U.S. Person in an
offshore transaction in accordance with Rule 903 or Rule 904, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (2) thereof; 

(D) if such Restricted Definitive Note is being transferred pursuant to any other exemption from the registration requirements
of the Securities Act in accordance with Rule 144, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(a) thereof; 

(E) if such Restricted Definitive Note is being transferred to the Issuers, the Guarantors or any of the Restricted
Subsidiaries, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(b) thereof; or 

(F) if such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the
Securities Act, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(c) thereof, 
 the Trustee
shall cancel the Restricted Definitive Note and increase or cause to be increased the aggregate principal amount of the applicable Restricted Global Note. 

(2) Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted
Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note
only if the Registrar receives the following: 
 (A) if the Holder of such Definitive Notes proposes to exchange such
Notes for a beneficial interest in the Unrestricted Global Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or 

(B) if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in
the form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder substantially in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this Section 2.06(d)(ii), if the Registrar or Issuers so requests or if the Applicable Procedures so
require, an Opinion of Counsel in form reasonably acceptable to the Registrar and Issuers to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private
Placement Legend are no longer required in order to maintain compliance with the Securities Act. 

  
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 Upon satisfaction of the applicable conditions in this Section 2.06(d)(ii), the Trustee
shall cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 

(3) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted
Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Unrestricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note
at any time. Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global
Notes. 
 If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to clauses (ii) or
(iii) above at a time when an Unrestricted Global Note has not yet been issued, the Issuers shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or more Unrestricted
Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 
 (e) Transfer and
Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar shall register the transfer or exchange of
Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder shall present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to
the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following
provisions of this Section 2.06(e): 
 (1) Restricted Definitive Notes to Restricted Definitive Notes. Any
Restricted Definitive Note may be transferred to and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 

(A) if the transfer will be made to a QIB in accordance with Rule 144A, then the transferor must deliver a certificate
substantially in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
 (B) if the
transfer will be made pursuant to Rule 903 or Rule 904 then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; or 

(C) if the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act,
then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications required by item (3) thereof, if applicable. 

(2) Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged by
the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if the Registrar receives the following: 

(A) if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note,
a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 

  
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 (B) if the Holder of such Restricted Definitive Notes proposes to
transfer such Notes to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144 under the Securities Act, or
pursuant to an effective registration statement under the Securities Act, a certificate from such Holder substantially in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this Section 2.06(e)(ii), if the Registrar or Issuers so requests, an Opinion of Counsel in form
reasonably acceptable to the Registrar and Issuers to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act. 
 (3) Unrestricted Definitive Notes to Unrestricted
Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall
register the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof. 
 (f) [Reserved]. 

(g) Legends. The following legends shall appear on the face of all Global Notes and Definitive Notes issued under this Indenture unless
specifically stated otherwise in the applicable provisions of this Indenture or if not required by law to have such a legend: 

(1) Private Placement Legend. 

(A) Except as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in
exchange therefor or substitution thereof) shall bear the legend in substantially the following form: 
 “THIS SECURITY
HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS
SET FORTH BELOW. 
 THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF THE ISSUERS THAT (A) THIS SECURITY MAY BE OFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) TO THE ISSUERS, THE COMPANY OR ANY SUBSIDIARY THEREOF, (II) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, OR (III) PURSUANT TO AN EXEMPTION
FROM SUCH REGISTRATION, SUBJECT TO THE ISSUERS’ AND THE TRUSTEE’S RIGHT, EXERCISABLE BY EITHER, PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (III) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION 

  
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AND/OR OTHER INFORMATION TO THE ISSUERS, THE TRUSTEE AND THE REGISTRAR REASONABLY SATISFACTORY TO THE ISSUERS, AND, IN EACH OF CASES (I) THROUGH (III), IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE.” 

(B) Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs (b)(4), (c)(3), (c)(4),
(d)(2), (d)(3), (e)(2), or (e)(3) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) (and any note not required by law to have such a legend) shall not bear the Private Placement Legend. 

(2) Global Note Legend. Each Global Note shall bear a legend in substantially the following form: 

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF
THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06(H) OF THE INDENTURE, (II) THIS GLOBAL NOTE
MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(A) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE
TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUERS. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE
OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 

  
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 (3) Regulation S Temporary Global Note Legend. The Regulation S Temporary Global Note
shall bear a legend in substantially the following form: 
 “BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A
U.S. PERSON, NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON, AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT. 

THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR CERTIFICATED
NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN).” 
 (h) Cancellation and/or Adjustment of Global Notes. At such
time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or
retained and canceled by the Trustee in accordance with Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the
form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the
Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such
other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

(i) General Provisions Relating to Transfers and Exchanges. 

(1) To permit registrations of transfers and exchanges, the Issuers shall execute and the Trustee shall authenticate Global
Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s request. 

(2) No service charge shall be made to a holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note
for any registration of transfer or exchange, but the Issuers may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar
governmental charge payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 4.10, 4.14 and 9.05 hereof). 
 (3)
Neither the Registrar nor the Issuers shall be required to register the transfer of or exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 

(4) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive
Notes shall be the valid obligations of the Issuers, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 

  
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 (5) Neither the Registrar nor the Issuers shall be required (A) to
issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on
the day of selection, (B) to register the transfer of or to exchange any Note so selected for redemption or tendered (and not withdrawn) for repurchase in connection with a Change of Control Offer, an Asset Sale Offer or other tender offer, in
whole or in part, except the unredeemed portion of any Note being redeemed in part or (C) to register the transfer of or to exchange a Note between a Record Date and the next succeeding Interest Payment Date. 

(6) Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Issuers may deem
and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of (and premium, if any) and interest on such Notes and for all other purposes, and none of the Trustee,
any Agent or the Issuers shall be affected by notice to the contrary. 
 (7) Upon surrender for registration of transfer of
any Note at the office or agency of the Issuers designated pursuant to Section 4.02 hereof, the Issuers shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more
replacement Notes of any authorized denomination or denominations of a like aggregate principal amount. 
 (8) At the option
of the Holder, Notes may be exchanged for other Notes of any authorized denomination or denominations of a like aggregate principal amount upon surrender of the Notes to be exchanged at such office or agency. Whenever any Global Notes or Definitive
Notes are so surrendered for exchange, the Issuers shall execute, and the Trustee shall authenticate and deliver, the replacement Global Notes and Definitive Notes which the Holder making the exchange is entitled to in accordance with the provisions
of Section 2.02 hereof. 
 (9) All certifications, certificates and Opinions of Counsel required to be submitted to the
Registrar pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile. 

(10) The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a
participant in, the Depositary or other Person with respect to the accuracy of the records of the Depositary or its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes or with respect to the delivery
to any participant, member, beneficial owner, or other Person (other than the Depositary) of any notice (including any notice of redemption or purchase) or the payment of any amount or delivery of any Notes (or other security or property) under or
with respect to such Notes. The Trustee may rely and shall be fully protected in relying upon information furnished by the Depositary with respect to its members, participants, and any beneficial owners. 

(11) The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on
transfer imposed under this Indenture or under Applicable Law with respect to any transfer of any interest in any Note (including any transfers between or among the Depositary’s participants, members, or beneficial owners in any Global Note)
other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial
compliance as to form with the express requirements hereof. None of the Trustee, the Collateral Agent nor any of their agents shall have any responsibility for any actions taken or not taken by the Depositary. 

  
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 Section 2.07 Replacement Notes. 

If any mutilated Note is surrendered to the Trustee, the Registrar or the Issuers and the Trustee receives evidence to its satisfaction of the
ownership and destruction, loss or theft of any Note, the Issuers shall issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement Note if the Trustee’s requirements are met. If required by the Trustee or
the Issuers, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee to protect the Trustee and its agents and in the judgment of the Issuers to protect the Issuers, the Trustee, any Agent and any
authenticating agent from any loss that any of them may suffer if a Note is replaced. The Issuers may charge for its expenses in replacing a Note, including the Trustee’s expenses. 

 
 Every replacement Note is a contractual obligation of the Issuers and
shall be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. 
 Section 2.08
Outstanding Notes. 
 The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by
it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this Section 2.08 as not outstanding. Except as set forth in
Section 2.09 hereof, a Note does not cease to be outstanding because the Issuers or an Affiliate of the Issuers holds the Note. 
 If a
Note is replaced pursuant to Section 2.07 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser. 

If the principal amount of any Note is considered paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases
to accrue. 
 If the Paying Agent (other than the Issuers, a Subsidiary or an Affiliate of any thereof) holds, on a redemption date or
maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to accrue interest. 

Section 2.09 Treasury Notes. 
 In
determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuers, or by any Affiliate of the Issuers, shall be considered as though not outstanding, except that
for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded. Notes so owned
which have been pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right to deliver any such direction, waiver or consent with respect to the Notes and that the pledgee is
not the Issuers or any obligor upon the Notes or any Affiliate of the Issuers or of such other obligor. 
 Section 2.10 Temporary Notes. 

Until certificates representing Notes are ready for delivery, the Issuers may prepare and the Trustee, upon receipt of an Authentication
Order, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of certificated Notes but may have variations that the Issuers consider appropriate for temporary Notes and as shall be reasonably acceptable to the
Trustee. Without unreasonable delay, the Issuers shall prepare and the Trustee shall authenticate definitive Notes in exchange for temporary Notes. 

  
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 Holders and beneficial holders, as the case may be, of temporary Notes shall be entitled to
all of the benefits accorded to Holders, or beneficial holders, respectively, of Notes under this Indenture. 
 Section 2.11 Cancellation. 

The Issuers at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any
Notes surrendered to them for registration of transfer, exchange or payment. The Trustee or, at the direction of the Trustee, the Registrar or the Paying Agent and no one else shall cancel all Notes surrendered for registration of transfer,
exchange, payment, replacement or cancellation and shall dispose of cancelled Notes (subject to the record retention requirement of the Exchange Act) in accordance with its customary procedures. Certification of the disposal of all cancelled Notes
shall be delivered to the Issuers upon its written request. The Issuers may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation. 

Section 2.12 Defaulted Interest. 

If the Issuers default in a payment of interest on the Notes, they shall pay the defaulted interest in any lawful manner plus, to the extent
lawful, interest payable on the defaulted interest to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The Issuers shall notify the Trustee in writing of
the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment, and at the same time the Issuers shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect
of such defaulted interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such defaulted
interest as provided in this Section 2.12. The Issuers shall fix or cause to be fixed each such special record date and payment date; provided, that no such special record date shall be less than 10 days prior to the related payment date
for such defaulted interest. The Issuers shall promptly notify the Trustee of such special record date and payment date. At least 15 days before the special record date, the Issuers (or, upon the written request of the Issuers, the Trustee in the
name and at the expense of the Issuers) shall send or cause to be sent to each Holder a notice at his or her address as it appears in the Note Register that states the special record date, the related payment date and the amount of such interest to
be paid. 
 Subject to the foregoing provisions of this Section 2.12 and for greater certainty, each Note delivered under this
Indenture upon registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Note. 

Section 2.13 CUSIP and ISIN Numbers. 

The Issuers in issuing the Notes may use CUSIP and/or ISIN numbers (if then generally in use) and, if so, the Trustee shall use CUSIP and/or
ISIN numbers in notices of redemption as a convenience to Holders; provided, that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of
redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Issuers shall as promptly as practicable notify
the Trustee of any change in the CUSIP and/or ISIN numbers. 

  
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 ARTICLE 3 

REDEMPTION 
 Section 3.01 Notices to
Trustee. 
 If the Issuers elect to redeem Notes pursuant to Section 3.07 hereof, they shall furnish to the Trustee, at least two
Business Days before notice of redemption is required to be sent or caused to be sent to Holders pursuant to Section 3.03 hereof but not more than 60 days before a Redemption Date (except that redemption notices may be delivered more than 60
days prior to a Redemption Date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture), an Officer’s Certificate setting forth (i) the paragraph or subparagraph of such Note
and/or Section of this Indenture pursuant to which the redemption shall occur, (ii) the Redemption Date, (iii) the principal amount of the Notes to be redeemed and (iv) the redemption price. 

Section 3.02 Selection of Notes to Be Redeemed. 

If less than all of the Notes are to be redeemed at any time, such Notes shall be selected for redemption by the Trustee (1) if the Notes
are listed on an exchange and such listing is known to the Trustee, in compliance with the requirements of such exchange or in the case of Global Notes, in accordance with customary procedures of the Depositary or (2) on a pro rata basis
to the extent practicable, or, if the pro rata basis is not practicable for any reason, by lot or by such other method as most nearly approximates a pro rata basis subject to customary procedures of the Depositary. Such Notes to be
redeemed shall be selected, unless otherwise provided herein, not less than 10 nor more than 60 days prior to the Redemption Date from the outstanding Notes not previously called for redemption. 

The Trustee shall promptly notify the Issuers in writing of the Notes selected for redemption and, in the case of any Note selected for
partial redemption, the principal amount thereof to be redeemed. Notes and portions of Notes selected shall be in minimum amounts of $1.00 or an integral multiple of $1.00 in excess thereof. Provisions of this Indenture that apply to Notes called
for redemption also apply to portions of Notes called for redemption. 
 The Trustee shall not be responsible for any actions taken or not
taken by DTC pursuant to its Applicable Procedures. 
 Section 3.03 Notice of Redemption. 

Subject to Section 3.09 hereof, the Issuers shall deliver notices of redemption electronically or by first-class mail, postage prepaid,
at least 15 but not more than 60 days before the purchase or Redemption Date to each Holder of Notes (with a copy to the Trustee) at such Holder’s registered address or otherwise in accordance with the procedures of DTC, except that redemption
notices may be delivered electronically or mailed more than 60 days prior to a Redemption Date if the notice is issued in connection with Article 8 or Article 11 hereof. Notices of redemption may be conditional. 

The notice shall identify the Notes to be redeemed and shall state: 

(a) the Redemption Date; 

  
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 (b) the redemption price; 

(c) if any Note is to be redeemed in part only, the portion of the principal amount of that Note that is to be redeemed and that, after the
Redemption Date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion of the original Note representing the same indebtedness to the extent not redeemed shall be issued in the name of the Holder of the
Notes upon cancellation of the original Note; 
 (d) the name and address of the Paying Agent; 

(e) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price; 

(f) that, unless the Issuers default in making such redemption payment, interest on Notes called for redemption ceases to accrue on and
after the Redemption Date; 
 (g) the paragraph or subparagraph of the Notes and/or Section of this Indenture pursuant to which the
Notes called for redemption are being redeemed; 
 (h) that no representation is made as to the correctness or accuracy of the CUSIP
number, if any, listed in such notice or printed on the Notes; and 
 (i) any condition to such redemption. 

At the Issuers’ request, the Trustee shall give the notice of redemption in the Issuers’ names and at their expense; provided
that the Issuers shall have delivered written notice to the Trustee, at least two Business Days prior to the date on which notice of redemption is to be sent (unless a shorter notice shall be agreed to by the Trustee) in the form of an
Officer’s Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. 

Section 3.04 Effect of Notice of Redemption. 

Once notice of redemption is sent in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and payable
on the Redemption Date at the redemption price, unless such redemption is conditioned on the happening of a future event. The notice, if sent in a manner herein provided, shall be conclusively presumed to have been given, whether or not the Holder
receives such notice. In any case, failure to give such notice or any defect in the notice to the Holder of any Note designated for redemption in whole or in part shall not affect the validity of the proceedings for the redemption of any other Note.
Subject to Section 3.05 hereof, on and after the Redemption Date, interest ceases to accrue on Notes or portions of Notes called for redemption. 

Section 3.05 Deposit of Redemption or Purchase Price. 

Prior to noon (Eastern time) on the redemption or purchase date, the Issuers shall deposit with the Trustee or with the Paying Agent money
sufficient to pay the redemption or purchase price of and accrued and unpaid interest on all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent shall promptly return to the Issuers any money deposited with the Trustee or
the Paying Agent by the Issuers in excess of the amounts necessary to pay the redemption price of, and accrued and unpaid interest on, all Notes to be redeemed or purchased. 

  
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 If the Issuers comply with the provisions of the preceding paragraph, on and after the
redemption or purchase date, interest shall cease to accrue on the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after a Record Date but on or prior to the related Interest Payment Date,
then any accrued and unpaid interest to the redemption or purchase date shall be paid to the Person in whose name such Note was registered at the close of business on such Record Date. If any Note called for redemption or purchase shall not be so
paid upon surrender for redemption or purchase because of the failure of the Issuers to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to
the extent lawful on any interest accrued to the redemption or purchase date not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof. 

Section 3.06 Notes Redeemed or Purchased in Part. 

Upon surrender of a Definitive Note that is redeemed or purchased in part, the Issuers shall issue and the Trustee shall authenticate for the
Holder at the expense of the Issuers a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered representing the same indebtedness to the extent not redeemed or purchased; provided, that each new
Note shall be in a principal amount of $1.00 or an integral multiple of $1.00 in excess thereof. It is understood that, notwithstanding anything in this Indenture to the contrary, only an Authentication Order and not an Opinion of Counsel or
Officer’s Certificate is required for the Trustee to authenticate such new Note. 
 Section 3.07 Optional Redemption. 

(a) At any time, prior to six months after the Issue Date, the Issuers may redeem all of the Notes, upon notice as described under
Section 3.03 hereof, at a redemption price equal to 101.0% of the principal amount of the Notes to be redeemed plus the accrued and unpaid interest, if any, thereon, to, but not including, the date of redemption (the “Redemption
Date”). 
 (b) At any time, or from time to time, on or after the date that is six months following the Issue Date and prior to
April 22, 2023, the Issuers may on one or more occasions redeem all or a part of the Notes, upon notice as described under Section 3.03 hereof, at a redemption price equal to 100.0% of the principal amount of the Notes to be redeemed plus
the Applicable Premium as of, and accrued and unpaid interest, if any, thereon, to, but not including, the Redemption Date. 
 (c) On and
after April 22, 2023, the Issuers may on one or more occasions redeem all or a part of the Notes upon notice as described under Section 3.03 hereof, at the redemption prices (expressed as percentages of principal amount of the Notes to be
redeemed) set forth in this Section 3.07(c), plus accrued and unpaid interest, if any, thereon to, but not including, the applicable Redemption Date, if redeemed during the twelve-month period beginning on April 22 of each of the years
indicated below: 
  

					
	 Year
	  	Percentage	 
	 2023
	  	 	104.000	% 
	 2024
	  	 	103.000	% 
	 2025
	  	 	102.000	% 
	 2026 and thereafter
	  	 	100.000	% 

 (d) On or after the date that is six months after the Issue Date to but excluding April 22, 2023, the
Issuers may, at their option, on one or more occasions redeem up to 40.0% of the aggregate principal amount of Notes issued under this Indenture (including the principal amount of any Additional Notes issued under this Indenture) at a redemption
price equal to 109.000% of the aggregate principal 

  
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amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, thereon, to, but not including, the applicable Redemption Date, with the net cash proceeds received by the Issuers
from one or more Equity Offerings; provided, that (a) at least 50.0% of the aggregate principal amount of Notes originally issued under this Indenture on the Issue Date remains outstanding immediately after the occurrence of each such
redemption, unless all such Notes are redeemed substantially concurrently and (b) each such redemption occurs within 90 days of the date of closing of each such Equity Offering. 

(e) Notwithstanding this Section 3.07, in connection with any tender offer for all of the outstanding Notes at such time, including a
Change of Control Offer or Asset Sale Offer, if Holders of not less than 90.0% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in such tender offer and the Issuers, or any third party making such
a tender offer in lieu of the Issuers, purchase all of the Notes validly tendered and not withdrawn by such Holders, the Issuers or such third party will have the right upon not less than 10 nor more than 60 days’ prior notice, given not more
than 30 days following such purchase date, to redeem all Notes that remain outstanding following such purchase at a redemption price equal to the price offered to each other Holder (excluding any early tender or incentive fee) in such tender offer
plus, to the extent not included in the tender offer payment, accrued and unpaid interest, if any, thereon, to, but not including, the applicable Redemption Date. 

(f) Any notice of any redemption may be given prior to the redemption thereof, and any such redemption or notice may, at the Issuers’
discretion, be subject to one or more conditions precedent, including, without limitation, the consummation of an incurrence or issuance of debt or equity or a Change of Control or other corporate transaction. If such redemption is so subject to
satisfaction of one or more conditions precedent, such notice shall describe each such condition, and if applicable, shall state that, in the Issuers’ discretion, the Redemption Date may be delayed until such time (including more than 60 days
after the date the notice of redemption was mailed or delivered, including by electronic transmission) as any or all such conditions shall be satisfied, or such redemption or purchase may not occur and such notice may be rescinded in the event that
any or all such conditions shall not have been satisfied by the Redemption Date, or by the Redemption Date as so delayed. In addition, the Issuers may provide in such notice that payment of the redemption price and performance of the Issuers’
obligations with respect to such redemption may be performed by another Person. 
 (g) If the optional Redemption Date is on or after a
Record Date and on or before the corresponding Interest Payment Date, the accrued and unpaid interest, if any, to, but not including, the Redemption Date will be paid on the Redemption Date to the Holder in whose name the Note is registered at the
close of business on such Record Date in accordance with the applicable procedures of DTC, and no additional interest will be payable to Holders whose Notes will be subject to redemption by the Issuers. 

(h) Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof and shall
be subject to any applicable limitations set forth in the Intercreditor Agreement and the Revolving Loan Credit Agreement. 
 Section 3.08
[Reserved]. 
 Section 3.09 Offers to Repurchase by Application of Excess Proceeds. 

(a) In the event that, pursuant to Section 4.10 hereof, the Issuers shall be required to commence an Asset Sale Offer, they shall follow
the procedures specified below. 

  
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 (b) The Asset Sale Offer shall remain open for a period of 20 Business Days following its
commencement and no longer, except to the extent that a longer period is required by Applicable Law (the “Offer Period”). No later than five (5) Business Days after the termination of the Offer Period (the “Purchase
Date”), the Issuers shall apply all Excess Proceeds (the “Offer Amount”) to the purchase of Notes and, if required, Pari Passu Indebtedness (on a pro rata basis, if applicable), or, if less than the Offer Amount has been
tendered, all Notes and Pari Passu Indebtedness tendered in response to the Asset Sale Offer. Payment for any Notes so purchased shall be made in the same manner as interest payments are made. 

(c) If the Purchase Date is on or after a Record Date and on or before the related Interest Payment Date, any accrued and unpaid interest up
to but excluding the Purchase Date, shall be paid to the Person in whose name a Note is registered at the close of business on such Record Date, and no additional interest shall be payable to Holders who tender Notes pursuant to the Asset Sale
Offer. 
 (d) Upon the commencement of an Asset Sale Offer, the Issuers shall send electronically or by first-class mail, a notice to each
of the Holders, with a copy to the Trustee. The notice shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The Asset Sale Offer shall be made to all Holders and holders of
Pari Passu Indebtedness. The notice, which shall govern the terms of the Asset Sale Offer, shall state: 
 (1) that the
Asset Sale Offer is being made pursuant to this Section 3.09 and Section 4.10 hereof and the length of time the Asset Sale Offer shall remain open; 

(2) the Offer Amount, the purchase price and the Purchase Date; 

(3) that any Note not tendered or accepted for payment shall continue to accrue interest; 

(4) that, unless the Issuers default in making such payment, any Note accepted for payment pursuant to the Asset Sale
Offer shall cease to accrue interest after the Purchase Date; 
 (5) that Holders electing to have a Note purchased
pursuant to an Asset Sale Offer may elect to have Notes purchased in minimum amounts of $1.00 or integral multiples of $1.00 in excess thereof only; 

(6) that Holders electing to have a Note purchased pursuant to any Asset Sale Offer shall be required to surrender the
Note, with the form entitled “Option of Holder to Elect Purchase” attached to the Note completed, or transfer by book-entry transfer, to the Issuers, the Depositary, if appointed by the Issuers, or a Paying Agent at the address specified
in the notice at least three days before the Purchase Date; 
 (7) that Holders shall be entitled to withdraw their
election if the Issuers, the Depositary or the Paying Agent, as the case may be, receives, not later than the expiration of the Offer Period, a telegram, facsimile transmission or letter setting forth the name of the Holder, the principal amount of
the Note the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased; 

(8) that, if the aggregate principal amount of Notes and Pari Passu Indebtedness surrendered by the holders thereof
exceeds the Offer Amount, the Company shall select the Notes (while the Notes are in global form pursuant to the procedures of the Depositary) and the Issuers shall select such Pari Passu Indebtedness to be purchased on a pro rata basis based
on the accreted value or principal amount of the Notes or such Pari Passu Indebtedness tendered (with such adjustments as may be deemed appropriate by the Issuers so that only Notes in denominations of $1.00 or integral multiples of $1.00 in excess
thereof shall be selected); and 

  
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 (9) that Holders whose Notes were purchased only in part shall be
issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer) representing the same indebtedness to the extent not repurchased. 

(e) On or before the Purchase Date, the Issuers shall, to the extent lawful, (1) accept for payment, on a pro rata basis to the
extent necessary, the Offer Amount of Notes or portions thereof validly tendered pursuant to the Asset Sale Offer, or if less than the Offer Amount has been tendered, all Notes tendered and (2) deliver or cause to be delivered to the Trustee
the Notes properly accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions thereof so tendered. 

(f) The Issuers, the Depositary or the Paying Agent, as the case may be, shall promptly mail or deliver to each tendering Holder an amount
equal to the purchase price of the Notes properly tendered by such Holder and accepted by the Issuers for purchase, and the Issuers shall promptly issue a new Note, and the Trustee, upon receipt of an Authentication Order, shall authenticate and
mail or deliver (or cause to be transferred by book-entry) such new Note to such Holder (it being understood that, notwithstanding anything in this Indenture to the contrary, no Opinion of Counsel or Officer’s Certificate is required for the
Trustee to authenticate and mail or deliver such new Note) in a principal amount equal to any unpurchased portion of the Note surrendered representing the same indebtedness to the extent not repurchased; provided, that each such new Note
shall be in a minimum denomination of $1.00 or an integral multiple of $1.00 in excess thereof. Any Note not so accepted shall be promptly mailed or delivered by the Issuers to the Holder thereof. The Issuers shall publicly announce the results of
the Asset Sale Offer on or as soon as practicable after the Purchase Date. 
 Other than as specifically provided in this Section 3.09
or Section 4.10 hereof, any purchase pursuant to this Section 3.09 shall be made pursuant to the applicable provisions of Sections 3.01 through 3.06 hereof. 

Section 3.10 Redemption for Changes in Taxes. 

The Issuers may redeem the Notes, in whole but not in part, at their discretion at any time upon giving not less than 15 nor more than 60
days’ prior notice to the Holders (which notice will be irrevocable and given in accordance with the procedures described under Sections 3.02 and 3.03 hereof), at a redemption price equal to 100.0% of the aggregate principal amount thereof,
together with accrued and unpaid interest, if any, to the date fixed by the Issuers for redemption (a “Tax Redemption Date”) and all Additional Amounts (if any) then due and which will become due on the Tax Redemption Date as a
result of the redemption or otherwise, if the Issuers or a Guarantor as the case may be, on the next date on which any amount would be payable in respect of the Notes or any Guarantee, is or would be required to pay Additional Amounts, and the
Company, Issuers or the relevant Guarantor (but, in the case of a Guarantor, only if the payment giving rise to such requirement cannot be made by the Company, Issuers or another Guarantor, who can make such payment without the obligation to pay
Additional Amounts) cannot avoid any such payment obligation by taking reasonable measures available (including making payment through a paying agent located in another jurisdiction), as a result of: 

(a) any change in, or amendment to, the laws (or any regulations or rulings promulgated thereunder) of the relevant Tax Jurisdiction
affecting taxation which change or amendment has not been formally announced before the date of this Indenture and becomes effective on or after the date of the Indenture (or, if a Tax Jurisdiction has been added since the date of this Indenture,
the date on which that Tax Jurisdiction became a Tax Jurisdiction under this Indenture); or 

  
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 (b) any change in, or amendment to, the existing official position regarding the
application, administration or interpretation of such laws, regulations or rulings (including a holding, judgment or order by a court of competent jurisdiction or a change in published practice), which change, amendment, application or
interpretation has not been formally announced before the Issue Date (or, if a Tax Jurisdiction has been added since the Issue Date, the date on which that Tax Jurisdiction became a Tax Jurisdiction under this Indenture). 

The Issuers will not give any such notice of redemption earlier than 60 days prior to the earliest date on which the Company, the Issuers or
Guarantor, as the case may be, would be obligated to make such payment or withholding if a payment in respect of the Notes or any Guarantee were then due. Prior to the publication or, where relevant, mailing of any notice of redemption of the Notes
pursuant to the foregoing, the Issuers will deliver to the Trustee an Opinion of Counsel, to the effect that there has been such change or amendment which would obligate the Company, the Issuers or a Guarantor to make such payment or withholding and
an Officer’s Certificate to the effect that the Company, the Issuers or Guarantor, as the case may be, cannot avoid such payment or withholding by taking reasonable measures available to it. For the avoidance of doubt, reasonable measures shall
not include anything which has any material impact on the business of the Company, the Issuers or Guarantor, or which would cause the Company, the Issuers or Guarantor to incur any material costs. The Trustee shall be entitled to conclusively rely
on such Opinion of Counsel and Officer’s Certificate as sufficient evidence of the conditions as described above, in which event it will be conclusive and binding on all Holders. 

The provisions of this Section 3.10 shall apply mutatis mutandis to the laws and official positions of any jurisdiction in which
any successor to a payor is organized or otherwise considered to be a resident for tax purposes or any political subdivision or taxing authority or agency thereof or therein. The provisions of this Section 3.10 shall survive any termination,
defeasance or discharge of this Indenture. 
 ARTICLE 4 

COVENANTS 
 Section 4.01 Payment of
Notes. 
 The Issuers shall pay or cause to be paid the principal of, premium, if any, and interest on the Notes on the dates and in the
manner provided in the Notes. Principal, premium, if any, and interest shall be considered paid on the date due if the Paying Agent, if other than the Issuers or a Subsidiary, holds as of noon (Eastern time) on the due date money deposited by the
Issuers in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due; provided that if the Issuers elect to pay interest in the form of PIK Interest in the manner provided for
herein and in the Notes, then the applicable amount of PIK Interest in respect of such Interest Period shall be considered paid on the date due if, in accordance with the terms hereof and of the Notes, a PIK Payment is made in respect of such amount
of PIK Interest, and shall not be considered overdue. 
 The Issuers shall pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue principal at the rate equal to the then applicable interest rate on the Notes to the extent lawful; they 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. 

  
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 Section 4.02 Maintenance of Office or Agency. 

The Issuers shall maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuers in respect of the Notes and this Indenture may be served. The Issuers
shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Issuers shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with
the address thereof, such presentations, surrenders, notices and demands may be made at the Corporate Trust Office of the Trustee. 
 The
Issuers may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, that no such
designation or rescission shall in any manner relieve the Issuers of their obligation to maintain an office or agency for such purposes. The Issuers shall give prompt written notice to the Trustee of any such designation or rescission and of any
change in the location of any such other office or agency. 
 The Issuers hereby designate the Corporate Trust Office of the Trustee as one
such office or agency of the Issuers in accordance with Section 2.03 hereof; provided, that no service of legal process on the Issuers or any Guarantor may be made at any office of the Trustee. 

Section 4.03 Reports and Other Information. 

(a) The Company shall furnish to the Trustee: 

(1) within 120 days after the end of each fiscal year of the Company ending after the Issue Date, the consolidated financial
statements of the Company for such year prepared in accordance with GAAP, together with a report thereon by the Company’s independent auditors, and a “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” with respect to such financial statements substantially similar to that which would be included in an Annual Report on Form 10-K (as in effect on the Issue Date) filed with the SEC by the
Company (if the Company were required to prepare and file such form); it being understood that the Company shall not be required to include any consolidating financial information with respect to the Company, any Guarantor or any other affiliate of
the Company, or any separate financial statements or information for the Company, any Guarantor or any other Affiliate of the Company; 

(2) within 60 days after the end of each of the first three fiscal quarters in each fiscal year of the Company, beginning
with the first such fiscal quarter ending after the Issue Date, the condensed consolidated financial statements of the Company for such quarter prepared in accordance with IFRS, together with a “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” with respect to such financial statements substantially similar to that which would be included in a Quarterly Report on Form 10-Q (as in effect on the Issue
Date) filed with the SEC by the Company (if the Company were required to prepare and file such form); it being understood that the Company shall not be required to include any consolidating financial information with respect to the Company, any
Guarantor or any other affiliate of the Company, or any separate financial statements or information for the Company, any Guarantor or any other Affiliate of the Company; and 

  
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 (3) information substantially similar to the information that would be
required to be included in a Current Report on Form 8-K (as in effect on the Issue Date) filed with the SEC by the Company (if the Company were required to prepare and file such form) pursuant to Item 1.01
(Entry into a Material Definitive Agreement), Item 1.02 (Termination of a Material Definitive Agreement), Item 1.03 (Bankruptcy or Receivership), Item 2.01 (Completion of Acquisition or Disposition of Assets), Item 2.05 (Costs Associated with Exit
or Disposal Activities), Item 2.06 (Material Impairments), Item 4.01 (Changes in Registrant’s Certifying Accountants), Item 4.02 (Non-Reliance on Previously Issued Financial Statements or a Related Audit
Report or Completed Interim Review, Item 5.01 (Changes in Control of Registrant) or Items 5.02(b) and (c) (Departure of Directors or Certain Officers); Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers), of such form, within 15 days after the date of filing that would have been required for a current report on Form 8-K; provided, however, that no report shall be required to include
(1) any exhibits or (2) a summary of the terms of, any employment or compensatory arrangement, agreement, plan or understanding between the Company (or any of its Subsidiaries) and any director, manager or executive officer of the Company
(or any of its Subsidiaries); provided further that no such current reports (or Items thereof) will be required to be delivered (or included) if the Company determines in its good faith judgment that such event (or information) is not
material to Holders or the business, assets, operations, financial position or prospects of the Company and its Subsidiaries, taken as a whole. 

In addition, to the extent not satisfied by the foregoing, for so long as the Notes remain subject to this
Section 4.03(a), the Company shall furnish to Holders thereof and prospective investors in such Notes, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) (as in effect on the Issue Date) of the Securities
Act. 
 (b) None of the reports referenced in clauses (1), (2) and (3) of Section 4.03(a) hereof shall be required
to comply with Section 302 or Section 404 of the Sarbanes-Oxley Act of 2002, or related Items 307 and 308 of Regulation S-K promulgated by the SEC, or Item 302 of Regulation S-K or Item 10(e) of Regulation S-K or Item 601 of Regulation S-K (with respect to exhibits) and will not be required to contain
financial information required by Rule 3-09, Rule 3-10 or Rule 3-16 (or any successor provision, including Rule 13-01 and Rule 13-02) of Regulation S-X or include any exhibits or certifications required by Form
10-K, Form 10-Q or Form 8-K (or any successor or comparable forms) or related rules under Regulation S-K. 
 (c) The requirements set forth in Section 4.03(a) hereof may be satisfied by
(i) delivering such information electronically to the Trustee and (ii) posting copies of such information on a website (which may be nonpublic and may be maintained by the Company or a third party) to which access shall be given to Holders
and prospective purchasers of the Notes (which prospective purchasers shall be limited to “accredited investors” within the meaning of Rule 501(a)(1), (2), (3) or (7) of the Securities Act or
non-U.S. persons (as defined in Regulation D under the Securities Act) that certify their status as such to the reasonable satisfaction of the Company and who acknowledge the confidentiality of the
information). 
 (d) Notwithstanding the foregoing, at all times that the Company is subject to the reporting requirements of
Section 13 or 15(d) of the Exchange Act, the Company may satisfy the requirements of this Section 4.03 by filing with the SEC within the time periods specified in the SEC’s rules and regulations that are then applicable to the Company
all the reports and information described in the preceding paragraphs, but without giving effect to any of the provisos contained in such paragraphs, and any other information, documents and other reports that the Company would be required to file
with the SEC if it were subject to Section 13 or 15(d) of the Exchange Act, in each case in a manner that complies in all material respects with the requirements specified in the applicable forms promulgated by the SEC. 

  
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 (e) In the event that any direct or indirect parent company of the Company
guarantees the Notes (which shall be permitted, subject to compliance with this Indenture, at any time, at the Company’s sole discretion) or files the reports specified in Section 4.03(a) hereof with the SEC, this Indenture will permit the
Company to satisfy its obligations in this Section 4.03 with respect to the financial information relating to the Company by furnishing financial information relating to such parent; provided that the same is accompanied by consolidating
information that explains in reasonable detail the differences between the information relating to such parent, on the one hand, and the information relating to the Company and its Restricted Subsidiaries on a standalone basis, on the other hand.
Such parent shall not be considered a Guarantor by virtue of providing such guarantee, which may be released at any time. The obligations under this Section 4.03 may be satisfied by having the applicable entity file reports containing the
information contemplated hereby within the timeframes contemplated hereunder with the SEC. 
 Delivery of reports, information and documents
to the Trustee hereunder is for informational purposes only and the information and the Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained therein, or determinable from information contained
therein including the Company or the Issuers’ compliance with any of their covenants hereunder (as to which the Trustee is entitled to rely exclusively on an Officers’ Certificate). 

Section 4.04 Compliance Certificate. 

(a) The Issuers shall deliver to the Trustee, within 120 days after the end of each fiscal year ending after the Issue Date, a certificate
from the principal executive officer, principal financial officer or principal accounting officer stating that a review of the activities of the Issuers and their Restricted Subsidiaries during the preceding fiscal year has been made under the
supervision of the signing Officer with a view to determining whether the Issuers have kept, observed, performed and fulfilled their obligations under this Indenture, and further stating, as to such Officer signing such certificate, that to the best
of his or her knowledge the Issuers have kept, observed, performed and fulfilled each and every condition and covenant contained in this Indenture and are not in default in the performance or observance of any of the terms, provisions, covenants and
conditions of this Indenture (or, if a Default shall have occurred, describing all such Defaults of which he or she may have knowledge and what action the Issuers are taking or propose to take with respect thereto). 

(b) When any Default has occurred and is continuing under this Indenture, or if the Trustee or the holder of any other evidence of
Indebtedness of the Issuers or any Subsidiary gives any notice or takes any other action with respect to a claimed Default, the Company shall promptly (which shall be no more than 30 days upon becoming aware of any Default) deliver to the Trustee by
registered or certified mail or by facsimile transmission a statement specifying such event, its status and what action the Company is taking or proposes to take with respect thereto. The Trustee will not be deemed to have knowledge of any Defaults
or Events of Default unless written notice of an event, which is in fact a Default, has been delivered to the Trustee by the Company, any Issuer, Guarantor or Holder at the Corporate Trust Office and such notice references the Notes and this
Indenture and states that it is a “Notice of Default.” 

  
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 Section 4.05 Taxes. 

The Company shall pay, and shall cause each of its Restricted Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and
governmental levies except such as are contested in good faith and by appropriate negotiations or proceedings or where the failure to effect such payment is not adverse in any material respect to the Holders of the Notes. 

Section 4.06 Stay, Extension and Usury Laws. 

The Issuers and each of the Guarantors covenant (to the extent that they may lawfully do so) that they shall not at any time insist upon,
plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the
Issuers and each of the Guarantors (to the extent that they may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and covenant that they shall not, by resort to any such law, hinder, delay or impede the execution of
any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law has been enacted. 

Section 4.07 Limitation on Restricted Payments. 

The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, declare or make any Restricted
Payments, except: 
 (a) any Issuer or Guarantor may make Restricted Payments to any other Issuer or Guarantor, and (ii) any
Excluded Subsidiary may make Restricted Payments to the Company or any other Restricted Subsidiary; 
 (b) at any time after a
Permitted Holdco Event has occurred and for so long as the conditions set forth in the definition of “Permitted Holdco Event” are met, the Company may make Tax Distributions; 

(c) Restricted Payments made at any time after March 31, 2023, in an amount not to exceed the Discretionary Basket at such time;
provided, that (i) no Default has occurred and is continuing or would result therefrom, (ii) the Company is in Pro Forma Compliance with each Collateral Coverage Ratio Requirement, both before and after giving effect thereto,
(iii) the Consolidated Total Net Leverage Ratio does not exceed 2.0 to 1.0 on a Pro Forma Basis as of the last day of the most recently ended fiscal quarter after giving effect thereto, and (iv) Liquidity would be greater than or equal to
$150,000,000 on a Pro Forma Basis after giving effect to such Restricted Payment and any concurrent incurrence of Indebtedness; 

(d) any other Restricted Payment; provided, that (i) no Default has occurred and is continuing or would result therefrom,
(ii) the Company is in Pro Forma Compliance with each Collateral Coverage Ratio Requirement, both before and after giving effect to such Restricted Payment, (iii) the Consolidated Total Net Leverage Ratio does not exceed 1.50 to 1.0 on a
Pro Forma Basis as of the last day of the most recently ended fiscal quarter after giving effect thereto, and (iv) Liquidity would be greater than or equal to $150,000,000 on a Pro Forma Basis after giving effect to such Restricted Payment and
any concurrent incurrence of Indebtedness; and 
 (e) For the avoidance of doubt, this Section 4.07 shall not restrict the making
of any “applicable high yield discount obligation” catch-up payment with respect to, and required by the terms of, any Indebtedness of the Issuer or any of its Restricted Subsidiaries permitted to be
incurred under the terms of this Indenture. 

  
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 Section 4.08 Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries. 

(a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create or otherwise cause or
suffer to exist or become effective any consensual encumbrance or restriction on the ability of the Company or any such Restricted Subsidiary to: 

(1) (A) pay dividends or make any other distributions to the Company or any of its Restricted Subsidiaries on its Capital Stock
or with respect to any other interest or participation in, or measured by, its profits, or 
 (B) pay any Indebtedness
owed to the Company, the Issuers or any of its Non-Guarantor Subsidiaries; 

(2) make loans or advances to the Company, the Issuers or any of its Restricted Subsidiaries; or 

(3) sell, lease or transfer any of their properties or assets to the Company, the Issuers or any of its Non-Guarantor Subsidiaries. 
 (b) The restrictions contained in Section 4.08(a) hereof shall not
apply to encumbrances or restrictions existing under or by reason of: 
 (1) this Indenture and the other Note Documents;

 (2) the Revolving Loan Documents, the Last Out Term Loan Documents, and the Last Out Incremental Debt Documents; 

(3) Applicable Law; 

(4) any document or instrument governing Indebtedness incurred pursuant to Section 4.09(b)(v) hereof (provided
that any such restriction contained therein relates only to the asset or assets acquired in connection therewith); 
 (5) any
Permitted Lien or any document or instrument governing any Permitted Lien (provided that any such restriction contained therein relates only to the asset or assets subject to such Permitted Lien); 

(6) obligations that are binding on a Restricted Subsidiary at the time such Restricted Subsidiary first becomes a Restricted
Subsidiary of the Company, so long as such obligations are not entered into in contemplation of such Person becoming a Restricted Subsidiary; 

(7) customary restrictions contained in an agreement related to the sale of Property (to the extent such sale is permitted
pursuant to Section 4.10 hereof) that limit the transfer of such Property pending the consummation of such sale; 

(8) customary restrictions in leases, subleases, licenses and sublicenses or asset sale agreements otherwise permitted by
this Indenture so long as such restrictions relate only to the assets subject thereto; and 

  
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 (9) customary provisions restricting assignment of any agreement entered
into in the ordinary course of business. 
 Section 4.09 Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred
Stock. 
 (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur,
issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise (collectively, “incur” and collectively, an “incurrence”) with respect to any Indebtedness and the Company will not
issue any shares of Disqualified Stock and will not permit any Restricted Subsidiary to issue any shares of Disqualified Stock or Preferred Stock; provided, however, that the Company may incur Indebtedness and issue shares of
Disqualified Stock, and any of its Restricted Subsidiaries may incur Indebtedness, issue shares of Disqualified Stock and issue shares of Preferred Stock, if the Fixed Charge Coverage Ratio on a consolidated basis for the Company and its Restricted
Subsidiaries as of the end of the Reference Period would have been at least 2.00 to 1.00, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred, or the
Disqualified Stock or Preferred Stock had been issued, as the case may be, and the application of proceeds therefrom had occurred at the beginning of such Reference Period. 

(b) The provisions of 4.09(a) do not apply to: 

(i) Indebtedness outstanding under the Revolving Loan Credit Agreement and any Permitted Refinancing Indebtedness in respect of
such Indebtedness; provided, that the aggregate principal amount of any Indebtedness outstanding at any time pursuant to this Section 4.09(b)(i) does not to exceed the sum of (x) $400,000,000, plus (y) any upfront fees paid-in-kind in accordance with the terms of the Revolving Loan Credit Agreement as in effect on the Issue Date; 

(ii) Indebtedness outstanding under the Last Out Term Loan Agreement and any Permitted Refinancing Indebtedness in respect
of such Indebtedness; provided, that the aggregate principal amount of any Indebtedness outstanding at any time pursuant to this Section 4.09(b) does not to exceed the sum of (x) $100,000,000, plus (y) any interest thereon paid-in-kind in accordance with the terms of the Last Out Term Loan Agreement as in effect on the Issue Date. 

(iii) Indebtedness outstanding under the Notes and any Permitted Refinancing Indebtedness in respect of such Indebtedness;
provided, that the aggregate principal amount of any Indebtedness outstanding at any time pursuant to this Section 4.09(b)(ii) does not to exceed (x) the aggregate principal amount of the Initial Notes, plus (y) up to
$40,000,000 of Additional Notes that may be issued at any time prior to the fourth anniversary of the Issue Date, plus (z) in each case, any PIK Interest thereon; 

(iv) any Last Out Incremental Debt and any Permitted Refinancing Indebtedness in respect of such Indebtedness in an
aggregate principal amount outstanding not to exceed at any time the sum of (i) $135,000,000, plus (ii) any interest thereon paid-in-kind in accordance with the
terms of such Last Out Incremental Debt; provided, that the Company shall be in Pro Forma Compliance with the Total Collateral Coverage Ratio Requirement both before and after giving effect to the incurrence of any such Indebtedness (other
than payments in kind of interest); 
 (v) (i) Capital Lease Obligations with respect to any Property of the Company or
its Restricted Subsidiaries other than a Rig, (ii) Indebtedness incurred solely to finance the acquisition, construction, improvement, alteration or repair of any fixed or capital asset of the Company or its Restricted Subsidiaries other than a
Rig, and (iii) Rig Debt; provided, in each case that (A) the 

  
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aggregate principal amount of all Indebtedness outstanding at any time under this clause (e) shall not exceed $100,000,000, (B) such Indebtedness is incurred prior to or within 365 days
after such acquisition or the later of the completion of such construction, improvement, alteration or repair or the date of commercial operation of the assets constructed, improved, altered, or repaired, (C) the principal amount of such
Indebtedness does not exceed the cost of acquiring, constructing, improving, altering, or repairing such fixed or capital assets, as the case may be (plus reasonable fees and expenses related thereto), (D) such Indebtedness shall not have any
financial maintenance covenants, (E) any Liens securing such Indebtedness are permitted under clauses (b), (c) or (d) of the definition of Permitted Liens, as applicable, (F) such Indebtedness is
non-recourse to the Company and its Restricted Subsidiaries (other than the Restricted Subsidiary that owns such fixed or capital assets and incurred such financing), and (G) with respect to the
incurrence of Rig Debt (x) the Consolidated Total Gross Leverage Ratio is less than 2.5 to 1.0, calculated on a Pro Forma Basis as of the date such Rig Debt is incurred after giving effect thereto and (y) the Company is in Pro Forma
Compliance with each Collateral Coverage Ratio Requirement as of the date such Rig Debt is incurred after giving effect thereto; 

(vi) Indebtedness of a Person existing at the time such Person became a Restricted Subsidiary in connection with a
Permitted Acquisition permitted pursuant to the definition of Permitted Investments and Permitted Refinancing Indebtedness in respect of such Indebtedness; provided that (i) such Indebtedness was not incurred in connection with, or in
contemplation of, such Person becoming a Restricted Subsidiary, (ii) neither the Company nor any Restricted Subsidiary (other than such Person or any other Person that such Person merges with (other than an Issuer or a Guarantor)) shall have
any liability or other obligation with respect to such Indebtedness, (iii) any Lien securing such Indebtedness is permitted under clause (k) of the definition of Permitted Liens, and (iv) no Default or Event of Default exists at the
time of or would occur as a result of the incurrence of such Indebtedness (with such Indebtedness being deemed incurred upon consummation of such transaction); 

(vii) Indebtedness (i) owing under Hedge Agreements entered into in order to manage existing or anticipated interest rate,
Exchange Rate, or commodity price risks and not for speculative purposes and (ii) in respect of Cash Management Agreements entered into in the ordinary course of business; 

(viii) unsecured intercompany Indebtedness (A) owed by any Issuer or Guarantor to another Issuer or Guarantor, or
(B) owed by the Company or any Restricted Subsidiary of the Company to the Company or any other Restricted Subsidiary of the Company; provided, that (x) all such Indebtedness of the type described in clause (A) or clause
(B) above shall be subordinated to the Notes pursuant to the Intercompany Subordination Agreement, and (y) all such Indebtedness of the type described in clause (ii) above may not be paid when a Default exists, unless such payment is
being made to an Issuer or a Guarantor; 
 (ix) Indebtedness under performance bonds, surety bonds, release, appeal and
similar bonds, statutory obligations or with respect to workers’ compensation claims, in each case incurred in the ordinary course of business, and reimbursement obligations in respect of any of the foregoing; provided that such
Indebtedness is reimbursed or extinguished within five (5) Business Days of being matured or drawn; 
 (x) other
Indebtedness of any Issuer or Guarantor or any Restricted Subsidiary thereof in an aggregate principal amount not to exceed $5,000,000 at any time outstanding; 

  
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 (xi) Guarantees (i) by any Issuer or Guarantor of Indebtedness of
another Issuer or Guarantor incurred pursuant to clauses (i) to (x) of this Section 4.09 not otherwise prohibited pursuant to this Section 4.09; (ii) by any Issuer or Guarantor of Indebtedness otherwise permitted hereunder of any
Restricted Subsidiary that is not an Issuer or a Guarantor to the extent such Guarantees are permitted by the definition of Permitted Investments (other than clause (d) thereof) and (iii) by a Restricted Subsidiary that is not an Issuer or
a Guarantor of Indebtedness of the Company or another Restricted Subsidiary incurred pursuant to clauses (i) through (x) of this Section 4.09(b) and is not otherwise prohibited pursuant to this Section 4.09; and 

(xii) to the extent constituting Indebtedness, the obligations of the Company and any Restricted Subsidiary under the BOP
Lease Agreement as in effect on January 22, 2021, or as amended thereafter in a manner that does not materially increase the Company’s or any of its Restricted Subsidiary’s obligations thereunder; provided that any extension of
the term of such BOP Lease Agreement shall not be considered to materially increase the Company’s or any of its Restricted Subsidiary’s obligations thereunder for purposes of this clause. 

Section 4.10 Asset Sales. 
 (a) The
Company shall not, and shall not permit any Restricted Subsidiary to, consummate, directly or indirectly, an Asset Sale, unless: 

(1) the Company or such Restricted Subsidiary, as the case may be, receives consideration at the time of such Asset Sale
at least equal to the fair market value (as determined in good faith by the Company at the time of contractually agreeing to such sale) of the assets sold or otherwise disposed of; and 

(2) except in the case of a Permitted Asset Swap, at least 75% of the consideration for such Asset Sale, together with all
other Asset Sales since the Issue Date (on a cumulative basis), received by the Company and its Restricted Subsidiaries is in the form of Cash Equivalents. For purposes of this Section 4.10 and for no other purpose, the following are deemed to
be Cash Equivalents: 
 (A) any liabilities (as shown on the Company’s or such Restricted Subsidiary’s most
recent balance sheet or in the notes thereto, or if incurred or accrued subsequent to the date of such balance sheet, such liabilities that would have been shown on the Company’s or such Restricted Subsidiary’s balance sheet or in the
footnotes thereto if such incurrence or accrual had taken place on or prior to the date of such balance sheet, as determined in good faith by the Company) of the Company or any Restricted Subsidiary, other than liabilities that are by their terms
subordinated to the Notes, that are assumed by the transferee of any such assets (or are otherwise extinguished in connection with the transactions relating to such Asset Sale) and for which the Company and all Restricted Subsidiaries have been
validly released; 
 (B) any securities, notes or other obligations received by the Company or such Restricted
Subsidiary from such transferee that are converted by the Company or such Restricted Subsidiary into Cash Equivalents (to the extent of the Cash Equivalents received) within 180 days following the closing of such Asset Sale; and 

  
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 (C) any Designated Non-cash
Consideration received by the Company or any Restricted Subsidiary in such Asset Sale having an aggregate fair market value, taken together with all other Designated Non-cash Consideration received pursuant to
this clause (C) that is at that time outstanding, not to exceed $5,000,000 for the Reference Period at the time of the receipt of such Designated Non-cash Consideration, with the fair market value of each item of Designated Non-cash Consideration being measured at the time received and without giving effect to subsequent changes in value. 

(b) Subject to any applicable limitations set forth in the Intercreditor Agreement and the Revolving Loan Credit Agreement, within 450 days
after the later of (x) the date of any Asset Sale and (y) the receipt of such Net Proceeds of any Asset Sale, the Company or such Restricted Subsidiary, at its option, may apply the Net Proceeds from such Asset Sale, 

(1) to: 

(A) reduce Indebtedness outstanding under a revolving credit facility (including under the Revolving Loan Credit Agreement) to
the extent required pursuant to the terms of such revolving credit facility; 
 (B) permanently reduce Obligations under
the Revolving Loan Credit Agreement, and to correspondingly reduce commitments with respect thereto; 
 (C) permanently
reduce Obligations under Pari Passu Indebtedness (and to correspondingly reduce commitments with respect thereto); provided that, in the case of this clause (B), the Company shall equally and ratably reduce Obligations under the Notes on a
pro rata basis as provided under Section 3.09 hereof, through open-market purchases (to the extent such purchases are at or above 100% of the principal amount thereof) or by making an offer (in accordance with the procedures set forth
below for an Asset Sale Offer) to all Holders to purchase their Notes, on a ratable basis with such other Last Out Term Loans or Last Out Incremental Debt, for no less than 100% of the principal amount thereof, plus the amount of accrued but unpaid
interest, if any, on the amount of Notes that would otherwise be repurchased (which offer shall be deemed an Asset Sale Offer for purposes of this Indenture); or 

(D) permanently reduce Indebtedness of a Restricted Subsidiary that is not a Guarantor, other than Indebtedness owed to
the Company or another Restricted Subsidiary; 
 (2) to make (A) an Investment in any one or more businesses;
provided that such Investment in any business is in the form of the acquisition of Capital Stock and results in the Company or a Restricted Subsidiary, as the case may be, owning an amount of the Capital Stock of such business such that it
constitutes or continues to constitute a Restricted Subsidiary, (B) Capital Expenditures or (C) acquisitions of other assets that, in each of (A), (B) and (C), either (i) are used or useful in a Similar Business or (ii) replace
in whole or in part the businesses or assets that are the subject of such Asset Sale; or 
 (3) any combination of the
foregoing;  
 provided that, in the case of Section 4.10(b)(2), a binding commitment shall be treated as a permitted
application of the Net Proceeds from the date of such commitment so long as the Company or such Restricted Subsidiary enters into such commitment with the good faith expectation that such Net Proceeds shall be applied to satisfy such commitment
within the later of (x) 180 days of such commitment and (y) 450 days after the date of the applicable Asset Sale (an “Acceptable Commitment”) and in the event any Acceptable Commitment is later cancelled or terminated for any reason
before the Net Proceeds are applied in connection therewith, then such Net Proceeds shall constitute Excess Proceeds after the later of (A) 450 days after the date of the applicable Asset Sale and (B) the termination of such Acceptable
Commitment (unless another Acceptable Commitment is entered into with respect thereto prior to such later date). 

  
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 (c) Notwithstanding the foregoing, to the extent that any of or all the Net Proceeds of any
Asset Sales by an Exempt Entity would have a material adverse tax consequence to the Issuers, the Company or any of its Restricted Subsidiaries (taking into account any foreign tax credit or benefit actually realized in connection with such
repatriation or expatriation) or is prohibited or subject to limitation by applicable local law, order, decree or determination of any arbitrator, court or governmental authority from being repatriated or expatriated to the United States or
distributed to the Company or any Guarantor that is not an Exempt Entity, the portion of such Net Proceeds so affected will not be required to be applied in compliance with this covenant, and such amounts may be retained by the applicable Exempt
Entity so long, but only so long, as applicable, as such material adverse tax consequence exists or the applicable local law will not permit repatriation or expatriation to the United States or distribution to the Company or any Guarantor (the
Company hereby agreeing to use reasonable efforts to cause the applicable Exempt Entity to take all actions reasonably required by the applicable local law, applicable organizational impediments or other impediment to permit such repatriation,
expatriation or distribution), and if such repatriation or expatriation of any of such affected Net Proceeds, as applicable, no longer has material adverse tax consequences or is permitted under the applicable local law, such repatriation or
expatriation will be promptly effected and such repatriated or expatriated Net Proceeds will be applied (whether or not repatriation or expatriation actually occurs) in compliance with this Section 4.10. 

(d) Any Net Proceeds from an Asset Sale that are not invested or applied as provided and within the time period set forth in
Section 4.10(b) shall be deemed to constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds an aggregate of $10,000,000 in any fiscal year (the “Excess Proceeds Threshold”), the
Company shall make an offer to all Holders and, if and to the extent required by the terms of any Indebtedness that is pari passu in right of payment with the Notes, including, without limitation, the Last Out Term Loans (“Pari Passu
Indebtedness”), to the holders of such Pari Passu Indebtedness (an “Asset Sale Offer”), to purchase the maximum aggregate principal amount (or accreted value, as applicable) of the Notes and such Pari Passu Indebtedness
that is in a minimum amount of $1.00 or an integral multiple of $1.00 in excess thereof that may be purchased in the amount equal to the sum of the Excess Proceeds (the “Excess Proceeds Payment Amount”) at an offer price in cash in
an amount equal to 100% of the principal amount or accreted value thereof, plus accrued and unpaid interest, if any, to, but excluding, the date fixed for the closing of such offer, in accordance with the procedures set forth in this Indenture and,
if applicable, the other documents governing the applicable Pari Passu Indebtedness. The Company shall commence an Asset Sale Offer with respect to Excess Proceeds within 15 Business Days after the date that Excess Proceeds exceed the Excess
Proceeds Threshold by sending the notice required pursuant to Section 3.09 hereof, with a copy to the Trustee. The Company may satisfy the foregoing obligation with respect to such Net Proceeds from an Asset Sale by making an Asset Sale Offer
with respect to all or a portion of the available Net Proceeds (the “Advance Portion”) in advance of being required to do so by this Indenture (the “Advance Offer”). 

(e) To the extent that the aggregate principal amount (or accreted value, as applicable) of Notes and, if applicable, Pari Passu Indebtedness
tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds Payment Amount (or, in the case of an Advance Offer, the Advance Portion), the Company may use any remaining Excess Proceeds (or, in the case of an Advance Offer, the Advance
Portion) for such amount offered in any manner not prohibited by this Indenture. If the aggregate principal amount (or accreted value, as applicable) of Notes or the Pari Passu Indebtedness surrendered by such Holders and holders thereof exceeds the
amount of Excess Proceeds (or, in the case of an Advance Offer, the Advance Portion), the Company shall select the Notes and such Pari Passu 

  
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Indebtedness to be purchased on a pro rata basis based on the principal amount or accreted value of the Notes or such Pari Passu Indebtedness tendered with adjustments as necessary so that
no Notes or Pari Passu Indebtedness, as the case may be, shall be repurchased in part in an unauthorized denomination. Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero, but in the case of an Advance
Offer, the amount of Net Proceeds the Company is offering to apply in such Advance Offer shall be excluded in subsequent calculations of Excess Proceeds. Additionally, upon consummation or expiration of any Advance Offer, any remaining Net Proceeds
shall not be deemed Excess Proceeds and the Company may use such Net Proceeds for any purpose not otherwise prohibited under this Indenture. 

(f) Pending the final application of an amount equal to the Net Proceeds pursuant to this Section 4.10, the holder of such Net Proceeds
may apply such Net Proceeds temporarily to reduce Indebtedness outstanding under a revolving credit facility (including under the Revolving Loan Credit Agreement) or otherwise invest such Net Proceeds in any manner not prohibited by this Indenture.

 (g) The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any
other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws or
regulations conflict with the provisions of this Indenture, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.10 by virtue of such
compliance. 
 Section 4.11 Transactions with Affiliates. 

(a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to directly or indirectly enter into any transaction
(including without limitation any transaction with the Permitted Holdco), including any purchase, sale, lease or exchange of Property, the rendering of any service or the payment of any management, advisory or similar fees (including all guaranties
and assumptions of obligations thereof), with (a) any officer, director, holder of any Equity Interests in, or other Affiliate of, the Company, the Issuers or any of their respective Subsidiaries or (b) any Affiliate of any such officer,
director or holder involving aggregate payments or consideration in excess of $1,000,000, other than: 

(i) transactions existing on the Issue Date; 

(ii) transactions between any Issuer or Guarantor and any other Issuer or Guarantor not prohibited hereunder; 

(iii) other transactions in the ordinary course of business on terms at least as favorable to the Issuers and Guarantors
and their respective Restricted Subsidiaries as would be obtained by it on a comparable arm’s-length transaction with an independent, unrelated third party as determined in good faith by the board of
directors (or equivalent governing body) of the Company; 
 (iv) employment, severance and other similar compensation
arrangements (including equity incentive plans and employee benefit plans and arrangements) with their respective officers, directors and employees in the ordinary course of business; 

(v) payment of customary fees and reasonable out of pocket costs to, and indemnities for the benefit of, directors,
officers and employees of the Company, the Issuers and their respective Restricted Subsidiaries in the ordinary course of business to the extent attributable to the ownership or operation of the Company and its Restricted Subsidiaries; 

  
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 (vi) payments or reimbursements to any Restricted Subsidiary of the Company
to fund ordinary course operating costs and expenses, including but not limited to intercompany services, payroll expenses and accrued and unpaid taxes; and 

(vii) Restricted Payments (including payments to the Company or its direct or indirect parent) permitted by
Section 4.07 hereof. 
 Section 4.12 Liens. 

The Company will not, and will not permit any Restricted Subsidiary to, directly or indirectly create, incur, assume or permit to exist any
Lien (except Permitted Liens) (each, an “Initial Lien”) that secures Obligations under any Indebtedness or any related Guarantee, on any asset or property of the Company or any of its Restricted Subsidiaries, unless: 

(1) in the case of Initial Liens on any Collateral such Lien is a Permitted Lien; or 

(2) in the case of any Initial Lien on any asset or property that is not Collateral, (i) the Notes or the Guarantees
are equally and ratably secured with (or on a senior basis to, in the case such Initial Lien secured any Subordinated Indebtedness) the Obligations secured by such Initial Lien until such time as such Obligations are no longer secured by such
Initial Lien or (ii) such Initial Lien is a Permitted Lien, except that the foregoing shall not apply to Liens securing the Notes and the related Guarantees. 

Any Lien created for the benefit of Holders of the Notes in respect of property, assets or proceeds that do not constitute Collateral pursuant
to this covenant shall provide by its terms that such Lien will be automatically and unconditionally released and discharged upon the release and discharge of the Initial Lien. 

With respect to any Lien securing Indebtedness that was permitted to secure such Indebtedness at the time of the incurrence of such
Indebtedness, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness. The “Increased Amount” of any Indebtedness shall mean any increase in the amount of such Indebtedness in connection with any
accrual of interest, the accretion of accreted value, the amortization of original issue discount, the payment of interest in the form of additional Indebtedness with the same terms, accretion of original issue discount or liquidation preference and
increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the Exchange Rate of currencies or increases in the value of property securing Indebtedness. 

Section 4.13 Corporate Existence. 

Except as otherwise provided in Article 5 and Section 10.06 hereof, the Company shall do or cause to be done all things necessary to
preserve and keep in full force and effect (i) its existence, corporate, partnership, limited liability company or otherwise, and the corporate, partnership, limited liability company or other existence of each of its Restricted Subsidiaries,
in accordance with the respective organizational documents (as the same may be amended from time to time) of the Company or any such Restricted Subsidiary and (ii) the rights (charter and statutory), licenses and franchises of the Issuers and
each Restricted Subsidiary; provided, however, that the Company shall not be required to preserve any such right, license or franchise or the corporate, partnership, or other existence of any of its Restricted Subsidiaries, where the
failure to do so would not reasonably be expected to result in a Material Adverse Effect. 

  
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 Section 4.14 Offer to Repurchase Upon Change of Control. 

(a) If a Change of Control occurs, unless the Issuers have previously or substantially concurrently therewith delivered a redemption notice
with respect to all the outstanding Notes as described under Section 3.07 hereof and clause (e) of this Section 4.14, the Issuers shall make an offer to purchase all of the Notes pursuant to the offer described below (the
“Change of Control Offer”) at a price in cash (the “Change of Control Payment”) equal to 101.0% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to, but not including, the date of
purchase. Within 30 days following any Change of Control, the Issuers shall send notice of such Change of Control Offer by electronic delivery in accordance with the procedures of DTC or first-class mail, with a copy to the Trustee, to each Holder
of Notes to the address of such Holder appearing in the security register or otherwise in accordance with DTC’s applicable procedures, with the following information: 

(1) that a Change of Control Offer is being made pursuant to this covenant, and that all Notes properly tendered pursuant
to such Change of Control Offer shall be accepted for payment by the Issuers; 
 (2) the purchase price and the purchase
date, which shall be no earlier than 15 days nor later than 60 days from the date such notice is delivered except in the case of a conditional Change of Control Offer made in advance of a Change of Control as described below (the “Change of
Control Payment Date”); 
 (3) that any Note not properly tendered shall remain outstanding and continue to accrue
interest; 
 (4) that unless the Issuers default in the payment of the Change of Control Payment, all Notes accepted for
payment pursuant to the Change of Control Offer shall cease to accrue interest on the Change of Control Payment Date; 

(5) that Holders shall be entitled to withdraw their tendered Notes and their election to require the Issuers to purchase
such Notes; provided that the Paying Agent receives, not later than the close of business on the second Business Day prior to the expiration date of the Change of Control Offer, a facsimile transmission, electronic transmission or letter
setting forth the name of the Holder of the Notes, the principal amount of Notes tendered for purchase, and a statement that such Holder is withdrawing its tendered Notes and its election to have such Notes purchased; 

(6) that Holders whose Notes are being purchased only in part shall be issued new Notes and such new Notes shall be equal
in principal amount to the unpurchased portion of the Notes surrendered. The unpurchased portion of the Notes must be equal to at least $1.00 or any integral multiple of $1.00 in excess thereof; 

(7) if such notice is delivered prior to the occurrence of a Change of Control, stating that the Change of Control Offer
is conditional on the occurrence of such Change of Control and describing each such condition; and 
 (8) the other
instructions, as determined by the Issuers, consistent with this Section 4.14, that a Holder must follow. 
 To the extent that the
provisions of any securities laws or regulations conflict with the provisions of this Section 4.14, the Issuers comply with the applicable securities laws and regulations, then the Issuers shall not be deemed to have breached their obligations
under this Section 4.14 by virtue thereof. 

  
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 (b) On the Change of Control Payment Date, the Issuers shall, to the extent permitted by
law, 
 (1) accept for payment all Notes issued by it or portions thereof properly tendered pursuant to the Change of
Control Offer, 
 (2) deposit with the Paying Agent an amount equal to the aggregate Change of Control Payment in
respect of all Notes or portions thereof so tendered, and 
 (3) deliver, or cause to be delivered, to the Trustee for
cancellation the Notes so accepted together with an Officer’s Certificate to the Trustee stating that such Notes or portions thereof have been tendered to and purchased by the Issuers. 

(c) The Issuers shall not be required to make a Change of Control Offer following a Change of Control if a third party makes the Change of
Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.14 applicable to a Change of Control Offer made by the Issuers and purchases all Notes validly tendered and not withdrawn
under such Change of Control Offer. Notwithstanding anything to the contrary herein, a Change of Control Offer may be made in advance of a Change of Control, conditional upon such Change of Control, if a definitive agreement is in place for the
Change of Control at the time of making of the Change of Control Offer. 
 (d) Other than as specifically provided in this
Section 4.14, any purchase pursuant to this Section 4.14 shall be made pursuant to the provisions of Sections 3.02, 3.05 and 3.06 hereof. 

(e) Notwithstanding the foregoing, the Issuers (or their successor following such Change of Control transaction) may elect, within 120 days
following the consummation of such Change of Control, to redeem for cash all (and not less than all) of the outstanding Notes at a redemption price equal to, if the redemption is (x) prior to (but not including) the second anniversary of the
Issue Date, the sum of (1) 101% of the principal amount of the Notes to be redeemed, plus (2) accrued and unpaid interest, if any, to, but excluding, the Redemption Date; or (y) after the second anniversary of the Issue Date, the
applicable redemption price. 
 Section 4.15 Limitation on Guarantees of Indebtedness by Restricted Subsidiaries. 

The Company shall not permit any of its Wholly Owned Subsidiaries (and non-Wholly Owned Subsidiaries
if such non-Wholly Owned Subsidiaries guarantee, or are a co-issuer of, other capital markets debt securities of the Company or any Restricted Subsidiary or guarantee
all or a portion of, or are a co-borrower under, the Senior Credit Facilities) that are Restricted Subsidiaries, other than a Guarantor, to Guarantee the payment of any Indebtedness of the Company, the Issuers
or any Guarantor, unless such Restricted Subsidiary within 15 days (i) executes and delivers a supplemental indenture to this Indenture, the form of which is attached as Exhibit D hereto, providing for a Guarantee by such Restricted
Subsidiary, except that with respect to a guarantee of Indebtedness of the Company, the Issuers or any Guarantor, if such Indebtedness is by its express terms subordinated in right of payment to the Notes or such Guarantor’s Guarantee, any such
guarantee by such Restricted Subsidiary with respect to such Indebtedness shall be subordinated in right of payment to such Guarantee substantially to the same extent as such Indebtedness is subordinated to the Notes or such Guarantor’s
Guarantee of the Notes and (ii) executes and delivers a supplement or joinder to the Security Documents or new Security Documents and takes all actions required thereunder to perfect the Liens created thereunder; provided that if such

  
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Indebtedness is by its express terms subordinated in right of payment to the Notes or such Guarantor’s Guarantee, any such guarantee by such Restricted Subsidiary with respect to such
Indebtedness shall be subordinated in right of payment to such Guarantee with respect to the Notes substantially to the same extent as such Indebtedness is subordinated to the Notes or such Guarantor’s Guarantee of the Notes; provided
that this Section 4.15 shall not be applicable in the event that the Guarantee of the Company’s obligations under the Notes or this Indenture by such Subsidiary would not be permitted under Applicable Law. 

The Company may elect, in its sole discretion, to cause any Subsidiary that is not otherwise required to be a Guarantor to become a Guarantor,
in which case, such Subsidiary shall not be required to comply with the 15-day period described above and such Guarantee may be released at any time in the Company’s sole discretion so long as any
Indebtedness of such Subsidiary then outstanding could have been incurred by such Subsidiary (either (x) when so incurred or (y) at the time of the release of such Guarantee) assuming such Subsidiary were not a Guarantor at such time. 

Section 4.16 Discharge and Suspension of Covenants. 

(a) If on any date following the Issue Date (i) the Notes have Investment Grade Ratings from two Rating Agencies (“Investment
Grade Status”), and (ii) no Event of Default has occurred and is continuing under this Indenture (the occurrence of the events described in the foregoing clauses (i) and (ii) being collectively referred to as a “Covenant
Suspension Event”), the Company and its Restricted Subsidiaries will not be subject to Section 4.07 hereof, Section 4.08 hereof, Section 4.09 hereof, Section 4.10 hereof, Section 4.11 hereof, Section 4.14
hereof, Section 4.15 hereof, Section 4.18 hereof, Section 4.20 hereof, Section 4.21 hereof, Section 4.22 hereof and clause (3) of Section 5.01(a) hereof (collectively, the “Suspended Covenants”).

 (b) In the event that the Company and its Restricted Subsidiaries are not subject to the Suspended Covenants hereunder for any period of
time as a result of the foregoing, and on any subsequent date (the “Reversion Date”) the Notes cease to have such Investment Grade Status, then the Company and its Restricted Subsidiaries shall thereafter again be subject to the
Suspended Covenants under this Indenture with respect to future events. The period of time between the occurrence of a Covenant Suspension Event and the Reversion Date is referred to in this Section 4.16 as the “Suspension
Period.” Additionally, upon the occurrence of a Covenant Suspension Event, the amount of Excess Proceeds shall be reset to zero. 

(c) Notwithstanding the foregoing, in the event of any such reinstatement, no action taken or omitted to be taken by the Company or any of its
Restricted Subsidiaries or events occurring prior to such reinstatement shall give rise to a Default or Event of Default hereunder with respect to the Notes; provided that (1) with respect to Restricted Payments made after any such
reinstatement, the amount available to be made as Restricted Payments shall be calculated as though Section 4.07 hereof had been in effect prior to, but not during the Suspension Period, provided that any Subsidiaries designated as Unrestricted
Subsidiaries during the Suspension Period shall automatically become Restricted Subsidiaries on the Reversion Date (subject to the Company’s right to subsequently designate them as Unrestricted Subsidiaries in compliance with the covenants set
forth below), (2) all Indebtedness incurred, or Disqualified Stock or Preferred Stock issued, during the Suspension Period shall be classified as having been incurred or issued as of the Issue Date pursuant to clauses (i), (ii) and (iii) of
Section 4.09(b) hereof, (3) any Affiliate Transaction entered into after the Reversion Date pursuant to an agreement entered into during any Suspension Period shall be deemed to be permitted pursuant to clause (i) of
Section 4.11(a) hereof and (4) any encumbrance or restriction on the ability of any Non-Guarantor Subsidiary to take any action described in clauses (1) through (3) of Section 4.08 hereof
that becomes effective during any Suspension Period shall be deemed to be permitted pursuant to Section 4.08(a) hereof. No default or Event of Default will be deemed to have occurred on the Reversion Date as a result of any actions taken by the
Company or its Restricted Subsidiaries during the Suspension Period. 

  
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 (d) On and after each Reversion Date, the Company and its Subsidiaries shall be permitted to
consummate the transactions contemplated by any contract entered into during the Suspension Period, so long as such contract and such consummation would have been permitted during such Suspension Period. 

(e) The Issuers shall deliver promptly to the Trustee an Officer’s Certificate notifying it of any such occurrence under this
Section 4.16. 
 (f) The Trustee shall have no duty to monitor the ratings of the Notes, determine whether a Covenant Suspension Event
or Reversion Date has occurred or notify Holders of the same. 
 Section 4.17 Additional Amounts. 

(a) All payments made by or on behalf of the Issuers or a Successor Issuer under or with respect to the Notes (whether or not in the form of
Definitive Notes) or any of the Guarantors on their Guarantee (including in each case any Successor Person) shall be made without withholding or deduction for, or on account of, any present or future taxes, unless the withholding or deduction of
such taxes is then required by law. If any deduction or withholding for, or on account of, any taxes imposed or levied by or on behalf of any jurisdiction in which the Issuers or any Guarantor (including in either case any Successor Issuer or
Successor Person, as applicable) is incorporated, organized, carrying on a business through a branch, agency or permanent establishment or resident for tax purposes or any political subdivision thereof or therein or any jurisdiction by or through
which payment is made by or on behalf of the Issuers or any Guarantor (including in either case any Successor Issuer or Successor Person, as applicable) under or with respect to the Notes or Guarantees or any political subdivision thereof or therein
(each, a “Tax Jurisdiction”) will at any time be required to be made from any payments made by or on behalf of the Issuers or Successor Issuers under or with respect to the Notes or any of the Guarantors or Successor Persons with
respect to any Guarantee, including payments of principal, redemption price, purchase price, interest or premium, the Issuers or the relevant Guarantor (including in either case any Successor Issuer or Successor Person), as applicable, shall pay
such additional amounts (the “Additional Amounts”) as may be necessary in order that the net amounts received by each holder in respect of such payments after such withholding or deduction (including any such deduction or
withholding from such Additional Amounts) will equal the respective amounts that would have been received by each holder in respect of such payments in the absence of such withholding or deduction; provided, however, that no Additional
Amounts will be payable with respect to: 
 (i) any taxes to the extent such taxes would not have been imposed but for
the Holder or the beneficial owner of the Notes (or a fiduciary, settlor, beneficiary, partner of, member or shareholder of, or possessor of a power over, the relevant Holder, if the relevant Holder is an estate, trust, nominee, partnership, limited
liability company or corporation) being or having been a citizen or resident or national of, incorporated, present, or engaged in a trade or business in, or having or having had a permanent establishment in, the relevant Tax Jurisdiction in which
such taxes are imposed or having any other (actual or deemed) present or former connection with the relevant Tax Jurisdiction other than by the acquisition or holding of, exercise or enforcement of rights under, or the receipt of payments in respect
of, the Notes, this Indenture or any Guarantee; 

  
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 (ii) any taxes to the extent such taxes are imposed or withheld as a
result of the failure of the Holder or beneficial owner of the Notes to comply with any written request, made at least 30 days before any such withholding or deduction would be payable, by the Issuers or any of the Guarantors (including in either
case any Successor Issuer or Successor Person, as applicable) to provide timely and accurate information concerning the nationality, residence or identity of such Holder or beneficial owner or to make any valid or timely declaration or similar claim
or satisfy any certification, information or other reporting requirement, which is required or imposed by a statute, treaty, regulation or administrative practice of the relevant Tax Jurisdiction as a precondition to exemption from all or part of,
or reduction in the rate of deduction or withholding of, such taxes (in each case, to the extent such Holder or beneficial owner is legally entitled to do so); 

(iii) any taxes imposed or withheld as a result of the presentation of any Note for payment (where Notes are in the form of
Definitive Notes and presentation is required) more than 30 days after the relevant payment is first made available for payment to the Holder (except to the extent that the Holder or beneficial owner would have been entitled to Additional Amounts
had the Note been presented on the last day of such 30 day period); 
 (iv) any estate, inheritance, gift, sale, transfer,
personal property or similar tax, assessment or excise taxes; 
 (v) any taxes payable otherwise than by deduction or
withholding on or in respect of any Note or Guarantee; 
 (vi) any taxes that were imposed with respect to any payment
on a Note to any Holder who is a fiduciary or partnership or person other than the sole beneficial owner of such payment to the extent that no Additional Amounts would have been payable had the beneficial owner of the applicable Notes been the
Holder of such Note; 
 (vii) any taxes that are imposed or withheld pursuant to Sections 1471 through 1474 of the Code,
as of the issue date (or any amended or successor version of such sections), any regulations promulgated thereunder, any official interpretations thereof, any similar law or regulation adopted pursuant to an intergovernmental agreement between a non-U.S. jurisdiction and the United States with respect to the foregoing or any agreements entered into pursuant to Section 1471(b)(1) of the Code; 

(viii) any taxes imposed in connection with a Note presented for payment by or on behalf of a Holder or beneficial owner
of such Note to the extent such taxes could have been avoided by presenting the relevant Note to, or otherwise accepting payment from, another Paying Agent; 

(ix) any taxes imposed as a result of the Holder or beneficial owner being or having been (i) a “10-percent shareholder” of the Issuer as defined in Section 871(h)(3) of the Code or any successor provision or (ii) a controlled foreign corporation that is related to the Issuer within the
meaning of Section 864(d)(4) of the Code or any successor provision; 
 (x) any taxes imposed as a result of the
Holder or beneficial owner being a bank receiving payments on an extension of credit made pursuant to a loan agreement entered into in the ordinary course of its trade or business, as described in Section 881(c)(3)(A) of the Code or any
successor provision; 
 (xi) any Taxes imposed by reason of the Holder’s or beneficial owner’s past or present
status as a passive foreign investment company, a controlled foreign corporation, a foreign tax-exempt organization or a personal holding company with respect to the United States or as a corporation that
accumulates earnings to avoid U.S. federal income tax; 

  
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 (xii) any combination of items (i) through (xi) above. 

(b) In addition to the foregoing, the Issuers and the Guarantors (including in either case any Successor Issuer or Successor Person, as
applicable) will also pay any present or future stamp, issue, registration, transfer, court or documentary taxes, or any other excise or property taxes, charges or similar levies or taxes which are levied by any Tax Jurisdiction on the execution,
delivery, issuance or registration of, or by any Tax Jurisdiction on the enforcement of, any of the Notes, this Indenture, any Guarantee, or any other document or instrument referred to therein, or the receipt of any payments with respect to the
Notes or the Guarantees (other than, in each case, in connection with a transfer of the Notes after the Issue Date and limited, solely to the extent of such taxes, charges, or similar attributable to the receipt of any payments, to any such taxes or
similar charges or levies imposed in a Tax Jurisdiction that are not excluded under clauses (a)(i) through (a)(iv) and (a)(vi) through (a)(xi) above or any combination thereof). 

(c) If the Issuers or any Guarantor, as the case may be, becomes aware that it will be obligated to pay Additional Amounts with respect to any
payment under or with respect to the Notes or any Guarantee, the Issuers or the relevant Guarantor, as the case may be, will deliver to the Trustee and the paying agent on a date that is at least 10 days prior to the date of that payment an
Officer’s Certificate stating the fact that Additional Amounts will be payable, the amount estimated to be so payable and such other information reasonably necessary to enable the paying agent to pay Additional Amounts on the relevant payment
date. The Trustee and the Paying Agent shall be entitled to rely absolutely and solely on such Officer’s Certificate as conclusive proof that such payments are necessary. 

(d) The Issuers or the relevant Guarantor will make all withholdings and deductions as required by law and will remit the full amount deducted
or withheld to the tax authority in the relevant Tax Jurisdiction in accordance with Applicable Law. The Issuers or the relevant Guarantor will use its reasonable efforts to obtain tax receipts from each tax authority evidencing the payment of any
taxes so deducted or withheld from each relevant Tax Jurisdiction. The Issuers or the relevant Guarantor will furnish to the Trustee, within a reasonable time after the date the payment of any taxes so deducted or withheld is made, certified copies
of tax receipts evidencing payment by the Issuers or a Guarantor, as the case may be, or if, notwithstanding such entity’s efforts to obtain receipts, receipts are not obtained, other evidence of payment (reasonably satisfactory to the Trustee)
by such entity. 
 (e) Whenever in this Indenture there is mentioned, in any context, the payment of amounts based upon the principal amount
of the Notes or of principal, interest or of any other amount payable under, or with respect to, any of the Notes or Guarantees, such mention shall be deemed to include mention of the payment of Additional Amounts to the extent that, in such
context, Additional Amounts are, were or would be payable in respect thereof. 
 (f) The above obligations will survive any termination,
defeasance or discharge of this Indenture, any transfer by a Holder or beneficial owner of its Notes and will apply, mutatis mutandis, to any jurisdiction in which any successor Person to the Issuers or any Guarantor is incorporated, organized,
engaged in business through a branch, agency or permanent establishment or otherwise resident for tax purposes or any jurisdiction from or through which any payments made by or on behalf of the Issuers or any Guarantors (including in either case any
Successor Issuer or Successor Person, as applicable) under or with respect to the Notes or any Guarantee is made and any department or political subdivision thereof or therein. 

  
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 Section 4.18 Payments and Modifications of Other Indebtedness. 

(a) The Company will not, and will not permit any of its Restricted Subsidiaries to: 

(i) Amend, modify, waive or supplement (or permit the modification, amendment, waiver or supplement of) any of the terms
or provisions of any other Indebtedness (including, without limitation, the Revolving Loan Credit Agreement, the Last Out Term Loan Agreement and any Last Out Incremental Debt Documents) in any respect which would materially and adversely affect the
rights or interests of the Holders of Notes or would violate any subordination terms thereof or the subordination agreement applicable thereto, including, without limitation, the Intercreditor Agreement. 

(ii) Prepay, repay, redeem, purchase, defease or acquire for value, in each case, prior to its scheduled maturity date, any
Junior Indebtedness, or make any payment in respect of any Junior Indebtedness, except: 
 (A) with proceeds of any
Permitted Refinancing Indebtedness permitted by Section 4.09 hereof and in compliance with any subordination provisions thereof or the subordination agreement applicable thereto; provided that, (A) no Default has occurred and is
continuing or would result therefrom and (B) the Company is in Pro Forma Compliance with each Collateral Coverage Ratio Requirement, both before and after giving effect to such prepayment, repayment, redemption, purchase, or defeasance thereof;

 (B) payments and prepayments of any Junior Indebtedness made solely with the proceeds of new, concurrent Qualified
Equity Interests issued by or any capital contribution in respect of Qualified Equity Interests of the Company; provided that (A) no Default has occurred and is continuing or would result therefrom and (B) the Company is in Pro
Forma Compliance with each Collateral Coverage Ratio Requirement, both before and after giving effect to such prepayment, repayment, redemption, purchase, or defeasance thereof; 

(C) payments of interest in respect of Junior Indebtedness in the form of payment in kind interest constituting
Indebtedness permitted pursuant to Section 4.09 hereof; 
 (D) the payment in cash of interest, expenses and
indemnities in respect of Junior Indebtedness (other than cash payments of any principal constituting original issue discount or interest paid in kind); provided that no Default has occurred and is continuing or would result therefrom; 

(E) payments and prepayments of any intercompany Indebtedness subordinated to the Obligations pursuant to the Intercompany
Subordination Agreement so long as (A) such payment or prepayment is permitted under the Intercompany Subordination Agreement, and (B) no Default has occurred and is continuing or would result therefrom; 

(F) repayments, repurchases, redemptions or defeasances of Junior Indebtedness at any time after March 31, 2023, in
an amount not to exceed the Discretionary Basket at such time; provided, that (A) no Default has occurred and is continuing or would result therefrom and (B) the Company is in Pro Forma Compliance with each Collateral Coverage Ratio
Requirement, both before and after giving effect to 

  
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such prepayment, repayment, redemption, purchase, or defeasance thereof, (C) the Consolidated Total Net Leverage Ratio does not exceed 2.0 to 1.0 on a Pro Forma Basis as of the last day of
the most recently ended fiscal quarter after giving effect thereto, and (D) Liquidity would greater than or equal to $150,000,000 on a Pro Forma Basis after giving effect to such transaction and any concurrent incurrence of Indebtedness; 

(G) any other repayment, repurchase, redemption or defeasance of Junior Indebtedness; provided, that (A) no
Default has occurred and is continuing or would result therefrom and (B) the Company is in Pro Forma Compliance with each Collateral Coverage Ratio Requirement, both before and after giving effect to such prepayment, repayment, redemption,
purchase, or defeasance thereof, (C) the Consolidated Total Net Leverage Ratio does not exceed 1.50 to 1.0 on a Pro Forma Basis as of the last day of the most recently ended fiscal quarter after giving effect thereto, and (D) Liquidity
would be greater than or equal to $150,000,000 on a Pro Forma Basis after giving effect to such transaction and any concurrent incurrence of Indebtedness; and 

(H) payments as part of an “applicable high yield discount obligation” catchup payment made pursuant to the
Code. 
 in each case, except to the extent prohibited by the subordination terms thereof or the subordination agreement applicable thereto,
including, without limitation, the Intercreditor Agreement and the Intercompany Subordination Agreement. 
 (iii) Make or
permit to occur any Other Last Out Debt Payment, unless the Company or the applicable Restricted Subsidiary has complied with Section 4.21 hereof. 

Section 4.19 Change of Ownership or Operator of any Rig; Change of Registered Flag Registry of Rigs. 

(a) The Company will not, and will not permit any of its Restricted Subsidiaries to: 

(i) change, or permit any change to, the direct owner or operator of any Rig, except: 

(1) from an Issuer or Subsidiary Guarantor to another Issuer or Subsidiary Guarantor with reasonable prior notice to the
Trustee and Collateral Agent, so long as such amendments, supplements, or other modifications to the Security Documents maintain a continuing, uninterrupted Acceptable Security Interest in such Rig and all contracts, equipment, and other assets
incidental or otherwise related thereto in compliance with Article 13 (or if the existing Lien in the Rigs and other assets being transferred cannot be assumed or continued following the proposed transfer, new Security Documents to create an
Acceptable Security Interest in such Rig and all contracts, equipment, and other assets incidental or otherwise related thereto in compliance with Article 13) are delivered to the Trustee and Collateral Agent prior to or substantially simultaneously
with the consummation of such change; or 
 (2) in connection with any Asset Sale permitted pursuant to
Section 4.10 hereof. 

  
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 (ii) change, or permit any change to, the registered flag jurisdiction of
any Rig, except any change of registered flag jurisdiction of any Rig, with reasonable prior notice to the Trustee and the Collateral Agent, to the Marshall Islands, the United States, or any other jurisdiction approved by the Collateral Agent (such
approval not to be unreasonably withheld, conditioned, or delayed), so long as amendments, supplements, or other modifications to the Security Documents in form and substance reasonably satisfactory to the Collateral Agent in order to maintain a
continuing, uninterrupted Acceptable Security Interest in such Rig and all contracts, equipment, and other assets incidental or otherwise related thereto in compliance with Article 13 (or if the existing Lien in such Rig and other assets cannot be
assumed or continued following the proposed transfer, new Security Documents to create an Acceptable Security Interest in such Rig and all contracts, equipment, and other assets incidental or otherwise related thereto, in compliance with Article 13)
delivered to the Trustee and Collateral Agent prior to or substantially simultaneously with the consummation of such change (or, with the approval of the Collateral Agent, each in its reasonable discretion, as soon as practicable thereafter under
Applicable Law). 
 Section 4.20 Designation and Redesignation of Restricted and Unrestricted Subsidiaries; Indebtedness of Unrestricted
Subsidiaries. 
 Unless designated as an Unrestricted Subsidiary as of the Issue Date or designated as such thereafter in accordance
with clause (a) below, the Company will not, and will not permit any of its Restricted Subsidiaries to, permit any Person that is or becomes a Subsidiary of the Company or any of its Restricted Subsidiaries to be an Unrestricted Subsidiary;
provided that: 
 (a) the Company may designate by written notice to the Trustee, any Subsidiary (other than a Rig Subsidiary or
any Subsidiary of the Company that directly or indirectly owns Equity Interests in a Rig Subsidiary or other Issuer or Guarantor), including a newly formed or newly acquired Subsidiary, as an Unrestricted Subsidiary; provided that
(i) such designation shall be deemed to be an Investment on the date of such designation in an amount equal to the fair market value of the Company’s direct or indirect Investment therein on such date and such designation shall be
permitted only to the extent such Investment is permitted under Permitted Investments on the date of such designation, (ii) no Default exists prior to, or would result from, such designation, and (iii) such Subsidiary is not a
“restricted subsidiary” or a borrower, issuer, or guarantor of the Revolving Loans, Last Out Term Loans, and/or Last Out Incremental Debt (if any); 

(b) any such designation of a Restricted Subsidiary as an Unrestricted Subsidiary shall be deemed to be a disposition that is subject to
Section 4.10 hereof; 
 (c) the Company may re-designate, by written notice to the
Trustee, any Unrestricted Subsidiary as a Restricted Subsidiary (a “Subsidiary Redesignation”); provided that (i) such redesignation is deemed to be the incurrence at such time of any Investments, Indebtedness, and Liens
of such Subsidiary existing at such time, (ii) such Investments, Indebtedness, and Liens would be permitted to be made or incurred at the time of such re-designation under each of Section 4.07,
Section 4.09 and Section 4.12 hereof, (iii) and each such Subsidiary shall comply with the requirements of this Indenture, including, without limitation, Article 13 hereof, and (iv) no Default exists or would result from such
Subsidiary Redesignation; and 
 (d) no Unrestricted Subsidiary shall (i) have any Indebtedness other than Indebtedness that is non-recourse to the Company and its Restricted Subsidiaries, or (ii) hold any Equity Interest in, or any Indebtedness of, any Restricted Subsidiary. 

  
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 Section 4.21 Offer to Repurchase Upon Repayment of Other Last Out Debt. 

(a) If any of the Last Out Term Loans or the Last Out Incremental Debt are repaid before the stated maturity date thereof (other than
(i) an “applicable high yield discount obligation” catchup payment or (ii) a repayment of the Last Out Term Loans with Permitted Refinancing Indebtedness permitted by Section 4.09(b)(ii) hereof or any Last Out Incremental
Debt with Permitted Refinancing Indebtedness permitted by Section 4.09(b)(iv) hereof), the Issuers shall make an offer to repurchase the Notes on a pro rata basis with such Last Out Term Loans or Last Out Incremental Debt being repaid pursuant
to the offer described below (the “Other Last Out Debt Repayment Offer”) at a price in cash (the “Other Last Out Debt Payment”) of 100% of the principal amount thereof, plus the amount of accrued but unpaid
interest, if any, on the amount of Notes that would otherwise be repurchased. Within 30 days following any repayment of the Last Out Term Loan, the Issuers shall send notice of such Other Last Out Debt Repayment Offer by electronic delivery in
accordance with the procedures of DTC or first-class mail, with a copy to the Trustee, to each Holder of Notes to the address of such Holder appearing in the security register or otherwise in accordance with DTC’s applicable procedures, with
the following information: 
 (1) that an Other Last Out Debt Repayment Offer is being made pursuant to this covenant,
and that all Notes properly tendered pursuant to such Other Last Out Debt Repayment Offer shall be accepted for payment by the Issuers; 

(2) the purchase price and the purchase date, which shall be no earlier than 15 days nor later than 60 days from the date
such notice is delivered except in the case of a conditional Other Last Out Debt Repayment Offer made in advance of a repayment of the Last Out Term Loan as described below (the “Other Last Out Debt Payment Date”); 

(3) that any Note not properly tendered shall remain outstanding and continue to accrue interest; 

(4) that unless the Issuers default in the payment of the Other Last Out Debt Payment, all Notes accepted for payment
pursuant to the Other Last Out Debt Repayment Offer shall cease to accrue interest on the Other Last Out Debt Payment Date; 

(5) that Holders shall be entitled to withdraw their tendered Notes and their election to require the Issuers to purchase
such Notes; provided that the Paying Agent receives, not later than the close of business on the second Business Day prior to the expiration date of the Other Last Out Debt Repayment Offer, a facsimile transmission, electronic transmission or
letter setting forth the name of the Holder of the Notes, the principal amount of Notes tendered for purchase, and a statement that such Holder is withdrawing its tendered Notes and its election to have such Notes purchased; 

(6) that Holders whose Notes are being purchased only in part shall be issued new Notes and such new Notes shall be equal
in principal amount to the unpurchased portion of the Notes surrendered. The unpurchased portion of the Notes must be equal to at least $1.00 or any integral multiple of $1.00 in excess thereof; and 

(7) the other instructions, as determined by the Issuers, consistent with this Section 4.21, that a Holder must
follow. 
 To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 4.21,
the Issuers comply with the applicable securities laws and regulations, then the Issuers shall not be deemed to have breached their obligations under this Section 4.21 by virtue thereof. 

  
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 (b) On the Other Last Out Debt Payment Date, the Issuers shall, to the extent permitted by
law, 
 (1) accept for payment all Notes issued by it or portions thereof properly tendered pursuant to the Other Last
Out Debt Repayment Offer, 
 (2) deposit with the Paying Agent an amount equal to the aggregate Other Last Out Debt
Payment in respect of all Notes or portions thereof so tendered, and 
 (3) deliver, or cause to be delivered, to the
Trustee for cancellation the Notes so accepted together with an Officer’s Certificate to the Trustee stating that such Notes or portions thereof have been tendered to and purchased by the Issuers. 

(c) The Issuers shall not be required to make an Other Last Out Debt Repayment Offer following a repayment of the Last Out Term Loan if a
third party makes the Other Last Out Debt Repayment Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.21 applicable to an Other Last Out Debt Repayment Offer made by the Issuers and
purchases all Notes validly tendered and not withdrawn under such Other Last Out Debt Repayment Offer. Notwithstanding anything to the contrary herein, an Other Last Out Debt Repayment Offer may be made in advance of a repayment of the Last Out Term
Loan, conditional upon such repayment of the Last Out Term Loan, if a definitive agreement is in place for the repayment of the Last Out Term Loan at the time of making of the Other Last Out Debt Repayment Offer. 

(d) Other than as specifically provided in this Section 4.21, any purchase pursuant to this Section 4.21 shall be made pursuant to
the provisions of Sections 3.02, 3.05 and 3.06 hereof. 
 Section 4.22 Sale Leasebacks. 

Except as permitted by Section 4.09(b)(v) or Section 4.09(b)(xii) hereof, the Company will not, and will not permit any of its
Restricted Subsidiaries to, directly or indirectly become or remain liable as lessee or as guarantor or other surety with respect to any lease, whether an operating lease, a finance lease or a capital lease, of any Property (whether real, personal
or mixed), whether now owned or hereafter acquired, which any Issuer, Guarantor or any Restricted Subsidiary thereof has sold or transferred or is to sell or transfer to a Person which is not another Issuer, Guarantor or Restricted Subsidiary
thereof. 
 ARTICLE 5 

SUCCESSORS 
 Section 5.01 Merger,
Consolidation or Sale of All or Substantially All Assets. 
 (a) Neither Issuer shall consolidate or merge with or into or wind up into
(whether or not the applicable Issuer is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its consolidated properties or assets taken as a whole, in one or more related transactions,
to any Person unless: 

  
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 (1) (i) (a) in the case of any of the Issuers, the resulting, surviving
or transferee Person (the “Successor U.S. Issuer”) will be a Person organized or existing under the laws of the United States, any state thereof, the District of Columbia, or any territory thereof and (b) in the case of the
Cayman Issuer, the resulting, surviving or transferee Person (the “Successor Cayman Issuer”) will be a Person organized or existing under the laws of the Cayman Islands; and (ii) in the case of the Successor U.S. Issuer or the
Successor Cayman Issuer, the Successor U.S. Issuer or the Successor Cayman Issuer, as applicable (each, a “Successor Issuer” as applicable) expressly assumes all the obligations of the applicable Issuer under the Note Documents
pursuant to supplemental indentures or other documents or instruments, as applicable, and the Successor Issuer shall cause such supplemental indentures or other documents or instruments, as applicable, to be executed, filed and recorded in such
jurisdictions as may be required by applicable law to preserve and protect the Lien on the Collateral owned by or transferred to such Successor Issuer, together with such financing statements or comparable documents as may be required to perfect any
security interests in such Collateral which may be perfected by the filing of a financing statement or a similar document under the Uniform Commercial Code or other similar statute or regulation of the relevant states or jurisdictions; 

(2) immediately after such transaction, no Default exists; 

(3) immediately after giving pro forma effect to such transaction and any related financing transactions, as if such
transactions had occurred at the beginning of the applicable four-quarter period, 
 (A) the Company, the Successor
Issuers or the Issuers, as applicable, would be permitted to incur at least $1.00 of additional Indebtedness under Section 4.09(a) hereof (the “Ratio Test”), or 

(B) (i) the Fixed Charge Coverage Ratio for the Company, the Successor Issuers or the Issuers, as applicable, and their
Restricted Subsidiaries would be equal to or greater than the Fixed Charge Coverage Ratio for the Company, the Successor Issuers or the Issuers immediately prior to such transaction or (ii) the Consolidated Total Net Leverage Ratio would be
equal to or less than it was immediately prior to such transaction; 
 (4) the Issuers shall have delivered to the
Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger, amalgamation or transfer and such supplemental indentures, if any, comply with this Indenture; and 

(5) to the extent any assets of the Person which is merged or consolidated with or into either of the Issuers are assets
of the type which would constitute Collateral under the Security Documents, the Issuers or the Successor Issuers, as applicable, will take such action, if any, as may be reasonably necessary to cause such property and assets to be made subject to
the Lien of the applicable Security Documents in the manner and to the extent required in this Indenture or the applicable Security Documents and shall take all reasonably necessary action so that such Lien is perfected to the extent required by the
applicable Security Documents. 
 (b) The Company may not consolidate or merge with or into or wind up into (whether or not the Company is
the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its consolidated properties or assets taken as a whole, in one or more related transactions, to any Person unless, respectively: 

(1) the resulting, surviving or transferee Person (the “Successor Company”) expressly assumes all the
obligations of the Company under the Notes, the Security Documents (to the extent the Company is a party thereto) and this Indenture pursuant to supplemental indentures or other documents or instruments, as applicable; 

  
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 (2) immediately after such transaction, no Default exists; 

(3) immediately after giving pro forma effect to such transaction and any related financing transactions, as if such
transactions had occurred at the beginning of the applicable four-quarter period, 
 (A) the Company would be permitted
to incur at least $1.00 of additional Indebtedness pursuant to the Ratio Test, or 
 (B) (i) the Fixed Charge Coverage
Ratio for the Company and its Restricted Subsidiaries would be equal to or greater than the Fixed Charge Coverage Ratio for the Company immediately prior to such transaction or (ii) the Consolidated Total Net Leverage Ratio would be equal to or
less than it was immediately prior to such transaction; 
 (4) the Issuers shall have delivered to the Trustee an
Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger, amalgamation or transfer and such supplemental indentures, if any, comply with this Indenture; and 

(5) to the extent any assets of the Person which is merged, consolidated or amalgamated with or into the Company are
assets of the type which would constitute Collateral under the Security Documents, the Company or the Successor Company will take such action, if any, as may be reasonably necessary to cause such property and assets to be made subject to the Lien of
the applicable Security Documents in the manner and to the extent required in this Indenture or the applicable Security Documents and shall take all reasonably necessary action so that such Lien is perfected to the extent required by the applicable
Security Documents. 
 (c) The Successor Issuer shall succeed to, and be substituted for, and may exercise every right and power of,
the Company or Issuers, as applicable, under the Note Documents. Subject to certain limitations described in the Security Documents and this Indenture, the Successor Company shall succeed to, and be substituted for, the Company under the Security
Documents, this Indenture and the Company’s Guarantee. 
 (d) Subject to certain limitations described in this Indenture governing
release of a Guarantee upon the sale, disposition or transfer of a Guarantor, no Guarantor shall, and the Company shall not permit any Guarantor to, consolidate, amalgamate or merge with or into or wind up into (whether or not such Guarantor is the
surviving corporation), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets taken as a whole, in one or more related transactions, to any Person (other than the Company, the Issuers
or a Guarantor) unless: 
 (1) (A) any Guarantor is the surviving Person or the Person formed by or surviving any such
consolidation, amalgamation or merger (if other than such Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made (such surviving Guarantor or such Person, as the case may be, being herein
called the “Successor Person”) expressly assumes all the obligations of such Guarantor under the Security Documents, this Indenture and such Guarantor’s related Guarantee pursuant to supplemental indentures or other documents or
instruments; 

  
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 (B) immediately after such transaction, no Default exists; 

(C) the Issuers shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating
that such consolidation, amalgamation, merger or transfer and such supplemental indentures, if any, comply with this Indenture; and 

(D) to the extent any assets of the Person which is merged, consolidated or amalgamated with or into such Subsidiary
Guarantor are assets of the type which would constitute Collateral under the Security Documents, such Guarantor or the Successor Person will take such action, if any, as may be reasonably necessary to cause such property and assets to be made
subject to the Lien of the applicable Security Documents in the manner and to the extent required in this Indenture or the applicable Security Documents and shall take all reasonably necessary action so that such Lien is perfected to the extent
required by the applicable Security Documents; or 
 (2) with respect to the Guarantors, the transaction is not
prohibited by Section 4.10(a) hereof. 
 (e) Subject to certain limitations described in the Security Documents and this Indenture, the
Successor Person shall succeed to, and be substituted for, such Guarantor under the Security Documents, this Indenture and such Guarantor’s Guarantee. 

(f) Notwithstanding the foregoing, 

(1) the Company and the Issuers may transfer all or part of their property or assets to a Subsidiary Guarantor; 

(2) any of the Issuers may merge with an Affiliate of the Company solely for the purpose of reincorporating in the United
States, the District of Columbia or any territory thereof so long as the amount of Indebtedness of the Company and its Restricted Subsidiaries is not increased thereby; 

(3) any Issuer or Guarantor may (i) consolidate or amalgamate with or merge into, wind up into or transfer all or
part of its properties and assets to any other Issuer or a Guarantor (or to a Restricted Subsidiary if that Restricted Subsidiary becomes a Guarantor), (ii) merge with an Affiliate of the Issuers solely for the purpose of reincorporating or
reorganizing the Guarantor in the United States, any state thereof, the District of Columbia or any territory thereof or (iii) convert into a corporation, partnership, limited partnership, limited liability corporation or trust organized or
existing under the laws of the jurisdiction of such Guarantor; 
 (4) any Restricted Subsidiary that is a Wholly Owned
Subsidiary of the Company may be merged, amalgamated, liquidated, dissolved, wound up or consolidated with or into (i) an Issuer (provided that such Issuer shall be the continuing or surviving entity) or (ii) any Restricted
Subsidiary that is a Wholly Owned Subsidiary of the Company (other than the Issuers) may be merged, amalgamated or consolidated with or into any Subsidiary Guarantor (other than the Issuers) (provided that when any Subsidiary Guarantor
is merging, amalgamating, liquidating, dissolving, winding up or consolidating with another Subsidiary, a Subsidiary Guarantor shall be the continuing or surviving entity or the continuing or surviving entity shall become a Subsidiary Guarantor to
the extent required under, and within the time period set forth in Article 13, with which the Company shall comply in connection with such transaction); 

  
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 (5) any Excluded Subsidiary may be merged, amalgamated or consolidated with
or into, or be liquidated into, any other Excluded Subsidiary; 
 (6) any Restricted Subsidiary (other than the Issuers)
may dispose of all or substantially all of its assets (upon voluntary liquidation, dissolution, winding up, division or otherwise) to the Company or any Subsidiary Guarantor; provided that, with respect to any such disposition by any Excluded
Subsidiary, the consideration for such disposition shall not exceed the fair value of such assets; 
 (7) any Excluded
Subsidiary that is a Foreign Subsidiary may dispose of all or substantially all of its assets (upon voluntary liquidation, dissolution, winding up, division or otherwise) to any other Excluded Subsidiary and (ii) any Excluded Subsidiary that is
a Domestic Subsidiary may dispose of all or substantially all of its assets (upon voluntary liquidation, dissolution, winding up or otherwise) to any other Excluded Subsidiary that is a Domestic Subsidiary; 

(8) any Restricted Subsidiary that is a Wholly Owned Subsidiary of the Company may merge with or into the Person such
Wholly Owned Subsidiary was formed to acquire in connection with any Permitted Acquisition; provided that (i) in the case of a merger involving the Issuer or a Subsidiary Guarantor, the continuing or surviving Person shall be the Issuer
or a Subsidiary Guarantor, as applicable, or (ii) in the case of a merger involving any Restricted Subsidiary that is not the Issuer or a Subsidiary Guarantor, simultaneously with such transaction, the continuing or surviving entity shall
become a Subsidiary Guarantor and the Company and its Restricted Subsidiaries shall comply with Article 13 in connection therewith; and 

(9) any Permitted Holdco Event is not subject to this Article 5 so long as the conditions set forth in the definition of
“Permitted Holdco Event” are met and, for the avoidance of doubt, immediately following any such Permitted Holdco Event the Company remains a Guarantor under the Indenture. 

Section 5.02 Successor Corporation Substituted. 

Upon any consolidation or merger, amalgamation or any sale, assignment, transfer, lease, conveyance or other disposition of all or
substantially all of the assets of the Company in accordance with Section 5.01 hereof, the successor corporation formed by such consolidation or into or with which the Company is merged or to which such sale, assignment, transfer, lease,
conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, amalgamation, merger, sale, lease, conveyance or other disposition, the provisions of this Indenture referring
to the Company shall refer instead to the successor corporation and not to the Company), and may exercise every right and power of the Company under this Indenture with the same effect as if such successor Person had been named as the Company
herein; provided, that the predecessor Company shall not be relieved from the obligation to pay the principal of and interest on the Notes except in the case of a sale, assignment, transfer, conveyance or other disposition of all of the
Company’s assets that meets the requirements of Section 5.01 hereof. 

  
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 ARTICLE 6 

DEFAULTS AND REMEDIES 
 Section 6.01
Events of Default. 
 (a) An “Event of Default” wherever used herein, means any one of the following events
(whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or
governmental body): 
 (1) default in payment when due and payable, upon redemption, acceleration or otherwise, of principal
of, or premium, if any, on the Notes; 
 (2) default for 30 days or more in the payment when due of interest on or with
respect to the Notes; 
 (3) failure by the Company, the Issuers or any Guarantor for 60 days after receipt of written
notice given by the Trustee or the Holders of not less than 25.0% in principal amount of the then outstanding Notes (with a copy to the Trustee) to comply with any of their obligations, covenants or agreements (other than a default referred to in
clauses (1) and (2) above) contained in this Indenture, the Notes or the Security Documents; provided, that in the case of a failure to comply with Section 4.03 hereof, such period of continuance of such default or breach
shall be 270 days after written notice described in this clause (3) has been given; 
 (4) default under any
mortgage, indenture or instrument under which there is issued or by which there is secured or evidenced any Indebtedness for money borrowed by the Issuers, the Company, or any Significant Subsidiary or the payment of which is guaranteed by the
Issuers, the Company, or any Significant Subsidiary, other than Indebtedness owed to the Issuers, the Company, or any Significant Subsidiary, whether such Indebtedness or guarantee now exists or is created after the issuance of the Notes, if both:

 (i) such default either results from the failure to pay any principal of such Indebtedness at its stated final maturity
(after giving effect to any applicable grace periods) or relates to an obligation other than the obligation to pay principal of any such Indebtedness at its stated final maturity and results in the holder or holders of such Indebtedness causing such
Indebtedness to become due prior to its stated maturity; and 
 (ii) the principal amount of such Indebtedness,
together with the principal amount of any other such Indebtedness in default for failure to pay principal at stated final maturity (after giving effect to any applicable grace periods), or the maturity of which has been so accelerated, aggregate
$40,000,000 or more at any one time outstanding; 
 (5) failure by the Company, the Issuers or any Significant Subsidiary (or
any group of Restricted Subsidiaries that together (determined as of the most recent consolidated financial statements of the Company for a fiscal quarter end provided as required under Section 4.03 hereof) would constitute a Significant
Subsidiary) to pay 

  
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final non-appealable judgments aggregating in excess of $40,000,000 (net of amounts covered by insurance policies issued by reputable insurance companies),
which final judgments remain unpaid, undischarged and unstayed for a period of more than 60 days after such judgment becomes final, and in the event such judgment is covered by insurance, an enforcement proceeding has been commenced by any creditor
upon such judgment or decree which is not promptly stayed; 
 (6) the Company, the Issuers or any Significant Subsidiary
or any group of Restricted Subsidiaries that, taken together (determined as of the most recent consolidated financial statements of the Company for a fiscal quarter end provided as required by the covenant under Section 4.03 hereof), would
constitute a Significant Subsidiary, pursuant to or within the meaning of any Bankruptcy Law: 
 (i) commences
voluntary proceedings to be adjudicated bankrupt or insolvent; 
 (ii) consents to the institution of bankruptcy or
insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under applicable Bankruptcy Law; 

(iii) consents to the appointment of a receiver, liquidator, assignee, trustee, sequestrator or other similar official of
it or for all or substantially all of its property; or 
 (iv) makes a general assignment for the benefit of its
creditors. 
 (7) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(i) is for relief against the Company, the Issuers or any Significant Subsidiary or any group of Restricted Subsidiaries
that, taken together, would constitute a Significant Subsidiary, in a proceeding in which the Company, the Issuers or any such Restricted Subsidiaries, that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together,
would constitute a Significant Subsidiary, is to be adjudicated bankrupt or insolvent; 
 (ii) appoints a receiver,
liquidator, assignee, trustee, sequestrator or other similar official of the Company, the Issuers or any Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, or for all or
substantially all of the property of the Company, the Issuers or any of their Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary; or 

(iii) orders the liquidation of the Company, the Issuers or any Significant Subsidiary or any group of Restricted Subsidiaries
that, taken together, would constitute a Significant Subsidiary; 
 and the order or decree remains unstayed and in effect
for 60 consecutive days; 

  
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 (8) the Guarantee of any Significant Subsidiary shall for any reason cease
to be in full force and effect or be declared null and void or any Guarantor that is a Significant Subsidiary (or any group of Restricted Subsidiaries that together (as of the most recent consolidated financial statement of the Company for a fiscal
quarter end) would constitute a Significant Subsidiary), as the case may be, denies in writing that it has any further liability under its Guarantee or gives written notice to such effect, other than by reason of the termination of this Indenture or
the release of any such Guarantee in accordance with this Indenture; 
 (9) with respect to any Collateral, individually or
in the aggregate, having a fair market value in excess of $10,000,000, any of the Security Documents ceases to be in full force and effect, or any of the Security Documents ceases to give the Holders of the Notes the Liens purported to be created
thereby with the priority contemplated thereby, or any of the Security Documents is declared null and void or the Company or any Guarantor denies in writing that it has any further liability under any Security Document or gives written notice to
such effect (in each case other than in accordance with the terms of this Indenture, the Intercreditor Agreement and the Security Documents), except to the extent that any loss of perfection or priority results from the failure of the Collateral
Agent to maintain possession of certificates actually delivered to it representing securities pledged under the Security Documents, or otherwise results from an action (but not an omission) constituting gross negligence or willful misconduct on the
part of the Trustee or the Collateral Agent, in each case, as determined by a court of competent jurisdiction by final non-appealable judgment; provided, that if a failure of the sort described
in this clause (9) is susceptible of cure (including with respect to any loss of Lien priority on material portions of the Collateral), no Event of Default shall arise under this clause (9) with respect thereto until 60 days after notice
of such failure shall have been given to the Company by the Trustee or the Holders of at least 25.0% in principal amount of the then outstanding Notes issued under this Indenture (with a copy to the Trustee); 

(10) after a Permitted Holdco Event has occurred and for so long as the conditions set forth in the definition of
“Permitted Holdco Event” are met, (i) the Permitted Holdco, the Company or any other related party shall fail to comply with the terms of the Permitted Holdco Undertaking or (ii) the Permitted Holdco Undertaking shall cease to be
in full force and effect for any reason; or 
 (11) any Issuer, Guarantor or any Restricted Subsidiary thereof shall
default in any material respect in the observance or performance of any other agreement or condition relating to the PCbtH Service Contract or BOP Lease Agreement, or any other event shall occur or condition exist in relation to the PCbtH Service
Contract or BOP Lease Agreement, if such default or other event or condition could reasonably be expected to result in a Material Adverse Effect, individually or in the aggregate for all such defaults, events, or conditions. 

(b) In the event of any Event of Default specified in clause (4) of Section 6.01(a) hereof, such Event of Default and all
consequences thereof (excluding any resulting payment default, other than as a result of acceleration of the Notes) shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the Holders, if within 20 days after
such Event of Default arose: 
 (1) the Indebtedness or guarantee that is the basis for such Event of Default has been
discharged; or 

  
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 (2) holders thereof have rescinded or waived the acceleration, notice or
action (as the case may be) giving rise to such Event of Default; or 
 (3) the default that is the basis for such Event
of Default has been cured. 
 Section 6.02 Acceleration. 

If any Event of Default (other than an Event of Default specified in clause (6) or (7) of Section 6.01(a) hereof) occurs and is
continuing under this Indenture, (a) the Trustee by written notice to the Issuers or (b) the Holders of at least 25.0% in aggregate principal amount of the then total outstanding Notes by written notice to the Issuers and Trustee may
declare the principal, premium (if any) interest and any other monetary obligations on all the then outstanding Notes to be due and payable immediately. Any time period to cure any actual or alleged Default or Event of Default may be extended or
stayed by a court of competent jurisdiction. Upon the effectiveness of such declaration, such principal, premium (if any), interest and any other monetary obligations on all the then outstanding Notes shall be due and payable immediately. The
Trustee shall have no obligation to accelerate the Notes. 
 Notwithstanding the foregoing, in the case of an Event of Default arising under
clause (6) or (7) of Section 6.01(a) hereof, all outstanding Notes shall be due and payable immediately without further action or notice. 

The Holders of a majority in aggregate principal amount of the then outstanding Notes may, by written notice to the Trustee on behalf of all
of the Holders, rescind an acceleration and its consequences; provided, that such rescission would not conflict with any judgment or decree of a court of competent jurisdiction and all existing Events of Default (except nonpayment of
principal, interest, or premium (if any) that has become due solely because of the acceleration) have been cured or waived. 
 Without
limiting the generality of the foregoing, it is understood and agreed that if the Notes are accelerated or otherwise become due prior to their stated maturity, in each case, in respect of any Event of Default under clause (6) or (7) of
Section 6.01(a) hereof (each an “Acceleration Event”), the Applicable Premium with respect to an optional redemption of the Notes shall also be due and payable as though the Notes had been optionally redeemed in full at the
time of such Acceleration Event and shall constitute part of the Obligations payable to Holders of the Notes in view of the impracticability and extreme difficulty of ascertaining actual damages. By mutual agreement of the parties, the Applicable
Premium is a reasonable calculation of each Holder’s loss as a result of any such Acceleration Event. If the Applicable Premium becomes due and payable, it shall be deemed to be principal of the Notes, and interest shall accrue on the full
principal amount of the Notes (including the Applicable Premium) from and after the applicable triggering Acceleration Event. Any Applicable Premium payable above shall be deemed to be the liquidated damages sustained by each Holder of the Notes as
the result of the acceleration of the Notes, and the Issuers agree that such Applicable Premium is reasonable under the circumstances currently existing. The Applicable Premium shall also be payable in the event the Notes (and/or this Indenture) are
satisfied, released or discharged by foreclosure (whether by power of judicial proceeding or otherwise), deed in lieu of foreclosure or by any other similar means. THE ISSUERS EXPRESSLY WAIVE (TO THE FULLEST EXTENT THEY MAY LAWFULLY DO SO) THE
PROVISIONS OF ANY PRESENT OR FUTURE STATUTE OR LAW THAT PROHIBITS OR MAY PROHIBIT THE COLLECTION OF THE APPLICABLE PREMIUM IN CONNECTION WITH ANY SUCH ACCELERATION. Each Issuer expressly agrees (to the fullest extent they may lawfully do so) that:
(A) the Applicable Premium is reasonable and the product of an arm’s length transaction between sophisticated parties, ably represented by counsel; (B) the Applicable Premium shall be payable notwithstanding the then prevailing market
rates at the time acceleration occurs; (C) there has been a course of conduct between the Holders of the Notes and the Issuers giving specific consideration in this 

  
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transaction for such agreement to pay the Applicable Premium; and (D) the Issuers shall be estopped hereafter from claiming differently than as agreed to in this paragraph. Each Issuer
expressly acknowledges that its agreement to pay the Applicable Premium to the Holders of the Notes as herein described is a material inducement to the Holders to purchase the Notes. 

Section 6.03 Other Remedies. 
 If an
Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture.

 The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A
delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are
cumulative to the extent permitted by law. 
 Section 6.04 Waiver of Past Defaults. 

(a) The Holders of not less than a majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may on behalf
of the Holders of all of the Notes waive any existing Default and its consequences under this Indenture, except a continuing Default in the payment of interest on, premium, if any, or the principal of any Note held by a non-consenting Holder (including in connection with an Asset Sale Offer, a Change of Control Offer or an Other Last Out Debt Repayment Offer); provided that, subject to Section 6.02 hereof, the Holders
of a majority in aggregate principal amount of the then outstanding Notes may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration. Upon any such waiver, such Default shall cease to
exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 

(b) In the event of any Event of Default specified in clause (4) of Section 6.01(a) above, such Event of Default and all
consequences thereof (excluding any resulting payment default, other than as a result of acceleration of the Notes) shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the Holders, if within 20 days after
such Event of Default arose: 
 (1) the Indebtedness or guarantee that is the basis for such Event of Default has been
discharged; or 
 (2) holders thereof have rescinded or waived the acceleration, notice or action (as the case may be)
giving rise to such Event of Default; or 
 (3) the default that is the basis for such Event of Default has been cured. 

  
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 Section 6.05 Control by Majority. 

Subject to Section 7.01(e) hereof, Holders of a majority in aggregate principal amount of the then total outstanding Notes may direct the
time, method and place of conducting any proceeding for any remedy available to the Trustee or the Collateral Agent or of exercising any trust or power conferred on the Trustee or the Collateral Agent and the Trustee or the Collateral Agent may act
at the written direction of the Holders without liability. The Trustee or Collateral Agent, however, may refuse to follow any direction that conflicts with law or this Indenture or that the Trustee determines is unduly prejudicial to the rights of
any other Holder of a Note or that would involve the Trustee or Collateral Agent in personal liability (it being understood that the Trustee has no duty to determine whether any such action is prejudicial to any Holder or beneficial owner of the
Notes). 
 Section 6.06 Limitation on Suits. 

Subject to Section 6.07 hereof, no Holder of a Note may pursue any remedy with respect to this Indenture or the Notes unless: 

(1) such Holder has previously given the Trustee written notice that an Event of Default is continuing; 

(2) Holders of at least 25.0% in aggregate principal amount of the total outstanding Notes have requested the Trustee to
pursue the remedy; 
 (3) Holders of the Notes have offered and, if requested, provide to the Trustee indemnity or
security satisfactory to the Trustee against any loss, liability or expense; 
 (4) the Trustee has not complied with
such request within 60 days after the receipt thereof and the offer of security or indemnity; 
 (5) Holders of a
majority in aggregate principal amount of the total outstanding Notes have not given the Trustee a written direction inconsistent with such request within such 60-day period; and 

(6) Such action does not violate the Intercreditor Agreement. 

A Holder of a Note may not use this Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or priority over
another Holder of a Note. 
 Section 6.07 Rights of Holders of Notes to Receive Payment. 

Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal, premium, if any, and
interest on the Note, on or after the respective due dates expressed in the Note (including in connection with an Asset Sale Offer, a Change of Control Offer or an Other Last Out Debt Repayment Offer), or to bring suit for the enforcement of any
such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 
 Section 6.08 Collection
Suit by Trustee. 
 If an Event of Default specified in Section 6.01(a)(1) or (2) hereof occurs and is continuing, the Trustee
is authorized to recover judgment in its own name and as trustee of an express trust against the Issuers for the whole amount of principal of, premium, if any, and interest remaining unpaid on the Notes and interest on overdue principal and, to the
extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 

  
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 Section 6.09 Restoration of Rights and Remedies. 

If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceedings, the Issuers, the Trustee and the Holders shall be restored
severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding has been instituted. 

Section 6.10 Rights and Remedies Cumulative. 

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in Section 2.07
hereof, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition
to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of
any other appropriate right or remedy. 
 Section 6.11 Delay or Omission Not Waiver. 

No delay or omission of the Trustee or of any Holder of any Note to exercise any right or remedy accruing upon any Event of Default shall
impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often
as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
 Section 6.12 Trustee May File Proofs of Claim. 

The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel), the Collateral Agent (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Collateral Agent, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Issuers (or any other obligor upon the Notes including the Guarantors), its creditors or its
property and shall be entitled and empowered to participate as a member in any official committee of creditors appointed in such matter and to collect, receive and distribute any money or other property payable or deliverable on any such claims and
any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any
amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, the Collateral Agent, their agents and counsel, and any other amounts due the Trustee or Collateral Agent under Section 7.07 hereof. To the
extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, the Collateral Agent, their agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in any such
proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to

  
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receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize
or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in
any such proceeding. 
 Section 6.13 Priorities. 

If the Trustee collects any money or property pursuant to this Article 6, it shall pay out the money or property in the following order: 

(1) to the Trustee, the Collateral Agent, their agents and attorneys for amounts due under Section 7.07 hereof, including
payment of all compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 

(2) to Holders of Notes for amounts due and unpaid on the Notes for principal, premium, if any, and interest, ratably,
without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively; and 

(3) to the Issuers or to such party as a court of competent jurisdiction shall direct, including a Guarantor, if
applicable. 
 The Trustee may fix a record date and payment date for any payment to Holders of Notes pursuant to this Section 6.13.

 Section 6.14 Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted
by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’
fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.14 does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant
to Section 6.07 hereof, or a suit by Holders of more than 10.0% in principal amount of the then outstanding Notes. 
 ARTICLE 7 

TRUSTEE 
 Section 7.01 Duties of
Trustee. 
 (a) If an Event of Default has occurred and is continuing (which is known to the Trustee), the Trustee shall exercise such
of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

  
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 (b) Except during the continuance of an Event of Default: 

(1) the duties of the Trustee shall be determined solely by the express provisions of this Indenture and the Trustee need
perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, in the case of any such certificates or opinions which by any provision hereof are
specifically required to be furnished to the Trustee, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of
mathematical calculations or other facts stated therein). 
 (c) the Trustee may not be relieved from liabilities for its own grossly
negligent action, its own grossly negligent failure to act, or its own willful misconduct, except that: 
 (1) this
Section 7.01(c) does not limit the effect of Section 7.01(b); 
 (2) the Trustee shall not be liable for any error
of judgment made in good faith, unless it is proved in a court of competent jurisdiction that the Trustee was grossly negligent in ascertaining the pertinent facts; and 

(3) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with
a direction received by it pursuant to Section 6.05 hereof. 
 (d) Whether or not therein expressly so provided, every provision of
this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section 7.01 and Section 7.02(f). 

(e) The Trustee shall be under no obligation to exercise any of its rights or powers under this Indenture at the request or direction of any
of the Holders of the Notes, unless the Holders have offered, and if requested, provided to the Trustee indemnity or security satisfactory to the Trustee against any loss, liability or expense. 

(f) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuers.
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
 Section 7.02 Rights of Trustee
and Collateral Agent. 
 (a) The Trustee and the Collateral Agent may conclusively rely upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, direction, approval or other paper or document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee and the Collateral Agent need not
investigate any fact or matter stated in the resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, direction, approval or other paper or document, but the Trustee and the Collateral Agent, in their
discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee or the Collateral Agent shall determine to make such further inquiry or investigation, it shall be entitled to examine the
books, records and premises of the Company, personally or by agent or attorney at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 

  
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 (b) Before the Trustee or the Collateral Agent acts or refrains from acting, they may
require an Officer’s Certificate or an Opinion of Counsel or both. Neither the Trustee nor the Collateral Agent shall be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of
Counsel. The Trustee and the Collateral Agent may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel or both shall be full and complete authorization and protection from liability in respect of any action
taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 
 (c) The Trustee and the Collateral Agent may act
through their attorneys and agents and shall not be responsible for the misconduct or negligence of any agent or attorney appointed with due care. 

(d) The Trustee and the Collateral Agent shall not be liable for any action they take or omit to take in good faith that they believe to be
authorized or within the rights or powers conferred upon it by this Indenture. 
 (e) Unless otherwise specifically provided in this
Indenture, any demand, request, direction or notice from the Issuers shall be sufficient if signed by an Officer of the Issuers. 
 (f) None
of the provisions of this Indenture shall require the Trustee or the Collateral Agent to expend or risk their own funds or otherwise to incur any liability, financial or otherwise, in the performance of any of their duties hereunder, or in the
exercise of any of their rights or powers if they shall have reasonable grounds for believing that repayment of such funds or security or indemnity satisfactory to them against such risk or liability is not assured to them. 

(g) Neither the Trustee nor the Collateral Agent shall be deemed to have notice of any Default or Event of Default unless the Trustee or the
Collateral Agent, as applicable, has actual knowledge thereof or unless written notice of any event which is in fact such a Default is received by the Trustee or the Collateral Agent, as applicable, from the Company, any Issuer, Guarantor or Holder
at the Corporate Trust Office of the Trustee or Collateral Agent, respectively, and such notice references the Notes and this Indenture. 

(h) In no event shall the Trustee or the Collateral Agent be responsible or liable for special, indirect, punitive or consequential loss or
damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee or the Collateral Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(i) The rights, privileges, protections, immunities and benefits given to the Trustee and the Collateral Agent, including, without limitation,
its right to be indemnified, are extended to, and shall be enforceable by, the Trustee and the Collateral Agent in each of its capacities hereunder, and each Agent, agent, custodian and other Person employed to act hereunder. 

(j) The Trustee and the Collateral Agent may request that the Issuers and any Guarantor deliver an Officer’s Certificate setting forth
the names of the individuals and/or titles of Officers (with specimen signatures) authorized at such times to take specific actions pursuant to this Indenture, which Officer’s Certificate may be signed by any person specified as so authorized
in any certificate previously delivered and not superseded. 

  
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 (k) The Trustee and the Collateral Agent shall not be required to give any bond or surety in
respect of the performance of its powers and duties hereunder. 
 (l) The permissive right of the Trustee and the Collateral Agent to take
or refrain from taking any actions enumerated herein shall not be construed as a duty. 
 Section 7.03 Individual Rights of Trustee. 

The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuers or any
Affiliate of the Issuers with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply to the SEC for permission to continue
as trustee or resign. The Collateral Agent and any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof. 

Section 7.04 Trustee’s Disclaimer. 

The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall
not be accountable for the Issuers’ use of the proceeds from the Notes or any money paid to the Issuers or upon the Issuers’ direction under any provision of this Indenture, it shall not be responsible for the use or application of any
money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture
other than its certificate of authentication. 
 Section 7.05 Notice of Defaults. 

If a Default occurs and is continuing and if it is actually known to the Trustee, the Trustee shall send to Holders of Notes a notice of the
Default within 90 days after it occurs. Except in the case of a Default relating to the payment of principal, premium, if any, or interest on any Note, the Trustee may withhold from the Holders notice of any continuing Default if and so long as a
committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes. The Trustee shall not be deemed to know of any Default unless a Responsible Officer of the Trustee has actual
knowledge thereof or unless written notice of any event which is such a Default is received by the Trustee from the Company, any Issuer, Guarantor or Holder at the Corporate Trust Office of the Trustee. 

Section 7.06 Reports by Trustee to Holders of the Notes. 

Within 60 days after each April 1, beginning with April 1, 2022, and for so long as Notes remain outstanding, the Trustee shall send
to the Holders of the Notes a brief report dated as of such reporting date that complies with Trust Indenture Act Section 313(a) (but if no event described in Trust Indenture Act Section 313(a) has occurred within the twelve months
preceding the reporting date, no report need be transmitted). The Trustee also shall comply with Trust Indenture Act Section 313(b)(2). The Trustee shall send all reports as required by Trust Indenture Act Section 313(c). 

A copy of each report at the time it is sent to the Holders of Notes shall be mailed to the Issuers and filed with the SEC and each stock
exchange on which the Notes are listed in accordance with Trust Indenture Act Section 313(d). The Issuers shall promptly notify the Trustee when the Notes are listed on any stock exchange. 

  
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 Section 7.07 Compensation and Indemnity. 

The Issuers shall pay to the Trustee and Collateral Agent from time to time such compensation for its acceptance of this Indenture and
services hereunder as the parties shall agree in writing from time to time. Neither the Trustee’s nor Collateral Agent’s compensation shall be limited by any law on compensation of a trustee of an express trust. The Issuers shall reimburse
the Trustee and Collateral Agent promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses shall include the reasonable compensation,
disbursements and expenses of the Trustee’s and Collateral Agent’s agents and counsel. 
 The Company, Issuers and the Guarantors,
jointly and severally, shall indemnify the Trustee and the Collateral Agent, each of their officers, directors, employees and agents for, and hold the Trustee and Collateral Agent harmless against, any and all loss, damage, claim, liability or
expense (including attorneys’ fees) incurred by it in connection with the acceptance or administration of this trust and the performance of its duties hereunder (including the costs and expenses of enforcing this Indenture against the Company,
Issuers and the Guarantors (including this Section 7.07) or defending itself against any claim whether asserted by any Holder, the Company, Issuers or any Guarantors, or liability in connection with the acceptance, exercise or performance of
any of its powers or duties hereunder). The Trustee or Collateral Agent, as applicable, shall notify the Issuers promptly of any claim for which it may seek indemnity. Failure by the Trustee or Collateral Agent, as applicable, to so notify the
Issuers shall not relieve the Issuers of their obligations hereunder. The Issuers shall defend the claim and the Trustee and Collateral Agent may have separate counsel and the Issuers shall pay the fees and expenses of such counsel. The Issuers need
not reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee or Collateral Agent through the Trustee’s or Collateral Agent’s, respectively, own willful misconduct or gross negligence, in each case,
as determined by a court of competent jurisdiction by final non-appealable judgment. 
 The
obligations of the Company, Issuers and the Guarantors under this Section 7.07 shall survive the satisfaction and discharge of this Indenture or the earlier resignation or removal of the Trustee or Collateral Agent. 

To secure the payment obligations of the Company, Issuers and the Guarantors in this Section 7.07, the Trustee shall have a Lien prior to
the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes. Such Lien shall survive the satisfaction and discharge of this Indenture or the earlier resignation or
removal of the Trustee. 
 When the Trustee or Collateral Agent incurs expenses or renders services after an Event of Default specified in
Section 6.01(a)(6) or (7) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 

The Trustee shall comply with the provisions of Trust Indenture Act Section 313(b)(2) to the extent applicable. 

Section 7.08 Replacement of Trustee. 

A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.08. The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Issuers. The Holders of a majority in principal amount of the then
outstanding Notes may remove the Trustee by so notifying the Trustee and the Issuers in writing. The Issuers may remove the Trustee if: 

(a) the Trustee fails to comply with Section 7.10 hereof; 

  
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 (b) the Trustee is adjudged bankrupt or insolvent or an order for relief is entered with
respect to the Trustee under any Bankruptcy Law; 
 (c) a custodian or public officer takes charge of the Trustee or its property; or 

(d) the Trustee becomes incapable of acting. 

If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuers shall promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Issuers. 

If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee (at the
Issuers’ expense), the Issuers or the Holders of at least 10.0% in principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.10
hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuers. Thereupon, the
resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall send a notice of its succession to
Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee; provided, all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07
hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Issuer’s obligations under Section 7.07 hereof shall continue for the benefit of the retiring Trustee. 

Section 7.09 Successor Trustee by Merger, Etc. 

If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation, the successor corporation without any further act shall be the successor Trustee. 
 In case at the time such successor or
successors by merger, conversion or consolidation to the Trustee will succeed to the trusts created by this Indenture, any of the Notes will have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of
authentication of any predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes will not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any
predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such certificates will have the full force which it is anywhere in the Notes or in this Indenture. 

  
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 Section 7.10 Eligibility; Disqualification. 

There shall at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of
America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $50,000,000
as set forth in its most recent published annual report of condition. 
 This Indenture shall always have a Trustee who satisfies the
requirements of Trust Indenture Act Sections 310(a)(1), (2) and (5). The Trustee is subject to Trust Indenture Act Section 310(b). 
 Section 7.11
Preferential Collection of Claims Against Issuer. 
 The Trustee is subject to Trust Indenture Act Section 311(a), excluding any
creditor relationship listed in Trust Indenture Act Section 311(b). A Trustee who has resigned or been removed shall be subject to Trust Indenture Act Section 311(a) to the extent indicated therein. 

Section 7.12 Limitation on Duty of Trustee and Collateral Agent in Respect of Collateral. 

(a) Beyond the exercise of reasonable care in the custody thereof, neither the Trustee nor the Collateral Agent shall have any duty as to any
Collateral in its possession or control or in the possession or control of any agent or bailee or any income thereon or as to preservation of rights against prior parties or any other rights pertaining thereto and neither the Trustee nor the
Collateral Agent shall be responsible for filing any financing or continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any security
interest in the Collateral. Each of the Trustee and the Collateral Agent shall be deemed to have exercised reasonable care in the custody of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which
it accords its own property and shall not be liable or responsible for any loss or diminution in the value of any of the Collateral, by reason of the act or omission of any carrier, forwarding agency or other agent or bailee selected by the Trustee
in good faith. 
 (b) Neither the Trustee nor the Collateral Agent shall be responsible for the existence, genuineness or value of any of
the Collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any action or omission to act on its part hereunder, for the validity or
sufficiency of the Collateral or any agreement or assignment contained therein, for the validity of the title of the Issuer to the Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral
or otherwise as to the maintenance of the Collateral. Subject to Section 7.01 of this Indenture, neither the Trustee nor the Collateral Agent shall have any duty to ascertain or inquire as to the performance or observance of any of the terms of
this Indenture, the Notes Security Agreement or any other Security Document by the Issuers, the Guarantors, the Collateral Agent or the Trustee, as applicable. Each of the Trustee and the Collateral Agent may act and rely and shall be protected in
acting and relying in good faith on the opinion or advice of or information obtained from any counsel, accountant, appraiser or other expert or adviser, whether retained or employed by the Issuers or by the Trustee or the Collateral Agent, as
applicable, in relation to any matter. 

  
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 ARTICLE 8 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance. 

The Issuers may, at their option and at any time, elect to have either Section 8.02 or 8.03 hereof applied to all outstanding Notes upon
compliance with the conditions set forth below in this Article 8. 
 Section 8.02 Legal Defeasance and Discharge. 

Upon the Issuers’ exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the
Issuers and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from their obligations with respect to all outstanding Notes and Guarantees
on the date the conditions set forth below are satisfied (“Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuers shall be deemed to have paid and discharged the entire Indebtedness represented by the
outstanding Notes, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in clauses (a) and (b) below, and to have satisfied all its
other obligations under such Notes and this Indenture including that of the Guarantors (and the Trustee, on written demand of and at the expense of the Issuers, shall execute such instruments reasonably requested by the Issuers acknowledging the
same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder: 
 (a) the rights of
Holders of Notes to receive payments in respect of the principal of, premium, if any, and interest on the Notes when such payments are due solely out of the trust created pursuant to this Indenture referred to in Section 8.04 hereof; 

(b) the Issuers’ obligations with respect to Notes concerning issuing temporary Notes, registration of such Notes, mutilated,
destroyed, lost or stolen Notes and the maintenance of an office or agency for payment and money for security payments held in trust; 

(c) the rights, powers, trusts, duties and immunities of the Trustee, and the Issuers’ obligations in connection therewith; and 

(d) this Section 8.02. 

Subject to compliance with this Article 8, the Issuers may exercise their option under this Section 8.02 notwithstanding the prior
exercise of its option under Section 8.03 hereof. 
 Section 8.03 Covenant Defeasance. 

Upon the Issuers’ exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Issuers and the
Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from their obligations under the covenants contained in Sections 4.03, 4.04, 4.05, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14,
4.15, 4.18, 4.19, 4.20, 4.21 and 4.22 hereof and clauses (3) and (4) of Section 5.01(a) and Sections 5.01(b) and 5.01(d) hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04
hereof are satisfied (“Covenant Defeasance”), and the Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any
thereof) in 

  
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connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for
accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Issuers may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such
covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall
not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. In addition, upon the Issuer’s exercise under
Section 8.01 hereof of the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(a)(3), 6.01(a)(4), 6.01(a)(5), 6.01(a)(6) (solely with respect to
Restricted Subsidiaries that are Significant Subsidiaries), 6.01(a)(7) (solely with respect to Restricted Subsidiaries that are Significant Subsidiaries) and 6.01(a)(8) hereof shall not constitute Events of Default. 

Section 8.04 Conditions to Legal or Covenant Defeasance. 

The following shall be the conditions to the application of either Section 8.02 or 8.03 hereof to the outstanding Notes: 

(1) the Issuers must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Notes, cash in
U.S. dollars, Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of, premium, if any, and interest due on the
Notes on the stated maturity date or on the Redemption Date, as the case may be, of such principal, premium, if any, or interest on such Notes and the Issuers must specify whether such Notes are being defeased to maturity or to a particular
Redemption Date; 
 (2) in the case of Legal Defeasance, the Issuers shall have delivered to the Trustee an Opinion of
Counsel confirming that, subject to customary assumptions and exclusions, 
 (a) the Issuers have received from, or
there has been published by, the United States Internal Revenue Service a ruling, or 
 (b) since the issuance of the
Notes, there has been a change in the applicable U.S. federal income tax law, 
 in either case to the effect that, and based thereon such
Opinion of Counsel shall confirm that, subject to customary assumptions and exclusions, the Holders of the Notes shall not recognize income, gain or loss for U.S. federal income tax purposes, as applicable, as a result of such Legal Defeasance and
shall be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 

(3) in the case of Covenant Defeasance, the Issuers shall have delivered to the Trustee an Opinion of Counsel confirming
that, subject to customary assumptions and exclusions, the Holders of the Notes shall not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and shall be subject to such tax on the same
amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

  
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 (4) such Legal Defeasance or Covenant Defeasance shall not result in a
breach or violation of, or constitute a default under the Senior Credit Facilities or any other material agreement or instrument (other than this Indenture) to which, the Issuers or any Guarantor are a party or by which the Issuers or any Guarantor
are bound (other than that resulting from borrowing funds to be applied to make such deposit and any similar and simultaneous deposit relating to other Indebtedness and, in each case, the granting of Liens in connection therewith); 

(5) the Issuers shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the
Issuers with the intent of defeating, hindering, delaying or defrauding any creditors of the Issuers or any Guarantor or others; and 

(6) the Issuers shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel (which Opinion
of Counsel may be subject to customary assumptions and exclusions) each stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance, as the case may be, have been complied with. 

Section 8.05 Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions. 

Subject to Section 8.06 hereof, all money and Government Securities (including the proceeds thereof) deposited with the Trustee (or other
qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with
the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuers or a Guarantor acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and
to become due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 

The Issuers shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or Government
Securities deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes. 

Anything in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or pay to the Issuers from time to time upon the written
request of the Issuers any money or Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee (which may be the opinion delivered under Section 8.04(1) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 

Section 8.06 Repayment to Issuers. 

Subject to applicable abandoned property law, any money deposited with the Trustee or any Paying Agent, or then held by the Issuers, in trust
for the payment of the principal of, premium, if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium, if any, or interest has become due and payable shall be paid to the Issuers on their request or
(if then held by the Issuers) shall be discharged from such trust; and the Holder of such Note shall thereafter look only to the Issuers for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and
all liability of the Issuers as trustee thereof, shall thereupon cease. 

  
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 Section 8.07 Reinstatement. 

If the Trustee or Paying Agent is unable to apply any United States dollars or Government Securities in accordance with Section 8.02 or
8.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Issuers’ obligations under the Note Documents shall be revived
and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the case may
be; provided, that if the Issuers make any payment of principal of, premium, if any, or interest on any Note following the reinstatement of its obligations, the Issuers shall be subrogated to the rights of the Holders of such Notes to receive
such payment from the money held by the Trustee or Paying Agent. 
 ARTICLE 9 

AMENDMENT, SUPPLEMENT AND WAIVER 

Section 9.01 Without Consent of Holders of Notes. 

Notwithstanding Section 9.02 hereof, the Issuers, any Guarantor (with respect to a Guarantee or this Indenture), the Trustee and the
Collateral Agent, as applicable, may amend or supplement any Note Documents without the consent of any Holder and the Issuers may direct the Trustee or the Collateral Agent, and the Trustee or the Collateral Agent shall (upon receipt of the
documents required by the last paragraph of this Section 9.01), enter into an amendment to the Note Documents to: 
 (1)
to cure any ambiguity, omission, mistake, defect or inconsistency; 
 (2) to provide for the assumption by a successor Person
of the obligations of the Issuers or a Guarantor under any Note Document pursuant to the terms of this Indenture; 

(3) to provide for uncertificated Notes of such series in addition to or in place of certificated Notes; 

(4) to comply with Section 5.01 hereof; 

(5) to provide for the assumption by a successor entity of the obligations of either of the Issuers or any Guarantor to the
Holders under the Note Documents in accordance with Section 5.01 hereof; 
 (6) to make any change that would
provide any additional rights or benefits to the Holders or that does not materially and adversely affect the legal rights of any such Holder under this Indenture; 

(7) to add covenants for the benefit of the Holders or to surrender any right or power conferred upon the Issuers or any
Guarantor; 
 (8) to comply with requirements of the SEC in order to effect or maintain the qualification of this
Indenture under the Trust Indenture Act; 

  
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 (9) to evidence and provide for the acceptance and appointment under this
Indenture of a successor Trustee or Collateral Agent, provided that the successor Trustee or Collateral Agent is otherwise qualified and eligible to act as such under the terms of this Indenture; 

(10) to provide for the issuance of exchange notes or private exchange notes, which are identical to exchange notes except
that they are not freely transferable; 
 (11) to add a Guarantor or a
co-obligor of the Notes under this Indenture or to confirm and evidence the release, termination, discharge or retaking of any Guarantee or Lien with respect to or securing the Notes when such release,
termination, discharge or retaking is provided for in accordance with and permitted by the term of this Indenture, Security Documents and the Intercreditor Agreement; 

(12) to add security to or for the benefit of the Notes; 

(13) to make any amendment to the provisions of this Indenture relating to the transfer and legending of Notes as permitted by
this Indenture, including, without limitation to facilitate the issuance and administration of the Notes; provided, however, that (i) compliance with this Indenture as so amended would not result in Notes being transferred in
violation of the Securities Act or any applicable securities law and (ii) such amendment does not materially and adversely affect the rights of Holders to transfer Notes; 

(14) to mortgage, pledge, hypothecate or grant any other Lien in favor of the Trustee or Collateral Agent for its benefit
and the benefit of the Trustee, the Holders of the Notes and the holders of any future other Secured Obligations, as additional security for the payment and performance of all or any portion of the Notes Obligations, in any property or assets,
including any which are required to be mortgaged, pledged or hypothecated, or in which a Lien is required to be granted to or for the benefit of the Trustee or the Collateral Agent pursuant to this Indenture, the Intercreditor Agreement, the
Security Documents or otherwise; 
 (15) provide for the release of Collateral from the Lien pursuant to this Indenture,
the Security Documents and the Intercreditor Agreement when permitted or required by the Security Documents, this Indenture or the Intercreditor Agreement; 

(16) secure any future Indebtedness to the extent permitted under this Indenture, the Security Documents and the
Intercreditor Agreement; 
 (17) to add additional parties holding under the Senior Credit Facilities to any Security
Documents; 
 (18) to enter into any intercreditor agreement having substantially similar terms with respect to the
Holders as those set forth in the Intercreditor Agreement, taken as a whole, or any joinder thereto; 
 (19) in the case
of any Security Document, to include therein any legend required to be set forth therein pursuant to the Intercreditor Agreement or to modify any such legend as required by the Intercreditor Agreement; 

(20) to make changes to provide for the issuance of Additional Notes, which shall be treated, together with any
outstanding Initial Notes, as a single series of securities. 

  
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 (21) in the event that PIK Notes are issued in certificated form, to make
appropriate amendments to this Indenture to reflect an appropriate minimum denomination of certificated PIK Notes and establish minimum redemption amounts for certificated PIK Notes; and 

(22) to provide for the succession of any parties to the Security Documents (and other amendments that are administrative
or ministerial in nature) in connection with an amendment, renewal, extension, substitution, refinancing, restructuring, replacement, supplementing or other modification from time to time of the Senior Credit Facilities or any other agreement that
is not prohibited by this Indenture. 
 Upon the request of the Issuers and upon receipt by the Trustee and Collateral Agent, if applicable,
of the documents described in Section 9.06 hereof, the Trustee and Collateral Agent, if applicable, shall join with the Company, Issuers and the Guarantors in the execution of any amended or supplemental indenture authorized or permitted by the
terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee or Collateral Agent, if applicable, shall not be obligated to enter into such amended or supplemental indenture
that affects its own rights, duties, benefits, privileges, protections, indemnities or immunities under this Indenture or otherwise. Notwithstanding the foregoing, no Opinion of Counsel shall be required in connection with the addition of a
Guarantor under this Indenture upon (i) execution and delivery by such Guarantor and the Trustee of a supplemental indenture to this Indenture, the form of which is attached as Exhibit D hereto and (ii) delivery of an Officer’s
Certificate complying with the provisions of Sections 9.06, 12.04 and 12.05 hereof. 
 Section 9.02 With Consent of Holders of Notes. 

Except as provided below in this Section 9.02, the Issuers, the Trustee and the Collateral Agent, as applicable, may amend or supplement
any Note Documents with the consent of the Holders of at least a majority in principal amount of the Notes (including, for the avoidance of doubt, any increases thereof as the result of a PIK Payment, any PIK Notes and Additional Notes, if any) then
outstanding voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or Event
of Default (other than a Default or Event of Default in the payment of the principal of, premium, if any, or interest on the Notes, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of
this Indenture, the Guarantees or the Notes may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including Additional Notes, if any) voting as a single class (including consents
obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes). Section 2.08 and Section 2.09 hereof shall determine which Notes are considered to be “outstanding” for the purposes of this
Section 9.02. 
 Upon the request of the Issuers and upon the filing with the Trustee of evidence satisfactory to the Trustee of the
consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee and Collateral Agent, if applicable, of the documents described in Section 9.06 hereof, the Trustee and Collateral Agent, if applicable, shall join with the Issuers
in the execution of such amended or supplemental indenture or amendment or supplement to Note Documents unless such amended or supplemental indenture or amendment or supplement to any Note Documents affects the Trustee’s or Collateral
Agent’s own rights, duties, benefits, privileges, protections, indemnities or immunities under this Indenture or otherwise, in which case the Trustee and Collateral Agent, if applicable, may in its discretion, but shall not be obligated to,
enter into such amended or supplemental indenture. 

  
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 It shall not be necessary for the consent of the Holders of Notes under this
Section 9.02 to approve the particular form of any proposed amendment, supplement or waiver. It shall be sufficient if such consent approves the substance of the proposed amendment or supplement. A consent to any amendment, supplement or waiver
under this Indenture by any Holder given in connection with a tender of such Holder’s Notes will not be rendered invalid by such tender. 

After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Issuers shall send to the Holders of Notes
affected thereby a notice briefly describing the amendment, supplement or waiver. The failure to give such notice to all the Holders, or any defect in the notice will not impair or affect the validity of any such amendment, supplement or waiver.
Furthermore, by its acceptance of the Notes, each Holder of the Notes is deemed to have consented to the terms of the Intercreditor Agreements and the Security Documents and to have authorized and directed the Trustee and the Collateral Agent, as
applicable, to execute, deliver and perform each of the Intercreditor Agreements and Security Documents to which it is a party, binding the Holders to the terms thereof. 

Without the consent of each affected Holder of Notes, an amendment or waiver under this Section 9.02 may not (with respect to any Notes
held by a non-consenting Holder): 
 (1) reduce the principal amount of such Notes
whose Holders must consent to an amendment, supplement or waiver; 
 (2) reduce the principal of or change the fixed
final maturity of any such Note or alter or waive the provisions with respect to the redemption of such Notes (other than provisions relating to Section 3.09, Section 4.10, Section 4.14 and Section 4.21 hereof to the extent that
any such amendment or waiver does not have the effect of reducing the principal of or changing the fixed final maturity of any such Note or altering or waiving the provisions with respect to the redemption of such Notes); 

(3) reduce the rate of or change the time for payment of interest on any Note; 

(4) waive a Default in the payment of principal of or premium, if any, or interest on the Notes, except a rescission of
acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the Notes and a waiver of the payment default that resulted from such acceleration, or in respect of a covenant or provision contained in this Indenture
or any Guarantee which cannot be amended or modified without the consent of all Holders; 
 (5) make any Note payable in
money other than that stated therein; 
 (6) make any change in the provisions of this Indenture relating to waivers of past
Defaults or the rights of Holders to receive payments of principal of or premium, if any, or interest on the Notes; 
 (7)
make any change in these amendment and waiver provisions; 
 (8) impair the right of any Holder to institute suit for the
enforcement of any payment of principal of, or interest on such Holder’s Notes on or after the due dates therefor; 

(9) make any change to or modify the ranking of the Notes that would adversely affect the Holders; or 

  
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 (10) except as expressly permitted by this Indenture, modify or release the
Guarantees in any manner materially adverse to the Holders of the Notes. 
 Notwithstanding the foregoing, without the consent of the
Holders of at least 66-2/3% in aggregate principal amount of the Notes then outstanding, no amendment or waiver may (A) make any change in any Security Document or the provisions in this Indenture dealing
with Collateral or application of trust proceeds of the Collateral with the effect of releasing the Liens on all or substantially all of the Collateral which secure the Obligations in respect of the Notes or (B) change or alter the priority of
the Liens securing the Obligations in respect of the Notes in any Collateral in any way materially adverse, taken as a whole, to the Holders, other than, in each case, as provided under the terms of this Indenture, the Security Documents or the
Intercreditor Agreement. 
 Section 9.03 [Reserved]. 

Section 9.04 Revocation and Effect of Consents. 

Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a
Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a
Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms
and thereafter binds every Holder. 
 The Issuers may, but shall not be obligated to, fix a record date for the purpose of determining the
Holders entitled to consent to any amendment, supplement or waiver. If a record date is fixed, then, notwithstanding the preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only such
Persons, shall be entitled to consent to such amendment, supplement, or waiver or to revoke any consent previously given, whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more
than 120 days after such record date unless the consent of the requisite number of Holders has been obtained. 
 Section 9.05 Notation on or
Exchange of Notes. 
 The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter
authenticated. The Issuers in exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. 

Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver.

 Section 9.06 Trustee to Sign Amendments, Etc. 

The Trustee and Collateral Agent, if applicable, shall sign any amendment, supplement or waiver authorized pursuant to this Article 9 if the
amendment or supplement does not adversely affect the rights, duties, liabilities, benefits, privileges, protections, indemnities or immunities of the Trustee or Collateral Agent, if applicable. The Issuers may not sign an amendment, supplement or
waiver until the board of directors approves it. In executing any amendment, supplement or waiver, the Trustee and Collateral Agent, if applicable, shall be entitled to receive and (subject to Section 7.01 hereof) shall be fully protected in
relying upon, in addition to the documents required by Section 12.04 hereof, an 

  
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Officer’s Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture and an Opinion of Counsel
stating that such amendment, supplement or waiver is the legal, valid and binding obligation of the Issuers and any Guarantors party thereto, enforceable against them in accordance with its terms, subject to customary exceptions, and complies with
the provisions hereof. Notwithstanding the foregoing and upon satisfaction of the requirements set forth in the last sentence of Section 9.01 hereof, no Opinion of Counsel shall be required for the Trustee to execute any amendment or supplement
adding a new Guarantor under this Indenture. 
 ARTICLE 10 

GUARANTEES 
 Section 10.01 Guarantee.

 Subject to this Article 10, each of the Guarantors hereby, jointly and severally irrevocably and unconditionally guarantees, to each
Holder of a Note authenticated and delivered by the Trustee and to the Trustee, the Collateral Agent and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of the Issuers
hereunder or thereunder, that: (a) the principal of, interest, and premium on the Notes shall be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and
interest on the Notes, if any, if lawful, and all other obligations of the Issuers to the Holders, the Trustee or the Collateral Agent hereunder or thereunder shall be promptly paid in full or performed, all in accordance with the terms hereof and
thereof; and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal,
whether at stated maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors shall be jointly and severally obligated to pay the same immediately.
Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 
 The Guarantors hereby agree that their
obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to
or any amendment of any provisions hereof or thereof, the recovery of any judgment against the Issuers, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a
guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuers, any right to require a proceeding first against the Issuers, protest, notice
and all demands whatsoever and covenants that this Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes and this Indenture. 

Each Guarantor also agrees to pay any and all costs and expenses (including reasonable attorneys’ fees) incurred by the Trustee, the
Collateral Agent or any Holder in enforcing any rights under this Section 10.01. 
 If any Holder, the Trustee or the Collateral Agent
is required by any court or otherwise to return to the Issuers, the Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to either the Issuers or the Guarantors, any amount paid either to the Trustee, the
Collateral Agent or such Holder, this Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. 

  
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 Each Guarantor agrees that it shall not be entitled to any right of subrogation in relation
to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders, the Trustee and the
Collateral Agent, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition
preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided in Article 6 hereof, such obligations (whether or not due and payable) shall
forthwith become due and payable by the Guarantors for the purpose of this Guarantee. The Guarantors shall have the right to seek contribution from any non-paying Guarantor so long as the exercise of such
right does not impair the rights of the Holders under the Guarantees. 
 Each Guarantee shall remain in full force and effect and continue
to be effective should any petition be filed by or against the Issuers for liquidation or reorganization, should the Issuers become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or
any significant part of the Issuers’ assets, and shall, to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Notes are, pursuant to Applicable Law,
rescinded or reduced in amount, or must otherwise be restored or returned by any obligee on the Notes or Guarantees, whether as a “voidable preference,” “fraudulent transfer” or otherwise, all as though such payment or
performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Notes shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and
not so rescinded, reduced, restored or returned. 
 In case any provision of any Guarantee shall be invalid, illegal or unenforceable, the
validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 The Guarantee
issued by any Guarantor shall be a general secured senior obligation of such Guarantor and shall be pari passu in right of payment with all existing and future senior Indebtedness of such Guarantor. 

Each payment to be made by a Guarantor in respect of its Guarantee shall be made without set-off,
counterclaim, reduction or diminution of any kind or nature. 
 Section 10.02 Limitation on Guarantor Liability. 

Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Guarantee
of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any
Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of each Guarantor shall be limited to the maximum amount as will, after giving effect to such maximum amount
and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in
respect of the obligations of such other Guarantor under this Article 10, result in the obligations of such Guarantor under its Guarantee not constituting a fraudulent conveyance or fraudulent transfer under Applicable Law or to comply with
corporate benefit, financial assistance and other laws. Each Guarantor that makes a payment under its Guarantee shall be entitled upon payment in full of all guaranteed obligations under this Indenture to a contribution from each other Guarantor in
an amount equal to such other Guarantor’s pro rata portion of such payment based on the respective net assets of all the Guarantors at the time of such payment determined in accordance with GAAP. 

  
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 Each Guarantor shall waive any and all of its rights under the existing or future laws of
Guernsey, whether by virtue of the droit de division or otherwise, to require that any liability under or in connection with this Indenture be divided or apportioned with any other person or reduced in any manner whatsoever, and whether by
virtue of the droit de discussion or otherwise, to require that recourse be had to the assets of any other person before any claim is enforced against it. 

Section 10.03 Execution and Delivery. 

To evidence its Guarantee set forth in Section 10.01 hereof, each Guarantor hereby agrees that this Indenture shall be executed on behalf
of such Guarantor by its President, one of its Vice Presidents, one of its Assistant Vice Presidents or its Chief Financial Officer. 
 Each
Guarantor hereby agrees that its Guarantee set forth in Section 10.01 hereof shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Guarantee on the Notes. 

If an Officer whose signature is on this Indenture no longer holds that office at the time the Trustee authenticates the Note, the Guarantee
shall be valid nevertheless. 
 The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due
delivery of the Guarantee set forth in this Indenture on behalf of the Guarantors. 
 If required by Section 4.15 hereof, the Issuers
shall cause any newly created or acquired Restricted Subsidiary to comply with the provisions of Section 4.15 hereof and this Article 10, to the extent applicable. 

Section 10.04 Subrogation. 
 Each
Guarantor shall be subrogated to all rights of Holders of Notes against the Issuers in respect of any amounts paid by any Guarantor pursuant to the provisions of Section 10.01 hereof; provided, that if an Event of Default has occurred
and is continuing, no Guarantor shall be entitled to enforce or receive any payments arising out of, or based upon, such right of subrogation until all amounts then due and payable by the Issuers under this Indenture or the Notes shall have been
paid in full. 
 Section 10.05 Benefits Acknowledged. 

Each Guarantor acknowledges that it shall receive direct and indirect benefits from the financing arrangements contemplated by this Indenture
and that the guarantee and waivers made by it pursuant to its Guarantee are knowingly made in contemplation of such benefits. 
 Section 10.06
Release of Guarantees. 
 A Guarantee by a Guarantor shall be automatically and unconditionally released and discharged, and no
further action by such Guarantor, the Issuers or the Trustee is required for the release of such Guarantor’s Guarantee, upon: 

(1) (A) any sale, exchange, transfer or other disposition (by merger, amalgamation, consolidation or otherwise) of the Capital
Stock of such Guarantor (including any sale, exchange or transfer), after which the applicable Guarantor is no longer a Restricted Subsidiary; or any sale, exchange or transfer of all or substantially all the assets of such Guarantor, in either case
which sale, exchange or transfer is made in compliance with the applicable provisions of this Indenture; 

  
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 (B) upon the merger, amalgamation or consolidation of any Guarantor
with and into an Issuers or another Guarantor or upon the liquidation of such Guarantor, in each case, in compliance with the applicable provisions of this Indenture; 

(C) the designation of any Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary in compliance with the
applicable provisions of this Indenture or the occurrence of any event after which the Guarantor is no longer a Restricted Subsidiary; 

(D) the Issuers’ exercising their Legal Defeasance option or Covenant Defeasance option in accordance with Article 8
hereof or the satisfaction and discharge of the Issuers’ obligations under this Indenture in accordance with the terms of this Indenture; 

(E) such Guarantor being released from all of (i) its obligations under all of its Guarantees of payment of all
Indebtedness of the Company under the Revolving Loan Credit Agreement and the Last Out Term Loan Agreement (except a discharge or release by or as a result of payment in connection with the enforcement of remedies under such guarantee or direct
obligation) unless at the time of such release or discharge such Guarantor is then a guarantor or an obligor in respect of any other Indebtedness that would require it to provide a Guarantee pursuant to Section 4.15 hereof; or (ii) in the
case of a Guarantee made by a Guarantor (each, an “Other Guarantee”) as a result of its guarantee of other Indebtedness of either Issuer or the Company or a Guarantor pursuant to Section 4.15 hereof, the relevant Indebtedness,
except in the case of (i) or (ii), a release as a result of (x) payment in full under such guarantee (it being understood that a release subject to a contingent reinstatement is still considered a release, and if any such Guarantee of such
Guarantor under such Senior Credit Facilities or any Other Guarantee is so reinstated, such Guarantee shall also be reinstated), (y) a refinancing or replacement in full of the Senior Credit Facilities (other than the Notes) and/or such other
Indebtedness; 
 (F) solely if such Guarantor does not guarantee Indebtedness (or commitments in respect thereof) (other
than the Notes) (for the avoidance of doubt, prior to giving effect to any release pursuant to this clause (F)) immediately prior and during the Suspension Period; provided, that such Guarantee shall be reinstated upon the Reversion Date or,
if earlier, the guarantee by such Guarantor of Indebtedness (or commitments in respect thereof) with pari passu lien priority relative to the Notes (for the avoidance of doubt, prior to giving effect to any release pursuant to this clause (F)); and

 (G) as described under Article 9 hereof; and 

(2) the Issuers delivering to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all
conditions precedent provided for in this Indenture relating to such transaction have been complied with. 

  
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 ARTICLE 11 

SATISFACTION AND DISCHARGE 
 Section 11.01
Satisfaction and Discharge. 
 This Indenture shall be discharged and shall cease to be of further effect as to all Notes, when
either: 
 (1) all Notes theretofore authenticated and delivered, except lost, stolen or destroyed Notes which have been
replaced or paid and Notes for whose payment money has theretofore been deposited in trust, have been delivered to the Trustee for cancellation; or 

(2) (A) all Notes not theretofore delivered to the Trustee for cancellation have become due and payable by reason of the making
of a notice of redemption or otherwise, shall become due and payable within one year or may be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name,
and at the expense, of the Issuers and the Issuers or any Guarantor have irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders of the Notes, cash in U.S. dollars, Government
Securities or a combination thereof, in such amounts as will be sufficient without consideration of any reinvestment of interest to pay and discharge the entire indebtedness on the Notes not theretofore delivered to the Trustee for cancellation for
principal, premium, if any, and accrued interest to the date of maturity or redemption; 
 (B) the Issuers have paid or
caused to be paid all sums payable by it under this Indenture; and 
 (C) the Issuers have delivered irrevocable
instructions to the Trustee to apply the deposited money toward the payment of the Notes at maturity or the Redemption Date, as the case may be. 

In addition, the Issuers must deliver an Officer’s Certificate and an Opinion of Counsel to the Trustee stating that all conditions
precedent to satisfaction and discharge have been satisfied. 
 Notwithstanding the satisfaction and discharge of this Indenture, the
provisions of Section 7.07 hereof shall survive and, if money shall have been deposited with the Trustee pursuant to subclause (A) of clause (2) of this Section 11.01, the provisions of Section 11.02 and Section 8.06
hereof shall survive. 
 Section 11.02 Application of Trust Money. 

Subject to the provisions of Section 8.06 hereof, all money deposited with the Trustee pursuant to Section 11.01 hereof shall be
held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuers acting as their own Paying Agent) as the Trustee may determine, to
the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law. 

  
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 If the Trustee or Paying Agent is unable to apply any money or Government Securities in
accordance with Section 11.01 hereof by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Issuers’ and any
Guarantor’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01 hereof; provided, that if the Issuers have made any payment of principal of,
premium, if any, or interest on any Notes because of the reinstatement of its obligations, the Issuers shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee
or Paying Agent. 
 ARTICLE 12 

MISCELLANEOUS 

Section 12.01 [Reserved]. 

Section 12.02 Notices. 

Any notice or communication by the Company, the Issuers, any Guarantor, the Trustee or the Collateral Agent to the others is duly given if in
writing and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), fax or overnight air courier guaranteeing next day delivery, to the others’ address: 

If to the Company, the Issuers and/or any Guarantor: 

Diamond Offshore Drilling, Inc. 

15415 Katy Freeway, Suite 100 

Houston, TX 77094 
 Attention of:
Treasurer 
 Telephone No.: 281-647-8025 

Facsimile No.: 281-647-2297 

Email:jcue@dodi.com 
 With copies
(which shall not constitute notice) to: 
 Attention of: General Counsel 

Telephone No.: 281-646-4987 

Facsimile No.: 281-647-2223 

Email: droland@dodi.com 

Attention of: Caith Kushner 

Paul, Weiss, Rifkind, Wharton & Garrison LLP 

1285 Avenue of the Americas 
 New
York, NY 10019 
 Telephone No.: 212-373-3913 

Facsimile No.: 212-492-0913 

Email: ckushner@paulweiss.com 

and 

  
 120 

 Porter Hedges LLP 

1000 Main St., 36th Floor 

Houston, TX 77002 
 Attention:
John F. Higgins 
 Email: jhiggins@porterhedges.com 

If to the Trustee: 
 Wilmington
Savings Fund Society, FSB 
 500 Delaware Ave 

Wilmington, DE 19801 
 Telephone
No.: (302) 888-7420 
 Attention: Patrick J. Healy 

If to the Collateral Agent: 

Wells Fargo Bank, National Association 

MAC D1109-019 

1525 West W.T. Harris Blvd. 

Charlotte, NC 28262 
 Attention
of: Syndication Agency Services 
 Telephone No.: (704) 590-2706 

Facsimile No.: (844) 879-5899 

With copies to: 
 Wells Fargo
Bank, National Association 
 1000 Louisiana Street, 9th Floor 

Houston, TX 77002 
 Attention of:
Jay Buckman 
 Telephone No.: (713) 319-1849 

Facsimile No.: (713) 319-1925 

Email: jay.buckman@wellsfargo.com 

The Company, Issuers, any Guarantor, the Trustee or the Collateral Agent, by notice to the others, may designate additional or different
addresses for subsequent notices or communications. 
 All notices and communications (other than those sent to Holders) shall be deemed to
have been duly given: at the time delivered by hand, if personally delivered; on first date on which publication is made, if by publication; five (5) calendar days after being deposited in the mail, postage prepaid, if mailed by first-class
mail; when receipt acknowledged, if faxed; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery; provided, that any notice or communication delivered to the Trustee or
Collateral Agent shall be deemed effective upon actual receipt thereof. 
 Any notice or communication to a Holder shall be mailed by
first-class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Failure to mail a notice or communication to a Holder or any
defect in it shall not affect its sufficiency with respect to other Holders. 
 Notwithstanding any other provision of this Indenture or any
Note, where this Indenture or any Note provides for notice of any event (including any notice of redemption or purchase) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary
pursuant to the standing instructions from the Depositary. 

  
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 If a notice or communication is mailed in the manner provided above within the time
prescribed, it is duly given, whether or not the addressee receives it. 
 If the Issuers mail a notice or communication to Holders, they
shall mail a copy to the Trustee, the Collateral Agent and each Agent at the same time. 
 The Trustee agrees to accept and act upon
instructions or directions pursuant to this Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods. If the Company, Issuers, any Guarantor or any Holder elects
to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of
such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding if such
instructions conflict or are inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the
Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties. 

Section 12.03 Communication by Holders of Notes with Other Holders of Notes. 

Holders may communicate pursuant to Trust Indenture Act Section 312(b) with other Holders with respect to their rights under this
Indenture or the Notes. The Issuers, the Trustee, the Registrar and anyone else shall have the protection of Trust Indenture Act Section 312(c). 

Section 12.04 Certificate and Opinion as to Conditions Precedent. 

Upon any request or application by the Company, the Issuers or any of the Guarantors to the Trustee to take any action under this Indenture,
the Company, the Issuers or such Guarantor, as the case may be, shall furnish to the Trustee: 
 (a) An Officer’s
Certificate in form satisfactory to the Trustee (which shall include the statements set forth in Section 12.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture
relating to the proposed action have been satisfied; and 
 (b) An Opinion of Counsel in form satisfactory to the
Trustee (which shall include the statements set forth in Section 12.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 

Section 12.05 Statements Required in Certificate or Opinion. 

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate
provided pursuant to Section 4.04 hereof) shall include: 
 (a) a statement that the Person making such certificate or opinion has
read such covenant or condition; 

  
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 (b) a brief statement as to the nature and scope of the examination or investigation upon
which the statements or opinions contained in such certificate or opinion are based; 
 (c) a statement that, in the opinion of such
Person, he or she has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with (and, in the case of an Opinion of Counsel, may be
limited to reliance on an Officer’s Certificate as to matters of fact); and 
 (d) a statement as to whether or not, in the
opinion of such Person, such condition or covenant has been complied with; provided, that with respect to matters of fact, an Opinion of Counsel may rely on an Officer’s Certificate or certificates of public officials. 

Section 12.06 Rules by Trustee and Agents. 

The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and
set reasonable requirements for its functions. 
 Section 12.07 No Personal Liability of Directors, Officers, Employees and Stockholders. 

No past, present or future director, officer, employee, incorporator, member, partner or stockholder of the Company or any Guarantor or any of
their direct or indirect parent companies (other than the Company and the Guarantors) shall have any liability for any obligations of the Company, the Issuers or the Guarantors under the Notes, the Guarantees or this Indenture or for any claim based
on, in respect of, or by reason of such obligations or their creation. Each Holder by accepting Notes waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 

Section 12.08 Governing Law. 
 THIS
INDENTURE, THE NOTES AND ANY GUARANTEE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 Section 12.09
Waiver of Jury Trial. 
 EACH OF THE ISSUERS, THE GUARANTORS, THE TRUSTEE AND THE COLLATERAL AGENT HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 12.10 Force Majeure. 
 In no
event shall the Trustee or Collateral Agent be responsible or liable for any failure or delay in the performance of its obligations under this Indenture or the other Note Documents arising out of or caused by, directly or indirectly, forces beyond
its reasonable control, including without limitation strikes, work stoppages, accidents, epidemics, pandemics, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or
malfunctions of utilities, communications or computer (software or hardware) services or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility. 

  
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 Section 12.11 No Adverse Interpretation of Other Agreements. 

This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Issuers or its Restricted Subsidiaries or of
any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 12.12 Successors. 

All agreements of the Company and the Issuers in this Indenture and the Notes shall bind its successors. All agreements of the Trustee in this
Indenture shall bind its successors. All agreements of each Guarantor in this Indenture shall bind its successors, except as otherwise provided in Section 10.05 hereof. 

Section 12.13 Severability. 
 In
case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 12.14 Counterpart Originals. 

The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent one and
the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile, PDF or other electronic transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in
lieu of the original Indenture and signature pages for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

Section 12.15 Table of Contents, Headings, Etc. 

The Table of Contents and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are
not to be considered a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 
 Section 12.16 U.S.A.
PATRIOT Act. 
 The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. PATRIOT Act, the Trustee and
Collateral Agent are required to obtain, verify and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee or Collateral Agent. The parties to this Indenture agree that
they will provide the Trustee and Collateral Agent with such information as the Trustee or Collateral Agent may reasonably request in order for the Trustee and Collateral Agent to satisfy the requirements of the U.S.A. PATRIOT Act. 

Section 12.17 Jurisdiction. 
 The
Issuers and each Guarantor agree that any suit, action or proceeding against the Issuers or any Guarantor brought by any Holder, the Trustee or the Collateral Agent arising out of or based up-on this
Indenture, the Guarantees or the Notes may be instituted in any state or Federal court in the Borough of Manhattan, New York, New York, and any appellate court from any thereof, and each of them irrevocably submits to the non-exclusive jurisdiction of such courts in any suit, action or proceeding. The Issuers and each Guarantor irrevocably waive, to the fullest extent permitted by law, any 

  
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objection to any suit, action, or proceeding that may be brought in connection with this Indenture, the Guarantees or the Notes, including such actions, suits or proceedings relating to
securities laws of the United States of America or any state thereof, in such courts whether on the grounds of venue, residence or domicile or on the ground that any such suit, action or proceeding has been brought in an inconvenient forum. The
Issuers and each Guarantor agree that final judgment in any such suit, action or proceeding brought in such court shall be conclusive and binding upon the Issuers or the Guarantors, as the case may be, and may be enforced in any court to the
jurisdiction of which the Issuers or the Guarantors, as the case may be, are subject by a suit upon such judgment. The Issuers and each Guarantor hereby designate and appoint the U.S. Issuer as their authorized agent upon which process may be
served in any such action or proceeding that may be instituted in any such court, and agree that service of any process, summons, notice or document by U.S. registered mail addressed to the U.S. Issuer, with written notice of said service to such
Person at the address of the U.S. Issuer set forth in Section 12.02 hereof, shall be effective service of process for any such legal action or proceeding brought in any such court. 

Section 12.18 Legal Holidays. 
 If a
payment date is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. If a Record Date is a Legal Holiday, the Record Date shall not be affected. 

Section 12.19 Currency Indemnity. 

United States dollars are the sole currency (the “Required Currency”) of account and payment for all sums payable by the Issuers or
any Guarantor under or in connection with the Notes, this Indenture and the Guarantees, including damages. Any amount with respect to the Notes, this Indenture the Guarantees or the other Note Documents received or recovered in a currency other than
the Required Currency, whether as a result of, or the enforcement of, a judgment or order of a court of any jurisdiction, in the winding-up or dissolution of the Issuers or any Guarantor or otherwise by any
Holder or by the Trustee or Paying Agent or Collateral Agent, in respect of any sum expressed to be due to it from the Issuers or any Guarantor will only constitute a discharge to the Issuers or any Guarantor to the extent of the Required Currency
amount which the recipient is able to purchase with the amount so received or recovered in that other currency on the date of that receipt or recovery (or, if it is not practicable to make that purchase on that date, on the first date on which it is
practicable to do so). 
 If the Required Currency amount is less than the Required Currency amount expressed to be due to the recipient or
the Trustee or Paying Agent or Collateral Agent under the Notes, the Issuers and each Guarantor will indemnify such recipient and/or the Trustee or Paying Agent or Collateral Agent against any loss sustained by it as a result. In any event, the
Issuers and each Guarantor will indemnify the recipient against the cost of making any such purchase. For the purposes of this currency indemnity provision, it will be prima facie evidence of the matter stated therein, for the Holder of a Note or
the Trustee or Paying Agent or Collateral Agent to certify in a manner satisfactory to the Issuers (indicating the sources of information used) the loss it incurred in making any such purchase. These indemnities constitute a separate and independent
obligation from the Issuers’ and each Guarantor’s other obligations, will give rise to a separate and independent cause of action, will apply irrespective of any waiver granted by any Holder of a Note or the Trustee or Paying Agent or
Collateral Agent (other than a waiver of the indemnities set out herein) and will continue in full force and effect despite any other judgment, order, claim or proof for a liquidated amount in respect of any sum due under any Note or to the Trustee
or Collateral Agent. For the purposes of determining the amount in a currency other than the Required Currency, such amount shall be determined using the Exchange Rate then in effect. 

  
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 Section 12.20 Waiver of Immunity. 

With respect to any proceeding, each party irrevocably waives, to the fullest extent permitted by Applicable Law, all immunity (whether on the
basis of sovereignty or otherwise) from jurisdiction, service of process, attachment (both before and after judgment) and execution to which it might otherwise be entitled in any court of competent jurisdiction, and with respect to any judgment,
each party waives any such immunity in any court of competent jurisdiction, and will not raise or claim or cause to be pleaded any such immunity at or in respect of any such proceeding or judgment, including, without limitation, any immunity
pursuant to the United States Foreign Sovereign Immunities Act of 1976, as amended. 
 ARTICLE 13 

COLLATERAL 
 Section 13.01 Security
Documents. 
 The due and punctual payment of the principal of, premium, if any, and interest on the Notes and Guarantees when and as
the same shall be due and payable, whether on an Interest Payment Date, at maturity, by acceleration, repurchase, redemption or otherwise, and interest on the overdue principal of and interest on the Notes and Guarantees and performance of all other
Obligations of the Issuers and the Guarantors to the Noteholder Secured Parties under this Indenture, the Notes, the Guarantees, the Intercreditor Agreement and the Security Documents, according to the terms hereunder or thereunder, shall be secured
as provided in the Security Documents, which define the terms of the Liens that secure the Obligations, subject to the terms of the Intercreditor Agreement. The Trustee, the Issuers and the Guarantors hereby acknowledge and agree that the Collateral
Agent holds the Collateral in trust for the benefit of the Noteholder Secured Parties pursuant to the terms of the Security Documents and the Intercreditor Agreement. Each Holder, by accepting a Note, consents and agrees to the terms of the Security
Documents (including the provisions providing for the possession, use, release and foreclosure of Collateral) and the Intercreditor Agreement as each may be in effect from time to time or may be amended from time to time in accordance with their
terms and this Indenture, the applicable Security Document and the Intercreditor Agreement, and authorizes and directs the Collateral Agent to enter into the Security Documents and the Intercreditor Agreement and authorizes and directs the Trustee
to enter into the Intercreditor Agreement and authorizes and directs each of the Collateral Agent and the Trustee to perform its respective obligations and exercise its respective rights under and in accordance with the Security Documents and
Intercreditor Agreement to which it is a party. The Issuers and the Guarantors shall deliver to the Collateral Agent copies of all documents required to be filed pursuant to the Security Documents, and will do or cause to be done all such acts and
things as required by the next sentence of this Section 13.01, to assure and confirm to the Collateral Agent an Acceptable Security Interest in the Collateral (subject to the Agreed Security Principles (as defined in the Last Out Term Loan
Agreement) and the terms of the Intercreditor Agreement), by the Security Documents or any part thereof, as from time to time constituted, so as to render the same available for the security and benefit of this Indenture and of the Notes and the
Guarantees secured hereby, according to the intent and purposes herein and therein expressed. The Issuers and the Guarantors shall, and the Company shall cause its Subsidiaries to, take any and all actions and make all filings, registrations and
recordations (including the filing of UCC financing statements, continuation statements and amendments thereto) required to cause the Security Documents to create, perfect and maintain, as security for the Obligations of the Issuers and the
Guarantors to the Noteholder Secured Parties under this Indenture, the Notes, the Guarantees, the Intercreditor Agreement and the Security Documents, an Acceptable Security Interest in and on all of the Collateral (subject to the Agreed Security
Principles and the terms of the Intercreditor Agreement and the Security Documents), in favor of the Collateral Agent for the benefit of the Noteholder Secured Parties 

  
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 subject to no Liens other than Permitted Liens. For the avoidance of doubt, the Trustee and the Collateral
Agent shall not have a Lien on the Excluded Property. Subject to the applicable limitations set forth in the Security Documents and herein, if after the Issue Date, any material assets (other than Excluded Property) are acquired by either Issuer or
any Guarantor or are held by any Subsidiary on or after the time it becomes a Guarantor hereunder (other than assets constituting Collateral under a Security Document that becomes subject to the Lien created by such Security Document upon
acquisition thereof or assets constituting Excluded Property), and if the Company has granted a security interest in such assets to the Collateral Agent to secure the Senior Credit Facilities Obligations (other than the Notes), the Company will
cause such assets to be subjected to a Lien securing the Secured Obligations and will take and cause the Issuers to take, such actions as shall be necessary to grant and perfect such Liens, all at the expense of the Issuers. 

Section 13.02 Non-Impairment of Liens. 

Any release of Collateral permitted by Section 13.03 will be deemed not to impair the Liens under this Indenture and the Security
Documents in contravention thereof. 
 Section 13.03 Release of Collateral. 

(a) Subject to Section 13.03(b), the Liens securing the Notes may be released at any time or from time to time in accordance with the
provisions of the Security Documents, the Intercreditor Agreement and this Indenture, and, notwithstanding anything to the contrary in any Note Document, will be automatically released but subject to the Intercreditor Agreement, and the Trustee
(subject to its receipt of an Officer’s Certificate and Opinion of Counsel as provided below) shall execute documents evidencing such release, or instruct the Collateral Agent to execute, as applicable, the same at the Issuers’ sole cost
and expense, under one or more of the following circumstances: 
 (1) in whole upon: 

(A) payment in full of the principal of, together with accrued and unpaid interest on, the Notes and all other obligations
(other than contingent indemnity obligations for which no demand has been made) under this Indenture, the Guarantees under this Indenture and the Security Documents that are due and payable at or prior to the time such principal, together with
accrued and unpaid interest, is paid; 
 (B) all then outstanding Notes being cancelled in full by the Trustee pursuant
to the terms of this Indenture; 
 (C) satisfaction and discharge of this Indenture as set forth under Article 11; or

 (D) a Legal Defeasance or Covenant Defeasance of this Indenture as set forth under Article 8; 

(2) in whole or in part, with the consent of Holders of the Notes in accordance with Article 9 of this Indenture; or 

(3) in part, as to any asset constituting Collateral: 

(A) that is sold or otherwise disposed of by the Issuers or any Guarantor to any Person that is not the Cayman Issuer, the
U.S. Issuer or a Guarantor in a transaction not prohibited by this Indenture at the time of such transfer or disposition, including, without limitation, as a result of a transaction of the type permitted under Section 4.10 hereof; 

  
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 (B) that is owned or at any time acquired by a Guarantor that has been
released from its Guarantee, concurrently with the release of such Guarantee, in accordance with Section 10.06 hereof; 

(C) in the case of Collateral comprised of property leased to the Issuers or a Guarantor, upon termination or expiration
of such lease; 
 (D) in the case of Collateral that is Capital Stock, upon the dissolution or liquidation of the issuer
of that Capital Stock that is not prohibited by this Indenture; 
 (E) that becomes “Excluded Property” or
that becomes subject to certain Permitted Liens; or 
 (F) that is otherwise released in accordance with the applicable
provisions of the Security Documents or the Intercreditor Agreement, as applicable, but subject to any restrictions thereon set forth in this Indenture or the Intercreditor Agreement. 

(b) With respect to any release of Collateral, upon receipt of an Officer’s Certificate and an Opinion of Counsel each stating that all
conditions precedent under this Indenture and the Security Documents and the Intercreditor Agreement, as applicable, to such release have been met and that it is proper for the Trustee or Collateral Agent to execute and deliver the documents
requested by the Issuers in connection with such release, and any instruments of termination, satisfaction, discharge or release prepared by the Issuers, the Trustee shall, or shall cause the Collateral Agent to, execute, deliver or acknowledge (at
the Issuers’ expense), and file with any applicable Governmental Authority, such instruments or releases to evidence or effect the release and discharge of any Collateral permitted to be released pursuant to this Indenture or the Security
Documents or the Intercreditor Agreement. Neither the Trustee nor the Collateral Agent shall be liable for any such release undertaken in reliance upon any such Officer’s Certificate or Opinion of Counsel, and notwithstanding any term hereof or
in any Security Document or in the Intercreditor Agreement to the contrary, neither the Trustee nor the Collateral Agent shall be under any obligation to release any such Lien and security interest, or execute and deliver any such instrument of
release, satisfaction, discharge or termination, unless and until it receives such Officer’s Certificate and Opinion of Counsel addressed to it. 

Section 13.04 Suits to Protect the Collateral. 

Subject to the provisions of the Intercreditor Agreement, the Trustee, without the consent of the Holders, on behalf of the Holders, may
direct the Collateral Agent to take all actions it determines in order to: 
 (a) enforce any of the terms of the
Security Documents; and 
 (b) collect and receive any and all amounts payable in respect of the Obligations hereunder.

 Subject to the provisions of the Intercreditor Agreement, the Collateral Agent shall have power to institute and to maintain such suits
and proceedings as the Trustee may direct to prevent any impairment of the Collateral by any acts which may be unlawful or in violation of any of the Security 

  
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 Documents or this Indenture, and such suits and proceedings as the Collateral Agent may determine (or as
directed by the Trustee) to preserve or protect its interests and the interests of the Holders in the Collateral. Nothing in this Section 13.04 shall be considered to impose any such duty or obligation to act on the part of the Trustee or the
Collateral Agent. 
 Section 13.05 Authorization of Receipt of Funds by the Trustee Under the Security Documents. 

Subject to the provisions of the Intercreditor Agreement, the Trustee is authorized to receive any funds for the benefit of the Holders
distributed under the Security Documents, and to make further distributions of such funds to the Holders according to the provisions of this Indenture and the Intercreditor Agreement. 

Section 13.06 Purchaser Protected. 

In no event shall any purchaser in good faith of any property purported to be released hereunder be bound to ascertain the authority of the
Collateral Agent or the Trustee to execute the release or to inquire as to the satisfaction of any conditions required by the provisions hereof for the exercise of such authority or to see to the application of any consideration given by such
purchaser or other transferee; nor shall any purchaser or other transferee of any property or rights permitted by this Article 13 to be sold be under any obligation to ascertain or inquire into the authority of the Issuers or the applicable
Guarantor to make any such sale or other transfer. 
 Section 13.07 Powers Exercisable by Receiver or Trustee. 

In case the Collateral shall be in the possession of a receiver or trustee, lawfully appointed, the powers conferred in this Article 13 upon
the Issuers or a Guarantor with respect to the release, sale or other disposition of such property may be exercised by such receiver or trustee, and an instrument signed by such receiver or trustee shall be deemed the equivalent of any similar
instrument of the Issuers or a Guarantor or of any Officer or Officers thereof required by the provisions of this Article 13; and if the Trustee or the Collateral Agent shall be in the possession of the Collateral under any provision of this
Indenture, then such powers may be exercised by the Trustee or the Collateral Agent, as applicable. 
 Section 13.08 Release Upon Termination of the
Issuers’ Obligations. 
 In the event that the Issuers deliver to the Trustee an Officer’s Certificate certifying that
(i) payment in full of the principal of, premium, if any, together with accrued and unpaid interest on, the Notes and all other Obligations under this Indenture, the Notes, the Guarantees and the Security Documents that are due and payable at
or prior to the time such principal, together with accrued and unpaid interest, are paid or (ii) the Issuers shall have exercised their Legal Defeasance option or their Covenant Defeasance option, in each case in compliance with the provisions
of Article 8, and an Opinion of Counsel stating that all conditions precedent to the execution and delivery of such notice by the Trustee have been satisfied, the Trustee shall deliver to the Issuers and the Collateral Agent a notice stating that
the Trustee, on behalf of the Holders, disclaims and gives up any and all rights it has in or to the Collateral (other than with respect to funds held by the Trustee pursuant to Article 8), and any rights it has under the Security Documents, and
upon receipt by the Collateral Agent of such notice, the Collateral Agent shall be deemed not to hold a Lien in the Collateral on behalf of the Trustee and shall do or cause to be done all acts reasonably requested by the Issuers to release and
discharge such Lien as soon as is reasonably practicable in accordance with the terms of the Intercreditor Agreement and the Security Documents. 

  
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 Section 13.09 Collateral Agent. 

(a) By their acceptance of the Notes, the Holders hereby designate and appoint Wells Fargo Bank, National Association to serve as Collateral
Agent and as their collateral agent under this Indenture, the Security Documents and the Intercreditor Agreement, and agree not to assert any claim (including as a result of any conflict of interest) against the Collateral Agent arising from its
role as Collateral Agent under the Note Documents, so long as it is acting in accordance with the terms of such Note Documents. Each of the Holders by acceptance of the Notes and the Trustee hereby irrevocably authorizes the Collateral Agent to take
such action on their behalf under the provisions of this Indenture, the Security Documents and the Intercreditor Agreement, and to exercise such powers and perform such duties as are expressly delegated to the Collateral Agent by the terms of this
Indenture, the Security Documents and the Intercreditor Agreement, and consents and agrees to the terms of the Intercreditor Agreement, and each Security Document, as the same may be in effect or may be amended, restated, supplemented or otherwise
modified from time to time in accordance with their respective terms. Wells Fargo Bank, National Association hereby agrees to serve as Collateral Agent under the Security Documents and the Intercreditor Agreement, and acknowledges that the
Collateral Agent agrees to act as such on the express conditions contained in this Section 13.09. The provisions of this Section 13.09 are solely for the benefit of the Collateral Agent and none of the Trustee, any of the Holders nor any
of the Grantors shall have any rights as a third party beneficiary of any of the provisions contained herein other than as expressly provided in Section 13.04. Each Holder agrees that any action taken by the Collateral Agent in accordance with
the provisions of this Indenture, the Security Documents and the Intercreditor Agreement, and the exercise by the Collateral Agent of any rights or remedies set forth herein and therein shall be authorized and binding upon all Holders.
Notwithstanding any provision to the contrary contained elsewhere in this Indenture, the Security Documents and the Intercreditor Agreement, the duties of the Collateral Agent shall be ministerial and administrative in nature, and the Collateral
Agent shall not have any duties or responsibilities, except those expressly set forth herein and in the other Note Documents to which the Collateral Agent is a party, nor shall the Collateral Agent have or be deemed to have any trust or other
fiduciary relationship with the Trustee, any Holder, any Grantor or any other Person, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Indenture, the Security Documents or the
Intercreditor Agreement, or otherwise exist against the Collateral Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent” in this Indenture with reference to the Collateral Agent is not intended to
connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any Applicable Law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative
relationship between independent contracting parties. 
 (b) The Collateral Agent may perform any of its duties under this Indenture, the
Security Documents or the Intercreditor Agreement, by or through receivers, agents, employees, attorneys-in-fact or through its officers, directors, Affiliates,
employees, agents, advisors, and attorneys in fact (collectively, “Related Persons”) and shall be entitled to advice of counsel concerning all matters pertaining to such duties, and shall be entitled to act upon, and shall be fully
protected in taking action in reliance upon any advice or opinion given by legal counsel. The Collateral Agent shall not be responsible for the negligence or willful misconduct of any receiver, agent, employee, attorney-in-fact or Related Person that it selects as long as such selection was made in good faith. 

(c) None of the Collateral Agent or any of its Related Persons shall (i) be liable for any action taken or omitted to be taken by any of
them under or in connection with this Indenture or the transactions contemplated hereby (except to the extent that the foregoing are found by a final, non-appealable judgment of a court of competent
jurisdiction to have resulted from its own gross negligence or willful misconduct) or under or in connection with any Security Document or the Intercreditor Agreement, or the transactions contemplated thereby (except to the extent that the foregoing
are found by 

  
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 a final, non-appealable judgment of a court of competent
jurisdiction to have resulted from its own gross negligence or willful misconduct), or (ii) be responsible in any manner to any of the Trustee or any Holder for any recital, statement, representation, warranty, covenant or agreement made by the
Company, the Issuers or any Grantor or Affiliate of any Grantor, or any Officer or Related Persons thereof, contained in this Indenture, or any other Note Documents, or in any certificate, report, statement or other document referred to or provided
for in, or received by, the Collateral Agent under or in connection with, this Indenture, the Security Documents or the Intercreditor Agreement, or the validity, effectiveness, genuineness, enforceability or sufficiency of this Indenture, the
Security Documents or the Intercreditor Agreement, or for any failure of any Grantor or any other party to this Indenture, the Security Documents or the Intercreditor Agreement, to perform its obligations hereunder or thereunder. None of the
Collateral Agent or any of its respective Related Persons shall be under any obligation to the Trustee or any Holder to monitor, ascertain or inquire as to the observance or performance of any of the agreements contained in, or conditions of, this
Indenture, the Security Documents or the Intercreditor Agreement, or to inspect the properties, books, or records of any Grantor or any Grantor’s Affiliates. 

(d) The Collateral Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent,
certificate, affidavit, letter, telegram, facsimile, certification, telephone message, statement, or other communication, document or conversation (including those by telephone or e-mail) believed by it to be
genuine and correct and to have been signed, sent, or made by the proper Person or Persons, and upon advice and statements of legal counsel (including, without limitation, counsel to the Issuers or any Grantor), independent accountants and other
experts and advisors selected by the Collateral Agent. The Collateral Agent shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request,
direction, consent, order, bond, debenture, or other paper or document. The Collateral Agent shall be fully justified in failing or refusing to take any action under this Indenture, the Security Documents or the Intercreditor Agreement, unless it
shall first receive such advice or concurrence of the Trustee or the Holders of a majority in aggregate principal amount of the Notes as it determines, or if there are any Secured Obligations then outstanding, the applicable “Authorized
Representative” under the Intercreditor Agreement (if other than the Collateral Agent) and, if it so requests, it shall first be indemnified to its satisfaction by the Holders (or holders of Secured Obligations (if applicable)) against any and
all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. The Collateral Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Indenture, the Security
Documents or the Intercreditor Agreement, in accordance with a written request, direction, instruction or consent of the Trustee or the Holders of a majority in aggregate principal amount of the then outstanding Notes, or if there are any Secured
Obligations then outstanding, the applicable “Authorized Representative” under the Intercreditor Agreement (if other than the Collateral Agent) and such request and any action taken or failure to act pursuant thereto shall be binding upon
all of the Holders and holders of Secured Obligations (if applicable). 
 (e) The Collateral Agent shall not be deemed to have knowledge or
notice of the occurrence of any Default or Event of Default, unless a Responsible Officer of the Collateral Agent shall have received written notice from the Trustee or the Issuers referring to this Indenture, describing such Default or Event of
Default and stating that such notice is a “notice of default.” The Collateral Agent shall take such action with respect to such Default or Event of Default as may be requested by the Trustee in accordance with Article 6 or the Holders of a
majority in aggregate principal amount of the Notes (subject to this Section 13.09 and the terms of the Intercreditor Agreement). 

(f) The Collateral Agent may resign at any time by notice to the Trustee and the Issuer, such resignation to be effective upon the acceptance
of a successor agent to its appointment as Collateral Agent. If the Collateral Agent resigns under this Indenture or the Intercreditor Agreement, the 

  
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 Issuers shall appoint a successor Collateral Agent. If no successor Collateral Agent is appointed prior to
the intended effective date of the resignation of the Collateral Agent (as stated in the notice of resignation), the Collateral Agent may appoint, after consulting with the Trustee, subject to the consent of the Issuers (which shall not be
unreasonably withheld and which shall not be required during a continuing Event of Default), a successor Collateral Agent. If no successor Collateral Agent is appointed and consented to by the Issuer pursuant to the preceding sentence within thirty
(30) days after the intended effective date of resignation (as stated in the notice of resignation) the Collateral Agent shall be entitled to petition a court of competent jurisdiction to appoint a successor. Upon the acceptance of its
appointment as successor Collateral Agent hereunder, such successor Collateral Agent shall succeed to all the rights, powers and duties of the retiring Collateral Agent, and the term “Collateral Agent” or “Collateral Agent” (as
applicable) in the Note Documents shall mean such successor Collateral Agent, and the retiring Collateral Agent’s appointment, powers and duties as the Collateral Agent shall be terminated. After the retiring Collateral Agent’s resignation
hereunder, the provisions of this Section 13.09 (and Section 7.07) shall continue to inure to its benefit and the retiring Collateral Agent shall not by reason of such resignation be deemed to be released from liability as to any actions
taken or omitted to be taken by it while it was the Collateral Agent under this Indenture or the Intercreditor Agreement. 
 (g) The
Collateral Agent shall be authorized to appoint co-Collateral Agents as necessary in its sole discretion. Neither the Collateral Agent nor any of its respective officers, directors, employees or agents or
other Related Persons shall be liable to any Grantor or any Noteholder Secured Party for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of
any Collateral upon the request of any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof. The Collateral Agent shall be accountable only for amounts that it actually receives as a result of the
exercise of such powers, and neither the Collateral Agent nor any of its officers, directors, employees, attorneys, representatives or agents shall be responsible for any act or failure to act hereunder, except to the extent such act is found by a
final, non-appealable judgment of a court of competent jurisdiction to have resulted from its own gross negligence or willful misconduct. 

(h) By their acceptance of the Notes hereunder, the Collateral Agent is authorized and directed by the Holders to (i) enter into the
Security Documents to which it is party, whether executed on or after the Issue Date, (ii) enter into the Intercreditor Agreement, (iii) bind the Holders on the terms as set forth in the Security Documents and the Intercreditor Agreement,
(iv) make the representations of the Holders set forth in the Security Documents and the Intercreditor Agreement, (v) perform and observe its obligations under the Security Documents and the Intercreditor Agreement and (vi) release
any Collateral in accordance with the terms hereof. 
 (i) If at any time or times the Trustee shall receive (i) by payment,
foreclosure, set-off or otherwise, any proceeds of Collateral or any payments with respect to the Obligations arising under, or relating to, this Indenture, except for any such proceeds or payments received by
the Trustee from the Collateral Agent pursuant to the terms of this Indenture, or (ii) payments from the Collateral Agent in excess of the amount required to be paid to the Trustee pursuant to Article 7, the Trustee shall promptly turn the same
over to the Collateral Agent, in kind, and with such endorsements as may be required to negotiate the same to the Collateral Agent, such proceeds to be applied by the Collateral Agent pursuant to the terms of this Indenture, the Security Documents
and the Intercreditor Agreement. 
 (j) The Collateral Agent is each Holder’s agent for the purpose of perfecting the Holders’
security interest in assets which, in accordance with Article 9 of the Uniform Commercial Code can be perfected only by possession. Should the Trustee obtain possession of any such Collateral, upon request from the Issuer, the Trustee shall notify
the Collateral Agent thereof and promptly shall deliver such Collateral to the Collateral Agent or otherwise deal with such Collateral in accordance with the Collateral Agent’s instructions. 

 

  
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 (k) The Collateral Agent (and the Trustee) shall have no obligation whatsoever to the
Trustee, any of the Holders, or any of the Noteholder Secured Parties to assure that the Collateral exists or is owned by any Grantor or is cared for, protected, or insured or has been encumbered, or that the Collateral Agent’s Liens have been
properly or sufficiently or lawfully created, perfected, protected, maintained or enforced or are entitled to any particular priority, or to determine whether all of the Grantor’s property constituting collateral intended to be subject to the
Lien and security interest of the Security Documents has been properly and completely listed or delivered, as the case may be, or the genuineness, validity, marketability or sufficiency thereof or title thereto, or to exercise at all or in any
particular manner or under any duty of care, disclosure, or fidelity, or to continue exercising, any of the rights, authorities, and powers granted or available to the Collateral Agent pursuant to this Indenture, any Security Document or the
Intercreditor Agreement, other than pursuant to the instructions of the Trustee or the Holders of a majority in aggregate principal amount of the Notes or if there are Secured Obligations then outstanding, the applicable “Authorized
Representative” under the Intercreditor Agreement (if other than the Collateral Agent), or as otherwise provided in the Security Documents or the Intercreditor Agreement, it being understood and agreed that in respect of the Collateral, or any
act, omission, or event related thereto, the Collateral Agent shall have no other duty or liability whatsoever to the Trustee, any Holder, or any Noteholder Secured Party as to any of the foregoing. 

(l) If the Issuers or any Guarantor (i) incurs any obligations in respect of Secured Obligations at any time when no Intercreditor
Agreement is in effect or at any time when Indebtedness constituting Pari Passu Indebtedness entitled to the benefit of an existing Intercreditor Agreement is concurrently retired, and (ii) delivers to the Collateral Agent an Officer’s
Certificate so stating and requesting the Collateral Agent to enter into an intercreditor agreement (on substantially the same terms as the Intercreditor Agreement) in favor of a designated agent or representative for the holders of the Secured
Obligations so incurred, the Collateral Agent shall (and is hereby authorized and directed to) enter into such Intercreditor Agreement (at the sole expense and cost of the Issuers, including reasonable legal fees and expenses of the Collateral
Agent), bind the Holders on the terms set forth therein and perform and observe its obligations thereunder. To the extent an intercreditor agreement is already then in existence, if the Issuers or any Guarantor (i) incurs any additional Secured
Obligations and (ii) delivers to the Collateral Agent an Officer’s Certificate so stating and requesting the Collateral Agent to enter into a joinder to such intercreditor agreement in favor of a designated agent or representative for the
holders of such Secured Obligations, the Collateral Agent shall (and is hereby authorized and directed to) enter into such joinder (at the sole expense and cost of the Issuers, including reasonable legal fees and expenses of the Collateral Agent).
If the Issuers or any Guarantor (i) incurs any Obligations in respect of Indebtedness secured by the Collateral with junior lien priority relative to the Notes and the Guarantees at any time when no Intercreditor Agreement is in effect or at
any time when Indebtedness constituting Indebtedness secured by the Collateral with junior lien priority relative to the Notes and the Guarantees entitled to the benefit of an existing Intercreditor Agreement is concurrently retired, and
(ii) delivers to the Collateral Agent an Officer’s Certificate so stating and requesting the Collateral Agent to enter into an intercreditor agreement (substantially in form of the Intercreditor Agreement attached hereto as Exhibit E) in
favor of a designated agent or representative for the holders of the Obligations in respect of Indebtedness secured by the Collateral with junior lien priority relative to the Notes and the Guarantees so incurred, the Collateral Agent shall (and is
hereby authorized and directed to) enter into such Intercreditor Agreement (at the sole expense and cost of the Issuers, including reasonable legal fees and expenses of the Collateral Agent), bind the Holders on the terms set forth therein and
perform and observe its obligations thereunder. To the extent an intercreditor agreement is already then in existence, if the Issuers or any Guarantor (i) incurs any additional Obligations in respect of Indebtedness secured by the Collateral
with junior lien priority relative to the Notes and the Guarantees and (ii) delivers to the Collateral Agent an Officer’s Certificate 

  
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 so stating and requesting the Collateral Agent to enter into a joinder to such intercreditor agreement in
favor of a designated agent or representative for the holders of such Obligations in respect of Indebtedness secured by the Collateral with junior lien priority relative to the Notes and the Guarantees, the Collateral Agent shall (and is hereby
authorized and directed to) enter into such joinder (at the sole expense and cost of the Issuers, including reasonable legal fees and expenses of the Collateral Agent). By its acceptance of the Notes, each Holder shall be deemed to have authorized
and directed the Collateral Agent to enter into and perform its obligations under the Intercreditor Agreement. 
 (m) No provision of this
Indenture, the Intercreditor Agreement or any Security Document shall require the Collateral Agent (or the Trustee) to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or
thereunder or to take or omit to take any action hereunder or thereunder or take any action at the request or direction of Holders (or the Trustee in the case of the Collateral Agent) or, if there are Secured Obligations then outstanding, the
applicable “Authorized Representative” under the Intercreditor Agreement (if other than the Collateral Agent) unless the Collateral Agent shall have received indemnity satisfactory to the Collateral Agent against potential costs and
liabilities incurred by the Collateral Agent relating thereto. Notwithstanding anything to the contrary contained in this Indenture, the Intercreditor Agreement, or the Security Documents, in the event the Collateral Agent is entitled or required to
commence an action to foreclose or otherwise exercise its remedies to acquire control or possession of the Collateral, the Collateral Agent shall not be required to commence any such action or exercise any remedy or to inspect or conduct any studies
of any property under any mortgages or take any such other action if the Collateral Agent has determined that the Collateral Agent may incur personal liability as a result of the presence at, or release on or from, the Collateral or such property,
of any hazardous substances unless the Collateral Agent has received security or indemnity from the Holders (and the holders of Secured Obligations (if applicable)) in an amount and in a form all satisfactory to the Collateral Agent in its sole
discretion, protecting the Collateral Agent from all such liability. The Collateral Agent shall at any time be entitled to cease taking any action described above if it no longer reasonably deems any indemnity, security or undertaking from the
Issuers or the Holders (or holders of Secured Obligations (if applicable)) to be sufficient. 
 (n) The Collateral Agent (i) shall not
be liable for any action taken or omitted to be taken by it in connection with this Indenture, the Intercreditor Agreement, or the Security Documents or any instrument referred to herein or therein, except to the extent that any of the foregoing are
found by a final, non-appealable judgment of a court of competent jurisdiction to have resulted from its own gross negligence or willful misconduct, (ii) shall not be liable for interest on any money
received by it except as the Collateral Agent may agree in writing with the Issuers (and money held in trust by the Collateral Agent need not be segregated from other funds except to the extent required by law) and (iii) may consult with
counsel of its selection and the advice or opinion of such counsel as to matters of law shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it in good faith and in accordance
with the advice or opinion of such counsel. The grant of permissive rights or powers to the Collateral Agent shall not be construed to impose duties to act. 

(o) In no event shall the Collateral Agent be responsible or liable for any special, indirect, punitive, incidental or consequential loss or
damage or any kind whatsoever (including, but not limited to, lost profits) irrespective of whether the Collateral Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(p) The Collateral Agent does not assume any responsibility for any failure or delay in performance or any breach by the Issuers or any other
Grantor under this Indenture, the Intercreditor Agreement, and the Security Documents. The Collateral Agent shall not be responsible to the Holders or any other Person for any recitals, statements, information, representations or warranties
contained in any Note Documents or in any certificate, report, statement, or other document referred to or provided for in, 

  
 134 

 or received by the Collateral Agent under or in connection with, this Indenture, the Intercreditor Agreement
or any Security Document; the execution, validity, genuineness, effectiveness or enforceability of the Intercreditor Agreement, and any Security Documents as to any other party thereto; the genuineness, enforceability, collectability, value,
sufficiency, location or existence of any Collateral, or the validity, effectiveness, enforceability, sufficiency, extent, perfection or priority of any Lien therein; the validity, enforceability or collectability of any Obligations; the assets,
liabilities, financial condition, results of operations, business, creditworthiness or legal status of any obligor; or for any failure of any obligor to perform its Obligations under this Indenture, the Intercreditor Agreement, and the Security
Documents. The Collateral Agent shall have no obligation to any Holder or any other Person to ascertain or inquire into the existence of any Default or Event of Default, the observance or performance by any obligor of any terms of this Indenture,
the Intercreditor Agreement, and the Security Documents, or the satisfaction of any conditions precedent contained in this Indenture, the Intercreditor Agreement, and any Security Document. The Collateral Agent shall not be required to initiate or
conduct any litigation or collection or other proceeding under this Indenture, the Intercreditor Agreement, and the Security Documents unless expressly set forth hereunder or thereunder or as directed by Holders of a majority in aggregate principal
amount of the Notes or, if Secured Obligations are then outstanding, the applicable “Authorized Representative” under the Intercreditor Agreement (if other than the Collateral Agent). The Collateral Agent shall have the right at any time
to seek instructions from the Holders with respect to the administration of the Note Documents. 
 (q) The parties hereto and the Holders
hereby agree and acknowledge that the Collateral Agent shall not assume, be responsible for or otherwise be obligated for any liabilities, claims, causes of action, suits, losses, allegations, requests, demands, penalties, fines, settlements,
damages (including foreseeable and unforeseeable), judgments, expenses and costs (including but not limited to, any remediation, corrective action, response, removal or remedial action, or investigation, operations and maintenance or monitoring
costs, for personal injury or property damages, real or personal) of any kind whatsoever, pursuant to any environmental law as a result of this Indenture, the Intercreditor Agreement, and the Security Documents or any actions taken pursuant hereto
or thereto. Further, the parties hereto and the Holders hereby agree and acknowledge that in the exercise of its rights under this Indenture, the Intercreditor Agreement, and the Security Documents, the Collateral Agent may hold or obtain indicia of
ownership primarily to protect the security interest of the Collateral Agent in the Collateral, including without limitation the properties constituting real property that constitute Collateral, and that any such actions taken by the Collateral
Agent shall not be construed as or otherwise constitute any participation in the management of such Collateral, including without limitation the real properties that constitute Collateral, as those terms are defined in Section 101(20)(E) of the
Comprehensive Environmental Response, Compensation, and Liability Act, 42 U.S.C. §§ 9601 et seq., as amended. 
 (r) Upon the
receipt by the Collateral Agent of a written request of the Issuers signed by one Officer of each Issuer (a “Security Document Order”), the Collateral Agent is hereby authorized to execute and enter into, without the further consent
of any Holder or the Trustee, any Security Document to be executed after the Issue Date. Such Security Document Order shall (i) state that it is being delivered to the Collateral Agent pursuant to, and is a Security Document Order referred to
in, this Section 13.09(r), and (ii) instruct the Collateral Agent to execute and enter into such Security Document. Any such execution of a Security Document shall be at the direction and expense of the Issuer, upon delivery to the
Collateral Agent of an Officer’s Certificate and Opinion of Counsel stating that all conditions precedent to the execution and delivery of the Security Document have been satisfied. The Holders, by their acceptance of the Notes, hereby
authorize and direct the Collateral Agent to execute such Security Documents. 

  
 135 

 (s) Subject to the provisions of the applicable Security Documents, each Holder, by
acceptance of the Notes, agrees that the Collateral Agent shall execute and deliver the Security Documents to which it is a party and all agreements, documents and instruments incidental thereto, and act in accordance with the terms thereof. For the
avoidance of doubt, except as expressly set forth herein, in the Security Documents, the Collateral Agent shall have no discretion under this Indenture, the Intercreditor Agreement, or the Security Documents and shall not be required to make or give
any determination, consent, approval, request or direction without the written direction of the Holders of a majority in aggregate principal amount of the then outstanding Notes or the Trustee or, if Secured Obligations are then outstanding, the
applicable “Authorized Representative” under the Intercreditor Agreement (if other than the Collateral Agent), as applicable. 

(t) After the occurrence and during the continuance of an Event of Default and subject to the terms of the Intercreditor Agreement, the
Trustee may direct the Collateral Agent in connection with any action required or permitted by this Indenture, the Security Documents and the Intercreditor Agreement. 

(u) The Collateral Agent is authorized to receive any funds for the benefit of itself, the Trustee and the Holders distributed under the
Security Documents, for turnover to the Trustee to make further distributions of such funds to itself, the Trustee and the Holders in accordance with the provisions of Section 6.13 and the other provisions of this Indenture and the
Intercreditor Agreement. The Collateral Agent shall not have any duty to invest any funds that may be on deposit with it under this Indenture or any other Security Document. 

(v) In each case that the Collateral Agent may or is required hereunder or under any other Note Document to take any action (an
“Action”), including without limitation to make any determination, to give consents, to exercise rights, powers or remedies, to release or sell Collateral or otherwise to act hereunder or under any other Note Document, the
Collateral Agent may seek direction from the Holders of a majority in aggregate principal amount of the then outstanding Notes. The Collateral Agent shall not be liable with respect to any Action taken or omitted to be taken by it in accordance with
the direction from the Holders of a majority in aggregate principal amount of the then outstanding Notes. Subject to the terms of the Intercreditor Agreement, if the Collateral Agent shall request direction from the Holders of a majority in
aggregate principal amount of the then outstanding Notes with respect to any Action, the Collateral Agent shall be entitled to refrain from such Action unless and until the Collateral Agent shall have received direction from the Holders of a
majority in aggregate principal amount of the then outstanding Notes, and the Collateral Agent shall not incur liability to any Person by reason of so refraining. 

(w) Notwithstanding anything to the contrary in this Indenture or any other Note Document, in no event shall the Collateral Agent (or the
Trustee) be responsible for, or have any duty or obligation with respect to, the recording, filing, registering, perfection, protection or maintenance of the security interests or Liens intended to be created by this Indenture or the other Note
Documents (including without limitation the filing or continuation of any UCC financing or continuation statements or similar documents or instruments), nor shall the Collateral Agent or the Trustee be responsible for, and the Collateral Agent and
the Trustee make no representation regarding, the validity, effectiveness or priority of any of the Security Documents or the security interests or Liens intended to be created thereby. The Collateral Agent makes no representation regarding the
validity, effectiveness or enforceability of the Intercreditor Agreement, or any subsequent intercreditor agreement. 
 (x) Before the
Collateral Agent acts or refrains from acting in each case at the request or direction of the Issuers or the Guarantors, or in connection with any Security Document or the Intercreditor Agreement, it may require an Officer’s Certificate and an
Opinion of Counsel, which shall conform to the provisions of Section 12.05. The Collateral Agent shall not be liable for any action it takes or omits to take in good faith in reliance on such certificate or opinion. 

  
 136 

 (y) Notwithstanding anything to the contrary contained herein but subject to the terms of
the Intercreditor Agreement, the Collateral Agent shall act pursuant to the instructions of the Noteholder Secured Parties or the Trustee as provided in this Indenture solely with respect to the Security Documents. 

(z) The Issuers and the Guarantors, jointly and severally, shall indemnify the Collateral Agent for, and hold the Collateral Agent harmless
against, any and all loss, damage, claim, liability or expense (including attorneys’ fees) incurred by it in connection with the acceptance or the performance of its duties hereunder and under the other Note Documents (including the costs and
expenses of enforcing any Note Document against the Issuers or any of the Guarantors (including this Article 13) or defending itself against any claim whether asserted by any Holder, the Issuers or any Guarantor, any holder of Secured Obligations or
liability in connection with the acceptance, exercise or performance of any of its powers or duties hereunder). The Collateral Agent shall notify the Issuers promptly of any claim for which it may seek indemnity. Failure by the Collateral Agent to
so notify the Issuers shall not relieve the Issuers or any Guarantor of their obligations hereunder. The Issuers and the Guarantors shall defend the claim and the Collateral Agent may have separate counsel and the Issuers and the Guarantors shall
pay the reasonable fees and expenses of such counsel. The Issuers and the Guarantors need not reimburse any expense or indemnify against any loss, liability or expense incurred by the Collateral Agent to the extent that the foregoing are found by a
final, non-appealable judgment of a court of competent jurisdiction to have resulted from the Collateral Agent’s own willful misconduct or gross negligence. The obligations of the Issuers and the
Guarantors under this Section 13.09(z) shall survive the satisfaction and discharge of this Indenture or the earlier resignation or removal of the Collateral Agent. To secure the payment obligations of the Issuers and the Guarantors in this
Section 13.09(z) but subject to the terms of the Collateral Agent shall have a Lien prior to the Notes and rights of the Holders on all money or property held or collected by the Trustee or Collateral Agent, except that held in trust to pay
principal, premium, if any, and interest on particular Notes. Such Lien shall survive the satisfaction and discharge of this Indenture. For the avoidance of doubt, the Issuers shall pay compensation to, reimburse expenses of and indemnify the
Collateral Agent in accordance with Section 7.07. 
 [Signature pages follow] 

  
 137 

			
	DIAMOND FOREIGN ASSET COMPANY
		
	By:	 	/s/ David L. Roland
		 	Name: David L. Roland
		 	Title: Director
	
	DIAMOND FINANCE, LLC
		
	By:	 	/s/ David L. Roland
		 	Name: David L. Roland
		 	Title: Maneger

  
 [Signature Page to
Indenture] 

			
	BRASDRIL SOCIEDADE DE PERFURAÇÕES LTDA.
		
	By:	 	/s/ Darren Hunchak
	Name:	 	Darren Hunchak
	Title:	 	Diretor Geral / Managing Director
	
	 DIAMOND OFFSHORE, LLC

	 DIAMOND OFFSHORE (BRAZIL) L.L.C.

	 DIAMOND OFFSHORE DRILLING (OVERSEAS) L.L.C.

	 DIAMOND OFFSHORE GENERAL, LLC

	 DIAMOND OFFSHORE HOLDING, L.L.C.

	 DIAMOND OFFSHORE INTERNATIONAL, L.L.C.

	 DIAMOND OFFSHORE SERVICES, LLC.

		
	 By:
	 	/s/ David L. Roland
	Name:	 	David L. Roland
	Title:	 	Manager
	
	 DIAMOND OFFSHORE FINANCE COMPANY

		
	 By:
	 	/s/ David L. Roland
	Name:	 	David L. Roland
	Title:	 	Senior Vice President
	
	 DIAMOND OFFSHORE DRILLING (UK) LIMITED
DIAMOND OFFSHORE DRILLING COMPANY N.V.

DIAMOND OFFSHORE DRILLING LIMITED DIAMOND OFFSHORE ENTERPRISES LIMITED

DIAMOND OFFSHORE INTERNATIONAL LIMITED
 DIAMOND OFFSHORE
LIMITED
 DIAMOND OFFSHORE NETHERLANDS B.V. DIAMOND RIG INVESTMENTS LIMITED

		
	By:	 	/s/ David L. Roland
	Name:	 	David L. Roland
	Title:	 	Director

  
 [Signature Page to
Indenture] 

 
			
	BRASDRIL SOCIEDADE DE PERFURAÇÕES LTDA.
		
	By:	 	 /s/ Darren Hunchak

	Name:	 	Darren Hunchak
	Title:	 	Diretor Geral / Managing Director
	
	 DIAMOND OFFSHORE, LLC

	 DIAMOND OFFSHORE (BRAZIL) L.L.C.

	 DIAMOND OFFSHORE DRILLING (OVERSEAS) L.L.C.

	 DIAMOND OFFSHORE GENERAL, LLC

	 DIAMOND OFFSHORE HOLDING, L.L.C.

	 DIAMOND OFFSHORE INTERNATIONAL, L.L.C.

	 DIAMOND OFFSHORE SERVICES, LLC

		
	 By:
	 	/s/ David L. Roland
	Name:	 	David L. Roland
	Title:	 	Manager
	
	 DIAMOND OFFSHORE FINANCE COMPANY

		
	 By:
	 	/s/ David L. Roland
	Name:	 	David L. Roland
	Title:	 	Senior Vice President
	
	 DIAMOND OFFSHORE DRILLING (UK) LIMITED
DIAMOND OFFSHORE DRILLING COMPANY N.V.

DIAMOND OFFSHORE DRILLING LIMITED DIAMOND OFFSHORE ENTERPRISES LIMITED

DIAMOND OFFSHORE INTERNATIONAL LIMITED
 DIAMOND OFFSHORE
LIMITED
 DIAMOND OFFSHORE NETHERLANDS B.V. DIAMOND RIG INVESTMENTS LIMITED

		
	By:	 	/s/ David L. Roland
	Name:	 	David L. Roland
	Title:	 	Director

  
 [Signature Page to
Indenture] 

 
			
	WILMINGTON SAVINGS FUND SOCIETY, FSB, as Trustee
		
	By:	 	/s/ John McNichol
		 	Name: John McNichol
		 	Title: Trust Officer

  
 [Signature Page to
Indenture] 

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Collateral
Agent

 
			
		
	By:	 	/s/ Jay L. Buckman
	Name:	 	 Jay L. Buckman, Jr.

	Title:	 	 Director

  
 [Signature Page to
Indenture] 

 EXHIBIT A 

[Face of Note] 
 [Insert the
Global Note Legend, if applicable pursuant to the provisions of the Indenture] 
 [Insert the Private Placement Legend, if applicable
pursuant to the provisions of the Indenture] 
 [Insert the Regulation S Temporary Global Note Legend, if applicable pursuant to the
provisions of the Indenture] 

  
 A-1 

 CUSIP
[                ] 
 ISIN
[                ] 
 [[RULE 144A][REGULATION S] [AI] GLOBAL
NOTE 
 representing up to 

$______________] 

9.00%/11.00%/13.00% Senior Secured First Lien PIK Toggle Notes due 2027 

 

			
	 No.       
	  	[Initially] $                 plus any PIK Interest
		  	added to the principal amount hereof
		  	[If the Note is a Global Note, include the following:
		  	and as such amount may otherwise be
		  	revised by the Schedule of Exchanges
		  	of Interests in the Global Note attached hereto]

 DIAMOND FOREIGN ASSET COMPANY and DIAMOND FINANCE, LLC 

promises to pay to CEDE & CO. or registered assigns, the principal sum [set forth on the Schedule of Exchanges of Interests in the
Global Note attached hereto] [of ________________________ United States Dollars,] plus any PIK Interest added to the principal amount hereof, on April 22, 2027. 

Interest Payment Dates:    April 30 and October 31, except as provided in the back of this Note 

Record Dates:    April 15 and October 16, except as provided in the back of this Note 

  
 A-2 

 IN WITNESS HEREOF, the Issuers have caused this instrument to be duly executed. 

 

							
	Dated:	 		 	 DIAMOND FOREIGN ASSET COMPANY

				
		 		 	 By:
	 	 
		 		 		 	 Name:

		 		 		 	 Title:

		 		 		 	
		 		 	 DIAMOND FINANCE, LLC

				
		 		 	 By:
	 	 
		 		 		 	 Name:

		 		 		 	 Title:

  
 A-3 

 This is one of the Notes referred to in the within-mentioned Indenture: 

 

			
	WILMINGTON SAVINGS FUND SOCIETY, FSB, as Trustee

Dated: 

			
		
	 By:
	 	 
		 	 Authorized Signatory

  
 A-4 

 [Back of Note] 

9.00%/11.00%/13.00% Senior Secured First Lien PIK Toggle Notes due 2027 

Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

1. INTEREST. Diamond Foreign Asset Company an exempted company formed under the laws of the Cayman Islands and a Wholly Owned Subsidiary of
the Company (as defined below) (the “Cayman Issuer”), and Diamond Finance, LLC, a limited liability company organized and existing under the laws of the State of Delaware and a Wholly Owned Subsidiary of the Cayman Issuer (the
“U.S. Issuer,” together with the Cayman Issuer, the “Issuers”), promise to pay interest on the principal amount of this Note at (a) 9.00% per annum payable in cash, (b) 11.00% per annum with 5.50% of such interest
payable in cash and 5.50% of such interest payable in PIK Interest or (c) 13.00% per annum payable in PIK Interest from April 23, 2021 (the “Issue Date”) until maturity. The Issuers will pay interest semi-annually in arrears on
April 30 and October 31 of each year; provided, however, that in 2026, the Interest Payment Date will occur on April 22 instead of April 30; provided, further that if any such day is not a Business Day, the
Interest Payment Date will on the next succeeding Business Day (each, an “Interest Payment Date”) and no interest shall accrue on such payment as the result of the delay; provided, further that in each case, after the
fifth anniversary of the Issue Date, interest shall be payable only at maturity (which interest shall be an amount calculated so that the total amount of interest paid after the fifth anniversary of the Issue Date would equal the amount that would
have been paid without the foregoing proviso). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided, that the first Interest Payment
Date shall be October 31, 2021. The Issuers will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the interest rate on the Notes;
it 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 periods) from time to time on demand at the interest rate on the Notes.
Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. 

2. METHOD OF PAYMENT. The Issuers will pay interest on the Notes to the Persons who are registered Holders of Notes at the close of business
on the April 15 or October 16 (whether or not a Business Day), as the case may be, next preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as
provided in Section 2.12 of the Indenture with respect to defaulted interest; provided, however, that in 2026, the Record Date will occur on April 7 instead of April 15. Payment of interest may be made by check mailed to the
Holders at their addresses set forth in the register of Holders, provided, that payment by wire transfer of immediately available funds will be required with respect to principal of and interest and premium, if any, on, all Global Notes and
all other Notes the Holders of which shall have provided wire transfer instructions to the Issuers or the Paying Agent. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts. 
 In the event that the Issuers shall determine to pay PIK Interest, in part or in full, for any
Interest Period, then the Issuers shall deliver a notice (a “PIK Notice”) to the Trustee following the Determination Date but prior to the first day of the relevant Interest Period, which notice shall state the total amount of interest to
be paid on the Interest Payment Date in respect of such Interest Period. The Trustee, on behalf of and at the expense of the Issuer, shall promptly deliver a corresponding notice provided by the Issuer to the Holders. For the avoidance of doubt,
failure to deliver a PIK Notice in 

  
 A-5 

 accordance with the Indenture shall not be an Event of Default. For the avoidance of doubt, interest on the
Notes in respect of any Interest Period for which a PIK Notice is not delivered in accordance with the Indenture must be paid entirely in cash. Interest for the last Interest Period ending at the stated maturity of the Notes shall be payable
entirely in cash. 
 If the Issuers are entitled to pay PIK Interest in respect of this Note, the Issuers may elect (subject to the
restrictions contained in this Note), without the consent of the Holders of the Notes (and without regard to any restrictions or limitations set forth under Section 4.09 of the Indenture), to pay the applicable amount of PIK Interest (in
accordance with the requirements contained in this Note) for such Interest Period in respect of this Note on the Interest Payment Date in respect of such Interest Period by (i) increasing the outstanding principal amount of this Note by an
amount equal to the PIK Interest elected to be paid (rounded up to the nearest whole dollar), with respect to Global Notes; and, upon receipt of an Issuer Order, an adjustment shall be made by the Trustee to reflect such increase in the
“Schedule of Exchanges of Interests” in the Global Note or (ii) issuing PIK Notes under the Indenture on the same terms and conditions as this Note in an amount equal to the PIK Interest elected to be paid (rounded up to the nearest
whole dollar) (in each case of (i) and (ii), a “PIK Payment”). Following an increase in the principal amount of the outstanding Notes as a result of a PIK Payment, the Notes will bear interest on such increased principal amount
from and after the date of such PIK Payment. Any PIK Notes issued will be dated as of the applicable Interest Payment Date and will bear interest from and after such date. All Notes issued pursuant to a PIK Payment will mature on the same date as
the Notes in respect of which such PIK Payment was made as a payment of PIK Interest, and will be governed by, and subject to the terms, provisions and conditions of, the Indenture and will have the same rights and benefits of the Notes in respect
of which such PIK Payment was made as a payment of PIK Interest. Any certificated PIK Notes will be issued with the description “PIK” on the face of such PIK Notes. 

3. PAYING AGENT AND REGISTRAR. Initially, Wilmington Savings Fund Society, FSB, the Trustee under the Indenture, will act as Paying Agent and
Registrar. The Issuers may change any Paying Agent or Registrar without notice to the Holders. The Company or any of its Subsidiaries may act in any such capacity. 

4. INDENTURE. The Issuers issued the Notes under an Indenture, dated as of April 23, 2021 (the “Indenture”), among the
Issuers, the Guarantors named therein, the Trustee and Wells Fargo Bank, National Association, as Collateral Agent. This Note is one of a duly authorized issue of notes of the Issuers designated as their 9.00%/11.00%/13.00% Senior Secured First Lien
PIK Toggle Notes due 2027. The Issuers shall be entitled to issue Additional Notes pursuant to Section 2.01 and 4.09 of the Indenture, including any increases thereof as the result of a PIK Payment and any PIK Notes issued as PIK Payments with
respect to such Additional Notes. The terms of the Notes include those stated in the Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of such terms. To the extent any provision of this
Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 
 5.
REDEMPTION AND REPURCHASE.    The Notes may be redeemed at the option of the Issuers, and may be the subject of a Change of Control Offer, an Asset Sale and Other Last Out Debt Repayment Offer, as further described in the
Indenture. Except as provided in the Indenture, the Issuers shall not be required to make any mandatory redemption or sinking fund payments with respect to the Notes. 

  
 A-6 

 6. DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in
minimum denominations of $1.00 and integral multiples of $1.00 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other
things, to furnish appropriate endorsements and transfer documents and the Issuers may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. Neither the Issuers nor the Trustee need exchange or register the
transfer of any Note or portion of a Note selected for redemption or tendered (and not withdrawn) for repurchase in connection with a Change of Control Offer, an Asset Sale Offer or other tender offer, in whole or in part, except for the unredeemed
portion of any Note being redeemed in part, or between a Record Date and the next succeeding Interest Payment Date. 
 7. PERSONS DEEMED
OWNERS. The registered Holder of a Note may be treated as its owner for all purposes. 
 8. AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture,
the Guarantees or the Notes may be amended or supplemented as provided in the Indenture. 
 9. DEFAULTS AND REMEDIES. The Events of Default
relating to the Notes are defined in Section 6.01 of the Indenture. Upon the occurrence of an Event of Default, the rights and obligations of the Issuers, the Guarantors, the Trustee and the Holders shall be set forth in the applicable
provisions of the Indenture. 
 10. AUTHENTICATION. This Note shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose until authenticated by the manual signature of the Trustee. 
 11. GOVERNING LAW. THE LAWS OF THE STATE OF NEW
YORK SHALL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THE NOTES AND THE GUARANTEES. 
 12. CUSIP NUMBERS. Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures, the Issuers have caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No
representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

The Issuers will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to the Issuers at
the following address: 
 Diamond Foreign Asset Company 

C/O Diamond Offshore Drilling, Inc. 

15415 Katy Freeway, Suite 100 

Houston, TX 77094 
 Attention:
David Roland 
 With a copy (which shall not constitute notice) to: 

Diamond Finance, LLC 
 C/O Diamond
Offshore Drilling, Inc. 
 15415 Katy Freeway, Suite 100 

Houston, TX 77094 
 Attention:
David Roland 

  
 A-7 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

(I) or (we) assign and transfer this Note to:
                                         
                                         
                                         
                        

                          
                                         
                                         
        (Insert assignee’s legal name) 
  

                          
                                         
                                         
                                         
                                         
                         

(Insert assignee’s soc. sec. or tax I.D. no.) 
  

                          
                                         
                                         
                                         
                                         
                          

                          
                                         
                                         
                                         
                                         
                         

                          
                                         
                                         
                                         
                                         
                          

                          
                                         
                                         
                                         
                                         
                          

(Print or type assignee’s name, address and zip code) 

and irrevocably
appoint                                        
                                         
                                         
                                         
              
 to transfer this Note on the books of the Issuer. The agent may
substitute another to act for him. 
 Date: _____________________ 

Your Signature:
                                         
                               

(Sign exactly as your name appears on the face of this Note) 

Signature Guarantee:* __________________________________ 
  

	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee). 

  
 A-8 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuers pursuant to Section 4.10, 4.14 or 4.21 of the Indenture, check the
appropriate box below: 
             [    ]
Section 4.10         [    ] Section 4.14         [    ] Section 4.21 

If you want to elect to have only part of this Note purchased by the Issuers pursuant to Section 4.10, Section 4.14 or
Section 4.21 of the Indenture, state the amount you elect to have purchased: 
 $_______________ 

Date: _____________________ 
 Your Signature:
                                         
                               

(Sign exactly as your name appears on the face of this Note) 

Tax Identification No.:
                                         
                   
 Signature Guarantee:*
__________________________________ 
  

	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee). 

  
 A-9 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

The initial outstanding principal amount of this Global Note is $__________. The following exchanges of a part of this Global Note for an
interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of
Exchange
	  	Amount of
decrease
in Principal
Amount	  	Amount of increase
in Principal
Amount of this
Global Note	  	Principal Amount
of
this Global Note
following such
decrease or
increase	  	Signature of
authorized officer
of Trustee or
Note Custodian

  

 
 * This schedule should be included only if
the Note is issued in global form. 

  
 A-10 

 EXHIBIT B 

FORM OF CERTIFICATE OF TRANSFER 
 Diamond Foreign
Asset Company 
 C/O Diamond Offshore Drilling, Inc. 
 15415
Katy Freeway, Suite 100 
 Houston, TX 77094 
 Attention: David
Roland 
 With a copy to: 
 Diamond Finance, LLC 

C/O Diamond Offshore Drilling, Inc. 
 15415 Katy Freeway, Suite
100 
 Houston, TX 77094 
 Attention: David Roland 

Wilmington Savings Fund Society, FSB 
 500 Delaware Ave 

Wilmington, DE 19801 
 Telephone No.: (302) 888-7420 
 Attention: Patrick J. Healy 

Re: Diamond Foreign Asset Company and Diamond Finance, LLC 9.00%/11.00%/13.00% Senior Secured First Lien PIK Toggle Notes due 2027 

Reference is hereby made to the Indenture, dated as of April 23, 2021 (the “Indenture”), among Diamond Foreign Asset
Company, Diamond Finance, LLC, the Guarantors named therein, the Trustee and the Collateral Agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

_______________ (the “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A
hereto, in the principal amount of $___________ in such Note[s] or interests (the “Transfer”), to _______________ (the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the
Transferor hereby certifies that: 
 [CHECK ALL THAT APPLY] 

1. [ ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE 144A GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO RULE 144A. The
Transfer is being effected pursuant to and in accordance with Rule 144A under the United States Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the beneficial
interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person
exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with
any applicable blue sky securities laws of any state of the United States. 

  
 B-1 

 2. [ ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE REGULATION S
GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO REGULATION S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 of Regulation S under the Securities Act and, accordingly, the Transferor hereby further certifies that
(i) the Transfer is not being made to a person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed
and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows
that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (iii) the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the Restricted Period, the transfer is not being made to a U.S.
Person or for the account or benefit of a U.S. Person. Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer
enumerated in the Indenture and the Securities Act. 
 3. [ ] CHECK AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST
IN A RESTRICTED GLOBAL NOTE OR A RESTRICTED DEFINITIVE NOTE PURSUANT TO ANY PROVISION OF THE SECURITIES ACT OTHER THAN RULE 144A OR REGULATION S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial
interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby
further certifies that (check one): 
 (a) [ ] such Transfer is being effected pursuant to and in accordance with Rule 144 under the
Securities Act; 
 or 
 (b) [ ]
such Transfer is being effected to the Company, Issuers or a subsidiary thereof; 
 or 

(c) [ ] such Transfer is being effected pursuant to an effective registration statement under the Securities Act and, if applicable, in
compliance with the prospectus delivery requirements of the Securities Act; 
 or     

(d) [ ] such Transfer is being effected to an Accredited Investor and pursuant to an exemption from the registration requirements of the
Securities Act other than Rule 144A, Rule 144, Rule 903 or Rule 904, and the Transferor hereby further certifies that it has not engaged in any general solicitation within the meaning of Regulation D under the Securities Act and the Transfer
complies with the transfer restrictions applicable to the Restricted Definitive Note and the requirements of the exemption claimed, which certification is supported by (1) a certificate executed by the Transferee in the form of 

  
 B-2 

 Exhibit B-1 to the Indenture and (2) an opinion of counsel
provided by the Transferor or the Transferee (a copy of which the Transferor has attached to this certification), to the effect that such Transfer is in compliance with the Securities Act. Upon consummation of the proposed transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and/or Restricted Global
Note and in the Indenture and the Securities Act. For purposes of this provision, the term “Accredited Investor” shall have the meaning set forth in Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 

4. [ ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED DEFINITIVE NOTE.

 (a) [ ] CHECK IF TRANSFER IS PURSUANT TO RULE 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under
the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and
the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note
will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 

(b) [ ] CHECK IF TRANSFER IS PURSUANT TO REGULATION S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or
Rule 904 of Regulation S under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer
contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 

(c) [ ] CHECK IF TRANSFER IS PURSUANT TO OTHER EXEMPTION. (i) The Transfer is being effected pursuant to and in compliance with an
exemption from the registration requirements of the Securities Act other than Rule 144 and Rule 903 or Rule 904 of Regulation S and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws
of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed
Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or
Restricted Definitive Notes and in the Indenture. 

  
 B-3 

 This certificate and the statements contained herein are made for your benefit and the
benefit of the Issuer. 
  

			
	 [Insert Name of Transferor]

		
	 By:
	 	 
		 	 Name:

		 	 Title:

 Dated:
                                         
        

  
 B-4 

 ANNEX A TO CERTIFICATE OF TRANSFER 

1. The Transferor owns and proposes to transfer the following: 

[CHECK ONE OF (a) OR (b)] 

	 	(a)	 [ ] a beneficial interest in the: 

 

	 	(i)	 [ ] 144A Global Note (CUSIP
[                     ]), or 

  

	 	(ii)	 [ ] Regulation S Global Note (CUSIP
[                     ]), or 

  

	 	(iii)	 [ ] AI Global Note (CUSIP
[                     ]), or 

  

	 	(b)	 [ ] a Restricted Definitive Note. 

2. After the Transfer the Transferee will hold: 

[CHECK ONE] 
  

	 	(a)	 [ ] a beneficial interest in the: 

 

	 	(i)	 [ ] 144A Global Note (CUSIP [
                    ]), or 

  

	 	(ii)	 [ ] Regulation S Global Note (CUSIP
[                     ]), or 

  

	 	(iii)	 [ ] AI Global Note (CUSIP
[                     ]), or 

  

	 	(iv)	 [ ] Unrestricted Global Note (CUSIP
[                     ]); or 

  

	 	(b)	 [ ] a Restricted Definitive Note; or 

 

	 	(c)	 [ ] an Unrestricted Definitive Note, in accordance with the terms of the Indenture. 

  
 B-5 

 EXHIBIT B-1 

FORM OF ACCREDITED INVESTOR CERTIFICATE 
 Diamond
Foreign Asset Company 
 C/O Diamond Offshore Drilling, Inc. 

15415 Katy Freeway, Suite 100 
 Houston, TX 77094 

Attention: David Roland 
 With a copy to: 

Diamond Finance, LLC 
 C/O Diamond Offshore Drilling, Inc. 

15415 Katy Freeway, Suite 100 
 Houston, TX 77094 

Attention: David Roland 
 Wilmington Savings Fund Society, FSB

 500 Delaware Ave 
 Wilmington, DE 19801 

Telephone No.: (302) 888-7420 

Attention: Patrick J. Healy 
 Re: Diamond Foreign
Asset Company and Diamond Finance, LLC 9.00%/11.00%/13.00% Senior Secured First Lien PIK Toggle Notes due 2027 
 Reference is hereby made
to the Indenture, dated as of April 23, 2021 (the “Indenture”), among Diamond Foreign Asset Company, Diamond Finance, LLC, the Guarantors named therein, the Trustee and the Collateral Agent. Capitalized terms used but not defined
herein shall have the meanings given to them in the Indenture. 
 _______________ (the “Transferor”) owns and proposes to transfer
the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $___________ in such Note[s] or interests (the “Securities”), to _______________ (the “Transferee”). In connection with the transfer,
the Transferee hereby certifies that: 
 1. We are an “accredited investor” (as defined in Rule 501(a) (1), (2), (3) or
(7) under the Securities Act of 1933, as amended (the “Securities Act”)) (the “Accredited Investor”) purchasing for our own account or for the account of such an “Accredited Investor” at least $250,000 principal
amount of the Securities, and we are acquiring the Securities for investment purposes and not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have such knowledge and experience in
financial and business matters as to be capable of evaluating the merits and risk of our investment in the Securities and we invest in or purchase securities similar to the Securities in the normal course of our business. We and any accounts for
which we are acting are each able to bear the economic risk of our or its investment. 

  
 B-1-1 

 2. We understand that the Securities have not been registered under the Securities Act and,
unless so registered, may not be sold except as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Securities to offer, sell or otherwise transfer such Securities prior
to the date that is one year after the later of the date of original issue and the last date on which the Company or any affiliate of the Company was the owner of such Securities (or any predecessor thereto) (the “Resale Restriction Termination
Date”) only (a) to the Issuers or a Subsidiary thereof, (b) pursuant to a registration statement which has been declared effective under the Securities Act, (c) in a transaction complying with the requirements of Rule 144A under
the Securities Act, to a person we reasonably believe is a qualified institutional buyer under Rule 144A (a “QIB”) that purchases for its own account or for the account of a QIB and to whom notice is given that the transfer is being made
in reliance on Rule 144A, (d) to an “Accredited Investor” within the meaning of Rule 501(a) under the Securities Act that is purchasing for its own account or for the account of such an “Accredited Investor,” in each case in
a minimum principal amount of Securities of $250,000 or (e) pursuant to any other available exemption from the registration requirements of the Securities Act, subject in each of the foregoing cases to any requirement of law that the
disposition of our property or the property of such investor account or accounts be at all times within our or their control and in compliance with any applicable state securities laws. The foregoing restrictions on resale will not apply subsequent
to the Resale Restriction Termination Date. If any resale or other transfer of the Securities is proposed to be made pursuant to clause (d) above prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from the
transferee substantially in the form of this letter to the Issuers and the Trustee, which shall provide, among other things, that the transferee is an “accredited investor” (within the meaning of Rule 501(a) under the Securities Act) and
that it is acquiring such Securities for investment purposes and not for distribution in violation of the Securities Act. Each purchaser acknowledges that the Issuers and the Trustee reserve the right prior to any offer, sale or other transfer prior
to the Resale Restriction Termination Date of the Securities pursuant to clauses (d) or (e) above to require the delivery of an opinion of counsel, certifications and/or other information satisfactory to the Company and the Trustee. 

This certificate and the statements contained herein are made for your benefit and the benefit of the Company. 

 

			
	[Insert Name of Transferee]
		
	By: 	 	 
		 	Name:                                     
                                         
  
		 	Title:                                    
                                         
      
		 	Dated:

  
 B-1-2 

 EXHIBIT C 

FORM OF CERTIFICATE OF EXCHANGE 
 Diamond Foreign
Asset Company 
 C/O Diamond Offshore Drilling, Inc. 
 15415
Katy Freeway, Suite 100 
 Houston, TX 77094 
 Attention: David
Roland 
 With a copy to: 
 Diamond Finance, LLC 

C/O Diamond Offshore Drilling, Inc. 
 15415 Katy Freeway, Suite
100 
 Houston, TX 77094 
 Attention: David Roland 

Wilmington Savings Fund Society, FSB 
 500 Delaware Ave 

Wilmington, DE 19801 
 Telephone No.: (302) 888-7420 
 Attention: Patrick J. Healy 

Re: Diamond Foreign Asset Company and Diamond Finance, LLC 9.00%/11.00%/13.00% Senior Secured First Lien PIK Toggle Notes due 2027 

Reference is hereby made to the Indenture, dated as of April 23, 2021 (the “Indenture”), among Diamond Foreign Asset Company, Diamond
Finance, LLC, the Guarantors named therein, the Trustee and the Collateral Agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

___________ (the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the
principal amount of $__________ in such Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that: 

1) EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN A RESTRICTED GLOBAL NOTE FOR UNRESTRICTED DEFINITIVE NOTES OR BENEFICIAL
INTERESTS IN AN UNRESTRICTED GLOBAL NOTE 
 a) [ ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE
TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount, the
Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Notes and
pursuant to and in accordance with the United States Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order
to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

  
 C-1 

 b) [ ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL
NOTE TO UNRESTRICTED DEFINITIVE NOTE. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being acquired
for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act,
(iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance with any
applicable blue sky securities laws of any state of the United States. 
 c) [ ] CHECK IF EXCHANGE IS FROM RESTRICTED
DEFINITIVE NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the
beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in
accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is
being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
 d) [ ] CHECK
IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO UNRESTRICTED DEFINITIVE NOTE. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted
Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance
with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is
being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
 2) EXCHANGE OF RESTRICTED
DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES FOR RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES 

a) [ ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO RESTRICTED DEFINITIVE NOTE. In connection
with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the
Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the
Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act. 

  
 C-2 

 b) [ ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL
INTEREST IN A RESTRICTED GLOBAL NOTE. In connection with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE] [ ] 144A Global Note [ ] Regulation S Global Note [ ] AI Global Note, with an equal
principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable
to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with
the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act. 

This certificate and the statements contained herein are made for your benefit and the benefit of the Issuer. 

 

			
	[Insert Name of Transferor]
		
	By:	 	 
		 	Name:
		 	Title:

 Dated:
                                         
            

  
 C-3 

 EXHIBIT D 

[FORM OF SUPPLEMENTAL INDENTURE 

TO BE DELIVERED BY SUBSEQUENT GUARANTORS] 

[__________] Supplemental Indenture (this “Supplemental Indenture”), dated as of __________, [between][among]
__________________ (the “Guaranteeing Subsidiary”), Diamond Foreign Asset Company (the “Cayman Issuer”) and Diamond Finance, LLC (the “U.S. Issuer,” together with the Cayman Issuer, the
“Issuers”), Wilmington Savings Fund Society, FSB, as trustee (the “Trustee”) and Wells Fargo Bank, National Association, as collateral agent (the “Collateral Agent”). 

W I T N E S S E T H 
 WHEREAS,
each of the Issuers and the Guarantors (as defined in the Indenture referred to below) has heretofore executed and delivered to the Trustee and the Collateral Agent an indenture, dated as of April 23, 2021 (as further amended and supplemented,
the “Indenture”), providing for the issuance of an unlimited aggregate principal amount of 9.00%/11.00%/13.00% Senior Secured First Lien PIK Toggle Notes due 2027 (the “Notes”); 

WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee and the
Collateral Agent a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Issuer’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein and under the
Indenture (the “Guarantee”); and 
 WHEREAS, pursuant to Section 9.01 of the Indenture, the Guaranteeing Subsidiary,
the Trustee and the Collateral Agent are authorized to execute and deliver this Supplemental Indenture to amend or supplement the Indenture without the consent of Holders. 

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged,
the parties hereto mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 

(1) Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 (2) Agreement to Guarantee. The Guaranteeing Subsidiary hereby agrees to be a Guarantor under the Indenture and to be bound by the
terms of the Indenture applicable to a Guarantor, including Article 10 thereof. 
 (3) Execution and Delivery. The Guaranteeing
Subsidiary agrees that the Guarantee shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Guarantee on the Notes. 

(4) Governing Law. THIS SUPPLEMENTAL INDENTURE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS SUPPLEMENTAL
INDENTURE, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

  
 D-1 

 (5) Counterparts. The parties may sign any number of copies of this Supplemental
Indenture. Each signed copy shall be an original, but all of them together represent one and the same agreement. This Supplemental Indenture may be executed in multiple counterparts which, when taken together, shall constitute one instrument. The
exchange of copies of this Supplemental Indenture and of signature pages by facsimile, PDF or other electronic transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in
lieu of the original Supplemental Indenture and signature pages for all purposes. Signatures of the parties hereto transmitted by facsimile, PDF or other electronic transmission shall be deemed to be their original signatures for all purposes. 

(6) Effect of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof. 

(7) The Trustee and the Collateral Agent. Neither the Trustee nor the Collateral Agent shall be responsible in any manner whatsoever
for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary. 

(8) Benefits Acknowledged. The Guaranteeing Subsidiary’s Guarantee is subject to the terms and conditions set forth in the
Indenture. The Guaranteeing Subsidiary acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Indenture and this Supplemental Indenture and that the guarantee and waivers made by it
pursuant to this Guarantee are knowingly made in contemplation of such benefits. 
 (9) Successors. All agreements of the
Guaranteeing Subsidiary in this Supplemental Indenture shall bind its successors, except as otherwise provided in this Supplemental Indenture. All agreements of the Trustee and the Collateral Agent in this Supplemental Indenture shall bind their
respective successors. 
 (10) Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as expressly amended
hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every
Holder shall be bound hereby. 

  
 D-2 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed, all as of the date first above written. 
  

			
	[GUARANTEEING SUBSIDIARY]

 
			
		
	By:	 	 

 
			
	     	 	Name:
		 	Title:
	
	WILMINGTON SAVINGS FUND SOCIETY, FSB, as Trustee

 
			
		
	By:	 	 

 
			
	     	 	Name:
		 	Title:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Collateral Agent

 
			
		
	By:	 	 

 
			
	     	 	Name:
		 	Title:

  
 D-3 

 EXHIBIT E 

FORM OF INTERCREDITOR AGREEMENT 
  

  
 E-1 

 EXHIBIT M 

FORM OF MASTER INTERCOMPANY SUBORDINATION AGREEMENT 

[____], 2021 
 THIS MASTER
INTERCOMPANY SUBORDINATION AGREEMENT (as amended, restated, amended and restated, supplemented, joined, partially released or otherwise modified from time to time, this “Agreement”), is entered into as of April [____], 2021 (the
“Effective Date”), by and among Diamond Offshore Drilling, Inc., a Delaware corporation (the “Parent”), and each of the undersigned Restricted Subsidiaries of the Parent and any other Person that becomes a party
hereto pursuant to a Joinder (together with the Parent, collectively, the “Obligors”), for the benefit of Wells Fargo Bank, National Association, in its capacity as collateral agent (the “Collateral Agent”) for the
Secured Parties (as defined in the Intercreditor Agreement referred to below). 
 WHEREAS, (a) concurrent with the Effective Date,
(i) the Parent and Diamond Foreign Asset Company, a Cayman Islands exempted company limited by shares (“DFAC”), as borrower, entered into that certain Credit Agreement dated as of the date hereof (as amended, restated, amended
and restated, supplemented, increased, extended or otherwise modified from time to time, the “First Out Revolving Credit Agreement”) by and among the Parent, DFAC, Wells Fargo Bank, National Association, as administrative agent
thereunder and as collateral agent, and the lenders and the issuing lenders from time to time party thereto, (ii) the Parent and DFAC, as borrower, entered into that certain Term Loan Agreement dated as of the date hereof (as amended, restated,
amended and restated, supplemented, increased, extended or otherwise modified from time to time, the “Last Out Term Loan Agreement”) by and among the Parent, DFAC, as borrower, Wells Fargo Bank, National Association, as
administrative agent thereunder and as collateral agent, and the lenders from time to time party thereto, (iii) the Parent, DFAC, as co-issuer, and Diamond Finance, LLC (“Diamond
Finance”), as co-issuer, entered into that certain Indenture dated as of the date hereof (as amended, restated, amended and restated, supplemented, increased, extended or otherwise modified from time
to time, the “Last Out Notes Indenture” and, together with the First Out Revolving Credit Agreement and the Last Out Term Loan Agreement, the “Facilities Agreements” and, each individually, a “Facility
Agreement”) by and among the Parent, the other guarantors party thereto from time to time, DFAC, Diamond Finance, Wilmington Savings Fund Society, FSB, as trustee, the Collateral Agent, and the noteholders from time to time party thereto,
(b) subject to the terms and conditions of the Facilities Agreements, certain of the Obligors may enter into one or more Last Out Incremental Debt Documents, each of which shall be secured on an equal and ratable basis with the other Secured
Obligations, and (c) concurrent with the Effective Date, the Parent and each other Restricted Subsidiary party thereto, the authorized representatives under each of the Facilities Agreements, and the Collateral Agent entered into that certain
Collateral Agency and Intercreditor Agreement, dated as of the date hereof (as amended, restated, amended and restated, supplemented, or otherwise modified from time to time, the “Intercreditor Agreement”; unless otherwise defined
herein or the context otherwise requires, capitalized terms used in this Agreement shall have the meanings provided in the Intercreditor Agreement, or if not defined in the Intercreditor Agreement, in the First Out Revolving Credit Agreement). 

 WHEREAS, the Parent and the other Obligors party hereto in their respective capacities as
holders or payees of Indebtedness, liabilities, and other obligations, whether now or hereafter arising, and whether due to or becoming due, absolute or contingent, liquidated or unliquidated, determined or undetermined, including all fees and all
other amounts payable in connection with any of the foregoing, owed by any Obligor (collectively, the “Subordinated Debt”), desire to subordinate such Subordinated Debt to the Secured Obligations as set forth below. 

WHEREAS, such agreements or understandings governing or evidencing such Subordinated Debt are referred to herein as “Subordinated
Intercompany Debt Agreements”. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged by the Obligors, the Obligors agree as follows: 
 1. Subordination. 

(a) Each Obligor severally covenants and agrees in its respective capacity as holder or payee of any Subordinated Debt, that any Subordinated
Debt owed to it, whether now or hereafter existing, is subordinated in right of payment and enforcement, to the extent and in the manner provided in this Section 1, to the prior payment in full in cash of all of the Secured
Obligations and that the subordination herein is for the benefit of the Collateral Agent and the other Secured Parties. Each Obligor (with respect to Subordinated Debt owed to it) agrees that, after the occurrence and during the continuation of an
Event of Default, such Obligor shall not ask, demand, accelerate, sue for, or take or receive from any other Obligor, directly or indirectly, in cash, securities, or other property or by set-off or in any
other manner (including, without limitation, from or by way of collateral), payment of all or any of the Subordinated Debt. Without limitation of the foregoing with respect to any Subordinated Debt, so long as no Event of Default has occurred and is
continuing, to the extent permitted under the First Lien Documents, any Obligor may make and any Obligor may receive any (x) payments of principal, interest and any other amounts, including, without limitation, prepayments of principal and
(y) refinancings, replacements, renewals or extensions of such Subordinated Debt that are subordinated to the Secured Obligations in accordance with this Section 1; provided, that in the event that any Obligor
receives any payment of any such Subordinated Indebtedness at a time when such payment is prohibited by this Section 1, such payment shall be held by such Obligor, in trust for the benefit of, and shall be paid forthwith
over and delivered to the Collateral Agent for the benefit of the Secured Parties according to the respective Secured Obligations held or represented by each. 

(b) Each Obligor agrees that upon any distribution of assets of any Obligor in any dissolution, winding up, liquidation or reorganization
(whether in bankruptcy, insolvency or receivership proceedings or upon an assignment for the benefit of creditors or otherwise): (i) the Collateral Agent and the other Secured Parties shall first be entitled to receive payment in full of the Secured
Obligations before any holder or payee of Subordinated Debt is entitled to receive any payment on account of Subordinated Debt, (ii) any payment or distribution of assets of any Obligor of any kind or character, whether in cash, property or
securities, to which any such holder or payee of Subordinated Debt would be entitled except for the provisions of this subsection 1(b), shall be paid by the liquidating trustee or agent or other Person making such payment or distribution
directly to the Collateral Agent, for the benefit of itself and the other Secured Parties, to the extent necessary to make payment in full of all Secured Obligations remaining unpaid after giving effect

  
 2 

 
to any concurrent payment or distribution or provisions therefor to Collateral Agent, for itself and the other Secured Parties in accordance with the Intercreditor Agreement, (iii) in the
event that, notwithstanding the foregoing provisions of this subsection 1(b), any such payment or distribution described in the foregoing subclause (i) or (ii) shall be received by any Obligor on account of Subordinated Debt during the
term of this Agreement, such payment or distribution shall be received and held in trust for and shall be paid over to the Collateral Agent, for application to the payment of the Secured Obligations, after giving effect to any concurrent payment or
distribution or provision therefor to the Collateral Agent and (iv) no right of the Collateral Agent or any other Secured Parties to enforce the subordination provisions herein shall at any time in any way be prejudiced or impaired by any act
or failure to act on the part of a Credit Party or any Obligor. If, for any reason, any of the trusts expressed to be created in this Section 1 should fail or be unenforceable, the affected Obligor will promptly pay or distribute
any such payment or distribution of assets to the Collateral Agent, for application to the payment of the Secured Obligations in accordance with the Intercreditor Agreement. 

2. Authorization to Collateral Agent. If, while any Subordinated Debt is outstanding, any insolvency proceeding shall occur and be
continuing with respect to any Obligor or its property: (a) the Collateral Agent hereby is irrevocably authorized and empowered (in the name of each Obligor or otherwise), but shall have no obligation, to ask, demand, accelerate, sue for,
collect, and receive every payment or distribution in respect of the Subordinated Debt and give acquittance therefor and to file claims and proofs of claim and take such other action (including voting the Subordinated Debt) as it may deem necessary
or advisable for the exercise or enforcement of any of the rights or interests of the Collateral Agent and the other Secured Parties; and (b) each Obligor shall promptly take such action as the Collateral Agent reasonably may request
(i) to collect the Subordinated Debt for the account of the Collateral Agent and the other Secured Parties and to file appropriate claims or proofs of claim in respect of the Subordinated Debt, (ii) to execute and deliver to the Collateral
Agent such powers of attorney, assignments, and other instruments as it may request to enable it to enforce any and all claims with respect to the Subordinated Debt, and (iii) to collect and receive any and all payments in respect of
Subordinated Debt. 
 3. No Enforcement of Remedies; No Contest of Enforcement or Forbearance. Each Obligor agrees that such Obligor
shall not (a) exercise or enforce any creditors’ rights or remedies that it may have against any Obligor, or foreclose, repossess, sequester, or otherwise institute any action or proceeding (whether judicial or otherwise, including the
commencement of any insolvency proceeding) to enforce any Subordinated Debt, unless the Collateral Agent otherwise consents, or (b) contest, protest, or object to any exercise of remedies by, or to any forbearance by, any Secured Party in
connection with the Secured Obligations. 
 4. Confirmation of Waiver of Rights of Subrogation. Each Obligor agrees that no payment
or distribution to the Collateral Agent pursuant to the provisions of this Agreement shall entitle such Obligor to exercise, nor shall such Obligor exercise, any rights of subrogation in respect thereof until the termination of this Agreement in
accordance with its terms. It is understood by the parties hereto that the foregoing waiver of the exercise of any right of subrogation by each Obligor shall in no event be deemed to be a permanent waiver of such right of subrogation, but shall be
effective only until the termination of this Agreement in accordance with its terms. 

  
 3 

 5. Agreements by Obligors. Each Obligor agrees that it will not make any payment of
any of the Subordinated Debt under which it is indebted, or take any other action, in contravention of the provisions of this Agreement. 

6. Rights of Secured Parties. All rights and interests of the Collateral Agent and the other Secured Parties hereunder, and all
agreements and obligations of the Obligors under this Agreement, shall remain in full force and effect (prior to the occurrence of the Subordination Discharge Date (as defined below) and subject to Section 11 hereof)
irrespective of: 
 (a) any extension, modification or renewal of, or indulgence with respect to, or substitution for, the Secured
Obligations or any part thereof or any agreement relating thereto at any time (including, without limitation, any change in the time, manner, or place of payment of any of the Secured Obligations); 

(b) any failure or omission to perfect or maintain any Lien on, or preserve rights to, any security or Collateral or to enforce any right,
power or remedy with respect to the Secured Obligations or any part thereof or any agreement relating thereto, or any Collateral securing the Secured Obligations or any part thereof; 

(c) any waiver of any right, power or remedy or of any default with respect to the Secured Obligations or any part thereof or any
Facility Agreement or other agreement relating thereto or with respect to any Collateral securing the Secured Obligations or any part thereof (including, without limitation, any manner of application of Collateral, or proceeds thereof, to all or any
of the Secured Obligations, or any manner or sale or other disposition of any Collateral for all or any of the Secured Obligations or any other obligations of any other Person under the First Lien Documents or any other assets of any Obligor); 

(d) any taking, exchange, release, surrender, compromise, settlement, waiver, subordination or modification, with or without consideration, of
any Collateral securing the Secured Obligations or any part thereof, any guaranties with respect to the Secured Obligations or any part thereof, or any other obligations of any Person thereof; 

(e) the enforceability or validity of the Secured Obligations or any part thereof or the genuineness, enforceability or validity of any
agreement relating thereto or with respect to any Collateral securing the Secured Obligations or any part thereof; 
 (f) [reserved]; 

(g) any change of ownership, restructuring, or termination of the corporate structure or existence of any Obligor or the insolvency,
bankruptcy or any other change in legal status of any Obligor (subject to Section 11 hereof); 

  
 4 

 (h) any change in, or the imposition of, any law, decree, regulation or other governmental
act which does or might impair, delay or in any way affect the validity, enforceability or the payment when due of the Secured Obligations; 

(i) the failure of the Parent or any Obligor to take any other action, or maintain any other approvals, licenses or consents, required in
connection with the performance of all obligations pursuant to the Secured Obligations or this Agreement; 
 (j) the existence of any
claim, setoff or other rights which any Obligor may have at any time against any other Obligor in connection herewith or with any unrelated transaction; 

(k) the Secured Parties’ election, in any case or proceeding instituted under Debtor Relief Laws, of the application of
Section 1111(b)(2) of the Bankruptcy Code; 
 (l) any borrowing, use of cash collateral, or grant of a security interest by the
Parent or any other Obligor, as debtor in possession, under Section 363 of the Bankruptcy Code; 
 (m) the disallowance of all or
any portion of any of the Secured Parties’ claims for repayment of the Secured Obligations under Section 502 or 506 of the Bankruptcy Code; 

(n) any refusal of payment by the Collateral Agent or any other Secured Party, in whole or in part, from any Obligor in connection with
any of the Secured Obligations, whether or not with notice to, or further assent by, or any reservation of rights against, any Obligor; or 

(o) any other fact or circumstance which might otherwise constitute grounds at law or equity for the discharge or release of any Obligor
from its obligations hereunder (other than the occurrence of each of the following: (i) the payment in full in cash of all Secured Obligations (other than contingent indemnification obligations not then due), (ii) the termination of the
commitments to extend credit or otherwise purchase indebtedness under each of the First Lien Documents, (iii) all letters of credit, secured hedge agreements, and secured cash management arrangements pursuant to the applicable First Lien
Documents have been terminated or expired (or have been cash collateralized in an amount satisfactory to the applicable Secured Party and the applicable Authorized Representative, or as to which other arrangements satisfactory to the applicable
Secured Party and the applicable Authorized Representative have been made and communicated to the Collateral Agent by the applicable Authorized Representative) (the date upon which each of the foregoing has occurred, the “Subordination
Discharge Date”), subject however to Debtor Relief Laws and Section 11 hereof); 
 in each case, whether
or not such Obligor shall have had notice or knowledge of any act or omission referred to in the foregoing clauses (a) through (o) of this Section. 

7. Waiver. To the maximum extent permitted by Applicable Law, each Obligor hereby waives (a) promptness, diligence, notice of
acceptance and any other notice with respect to any of the Secured Obligations and this Agreement, (b) any requirement that the Collateral Agent or any other Secured Party exhaust any right or take any action against any Obligor or any other
Person, and (c) any right to require marshaling of assets. 

  
 5 

 8. No Waiver; Remedies Cumulative. No failure on the part of the Collateral Agent or
any other Secured Party to exercise, and no delay in exercising, any rights hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise
of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 
 9. Conflicts.
In the event of any conflict between this Agreement and any other provision of any Subordinated Intercompany Debt Agreements or any other agreement, instrument or understanding governing the Subordinated Debt, this Agreement shall control to the
extent of such conflict. In the event of any conflict between this Agreement and the Intercreditor Agreement, the Intercreditor Agreement shall control to the extent of such conflict. Without limiting the foregoing, notwithstanding any provision or
requirement in any Subordinated Intercompany Debt Agreement to the contrary, the Parties hereto agree that (a) the Secured Obligations shall rank senior in right of payment and enforcement to any such Subordinated Debt to the extent set forth
in this Agreement and (b) the terms of the Subordinated Debt may be varied pursuant to the express terms of this Agreement. 
 10.
Joinder. Upon the execution and delivery to the Collateral Agent by any Person of a supplement joinder in substantially the form of Annex I or such other form as may be acceptable to the Collateral Agent (each, a
“Joinder”), such Person shall become a “Obligor” hereunder as of the date of such Joinder with the same force and effect as if originally named as a Obligor herein. The execution and delivery of any Joinder shall not
require the consent of any other Obligor hereunder, any Credit Party, the Collateral Agent or any other Secured Party. The rights and obligations of each Obligor hereunder shall remain in full force and effect notwithstanding the addition of any new
Obligor as a party to this Agreement. 
 11. Release. To the extent that any Obligor is designated as an Unrestricted Subsidiary
pursuant to each of the First Lien Documents, the Parent may elect, by written notice to the Collateral Agent, to have such Obligor discharged from all of its obligations and liabilities under this Agreement, so long as (a) the Parent shall be
in compliance with the requirements for designation of Unrestricted Subsidiaries in the First Lien Documents before and after giving effect to such designation and release, and (b) no Default or Event of Default then exists or would be caused
thereby. In addition, any Obligor shall be discharged from all of its obligations and liabilities under this Agreement if it ceases to be a Subsidiary of Parent in a transaction permitted under the terms of the First Lien Documents. Upon such
election in a written notice to the Collateral Agent in the case of the first sentence in this Section 11, and satisfaction of the other conditions specified in the immediately preceding two sentences, as applicable, the
applicable Obligor shall be automatically released from its obligations hereunder without the need for the execution and delivery of any document or instrument by the Collateral Agent or any other Secured Party. Additionally, this Agreement shall
automatically terminate upon the Subordination Discharge Date. 
 12. Continuing Agreement; Termination; Reinstatement. This
Agreement is a continuing agreement and shall remain in full force and effect until the termination of this Agreement, be binding upon each Obligor and their respective successors and assigns, and inure to the benefit of and be enforceable by the
Collateral Agent and the other Secured Parties and its and their respective permitted successors and assigns. This Agreement shall terminate 

  
 6 

 
automatically upon the Subordination Discharge Date. Notwithstanding the foregoing, this Agreement shall continue to be effective or be reinstated, as the case may be, if any payment by or on
behalf of an Obligor is made, or the Collateral Agent or any other Secured Party exercises any right of setoff, in respect of the Secured Obligations and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated,
declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Collateral Agent or any other Secured Party in their discretion) to be repaid to a trustee, receiver or any other party, in
connection with any proceeding under any Debtor Relief Laws or otherwise, all as if such payment had not been made or such setoff had not occurred regardless of any prior revocation, rescission, termination or reduction. 

13. Transfer of Subordinated Debt. Other than an assignment between Restricted Subsidiaries that are Obligors party to this Agreement,
no Obligor may assign or transfer its rights and obligations in respect of the Subordinated Debt (other than in a transaction permitted under the First Lien Documents) without the prior written consent of the Collateral Agent, and any such
assignment without the Collateral Agent’s prior written consent shall be null and void. Any transferee or assignee of any Subordinated Debt, as a condition to acquiring an interest in such Subordinated Debt shall agree to be bound hereby or by
other subordination terms substantially identical to those herein and otherwise acceptable to the Collateral Agent, in a manner satisfactory to the Collateral Agent. 

14. No Novation. For the avoidance of doubt, each Subordinated Intercompany Debt Agreement shall continue on and after execution and
delivery of this Agreement without any novation, discharge, rescission, extinguishment or substitution of the Obligors’ rights and obligations thereunder pursuant to the terms thereof. 

15. Titles and Captions. Titles and captions of Sections, subsections, and clauses in, this Agreement are for convenience only, and
neither limit nor amplify the provisions of this Agreement. 
 16. Severability. Any provision of this Agreement or any other First
Lien Document which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating the remainder of such provision or the remaining
provisions hereof or thereof or affecting the validity or enforceability of such provision in any other jurisdiction. In the event that any provision is held to be so prohibited or unenforceable in any jurisdiction, the Collateral Agent (acting on
behalf of the Secured Parties) and the Obligors shall negotiate in good faith to amend such provision to preserve the original intent thereof in such jurisdiction. 

17. Governing Law and Submission to Jurisdiction. WITH RESPECT TO SECTION 9 AND SECTION 14, THE GOVERNING LAW OF EACH
SUBORDINATED INTERCOMPANY DEBT AGREEMENT SHALL CONTINUE TO APPLY TO SUCH SUBORDINATED INTERCOMPANY DEBT AGREEMENT FOR PURPOSES OF CONSTRUING AND INTERPRETING THE EFFECTS OF THIS AGREEMENT ON SUCH SUBORDINATED INTERCOMPANY DEBT AGREEMENT. EXCEPT WITH
RESPECT TO SECTION 9 AND SECTION 14, THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF 

  
 7 

 
NEW YORK. Each Obligor irrevocably and unconditionally agrees that it will not commence any action, litigation, or proceeding of any kind or description, whether in law or equity, whether in
contract, in tort, or otherwise, against the Collateral Agent or any Related Party of the foregoing in any way relating to this Agreement, any First Lien Document, or any agreement or instrument contemplated hereby or thereby, or the consummation of
the transactions contemplated hereby or thereby, in any forum other than the courts of the State of New York sitting in New York County, and of the United States District Court of the Southern District of New York, and any appellate court from any
thereof, and each of the parties hereto irrevocably and unconditionally submits to the exclusive jurisdiction of such courts and agrees that all claims in respect of any such action, litigation, or proceeding may be heard and determined in such New
York State court or, to the fullest extent permitted by Applicable Law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action, litigation, or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that any Secured Party may otherwise have to bring any action or proceeding relating to this Agreement against any Obligor
or its properties in the courts of any jurisdiction. 
 18. Counterparts. This Agreement may be executed in counterparts (and by
different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement shall become effective when it shall have been executed by the
Collateral Agent and when the Collateral Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by
facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Agreement 

19. Amendments; Waivers. No term of this Agreement may be rescinded, cancelled, amended, waived or modified except by an instrument in
writing signed by the Obligors and the Collateral Agent (acting on behalf of the Secured Parties in accordance with Section 4.02 of the Intercreditor Agreement); provided that, only the signature of a Person joining this Agreement
pursuant to Section 10 shall be required for a Joinder; and provided further that, no signature of any Secured Party shall be required to release a Party pursuant to the provisions of
Section 11, so long as the Parent is in compliance with the requirements set forth in Section 11 at such time. Any waiver of the terms hereof shall be effective only in the specific instance and
for the specific purpose given. 
 20. Notices, Etc. All notices and other communications provided for hereunder, by and between the
Collateral Agent on the one hand and any Obligor on the other hand, shall be given and become effective as provided in Section 7.01 of the Intercreditor Agreement and shall be sent (a) if to any Obligor, to its address specified on
Schedule A attached hereto, as may be updated from time to time by notice to the Collateral Agent, including, in connection with any Joinder, and (b) if to the Collateral Agent, at its address specified in or pursuant to the Intercreditor
Agreement. 
 21. Further Assurances. Each Obligor will, at its expense and at any time and from time to time, promptly execute and
deliver all further instruments and documents, and take all further action, that may be necessary, or that the Collateral Agent may reasonably request, in order to protect any rights or interest granted or purported to be granted hereby or to enable
the Collateral Agent to exercise and enforce its rights and remedies hereunder. 

  
 8 

 22. Third Party Beneficiary; Successors and Assigns. This Agreement shall be binding
upon and inure to the benefit of all Persons who become permitted holders of, or continue to hold, Secured Obligations; and such holders are made third party beneficiaries of this Agreement during the term of this Agreement. Without limiting the
generality of the foregoing clause, each of the Collateral Agent and the other Secured Parties may assign or otherwise transfer in accordance with the express provisions of the First Out Revolving Credit Agreement and the other First Lien Documents
all or any portion of its rights and obligations under the First Out Revolving Credit Agreement or the other First Lien Documents, as applicable (including, without limitation, all or any portion of its commitments under such Facility Agreement and
the Secured Obligations owed to it thereunder), to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to the Collateral Agent and/or the other Secured Parties, as applicable, herein
or otherwise. 
 23. Waiver of Jury. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH
PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER
AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

24. Integration. THIS AGREEMENT, THE FIRST LIEN DOCUMENTS, AND THE OTHER FIRST LIEN DOCUMENTS CONSTITUTE THE ENTIRE CONTRACT AMONG
THE PARTIES RELATING TO THE SUBJECT MATTER HEREOF AND SUPERSEDE ANY AND ALL PREVIOUS AGREEMENTS AND UNDERSTANDINGS, ORAL OR WRITTEN, RELATING TO THE SUBJECT MATTER HEREOF. 

[Remainder of Page Intentionally Left Blank] 

  
 9 

 IN WITNESS WHEREOF, the parties hereto have cause this Agreement to be executed as of the
Effective Date. 
  

			
	PARENT:
	
	DIAMOND OFFSHORE DRILLING, INC.

 
			
		
	By:	 	 

 
			
	Name:
	Title:

 [Signature Page to Agreement as to Master Intercompany Subordiantion Agreement] 

 
			
	SUBSIDIARIES:1
	
	[___]

 
			
		
	By:	 	 

 
			
	Name:
	Title:
	
	[___]

 
			
		
	By:	 	 

 
			
	Name:
	Title:
	
	[___]

 
			
		
	By:	 	 

 
			
	Name:
	Title:
	
	[___]

 
			
		
	By:	 	 

 
			
	Name:
	Title:

  
 1 [NTD: Subject to finalization of list of Restricted Subsidiaries and appropriate signatories.] 

[Signature Page to Agreement as to Master Intercompany Subordiantion Agreement] 

 SCHEDULE A 

NOTICE ADDRESSES 
 OBLIGORS

					
	Obligors                               
                                     	 	 Address:
	 	 [___]

		 		 	 [___]

		 		 	 [___]

		 	Attn:	 	 [___], [___]

		 	 Telephone:
	 	 [___]

		 	Facsimile:	 	 [___]

			
		 	 with a copy to:
	 	
		 	Attn:	 	 [___], [___]

		 	Telephone:	 	 [___]

		 	Facsimile:	 	 [___]

 ANNEX I 

FORM OF SUPPLEMENT JOINDER 

This SUPPLEMENT JOINDER (this “Joinder”), dated as of [__], 202[_], made by [______], a [______] (the “Additional
Obligor”). All capitalized terms not defined herein shall have the meaning ascribed to them in the Master Agreement referred to below. 

W I T N E S E T H: 
 WHEREAS,
Diamond Offshore Drilling, Inc., a Delaware corporation (“Parent”), and certain of its Restricted Subsidiaries are party to that certain Master Intercompany Subordination Agreement, dated as of [___], 2021 (as amended, restated,
amended and restated, supplemented, joined, partially released or otherwise modified from time to time, the “Master Agreement”); 

WHEREAS, in connection with the Master Agreement, the undersigned direct or indirect Restricted Subsidiary of the Parent wishes to join the
Master Agreement as of the date hereof with the same force and effect as if originally named as a Obligor therein and has agreed to execute and deliver this Joinder; and 

WHEREAS, this Joinder is made for the benefit of the Collateral Agent and other Secured Parties under the First Lien Documents, all as
referred to in the Master Agreement. 
 NOW, THEREFORE, IT IS AGREED: 

1. Joinder. By executing and delivering this Joinder, the undersigned Additional Obligor, as provided in Section 10 of the Master
Agreement, hereby (a) agrees to all the terms and provisions of the Master Agreement, and (b) becomes a party to the Master Agreement as an Obligor thereunder with the same force and effect as if originally named therein as an Obligor and,
without limiting the generality of the foregoing, hereby expressly assumes all obligations and liabilities of an Obligor thereunder. Effective as of the date hereof, each reference to an “Obligor” in the Master Agreement shall be deemed to
include the Additional Obligor. The Master Agreement is hereby incorporated herein by reference, and Sections 12, 14, 16, 17, and 23 of the Master Agreement shall apply to this Joinder, mutatis mutandis. Except as expressly supplemented
hereby, the Master Agreement shall remain in full force and effect. 
 2. Miscellaneous. This Joinder may be executed in one or more
counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Joinder by facsimile or other electronic imaging means
(e.g., “pdf” or “tiff”) shall be effective as delivery of a manually executed counterpart of this Joinder. 

 IN WITNESS WHEREOF, the undersigned has caused this Joinder to be executed and delivered as
of the date first above written. 
  

			
	[ADDITIONAL OBLIGOR]

 
			
		
	By:	 	 

 
			
	Name:
	Title:

 [Signature Page to Supplement Joinder]EX-10.1

 Exhibit 10.1 
  

					
		 	Execution Version
			
		 	Published CUSIP Number:	 	G2863YAA8
		 	Term Loan CUSIP Number:	 	G2863YAB6

  
  

 
  

$100,000,000 
 TERM LOAN
AGREEMENT 
 dated as of April 23, 2021, 

among 
 DIAMOND OFFSHORE
DRILLING, INC., 
 as Parent, 

DIAMOND FOREIGN ASSET COMPANY, 

as Borrower, 
 the Lenders referred
to herein, 
 as Lenders, 
 and

 WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Administrative Agent and Collateral Agent, 

WELLS FARGO SECURITIES, LLC,  

BARCLAYS BANK PLC,  

CITIGROUP GLOBAL MARKETS INC.,  

HSBC SECURITIES (USA) INC., 

and 
 TRUIST BANK, 

as Joint Lead Arrangers and Joint Bookrunners 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I     DEFINITIONS
	  	 	1	 
			
	 SECTION 1.1
	 	Definitions	  	 	1	 
	 SECTION 1.2
	 	Other Definitions and Provisions	  	 	51	 
	 SECTION 1.3
	 	Accounting Terms	  	 	51	 
	 SECTION 1.4
	 	UCC Terms	  	 	52	 
	 SECTION 1.5
	 	Rounding	  	 	52	 
	 SECTION 1.6
	 	References to Agreement and Laws	  	 	52	 
	 SECTION 1.7
	 	Times of Day	  	 	52	 
	 SECTION 1.8
	 	Guarantees/Earn-Outs	  	 	52	 
	 SECTION 1.9
	 	Covenant Compliance Generally	  	 	53	 
	 SECTION 1.10
	 	Rates; LIBOR Notification	  	 	53	 
	 SECTION 1.11
	 	Divisions	  	 	53	 
		
	 ARTICLE II     TERM LOAN FACILITY
	  	 	54	 
			
	 SECTION 2.1
	 	Term Loans	  	 	54	 
	 SECTION 2.2
	 	Procedure for Advances of Loans	  	 	54	 
	 SECTION 2.3
	 	Repayment and Prepayment of Loans	  	 	54	 
	 SECTION 2.4
	 	[Reserved	  	 	58	 
	 SECTION 2.5
	 	Termination of Credit Facility	  	 	58	 
	 SECTION 2.6
	 	AHYDO Prepayment	  	 	58	 
		
	 ARTICLE III     [RESERVED
	  	 	58	 
		
	 ARTICLE IV     GENERAL LOAN PROVISIONS
	  	 	58	 
			
	 SECTION 4.1
	 	Interest	  	 	58	 
	 SECTION 4.2
	 	Notice and Manner of Conversion or Continuation of Loans	  	 	60	 
	 SECTION 4.3
	 	Fees	  	 	60	 
	 SECTION 4.4
	 	Manner of Payment	  	 	60	 
	 SECTION 4.5
	 	Evidence of Indebtedness	  	 	61	 
	 SECTION 4.6
	 	Sharing of Payments by Lenders	  	 	61	 
	 SECTION 4.7
	 	Administrative Agent’s Clawback	  	 	62	 
	 SECTION 4.8
	 	Changed Circumstances	  	 	62	 
	 SECTION 4.9
	 	Indemnity	  	 	65	 
	 SECTION 4.10
	 	Increased Costs	  	 	65	 
	 SECTION 4.11
	 	Taxes	  	 	66	 
	 SECTION 4.12
	 	Mitigation Obligations; Replacement of Lenders	  	 	70	 
	 SECTION 4.13
	 	[Reserved	  	 	71	 
	 SECTION 4.14
	 	Defaulting Lenders	  	 	71	 
		
	 ARTICLE V     CONDITIONS OF CLOSING AND BORROWING
	  	 	72	 
			
	 SECTION 5.1
	 	Conditions to Closing and Initial Extensions of Credit	  	 	72	 
	 SECTION 5.2
	 	Conditions to Deemed Funding of Loans	  	 	80	 
		
	 ARTICLE VI     REPRESENTATIONS AND WARRANTIES OF THE CREDIT
PARTIES
	  	 	81	 
			
	 SECTION 6.1
	 	Organization; Power; Qualification	  	 	81	 
	 SECTION 6.2
	 	Ownership	  	 	81	 
	 SECTION 6.3
	 	Authorization; Enforceability	  	 	81	 

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 SECTION 6.4
	 	Compliance of Agreement, Loan Documents and Borrowing with Laws, Etc	  	 	82	 
	 SECTION 6.5
	 	Compliance with Law; Governmental Approvals	  	 	82	 
	 SECTION 6.6
	 	Tax Returns and Payments	  	 	82	 
	 SECTION 6.7
	 	Intellectual Property Matters	  	 	83	 
	 SECTION 6.8
	 	Environmental Matters	  	 	83	 
	 SECTION 6.9
	 	Employee Benefit Matters	  	 	84	 
	 SECTION 6.10
	 	Margin Stock	  	 	84	 
	 SECTION 6.11
	 	Government Regulation	  	 	85	 
	 SECTION 6.12
	 	Material Contracts	  	 	85	 
	 SECTION 6.13
	 	Employee Relations	  	 	85	 
	 SECTION 6.14
	 	Financial Statements	  	 	85	 
	 SECTION 6.15
	 	No Material Adverse Change	  	 	85	 
	 SECTION 6.16
	 	Solvency	  	 	86	 
	 SECTION 6.17
	 	Title to Properties	  	 	86	 
	 SECTION 6.18
	 	Litigation	  	 	86	 
	 SECTION 6.19
	 	Anti-Corruption Laws; Anti-Money Laundering Laws and Sanctions	  	 	86	 
	 SECTION 6.20
	 	Absence of Defaults	  	 	87	 
	 SECTION 6.21
	 	Senior Indebtedness Status	  	 	87	 
	 SECTION 6.22
	 	Disclosure; Beneficial Ownership Certification	  	 	87	 
	 SECTION 6.23
	 	Mortgaged Rigs and Operators	  	 	87	 
	 SECTION 6.24
	 	Insurance	  	 	87	 
	 SECTION 6.25
	 	Security Documents	  	 	87	 
	 SECTION 6.26
	 	No Immunity	  	 	88	 
	 SECTION 6.27
	 	Accounts	  	 	88	 
	 SECTION 6.28
	 	Other Indebtedness and/or Liens	  	 	88	 
		
	 ARTICLE VII     AFFIRMATIVE COVENANTS
	  	 	88	 
			
	 SECTION 7.1
	 	Financial Statements and Forecasts	  	 	88	 
	 SECTION 7.2
	 	Certificates; Other Reports and Notices	  	 	89	 
	 SECTION 7.3
	 	Notice of Certain Matters	  	 	92	 
	 SECTION 7.4
	 	Preservation of Corporate Existence and Related Matters	  	 	94	 
	 SECTION 7.5
	 	Maintenance of Property and Licenses	  	 	94	 
	 SECTION 7.6
	 	Classification and Operation of Rigs	  	 	95	 
	 SECTION 7.7
	 	Insurance	  	 	96	 
	 SECTION 7.8
	 	Books and Records	  	 	96	 
	 SECTION 7.9
	 	Payment of Taxes and Other Obligations	  	 	96	 
	 SECTION 7.10
	 	Compliance with Laws and Approvals	  	 	96	 
	 SECTION 7.11
	 	Environmental Laws	  	 	96	 
	 SECTION 7.12
	 	Compliance with ERISA	  	 	96	 
	 SECTION 7.13
	 	[Reserved]	  	 	97	 
	 SECTION 7.14
	 	Guaranty and Collateral Matters	  	 	97	 
	 SECTION 7.15
	 	Visits and Inspections	  	 	102	 
	 SECTION 7.16
	 	Use of Proceeds	  	 	102	 
	 SECTION 7.17
	 	Compliance with Anti-Corruption Laws; Beneficial Ownership Regulation, Anti-Money Laundering Laws and Sanctions	  	 	103	 
	 SECTION 7.18
	 	Intercompany Subordination Agreement	  	 	103	 
	 SECTION 7.19
	 	Accounts; Drilling Contracts and Rig Operator Contracts	  	 	103	 
	 SECTION 7.20
	 	Further Assurances	  	 	105	 
	 SECTION 7.21
	 	Post-Closing Matters	  	 	105	 
	 SECTION 7.22
	 	Credit Rating	  	 	105	 

  
 -ii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
		
	 ARTICLE VIII     NEGATIVE COVENANTS
	  	 	106	 
			
	 SECTION 8.1
	 	Indebtedness	  	 	106	 
	 SECTION 8.2
	 	Liens	  	 	108	 
	 SECTION 8.3
	 	Investments	  	 	111	 
	 SECTION 8.4
	 	Fundamental Changes	  	 	112	 
	 SECTION 8.5
	 	Asset Dispositions	  	 	113	 
	 SECTION 8.6
	 	Restricted Payments	  	 	115	 
	 SECTION 8.7
	 	Transactions with Affiliates	  	 	116	 
	 SECTION 8.8
	 	Accounting Changes; Organizational Documents; Legal Name	  	 	116	 
	 SECTION 8.9
	 	Payments and Modifications of Other Indebtedness	  	 	117	 
	 SECTION 8.10
	 	No Further Negative Pledges; Restrictive Agreements	  	 	118	 
	 SECTION 8.11
	 	Nature of Business	  	 	119	 
	 SECTION 8.12
	 	Amendments of Other Documents	  	 	119	 
	 SECTION 8.13
	 	Sale Leasebacks	  	 	119	 
	 SECTION 8.14
	 	Use of Proceeds	  	 	120	 
	 SECTION 8.15
	 	[Reserved	  	 	120	 
	 SECTION 8.16
	 	Accounts	  	 	120	 
	 SECTION 8.17
	 	Change of Ownership or Operator of any Rig; Change of Registered Flag Registry of Rigs	  	 	120	 
	 SECTION 8.18
	 	Designation and Redesignation of Restricted and Unrestricted Subsidiaries; Indebtedness of Unrestricted Subsidiaries	  	 	121	 
		
	 ARTICLE IX     DEFAULT AND REMEDIES
	  	 	122	 
			
	 SECTION 9.1
	 	Events of Default	  	 	122	 
	 SECTION 9.2
	 	Remedies	  	 	124	 
	 SECTION 9.3
	 	Rights and Remedies Cumulative; Non-Waiver; etc	  	 	124	 
	 SECTION 9.4
	 	Crediting of Payments and Proceeds	  	 	125	 
	 SECTION 9.5
	 	Administrative Agent and Collateral Agent May File Proofs of Claim	  	 	126	 
	 SECTION 9.6
	 	Credit Bidding	  	 	126	 
		
	 ARTICLE X     THE ADMINISTRATIVE AGENT
	  	 	127	 
			
	 SECTION 10.1
	 	Appointment and Authority	  	 	127	 
	 SECTION 10.2
	 	Rights as a Lender	  	 	128	 
	 SECTION 10.3
	 	Exculpatory Provisions	  	 	128	 
	 SECTION 10.4
	 	Reliance by the Administrative Agent and Collateral Agent	  	 	129	 
	 SECTION 10.5
	 	Delegation of Duties	  	 	130	 
	 SECTION 10.6
	 	Resignation of Administrative Agent	  	 	130	 
	 SECTION 10.7
	 	Non-Reliance on Administrative Agent, Collateral Agent and Other Lenders	  	 	131	 
	 SECTION 10.8
	 	No Other Duties, Etc	  	 	132	 
	 SECTION 10.9
	 	Collateral and Guaranty Matters	  	 	132	 
	 SECTION 10.10
	 	[Reserved	  	 	134	 
	 SECTION 10.11
	 	Certain ERISA Matters	  	 	134	 
	 SECTION 10.12
	 	Erroneous Payments	  	 	135	 

  

  
 -iii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
		
	 ARTICLE XI     MISCELLANEOUS
	  	 	136	 
			
	 SECTION 11.1
	 	Notices	  	 	136	 
	 SECTION 11.2
	 	Amendments, Waivers, and Consents	  	 	138	 
	 SECTION 11.3
	 	Expenses; Indemnity	  	 	140	 
	 SECTION 11.4
	 	Right of Setoff	  	 	142	 
	 SECTION 11.5
	 	Governing Law; Jurisdiction, Etc	  	 	143	 
	 SECTION 11.6
	 	Waiver of Jury Trial	  	 	143	 
	 SECTION 11.7
	 	Reversal of Payments	  	 	143	 
	 SECTION 11.8
	 	Injunctive Relief	  	 	144	 
	 SECTION 11.9
	 	Successors and Assigns; Participations	  	 	144	 
	 SECTION 11.10
	 	Treatment of Certain Information; Confidentiality	  	 	149	 
	 SECTION 11.11
	 	Performance of Duties	  	 	150	 
	 SECTION 11.12
	 	All Powers Coupled with Interest	  	 	150	 
	 SECTION 11.13
	 	Survival	  	 	151	 
	 SECTION 11.14
	 	Titles and Captions	  	 	151	 
	 SECTION 11.15
	 	Severability of Provisions	  	 	151	 
	 SECTION 11.16
	 	Counterparts; Integration; Effectiveness; Electronic Execution	  	 	151	 
	 SECTION 11.17
	 	Term of Agreement	  	 	152	 
	 SECTION 11.18
	 	USA PATRIOT Act; Anti-Money Laundering Laws	  	 	152	 
	 SECTION 11.19
	 	Judgment Currency	  	 	152	 
	 SECTION 11.20
	 	Independent Effect of Covenants	  	 	153	 
	 SECTION 11.21
	 	No Advisory or Fiduciary Responsibility	  	 	153	 
	 SECTION 11.22
	 	Appointment of Process Agent	  	 	154	 
	 SECTION 11.23
	 	Inconsistencies with Other Documents	  	 	154	 
	 SECTION 11.24
	 	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	  	 	154	 
	 SECTION 11.25
	 	Acknowledgement Regarding Any Supported QFCs	  	 	155	 
	 SECTION 11.26
	 	Intercreditor Matters	  	 	156	 

  

  
 -iv- 

					
	 ANNEXES

	Annex I	 	-	 	Agreed Security Principles
			
	SCHEDULES	 		 	
	Schedule 1.1(a)	 	-	 	Loans and Pro Rata Shares
	Schedule 1.1(c)	 	-	 	Closing Date Rigs
	Schedule 1.1(d)	 	-	 	Closing Date Rig Subsidiaries
	Schedule 1.1(e)	 	-	 	Closing Date Subsidiary Guarantors
	Schedule 6.1	 	-	 	Jurisdictions of Organization and Qualification and Subsidiary Guarantors
	Schedule 6.2	 	-	 	Subsidiaries and Capitalization
	Schedule 6.6	 	-	 	Tax Matters
	Schedule 6.12	 	-	 	Material Contracts
	Schedule 6.13	 	-	 	Labor and Collective Bargaining Agreements
	Schedule 6.17	 	-	 	Real Property
	Schedule 6.18	 	-	 	Litigation
	Schedule 6.27	 	-	 	Accounts
	Schedule 7.7	 	-	 	Insurance
	Schedule 7.21	 	-	 	Post-Closing Matters
	Schedule 8.3	 	-	 	Existing Loans, Advances and Investments
	Schedule 8.7	 	-	 	Transactions with Affiliates
			
	EXHIBITS	 		 	
	Exhibit A	 	-	 	Form of Note
	Exhibit B	 	-	 	Form of Notice of Borrowing
	Exhibit D	 	-	 	Form of Notice of Prepayment
	Exhibit E	 	-	 	Form of Notice of Conversion/Continuation
	Exhibit F	 	-	 	Form of Compliance Certificate
	Exhibit G	 	-	 	Form of Assignment and Assumption
	Exhibit H-1	 	-	 	Form of U.S. Tax Compliance Certificate (Non-Partnership Foreign Lenders)
	Exhibit H-2	 	-	 	Form of U.S. Tax Compliance Certificate (Non-Partnership Foreign Participants)
	Exhibit H-3	 	-	 	Form of U.S. Tax Compliance Certificate (Foreign Participant Partnerships)
	Exhibit H-4	 	-	 	Form of U.S. Tax Compliance Certificate (Foreign Lender Partnerships)
	Exhibit K	 	-	 	Form of Affiliated Lender Assignment and Assumption
	Exhibit L	 		 	Form of Perfection Certificate
	Exhibit M	 		 	Form of Intercompany Subordination Agreement

  

  
 -v- 

 TERM LOAN AGREEMENT dated as of April 23, 2021, among DIAMOND OFFSHORE DRILLING, INC.,
a Delaware corporation, as Parent, DIAMOND FOREIGN ASSET COMPANY, a Cayman Islands exempted company limited by shares, as Borrower, the lenders party hereto from time to time, as Lenders, and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national
banking association, as Administrative Agent for the Lenders and as Collateral Agent for the Secured Parties. 
 STATEMENT OF PURPOSE

 WHEREAS, the Borrower has requested, and subject to the terms and conditions set forth in this Agreement, the Lenders have agreed to
extend, a term loan facility to the Borrower. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged by the parties hereto, such parties hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 
 SECTION 1.1
Definitions. The following terms when used in this Agreement shall have the meanings assigned to them below: 
 “Acceptable
Appraisal” means a third-party desktop appraisal conducted by an Approved Firm, in form and detail, and of a type, and with assumptions and methodology, in each case, reasonably satisfactory to the Administrative Agent; provided that, with
respect to any “idle” Rig, such appraisal shall not be required to discount the value of such Rig as a result of its “idle” status (and, in the case of the appraisal delivered on the Closing Date, shall not take into account the
discounts for idleness contemplated in the definition of “Rig Value”), but shall set forth the estimated reactivation costs of such “idle” Rig (other than for any “idle” Rig for which the Rig Value is required to be $0
in accordance with the definition thereof). 
 “Acceptable Classification Society” means any of DNV, Lloyds Register,
American Bureau of Shipping (ABS) and Bureau Veritas, or any other first class vessel classification society that is a member of the International Association of Classification Societies and is reasonably satisfactory to the Administrative Agent.

 “Acceptable Commitment” has the meaning assigned thereto in Section 2.3(b)(i)(A). 

“Acceptable Security Interest” means, with respect to any Property, a Lien which (a) exists in favor of the Collateral
Agent for the benefit of the Secured Parties, (b) is superior to all Liens or rights of any other Person in the Property encumbered thereby, other than Specified Permitted Liens, (c) secures the Secured Obligations, (d) is
enforceable, except as such enforceability may be limited by any applicable Debtor Relief Laws, (e) other than as to Excluded Perfection Collateral, is perfected (or the equivalent under the Applicable Law of any non-U.S. jurisdiction with
respect to applicable non-U.S. security interests), and (f) is subject to the Intercreditor Agreement. 
 “Account Control
Agreement” means, as to any deposit account, securities account, and commodity account of any Credit Party or any of its Restricted Subsidiaries held with a bank or other financial institution or securities or commodity intermediary, as
applicable, an agreement in form and substance satisfactory to the Administrative Agent and the Collateral Agent, among the Credit Party or such Restricted Subsidiary owning such account, the Collateral Agent, and the bank or other financial
institution or securities or commodity intermediary that maintains or otherwise holds such account. 

 “Acquisition” means any acquisition, or any series of related acquisitions,
consummated on or after the date of this Agreement, by which any Credit Party or any of its Restricted Subsidiaries (a) acquires any business or all or substantially all of the assets of any Person, or business unit, line of business, or
division thereof, whether through purchase of assets, exchange, issuance of stock, or other equity or debt securities, merger, reorganization, amalgamation, division, or otherwise or (b) directly or indirectly acquires (in one transaction or as
the most recent transaction in a series of transactions) at least a majority (in number of votes) of the securities of a corporation which have ordinary voting power for the election of members of the board of directors or the equivalent governing
body (other than securities having such power only by reason of the happening of a contingency) or a majority (by percentage or voting power) of the outstanding ownership interests of a partnership or limited liability company. 

“Acquisition EBITDA Adjustments” means, with respect to the calculation of Consolidated EBITDA as of any date of
determination: 
 (a) solely in connection with calculating Consolidated EBITDA for the purposes of any incurrence test in
connection with any Permitted Acquisition or similar permitted Investment, the amount of Consolidated EBITDA forecasted to be attributable to such Rig(s) contemplated to be acquired pursuant to such transaction for the first 12-month period
following the consummation of the applicable Permitted Acquisition or similar investment, based solely on contracts which, as of the date such Permitted Acquisition or other similar permitted Investment is to be consummated, (i) have commenced
or have an estimated contract start date (as determined in good faith by the Parent as of such date) that is no later than the six-month anniversary of the date of such consummation and (ii) have a remaining term of at least one (1) year
from the date of such consummation (such amount to be determined in good faith by the Parent based on customer contracts relating to such transaction, projected revenues from such contracts, capital costs and expenses, scheduled Commercial Operation
Date, contractual limitations on distributions and other factors and assumptions believed by the Parent to be reasonable or appropriate at the time); and 

(b) otherwise with respect to any Rig(s) acquired or constructed after the date hereof during any Reference Period (and
notwithstanding any restatement of the consolidated financial statements of the Parent or any direct or indirect parent of the Parent in connection with any such acquisition), an amount equal to the lesser of (i) the Consolidated EBITDA that
would have been attributable to such Rig(s) if such Rig(s) had been acquired, or completed and delivered, on the first day of the four-quarter period mostly recently ended prior to the consummation of such transaction, determined on a historical pro
forma basis and (ii) an amount determined by the Parent, in the same manner as set forth in the foregoing clause (a), as the Consolidated EBITDA forecasted to be attributable to such Rig(s) for the balance of the four full fiscal quarter
period following the consummation of such transaction. 
 Notwithstanding the foregoing, no such additions shall be allowed pursuant to the
foregoing clause (a) or (b) unless the Parent shall have delivered to the Administrative Agent a certificate of a Responsible Officer setting forth (i) the Parent’s determination of Acquisition EBITDA Adjustments,
(ii) the applicable scheduled Commercial Operation Date, and (iii) a summary of cash distributions projected to be received by the Parent or a Restricted Subsidiary from, or the Consolidated EBITDA otherwise attributable to, the applicable
Rig(s), along with a reasonably detailed explanation of the basis therefor. 
 “Additional Last Out Notes” means any
additional secured notes issued pursuant to the Last Out Notes Indenture following the Closing Date. 

  
 -2- 

 “Additional Subject Jurisdiction” means any jurisdiction (other than any
Initial Subject Jurisdiction) in which (a) a Required Guarantor (i) is incorporated, organized, or formed, or (ii) has material operations or owns any Property, but only, in the case of this clause (ii), if the value of all
Property (excluding Excluded Property, Rigs and intercompany claims owing to Credit Parties) that is owned by any Required Guarantor in such jurisdiction that is reasonably capable of becoming Collateral exceeds $5,000,000 or (b) a Rig is
flagged. 
 “Additional Subsidiary Event” has the meaning assigned thereto in Section 7.14(b). 

“Administrative Agent” means Wells Fargo, in its capacity as Administrative Agent hereunder, and any successor thereto
(including any successor appointed pursuant to Section 10.6). 
 “Administrative Agent’s Office” means the
office of the Administrative Agent specified in or determined in accordance with the provisions of Section 11.1(c). 

“Administrative Questionnaire” means an administrative questionnaire in a form supplied by the Administrative Agent. 

“Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution. 

“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 
 “Affiliated Lender Assignment
and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 11.9) that meets the requirements of the definition of
“Affiliated Lender,” and accepted by the Administrative Agent, in substantially the form attached as Exhibit K or any other form approved by the Administrative Agent. 

“Affiliated Lenders” means, collectively, (a) any Lender that is (or whose Affiliate is) a direct or indirect holder of
Equity Interests of the Parent, or (b) any Affiliate of the Parent; provided that, at no time shall the Parent, the Borrower, or any direct or indirect Subsidiary of the Parent be an Affiliated Lender. 

“Agent Parties” has the meaning assigned thereto in Section 11.1(e). 

“Agreed Security Principles” means the principles set forth on Annex I. 

“Agreement” means this Term Loan Agreement, as amended, restated, amended and restated, supplemented, or otherwise modified
from time to time. 
 “Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction from time to time
concerning or relating to bribery or corruption, including the United States Foreign Corrupt Practices Act of 1977 and the rules and regulations thereunder and the U.K. Bribery Act 2010 and the rules and regulations thereunder. 

“Anti-Money Laundering Laws” means any and all laws, statutes, regulations, or obligatory government orders, decrees,
ordinances, or rules related to terrorism financing, money laundering, any predicate crime to money laundering, or any financial record keeping, including any applicable provision of the PATRIOT Act and The Currency and Foreign Transactions
Reporting Act (also known as the “Bank Secrecy Act,” 31 U.S.C. §§ 5311-5330 and 12 U.S.C. §§ 1818(s), 1820(b) and 1951-1959). 

  
 -3- 

 “Applicable Creditor” has the meaning assigned thereto in
Section 11.19. 
 “Applicable Law” means all applicable provisions of constitutions, laws, statutes,
ordinances, rules, treaties, regulations, permits, licenses, approvals, interpretations, and orders of Governmental Authorities and all orders and decrees of all courts and arbitrators. 

“Applicable Margin” means (a) if the Borrower has not delivered a PIK Election pursuant to Section 4.1(a),
the Cash Applicable Margin, (b) if a Partial PIK Election has been delivered by the Borrower pursuant to Section 4.1(a), the Partial PIK Applicable Margin, and (c) if a Full PIK Election has been delivered by the Borrower
pursuant to Section 4.1(a), the Full PIK Applicable Margin. 
 “Approved Firm” means any of (a) Clarkson
Valuations Limited, (b) Fearnley Offshore Supply Pte. Ltd., (c) Bassoe Offshore, (d) Arctic Offshore, (e) Pareto Offshore, (f) any successor or affiliated ship broker of those ship brokers listed in clauses
(a) – (e), and (g) any other similarly qualified, independent ship broker that is not an Affiliate of the Parent, the Borrower, or any Subsidiary, and is mutually agreed upon by the Parent and the Administrative Agent;
provided that at least one Acceptable Appraisal per semi-annual appraisal cycle as required by Section 7.2(d) shall be provided by one of the ship brokers listed in clauses (a) – (c) above. 

“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender, or
(c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Arrangers” means Wells Fargo
Securities, LLC, Barclays Bank PLC, Citigroup Global Markets Inc., HSBC Securities (USA) Inc., and Truist Bank, each in its capacity as joint lead arranger and joint bookrunner. 

“Asset Disposition” means the sale, transfer, license, lease, or other disposition of any Property (including any sale and
leaseback transaction, any Insurance and Condemnation Event, and any division, merger, or disposition of Equity Interests), whether in a single transaction or a series of related transactions, by any Credit Party or any Restricted Subsidiary
thereof, and any issuance of Equity Interests by any Restricted Subsidiary of the Parent to any Person that is not a Credit Party or any Restricted Subsidiary thereof. 

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the
consent of any party whose consent is required by Section 11.9) that is not an Affiliated Lender, and accepted by the Administrative Agent, in substantially the form attached as Exhibit G or any other form approved by the
Administrative Agent. 
 “Attributable Indebtedness” means, on any date of determination, (a) in respect of any
Capital Lease Obligation of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease, the capitalized amount or
principal amount of the remaining lease payments under the relevant lease that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a Capital Lease Obligation. 

“Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable,
(x) if the then-current Benchmark is a term rate, any tenor for such Benchmark or (y) otherwise, any payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be used for determining the length
of an Interest Period pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to
Section 4.8(c)(iv). 

  
 -4- 

 “Bail-In Action” means the exercise of any Write-Down and Conversion Powers
by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution. 
 “Bail-In
Legislation” means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement
for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law,
regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency
proceedings). 
 “Bankruptcy Code” means 11 U.S.C. §§ 101 et seq. 

“Bankruptcy Court” means the United States Bankruptcy Court for the Southern District of Texas. 

“Base Rate” means, at any time, the highest of (a) the Prime Rate, (b) the Federal Funds Rate plus 0.50%,
and (c) LIBOR for an Interest Period of one month plus 1.0%; each change in the Base Rate shall take effect simultaneously with the corresponding change or changes in the Prime Rate, the Federal Funds Rate, or LIBOR (provided that
clause (c) shall not be applicable during any period in which LIBOR is unavailable or unascertainable). Notwithstanding the foregoing, if the Base Rate would be less than two percent (2%) at any date of determination, such rate
shall be deemed to be two percent (2%) for purposes of such determination. 
 “Base Rate Loan” means any Loan bearing
interest at a rate based upon the Base Rate as provided in Section 4.1(a). 
 “Benchmark” means, initially, USD
LIBOR; provided that if a Benchmark Transition Event, a Term SOFR Transition Event, or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred with respect to USD LIBOR or the then-current Benchmark,
then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 4.8(c)(i). 

“Benchmark Replacement” means, for any Available Tenor, 

(a) with respect to any Benchmark Transition Event or Early Opt-in Election, the first alternative set forth in the order below
that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date: 
 (i) the sum of:
(A) Term SOFR and (B) the related Benchmark Replacement Adjustment; 
 (ii) the sum of: (A) Daily Simple SOFR
and (B) the related Benchmark Replacement Adjustment; 
 (iii) the sum of: (A) the alternate benchmark rate that
has been selected by the Administrative Agent and the Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark
rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for
Dollar-denominated syndicated credit facilities at such time and (B) the related Benchmark Replacement Adjustment; or 

  
 -5- 

 (b) with respect to any Term SOFR Transition Event, the sum of (i) Term
SOFR and (ii) the related Benchmark Replacement Adjustment; 
 provided that, (i) in the case of clause (a)(1), if the
Administrative Agent decides that Term SOFR is not administratively feasible for the Administrative Agent, then Term SOFR will be deemed unable to be determined for purposes of this definition and (ii) in the case of clause (a)(1) or
clause (b) of this definition, the applicable Unadjusted Benchmark Replacement is displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable
discretion. If the Benchmark Replacement as determined pursuant to clause (a)(1), (a)(2), or (a)(3) or clause (b) of this definition would be less than the Floor, the Benchmark Replacement will be deemed to be the
Floor for the purposes of this Agreement and the other Loan Documents. 
 “Benchmark Replacement Adjustment” means, with
respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement: 

(a) for purposes of clauses (a)(1) and (a)(2) of the definition of “Benchmark Replacement,” the first
alternative set forth in the order below that can be determined by the Administrative Agent: 
 (i) the spread adjustment, or
method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has been selected or recommended by the
Relevant Governmental Body for the replacement of such Available Tenor of such Benchmark with the applicable Unadjusted Benchmark Replacement; 

(ii) the spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark
Replacement is first set for such Interest Period that would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions to be effective upon an index cessation event with respect to such Available Tenor of such
Benchmark; 
 (b) for purposes of clause (a)(3) of the definition of “Benchmark Replacement,” the spread
adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection
or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Available Tenor of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant
Governmental Body on the applicable Benchmark Replacement Date or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement
of such Available Tenor of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities; and 

(c) for purposes of clause (b) of the definition of “Benchmark Replacement,” the spread adjustment, or method
for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has been selected or recommended by the
Relevant Governmental Body for the replacement of such Available Tenor of USD LIBOR with a SOFR-based rate; 

  
 -6- 

 provided that, (x) in the case of clause (1) above, such adjustment is displayed on
a screen or other information service that publishes such Benchmark Replacement Adjustment from time to time as selected by the Administrative Agent in its reasonable discretion and (y) if the then-current Benchmark is a term rate, more than
one tenor of such Benchmark is available as of the applicable Benchmark Replacement Date and the applicable Unadjusted Benchmark Replacement that will replace such Benchmark in accordance with Section 4.8(c)(i) will not be a term rate,
the Available Tenor of such Benchmark for purposes of this definition of “Benchmark Replacement Adjustment” shall be deemed to be, with respect to each Unadjusted Benchmark Replacement having a payment period for interest calculated with
reference thereto, the Available Tenor that has approximately the same length (disregarding business day adjustments) as such payment period. 

“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or
operational changes (including changes to the definition of “Base Rate,” the definition of “Business Day,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest,
timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative, or operational matters) that the Administrative Agent decides
may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative
Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner
of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents). 

“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:

 (a) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,”
the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or
indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); 
 (b) in the case of
clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein; 

(c) in the case of a Term SOFR Transition Event, the date that is thirty (30) days after the Administrative Agent has
provided the Term SOFR Notice to the Lenders and the Borrower pursuant to Section 4.8(c)(i)(B); or 
 (d) in the
case of an Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, so long as the Administrative Agent has not received, by 5:00 p.m. on the fifth (5th) Business
Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising the Required Lenders. 

  
 -7- 

 For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on
the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark Replacement
Date” will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available
Tenors of such Benchmark (or the published component used in the calculation thereof). 
 “Benchmark Transition
Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:  

(a) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published
component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely; provided that, at the time of
such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); 

(b) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or
the published component used in the calculation thereof), the FRB, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction
over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such
Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there is no
successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or 

(c) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or
the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer representative. 

For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or
publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof). 

“Benchmark Unavailability Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date
pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with
Section 4.8(c) and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 4.8(c). 

“Beneficial Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial
Ownership Regulation. 
 “Beneficial Ownership Regulation” means 31 CFR § 1010.230. 

  
 -8- 

 “Benefit Plan” means any of (a) an “employee benefit plan”
(as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code, or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for
purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”. 

“BOP Lease Agreement” means that certain Lease Agreement, dated as of February 5, 2016, between Diamond Offshore Limited
and EFS BOP, LLC, as amended by that certain Amendment to Lease Agreement dated as of March 31, 2021. 
 “Borrower”
means Diamond Foreign Asset Company, a Cayman Islands exempted company limited by shares. 
 “Borrower Materials” has the
meaning assigned thereto in Section 7.2. 
 “Business Day” means (a) for all purposes other than as set
forth in clause (b) below, any day (other than a Saturday, Sunday or legal holiday) on which banks in Houston, Texas and New York, New York, are open for the conduct of their commercial banking business and (b) with respect to all
notices and determinations in connection with, and payments of principal and interest on, any LIBOR Rate Loan, or any Base Rate Loan as to which the interest rate is determined by reference to LIBOR, any day that is a Business Day described in
clause (a) and that is also a London Banking Day. 
 “Capital Expenditures” means, with respect to the Parent
and its Restricted Subsidiaries on a Consolidated basis, for any period, (a) the additions to property, plant, and equipment and other capital expenditures that are (or would be) set forth in a Consolidated statement of cash flows of such
Person for such period prepared in accordance with GAAP and (b) Capital Lease Obligations during such period, but excluding expenditures for the restoration, repair, or replacement of any fixed or capital asset which was destroyed or damaged,
in whole or in part, to the extent financed by the proceeds of an insurance policy maintained by such Person. 
 “Capital Lease
Obligations” of any Person means, subject to Section 1.3(b), the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a
combination thereof, which obligations are required to be classified and accounted for as finance leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in
accordance with GAAP. 
 “Cash Applicable Margin” means (a) with respect to a LIBOR Rate Loan, 6.00%, and
(b) with respect to a Base Rate Loan, 5.00%. 
 “Cash Equivalents” means, collectively, (a) marketable direct
obligations issued or unconditionally guaranteed by the United States or any agency thereof to the extent such obligations are backed by the full faith and credit of the United States, in each case maturing within one (1) year from the date of
acquisition thereof, (b) commercial paper maturing no more than two hundred seventy (270) days from the date of creation thereof and currently having the highest rating obtainable from either S&P or Moody’s (or, if at any time
either S&P or Moody’s are not rating such fund, an equivalent rating from another nationally recognized statistical rating agency), (c) investments in certificates of deposit, banker’s acceptances, money market deposits and time
deposits maturing within one hundred eighty (180) days from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial bank organized
under the laws of the United States of America or any State thereof that has a combined capital and surplus and undivided profits of not less than $500,000,000 and having a long-term debt rating of “A” or better by S&P or
“A2” or better from Moody’s (or, if at any time either S&P or Moody’s are not rating such fund, an equivalent rating from another 

  
 -9- 

 
nationally recognized statistical rating agency), (d) investments in any money market fund or money market mutual fund that has (i) substantially all of its assets invested in the types
of investments referred to in clauses (a) through (c) above, (ii) net assets of not less than $250,000,000, and (iii) a rating of at least A-2 from S&P or at least P-2 from Moody’s (or, if at any time
either S&P or Moody’s are not rating such fund, an equivalent rating from another nationally recognized statistical rating agency), and (e) substantially equivalent investments to those outlined in clauses (a) through
(d) above which are reasonably comparable in tenor and credit quality (taking into account the jurisdiction where the Parent and its Restricted Subsidiaries conduct business) and customarily used in the ordinary course of business by
similar companies for cash management purposes in any jurisdiction in which such Person conducts business (it being understood that such investments may be denominated in the currency of any jurisdiction in which such Person conducts business). 

“Cash Management Agreement” means any agreement to provide cash management services, including treasury, depository,
overdraft, credit or debit card (including non-card electronic payables and purchasing cards), electronic funds transfer, and other cash management arrangements. 

“Certificated Securities” has the meaning assigned thereto in the Security Agreement. 

“Change in Control” means an event or series of events by which: 

(a) prior to a Permitted Holdco Event and following the occurrence of a Permitted Holdco Event, whenever the conditions set
forth in the definition of “Permitted Holdco Event” cease to be satisfied, (i) any “person” or related Persons constituting a “group” (as such terms are used in Rule 13d-5 under the Exchange Act) (other than
Pacific Investment Management Company LLC or Avenue Capital Management II, L.P., their respective Affiliates, and/or funds controlled by Pacific Investment Management Company LLC or Avenue Capital Management II, L.P. or any of their Affiliates)
becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a “person” or “group” shall be deemed to have “beneficial ownership” of all Equity Interests that such
“person” or “group” has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 50% of voting power of the ordinary shares of the Parent,
(ii) a majority of the members of the board of directors (or equivalent governing body) of the Parent shall not constitute Continuing Directors, (iii) there shall have occurred under any document evidencing or governing any Material
Indebtedness any “change in control” or similar provision (as set forth in such document), or (iv) the Parent shall cease to own directly or indirectly, 100% of the Equity Interests of the Borrower or any other Credit Party, or 

(b) on and after a Permitted Holdco Event, for so long as the conditions set forth in the definition of “Permitted Holdco
Event” continue to be satisfied: (i) any “person” or related Persons constituting a “group” (as such terms are used in Rule 13d-5 under the Exchange Act) (other than Pacific Investment Management Company LLC or Avenue
Capital Management II, L.P., their respective Affiliates, and/or funds controlled by Pacific Investment Management Company LLC or Avenue Capital Management II, L.P. or any of their Affiliates) becomes the “beneficial owner” (as defined in
Rules 13d-3 and 13d-5 under the Exchange Act, except that a “person” or “group” shall be deemed to have “beneficial ownership” of all Equity Interests that such “person” or “group” has the right to
acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 50% of voting power of the ordinary shares of the Permitted Holdco, (ii) a majority of the members of the board of
directors (or equivalent governing body) of the Permitted Holdco shall not constitute Continuing Directors, (iii) there shall have occurred under any document evidencing or governing any Material Indebtedness any “change in control”
or similar provision (as set forth in such document), (iv) the Parent shall cease to own, directly or indirectly, 100% of the Equity Interests of the Borrower or any other Credit Party, or (v) the Permitted Holdco shall cease to own,
directly or indirectly, 100% of the Equity Interests of the Parent; 

  
 -10- 

 provided that, the occurrence of a Permitted Holdco Event shall not constitute a Change in Control.

 “Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or
taking effect of any law, rule, regulation, or treaty, (b) any change in any law, rule, regulation, or treaty or in the administration, interpretation, implementation, or application thereof by any Governmental Authority, or (c) the making
or issuance of any request, rule, guideline, or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and
Consumer Protection Act and all requests, rules, guidelines, requirements, or directives thereunder or issued in connection therewith or in implementation thereof and (ii) all requests, rules, guidelines, requirements, or directives promulgated
by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to
be a “Change in Law,” regardless of the date enacted, adopted, implemented, or issued. 
 “Chapter 11 Cases”
means the chapter 11 cases of the Parent and certain of its Subsidiaries jointly administered as Bankruptcy Case No. 20-32307 before the Bankruptcy Court. 

“Closing Date” means the date of this Agreement. 

“Closing Date Material Adverse Effect” means any event, change, effect, occurrence, development, circumstance or change of
fact occurring or existing that, individually or in the aggregate, has had, or would reasonably be expected to have, a material adverse effect on (i) the business, assets, properties, operations, liabilities (actual or contingent) or condition
(financial or otherwise) of the Credit Parties, taken as a whole, or (ii) the Borrower’s ability, individually, or the ability of the Credit Parties, taken as a whole, to perform its or their obligations under, or to consummate the
transactions contemplated by the Loan Documents, including in connection with the Credit Facility; provided, however, that any change arising from or related to any of the following shall not constitute a Closing Date Material Adverse Effect or be
taken into account in determining whether a Closing Date Material Adverse Effect has occurred or would reasonably be expected to occur: (A) customary occurrences as a result of events leading up to and following the commencement of the Chapter
11 Cases that are directed or authorized by the Bankruptcy Court and made in compliance with the Bankruptcy Code; and (B) any action or omission required, specifically permitted or contemplated to be taken or omitted by any of the Credit
Parties, the debtors pursuant to the Chapter 11 Cases, or their Subsidiaries pursuant to the Plan, Confirmation Order, Plan Support Agreement or any Loan Document or which is otherwise taken or omitted with the consent, or at the request, of the
Administrative Agent and the Required Lenders. 
 “Code” means the Internal Revenue Code of 1986, and the rules and
regulations promulgated thereunder. 
 “Collateral” means the collateral security for the Secured Obligations pledged or
granted pursuant to the Security Documents. 
 “Collateral Agent” means Wells Fargo, in its capacity as collateral agent
for the Secured Parties, together with its successors and assigns and any successor thereto (including any successor appointed pursuant to Section 10.6). 

  
 -11- 

 “Collateral Coverage Ratio” means either of the RCF Collateral Coverage
Ratio or the Total Collateral Coverage Ratio, or both, as the context requires. 
 “Collateral Coverage Ratio Requirement”
means either of the RCF Collateral Coverage Ratio Requirement or the Total Collateral Coverage Ratio Requirement, or both, as the context requires. 

“Collateral Rig Value” means, as of any date of determination, the sum of the Rig Value of all Rigs that are directly owned,
operated, and chartered by Credit Parties, in each case to the extent (x) each such Rig is subject to an Acceptable Security Interest and not subject to any other Liens securing Indebtedness for borrowed money (other than the First Out RCF
Loans and L/C Obligations, the Last Out Notes, and the Last Out Incremental Debt), and (y) each such Rig is not subject to any other financing arrangement (other than pursuant to this Credit Facility, the First Out RCF Loans and L/C
Obligations, the Last Out Notes, and any Last Out Incremental Debt); provided that the Rig Value attributable to non-marketed Rigs shall not constitute more than 5% of the Collateral Rig Value as calculated hereunder. 

“Combination Party” has the meaning assigned thereto in the definition of “Permitted Holdco Event.” 

“Commercial Operation Date” means the date on which an acquired Rig commences commercial operations in accordance with the
terms of its material customer contracts. 
 “Commercial Tort Claim” has the meaning assigned thereto in the Security
Agreement. 
 “Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.). 

“Compliance Certificate” means a certificate of a Financial Officer of the Parent substantially in the form attached as
Exhibit F. 
 “Confirmation Order” means the final order of the Bankruptcy Court, in form and substance reasonably
satisfactory to the Administrative Agent and the Requisite Consenting RCF Lenders (as defined in the Plan Support Agreement), confirming the Plan on April 8, 2021, which order shall not have been stayed, reversed, vacated, amended,
supplemented, or otherwise modified in any manner that would reasonably be expected (as determined in good faith by the Administrative Agent) to adversely affect the interests of the Arrangers, the Administrative Agent, or the Lenders and their
respective Affiliates, in their capacity as such, or the treatment contemplated by the Plan to the Prepetition Lenders under the Prepetition Credit Agreement; provided that the possibility that an appeal or a motion under Rule 60 of the
Federal Rules of Civil Procedure or any analogous rule under the Federal Rules of Bankruptcy Procedure may be filed relating to such order shall not cause such order to not be a final order. 

“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or
that are franchise Taxes or branch profits Taxes. 
 “Consolidated” means, when used with reference to financial statements
or financial statement items of any Person, such statements or items on a consolidated basis in accordance with applicable principles of consolidation under GAAP. 

“Consolidated EBITDA” means, for any period, the sum of the following determined on a Consolidated basis, without
duplication, for any Person: 
 (a) Consolidated Net Income for such period, plus  

  
 -12- 

 (b) the sum of the following, without duplication, to the extent deducted in
determining Consolidated Net Income for such period: 
 (i) Consolidated Interest Expense; 

(ii) expense for Taxes measured by net income, profits, or capital (or any similar measures), paid or accrued, including
federal and state and local income Taxes, foreign income Taxes, and franchise Taxes; 
 (iii) depreciation, amortization, and
other non-cash charges or non-cash expenses, including any write-offs or write-downs, but excluding any non-cash charge or non-cash expense that represents an accrual for a cash expense to be taken in a future period; 

(iv) net cash proceeds from business interruption insurance or reimbursement of expenses received related to any Permitted
Acquisition or Asset Disposition; provided that the aggregate amount added back pursuant to this clause (b)(iv), when combined with the amounts added back pursuant to clauses (b)(v), (vii), and (ix), shall not exceed the
greater of (x) $2,500,000 and (y) 5% of Consolidated EBITDA in any Reference Period (calculated before giving effect to any such amounts added back); 

(v) all other extraordinary, unusual, or non-recurring charges, expenses, losses (whether cash or non-cash); provided that the
aggregate amount of such cash charges, expenses or losses under this clause (b)(v), when combined with the amounts added back pursuant to clauses (b)(iv), (vii), and (ix), shall not exceed the greater of
(x) $2,500,000 and (y) 5% of Consolidated EBITDA in any Reference Period (calculated before giving effect to any such amount added back); 

(vi) any non-cash adjustments and charges stemming from the application of fresh start accounting; 

(vii) transaction expenses incurred in connection with Permitted Acquisitions, Asset Dispositions and Permitted Holdco Events;
provided that (A) the aggregate amount of such cash expenses under this clause (b)(vii)(1) when combined with the charges and expenses added back pursuant to clauses (b)(iv), (v), and (ix), shall not exceed the
greater of (x) $2,500,000 and (y) 5% of Consolidated EBITDA in any Reference Period (calculated before giving effect to any such amounts added back) and (2) shall not exceed 1% of the total transaction value of the applicable
Permitted Acquisition, Asset Disposition, or Permitted Holdco Event, as applicable, and (B) no such transaction expenses added back hereunder shall have been paid to any Affiliate of the Parent or any of its Restricted Subsidiaries (except to
the extent such payment is in respect of third party expenses required to be paid or reimbursed by the Parent or any Restricted Subsidiary); 

(viii) non-cash charges and expenses relating to employee benefit plans or equity compensation plans; 

(ix) charges, costs or losses attributable to the severance in connection with any undertaking or implementation of
restructurings (including any tax restructuring), cost savings initiatives and cost rationalization programs, business optimization initiatives, systems implementation, termination or modification of Material Contracts, entry into new markets,
strategic initiatives, expansion or relocation, consolidation of any facility, 

  
 -13- 

 
modification to any pension and post-retirement employee benefit plan, software development, new systems design, project startup, consulting, business, integrity and corporate development;
provided that the aggregate amount of cash charges, costs, or losses under this clause (b)(ix), when combined with the charges and expenses added back pursuant to clauses (b)(iv), (v), and (vii), shall not exceed the
greater of (x) $2,500,000 and (y) 5% of Consolidated EBITDA in any Reference Period (calculated before giving effect to any such amounts added back); and 

(x) any Acquisition EBITDA Adjustments; less  

(c) the sum of the following, without duplication, to the extent included in determining Consolidated Net Income for such
period: 
 (i) interest income, 

(ii) Federal, state, local, and foreign income Tax credits of the Parent and its Restricted Subsidiaries for such period (to
the extent not netted from income Tax expense); 
 (iii) any extraordinary, unusual, or non-recurring income; 

(iv) non-cash gains or non-cash items; 

(v) any cash expense made during such period which represents the reversal of any non-cash expense that was added in a prior
period pursuant to clause (b)(iii) above subsequent to the fiscal quarter in which the relevant non-cash expenses, charges or losses were incurred; and 

(vi) the Consolidated EBITDA attributable to any Rig disposed of by such Person during such Reference Period. 

For purposes of this Agreement, Consolidated EBITDA shall be calculated on a Pro Forma Basis. Unless otherwise expressly stated, references to
Consolidated EBITDA shall mean the Consolidated EBITDA of the Parent and its Restricted Subsidiaries. 
 “Consolidated Funded
Indebtedness” means, as of any date of determination, for the Parent and its Restricted Subsidiaries on a Consolidated basis, the sum of, without duplication, (a) all liabilities, obligations, and indebtedness for borrowed money
including, but not limited to, obligations evidenced by bonds, debentures, notes, or other similar instruments of any such Person, (b) all purchase money indebtedness, (c) all obligations to pay the deferred purchase price of Property or
services of any such Person (including all payment obligations under non-competition, earn-out, or similar agreements, solely to the extent any such payment obligation under non-competition, earn-out, or similar agreements becomes a liability on the
balance sheet of such Person in accordance with GAAP), except trade payables arising in the ordinary course of business not more than 180 days past due, or that are currently being contested in good faith by appropriate proceedings and with respect
to which reserves in conformity with GAAP have been provided for on the books of such Person, (d) the Attributable Indebtedness of such Person with respect to such Person’s Capital Lease Obligations and Synthetic Leases (regardless of
whether accounted for as indebtedness under GAAP), (e) all drawn and unreimbursed obligations, contingent or otherwise, of (i) any such Person relative to letters of credit, including any Reimbursement Obligations (as defined in the First
Out RCF Credit Agreement), and (ii) banker’s acceptances issued for the account of any such Person, (f) all obligations of any such Person in respect of Disqualified Equity Interests which shall be valued, in the case of a redeemable
preferred interest, at the greater of its voluntary or involuntary liquidation preference 

  
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plus accrued and unpaid dividends that are past due, (g) all Guarantees of any such Person with respect to any of the foregoing, and (h) all Indebtedness of the types referred to in
clauses (a) through (g) above of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or joint venturer, to the
extent such Indebtedness is recourse to such Person. 
 “Consolidated Funded Secured Indebtedness” means, as of any date of
determination, any Consolidated Funded Indebtedness that is secured by a Lien on any Property of the Parent and its Restricted Subsidiaries. 

“Consolidated Interest Expense” means, for any period, the sum of the following determined on a Consolidated basis, without
duplication, for the Parent and its Restricted Subsidiaries in accordance with GAAP, interest expense (including interest expense attributable to Capital Lease Obligations and all net payment obligations pursuant to Hedge Agreements) for such
period. 
 “Consolidated Net Income” means, with respect to the Parent and its Restricted Subsidiaries, for any period, the
Consolidated net income (or loss) of the Parent and its Restricted Subsidiaries; provided that there shall be excluded from such net income (to the extent otherwise included therein) the following: (a) the net income of any Person in
which the Parent or any of its Restricted Subsidiaries has an interest (which interest does not cause the net income of such other Person to be consolidated with the net income of the Parent and its Restricted Subsidiaries in accordance with GAAP),
except to the extent of the amount of dividends or distributions actually paid in cash during such period by such other Person to the Parent or to any of its Restricted Subsidiaries, as the case may be, (b) the net income (or loss), in each
case determined in accordance with GAAP, during such period of any Subsidiary that is not a Restricted Subsidiary, except to the extent of the amount of dividends or distributions actually paid in cash during such period by such other Person to the
Parent or to any of its Restricted Subsidiaries, as the case may be, (c) the net income (or loss) of any Person acquired in a pooling-of-interests transaction for any period prior to the date of such transaction, (d) any extraordinary
gains or losses during such period, including any cancellation of indebtedness income, (e) any non-cash gains or losses or positive or negative adjustments under ASC 815 (and any statements replacing, modifying or superseding such statement),
in each case as the result of changes in the fair market value of derivatives, and (f) any gains or losses attributable to writeups or writedowns of any Property. 

“Consolidated Secured Net Leverage Ratio” means, as of any date of determination, the ratio of (a)(i) Consolidated Funded
Secured Indebtedness on such date minus (ii) Specified Credit Party Cash, to (b) Consolidated EBITDA for the most recently completed Reference Period. 

“Consolidated Total Assets” means, as of any date of determination, the total assets of the Parent and its Restricted
Subsidiaries determined on a Consolidated basis in accordance with GAAP. 
 “Consolidated Total Gross Leverage Ratio”
means, as of any date of determination, the ratio of (a) Consolidated Funded Indebtedness on such date to (b) Consolidated EBITDA for the most recently completed Reference Period. 

“Consolidated Total Net Leverage Ratio” means, as of any date of determination, the ratio of (a)(i) Consolidated Funded
Indebtedness on such date minus (ii) Specified Credit Party Cash, to (b) Consolidated EBITDA for the most recently completed Reference Period. 

  
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 “Continuing Directors” means: 

(d) prior to a Permitted Holdco Event and following the occurrence of a Permitted Holdco Event and whenever the conditions set
forth in the definition of “Permitted Holdco Event” cease to be satisfied, the directors (or equivalent governing body) of the Parent on the Closing Date and each other director (or equivalent) of the Parent, if, in each case, such other
Person’s nomination for election to the board of directors (or equivalent governing body) of the Parent is approved by at least 51% of the then Continuing Directors, or 

(e) on and after a Permitted Holdco Event, the directors (or equivalent governing body) of the Permitted Holdco on the date of
the occurrence of such Permitted Holdco Event and each other director (or equivalent) of the Permitted Holdco, if, in each case, such other Person’s nomination for election to the board of directors (or equivalent governing body) of the
Permitted Holdco is approved by at least 51% of the then Continuing Directors. 
 “Control” means the possession, directly
or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract, or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto. 
 “Corresponding Tenor” with respect to any Available Tenor means, as applicable,
either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor. 

“Covered Party” has the meaning assigned thereto in Section 11.25. 

“Credit Exposure” means, as to any Lender at any time, the aggregate principal amount at such time of its outstanding Loans.

 “Credit Facility” means the term loan facility established pursuant to Section 2.1. 

“Credit Parties” means, collectively, the Parent, the Borrower, and the other Guarantors; provided that the Permitted Holdco,
if any, shall not be a Credit Party for purposes of this Agreement. 
 “Daily Simple SOFR” means, for any day, SOFR, with
the conventions for this rate (which will include a lookback) being established by the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple
SOFR” for syndicated business loans; provided, that if the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another
convention in its reasonable discretion. 
 “Debtor Relief Laws” means the Bankruptcy Code, and all other liquidation,
conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in
effect. 
 “Default” means (a) any Event of Default or (b) any event or condition which with the passage of time,
the giving of notice, or any other condition, would constitute an Event of Default. 
 “Defaulting Lender” means, subject
to Section 4.14(b), any Lender that (a) has failed to (i) fund all or any portion of the Loans required to be funded by it hereunder within two (2) Business Days of the date such Loans were required to be funded hereunder
unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with
any applicable default, 

  
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shall be specifically identified in such writing) has not been satisfied or (ii) pay to the Administrative Agent or any Lender any other amount required to be paid by it hereunder within two
(2) Business Days of the date when due, (b) has notified the Borrower or the Administrative Agent in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless
such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together
with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business Days after written request by the Administrative Agent or the Borrower, to
confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause
(c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law,
(ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors, or similar Person charged with reorganization or liquidation of its business or Property, including the FDIC or any
other state or federal regulatory authority acting in such a capacity, or (iii) become the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any
Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United
States or from the enforcement of judgments or writs of attachment on its Property or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow, or disaffirm any contracts or agreements made with such Lender. Any
determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to
be a Defaulting Lender (subject to Section 4.14(b)) upon delivery of written notice of such determination to the Borrower and each Lender. 

“Discharge Date” means the date on which all of the Term Loan Secured Obligations (other than contingent indemnification
obligations not then due) have been paid and satisfied in full in cash. 
 “Discretionary Basket” means, at any time during
a fiscal quarter (the “Specified Quarter”), an amount equal to: 
 (a) 100% of the amount equal to
(a) Consolidated EBITDA for the immediately prior fiscal quarter for which financial statements have been delivered pursuant to Sections 7.1(a) or (b), less (b) all Consolidated Interest Expense paid in cash during
such immediately prior fiscal quarter, less (c) all Taxes paid in cash during such immediately prior fiscal quarter, less (d) all Capital Expenditures made in such immediately prior fiscal quarter, less (e) the
amount of any increase in working capital during such immediately prior fiscal quarter, plus (f) the amount of any reduction in working capital during such immediately prior fiscal quarter, less (g) any cash add-backs made in
the calculation of Consolidated EBITDA in such immediately prior fiscal quarter, minus 
 (b) the aggregate
amount of all Investments made pursuant to Section 8.3(g) during such Specified Quarter, all Restricted Payments made pursuant to Section 8.6(c) during such Specified Quarter, and all payments and prepayments of Junior
Indebtedness made pursuant to Section 8.9(b)(vi) during such Specified Quarter. 
 “Discretionary Guarantor”
means any Restricted Subsidiary of the Parent that is not a Required Guarantor that the Parent has designated in writing to the Administrative Agent and the Collateral Agent to be a Subsidiary Guarantor. 

  
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 “Disqualified Equity Interests” means, with respect to any Person, any
Equity Interests of such Person that, by their terms (or by the terms of any security or other Equity Interest into which they are convertible or for which they are exchangeable) or upon the happening of any event or condition, (a) mature or
are mandatorily redeemable (other than solely for Qualified Equity Interests), pursuant to a sinking fund obligation or otherwise (except as a result of a change of control or asset sale so long as any rights of the holders thereof upon the
occurrence of a change of control or asset sale event shall be subject to the prior repayment in full in cash of the Loans and all other Term Loan Secured Obligations (other than contingent indemnification obligations not then due)), (b) are
redeemable at the option of the holder thereof (other than solely for Qualified Equity Interests) (except as a result of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or
asset sale event shall be subject to the prior repayment in full in cash of the Loans and all other Term Loan Secured Obligations (other than contingent indemnification obligations not then due)), in whole or in part, (c) provide for the
scheduled payment of dividends in cash, or (d) are or become convertible into, or exchangeable for, Indebtedness or any other Equity Interests that would constitute Disqualified Equity Interests, in each case of clauses (a) through
(d), prior to the date that is ninety-one (91) days after the latest scheduled maturity date of the Loans; provided that if such Equity Interests are issued pursuant to a plan for the benefit of the Parent or its Restricted
Subsidiaries or by any such plan to such officers or employees, such Equity Interests shall not constitute Disqualified Equity Interests solely because they may be required to be repurchased by the Parent or its Restricted Subsidiaries in order to
satisfy applicable statutory or regulatory obligations. 
 “Disqualified Institution” means (a) any competitor of the
Parent identified on a list delivered to the Administrative Agent and the Lenders by the Borrower prior to the Closing Date (by way of written notice delivered to the Administrative Agent and each Lender at its address for notices) and (b) any
Affiliate of any competitor of the Parent identified on the list described in clause (a) above that is clearly identifiable as such solely on the basis of the similarity of its name, but excluding any such Affiliated fund or investment
vehicle that is primarily engaged in the making, purchasing, holding, or otherwise investing in commercial loans, bonds, and other similar extensions of credit in the ordinary course of business; provided that “Disqualified
Institutions” shall exclude any Person that the Borrower has designated as no longer being a “Disqualified Institution” by written notice delivered to the Administrative Agent and each Lender from time to time at their respective
addresses for notices. 
 “Dollars” or “$” means, unless otherwise qualified, dollars in lawful currency
of the United States. 
 “Domestic Subsidiary” means any Restricted Subsidiary organized under the laws of any political
subdivision of the United States. 
 “Drilling Contract” means any drilling contract with respect to any Rig. 

“Early Opt-in Election” means, if the then-current Benchmark is USD LIBOR, the occurrence of: 

(a) notification by the Administrative Agent to (or the request by the Borrower to the Administrative Agent to notify) each of
the other parties hereto that at least five (5) currently outstanding Dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or
any other rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available for review), and 

(b) the joint election by the Administrative Agent and the Borrower to trigger a fallback from USD LIBOR and the provision by
the Administrative Agent of written notice of such election to the Lenders. 

  
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 “EEA Financial Institution” means (a) any credit institution or
investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of
this definition, or (c) any financial institution established in an EEA Member Country which is a Subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision
with its parent. 
 “EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and
Norway. 
 “EEA Resolution Authority” means any public administrative authority or any Person entrusted with public
administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any credit institution or investment firm established in any EEA Member Country. 

“Electronic Record” has the meaning assigned to that term in, and shall be interpreted in accordance with, 15 U.S.C. §
7006. 
 “Electronic Signature” has the meaning assigned to that term in, and shall be interpreted in accordance with, 15
U.S.C. § 7006. 
 “Eligible Assignee” means any Person that meets the requirements to be an assignee under
Section 11.9(b)(iii) and (v) (subject to such consents, if any, as may be required under Section 11.9(b)(iii)). 

“Eligible Local Content Entities” means a Local Content Entity that (a) is not prohibited by its Organizational
Documents or Applicable Law from providing a Guarantee of the Secured Obligations (subject to inclusion of any local Applicable Law-required limitations and such other changes as the Administrative Agent may reasonably agree), (b) is Controlled
by the Parent, and (c) is not an Unrestricted Subsidiary. 
 “Employee Benefit Plan” means any employee benefit plan
within the meaning of Section 3(3) of ERISA that is, or within the prior six years was, sponsored, maintained, or contributed to, or required to be contributed to, by any Credit Party or any current or former ERISA Affiliate. 

“Environmental Claims” means any and all administrative, regulatory, or judicial actions, suits, demands, demand letters,
claims, Liens, accusations, allegations, notices of noncompliance or violation, investigations (other than internal reports prepared by any Person in the ordinary course of business and not in response to any third party action or request of any
kind), or proceedings relating in any way to any actual or alleged violation of or liability under any Environmental Law or relating to violation of any permit issued, or any approval given, under any such Environmental Law, including any and all
claims by Governmental Authorities for enforcement, cleanup, removal, response, remedial, or other actions or damages, contribution, indemnification, cost recovery, compensation, or injunctive relief resulting from Hazardous Materials or arising
from alleged injury or threat of injury to public health or the environment. 
 “Environmental Laws” means any and all
federal, foreign, state, provincial, and local laws, statutes, ordinances, codes, rules, standards and regulations, permits, licenses, approvals, interpretations, and orders of courts or Governmental Authorities, relating to the protection of worker
health and safety as it relates to exposure to Hazardous Materials or the environment, including, but not limited to, requirements pertaining to the manufacture, processing, distribution, use, treatment, storage, disposal, transportation, handling,
reporting, licensing, permitting, investigation, or remediation of Hazardous Materials. 

  
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 “Equity Interests” means (a) in the case of a corporation or exempted
company, capital stock or shares, (b) in the case of an association or business entity, any and all shares, interests, participations, rights, or other equivalents (however designated) of capital stock, (c) in the case of a partnership,
partnership interests (whether general or limited), (d) in the case of a limited liability company, membership interests, (e) any other interest or participation that confers on a Person the right to receive a share of the profits and
losses of, or distributions of assets of, the issuing Person, and (f) any and all warrants, rights, or options to purchase any of the foregoing. 

“ERISA” means the Employee Retirement Income Security Act of 1974, and the rules and regulations thereunder. 

“ERISA Affiliate” means any Person who together with any Credit Party or any of its Subsidiaries is treated as a single
employer within the meaning of Section 414(b), (c), (m), or (o) of the Code or Section 4001(b) of ERISA. 

“Erroneous Payment” has the meaning assigned thereto in Section 10.12(a). 

“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any
successor thereto), as in effect from time to time. 
 “Eurodollar Reserve Percentage” means, for any day, the percentage
which is in effect for such day as prescribed by the FRB for determining the maximum reserve requirement (including any basic, supplemental, or emergency reserves) in respect of eurocurrency liabilities or any similar category of liabilities for a
member bank of the Federal Reserve System in New York City. 
 “Event of Default” means any of the events specified in
Section 9.1; provided that any requirement for passage of time, giving of notice, or any other condition, has been satisfied. 

“Excess Proceeds” has the meaning assigned thereto in Section 2.3(b)(i)(C). 

“Excess Proceeds Payment Amount” has the meaning assigned thereto in Section 2.3(b)(i)(C). 

“Excess Proceeds Threshold” has the meaning assigned thereto in Section 2.3(b)(i)(C). 

“Exchange Act” means the Securities Exchange Act of 1934 (15 U.S.C. § 77 et seq.). 

“Excluded Accounts” means, collectively, each of the following: (a) deposit accounts specially and exclusively used in
the ordinary course of business for payroll, payroll Taxes and other employee wage and benefit payments (or the equivalent thereof in non-U.S. jurisdictions), (b) pension fund accounts, 401(k) accounts and trust accounts (or the equivalent
thereof in non-U.S. jurisdictions), (c) withholding Tax and other similar Tax accounts (including sales Tax accounts), (d) fiduciary accounts, escrow accounts, trust accounts and other accounts, in each case, which solely hold funds on
behalf of any unaffiliated third party (or the equivalent thereof in any non-U.S. jurisdiction), including any account which solely holds funds deposited by an unaffiliated third party for the purpose of reimbursing costs and expenses incurred by
the Parent or its Restricted Subsidiaries on behalf of such unaffiliated third party and from which account the Parent or any Restricted Subsidiary is entitled to reimburse itself for such costs and expenses, in each case, pursuant to a contract
described in clause (c) of the definition of Material Contracts; provided that, the Borrower or such Restricted Subsidiary shall reimburse itself reasonably promptly, in accordance with past practice (to the extent applicable),
for such costs and expenses upon being entitled to do so pursuant to the terms of the applicable Material Contract, (e) a deposit account held at Wells Fargo (or is Affiliate) that is subject to a Lien described in Section 8.2(m),
(f) other deposit accounts, securities accounts, and commodity 

  
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accounts with balances in the aggregate for all accounts referred to in this subclause (f), not exceeding $20,000,000 at any time, and (g) any other account to the extent the cost of
creating a Lien therein is excessive in relation to the practical benefit to the Lenders afforded thereby, as reasonably determined by the Administrative Agent; provided that, in no event shall any Reinvestment Account (as defined in the First Out
RCF Credit Agreement) constitute an Excluded Account. 
 “Excluded Perfection Collateral” means, collectively,
(a) Commercial Tort Claims (i) where the amount of damages expected to be claimed is less than $1,000,000 for each such claim or (ii) which are filed in a court outside of the United States and the concept of “commercial tort
claims” does not exist under the local law of such applicable jurisdiction or such local law does not include procedures for perfecting against a commercial tort claim, (b) Letter-of-Credit Rights or tangible or electronic Chattel Paper to
the extent a security interest therein cannot be perfected by the filing of a financing statement under the UCC or similar composite “all asset” security instrument under Applicable Law of any Subject Jurisdiction, (c) any Excluded
Account, (d) any deposit account, securities account, or commodities account located outside of the United States with respect to which the Administrative Agent has determined, in its sole discretion that the cost of perfecting a security
interest in such account is excessive in relation to the practical benefit to the Secured Party afforded thereby, (e) motor vehicles and other Property subject to certificates of title (in each case, other than (i) any Rig documented by a
certificate of title, and (ii) any motor vehicle or other Property with, in the case of this clause (ii), a value in excess of $3,000,000), in each case to the extent that Liens in such Property under this clause (e) cannot
be perfected by the filing of a financing statement under the UCC or similar composite “all asset” security instrument under Applicable Law of any Subject Jurisdiction, (f) Intellectual Property that does not constitute Material
Intellectual Property to the extent a security interest therein cannot be perfected by the filing of a financing statement under the UCC or similar composite “all asset” security instrument under Applicable Law of any Subject Jurisdiction,
and (g) any other Property with respect to which the Administrative Agent reasonably determines in consultation with the Borrower than the cost of perfecting such Lien is excessive in relation to the practical benefit to the Secured Parties
afforded thereby. 
 “Excluded Property” means, collectively: 

(a) Immaterial Real Property; 

(b) any Property of the Credit Parties with respect to which Liens are prohibited or restricted by Applicable Law, rule or
regulation (including as a result of any requirement to obtain the consent, approval, license or authorization of any Governmental Authority unless such consent has been obtained; provided that, if reasonably requested by the Administrative
Agent or the Collateral Agent, the Credit Parties shall use commercially reasonable efforts to obtain such consents to the extent required or advisable to create or perfect such security interests under the laws of the applicable jurisdiction, as
determined by the Administrative Agent and/or Collateral Agent in its reasonable discretion); 
 (c) minority interests or
Equity Interests in joint ventures and Non-Wholly-Owned Subsidiaries, to the extent the grant of a Lien on such interest would require a consent, approval, license or authorization from any Governmental Authority or any other Person (other than a
Credit Party or a Restricted Subsidiary); provided that, if reasonably requested by the Administrative Agent or the Collateral Agent, the Credit Parties will use commercially reasonable efforts to obtain such consents to the extent required or
advisable to create or perfect such security interests in such minority interests or Equity Interests in the applicable jurisdiction, as determined by the Administrative Agent and/or Collateral Agent in its reasonable discretion; and provided
further that such minority interests or Equity Interests in a Subsidiary that were directly or indirectly owned by the Parent on the Closing Date shall not be Excluded Property if they were not Excluded Property on the Closing Date; 

  
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 (d) any lease, license, contract, or agreement, or any Property subject to a
Lien permitted pursuant to Section 8.2(b), (c) or (d) hereof that secures Indebtedness permitted pursuant to Section 8.1(e) hereof, in each case, to the extent (and only to the extent) that a grant of
a security interest therein to secure the Secured Obligations would violate or invalidate such lease, license, contract, or agreement or purchase money or similar arrangement (including as a result of any requirement to obtain the consent, approval,
license or authorization of any third party unless such consent has been obtained (and it being understood and agreed that, if reasonably requested by the Administrative Agent or the Collateral Agent, the Credit Parties shall use commercially
reasonable efforts to obtain any such consent, approval, license or authorization to the extent required or advisable to create or perfect a security interest in such lease, license, contract, or agreement or purchase money or similar arrangement
under the laws of the applicable jurisdiction, as determined by the Administrative Agent and/or the Collateral Agent in its reasonable discretion, other than with respect to Drilling Contracts)) or create a right of termination in favor of any other
party thereto (other than the Parent or a Restricted Subsidiary) after giving effect to Sections 9-406, 9-407, 9-408, and 9-409 of the UCC and any similar provisions of other Applicable Law, which limit anti-assignment provisions, other than
Proceeds and receivables thereof, the assignment of which is expressly deemed effective under the UCC notwithstanding such prohibition; 

(e) any intent-to-use trademark application prior to the filing and acceptance of a “Statement of Use,”
“Amendment to Allege Use” or similar filing with respect thereto, by the United States Patent and Trademark Office, only to the extent, if any, that, and solely during the period if any, in which, the grant of a security interest therein
may impair the validity or enforceability of such intent-to-use trademark application under Applicable Law; provided, however, to the extent that such applicable requirement under Applicable Law is no longer in effect, then such
trademark application shall cease to be “Excluded Property” and shall automatically be subject to the Lien and security interests granted pursuant to the Security Agreement as Collateral; provided further, that any Proceeds received
by any Credit Party from the sale, transfer or other disposition of such trademark application described in this clause (e) shall constitute Collateral unless any Property constituting such Proceeds are themselves subject to the
exclusions set forth herein or otherwise constitute Excluded Property; 
 (f) any after-acquired Property (including Property
acquired through any acquisition or merger of another Person permitted hereunder) if at the time such acquisition or merger is consummated the granting of a Lien in such Property or the pledge thereof is prohibited by any contract or other agreement
that encumbers such Property prior to such acquisition or merger (in each case, not created in contemplation thereof) solely to the extent and for so long as such contract or other agreement (or a refinancing or replacement thereof permitted
hereunder) prohibits the granting of such Lien or pledge; 
 (g) the Equity Interests of (i) Unrestricted Subsidiaries,
(ii) any after-acquired Non-Wholly-Owned Subsidiary to the extent that restrictions in any Organizational Documents of such Subsidiary prohibit the pledge of its Equity Interests, and (iii) Excluded Subsidiaries (other than any
Discretionary Guarantor and any Restricted Subsidiary that becomes an Excluded Subsidiary solely by virtue of its being an Immaterial Subsidiary) to the extent such pledge would be prohibited by the same factors that cause such Subsidiary to be an
Excluded Subsidiary; and 
 (h) (i) Excluded Accounts and (ii) all funds and other Property held in or maintained
in any such Excluded Account. 

  
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 “Excluded Subsidiary” means: 

(a) any Subsidiary (other than a Rig Subsidiary) (i) that would be prohibited or restricted from guaranteeing the Secured
Obligations by any Governmental Authority with authority over such Subsidiary, Applicable Law, or analogous restriction or contract (including any requirement to obtain the consent, approval, license, or authorization of any Governmental Authority
or a third party, unless such consent, approval, license, or authorization has been received, but excluding any restriction in any Organizational Documents of such Subsidiary; provided that, if reasonably requested by the Administrative
Agent, the Parent and its Restricted Subsidiaries shall use commercially reasonable efforts to obtain such consent, approval, license, or authorization to the extent required or advisable under the laws of the jurisdiction of organization of such
Subsidiary for such Subsidiary to guarantee the Secured Obligations, as reasonably determined by the Administrative Agent), so long as (x) in the case of Subsidiaries of the Parent existing on the Closing Date, such contractual obligation is in
existence on the Closing Date and (y) in the case of Subsidiaries of the Parent acquired after the Closing Date, such contractual obligation is in existence immediately prior to such acquisition; (ii) if the provision of a guarantee by
such Subsidiary (other than a Subsidiary formed in a Subject Jurisdiction) would result in material adverse Tax consequences as reasonably determined by the Parent and the Administrative Agent; or (iii) that is otherwise excluded from the
requirement to provide a Guarantee pursuant to clause (e) of Agreed Security Principles; 
 (b) any
Non-Wholly-Owned Subsidiary (other than a Rig Subsidiary) that is prohibited from guaranteeing the Secured Obligations pursuant to its Organizational Documents (provided that no Wholly-Owned Subsidiary that is a Guarantor as of the Closing
Date shall be or be deemed to be an “Excluded Subsidiary” pursuant to this clause (b)(i) solely because a portion (but not all) of the Equity Interests in such Subsidiary are sold, transferred, or otherwise disposed of to any Person
that is not a Credit Party, and, notwithstanding such sale, transfer, or other disposition of a portion (but not all) of the Equity Interests in such Subsidiary, such Subsidiary shall remain a Guarantor to the extent it does not otherwise constitute
an Excluded Subsidiary); 
 (c) any Unrestricted Subsidiary; 

(d) any Immaterial Subsidiary; 

(e) any Wholly-Owned Restricted Subsidiary (other than a Rig Subsidiary) acquired with pre-existing Indebtedness permitted
pursuant to Section 8.1(f), the terms of which prohibit the provision of a Guarantee being provided by such Subsidiary; and 

(f) any Foreign Subsidiary (other than any Rig Subsidiary) with respect to which the Administrative Agent determines in
consultation with the Parent that the cost of providing a Guarantee of the Secured Obligations would be excessive in relation to the benefit to be afforded thereby and is not otherwise an Excluded Subsidiary described in clauses (a) through
(e) of the definition hereof. 
 “Excluded Taxes” means any of the following Taxes imposed on or with respect to a
Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such
Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are
Other Connection Taxes, (b) Taxes attributable to such Recipient’s failure to comply with Section 4.11(g), and (c) any United States federal withholding Taxes imposed under FATCA. 

  
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 “Exempt Entity” means any non-Guarantor. 

“Extensions of Credit” means, as to any Lender at any time, (a) an amount equal to the aggregate principal amount of all
Loans made by such Lender then outstanding or (b) the making of any Loan, as the context requires. 
 “FASB ASC” means
the Accounting Standards Codification of the Financial Accounting Standards Board. 
 “FATCA” means Sections 1471 through
1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, and any
agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and
implementing such Sections of the Code. 
 “FDIC” means the Federal Deposit Insurance Corporation. 

“Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight federal
funds transactions with members of the Federal Reserve System, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that if such rate is not so published for any day which is a Business
Day, the Federal Funds Rate for such day shall be the average of the quotation for such day on such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected by the Administrative Agent.
Notwithstanding the foregoing, if the Federal Funds Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Fee Letter” means, collectively, (a) the term loan agent fee letter agreement dated as of April 23, 2021, among
the Parent, the Borrower, Wells Fargo, and Wells Fargo Securities, LLC, and (b) any other fee letter executed and delivered by the Parent, the Borrower, or any other Credit Party in favor of the Administrative Agent, Arrangers, Collateral
Agent, or any one of them, in connection with the execution and delivery of any Loan Document, including any amendment, modification, waiver, or consent to this Agreement or any other Loan Document. 

“Financial Officer” means, with respect to any Person, the chief financial officer or treasurer (or equivalent officer) of
such Person. Unless otherwise specified, all references to a Financial Officer herein or in any other Loan Document shall mean a Financial Officer of the Parent. 

“First Out RCF Credit Agreement” means that Credit Agreement dated as of the Closing Date among the Parent, the Borrower, the
RCF Administrative Agent, the Collateral Agent, and each Lender (as defined therein) from time to time party thereto, as amended, restated, amended and restated, supplemented, or otherwise modified to the extent permitted under this Agreement and
the Intercreditor Agreement. 
 “First Out RCF Loan Documents” means the “Loan Documents”, as defined in the
First Out RCF Credit Agreement. 
 “First Out RCF Loans and L/C Obligations” means, collectively, the “Loans” and
the “L/C Obligations”, in each case, as defined in the First Out RCF Credit Agreement. 

  
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 “First Out RCF Obligations” means the “RCF Secured Obligations”,
as defined in the First Out RCF Credit Agreement. 
 “Fiscal Year” means the fiscal year of the Parent and its Subsidiaries
ending on December 31. 
 “Fleet Status Certificate” means either of the following (at the option of the Parent):
(a) a certificate delivered by a Responsible Officer of the Parent to the Administrative Agent certifying as to the fleet status of each Rig wholly owned by the Parent, any Credit Party, any Restricted Subsidiary, or any Local Content Entity
prepared on substantially the same basis, and in substantially the same form, substance, and level of detail (subject to deletion of pricing information), as the Parent would provide in a published fleet status report posted to the Parent’s
website, but, in any case, indicating the name, fleet status, contract status, and contract term for each such Rig, or (b) an updated published fleet status report posted to the Parent’s website including (or supplemented to include) the
information specified in clause (a) above. 
 “Flood Insurance Laws” means, collectively, (a) the National
Flood Insurance Act of 1968, (b) the Flood Disaster Protection Act of 1973, (c) the National Flood Insurance Reform Act of 1994, (d) the Flood Insurance Reform Act of 2004, and (e) the Biggert-Waters Flood Insurance Reform Act of
2012, as each of the foregoing is now or hereafter in effect and any successor statute to any of the foregoing. 
 “Floor”
means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment, or renewal of this Agreement, or otherwise) with respect to USD LIBOR. 

“Foreign Lender” means a Lender that is not a U.S. Person. 

“Foreign Plan” means any pension, profit sharing, deferred compensation, or other employee benefit plan, program, or
arrangement (whether or not subject to ERISA) that is not subject to U.S. law and is maintained by any Credit Party, any ERISA Affiliate, or any Foreign Subsidiary of the Parent, but shall not include any benefit provided by a foreign government or
its agencies. 
 “Foreign Subject Jurisdiction” means any Subject Jurisdiction other than the United States or any state or
political subdivision thereof. 
 “Foreign Subsidiary” means any Restricted Subsidiary that is not a Domestic Subsidiary.

 “FRB” means the Board of Governors of the Federal Reserve System of the United States. 

“Full PIK Applicable Margin” means (a) with respect to a LIBOR Rate Loan, 10.00%, and (b) with respect to a Base
Rate Loan, 9.00% . 
 “Full PIK Election” means, with respect to any Loan, the Borrower’s written election to pay in
kind all of the interest due and payable on such Loan by adding an amount equal to 100% of such interest to the balance of the principal amount of such Loan in accordance with Section 4.1(c). 

“Fund” means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding, or
otherwise investing in commercial loans, bonds, and similar extensions of credit in the ordinary course of its activities. 

“Future Plan of Reorganization” has the meaning assigned thereto in Section 11.9(g)(iii). 

  
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 “GAAP” means generally accepted accounting principles in the United States
set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may
be approved by a significant segment of the accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied. 

“Governmental Approvals” means all authorizations, consents, approvals, permits, licenses, and exemptions of, and all
registrations and filings with or issued by, any Governmental Authorities. 
 “Governmental Authority” means the government
of the United States or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank, or other entity exercising executive, legislative, judicial,
taxing, regulatory, or administrative powers or functions of or pertaining to government (including any supranational bodies such as the European Union or the European Central Bank). 

“Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the
guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the
guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the
payment thereof, (b) to purchase or lease property, securities, or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital, or any
other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, (d) as an account party in respect of any letter of credit or letter of guaranty issued to
support such Indebtedness or obligation, or (e) for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in
respect thereof (whether in whole or in part); provided that the term “Guarantee” shall not include endorsements for collection or deposit, in each case, in the ordinary course of business, or customary and reasonable indemnity
obligations in connection with any disposition of assets permitted under this Agreement (other than any such obligations with respect to Indebtedness). 

“Guarantors” means, collectively, the Parent and each Subsidiary Guarantor. 

“Guaranty Agreement” means the unconditional guaranty agreement of even date herewith executed by the Parent and the
Subsidiary Guarantors in favor of the Administrative Agent, for the ratable benefit of the Term Loan Secured Parties, which shall be in form and substance acceptable to the Administrative Agent, as amended, restated, amended and restated,
supplemented or otherwise modified from time to time. 
 “Hazardous Materials” means any substances or materials
(a) which are, at such time, defined as hazardous wastes, hazardous substances, pollutants, contaminants, chemical substances or mixtures, or toxic substances under any Environmental Law, (b) which are toxic, explosive, corrosive,
flammable, infectious, radioactive, carcinogenic, mutagenic, or otherwise harmful to public health or the environment and are, at such time, regulated by any Governmental Authority, (c) the presence of which require investigation or remediation
under any Environmental Law or common law, (d) the discharge or emission or release of which requires a permit or license under any Environmental Law or other Governmental Approval, (e) which are deemed by a Governmental Authority to
constitute a nuisance or a trespass which pose a health or safety hazard to Persons or neighboring properties, or (f) which contain, without limitation, asbestos, polychlorinated biphenyls, urea formaldehyde foam insulation, petroleum
hydrocarbons, petroleum derived substances or waste, crude oil, nuclear fuel, natural gas, or synthetic gas. 

  
 -26- 

 “Hedge Agreement” means (a) any and all rate swap transactions, basis
swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward
bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency
options, spot contracts, or any other similar transactions, or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement,
and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc.,
any International Foreign Exchange Master Agreement, or any other master agreement. 
 “Hedge Termination Value” means, in
respect of any one or more Hedge Agreements, after taking into account the effect of any legally enforceable netting agreement relating to such Hedge Agreements, (a) for any date on or after the date such Hedge Agreements have been closed out
and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Hedge Agreements,
as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Hedge Agreements (which may include a Lender or any Affiliate of a Lender). 

“HSBC Letters of Credit” means each of the following letters of credit issued by HSBC Bank USA, National Association for the
account of the Parent or any of its Restricted Subsidiaries: (i) the letter of credit issued for the benefit of Burullus Gas in the amount of $500,000, (ii) the letter of credit issued for the benefit of Burullus Gas in the amount of
$1,000,000, (iii) the letter of credit issued for the benefit of Suez Oil Company in the amount of $750,000, (iv) the letter of credit issued for the benefit of Fidelity & Deposit Co. of Maryland in the amount of $6,034,107, and
(v) the letter of credit issued for the benefit of Posco International Corporation in the amount of $6,100,000. 
 “Immaterial
Real Property” means (a) any fee owned (or similarly owned, under Applicable Law) real property owned by the Parent or any of its Restricted Subsidiaries with an aggregate fair market value of less than $10,000,000, on the applicable
date of determination, provided that one or more parcels owned in fee by such Credit Party and located adjacent to, contiguous with, or in close proximity to, and comprising one property with a common street address shall, in the reasonable
discretion of the Administrative Agent, be deemed to be one parcel for the purposes of this definition and (b) any leasehold interests in real property owned by the Parent or any of its Restricted Subsidiaries. 

“Immaterial Subsidiary” means any Restricted Subsidiary of the Parent, which, together with its Subsidiaries that are
Restricted Subsidiaries, as of the last day of the most recently ended Reference Period of the Parent for which financial statements have been delivered to the Administrative Agent pursuant to Section 7.1(a) or (b),
(a) contributed less than two and one-half percent (2.5%) of the Consolidated EBITDA of the Parent and its Restricted Subsidiaries for such period and (b) owns, directly or indirectly through its Subsidiaries, total assets (excluding
intercompany obligations owing by or to such Restricted Subsidiary) of less than two and one-half percent (2.5%) of Consolidated Total Assets as of the last day of such period; provided that such Restricted Subsidiary, taken together
with all Immaterial Subsidiaries as of such date, (i) contributed less than five percent (5.0%) of the Consolidated EBITDA of the Parent and its Restricted Subsidiaries for such period, and (ii) owns, directly or indirectly through
its Subsidiaries, total assets (excluding intercompany obligations owing by or to such Restricted Subsidiary) of less than five percent (5.0%) of Consolidated Total Assets as of the last day of such period; provided, further, that
no Restricted Subsidiary shall be an Immaterial Subsidiary if such Restricted Subsidiary as of such date (x) is a Rig Subsidiary or (y) is owed gross intercompany receivables by the Parent or another of its Restricted Subsidiaries (without
netting of any payables owed by such Restricted Subsidiary) in an aggregate amount greater than $35,000,000. 

  
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 “Indebtedness” means, with respect to any Person at any date and without
duplication, the sum of the following: 
 (a) all liabilities, obligations, and indebtedness of such Person for borrowed
money, including obligations of such Person evidenced by bonds, debentures, notes, or other similar instruments, of such Person; 

(b) all obligations of such Person to pay the deferred purchase price of Property or services of such Person (including all
payment obligations under non-competition, earn-out, or similar agreements, solely to the extent any such payment obligation under non-competition, earn-out, or similar agreements becomes a liability on the balance sheet of such Person in accordance
with GAAP), except trade payables arising in the ordinary course of business not more than ninety (90) days past due, or that are currently being contested in good faith by appropriate proceedings and with respect to which reserves in
conformity with GAAP have been provided for on the books of such Person; 
 (c) the Attributable Indebtedness of such Person
with respect to such Person’s Capital Lease Obligations and Synthetic Leases (regardless of whether accounted for as indebtedness under GAAP); 

(d) all obligations of such Person under conditional sale or other title retention agreements relating to Property purchased by
such Person to the extent of the value of such Property (other than customary reservations or retentions of title under agreements with suppliers entered into in the ordinary course of business); 

(e) all Indebtedness of any other Person secured by a Lien on any Property owned or being purchased by such Person (including
indebtedness arising under conditional sales or other title retention agreements except trade payables arising in the ordinary course of business), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse;

 (f) all obligations, contingent or otherwise, of such Person relative to the face amount of letters of credit, whether or
not drawn, and banker’s acceptances issued for the account of such Person; 
 (g) all obligations of such Person in
respect of Disqualified Equity Interests; 
 (h) all net obligations of such Person under any Hedge Agreements; and 

(i) all Guarantees of such Person with respect to any of the foregoing. 

For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint
venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person. In respect of Indebtedness of another Person
secured by a Lien on the Property of the specified Person, if such Indebtedness shall not have been assumed by such Person or is limited in recourse to the Property securing such Lien, the amount of such Indebtedness as of any date of determination
will be the lesser of (i) the fair market value of such Property as of such date (as determined 

  
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in good faith by the Parent) and (ii) the amount of such Indebtedness as of such date. The amount of any net obligation under any Hedge Agreement on any date shall be deemed to be the Hedge
Termination Value thereof as of such date. The amount of obligations in respect of any Disqualified Equity Interests shall be valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation
preference plus accrued and unpaid dividends that are past due. For the avoidance of doubt, for purposes of hereof, the Indebtedness of the Parent and its Restricted Subsidiaries shall not include (a) any joint and several liability of
the Parent or any Restricted Subsidiary under any Dutch fiscal unity (fiscale eenheid) to which the Parent or such Restricted Subsidiary is a member that is entered into solely among the Parent and/or any of its Restricted Subsidiaries, or
(b) any obligations incurred by the Parent or any Restricted Subsidiary under a declaration of joint and several liability (hoofdelijke aansprakelijkheid) issued by the Parent or any Restricted Subsidiary in accordance with section 2:403
of the Dutch Civil Code (and any residual liability (overblijvende aansprakelijkheid) under such declaration arising pursuant to section 2:404(2) of the Dutch Civil Code). 

“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on
account of any obligation of the Borrower under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes. 

“Indemnitee” has the meaning assigned thereto in Section 11.3(b). 

“Information” has the meaning assigned thereto in Section 11.10. 

“Initial Last Out Notes” means the secured notes issued pursuant to the Last Out Notes Indenture on the Closing Date. 

“Initial Subject Jurisdiction” means the United States (and any applicable state or other political subdivision thereof),
England and Wales, the Marshall Islands, the Cayman Islands, Brazil, the Netherlands, and Curacao. 
 “Insurance and Condemnation
Event” means the receipt by any Credit Party or any of its Restricted Subsidiaries of any cash insurance proceeds or condemnation award payable by reason of theft, loss, physical destruction or damage, taking, or similar event with respect
to any of their respective Property. 
 “Intellectual Property” has the meaning assigned thereto in the Security Agreement.

 “Intercompany Subordination Agreement” means the Intercompany Subordination Agreement, substantially in the form of
Exhibit M, executed by each Credit Party and its Restricted Subsidiaries, as amended, restated, amended and restated, supplemented, or otherwise modified from time to time as permitted hereunder. 

“Intercreditor Agreement” means the Collateral Agency and Intercreditor Agreement dated as of the date hereof executed by the
Credit Parties, the Collateral Agent, the Administrative Agent, the Authorized Representative for the First Out RCF Secured Parties (in each case, as defined therein), and the Authorized Representative for the Last Out Notes Secured Parties (in each
case, as defined therein), as amended, restated, amended and restated, supplemented, or otherwise modified from time to time in accordance with its terms and as permitted hereunder, including, without limitation, any modification to include the
requisite holders or an authorized representative thereof (with the consent of the requisite holders) of any Last Out Incremental Debt as parties thereto. 

“Interest Payment Date” has the meaning assigned thereto in Section 4.1(c). 

  
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 “Interest Period” means, as to each LIBOR Rate Loan, the period commencing
on the date such LIBOR Rate Loan is disbursed or converted to or continued as a LIBOR Rate Loan and ending on the date one (1), two (2), three (3), six (6) or, if agreed by all Lenders, twelve (12) months thereafter, in each case as
selected by the Borrower in its Notice of Borrowing or Notice of Conversion/Continuation and subject to availability; provided that, (a) the Interest Period shall commence on the date of advance of or conversion to any LIBOR Rate Loan
and, in the case of immediately successive Interest Periods, each successive Interest Period shall commence on the date on which the immediately preceding Interest Period expires, (b) if any Interest Period would otherwise expire on a day that
is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided that if any Interest Period with respect to a LIBOR Rate Loan would otherwise expire on a day that is not a Business Day but is a day of
the month after which no further Business Day occurs in such month, such Interest Period shall expire on the immediately preceding Business Day, (c) any Interest Period with respect to a LIBOR Rate Loan that begins on the last Business Day of a
calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the relevant calendar month at the end of such Interest Period,
(d) no Interest Period shall extend beyond the Maturity Date, and (e) there shall be no more than five (5) Interest Periods in effect at any time. 

“Intermediate DOFC” means Diamond Offshore Finance Company, a Delaware corporation. 

“Intermediate DOSC” means Diamond Offshore Services, LLC, a Delaware corporation. 

“Investment” means, with respect to any Person, that such Person (a) purchases, owns, invests in or otherwise acquires
(in one transaction or a series of transactions), by division or otherwise, directly or indirectly, any Equity Interests, interests in any partnership or joint venture (including the creation or capitalization of any Subsidiary), evidence of
Indebtedness or other obligation or security, substantially all or a portion of the business or assets of any other Person or any other investment or interest whatsoever in any other Person, (b) makes any Acquisition, or (c) makes or
holds, directly or indirectly, any loans, advances or extensions of credit to, or any investment in cash or by delivery of Property in any Person. 

“Investment Company Act” means the Investment Company Act of 1940 (15 U.S.C. § 80(a)(1), et seq.). 

“IRS” means the United States Internal Revenue Service. 

“ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or
any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor
thereto. 
 “ISM Code” means the International Safety Management Code (including the guidelines on its implementation),
adopted by the International Maritime Organization, as the same may be amended or supplemented from time to time (and the term “safety management system” has the same meaning as is given to it in the ISM Code). 

“ISP” means the International Standby Practices, International Chamber of Commerce Publication No. 590 (or such later
version thereof as may be in effect at the applicable time). 
 “ISPS Code” means the International Ship and Port Facility
Security Code adopted by the International Maritime Organization, as the same may be amended, supplemented, or superseded from time to time. 

  
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 “Judgment Currency” has the meaning assigned thereto in
Section 11.19. 
 “Junior Indebtedness” means, with respect to the Parent and its Restricted Subsidiaries, any
(a) Subordinated Indebtedness, (b) Indebtedness secured by Liens that are junior to the Liens securing the Secured Obligations, and (c) unsecured Indebtedness with an aggregate outstanding principal amount in excess of the Threshold
Amount. 
 “Last Out Incremental Debt” means any first lien last out secured Indebtedness issued after the Closing Date,
(a) the terms of which do not provide for any scheduled repayment, mandatory redemption, or sinking fund obligation prior to the latest of (i) the 365th day after the “Maturity
Date” under the First Out RCF Credit Agreement, (ii) the Maturity Date under this Agreement, and (iii) the scheduled maturity date of the Last Out Notes, other than customary offers to purchase upon a change of control, asset sale, or
casualty or condemnation event and customary acceleration rights following an event of default (however denominated), in each case, subject to the prior repayment in full in cash of the RCF Secured Obligations (as defined in the First Out RCF Credit
Agreement) (other than contingent indemnification obligations not then due), (b) the covenants, events of default, guarantees, collateral requirements, and other terms of which (other than interest rate, fees, funding discounts, and redemption
or prepayment premiums and other pricing terms determined by the Borrower to be “market” rates, fees, discounts, and other premiums at the time of issuance or incurrence of any such notes), taken as a whole, are not more restrictive or
burdensome than those set forth in this Agreement and the other Loan Documents and do not contain any financial ratio, (c) in respect of which no Restricted Subsidiary of the Parent (other than the Borrower and other Credit Parties) is an
obligor, (d) the terms of which do not restrict the ability of the Parent or any of its Restricted Subsidiaries from amending, modifying, restating, or otherwise supplementing this Agreement or the other Loan Documents, except as permitted by
the Intercreditor Agreement, (e) the terms of which do not restrict the ability of the Parent or any of its Restricted Subsidiaries to guarantee the Term Loan Secured Obligations or to pledge assets as Collateral for the Term Loan Secured
Obligations, (f) the terms of which do not prohibit the repayment or prepayment of the Loans (but may provide that, concurrently with the repayment or prepayment of the Loans, the Borrower shall be required to repay Indebtedness under the Last
Out Incremental Debt in an aggregate principal amount equal to the proportional repayment or prepayment amount of the Loans), (g) which are subject to the Intercreditor Agreement or another intercreditor agreement in form and substance
satisfactory to the Administrative Agent, and in each case, which shall include collateral agency and indemnification provisions that are substantially identical to those contained in the Intercreditor Agreement or that are otherwise acceptable to
the Administrative Agent, and (h) the Parent and its Restricted Subsidiaries shall be in compliance with the requirements of clause (r) of the Agreed Security Principles upon the incurrence of such Indebtedness; provided that, if
the Last Out Incremental Debt is issued pursuant to the Last Out Notes Indenture, such Additional Last Out Notes shall have the same terms and conditions as the Initial Last Out Notes, including for the avoidance of doubt, the maturity date
thereunder. 
 “Last Out Incremental Debt Documents” means the documents governing the terms of any Last Out Incremental
Debt, as amended, restated, amended and restated, supplemented, or otherwise modified to the extent permitted under this Agreement and the Intercreditor Agreement. 

“Last Out Incremental Debt Obligations” means obligations of the Parent and its Restricted Subsidiaries incurred pursuant to
any Last Out Incremental Debt Documents. 
 “Last Out Notes” means (a) the Initial Last Out Notes and (b) any
Additional Last Out Notes. 
 “Last Out Notes Indenture” means that certain Indenture dated as of the Closing Date the
Borrower and Diamond Finance, LLC, as co-issuers thereunder, the guarantors party thereto, the Collateral Agent, and Wilmington Savings Fund Society, FSB, as trustee, as amended, restated, amended and restated, supplemented, or otherwise modified to
the extent permitted under this Agreement and the Intercreditor Agreement. 

  
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 “Last Out Notes Obligations” means the “Notes Obligations”, as
defined in the Last Out Notes Indenture. 
 “Lender” means each Person executing this Agreement as a Lender on the Closing
Date and any other Person that shall have become a party to this Agreement as a Lender pursuant to an Assignment and Assumption or an Affiliated Lender Assignment and Assumption, other than any Person that ceases to be a party hereto as a Lender
pursuant to an Assignment and Assumption or an Affiliated Lender Assignment and Assumption. 
 “Lending Office” means, with
respect to any Lender, the office of such Lender maintaining such Lender’s Extensions of Credit, which office may, to the extent the applicable Lender notifies the Administrative Agent in writing, include an office of any Affiliate of such
Lender or any domestic or foreign branch of such Lender or Affiliate. 
 “Letter-of-Credit Rights” has the meaning assigned
thereto in the Security Agreement. 
 “LIBOR” means, subject to the implementation of a Benchmark Replacement in accordance
with Section 4.8(c), 
 (a) for any interest rate calculation with respect to a LIBOR Rate Loan, the rate of
interest per annum determined on the basis of the rate for deposits in Dollars for a period equal to the applicable Interest Period as published by the ICE Benchmark Administration Limited, a United Kingdom company, or a comparable or successor
quoting service approved by the Administrative Agent, at approximately 11:00 a.m. (London time) two (2) London Banking Days prior to the first day of the applicable Interest Period. If, for any reason, such rate is not so published then
“LIBOR” shall be determined by the Administrative Agent to be the arithmetic average of the rate per annum at which deposits in Dollars would be offered by first class banks in the London interbank market to the Administrative Agent at
approximately 11:00 a.m. (London time) two (2) London Banking Days prior to the first day of the applicable Interest Period for a period equal to such Interest Period, and 

(b) for any interest rate calculation with respect to a Base Rate Loan, the rate of interest per annum determined on the basis
of the rate for deposits in Dollars for an Interest Period equal to one month (commencing on the date of determination of such interest rate) as published by ICE Benchmark Administration Limited, a United Kingdom company, or a comparable or
successor quoting service approved by the Administrative Agent, at approximately 11:00 a.m. (London time) on such date of determination, or, if such date is not a Business Day, then the immediately preceding Business Day. If, for any reason, such
rate is not so published then “LIBOR” for such Base Rate Loan shall be determined by the Administrative Agent to be the arithmetic average of the rate per annum at which deposits in Dollars would be offered by first class banks in the
London interbank market to the Administrative Agent at approximately 11:00 a.m. (London time) on such date of determination for a period equal to one (1) month commencing on such date of determination. 

Each calculation by the Administrative Agent of LIBOR shall be conclusive and binding for all purposes, absent manifest error. 

  
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 Notwithstanding the foregoing, (i) in no event shall LIBOR (including any Benchmark
Replacement with respect thereto) be less than one percent (1%) and (ii) unless otherwise specified in any amendment to this Agreement entered into in accordance with Section 4.8(c), in the event that a Benchmark Replacement
with respect to LIBOR is implemented then all references herein to LIBOR shall be deemed references to such Benchmark Replacement. 

“LIBOR Rate” means a rate per annum determined by the Administrative Agent pursuant to the following formula: 

 

					
	LIBOR Rate =	  	LIBOR	  	
		  	1.00-Eurodollar Reserve Percentage	  	

 “LIBOR Rate Loan” means any Loan bearing interest at a rate based upon the LIBOR Rate as
provided in Section 4.1(a). 
 “Lien” means, with respect to any Property, any mortgage, leasehold mortgage,
lien, security assignment, pledge, charge, security interest, hypothecation, or encumbrance of any kind in respect of such Property. For the purposes of this Agreement, a Person shall be deemed to own subject to a Lien any Property which it has
acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, Capital Lease Obligation, or other title retention agreement relating to such Property. 

“Liquidity” means, as of any date of determination, an amount equal to (a) Specified Credit Party Cash, plus RCF
Availability. 
 “Loan Documents” means, collectively, this Agreement, each Note, the Security Documents, the Guaranty
Agreement, the Perfection Certificate, the Fee Letters, the Intercreditor Agreement, the Intercompany Subordination Agreement, the Permitted Holdco Undertaking, if any, and each other document, instrument, certificate, and agreement executed and
delivered by the Credit Parties or any of their respective Restricted Subsidiaries in favor of or provided to the Administrative Agent, the Collateral Agent, or any Term Loan Secured Party in connection with this Agreement or otherwise referred to
herein or contemplated hereby. 
 “Loan Transactions” means, collectively, (a) the execution, delivery, and
performance by the Parent and the Borrower of this Agreement and of each Credit party of the Loan Documents to which it is to be a party, and (b) the Extensions of Credit hereunder. 

“Loans” means any loan made or deemed made to the Borrower pursuant to Section 2.1, and all such loans
collectively, as the context requires. 
 “Local Content Entities” means any Affiliate of the Parent (a) that owns a
Rig and (b) the capital stock or other Equity Interests of which is jointly owned by the Parent or any Restricted Subsidiary(ies) and any other Person(s) but only to the extent such ownership of capital stock or other Equity Interests by such
Person(s) is(are) required or necessary under local Applicable Law or custom as a condition for the operation of such Rig in such jurisdiction; provided that Local Content Entities shall not include joint ventures that are formed in the
ordinary course of business and for purposes other than local Applicable Law requirements or customs. 
 “London Banking
Day” means any day on which dealings in Dollar deposits are conducted by and between banks in the London interbank Eurodollar market. 

  
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 “Material Adverse Effect” means any material adverse effect on (a) the
business, assets, properties, operations, liabilities (actual or contingent), or condition (financial or otherwise) of the Parent and its Restricted Subsidiaries, taken as a whole, (b) the Borrower’s ability, individually, or the Credit
Parties’ ability, taken as a whole, to perform their respective obligations under the Loan Documents, (c) the legality, validity, binding effect, or enforceability against any Credit Party in any material respect of any Loan Document to
which it is a party, or (d) the rights and remedies of the Administrative Agent, the Collateral Agent, or any Lender under any Loan Document. 

“Material Contract” means (a) any contract or agreement of any Credit Party or any of its Restricted Subsidiaries
involving monetary liability of or to any such Person in an amount in excess of $5,000,000 per annum, (b) all contracts or agreements of any Credit Party or any of its Restricted Subsidiaries with respect to the operation of any mobile offshore
drilling unit (including, without limitation, any jackup rig, semi-submersible rig, drillship, and barge ship) of any third-party (including, without limitation, any services contract related to any such contract or agreement), in each case that are
material to the operation thereof, (c) all Drilling Contracts and all other contracts or agreements with respect to the Rigs that are material to the operation thereof, (d) at any time after a Permitted Holdco Event has occurred, any
contract or agreement described under clause (b) of the definition of “Permitted Holdco Event,” (e) the BOP Lease Agreement, (f) the PCbtH Service Contract, and (g) any other contract or agreement of any Credit
Party or any of its Restricted Subsidiaries, the breach, non-performance, cancellation, or failure to renew of which would reasonably be expected to result in a Material Adverse Effect. 

“Material Indebtedness” means (a) any Indebtedness of the Parent and its Restricted Subsidiaries in the aggregate
principal amount (including any undrawn committed or available amounts) of $40,000,000, and (b) any Indebtedness outstanding at any time pursuant to the First Out RCF Credit Agreement, the Last Out Notes, or the Last Out Incremental Debt (if
any). 
 “Material Intellectual Property” has the meaning assigned thereto in the Security Agreement. 

“Material Real Property” means any real property that is not Immaterial Real Property. 

“Material Subsidiary” means, as of any date of determination, any Restricted Subsidiary of the Parent which is not an
Immaterial Subsidiary. 
 “Maturity Date” means the earliest to occur of (a) April 22, 2027, (b) the date of
termination of the Credit Facility pursuant to Section 2.5, and (c) the date of termination of the Credit Facility pursuant to Section 9.2(a). 

“Mexico Office Building” means the office building located at Carretera Carmen – Puerto Real Km 11.3 Col. El Fenix,
Ciudad del Carmen, Campeche C.P. 24157. 
 “Moody’s” means Moody’s Investors Service, Inc. 

“Mortgaged Property” means any real property that is subject to a Mortgage. 

“Mortgages” means the collective reference to each mortgage, deed of trust, or other real property security document,
encumbering any Material Real Property now or hereafter owned by any Credit Party, in each case, in form and substance reasonably satisfactory to the Administrative Agent and the Collateral Agent and executed by such Credit Party in favor of the
Collateral Agent, for the ratable benefit of the Secured Parties, as any such document may be amended, restated, supplemented, or otherwise modified from time to time. 

“Multiemployer Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA to which any
Credit Party or any ERISA Affiliate is making, or is accruing an obligation to make, or has accrued an obligation to make contributions within the preceding five (5) years, or with respect to which any Credit Party or any ERISA Affiliate has
any liability (contingent or otherwise). 

  
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 “Net Cash Proceeds” means, as applicable, with respect to any Asset
Disposition, all cash and Cash Equivalents received by any Credit Party or any of its Restricted Subsidiaries therefrom (including any cash or Cash Equivalents received by way of deferred payment pursuant to, or by monetization of, a note receivable
or otherwise, as and when received) less the sum of (i) all income Taxes and other Taxes assessed by, or reasonably estimated to be payable to, a Governmental Authority as a result of such transaction or event (provided that if
such estimated Taxes exceed the amount of actual Taxes required to be paid in cash in respect of such Asset Disposition, the amount of such excess shall constitute Net Cash Proceeds), (ii) all reasonable and customary out-of-pocket fees and
expenses actually incurred by any Credit Party or any of its Restricted Subsidiaries directly in connection with such transaction or event, and (iii) the principal amount of, premium, if any, and interest on any Indebtedness incurred pursuant
to Section 8.1(e) and secured by a Lien on the Property permitted pursuant to Section 8.2(b), (c), or (d) (or a portion thereof) sold or otherwise disposed of, which Indebtedness is required to be repaid in
connection with such transaction or event. 
 “Non-Consenting Lender” means any Lender that does not approve any consent,
waiver, amendment, modification, or termination that (a) requires the approval of all Lenders or all affected Lenders in accordance with the terms of Section 11.2 and (b) has been approved by the Required Lenders. 

“Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such time. 

“Non-Wholly-Owned Subsidiary” means any Subsidiary of the Borrower that is not Wholly- Owned. 

“Note” means a promissory note made by the Borrower in favor of a Lender evidencing the Loans made by such Lender,
substantially in the form attached as Exhibit A, and any substitutes therefor, and any replacements, restatements, renewals, or extension thereof, in whole or in part. 

“Notice of Borrowing” has the meaning assigned thereto in Section 2.2. 

“Notice of Conversion/Continuation” has the meaning assigned thereto in Section 4.2. 

“Notice of Prepayment” has the meaning assigned thereto in Section 2.3(c). 

“OFAC” means the U.S. Department of the Treasury’s Office of Foreign Assets Control. 

“Organizational Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and
the bylaws, memorandum and articles of association (or equivalent or comparable constitutive documents), (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement or
limited liability company agreement (or equivalent or comparable documents), (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership or other applicable agreement of formation or organization
and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any
certificate or articles of formation or organization of such entity, and (d) any applicable joint venture agreement or equityholders’ agreement. 

  
 -35- 

 “Other Connection Taxes” means, with respect to any Recipient, Taxes
imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under,
received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to, or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

“Other Last Out Debt Payment” has the meaning assigned thereto in Section 2.3(b)(ii). 

“Other Taxes” means all present or future stamp, court, documentary, intangible, recording, filing, or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement, or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that
are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 4.12). 

“Outstandings” means, as of any date of determination, the sum of the aggregate outstanding principal amount of the Loans on
such date after giving effect to any prepayments or repayments of Loans, as the case may be, occurring on such date. 

“Parent” means Diamond Offshore Drilling, Inc., a Delaware corporation. 

“Pari Passu Indebtedness” has the meaning assigned thereto in Section 2.3(b)(i)(C). 

“Partial PIK Applicable Margin” means (a) with respect to a LIBOR Rate Loan, 8.00%, and (b) with respect to a Base
Rate Loan, 7.00% . 
 “Partial PIK Election” means, with respect to any Loan, the Borrower’s written election to pay
in kind 50% of the interest due and payable on such Loan by adding an amount equal to 50% of the interest due on such Loan to the balance of the principal amount of such Loan in accordance with Section 4.1(c). 

“Participant” has the meaning assigned thereto in Section 11.9(d). 

“Participant Register” has the meaning assigned thereto in Section 11.9(d). 

“PATRIOT Act” means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)). 

“PBGC” means the Pension Benefit Guaranty Corporation or any successor agency. 

“PCbtH Service Contract” means that certain Contractual Service Agreement, dated as of February 5, 2016, between Diamond
Offshore Company and Hydril USA Distribution LLC, as amended by that certain Amendment No. 1 dated as of April 18, 2019, Amendment No. 2 dated as of September 16, 2019, and Amendment No. 3 to Contractual Service Agreement
dated as of March 29, 2021. 
 “Pension Plan” means any employee benefit plan (as defined in Section 3(3) of
ERISA, other than a Multiemployer Plan, which is subject to the provisions of Title IV of ERISA or Sections 412 and 430 of the Code or Section 302 of ERISA and (a) which was or is sponsored, maintained, or contributed to, or required to be
contributed to, by any Credit Party or any ERISA Affiliate or (b) with respect to which any Credit Party or any ERISA Affiliate has any obligation or liability (contingent or otherwise). 

  
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 “Perfection Certificate” means a certificate of a Responsible Officer of
each of the Parent, the Borrower, and each Credit Party substantially in the form of Exhibit L or such other form reasonably acceptable to the Administrative Agent, as amended, supplemented, or otherwise modified from time to time. 

“Permitted Acquisition” means any Acquisition that meets all of the following requirements: 

(a) no less than fifteen (15) Business Days prior to the proposed closing date of such Acquisition (or such shorter period
as may be agreed to by the Administrative Agent), the Borrower shall have delivered written notice of such Acquisition to the Administrative Agent and the Lenders, which notice shall include the proposed closing date of such Acquisition; 

(b) the board of directors or other similar governing body of the Person to be acquired shall have approved such Acquisition
(and, if requested, the Administrative Agent shall have received evidence, in form and substance reasonably satisfactory to the Administrative Agent, of such approval); 

(c) the Person or business to be acquired shall be in a line of business permitted pursuant to the Loan Documents or, in the
case of an Acquisition of assets, the assets acquired are useful in the business of the Parent and its Restricted Subsidiaries as conducted immediately prior to such Acquisition or otherwise permitted pursuant to the Loan Documents; 

(d) no Change in Control would result from such transaction; 

(e) (i) no Default shall have occurred and be continuing both before and after giving effect to such Acquisition and
(ii) the Parent shall be in Pro Forma Compliance with each Collateral Coverage Ratio Requirement, both before and after giving effect to such Acquisition (as demonstrated in a certificate duly executed by a Financial Officer of the Parent dated
as of the date of such Acquisition and received by the Administrative Agent on or prior to such date); 
 (f) either: 

(i) such Acquisition is made with the net cash proceeds of new, concurrent Qualified Equity Interests issued by or any capital
contribution in respect of Qualified Equity Interests of the Parent, or 
 (ii) the requirements set forth below are
satisfied with respect thereto (it being understood and agreed that, in the case of substantially concurrent transactions or a series of related transactions, such satisfaction shall be determined with respect to such transactions, on an aggregate
basis): 
 (A) (1)(x) the Consolidated Total Net Leverage Ratio on a Pro Forma Basis (excluding synergies) would be
less than or equal to 2.5 to 1.0 as of the last day of the most recently ended fiscal quarter and (y) the Consolidated Secured Net Leverage Ratio on a Pro Forma Basis (excluding synergies) would be less than or equal to 2.0 to 1.0 as of the
last day of the most recently ended fiscal quarter or (2) both the Consolidated Total Net Leverage Ratio and the Consolidated Secured Net Leverage Ratio, in each case, on a Pro Forma Basis (excluding synergies) would be less than or equal to
the Consolidated Total Net Leverage Ratio or Consolidated Secured Net Leverage Ratio, as applicable, before giving effect to such transaction(s); and 

  
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 (B) Liquidity would be greater than or equal to $150,000,000 on a Pro Forma Basis after
giving effect to such transaction(s) and any concurrent incurrence of Indebtedness; and 
 (g) any Property, including Equity
Interests, acquired pursuant to such Acquisition shall become Collateral subject to an Acceptable Security Interest to the extent required by Section 7.14, and any Restricted Subsidiary acquired pursuant to such Acquisition shall become
a Subsidiary Guarantor to the extent it is a Required Guarantor. 
 “Permitted Holdco” has the meaning assigned thereto in
the definition of “Permitted Holdco Event.” 
 “Permitted Holdco Event” means the occurrence of any event or
series of events that results in the ownership of 100% of the Equity Interests of the Parent by any Person (the “Permitted Holdco”), so long as: 

(a) no Change in Control has occurred, or would be caused by such event or series of events, in each case, under clause
(b) of the definition thereof; 
 (b) the terms of any management services agreement, shared services agreement, or
other arrangement relating to shared services, management, overhead, employees, expenses, taxes, or other relationship between the Parent or any of its Restricted Subsidiaries on the one hand, and the Permitted Holdco on the other hand, as well as
any subsequent amendments or other modifications to any such agreements or arrangements, are at least as favorable to the Parent as would be obtainable in an arm’s-length transaction and otherwise subject to all other covenants and restrictions
contained in this Agreement (including, without limitation, Section 8.7); 
 (c) the Permitted Holdco has pledged
100% of the Equity Interests of the Parent as Collateral to secure the Secured Obligations pursuant to an Acceptable Security Interest contained in a pledge agreement (the “Permitted Holdco Pledge”) (the terms of which shall include
a negative pledge prohibiting the granting of Liens on any Equity Interests of the Parent by the Permitted Holdco to any Person other than Liens granted to the Collateral Agent for the benefit of the Secured Parties); 

(d) the Permitted Holdco shall not own any material Property, Equity Interests, or business interests other than (i) 100%
of the Equity Interests in the Parent and (ii) 100% of the equity interests in one or more other Persons whose primary business is the provision of contract drilling services, drilling rigs, and related equipment to the energy industry (each
such person, a “Combination Party”); provided that, if the Permitted Holdco owns any Equity Interests in a Combination Party, then (A) the Parent and its Restricted Subsidiaries on the one hand, and each applicable
Combination Party and its Subsidiaries on the other hand, are held in separate ownership silos such that (x) neither the creditors of the Permitted Holdco nor the creditors of any applicable Combination Party or its respective Subsidiaries
shall have any recourse to the Parent, its Restricted Subsidiaries, or any of their respective Properties, and (y) creditors of the Parent and its Restricted Subsidiaries shall have no recourse to any applicable Combination Party, its
respective Subsidiaries, or any of their respective Properties, and (B) all transactions and dealings between the Parent and its Restricted Subsidiaries on the one hand, and each applicable Combination Party and its respective Subsidiaries on
the other hand, or between the Parent and its Restricted Subsidiaries on the one hand, and the Permitted Holdco on the other hand, shall be subject to all other covenants and restrictions contained in this Agreement (including, without limitation,
Section 8.7); 

  
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 (e) the Permitted Holdco shall not incur or suffer to exist any
Indebtedness, obligations or other liabilities, other than (i) the Permitted Holdco’s obligations under the Permitted Holdco Undertaking, (ii) Tax liabilities of the Permitted Holdco arising in the ordinary course of business,
(iii) corporate, administrative and operating expenses of the Permitted Holdco incurred in the ordinary course of business, (iv) liabilities of the Permitted Holdco under any contracts or agreements with the Parent and its Restricted
Subsidiaries described in clauses (b) and (c) of this definition, and (v) liabilities of the Permitted Holdco under contracts or agreements with the Combination Party and its Subsidiaries that would comply with the
description in clause (b) of this definition; 
 (f) the Permitted Holdco shall not engage in any activities or
business other than (i) issuing shares of its own common Equity Interests, (ii) holding the assets and incurring the liabilities described and permitted in clauses (b), (c), (d) and (e) of this
definition and activities incidental and related thereto, pledging the Equity Interests of the Parent as described and permitted in clause (c) above and activities incidental and related thereto) and, if applicable, pledging the Equity
Interests of any Combination Party as collateral to secure obligations under the debt facilities of such Combination Party (or of its direct or indirect parent entity that is itself a Combination Party) and activities incidental and related thereto,
and (iii) making dividends or distributions not prohibited by this Agreement that would not result in the structure described in the lead-in to this definition failing to meet the conditions described in this definition; 

(g) on and after such Permitted Holdco Event, in the event of any Business Opportunity (to be defined in the definitive
Permitted Holdco Undertaking documentation, but in any case to include, without limitation, any subsequent bidding or tender opportunity for a new or extended contract fixture for a Rig (or similar opportunity to provide Rigs, drilling services, or
other services in the Parent’s line of business)), Permitted Holdco will ensure that the Parent and its Restricted Subsidiaries, or Rigs owned by the Parent and its Restricted Subsidiaries, as applicable, that meet the relevant criteria for
such Business Opportunity (including availability) are included in such bid, tender, or other Business Opportunity and participate on a competitive basis in such bid, tender, or other Business Opportunity, if, in the reasonable judgment of the
Parent, it is in the best interest of the Parent to bid or participate in such bid, tender, or other Business Opportunity ((x) taking into account all relevant costs and liabilities associated with such bid, tender, Business Opportunity, or contract
fixture, and (y) specifically not taking into account activity or availability of any mobile offshore drilling unit (including, without limitation, any jackup rig, semi-submersible rig, drillship, and barge rig) or Subsidiaries directly or
indirectly owned by any Combination Party or otherwise by the Permitted Holdco outside of the Parent and its Restricted Subsidiaries, or the business or interests of any Combination Party or the Permitted Holdco outside of the Parent and its
Restricted Subsidiaries); and 
 (h) on or prior to such Permitted Holdco Event, the Administrative Agent shall have received
an agreement in form and substance satisfactory to the Administrative Agent, executed and delivered by the Permitted Holdco, for the benefit of the Secured Parties, which shall constitute a Loan Document for all purposes hereunder (such undertaking,
the “Permitted Holdco Undertaking”), pursuant to which the Permitted Holdco shall agree to (i) comply, and cause the Parent and its Restricted Subsidiaries to comply, with the requirements of clauses (a) through
(g) of this definition in all respects, and (ii) deliver to the Administrative Agent a quarterly certificate of a Responsible Officer of the Permitted Holdco and a Responsible Officer of the Parent, in each case, certifying
compliance with such requirements and committing to comply with such requirements at all times thereafter; 

  
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 provided that each of the provisions applicable to and undertakings by the Permitted
Holdco in this definition shall apply equally to any Subsidiary of the Permitted Holdco that directly or indirectly holds Equity Interests in the topmost entity in either the Parent’s silo or any Combination Party’s silo that is a
borrower, issuer, guarantor, or other obligor with respect to all of the obligations under the primary debt facilities at such silo. 

“Permitted Holdco Pledge” has the meaning assigned thereto in the definition of “Permitted Holdco Event.” 

“Permitted Holdco Undertaking” has the meaning assigned thereto in the definition of “Permitted Holdco Event.” 

“Permitted Liens” means the Liens permitted pursuant to Section 8.2. 

“Permitted Refinancing Indebtedness” means any Indebtedness (the “Refinancing Indebtedness”), the proceeds
of which are used to refinance, refund, renew, extend, or replace outstanding Indebtedness as permitted by Section 8.1 (such outstanding Indebtedness, the “Refinanced Indebtedness”); provided that (a) the
principal amount (or accreted value, if applicable) of such Refinancing Indebtedness (including any unused commitments thereunder) is not greater than the principal amount (or accreted value, if applicable) of the Refinanced Indebtedness at the time
of such refinancing, refunding, renewal, extension, or replacement, except by an amount equal to any original issue discount thereon and the amount of unpaid accrued interest and premium thereon plus other reasonable amounts paid, and fees
and expenses reasonably and actually incurred, in connection with such refinancing, refunding, renewal, extension, or replacement, and by an amount equal to any existing commitments thereunder that have not been utilized at the time of such
refinancing, refunding, renewal, extension, or replacement; (b) the final stated maturity and Weighted Average Life to Maturity of such Refinancing Indebtedness shall not be prior to or shorter than that applicable to the Refinanced
Indebtedness; (c) such Refinancing Indebtedness shall not be secured by (i) Liens on assets other than assets securing the Refinanced Indebtedness immediately prior to such refinancing, refunding, renewal, extension, or replacement or
(ii) Liens having a higher priority than the Liens, if any, securing the Refinanced Indebtedness immediately prior to such refinancing, refunding, renewal, extension, or replacement; (d) such Refinancing Indebtedness shall not be
guaranteed by or otherwise recourse to any Person other than the Person(s) to whom the Refinanced Indebtedness is recourse or by whom it is guaranteed, in each case immediately prior to such refinancing, refunding, renewal, extension, or
replacement; (e) to the extent such Refinanced Indebtedness is subordinated in right of payment to the Term Loan Secured Obligations (or the Liens securing such Indebtedness were originally contractually subordinated to the Liens securing the
Collateral pursuant to the Security Documents), such refinancing, refunding, renewal, extension, or replacement is subordinated in right of payment to the Term Loan Secured Obligations (or the Liens securing such Indebtedness shall be subordinated
to the Liens securing the Collateral pursuant to the Security Documents) on terms at least as favorable to the Lenders as those contained in the documentation governing such Refinanced Indebtedness or otherwise reasonably acceptable to the
Administrative Agent; (f) in the event that the Refinancing Indebtedness is unsecured Indebtedness (including unsecured Subordinated Indebtedness), such Refinancing Indebtedness does not include cross-defaults (but may include cross-payment
defaults and cross-defaults at the final stated maturity thereof and cross-acceleration); and (g) no Default shall have occurred and be continuing at the time of, or would result from, such refinancing, refunding, renewal, extension, or
replacement, and the Parent has delivered a certificate of a Responsible Officer certifying that such conditions have been met. 

“Person” means any natural person, corporation, exempted company, limited liability company, trust, joint venture,
association, company, partnership, Governmental Authority or other entity. 
 “Petition Date” means April 26, 2020.

  
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 “PIK Election” means any Partial PIK Election or Full PIK Election. 

“Plan” means the plan of reorganization of the Parent and certain of its Subsidiaries, as Debtors, filed in the Chapter 11
Cases (and any annexes, supplements, exhibits, term sheets, or other attachments thereto), as amended, modified or supplemented prior to the Closing Date, including by the Plan Supplement (as defined in the Plan), in accordance with the terms there
of and as permitted hereunder. 
 “Plan Support Agreement” means that certain Plan Support Agreement dated as of
January 22, 2021, between the Parent and the other parties thereto. 
 “Platform” means Debt Domain, Intralinks,
SyndTrak, or a substantially similar electronic transmission system. 
 “Pledged Notes” has the meaning assigned thereto in
the Security Agreement. 
 “Prepetition Credit Agreement” means that certain 5-Year Revolving Credit Agreement dated as of
October 2, 2018, among Parent, as the U.S. borrower, the Borrower, as the foreign borrower, the financial institutions party thereto as lenders, and Wells Fargo, as administrative agent to the Prepetition Lenders, as amended, restated,
supplemented, or otherwise modified prior to the Closing Date. 
 “Prepetition Lenders” means the “Lenders” as
defined in the Prepetition Credit Agreement. 
 “Prepetition Loans” means the “Loans” as defined in the
Prepetition Credit Agreement. 
 “Prime Rate” means, at any time, the rate of interest per annum publicly announced from
time to time by the Administrative Agent as its prime rate. Each change in the Prime Rate shall be effective as of the opening of business on the day such change in such prime rate occurs. The parties hereto acknowledge that the rate announced
publicly by the Administrative Agent as its prime rate is an index or base rate and shall not necessarily be its lowest or best rate charged to its customers or other banks. 

“Process Agent” means CT Corporation System, with an office at 111 Eighth Avenue, New York, NY 10011. 

“Pro Forma Basis” means: 

(a) for purposes of calculating Consolidated EBITDA for any period during which one or more Specified Transactions occurs, that
such Specified Transaction (and all other Specified Transactions that have been consummated during the applicable period) shall be deemed to have occurred as of the first day of the applicable period of measurement; provided that the
foregoing amounts shall be without duplication of any adjustments that are already included in the calculation of Consolidated EBITDA; 

(b) in the event that the Parent or any Restricted Subsidiary thereof incurs (including by assumption or guarantees) or repays
(including by redemption, repayment, retirement, discharge, defeasance, or extinguishment) any Indebtedness included in the calculations of any financial ratio or test (in each case, other than Indebtedness incurred or repaid under any revolving
credit facility in the ordinary course of business for working capital purposes), (i) during the applicable measurement period or (ii) subsequent to the end of the applicable measurement period and prior to or simultaneously with the event
for which the calculation of any such ratio is made, then such financial ratio or test shall be calculated giving pro forma effect to such incurrence or repayment of Indebtedness, to the extent required, as if the same had occurred on the first day
of 

  
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the applicable measurement period and any such Indebtedness that is incurred (including by assumption or guarantee) that has a floating or formula rate of interest shall have an implied rate of
interest for the applicable period determined by utilizing the rate which is or would be in effect with respect to such Indebtedness as of the relevant date of determination. 

“Pro Forma Compliance” means, with respect to the Parent’s compliance with the RCF Collateral Coverage Ratio Requirement
and/or the Total Collateral Coverage Ratio Requirement on any date, that the Parent is in compliance with such Collateral Coverage Ratio Requirement recomputed as of such date before (to the extent required by the applicable provision hereof) and
after giving effect to the event or action with respect to which such pro forma calculation is required and each other transaction occurring on such date; provided that, for purposes of any such calculation of pro forma compliance,
(a) such calculation shall give pro forma effect to Permitted Acquisitions, Asset Dispositions, and any change of such Rig’s status to “marketed,” “warm stacked,” “cold stacked,” “preservation
stacked,” “held for sale,” “held at a shipyard,” or other type of classification and (b) Indebtedness shall be calculated on a Pro Forma Basis. 

“Pro Rata Share” means, with respect to each Lender, at any time of determination on and after the Closing Date, a fraction
(expressed as a percentage, carried out to the ninth decimal place), the numerator of which is the principal amount of Loans held by such Lender at such time hereunder and the denominator of which is the aggregate principal amount of the Loans held
by all Lenders at such time hereunder. The Pro Rata Share of each Lender on the Closing Date, immediately after giving effect to the Loans deemed made on the Closing Date, is set forth opposite the name of such Lender on Schedule 1.1(a). 

“Property” means any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether
tangible or intangible, including Equity Interests. 
 “PTE” means a prohibited transaction class exemption issued by the
U.S. Department of Labor, as any such exemption may be amended from time to time. 
 “QFC Credit Support” has the meaning
assigned thereto in Section 11.25. 
 “Qualified Asset Disposition” means (a) the sale, transfer, license,
lease or other disposition, whether in a single transaction or a series of related transactions, of any Property (including by way of a sale and leaseback transaction and any division, merger or disposition of Equity Interests) of the Parent or any
of its Restricted Subsidiaries (each referred to in this definition as a “disposition”) or (b) the issuance of Equity Interests by any Restricted Subsidiary of the Parent to any Person that is not a Credit Party or any Restricted
Subsidiary thereof, whether in a single transaction or a series of related transactions, in each case, other than any sale, transfer, license, lease or other disposition or issuance that is permitted under Section 8.5 of this Agreement in
effect as of the Closing Date. 
 “Qualified Equity Interests” means any Equity Interests that are not Disqualified Equity
Interests. 
 “RCF Administrative Agent” means Wells Fargo, in its capacity as administrative agent under the First Out RCF
Credit Agreement. 
 “RCF Availability” means, as of any date of determination, an amount equal to (a) the
“Available Commitments” (as defined in the First Out RCF Credit Agreement) then in effect pursuant to the First Out RCF Credit Agreement at such time (or any equivalent term under any revolving credit facility constituting Permitted
Refinancing Indebtedness with respect thereto), minus (b) the aggregate amount of “Outstandings” (as defined in the First Out RCF Credit Agreement) (excluding any PIK Loans (as defined in the First Out RCF Credit Agreement)
then outstanding) pursuant to the First Out RCF Credit Agreement at such time (or any equivalent term under any revolving credit facility constituting Permitted Refinancing Indebtedness with respect thereto). 

  
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 “RCF Cash Collateral” means “Cash Collateral,” as defined in the
First Out RCF Credit Agreement. 
 “RCF Collateral Coverage Ratio” means, as of any date of determination, (a) prior
to the RCF Discharge Date, the “RCF Collateral Coverage Ratio” as defined in the First Out RCF Credit Agreement, and (b) at any time on or after the RCF Discharge Date, the ratio of (i) the Collateral Rig Value as of such date,
based on the Acceptable Appraisal(s) most recently delivered to the Administrative Agent pursuant to Section 5.1(f) or Section 7.2(d), as applicable, to (ii) the aggregate outstanding principal amount of all loans and
letter of credit obligations under the primary revolving credit facility of the Parent and its Restricted Subsidiaries. 
 “RCF
Collateral Coverage Ratio Requirement” means (a) prior to the RCF Discharge Date, the financial maintenance covenant set forth in Section 8.15(a) of the First Out RCF Credit Agreement, and (b) at any time on or after the RCF
Discharge Date, the requirement that, as of the last day of the most recently ended fiscal quarter of the Parent, the RCF Collateral Coverage Ratio be greater than 2.0 to 1.0. 

“RCF Discharge Date” means the “Discharge Date,” as defined in the First Out RCF Credit Agreement. 

“Recipient” means (a) the Administrative Agent, (b) the Collateral Agent, and (c) any Lender, as applicable.

 “Reference Period” means, as of any date of determination, the period of four (4) consecutive fiscal quarters ended
on or immediately prior to such date for which financial statements of the Parent and its Subsidiaries have been delivered pursuant to Sections 7.1(a) or (b) to the Administrative Agent hereunder. 

“Reference Time” with respect to any setting of the then-current Benchmark means (1) if such Benchmark is USD LIBOR,
11:00 a.m. (London time) on the day that is two (2) London Banking Days preceding the date of such setting and (2) if such Benchmark is not USD LIBOR, the time determined by the Administrative Agent in its reasonable discretion. 

“Refinanced Loans” has the meaning assigned thereto in Section 2.1. 

“Register” has the meaning assigned thereto in Section 11.9(c). 

“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers,
employees, agents, trustees, administrators, managers, advisors, attorneys, and representatives of such Person and of such Person’s Affiliates. 

“Relevant Governmental Body” means the FRB or the Federal Reserve Bank of New York, or a committee officially endorsed or
convened by the FRB or the Federal Reserve Bank of New York, or any successor thereto. 
 “Removal Effective Date” has the
meaning assigned thereto in Section 10.6(b). 
 “Required Guarantors” means (a) the Parent, Intermediate DOFC,
Intermediate DOSC, Diamond Finance, LLC, and the Borrower, (b) each Rig Subsidiary, (c) each Restricted Subsidiary of the Parent that directly or indirectly owns Equity Interests in a Rig Subsidiary, (d) any other Person that is a
borrower, issuer, or guarantor of any First Out RCF Loans and L/C Obligations, Last Out Notes, and/or Last Out Incremental Debt (if any), and (e) any other Restricted Subsidiary of the Parent, including any Eligible Local Content Entity, that
is not, in the case of this clause (e), an Excluded Subsidiary. 

  
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 “Required Lenders” means, at any time, Lenders (other than Defaulting
Lenders and Affiliated Lenders, except, solely with respect to Affiliated Lenders, as set forth in Section 11.9(g)(iii)(A)) having Credit Exposure representing more than fifty percent (50%) of the aggregate Credit Exposure of all
Lenders. The Credit Exposure held by any Defaulting Lender shall be disregarded in determining Required Lenders at any time. Except as set forth in Section 11.9(g)(iii)(A), the Credit Exposure held by any Affiliated Lender shall be
disregarded in determining Required Lenders at any time. 
 “Resignation Effective Date” has the meaning assigned thereto
in Section 10.6(a). 
 “Resolution Authority” means an EEA Resolution Authority or, with respect to any UK
Financial Institution, a UK Resolution Authority. 
 “Responsible Officer” means, as to any Person, the chief executive
officer, president, chief financial officer, controller, director, treasurer or assistant treasurer of such Person, or any other officer of such Person designated in writing by such Person and reasonably acceptable to the Administrative Agent;
provided that, to the extent requested thereby, the Administrative Agent shall have received a certificate of such Person certifying as to the incumbency and genuineness of the signature of each such officer. Any document delivered hereunder
or under any other Loan Document that is signed by a Responsible Officer of a Person shall be conclusively presumed to have been authorized by all necessary corporate, limited liability company, partnership, and/or other action on the part of such
Person and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Person. Unless otherwise specified, all references to a Responsible Officer herein or in any other Loan Document shall mean a Responsible Officer of
the Parent. 
 “Restricted Payment” means any dividend on, or the making of any payment or other distribution on account
of, or the purchase, redemption, retirement, or other acquisition (directly or indirectly) of, or the setting apart assets for a sinking or other analogous fund for the purchase, redemption, retirement, or other acquisition of, any class of Equity
Interests of any Credit Party or any Restricted Subsidiary thereof, the making of any payment with respect to any earn-out or similar obligation incurred in connection with an Acquisition permitted hereunder, or the making of any distribution
of cash or Property to the holders of any Equity Interests of any Credit Party or any Subsidiary thereof on account of such Equity Interests. 

“Restricted Subsidiary” means any Subsidiary that is not an Unrestricted Subsidiary. 

“Rig” means any mobile offshore drilling unit (including, without limitation, any jackup rig, semi-submersible rig,
drillship, and barge rig) of the Parent or a Restricted Subsidiary, including, without limitation, the Rigs in existence on the Closing Date and set forth on Schedule 1.1(c) (along with each such Rig’s name and official number, owner,
jurisdiction of registration and flag). 
 “Rig Debt” means Indebtedness incurred solely to finance the acquisition or
construction of any Rig. 
 “Rig Mortgages” means the collective reference to each mortgage or other security document or
instrument, including any fleet mortgage, encumbering any Rig (and any related Property) now or hereafter owned by any Credit Party, in each case, in form and substance reasonably satisfactory to the Administrative Agent and the Collateral Agent and
executed by such Credit Party in favor of the Collateral Agent, for the ratable benefit of the Secured Parties, and in proper form for filing and recordation with the relevant registry or other appropriate maritime authority with which such Rig is
registered, as any such document may be amended, restated, supplemented, or otherwise modified from time to time. 

  
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 “Rig Operator Contract” means any Material Contract of the type described
in clause (b) of the definition of Material Contract. 
 “Rig Subsidiary” means each Restricted Subsidiary of the
Parent that (a) owns a Rig, (b) operates or is a party to a Drilling Contract or charter (or similar contract) related to a Rig, (c) operates or provides services to a mobile offshore drilling unit (including, without limitation, any
jackup rig, semi-submersible rig, drillship, and barge rig) of any Person, or (d) holds a deposit account or any other type of account into which any payments in respect of any Rig, or under any contract or charter with respect to any Rig, or
any agreement or arrangement described in clause (c), are made or held. The Rig Subsidiaries as of the Closing Date are set forth on Schedule 1.1(d). 

“Rig Value” means, as of any date of determination, with respect to any Rig (and all related owned equipment), the value of
such Rig (and all related owned equipment), calculated as the average (based on the midpoint of any range provided) reflected in respect of such Rig in the Acceptable Appraisal(s) most recently delivered pursuant to Section 5.1(f) or
Section 7.2(d); provided that the Rig Value of any Rig shall be equal to (w) 100.0% of such appraised value, for any Rig that is contracted with less than 12 months until its relevant contract start date or a Rig that has
been idle for up to six months, (x) 75.0% of such appraised value, for any Rig that has been idle for six months or longer but less than nine months as of such date of determination, (y) 50.0% of such appraised value, for any Rig that has
been idle for nine months or longer but less than 12 months as of such date of determination, and (z) 0.0% of such appraised value, for any Rig that has been idle for 12 months or longer or is “cold-stacked”, in each case, as of such
date of determination; provided further that (a) if any such Rig is “stacked” or otherwise “idle,” the Rig Value attributable to such Rig (i) shall be reduced by the amount of any reactivation costs necessary or
advisable to return such Rig to working status, and (ii) shall in no event be less than $0.00, (b) notwithstanding the foregoing, during the period from the Closing Date until the six month anniversary of the Closing Date, the Rig Value of
the Ocean Great White shall not at any time be less than 50.0% of such appraised value, and (c) the value for any Rig acquired after the date of the most recently delivered Rig Value Certificate or to be acquired on any date on which Rig
Value is to be determined shall be as reasonably agreed by the Parent and the Administrative Agent. 
 “Rig Value
Certificate” means a certificate signed by a Responsible Officer of the Parent, certifying (a) the Rig Value of each Rig owned by a Credit Party, (b) the Acceptable Appraisal(s) used to determine each such Rig Value, and
(c) the direct owner of each such Rig, in each case as of the date of such certificate. 
 “S&P” means
Standard & Poor’s Rating Service, a division of S&P Global Inc. and any successor thereto. 
 “Sanctioned
Country” means at any time, a country, region or territory which is itself (or whose government is) the subject or target of any Sanctions. 

“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons
maintained by OFAC (including OFAC’s Specially Designated Nationals and Blocked Persons List and OFAC’s Consolidated Non-SDN List), the U.S. Department of State, the United Nations Security Council, the European Union, any European member
state, Her Majesty’s Treasury, or other relevant Sanctions authority, (b) any Person operating, organized, or resident in a Sanctioned Country, (c) any Person owned or controlled by, or acting or purporting to act for or on behalf of,
directly or indirectly, any such Person or Persons described in clauses (a) and (b), including a Person that is deemed by OFAC to be a Sanctions target based on the ownership of such legal entity by Sanctioned Person(s), or
(d) any Person otherwise a target of Sanctions, including vessels and aircraft, that are designated under any Sanctions program. 

  
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 “Sanctions” means any and all economic or financial sanctions, sectoral
sanctions, secondary sanctions, trade embargoes and restrictions, and anti-terrorism laws, including but not limited to those imposed, administered, or enforced from time to time by the U.S. government (including those administered by OFAC or the
U.S. Department of State), the United Nations Security Council, the European Union, any European member state, Her Majesty’s Treasury, or other relevant sanctions authority in any jurisdiction in which (a) the Borrower or any of its
Subsidiaries or Affiliates is located or conducts business, (b) in which any of the proceeds of the Extensions of Credit will be used, or (c) from which repayment of the Extensions of Credit will be derived. 

“SEC” means the U.S. Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal
functions. 
 “Secured Obligations” has the meaning assigned thereto in the Security Agreement. 

“Secured Parties” has the meaning assigned thereto in the Security Agreement. 

“Securities Act” means the Securities Act of 1933 (15 U.S.C. § 77 et seq.). 

“Security Agreement” means that New York law governed pledge and security agreement dated as of the date hereof among the
Collateral Agent and the Credit Parties, as amended, restated, amended and restated, supplemented, or otherwise modified from time to time. 

“Security Documents” means the collective reference to the Security Agreement, the Mortgages, the Rig Mortgages, the Account
Control Agreements, any Permitted Holdco Pledge, and each other agreement, instrument, or writing pursuant to which any Credit Party or the Permitted Holdco, if any, pledges or grants a mortgage, charge, or other security interest in any Property or
assets securing any Secured Obligations. 
 “Significant Subsidiary” has the meaning assigned thereto under Regulation S-X
promulgated under the Exchange Act. 
 “Similar Business” means (1) any business conducted or proposed to be conducted
by the Parent or any of its Subsidiaries on the Closing Date or (2) any business or other activities that are reasonably similar, incidental, ancillary, complementary or related to, or a reasonable extension, development or expansion of, the
businesses in which the Parent and any of its Subsidiaries were engaged on the Closing Date, in each case, as permitted pursuant to Section 8.11. 

“SOFR” means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such
Business Day published by the SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day. 

“SOFR Administrator” means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight
financing rate). 
 “SOFR Administrator’s Website” means the website of the Federal Reserve Bank of New York,
currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time. 

  
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 “Solvent” and “Solvency” mean, with respect to any Person
on any date of determination, that on such date (a) the fair value of the Property of such Person is greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair salable value of the
assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur
debts or liabilities beyond such Person’s ability to pay such debts and liabilities as they mature, (d) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such
Person’s Property would constitute an unreasonably small capital, and (e) such Person is able to pay its debts and liabilities, contingent obligations, and other commitments as they mature in the ordinary course of business. For purposes
of this definition, the amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an
actual or matured liability. 
 “Specified Credit Party Cash” means, as of any date of determination, the aggregate amount
of the following (without duplication): cash and Cash Equivalents of the Parent and its Restricted Subsidiaries, in each case, that are on deposit in or held in, any deposit account, securities account, or other bank account, and in each case, that
is subject to (a) with respect to any cash and Cash Equivalents contained in a U.S. account, an Acceptable Security Interest pursuant to an Account Control Agreement, or (b) with respect to any cash and Cash Equivalents contained in a
non-U.S. account, an appropriate security arrangement in the relevant jurisdiction that is required by, or effective pursuant to, Applicable Law to create an Acceptable Security Interest in such account, and is in a form and substance reasonably
satisfactory to the Administrative Agent and the Collateral Agent. 
 “Specified Currency” has the meaning assigned thereto
in Section 11.19. 
 “Specified Permitted Liens” means any Liens incurred pursuant to Sections 8.2(b),
(c), (d), (e), (f), (g), (h), (l), or (n). 
 “Specified
Transactions” means (a) any Asset Disposition permitted pursuant to Section 8.5, (b) any Permitted Acquisition, (c) any Investment permitted pursuant to Section 8.3 and (d) the Transactions. 

“Subject Jurisdictions” means the Initial Subject Jurisdictions and the Additional Subject Jurisdictions (if any);
provided that references to the Subject Jurisdictions shall only include a reference to any Foreign Subject Jurisdiction for so long as one or more Required Guarantors (a) are incorporated, organized, or formed in such Foreign Subject
Jurisdiction, (b) have material operations or own Property in such Foreign Subject Jurisdiction that, in the aggregate, exceed, in the case of this clause (b), $5,000,000, or (c) owns a Rig flagged in such Foreign Subject
Jurisdiction. 
 “Subordinated Indebtedness” means the collective reference to any Indebtedness incurred by the Parent or
any of its Restricted Subsidiaries that is subordinated in right and time of payment to the Term Loan Secured Obligations on terms and conditions reasonably satisfactory to the Administrative Agent, including, without limitation, any intercompany
Indebtedness subordinated to the Term Loan Secured Obligations pursuant to the Intercompany Subordination Agreement. 

“Subsidiary” means as to any Person, any corporation, partnership, limited liability company or other entity of which more
than fifty percent (50%) of the outstanding Equity Interests having ordinary voting power to elect a majority of the board of directors (or equivalent governing body) or other managers of such corporation, partnership, limited liability company
or other entity is at the time owned by (directly or indirectly) or the management is otherwise controlled by (directly or indirectly) such Person (irrespective of whether, at the time, Equity Interests of any other class or classes of such
corporation, partnership, limited liability company or other entity shall have or might have voting power by reason of the happening of any contingency). Unless otherwise qualified, references to “Subsidiary” or “Subsidiaries”
herein shall refer to those of the Parent. 

  
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 “Subsidiary Guarantors” means, collectively, (a) the Subsidiaries of
the Parent listed on Schedule 6.1 that are identified as a “Guarantor” (which shall include, without limitation, the Borrower) and (b) each other Subsidiary of the Parent that shall be required to execute and deliver a
Guarantee or supplement to a Guarantee pursuant to Section 7.14. The Subsidiary Guarantors as of the Closing Date are set forth on Schedule 1.1(e). 

“Subsidiary Redesignation” has the meaning assigned thereto in the definition of “Unrestricted Subsidiary.” 

“Supported QFC” has the meaning assigned thereto in Section 11.25. 

“Synthetic Lease” means any synthetic lease, tax retention operating lease, off-balance sheet loan, or similar off-balance
sheet financing product where such transaction is considered borrowed money Indebtedness for Tax purposes but is classified as an operating lease in accordance with GAAP. 

“Tax Distributions” means in respect of any taxable period for which the Parent is a member of a consolidated, combined,
affiliated, unitary or similar tax group for U.S. federal and/or applicable state, local or foreign income Tax purposes of which a direct or indirect parent of the Parent is the common parent, or for which the Parent is a disregarded entity for U.S.
federal income Tax purposes that is wholly owned (directly or indirectly) by a C corporation for U.S. federal and/or applicable state or local income Tax purposes, distributions to any direct or indirect parent of the Parent to pay U.S. federal,
state, local, or foreign income Taxes of such parent or such C corporation (including distributions to fund estimated payments of such taxes) in an amount not to exceed the amount of any U.S. federal, state, local or foreign income Taxes that the
Parent would have paid for such taxable period had the Parent been treated as a stand-alone corporate taxpayer or a standalone corporate group, calculated taking into account accumulated losses and deductions that would have been available if the
Parent had been so treated. 
 “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings
(including backup withholding), assessments, fees, or other charges imposed by any Governmental Authority, including any interest, additions to tax, or penalties applicable thereto. 

“Term Loan Secured Obligations” means, in each case, whether now in existence or hereafter arising: (a) the principal of
and interest on (including interest accruing after the filing of any bankruptcy or similar petition) the Loans, and (b) all other fees and commissions (including attorneys’ fees), charges, indebtedness, loans, liabilities, financial
accommodations, obligations, covenants, and duties owing by the Credit Parties to the Lenders, or the Administrative Agent, or the Collateral Agent, in each case, under any Loan Document, with respect to any Loan of every kind, nature, and
description, direct or indirect, absolute or contingent, due or to become due, contractual or tortious, liquidated or unliquidated, and whether or not evidenced by any note and including interest and fees that accrue after the commencement by or
against any Credit Party of any proceeding under any Debtor Relief Laws, naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. 

“Term Loan Secured Parties” means, collectively, the Administrative Agent, the Collateral Agent, the Lenders, each co-agent
or sub-agent appointed by the Administrative Agent from time to time pursuant to Section 10.5, any other holder from time to time of any of any Obligations and, in each case, their respective successors and permitted assigns. 

  
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 “Term SOFR” means, for the applicable Corresponding Tenor as of the
applicable Reference Time, the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body. 

“Term SOFR Notice” means a notification by the Administrative Agent to the Lenders and the Borrower of the occurrence of a
Term SOFR Transition Event. 
 “Term SOFR Transition Event” means the determination by the Administrative Agent that
(a) Term SOFR has been recommended for use by the Relevant Governmental Body, (b) the administration of Term SOFR is administratively feasible for the Administrative Agent, and (c) a Benchmark Transition Event or an Early Opt-in
Election, as applicable, has previously occurred resulting in the replacement of the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 4.8(c) with a Benchmark Replacement the
Unadjusted Benchmark Replacement component of which is not Term SOFR. 
 “Termination Event” means the occurrence of any of
the following which, individually or in the aggregate, has resulted or would reasonably be expected to result in a Material Adverse Effect: (a) a “reportable event” described in Section 4043 of ERISA, unless the 30-day notice
requirement with respect thereto has been waived by the PBGC, or (b) the withdrawal of any Credit Party or any ERISA Affiliate from a Pension Plan during a plan year in which it was a “substantial employer” as defined in Section
4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA, or (c) the termination of a Pension Plan, the filing of a notice of intent to terminate a Pension Plan or the treatment
of a Pension Plan amendment as a termination, under Section 4041 of ERISA, or (d) the institution of proceedings to terminate, or the appointment of a trustee with respect to, any Pension Plan by the PBGC, or (e) any other event or
condition which would constitute grounds under Section 4042(a) of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan, or (f) the imposition of a Lien pursuant to Section 430(k) of the Code or
Section 303 of ERISA, or (g) the determination that any Pension Plan or Multiemployer Plan is considered an at-risk plan or plan in endangered or critical status within the meaning of Sections 430, 431, or 432 of the Code or Sections 303,
304, or 305 of ERISA, or (h) the partial or complete withdrawal of any Credit Party or any ERISA Affiliate from a Multiemployer Plan, or (i) any event or condition which results in the insolvency of a Multiemployer Plan under
Section 4245 of ERISA, or (j) any event or condition which results in the termination of a Multiemployer Plan under Section 4041A of ERISA or the institution by PBGC of proceedings to terminate a Multiemployer Plan under
Section 4042 of ERISA, or (k) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any Credit Party or any ERISA Affiliate. 

“Threshold Amount” means $40,000,000. 

“Total Collateral Coverage Ratio” means, as of any date of determination, (a) prior to the RCF Discharge Date, the
“Total Collateral Coverage Ratio” as defined in the First Out RCF Credit Agreement, and (b) at any time on or after the RCF Discharge Date, the ratio of (i) the Collateral Rig Value as of such date, based on the Acceptable
Appraisal(s) most recently delivered to the Administrative Agent pursuant to Section 5.1(f) or Section 7.2(d), as applicable, to (ii) the sum of (1) the aggregate outstanding principal amount of all Loans hereunder
as of such date, plus (2) the aggregate outstanding principal amount of all loans and letter of credit obligations under the primary revolving credit facility of the Parent and its Restricted Subsidiaries, plus (3) the
aggregate outstanding principal amount of the Last Out Notes as of such date, plus (4) the aggregate outstanding principal amount of the Last Out Incremental Debt as of such date. 

  
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 “Total Collateral Coverage Ratio Requirement” means (a) prior to the
RCF Discharge Date, the financial maintenance covenant set forth in Section 8.15(b) of the First Out RCF Credit Agreement, and (b) at any time on or after the RCF Discharge Date, the requirement that, as of the last day of the most
recently ended fiscal quarter of the Parent, the Total Collateral Coverage Ratio be greater than 1.3 to 1.0. 
 “Trade
Date” has the meaning assigned thereto in Section 11.9(b)(i)(B). 
 “Transactions” means (a) the
Loan Transactions, (b) the consummation of the Plan in accordance with the terms thereof, the Confirmation Order, and (c) the payment of all fees, expenses, and costs actually incurred by the Credit Parties and their Restricted
Subsidiaries in connection with the foregoing. 
 “UCC” means the Uniform Commercial Code as in effect in the State of New
York. 
 “UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended
from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any Person subject to IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which
includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. 

“UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for
the resolution of any UK Financial Institution. 
 “US Trustee Appeal” has the meaning assigned thereto in
Section 5.1(j)(ii). 
 “Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement excluding
the related Benchmark Replacement Adjustment. 
 “United States” or “U.S.” means the United States of
America. 
 “Unrestricted Subsidiaries” means (a) any Subsidiary of the Parent (i) designated as an Unrestricted
Subsidiary on Schedule 6.2 as of the Closing Date, or (ii) which the Parent has designated in writing to the Administrative Agent to be an Unrestricted Subsidiary pursuant to, and in accordance with, Section 8.18, in each
case, unless such Subsidiary is thereafter designated as a Restricted Subsidiary pursuant to Section 8.18, and (b) each Subsidiary of an Unrestricted Subsidiary. 

“USD LIBOR” means the London interbank offered rate for Dollars. 

“U.S. Person” means any Person that is a “United States person” as defined in Section 7701(a)(30) of the Code.

 “U.S. Special Resolution Regimes” has the meaning assigned thereto in Section 11.25. 

“U.S. Tax Compliance Certificate” has the meaning assigned thereto in Section 4.11(g). 

“Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by
dividing: (a) the sum of the products obtained by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity, or other required payments of principal, including payment at final maturity, in respect
thereof, by (ii) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (b) the then outstanding principal amount of such Indebtedness, in each case of clauses
(a) and (b), without giving effect to the application of any prior prepayment to such installment, sinking fund, serial maturity, or other required payment of principal. 

  
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 “Wells Fargo” means Wells Fargo Bank, National Association, a national
banking association. 
 “Wholly-Owned” means, with respect to a Restricted Subsidiary, that all of the Equity Interests of
such Restricted Subsidiary are, directly or indirectly, owned or controlled by the Parent and/or one or more of its Wholly-Owned Restricted Subsidiaries (except for directors’ qualifying shares or other shares required by Applicable Law to be
owned by a Person other than the Parent and/or one or more of its Wholly-Owned Restricted Subsidiaries). 
 “Withholding
Agent” means the Borrower and the Administrative Agent. 
 “Write-Down and Conversion Powers” means (a) with
respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are
described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify, or change the form of a liability of any UK
Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities, or obligations of that Person or any other Person, to provide that any such contract or
instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers. 

SECTION 1.2 Other Definitions and Provisions. With reference to this Agreement and each other Loan Document, unless otherwise specified
herein or in such other Loan Document: (a) the definitions of terms herein shall apply equally to the singular and plural forms of the terms defined, (b) whenever the context may require, any pronoun shall include the corresponding
masculine, feminine and neuter forms, (c) the words “include,” “includes,” and “including” shall be deemed to be followed by the phrase “without limitation,” (d) the word “will” shall be
construed to have the same meaning and effect as the word “shall,” (e) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (f) the words “herein,” “hereof,”
and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (g) all references herein to Articles, Sections, Exhibits, and Schedules shall be
construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (h) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible
and intangible assets and properties, including cash, securities, accounts, and contract rights, (i) the term “documents” includes any and all instruments, documents, agreements, certificates, notices, reports, financial statements,
and other writings, however evidenced, whether in physical or electronic form, and (j) in the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including;” the
words “to” and “until” each mean “to but excluding;” and the word “through” means “to and including.” 

SECTION 1.3 Accounting Terms. 

(a) All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial
data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with GAAP, applied on a consistent basis, as in effect from time to time and in a manner
consistent with that used in preparing the audited financial statements required by Section 7.1(a), except as otherwise specifically prescribed herein. Notwithstanding the foregoing, for purposes of determining compliance with any
covenant (including the computation of any financial covenant) contained herein, Indebtedness of the Parent and its Restricted Subsidiaries shall be deemed to be carried at one hundred percent (100%) of the outstanding principal amount thereof,
and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be disregarded. 

  
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 (b) If at any time any change in GAAP would affect the computation of any
financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders, and the Borrower shall negotiate in good faith to amend such ratio or requirement
to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, such ratio or requirement shall continue to be computed in accordance with GAAP prior
to such change therein; provided, further, that all obligations of any Person that are or would have been treated as operating leases for purposes of GAAP prior to the effectiveness of FASB ASC 842 shall continue to be accounted for as operating
leases for purposes of all financial definitions and calculations for purposes of this Agreement (whether or not such operating lease obligations were in effect on such date) notwithstanding the fact that such obligations are required in accordance
with FASB ASC 842 (on a prospective or retroactive basis or otherwise) to be treated as Capital Lease Obligations in the financial statements. 

SECTION 1.4 UCC Terms. Terms defined in the UCC in effect on the Closing Date and not otherwise defined herein shall, unless the
context otherwise indicates, have the meanings provided by those definitions. Subject to the foregoing, the term “UCC” refers, as of any date of determination, to the UCC then in effect. 

SECTION 1.5 Rounding. Any financial ratios required to be maintained pursuant to this Agreement shall be calculated by dividing the
appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio or percentage is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there
is no nearest number). 
 SECTION 1.6 References to Agreement and Laws. Unless otherwise expressly provided herein, (a) any
definition or reference to formation documents, governing documents, agreements (including the Loan Documents), and other contractual documents or instruments shall be deemed to include all subsequent amendments, restatements, amendment and
restatements, extensions, supplements, and other modifications thereto, but only to the extent that such amendments, restatements, amendment and restatements, extensions, supplements, and other modifications are not prohibited by any Loan Document;
and (b) any definition or reference to any Applicable Law, including Anti-Corruption Laws, Anti-Money Laundering Laws, the Bankruptcy Code, the Code, the Commodity Exchange Act, ERISA, the Exchange Act, the PATRIOT Act, the Securities Act, the
UCC, the Investment Company Act, the Trading with the Enemy Act of the United States, or any of the foreign assets control regulations of the United States Treasury Department, shall include all statutory and regulatory provisions consolidating,
amending, replacing, supplementing, or interpreting such Applicable Law. 
 SECTION 1.7 Times of Day. Unless otherwise specified, all
references herein to times of day shall be references to Eastern time (daylight or standard, as applicable). 
 SECTION 1.8
Guarantees/Earn-Outs. Unless otherwise specified, (a) the amount of any Guarantee shall be the lesser of the amount of the obligations guaranteed and still outstanding and the maximum amount for which the guaranteeing Person may be
liable pursuant to the terms of the instrument embodying such Guarantee and (b) the amount of any earn-out or similar obligation shall be the amount of such obligation as reflected on the balance sheet of such Person in accordance with GAAP.

  
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 SECTION 1.9 Covenant Compliance Generally. For purposes of determining compliance
with this Agreement, including without limitation any ratios or baskets contained herein, including, without limitation, each Collateral Coverage Ratio, the Consolidated Total Net Leverage Ratio, the Consolidated Secured Net Leverage Ratio, and the
Consolidated Total Gross Leverage Ratio or any basket or threshold contained in Article VIII and Article IX, any amount in a currency other than Dollars will be converted to Dollars in a manner consistent with that used in calculating
cash on the most recent balance sheet of the Parent and its Subsidiaries delivered pursuant to Section 7.1(a) or Section 5.1(h), as applicable. Notwithstanding the foregoing, for purposes of determining compliance with any
such ratio or basket, with respect to any amount of Indebtedness, Liens, Restricted Payment, Asset Disposition, Investment or other transaction in a currency other than Dollars, no Default, Event of Default or breach of any ratio or basket contained
in such sections shall be deemed to have occurred solely as a result of changes in rates of exchange occurring after the time such Indebtedness, Liens or Investment is incurred or such Restricted Payment, Asset Disposition or other transaction is
made; provided that for the avoidance of doubt, the foregoing provisions of this Section 1.9 shall otherwise apply to such Sections, including with respect to determining whether any Indebtedness or Investment may be incurred at
any time under such Sections. 
 SECTION 1.10 Rates; LIBOR Notification. The interest rate on LIBOR Rate Loans and Base Rate Loans
(when determined by reference to clause (c) of the definition of Base Rate) is determined by reference to LIBOR, which is derived from the London interbank offered rate. The London interbank offered rate is intended to represent the rate
at which contributing banks may obtain short-term borrowings from each other in the London interbank market. In July 2017, the U.K. Financial Conduct Authority announced that, after the end of 2021, it would no longer persuade or compel contributing
banks to make rate submissions to the ICE Benchmark Administration (together with any successor to the ICE Benchmark Administrator, the “IBA”) for purposes of the IBA setting the London interbank offered rate. As a result, it is
possible that commencing in 2022, the London interbank offered rate may no longer be available or may no longer be deemed an appropriate reference rate upon which to determine the interest rate on LIBOR Rate Loans or Base Rate Loans (when determined
by reference to clause (c) of the definition of Base Rate). In light of this eventuality, public and private sector industry initiatives have been and continue, as of the date hereof, to be underway to identify new or alternative
reference rates to be used in place of the London interbank offered rate. In the event that the London interbank offered rate or any other then-current Benchmark is no longer available or in certain other circumstances set forth in
Section 4.8(c), such Section 4.8(c) provides a mechanism for determining an alternative rate of interest. The Administrative Agent will notify the Borrower in advance, pursuant to Section 4.8(c), of any change to
the reference rate upon which the interest rate on LIBOR Rate Loans and Base Rate Loans (when determined by reference to clause (c) of the definition of Base Rate) is based. However, the Administrative Agent does not warrant or accept
any responsibility for, and shall not have any liability with respect to, (i) the administration of, submission of, calculation of or any other matter related to the London interbank offered rate or other rates in the definition of
“LIBOR” or with respect to any alternative, comparable or successor rate thereto, or replacement rate thereof (including any then-current Benchmark or any Benchmark Replacement), including whether the composition or characteristics of any
such alternative, successor or replacement reference rate (including any Benchmark Replacement), as it may or may not be adjusted pursuant to Section 4.8(c), will be similar to, or produce the same value or economic equivalence of, LIBOR
or any other Benchmark, or have the same volume or liquidity as did the London interbank offered rate or any other Benchmark prior to its discontinuance or unavailability, or (ii) the effect, implementation, or composition of any Benchmark
Replacement Conforming Changes. 
 SECTION 1.11 Divisions. For all purposes under the Loan Documents, in connection with any division
or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation, or liability of any Person becomes the asset, right, obligation, or liability of a different
Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its
existence by the holders of its Equity Interests at such time. 

  
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 ARTICLE II 

TERM LOAN FACILITY 
 SECTION 2.1
Term Loans.Subject to the terms and conditions of this Agreement, the other Loan Documents, and the Confirmation Order, and in reliance upon the representations and warranties set forth in this Agreement and the other Loan Documents, on the
Closing Date (i) $100,000,000 of the Prepetition Loans held by the Lenders as of the Petition Date shall be deemed exchanged for, repaid by, and converted into Loans to the Borrower hereunder (such Loans, the “Refinanced
Loans”), in each case, on a dollar-for-dollar basis, which exchange and conversion, for the avoidance of doubt, shall not be a novation, and such Refinanced Loans shall, on the Closing Date, be deemed to be Loans hereunder, and
(ii) each Lender shall be deemed to have made a Loan in Dollars to the Borrower on the Closing Date in a principal amount equal to such Lender’s Pro Rata Share of the Refinanced Loans. Any Loans that are repaid or prepaid may not be
reborrowed. 
 SECTION 2.2 Procedure for Advances of Loans. The Borrower shall give the Administrative Agent irrevocable prior
written notice substantially in the form of Exhibit B (a “Notice of Borrowing”) not later than 11:00 a.m. (a) on the same Business Day as any Base Rate Loan and (b) at least three (3) Business Days before any
LIBOR Rate Loan, of its intention to borrow (by deemed borrowing of Loans on the Closing Date), which Notice of Borrowing shall include: 

(a) the date of such deemed borrowing, which shall be the Closing Date, 

(b) the amount of such borrowing, which shall be, $100,000,000, 

(c) whether such Loan is to be a LIBOR Rate Loan or a Base Rate Loan, 

(d) in the case of a LIBOR Rate Loan, the duration of the Interest Period applicable thereto, and 

(e) a certification of a Financial Officer certifying as to the satisfaction of all other conditions to such borrowing set
forth in Section 5.1. 
 If the Borrower fails to specify a type of Loan in a Notice of Borrowing, then the Loans shall be made
as Base Rate Loans. If the Borrower requests a borrowing of LIBOR Rate Loans in any such Notice of Borrowing, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one (1) month. A Notice of
Borrowing received after 11:00 a.m. shall be deemed received on the next Business Day. The Administrative Agent shall promptly notify the Lenders of any Notice of Borrowing. 

SECTION 2.3 Repayment and Prepayment of Loans. 

(a) Repayment on Termination Date. The Borrower hereby agrees to repay the outstanding principal amount of all Loans in
full on the Maturity Date, with all accrued and unpaid interest thereon, and such prepayment shall be made in a manner such that all Loans comprising part of the same borrowing are paid in whole or ratably in part. 

  
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 (b) Mandatory Prepayments. Subject to any applicable limitations set
forth in the Intercreditor Agreement and the First Out RCF Credit Agreement: 
 (i) Excess Proceeds. 

(A) If the Borrower, the Parent, or any Restricted Subsidiary thereof consummates any Qualified Asset Disposition, then
within 450 days after the later of (x) the date of consummation of such Qualified Asset Disposition and (y) the receipt of Net Cash Proceeds from such Qualified Asset Disposition, the Borrower, the Parent or such Restricted Subsidiary, at
its option, may apply the Net Cash Proceeds from such Qualified Asset Disposition, 
 (1) to: 

(I) reduce Indebtedness outstanding under a revolving credit facility (including under the Revolving Loan Credit Agreement
Agreement) to the extent required pursuant to the terms of such revolving credit facility; 
 (II) permanently reduce the
First Out RCF Obligations, and to correspondingly reduce commitments with respect thereto; 
 (III) permanently reduce the
Last Out Notes Obligations or any Last Out Incremental Debt Obligations; provided that in the case of this clause (III), such Person shall equally and ratably repay the Loans as provided in Section 2.3(b)(ii) below; or 

(IV) permanently reduce Indebtedness of a Restricted Subsidiary that is not a Guarantor, other than Indebtedness owed to the
Company or another Restricted Subsidiary; 
 (2) to make (I) an Investment in any one or more businesses to the extent
permitted by Section 8.3; provided that such Investment in any business is in the form of the acquisition of Equity Interests and results in the Borrower, the Parent or a Restricted Subsidiary, as the case may be, owning an amount
of the Equity Interests of such business such that it constitutes or continues to constitute a Restricted Subsidiary, (II) Capital Expenditures or (III) acquisitions of other assets that, in each of (I), (I) and (III), either (x) are used
or useful in a Similar Business or (y) replace in whole or in part the businesses or assets that are the subject of such Qualified Asset Disposition; or 

(3) any combination of the foregoing; 

provided that, in the case of clause (2) above, a binding commitment shall be treated as a permitted
application of the Net Cash Proceeds from the date of such commitment so long as the Borrower, the Parent, or such Restricted Subsidiary enters into such commitment with the good faith expectation that such Net Cash Proceeds shall be applied to
satisfy such commitment within the later of (x) 180 days of such commitment and (y) 450 days after the date of the applicable Qualified Asset Disposition (an “Acceptable Commitment”) and in the event any Acceptable
Commitment is later cancelled or terminated for any reason before the Net Cash Proceeds are applied in connection therewith, then such Net Cash Proceeds shall constitute Excess Proceeds (as defined below) after the later of (x) 450 days after
the date of the applicable Qualified Asset Disposition and (y) the termination of such Acceptable Commitment (unless another Acceptable Commitment is entered into with respect thereto prior to such later date). 

  
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 (B) Notwithstanding the foregoing, to the extent that any of or all the Net
Cash Proceeds of any Qualified Asset Dispositions by an Exempt Entity would have a material adverse tax consequence to the Lenders, the Borrower, the Parent or any of its Restricted Subsidiaries (taking into account any foreign tax credit or benefit
actually realized in connection with such repatriation or expatriation) or is prohibited or subject to limitation by applicable local law, order, decree or determination of any arbitrator, court or governmental authority from being repatriated or
expatriated to the United States or distributed to the Parent, the Borrower, or any Restricted Subsidiary that is not an Exempt Entity, the portion of such Net Cash Proceeds so affected will not be required to be applied in compliance with this
Section, and such amounts may be retained by the applicable Exempt Entity so long, but only so long, as applicable, as such material adverse tax consequence exists or the applicable local law will not permit repatriation or expatriation to the
United States or distribution to the Parent, the Borrower, or any Guarantor (the Borrower hereby agreeing to use reasonable efforts to cause the applicable Exempt Entity to take all actions reasonably required by the applicable local law, applicable
organizational impediments or other impediment to permit such repatriation, expatriation or distribution), and if such repatriation or expatriation of any of such affected Net Cash Proceeds, as applicable, no longer has material adverse tax
consequences or is permitted under the applicable local law, such repatriation or expatriation will be promptly effected and such repatriated or expatriated Net Cash Proceeds will be applied (whether or not repatriation or expatriation actually
occurs) in compliance with this Section. 
 (C) Any Net Cash Proceeds from a Qualified Asset Disposition that are not
invested or applied as provided and within the time period set forth in clause (A) above shall be deemed to constitute “Excess Proceeds”. When the aggregate amount of Excess Proceeds exceeds an aggregate of $10,000,000
in any fiscal year (the “Excess Proceeds Threshold”), the Borrower shall prepay the Loans and, if and to the extent required by the terms of any Indebtedness that is pari passu in right of payment with the Loans, including,
without limitation, the Last Out Notes (“Pari Passu Indebtedness”), any such Pari Passu Indebtedness, in an aggregate principal amount equal to the amount of such Excess Proceeds such that the repayment (or tender, as applicable) of
the Loans and such Pari Passu Indebtedness on such date are made on a pro rata basis, according to the relative outstanding principal amounts of the Loans and such Pari Passu Indebtedness (the “Excess Proceeds Payment Amount”). 

(D) If the aggregate principal amount of the Loans or the Pari Passu Indebtedness outstanding at the time of repayment
pursuant to clause (C) exceeds the amount of Excess Proceeds, the Borrower shall repay (or tender, as applicable) the Loans and such Pari Passu Indebtedness on a pro rata basis based on the principal amount (or accreted value, as
applicable) of the Loans or such Pari Passu Indebtedness repaid or tendered with adjustments as necessary so that no Loans or Pari Passu Indebtedness, as the case may be, shall be repurchased in part in an unauthorized denomination. Upon completion
of any such prepayment pursuant to clause (C) above, the amount of Excess Proceeds shall be reset at zero. 

  
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 (E) Pending the final application of an amount equal to the Net Cash
Proceeds pursuant to this Section, the holder of such Net Cash Proceeds may apply such Net Cash Proceeds temporarily to reduce Indebtedness outstanding under a revolving credit facility (including under the First Out RCF Credit Agreement) or
otherwise invest such Net Cash Proceeds in any manner not prohibited by this Agreement. 
 (ii) Other Last Out Debt
Payment. If the Borrower, the Parent, or any Restricted Subsidiary thereof is required to, or elects to, prepay, repay, redeem, purchase, defease, or acquire for value (whether such action is mandatory or optional and including by way of
depositing with any trustee with respect thereto money or securities before due for the purpose of paying when due) any Indebtedness consisting of any principal amount outstanding under the Last Out Notes or the Last Out Incremental Debt (other than
to prepay, repay, redeem, purchase, defease or acquire for value the Last Out Notes with Permitted Refinancing Indebtedness permitted by Section 8.1(c) or any Last Out Incremental Debt with Permitted Refinancing Indebtedness permitted by
Section 8.1(d)) (each, an “Other Last Out Debt Payment”), such Person shall also repay the Loans on the date of such Other Last Out Debt Payment in an aggregate principal amount such that the repayment of Loans and the Other
Last Out Debt Payment on such date are made on a pro rata basis, according to the relative outstanding principal amounts of the Loans, the Last Out Notes, and any Last Out Incremental Debt. 

Each prepayment made pursuant to this Section 2.3(b) shall be (i) accompanied by all accrued and unpaid interest on the
amount prepaid, (ii) made in a manner such that all Loans comprising part of the same borrowing are paid in whole or ratably in part, and (iii) subject to any applicable limitations set forth in the Intercreditor Agreement and the First
Out RCF Credit Agreement. The principal portion of each such prepayment made pursuant to this Section 2.3(b) shall be applied to the principal amount of outstanding Loans.  

(c) Optional Prepayments. Subject to any applicable limitations set forth in the Intercreditor Agreement and the First
Out RCF Credit Agreement, the Borrower may at any time and from time to time prepay Loans, in whole or in part, without premium or penalty, with irrevocable prior written notice to the Administrative Agent substantially in the form attached as
Exhibit D (a “Notice of Prepayment”) given not later than 11:00 a.m. (i) on the same Business Day as each Base Rate Loan and (ii) at least three (3) Business Days before each LIBOR Rate Loan, specifying the
date and amount of prepayment and whether the prepayment is of LIBOR Rate Loans, Base Rate Loans, or a combination thereof, and, if of a combination thereof, the amount allocable to each. Upon receipt of such notice, the Administrative Agent shall
promptly notify each Lender. If any such notice is given, the amount specified in such notice shall be due and payable on the date set forth in such notice. Partial prepayments shall be in an aggregate amount of $500,000 or a whole multiple of
$500,000 in excess thereof with respect to Base Rate Loans and $2,500,000 or a whole multiple of $500,000 in excess thereof with respect to LIBOR Rate Loans (or, in each case, if less than $500,000, in the amount of the Loans outstanding at such
time or in the amount of any catch-up payment made in order to avoid “applicable high yield discount obligations” pursuant to the Code). A Notice of Prepayment received after 11:00 a.m. shall be deemed received on the next Business Day.
Notwithstanding the foregoing, any Notice of Prepayment delivered in connection with any refinancing of all of the Credit Facility with the proceeds of such refinancing or of any incurrence of Indebtedness or the occurrence of some other
identifiable event or condition, may be, if expressly so stated, contingent upon the consummation of such refinancing or incurrence or occurrence of such other identifiable event or condition and may be revoked by the Borrower in the event such
contingency is not met (provided that the failure 

  
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 of such contingency shall not relieve the Borrower from its obligations in respect thereof
under Section 4.9). Each prepayment made pursuant to this Section 2.3(c) shall be accompanied by all accrued and unpaid interest on the amount prepaid. Each payment of any Loan pursuant to this Section 2.3(c)
shall be made in a manner such that all Loans comprising part of the same borrowing are paid in whole or ratably in part. 
 SECTION 2.4
[Reserved.] 
 SECTION 2.5 Termination of Credit Facility. The Credit Facility shall terminate on the Maturity Date. 

SECTION 2.6 AHYDO Prepayment. The Borrower shall pay on the first Interest Payment Date (as defined below) occurring after the fifth
anniversary of the Closing Date and on each subsequent Interest Payment Date (or, if earlier, before the close of any “accrual period” (as defined in Section 1272(a)(5) of the Code) ending after five (5) years from the Closing
Date) a portion of the accrued but unpaid interest on the Loans (including any such accrued interest added to principal pursuant to Section 4.1 hereof) in an amount sufficient to ensure that the Loans shall not be an “applicable
high yield discount obligation” within the meaning of Section 163(i)(1) of the Code (each payment, a “Special Mandatory Repayment”) and that the Loans shall be treated as not having “significant original issue
discount” within the meaning of Section 163(i)(2) of the Code. Any such Special Mandatory Repayment that constitutes payment of principal or capitalized interest will not be accompanied by the payment of the then applicable premium thereon.

 ARTICLE III 
 [RESERVED.]

 ARTICLE IV 
 GENERAL LOAN
PROVISIONS 
 SECTION 4.1 Interest. 

(a) Interest Rate Options. Subject to the provisions of this Section, at the election of the Borrower, Loans shall bear
interest at a rate per annum equal to (i) the Base Rate plus the Applicable Margin or (ii) the LIBOR Rate plus the Applicable Margin (provided that the LIBOR Rate shall not be available until three (3) Business
Days after the Closing Date unless the Borrower has delivered to the Administrative Agent a letter in form and substance reasonably satisfactory to the Administrative Agent indemnifying the Lenders in the manner set forth in Section 4.9
of this Agreement). The Borrower shall (A) select the rate of interest and Interest Period, if any, applicable to any Loan, and (B) specify whether it has made a PIK Election for the applicable Loans (and, if a PIK Election is made,
whether such PIK Election is a Partial PIK Election or a Full PIK Election), in each case, at the time a Notice of Borrowing is given or at the time a Notice of Conversion/Continuation is given pursuant to Section 4.2. 

(b) Default Rate; Availability of LIBOR. Subject to Section 9.3, (i) immediately upon the occurrence
and during the continuation of an Event of Default under Section 9.1(a), (b), (h), or (i), or (ii) at the election of the Required Lenders (or the Administrative Agent at the direction of the Required Lenders),
upon the occurrence and during the continuation of any other Event of Default, (A) the Borrower shall no longer have the option to request the conversion or continuation of any Loan that is to be a LIBOR Rate Loan, (B) all outstanding
LIBOR Rate Loans shall bear interest at a rate per annum of two percent (2%) in excess of the rate (including the Applicable 

  
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 Margin) then applicable to LIBOR Rate Loans until the end of the applicable Interest Period
and thereafter at a rate equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Base Rate Loans, (C) all outstanding Base Rate Loans and other Term Loan Secured Obligations arising hereunder or
under any other Loan Document shall bear interest at a rate per annum equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Base Rate Loans or such other Term Loan Secured Obligations arising
hereunder or under any other Loan Document, and (D) all accrued and unpaid interest shall be due and payable on demand of the Administrative Agent. Interest shall continue to accrue on the Term Loan Secured Obligations after the filing by or
against the Borrower of any petition seeking any relief in bankruptcy or under any Debtor Relief Law. 
 (c) Interest
Payment; PIK Election; and Computation. 
 (i) Interest on each Base Rate Loan shall be due and payable in arrears in
cash on the last Business Day of each calendar quarter commencing on the last day of the first fiscal quarter ending after the Closing Date; and (ii) interest on each LIBOR Rate Loan shall be due and payable in arrears in cash on the last day
of each Interest Period applicable thereto, and if such Interest Period extends over three (3) months, at the end of each three (3) month interval during such Interest Period (each such date under clauses (i) and (ii),
an “Interest Payment Date”); provided that, if the Borrower has made a PIK Election in accordance with Section 4.1(a) for any Loan (A) in the case of any Partial PIK Election (x) 50% of the interest with
respect to such Loan shall be paid in kind on such Interest Payment Date (in lieu of payment in cash of such portion of such accrued interest) and (y) 50% of the interest with respect to such Loan shall be paid in cash to the Administrative
Agent on such Interest Payment Date, and (B) in the case of any Full PIK Election, all interest with respect to such Loan shall be paid in kind (in lieu of payment in cash of all such accrued interest). The payment in kind of any interest
pursuant to this clause (c) shall be made by capitalizing such interest and adding such capitalized interest to the then outstanding principal amount of such Loan on the applicable Interest Payment Date, which capitalized interest shall
constitute principal of such Loan and shall bear interest as provided hereunder. 
 (ii) In the event of any repayment or
prepayment of any Loan, accrued and unpaid interest on the principal amount repaid or prepaid shall be due and payable on the date of such repayment or prepayment. All computations of interest for Base Rate Loans when the Base Rate is determined by
the Prime Rate shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest provided hereunder shall be made on the basis of a 360-day year and actual days elapsed
(which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365/366-day year). 

(d) Maximum Rate. In no contingency or event whatsoever shall the aggregate of all amounts deemed interest under this
Agreement charged or collected pursuant to the terms of this Agreement exceed the highest rate permissible under any Applicable Law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto. In the event that
such a court determines that the Lenders have charged or received interest hereunder in excess of the highest applicable rate, the rate in effect hereunder shall automatically be reduced to the maximum rate permitted by Applicable Law and the
Lenders shall at the Administrative Agent’s option (i) promptly refund to the Borrower any interest received by the Lenders in excess of the maximum lawful rate or (ii) apply such excess to the principal balance of the Term Loan
Secured Obligations. It is the intent hereof that the Borrower not pay or contract to pay, and that neither the Administrative Agent nor any Lender receive or contract to receive, directly or indirectly in any manner whatsoever, interest in excess
of that which may be paid by the Borrower under Applicable Law. 

  
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 SECTION 4.2 Notice and Manner of Conversion or Continuation of Loans. Subject to
Section 4.1(b), the Borrower shall have the option to (a) convert at any time following the third (3rd) Business Day after the Closing Date (or earlier if the Borrower has
delivered to the Administrative Agent a letter in form and substance reasonably satisfactory to the Administrative Agent indemnifying the Lenders in the manner set forth in Section 4.9 of this Agreement) all or any portion of any
outstanding Base Rate Loans in a principal amount equal to $500,000 or any whole multiple of $500,000 in excess thereof (or such lesser amount as shall represent all of the Base Rate Loans then outstanding) into one or more LIBOR Rate Loans and
(b) upon the expiration of any Interest Period, (i) convert all or any part of its outstanding LIBOR Rate Loans in a principal amount equal to $2,500,000 or a whole multiple of $500,000 in excess thereof (or such lesser amount as shall
represent all of the LIBOR Rate Loans then outstanding) into Base Rate Loans or (ii) continue such LIBOR Rate Loans as LIBOR Rate Loans. Whenever the Borrower desires to convert or continue Loans as provided above, the Borrower shall give the
Administrative Agent irrevocable prior written notice in the form attached as Exhibit E (a “Notice of Conversion/Continuation”) not later than 11:00 a.m. three (3) Business Days before the day on which a proposed
conversion or continuation of such Loan is to be effective containing (A) the Loans to be converted or continued, and, in the case of any LIBOR Rate Loan to be converted or continued, the last day of the Interest Period therefor, (B) the
effective date of such conversion or continuation (which shall be a Business Day), (C) the principal amount of such Loans to be converted or continued, and (D) the Interest Period to be applicable to such converted or continued LIBOR Rate
Loan; provided that if the Borrower wishes to request a conversion into or continuation of LIBOR Rate Loans having an Interest Period of twelve months in duration, such notice must be received by the Administrative Agent not later than 11:00
a.m. four (4) Business Days prior to the requested date of such conversion or continuation, whereupon the Administrative Agent shall give prompt notice to the Lenders of such request and determine whether the requested Interest Period is
acceptable to all of them. If the Borrower fails to give a timely Notice of Conversion/Continuation in compliance with this Section prior to the end of the Interest Period for any LIBOR Rate Loan, then the applicable LIBOR Rate Loan shall be
converted to a Base Rate Loan. Any such automatic conversion to a Base Rate Loan shall be effective as of the last day of the Interest Period then in effect with respect to the applicable LIBOR Rate Loan. If the Borrower requests a conversion to, or
continuation of, LIBOR Rate Loans, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one (1) month. The Administrative Agent shall promptly notify the affected Lenders of such Notice of
Conversion/Continuation. 
 SECTION 4.3 Fees. The Borrower shall pay to the Arrangers, the Administrative Agent, and the Collateral
Agent for their own respective accounts, and to the Administrative Agent for the account of the Lenders, fees in the amounts and at the times specified in the Fee Letters. 

SECTION 4.4 Manner of Payment. Each payment by the Borrower on account of the principal of or interest on the Loans or of any fee,
commission, or other amounts payable to the Lenders under this Agreement shall be made not later than 12:00 noon on the date specified for payment under this Agreement to the Administrative Agent at the Administrative Agent’s Office for the
account of the Lenders entitled to such payment in Dollars, in immediately available funds and shall be made without any setoff, counterclaim, recoupment, or deduction whatsoever. Any payment received after such time but before 2:00 p.m. on such day
shall be deemed a payment on such date for the purposes of Section 9.1, but for all other purposes shall be deemed to have been made on the next succeeding Business Day. Any payment received after 2:00 p.m. shall be deemed to have been
made on the next succeeding Business Day for all purposes. Upon receipt by the Administrative Agent of each such payment, the Administrative Agent shall distribute to each such Lender at its address for notices set forth herein its Pro Rata Share in
respect of the Credit 

  
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 Facility (or other applicable share as provided herein) of such payment and shall wire advice of the amount
of such credit to each Lender. Each payment to the Collateral Agent of Collateral Agent’s fees or expenses shall be made for the account of the Collateral Agent. Each payment to the Administrative Agent of Administrative Agent’s fees or
expenses shall be made for the account of the Administrative Agent and any amount payable to any Lender under Sections 4.9, 4.10, 4.11, or 11.3 shall be paid to the Administrative Agent for the account of the applicable
Lender. Subject to the definition of Interest Period, if any payment under this Agreement shall be specified to be made upon a day which is not a Business Day, it shall be made on the next succeeding day which is a Business Day and such extension of
time shall in such case be included in computing any interest if payable along with such payment. Notwithstanding the foregoing, if there exists a Defaulting Lender, each payment by the Borrower to such Defaulting Lender hereunder shall be applied
in accordance with Section 4.14(a)(ii). 
 SECTION 4.5 Evidence of Indebtedness. The Extensions of Credit made by each
Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender shall be
conclusive absent manifest error of the amount of the Extensions of Credit made by the Lenders to the Borrower and its Restricted Subsidiaries and the interest and payments thereon. Any failure to so record or any error in doing so shall not,
however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Term Loan Secured Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the
accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error. Upon the request of any Lender made through the Administrative Agent,
the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such Lender’s Loans, in addition to such accounts or records. Each Lender may attach schedules to its Notes and endorse
thereon the date, amount, and maturity of its Loans and payments with respect thereto. 
 SECTION 4.6 Sharing of Payments by Lenders.
If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans or other obligations hereunder resulting in such Lender’s receiving payment of a
proportion of the aggregate amount of its Loans and accrued interest thereon or other such obligations (other than pursuant to Sections 4.9, 4.10, 4.11, or 11.3) greater than its Pro Rata Share thereof as provided herein,
then the Lender receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans and such other obligations of the other Lenders, or make such
other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and other amounts owing
them; provided that: 
 (a) if any such participations are purchased and all or any portion of the payment giving rise
thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and 

(b) the provisions of this Section 4.6 shall not be construed to apply to (A) any payment made by the Borrower
pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender or a Disqualified Institution), or (B) any payment obtained by a Lender as
consideration for the assignment of, or sale of, a participation in any of its Loans to any assignee or participant, other than to the Parent or any of its Subsidiaries or Affiliates (other than pursuant to Section 11.9(g)), as to which
the provisions of this Section 4.6 shall apply. 

  
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 Each Credit Party consents to the foregoing and agrees, to the extent it may effectively do so under
Applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against each Credit Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct
creditor of each Credit Party in the amount of such participation. 
 SECTION 4.7 Administrative Agent’s Clawback. 

(a) [Reserved.] 

(b) Payments by the Borrower; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received
notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made
such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to
repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender, with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the
Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 

(c) Nature of Obligations of Lenders. The obligations of the Lenders under this Agreement to make payments under this
Section, Section 4.11(e), Section 10.12, Section 11.3(c), or Section 11.7, as applicable, are several and are not joint or joint and several. 

SECTION 4.8 Changed Circumstances. 

(a) Circumstances Affecting LIBOR Rate Availability. Subject to clause (c) below, in connection with any
request for a LIBOR Rate Loan or a conversion to or continuation thereof or otherwise, if for any reason (i) the Administrative Agent shall determine (which determination shall be conclusive and binding absent manifest error) that Dollar
deposits are not being offered to banks in the London interbank eurodollar market for the applicable amount and Interest Period of such Loan, (ii) the Administrative Agent shall determine (which determination shall be conclusive and binding
absent manifest error) that reasonable and adequate means do not exist for the ascertaining the LIBOR Rate for such Interest Period with respect to a proposed LIBOR Rate Loan, or (iii) the Required Lenders shall determine (which determination
shall be conclusive and binding absent manifest error) that the LIBOR Rate does not adequately and fairly reflect the cost to such Lenders of making or maintaining such Loans during such Interest Period, then the Administrative Agent shall promptly
give notice thereof to the Borrower. Thereafter, until the Administrative Agent notifies the Borrower that such circumstances no longer exist, the obligation of the Lenders to make LIBOR Rate Loans and the right of the Borrower to convert any Loan
to or continue any Loan as a LIBOR Rate Loan shall be suspended, and the Borrower shall either (A) repay in full (or cause to be repaid in full) the then outstanding principal amount of each such LIBOR Rate Loan together with accrued interest
thereon (subject to Section 4.1(d)), on the last day of the then current Interest Period applicable to such LIBOR Rate Loan; or (B) convert the then outstanding principal amount of each such LIBOR Rate Loan to a Base Rate Loan as of
the last day of such Interest Period. 

  
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 (b) Laws Affecting LIBOR Rate Availability. If, after the date
hereof, the introduction of, or any change in, any Applicable Law or any change in the interpretation or administration thereof by any Governmental Authority, central bank, or comparable agency charged with the interpretation or administration
thereof, or compliance by any of the Lenders (or any of their respective Lending Offices) with any request or directive (whether or not having the force of law) of any such Governmental Authority, central bank or comparable agency, shall make it
unlawful or impossible for any of the Lenders (or any of their respective Lending Offices) to honor its obligations hereunder to make or maintain any LIBOR Rate Loan, such Lender shall promptly give notice thereof to the Administrative Agent and the
Administrative Agent shall promptly give notice to the Borrower and the other Lenders. Thereafter, until the Administrative Agent notifies the Borrower that such circumstances no longer exist, (i) the obligations of the Lenders to make LIBOR
Rate Loans, and the right of the Borrower to convert any Loan to a LIBOR Rate Loan or continue any Loan as a LIBOR Rate Loan shall be suspended and thereafter the Borrower may select only Base Rate Loans and (ii) if any of the Lenders may not
lawfully continue to maintain a LIBOR Rate Loan to the end of the then current Interest Period applicable thereto, the applicable Loan shall immediately be converted to a Base Rate Loan for the remainder of such Interest Period. 

(c) Benchmark Replacement Setting. 

(i) (A) Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document (and
any Hedge Agreement shall be deemed not to be a “Loan Document” for purposes of this Section 4.8(c)) if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have
occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (a)(1) or (a)(2) of the definition of “Benchmark
Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any
amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (a)(3) of the definition of “Benchmark
Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any
other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders. 

(B) Notwithstanding anything to the contrary herein or in any other Loan Document, if a Term SOFR Transition Event and its
related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then the applicable Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder or
under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings, without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document; provided that this
clause (B) shall not be effective unless the Administrative Agent has delivered to the Lenders and the Borrower a Term SOFR Notice. For the avoidance of doubt, the Administrative Agent shall not be required to deliver a Term SOFR Notice
after a Term SOFR Transition Event and may elect or not elect to do so in its sole discretion. 

  
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 (ii) Benchmark Replacement Conforming Changes. In connection with the
implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any
amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document. 

(iii) Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower
and the Lenders of (A) any occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date, (B) the implementation of any Benchmark
Replacement, (C) the effectiveness of any Benchmark Replacement Conforming Changes, (D) the removal or reinstatement of any tenor of a Benchmark pursuant to Section 4.8(c)(iv) below, and (E) the commencement or conclusion
of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 4.8(c), including any determination
with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error
and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 4.8(c). 

(iv) Unavailability of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Loan
Document, at any time (including in connection with the implementation of a Benchmark Replacement), (A) if the then-current Benchmark is a term rate (including Term SOFR or USD LIBOR) and either (1) any tenor for such Benchmark is not
displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (2) the regulatory supervisor for the administrator of such Benchmark has
provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of “Interest Period” for any Benchmark
settings at or after such time to remove such unavailable or non-representative tenor and (B) if a tenor that was removed pursuant to clause (A) above either (1) is subsequently displayed on a screen or information service for
a Benchmark (including a Benchmark Replacement) or (2) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may
modify the definition of “Interest Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor. 

(v) Benchmark Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark
Unavailability Period, the Borrower may revoke any request for a borrowing of, conversion to, or continuation of LIBOR Rate Loans to be made, converted, or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be
deemed to have converted any such request into a request for a borrowing of or conversion to Base Rate Loans. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the
component of the Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the Base Rate. 

  
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 (d) Illegality. If, in any applicable jurisdiction, the
Administrative Agent or any Lender determines that any Applicable Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for the Administrative Agent or any Lender to (i) perform any of its obligations
hereunder or under any other Loan Document, (ii) to fund or maintain its participation in any Loan, or (iii) issue, make, maintain, fund, or charge interest or fees with respect to any Extension of Credit, such Person shall promptly notify
the Administrative Agent, then, upon the Administrative Agent notifying the Borrower, and until such notice by such Person is revoked, any obligation of such Person to issue, make, maintain, fund, or charge interest or fees with respect to any such
Extension of Credit shall be suspended, and to the extent required by Applicable Law, cancelled. Upon receipt of such notice, the Credit Parties shall, (A) repay that Person’s participation in the Loans or other applicable Term Loan
Secured Obligations on the last day of the Interest Period for each Loan or other Obligation occurring after the Administrative Agent has notified the Borrower or, if earlier, the date specified by such Person in the notice delivered to the
Administrative Agent (being no earlier than the last day of any applicable grace period permitted by Applicable Law) and (B) take all reasonable actions requested by such Person to mitigate or avoid such illegality. 

SECTION 4.9 Indemnity. The Borrower hereby agrees to reimburse the Lenders for and indemnifies each of the Lenders against any loss or
expense (including any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain a LIBOR Rate Loan or from fees payable to terminate the deposits from which such funds were obtained) which may arise or be
attributable to each Lender’s obtaining, liquidating, or employing deposits or other funds acquired to effect, fund, or maintain any Loan (a) as a consequence of any failure by the Borrower to make any payment when due of any amount due
hereunder in connection with a LIBOR Rate Loan, (b) due to any failure of the Borrower to borrow or continue a LIBOR Rate Loan or convert to a LIBOR Rate Loan on a date specified therefor in a Notice of Borrowing or Notice of
Conversion/Continuation, or (c) due to any payment, prepayment, or conversion of any LIBOR Rate Loan on a date other than the last day of the Interest Period therefor. The amount of such loss or expense shall be determined, in the applicable
Lender’s sole discretion, based upon the assumption that such Lender funded its Pro Rata Share of the LIBOR Rate Loans in the London interbank market and using any reasonable attribution or averaging methods which such Lender deems appropriate
and practical. A certificate of such Lender setting forth the basis for determining such amount or amounts necessary to compensate such Lender shall be forwarded to the Borrower through the Administrative Agent and shall be conclusively presumed to
be correct save for manifest error. All of the obligations of the Credit Parties under this Section 4.9 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a
Lender, the termination of the Credit Facility and the repayment, satisfaction, or discharge of all obligations under any Loan Document. 

SECTION 4.10 Increased Costs. 

(a) Increased Costs Generally. If any Change in Law shall: 

(i) impose, modify, or deem applicable any reserve, special deposit, compulsory loan, insurance charge, or similar requirement
against assets of, deposits with or for the account of, or advances, loans, or other credit extended or participated in by, any Lender (except any reserve requirement reflected in the LIBOR Rate); 

(ii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses
(b) through (d) of the definition of Excluded Taxes, and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities, or
capital attributable thereto; or 

  
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 (iii) impose on any Lender or the London interbank market any other
condition, cost or expense (other than Taxes) affecting this Agreement or LIBOR Rate Loans made by such Lender or participation therein; 
 and the result
of any of the foregoing shall be to increase the cost to such Lender or such other Recipient of making, converting to, continuing, or maintaining any Loan (or of maintaining its obligation to make any such Loan), or to reduce the amount of any sum
received or receivable by such Lender or such other Recipient hereunder (whether of principal, interest, or any other amount) then, upon written request of such Lender or such other Recipient, the Borrower shall promptly pay to any such Lender or
such other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender or such other Recipient, as the case may be, for such additional costs incurred or reduction suffered. 

(b) Capital Requirements. If any Lender determines that any Change in Law affecting such Lender or any Lending Office of
such Lender or such Lender’s holding company, if any, regarding capital or liquidity requirements, has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding
company, if any, as a consequence of this Agreement or the Loans made by such Lender, to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such
Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy and liquidity), then from time to time upon written request of such Lender the Borrower shall promptly pay to such Lender such additional
amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered. 

(c) Certificates for Reimbursement. A certificate of a Lender or other Recipient setting forth the amount or amounts
necessary to compensate such Lender such other Recipient, or any of their respective holding companies, as the case may be, as specified in clause (a) or (b) of this Section and delivered to the Borrower, shall be conclusive
absent manifest error. The Borrower shall pay such Lender or such other Recipient, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof. 

(d) Delay in Requests. Failure or delay on the part of any Lender or any other Recipient to demand compensation pursuant
to this Section shall not constitute a waiver of such Lender’s or such other Recipient’s right to demand such compensation; provided that the Borrower shall not be required to compensate any Lender or any other Recipient pursuant to
this Section for any increased costs incurred or reductions suffered more than nine (9) months prior to the date that such Lender or such other Recipient, as the case may be, notifies the Borrower of the Change in Law giving rise to such
increased costs or reductions, and of such Lender’s or such other Recipient’s intention to claim compensation therefor (except that if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month
period referred to above shall be extended to include the period of retroactive effect thereof). 
 (e) Survival. All
of the obligations of the Credit Parties under this Section 4.10 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Credit
Facility, and the repayment, satisfaction, or discharge of all obligations under any Loan Document. 
 SECTION 4.11 Taxes. 

(a) Defined Terms. For purposes of this Section 4.11, the term “Applicable Law” includes FATCA.

  
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 (b) Payments Free of Taxes. Any and all payments by or on account of
any obligation of the Borrower under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by Applicable Law. If any Applicable Law (as determined in the good faith discretion of an applicable Withholding
Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or
withheld to the relevant Governmental Authority in accordance with Applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that, after such deduction or withholding has been made
(including such deductions and withholdings applicable to additional sums payable under this Section), the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made. 

(c) Payment of Other Taxes by the Borrower. The Borrower shall timely pay to the relevant Governmental Authority in
accordance with Applicable Law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes, including all value added Taxes that are chargeable on any “supply” to the Borrower or any other Credit
Party under the Loan Documents (as determined under Applicable Law) upon the receipt of a value added Tax invoice. 
 (d)
Indemnification by the Borrower. The Borrower shall indemnify each Recipient, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to
amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified
Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the
Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 
 (e)
Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within ten (10) days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the
Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of
Section 11.9(d) relating to the maintenance of a Participant Register, and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan
Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or
liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to setoff and apply any and all amounts at any time owing to such Lender under any Loan
Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this clause (e). 

(f) Evidence of Payments. As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority
pursuant to this Section 4.11, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such
payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

  
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 (g) Status of Lenders. 

(i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any
Loan Document (including United States federal withholding tax in the event such payments were determined to be derived from U.S. sources under Section 861 of the Code) shall deliver to the Borrower and the Administrative Agent, at the time or
times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding
or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by the Borrower or the
Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding
two sentences, the completion, execution, and submission of such documentation (other than such documentation set forth in Section 4.11(g)(ii)(A), (ii)(B), and (ii)(D) below) shall not be required if in the Lender’s
reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

(ii) Without limiting the generality of the foregoing, regardless of whether the Borrower is a U.S. Person: 

(A) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on
which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), to the extent such Lender is legally entitled to do so, executed copies of IRS Form
W-9 certifying that such Lender is exempt from United States federal backup withholding Tax; 
 (B) any Foreign Lender shall
deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon
the reasonable request of the Borrower or the Administrative Agent), to the extent such Foreign Lender is legally entitled to do so, whichever of the following is applicable: 

(1) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party
(x) with respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN-E establishing an exemption from, or reduction of, United States federal withholding Tax pursuant to the “interest” article of such
tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN-E establishing an exemption from, or reduction of, United States federal withholding Tax pursuant to the “business profits” or
“other income” article of such tax treaty; 
 (2) executed copies of IRS Form W-8ECI; 

  
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 (3) in the case of a Foreign Lender entitled to the benefits of the
exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit H-1 to the effect that such Foreign Lender is not a “bank” within the meaning of
Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” related to the Borrower as described in
Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN-E; or 

(4) to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form
W-8ECI, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit H-2 or Exhibit H-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if
the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of
Exhibit H-4 on behalf of each such direct and indirect partner; 
 (C) any Foreign Lender shall, to the extent it is
legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from
time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in United States federal
withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by Applicable Law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and 

(D) if a payment made to a Lender under any Loan Document would be subject to United States federal withholding Tax imposed by
FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the
Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by Applicable Law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under
FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include
any amendments made to FATCA after the date of this Agreement. 
 Each Lender agrees that if any form or certification it previously
delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 

  
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 (h) Treatment of Certain Refunds. If any party determines, in its
sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 4.11 (including by the payment of additional amounts pursuant to this
Section 4.11), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket
expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall
repay to such indemnified party the amount paid over pursuant to this clause (h) (plus any penalties, interest, or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to
repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this clause (h), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this clause
(h) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted,
withheld, or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This clause (h) shall not be construed to require any indemnified party to make available its Tax returns
(or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 

(i) Survival. Each party’s obligations under this Section 4.11 shall survive the resignation or
replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Credit Facility and the repayment, satisfaction, or discharge of all obligations under any Loan Document. 

SECTION 4.12 Mitigation Obligations; Replacement of Lenders. 

(a) Designation of a Different Lending Office. If any Lender requests compensation under Section 4.10, or
requires the Borrower to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 4.11, then such Lender shall, at the request of the Borrower, use
reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches, or affiliates, if, in the judgment of such Lender, such
designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 4.10 or Section 4.11, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or
expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

(b) Replacement of Lenders. If any Lender requests compensation under Section 4.10, or if the Borrower is
required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 4.11, and, in each case, such Lender has declined or is unable to designate a
different Lending Office in accordance with Section 4.12(a), or if any Lender is a Defaulting Lender or a Non-Consenting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative
Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 11.9), all of its interests, rights (other than its existing rights
to payments pursuant to Section 4.10 or Section 4.11) and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a
Lender accepts such assignment); provided that: 
 (i) the Borrower shall have paid to the Administrative Agent the
assignment fee (if any) specified in Section 11.9; 

  
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 (ii) such Lender shall have received payment of an amount equal to the
outstanding principal of its Loans, accrued interest thereon, accrued fees, and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 4.9) from the assignee (to the extent of
such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts); 
 (iii) in the
case of any such assignment resulting from a claim for compensation under Section 4.10 or payments required to be made pursuant to Section 4.11, such assignment is reasonably expected in the Borrower’s good faith
determination to result in a reduction in such compensation or payments thereafter (or in the probability of a requirement to make such payments); 

(iv) such assignment does not conflict with Applicable Law; and 

(v) in the case of any assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have
consented to the applicable amendment, waiver, or consent. 
 A Lender shall not be required to make any such assignment or delegation if,
prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 

Each party hereto agrees that (x) an assignment required pursuant to this Section 4.12 may be effected pursuant to an
Assignment and Assumption or an Affiliated Lender Assignment and Assumption, as applicable, executed by the Borrower, the Administrative Agent, and the assignee and (y) the Lender required to make such assignment need not be a party thereto in
order for such assignment to be effective and shall be deemed to have consented to and be bound by the terms thereof; provided that, following the effectiveness of any such assignment, the other parties to such assignment agree to execute and
deliver such documents necessary to evidence such assignment as reasonably requested by the applicable Lender or the Administrative Agent, provided, further that any such documents shall be without recourse to or warranty by the parties
thereto. 
 (c) Selection of Lending Office. Subject to Section 4.12(a), each Lender may make any Loan to
the Borrower through any Lending Office, provided that the exercise of this option shall not affect the obligations of the Borrower to repay the Loan in accordance with the terms of this Agreement or otherwise alter the rights of the parties hereto.

 SECTION 4.13 [Reserved.] 

SECTION 4.14 Defaulting Lenders. 

(a) Defaulting Lender Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender
becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Law: 

(i) Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver, or
consent with respect to this Agreement shall be restricted as set forth in the definition of “Required Lenders” and Section 11.2. 

  
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 (ii) Defaulting Lender Waterfall. Any payment of principal, interest,
fees, or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article X, or otherwise) or received by the Administrative Agent from a Defaulting
Lender pursuant to Section 11.4 shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent
hereunder; second, as the Borrower may request (so long as no Default exists), to the funding of any Loan or funded participation in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement,
as determined by the Administrative Agent; third, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to satisfy such Defaulting Lender’s potential future funding
obligations with respect to Loans and funded participations under this Agreement; fourth, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such
Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; fifth, so long as no Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of
competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and sixth, to such Defaulting Lender or as otherwise directed by a
court of competent jurisdiction. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender shall be deemed paid to and redirected by such Defaulting
Lender, and each Lender irrevocably consents hereto. 
 (b) Defaulting Lender Cure. If the Borrower and the
Administrative Agent agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth
therein, such Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans to be held pro rata
by the Lenders in accordance with each such Lender’s Pro Rata Share (without giving effect to Section 4.14(a)(iv)), whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made
retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no
change hereunder from Defaulting Lender to Non-Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 

ARTICLE V 
 CONDITIONS OF CLOSING
AND BORROWING 
 SECTION 5.1 Conditions to Closing and Initial Extensions of Credit. Except for those items that are permitted to be
satisfied on a post-closing basis pursuant to Section 7.21, the obligation of the Lenders to close this Agreement and the deemed funding of the Loans hereunder is subject to the satisfaction of each of the following conditions: 

  
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 (a) Loan Documents; Security Documents; Guaranties. This Agreement, a
Note in favor of each Lender requesting a Note, the Perfection Certificate, the Intercreditor Agreement, the Intercompany Subordination Agreement, the Security Documents, the Guaranty Agreement, the Fee Letter, and related agreements, instruments,
certificates, transfer powers, legal opinions, and other documents reasonably requested to be delivered on the Closing Date by the Administrative Agent or the Collateral Agent in accordance with the Agreed Security Principles, together with any
other applicable Loan Documents, in each case, in a form and substance reasonably satisfactory to the Administrative Agent and/or the Collateral Agent, as applicable, shall have been duly authorized, executed and delivered to the Administrative
Agent and/or the Collateral Agent, as applicable, by the parties thereto, shall be in full force and effect and no Default or Event of Default thereunder shall have occurred and be continuing. 

(b) Closing Certificates; Etc. The Administrative Agent shall have received each of the following in form and substance
reasonably satisfactory to the Administrative Agent: 
 (i) Officer’s Certificate. A certificate from a
Responsible Officer of the Parent and the Borrower to the effect that (A) all representations and warranties of the Credit Parties contained in this Agreement and the other Loan Documents are true, correct and complete in all material respects
(except to the extent any such representation and warranty is qualified by materiality or reference to Material Adverse Effect, in which case, such representation and warranty shall be true, correct and complete in all respects); (B) after
giving effect to the entry of the Confirmation Order and the Transactions, no Default has occurred and is continuing; (C) since January 22, 2021, no Closing Date Material Adverse Effect has occurred; (D) all material governmental and
third party approvals necessary in connection with the consummation of the Plan and the Transactions contemplated thereby, and the continuing operations of the Parent and each other Credit Party shall have been obtained (or will be substantially
concurrently obtained) and be in full force and effect; (E) no material litigation, arbitration or similar proceeding shall be pending or threatened which calls into question the validity of this Agreement, the other Loan Documents, or any of
the Transactions; (F) attached thereto is a complete, true, and correct organizational structure chart of the Parent and each of its Subsidiaries, which shall identify whether each entity on such chart is a Borrower, Guarantor, Restricted
Subsidiary, Unrestricted Subsidiary, Immaterial Subsidiary, Material Subsidiary, Excluded Subsidiary, Rig Subsidiary, and/or such other type of entity under the Loan Documents, along with a description of why each entity designated as an Excluded
Subsidiary is considered to be an Excluded Subsidiary, and showing which Rigs and related contracts are held at each such entity; and (G) each of the Credit Parties, as applicable, has satisfied each of the conditions set forth in this
Section 5.1. 
 (ii) Certificate of Secretary of each Credit Party. A certificate of a Responsible Officer
of each Credit Party certifying as to the incumbency and genuineness of the signature of each officer and/or director of such Credit Party executing Loan Documents to which it is a party and certifying that attached thereto is a true, correct and
complete copy of (A) the articles or certificate of incorporation or formation (or equivalent), as applicable, of such Credit Party and all amendments thereto, issued by or certified as of a recent date by the appropriate Governmental Authority
in its jurisdiction of incorporation, organization or formation (or equivalent), as applicable, (B) the bylaws, memorandum and articles of association or governing documents of such Credit Party as in effect on the Closing Date,
(C) resolutions duly adopted by the board of directors (or other equivalent governing body) or, if applicable, general meeting of shareholders of such Credit Party authorizing and approving the Transactions and the execution, delivery and
performance of this Agreement and the other Loan Documents to which it is a party, and (D) each certificate required to be delivered pursuant to Section 5.1(b)(iii). 

  
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 (iii) Certificates of Good Standing. Certificates of the existence,
good standing, and qualification dated as of a recent date (or such corresponding certificates of other documents to the extent the concept of good standing exists in the applicable jurisdiction) of each Credit Party under the laws of its
jurisdiction of incorporation, organization or formation (or equivalent). 
 (iv) Perfection Certificate. The
Administrative Agent shall have received a Perfection Certificate dated as of the Closing Date and signed by a Responsible Officer of the Parent, the Borrower, and each other Credit Party, together with all attachments contemplated thereby. 

(v) [Reserved.] 

(vi) [Reserved.] 

(vii) Financial Condition/Solvency Certificate. The Parent shall have delivered to the Administrative Agent a
certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of Parent, that (A) after giving effect to the Transactions (including any Loans deemed made on the
Closing Date), the Parent and all Restricted Subsidiaries, on a Consolidated basis, are Solvent, and (B) the financial projections previously delivered to the Administrative Agent represent the good faith estimates (utilizing reasonable
assumptions) of the financial condition and operations of the Parent and its Restricted Subsidiaries. 
 (viii) Opinions
of Counsel. Opinions of counsel to the Credit Parties, including opinions of special counsel and local counsel as may be reasonably requested by the Administrative Agent to be delivered on the Closing Date, which shall be addressed to the
Administrative Agent and the Lenders with respect to the Credit Parties, the Loan Documents and such other matters as the Administrative Agent shall reasonably request. 

(c) Personal Property Collateral. 

(i) Filings and Recordings. Subject to the limitations and qualifications in the Security Documents and subject to the
Agreed Security Principles, the Collateral Agent shall have received all filings and recordations, and the Parent and its Restricted Subsidiaries shall have taken all actions, that are necessary to perfect the security interests of the Collateral
Agent, on behalf of the Secured Parties, in the Collateral and the Collateral Agent shall have received evidence reasonably satisfactory to the Collateral Agent that upon such filings, recordations, and other actions such security interests
constitute valid and perfected first priority Liens thereon (subject to Specified Permitted Liens). 
 (ii) Pledged
Collateral. Subject to the Agreed Security Principles, the Collateral Agent shall have received (A) if applicable, original stock certificates or other certificates evidencing the certificated Equity Interests pledged pursuant to the
Security Documents, together with an undated stock power for each such certificate duly executed in blank by the registered owner thereof and (B) each original promissory note pledged pursuant to the Security Documents together with an undated
allonge for each such promissory note duly executed in blank by the holder thereof. 

  
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 (iii) Lien Search. Subject to the Agreed Security Principles, the
Collateral Agent shall have received the results of a Lien search or equivalent lien, maritime lien, judgment, pending litigation, tax and intellectual property searches, in each case in form and substance reasonably satisfactory to the Collateral
Agent, made against the Credit Parties under the Uniform Commercial Code (or applicable judicial docket or equivalent database) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to
evidence or perfect security interests in all assets of such Credit Party, indicating among other things that the assets of each such Credit Party are free and clear of any Lien (except for Permitted Liens). 

(iv) Insurance. The Collateral Agent shall have received, in each case in form and substance reasonably satisfactory to
the Collateral Agent and the Administrative Agent, evidence of the insurance required by Section 7.7 hereof, covering each Credit Party and its respective Properties and dated not more than ten (10) Business Days prior to the
Closing Date (with any endorsements required by Section 7.7). 
 (v) Other Collateral Documentation. The
Collateral Agent shall have received any documents reasonably requested thereby or as required by the terms of the Security Documents that are reasonably requested to be delivered on the Closing Date by the Administrative Agent or the Collateral
Agent in accordance with the Agreed Security Principles, to evidence its security interest in the Collateral or as are reasonable and customary under applicable legal requirements or custom in connection with a Guarantee given by a foreign Credit
Party. 
 (d) Rig-Related Deliverables. The Administrative Agent shall have received (i) certificates of registry
dated on or before the Closing Date with respect to each Rig, (ii) certificates of ownership and encumbrance dated as of the Closing Date with respect to each Rig evidencing the registered ownership of each Rig in the name of the relevant Rig
Subsidiary shown on Schedule 1.1(c) hereto and an absence of any recorded Liens on the Rigs (other than Permitted Liens), (iii) a Fleet Status Certificate dated as of the Closing Date, (iv) a Rig Value Certificate dated as of the
Closing Date, and (v) confirmation class certificates, free of any overdue conditions or recommendations, from an Acceptable Classification Society that are effective as of the Closing Date for each Rig (other than any stacked Rig). 

(e) Material Contracts. The Administrative Agent shall have (i) received executed copies of all Material Contracts
certified by a Responsible Officer of the Parent as true, correct, and complete as of the Closing Date, other than any such Material Contract which the applicable Credit Party is prohibited from disclosing pursuant to the terms thereof (provided
that such Credit Party shall disclose the existence thereof and the contract counterparty information and, if reasonably requested by the Administrative Agent, shall use commercially reasonable efforts to obtain consent that would permit disclosure,
including negotiating a non-disclosure agreement or a confidentiality agreement with the relevant contract counterparty) and (ii) completed a satisfactory review of all such Material Contracts. 

(f) Closing Date Appraisal. The Administrative Agent shall have received an Acceptable Appraisal performed by Arctic
Offshore with respect to each Rig. 
 (g) Consents; Litigation. 

(i) Governmental and Third Party Approvals. All material governmental and third party approvals necessary in connection
with the Plan and the transactions contemplated thereby, and the continuing operations of the Parent and each other Credit Party, have been obtained (or will be obtained substantially concurrently with the Closing Date), and are in full force and
effect. 

  
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 (ii) No Proceeding or Litigation. There shall be no material
litigation, arbitration, or similar proceeding pending or threatened which calls into question the validity of this Agreement, the other Loan Documents, or any of the Transactions. 

(h) Financial Matters. 

(i) Financial Statements. The Administrative Agent shall have received (A) the audited Consolidated balance sheet and
the related audited statements of income and retained earnings, stockholders’ equity, and cash flows of the Parent and its Subsidiaries for the three most recently completed Fiscal Years ended at least ninety (90) days before the Closing
Date (together with the consolidating balance sheet and statement of income of any Unrestricted Subsidiary), (B) unaudited Consolidated balance sheet of the Parent and its Subsidiaries and related unaudited interim statements of income and
retained earnings for each fiscal quarter subsequent to the Fiscal Year for which audited financial statements were delivered under clause (A) above, ended at least forty-five (45) days before the Closing Date, in each case together
with the corresponding comparative period from the prior fiscal year (together with the consolidating balance sheet and interim statement of income of any Unrestricted Subsidiary), (C) unaudited interim monthly Consolidated financial statements
of the Parent and its Subsidiaries prepared by management of the Parent and its Subsidiaries, for each calendar month subsequent to the Fiscal Year for which audited financial statements were delivered under clause (A) above, ending at
least ten (10) Business Days before the Closing Date (together with the consolidating balance sheet and interim statement of income of any Unrestricted Subsidiary), (D) a pro forma unaudited Consolidated balance sheet of the Parent and its
Restricted Subsidiaries as of the Closing Date (as if the Closing Date had occurred on the last date of the most recently ended fiscal quarter or calendar month for which financial statements are required to be provided pursuant to clauses
(B) or (C) above, adjusted to give effect to the funding (or deemed funding) of the initial Extensions of Credit under this Agreement, the application of the proceeds thereof, and to the other transactions contemplated to occur
on the Closing Date pursuant to the Plan), which balance sheet shall (1) not reflect any pro forma adjustments to give effect to the application of fresh start accounting, (2) not be required to meet the requirements of Regulation S-X of
the Securities Act, (3) be certified by the chief financial officer of the Parent as being prepared in good faith by the Parent, and (4) reflect no Indebtedness other than (x) the Loans and other Extensions of Credit under this
Agreement, (y) the First Out RCF Loans and L/C Obligations and Last Out Notes, and (z) any other Indebtedness permitted under Section 8.1 of this Agreement, and (E) a summary setting forth the adjustments made to the
financial information contained in the Consolidated balance sheet for the most recently ended fiscal quarter or calendar month previously delivered to the Arrangers pursuant to clauses (B) or (C) above that are reflected in
the pro forma balance sheet referred to in clause (D) above, in each of the cases (A) through (E) above, in form and substance satisfactory to the Administrative Agent. 

(ii) Financial Projections. The Administrative Agent shall have received financial projections of the Parent and its
Restricted Subsidiaries prepared by management of the Parent for the 24-month period commencing December 31, 2020 (including actual figures for the period of time that has elapsed since December 31, 2020, and projected figures for the
period subsequent thereto), on a quarterly basis, which shall be in form and substance satisfactory to the Administrative Agent; provided that the financial projections previously delivered to the Administrative Agent prior to the Closing Date are
in a form and level of detail sufficient to satisfy the condition set forth in this Section 5.1(h)(ii). 

  
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 (iii) Budget. The Administrative Agent shall have received a budget
for the Parent and its Restricted Subsidiaries for the fiscal year ending December 31, 2021 (including actual figures for the period of time that has elapsed since December 31, 2020, and projected figures for the period subsequent
thereto), on a monthly basis, which shall be in form and substance satisfactory to the Administrative Agent. 
 (iv)
Payment at Closing. The Borrower shall have paid or shall have caused to be paid contemporaneously with closing (1) to the Administrative Agent, the Collateral Agent, the Arrangers and the Lenders the fees set forth or referenced in
Section 4.3, including any fees set forth in any Fee Letter, and any other accrued and unpaid fees or commissions due hereunder, (2) all fees, charges and disbursements of counsel to the Administrative Agent (directly to such
counsel if requested by the Administrative Agent) to the extent accrued and unpaid prior to or on the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees,
charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent), and (3) to
any other Person such amount as may be due thereto in connection with the Transactions contemplated hereby, including all Other Taxes, fees and other charges in connection with the execution, delivery, recording, filing and registration of any of
the Loan Documents, in each case to the extent invoiced at least two (2) Business Days prior to the Closing Date (or such later date as the Borrower may reasonably agree). 

(v) Funds Flow Memorandum. The Borrower shall have delivered to the Administrative Agent a funds flow memorandum
reflecting all payments to be made on the Closing Date in form and substance reasonably acceptable to the Administrative Agent. 

(i) Other Indebtedness. 

(i) Prepetition Credit Agreement. The Administrative Agent shall have received evidence reasonably satisfactory to it
that all loans and other obligations outstanding under the Prepetition Credit Agreement (other than the HSBC Letters of Credit, which shall be deemed issued under the First Out RCF Credit Agreement on the Closing Date) are being repaid substantially
concurrently with the entering into this Agreement or otherwise satisfied in full and terminated in a manner consistent with the Plan. 

(ii) Other Permitted Indebtedness. The Administrative Agent shall have received evidence that (A) the Borrower has
received, substantially simultaneously with the Closing Date, no less than $75,000,000 in new gross cash proceeds from the Initial Last Out Notes pursuant to the Last Out Notes Indenture (which shall be in a form and substance satisfactory to the
Administrative Agent and shall, for the avoidance of doubt, include a commitment from the noteholders thereunder to provide no less than $39,675,000 of Additional Last Out Notes to the Borrower at a later date subject to certain specified conditions
acceptable to the Administrative Agent), and (B) the First Out RCF Credit Agreement shall have become effective substantially simultaneously with the Closing Date, with aggregate commitments from lenders thereunder equal to or in excess of
$300,000,000 (before giving effect to any upfront fees paid in kind pursuant thereto). 

  
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 (iii) No Other Indebtedness. Immediately after giving effect to the
Transactions contemplated to occur on the Closing Date, the Parent and its Restricted Subsidiaries shall have no Indebtedness outstanding other than (A) the Loans and other Extensions of Credit under the Credit Facility, (B) the First Out
RCF Loans and L/C Obligations and Initial Last Out Notes, and (C) any other Indebtedness permitted under Section 8.1 of this Agreement. 

(j) Bankruptcy Reorganization, Etc. 

(i) Plan and Plan Support Agreement. The terms of the Plan shall be substantially consistent with the Plan Support
Agreement and otherwise reasonably satisfactory to the Administrative Agent and the Requisite Consenting RCF Lenders (as defined in the Plan Support Agreement) and such Plan Support Agreement shall not have been amended or modified in any manner
that is adverse (as determined in good faith by the Administrative Agent) to the rights and interests of the Arrangers, the Administrative Agent, or any Lender and their respective Affiliates, in their capacities as such, relative to the version
filed with the Bankruptcy Court on January 22, 2021, without written consent of the Administrative Agent and the Requisite Consenting RCF Lenders (as defined in the Plan Support Agreement). 

(ii) Confirmation Order. The Confirmation Order shall have been entered confirming the Plan and shall have become a
final order of the Bankruptcy Court, which order shall not have been stayed, reversed, vacated, amended, supplemented or otherwise modified in any manner that would reasonably be expected (as determined in good faith by the Administrative Agent) to
adversely affect the interests of the Arrangers, the Administrative Agent or the Lenders and their respective Affiliates, in their capacity as such, or the treatment contemplated by the Plan to the Prepetition Lenders under the Prepetition Credit
Agreement without the written consent of the Administrative Agent and the Requisite Consenting RCF Lenders (as defined in the Plan Support Agreement); provided that the possibility that an appeal or a motion under Rule 60 of the Federal Rules
of Civil Procedure or any analogous rule under the Federal Rules of Bankruptcy Procedure, may be filed relating to such order, shall not cause such order to not be a final order; provided further, that any appeal by the United States Trustee
of the Bankruptcy Court’s April 8, 2021 order overruling the Limited Objection of United States Trustee to Debtors’ Joint Chapter 11 Plan of Reorganization filed on March 30, 2021 Dkt. No. 1176 in connection with its
confirmation of the Plan that is timely filed in the Chapter 11 Cases (any such appeal, a “US Trustee Appeal”) shall not cause such order to not be a final order. 

(iii) Plan of Reorganization Conditions. Each of the conditions to effectiveness of the Plan shall have been satisfied
(or waived) in accordance with the terms thereof and shall be in full force and effect or waived in accordance with the provisions thereof, and the Plan and all transactions contemplated therein, or in the Confirmation Order, to occur on the
effective date of the Plan shall have been (or substantially concurrently with the Closing Date, shall be) substantially consummated (as defined in Section 1101 of the Bankruptcy Code) in accordance with the terms thereof and in compliance with
Applicable Law and Bankruptcy Court and regulatory approvals. 

  
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 (iv) General Unsecured Claims. With respect to the Chapter 11 Cases,
the overall size of the claims pool for general unsecured claims (excluding any claims resulting from the rejection or recharacterization of the BOP Lease Agreement) to be unimpaired and paid in full pursuant to the Plan on the effective date of the
Plan is reasonably acceptable to the Requisite Consenting Stakeholders (as defined in the Plan Support Agreement) (for the avoidance of doubt, if the overall size is materially consistent with the estimate provided by the Debtors to the Consenting
Stakeholders’ Advisors (as defined in the Plan Support Agreement) on November 14, 2020, then such size shall be deemed reasonably acceptable).1 

(v) PCbtH Contracts. Each of the PCbtH Service Contract and the BOP Lease Agreement shall have received treatment in the
Chapter 11 Cases, including under the Plan, that is reasonably acceptable to the Requisite Consenting Stakeholders (as defined in the Plan Support Agreement); provided that the treatment set forth in the Amended PCbtH Contract MOU and the PCbtH
Assumption Order is reasonably acceptable to the Requisite Consenting Stakeholders. 
 (k) Notice of Borrowing. The
Administrative Agent shall have received a Notice of Borrowing in form and substance satisfactory to it, duly executed by the Borrower. 

(l) Closing Date Material Adverse Effect. Since January 22, 2021, no Closing Date Material Adverse Effect shall
have occurred. 
 (m) Miscellaneous.  

(i) Corporate Structure. The organizational structure of the Parent and its Subsidiaries and their jurisdictions of
organization, the Borrower, and the Guarantors must all be satisfactory to the Administrative agent and the Lenders in their discretion. 

(ii) PATRIOT Act, etc. The Administrative Agent and each Lender who has requested the same shall have received, at least
fifteen (15) Business Days prior to the Closing Date (or such later date as the Administrative Agent may agree): 
 (A)
all documentation and other information requested by the Administrative Agent or any Lender or required by regulatory authorities in order for the Administrative Agent and the Lenders to comply with requirements of any Anti-Money Laundering Laws,
including the PATRIOT Act and any applicable “know your customer” rules and regulations. 
 (B) a Beneficial
Ownership Certification in relation to the Borrower (or a certification that such Borrower qualifies for an express exclusion from the “legal entity customer” definition under the Beneficial Ownership Regulations) in form and substance
reasonably satisfactory to the Administrative Agent and each requesting Lender. 
  

	1 	 The November 14, 2020 estimate included approximately $26 million of general unsecured trade claims
(excluding any claims resulting from the rejection or recharacterization of the PCbtH Contracts (as defined in the Plan), administrative claims related to cure amounts, and priority claims under section 503(b)(9) of the Bankruptcy Code, excluding
any postpetition interest that may be payable on account of such claims pursuant to the Plan, if any, to be unimpaired and paid in full pursuant to the Plan on the Effective Date (as defined in the Plan). For the avoidance of doubt, such estimate
does not include any Priority Tax Claims (as defined in the Plan). 

  
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 (iii) Process Agent Appointment. To the extent that any Credit Party
is not organized under the laws of a State of the United States, the Borrower shall have furnished, or shall have caused to be furnished, evidence of appointment by such foreign Credit Party of the Process Agent as its domestic process agent in
accordance with Section 11.22. 
 Without limiting the generality of the provisions of Section 10.3(c) and Section 10.4,
for purposes of determining compliance with the conditions specified in this Section 5.1, the Administrative Agent and each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be
satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing
Date specifying its objection thereto. 
 SECTION 5.2 Conditions to Deemed Funding of Loans. The obligations of the Lenders to permit
any Loan to be deemed made hereunder, are subject to the satisfaction of the following conditions precedent on the relevant borrowing date: 

(a) Representations and Warranties. The representations and warranties contained in this Agreement and the other Loan
Documents shall be true and correct in all material respects, except for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect, which such representation and warranty shall be true and correct in
all respects, on and as of such borrowing date with the same effect as if made on and as of such date (except for any such representation and warranty that by its terms is made only as of an earlier date, which representation and warranty shall
remain true and correct in all material respects as of such earlier date, and except for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect, which such representation and warranty shall be true
and correct in all respects as of such earlier date). 
 (b) No Default. No Default shall have occurred and be
continuing on the deemed borrowing date with respect to such Loan or after giving effect to the Loans to be made, continued or converted on such date. 

(c) Solvency. Both immediately before and after giving effect thereto, (w) the Parent, on an individual basis, is
Solvent, (x) the Borrower, on an individual basis, is Solvent, (y) the Parent and the Credit Parties, on a Consolidated basis, are Solvent, and (z) the Parent and all Restricted Subsidiaries, on a Consolidated basis, are Solvent. 

(d) Notices. The Administrative Agent shall have received a Notice of Borrowing from the Borrower in accordance with
Section 2.2(a). 
 Each Notice of Borrowing submitted by the Borrower shall be deemed to be a representation and warranty that
the conditions specified in this Section 5.2 have been satisfied on and as of the date of the applicable Extension of Credit. 

  
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 ARTICLE VI 

REPRESENTATIONS AND WARRANTIES OF THE CREDIT PARTIES 

To induce the Administrative Agent and Lenders to enter into this Agreement and to induce the Lenders to permit the Extensions of
Credit to be deemed made, each of the Parent and the Borrower hereby represents and warrants to the Administrative Agent, the Lenders, and the other Term Loan Secured Parties, as to itself and each of the other Credit Parties, both before and after
giving effect to the Transactions contemplated hereunder, which representations and warranties shall be deemed made on the Closing Date and as otherwise set forth in Section 5.2, this Article VI, and any Loan Document entered into
in connection with this Agreement from time to time, that:  
 SECTION 6.1 Organization; Power; Qualification. Each Credit
Party and each Restricted Subsidiary thereof (a) is duly organized, validly existing and in good standing (to the extent the concept is applicable in such jurisdiction) under the laws of the jurisdiction of its incorporation or formation,
(b) has the power and authority to own its Properties and to carry on its business as now being and hereafter proposed to be conducted, and (c) is duly qualified and authorized to do business in each jurisdiction in which the character of
its Properties or the nature of its business requires such qualification and authorization, except (1) in the case of clauses (a) (other than with respect to a Credit Party), (b) (other than with respect to a Credit
Party) and (c), to the extent that the failure to do so would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect or (2) in the cases of clauses (a) and (b), to the extent that the
applicable Credit Party or Restricted Subsidiary is diligently pursuing any such permit, authorization or qualification in good faith. The jurisdictions in which each Credit Party and each Restricted Subsidiary thereof are organized and qualified to
do business as of the Closing Date are described on Schedule 6.1. Schedule 6.1 identifies each Subsidiary Guarantor as of the Closing Date. No Credit Party nor any Subsidiary thereof is an Affected Financial Institution. 

SECTION 6.2 Ownership. Each Subsidiary of each Credit Party as of the Closing Date is listed on Schedule 6.2, and each Borrower,
Guarantor, Restricted Subsidiary, Unrestricted Subsidiary, Immaterial Subsidiary, Material Subsidiary, Excluded Subsidiary, Rig Subsidiary, and/or such other type of entity under the Loan Documents as of the Closing Date has been so designated on
Schedule 6.2. As of the Closing Date, the capitalization of each Credit Party and its Restricted Subsidiaries consists of the number of shares, authorized, issued and outstanding, of such classes and series, with or without par value,
described on Schedule 6.2. All outstanding shares have been duly authorized and validly issued and are fully paid and nonassessable and not subject to any preemptive or similar rights, except as described in Schedule 6.2. The
shareholders or other owners, as applicable, of each Credit Party and its Restricted Subsidiaries and the number of shares owned by each as of the Closing Date are described on Schedule 6.2. As of the Closing Date, there are no outstanding
stock purchase warrants, subscriptions, options, securities, instruments or other rights of any type or nature whatsoever, which are convertible into, exchangeable for or otherwise provide for or require the issuance of Equity Interests of any
Credit Party or any Restricted Subsidiary thereof, except as described on Schedule 6.2. 
 SECTION 6.3 Authorization;
Enforceability. Such Transactions or Loan Transactions are within each of the Credit Party’s and each Restricted Subsidiary’s corporate powers and each Credit Party and each Restricted Subsidiary thereof has the right, power and
authority and has taken all necessary corporate and other action to authorize the execution, delivery and performance of this Agreement and each of the other Loan Documents to which it is a party in accordance with their respective terms. This
Agreement and each of the other Loan Documents have been duly executed and delivered by the duly authorized officers of each Credit Party and each Restricted Subsidiary thereof that is a party thereto, and each such document constitutes the legal,
valid and binding obligation of each Credit Party and each Restricted Subsidiary thereof that is a party thereto, enforceable in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar state or federal Debtor Relief Laws from time to time in effect which affect the enforcement of creditors’ rights in general and the availability of equitable remedies. 

  
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 SECTION 6.4 Compliance of Agreement, Loan Documents and Borrowing with Laws,
Etc. The execution, delivery and performance by each Credit Party and each Restricted Subsidiary thereof of the Loan Documents to which each such Person is a party, in accordance with their respective terms, the Extensions of Credit
hereunder and the Transactions contemplated hereby or thereby do not and will not, by the passage of time, the giving of notice or otherwise, (a) require any Governmental Approval, except such as have been obtained and are in full force and
effect or any filings that any Credit Party may be required to make with the SEC, or violate any Applicable Law relating to any Credit Party or any Restricted Subsidiary thereof, (b) conflict with, result in a breach of or constitute a default
under the Organizational Documents of any Credit Party or any Restricted Subsidiary thereof, (c) conflict with, result in a breach of or constitute a default under any indenture, loan agreement, or Material Contract to which such Person is a
party or by which any of its properties may be bound or any Governmental Approval relating to such Person, (d) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or hereafter acquired by
such Person other than Permitted Liens, or (e) require any consent or authorization of, filing with, or other act in respect of, an arbitrator or Governmental Authority and no consent of any other Person is required in connection with the
execution, delivery, performance, validity or enforceability of this Agreement other than (i) consents or filings under the UCC, (ii) such as have been obtained and are in full force and effect or any filings that any Credit Party may be
required to make with the SEC, (iii) consents, organizations, filings or other acts or consents for which the failure to obtain or make would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, and
(iv) Mortgage and Rig Mortgage filings with the applicable recording office or register of deeds. 
 SECTION 6.5 Compliance with
Law; Governmental Approvals. Each Credit Party and each Restricted Subsidiary thereof (a) has all Governmental Approvals required by any Applicable Law for it to conduct its business, each of which is in full force and effect, is final and
not subject to review on appeal and is not the subject of any pending or, to its knowledge, threatened attack by direct or collateral proceeding, (b) is in compliance with each Governmental Approval applicable to it and in compliance with all
other Applicable Laws relating to it or any of its respective properties, and (c) has timely filed all material reports, documents and other materials required to be filed by it under all Applicable Laws with any Governmental Authority and has
retained all material records and documents required to be retained by it under Applicable Law, except in each case of clauses (a) through (c), where the failure to do so, individually or in the aggregate, would not reasonably be
expected to result in a Material Adverse Effect. 
 SECTION 6.6 Tax Returns and Payments. The Parent and each Restricted Subsidiary
thereof has duly filed or caused to be filed all income and other material Tax returns required by Applicable Law to be filed, and has paid, or made adequate provision for the payment of, all income and other material Taxes, assessments and
governmental charges or levies upon it and its property, income, profits and assets which are due and payable (other than any amount the validity of which is currently being contested in good faith by appropriate proceedings and with respect to
which reserves in conformity with GAAP have been provided for on the books of the Parent or Restricted Subsidiary). As of the Closing Date, except as set forth on Schedule 6.6, there is no ongoing audit or examination or, to the knowledge of
the Parent, other investigation by any Governmental Authority of the Tax liability of the Parent or any of its Restricted Subsidiaries. No Governmental Authority has asserted any Lien or other claim against the Parent or any Restricted Subsidiary
thereof with respect to Taxes which has not been discharged or resolved (other than Permitted Liens). 

  
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 SECTION 6.7 Intellectual Property Matters. Each Credit Party and each Restricted
Subsidiary thereof owns or possesses rights to use all material franchises, licenses, copyrights, copyright applications, patents, patent rights or licenses, patent applications, trademarks, trademark rights, service mark, service mark rights, trade
names, trade name rights, copyrights and other rights with respect to the foregoing which are reasonably necessary to conduct its business. No event has occurred which permits, or after notice or lapse of time or both would permit, the revocation or
termination of any such rights and, to the knowledge of the Parent or any Restricted Subsidiary, no Credit Party nor any Restricted Subsidiary thereof is liable to any Person for infringement under Applicable Law with respect to any such rights as a
result of its business operations. 
 SECTION 6.8 Environmental Matters. Except as would not reasonably be expected, individually or
in the aggregate, to have a Material Adverse Effect: 
 (a) The properties owned, leased or operated by each Credit Party and
each Restricted Subsidiary thereof now or, in the past do not contain, and to their knowledge have not previously contained, any Hazardous Materials in amounts or concentrations which constitute or constituted a violation of or require notice,
further investigation, or response actions pursuant to applicable Environmental Laws; 
 (b) Each Credit Party and each
Restricted Subsidiary thereof and such properties and all operations conducted in connection therewith are in compliance, and have been in compliance, with all applicable Environmental Laws, and there is no contamination at, under or about such
properties or such operations which could interfere with the continued operation of such properties or impair the fair saleable value thereof; 

(c) No Credit Party nor any Restricted Subsidiary thereof has received any written notice of violation, alleged violation,
non-compliance, liability or potential liability regarding environmental matters, Hazardous Materials, or compliance with Environmental Laws, nor does any Credit Party or any Restricted Subsidiary thereof have knowledge or reason to believe that any
such notice will be received or is being threatened; 
 (d) Hazardous Materials have not been transported or disposed of to
or from the properties owned, leased or operated by any Credit Party or any Restricted Subsidiary thereof in violation of, or in a manner or to a location which could give rise to liability under, Environmental Laws, nor have any Hazardous Materials
been generated, treated, stored or disposed of at, on or under any of such properties in violation of, or in a manner that could give rise to liability under, any applicable Environmental Laws; 

(e) No judicial proceedings or governmental or administrative action is pending, or, to the knowledge of the Parent,
threatened, under any Environmental Law to which any Credit Party or any Restricted Subsidiary thereof is or, to their knowledge, will be named as a potentially responsible party, nor are there any consent decrees or other decrees, consent orders,
administrative orders or other orders, or other administrative or judicial requirements outstanding under any applicable Environmental Law with respect to any Credit Party or any Restricted Subsidiary thereof, with respect to any real property
owned, leased or operated by any Credit Party or any Restricted Subsidiary thereof or operations conducted in connection therewith; and 

(f) There has been no release, or to its knowledge, threat of release, of Hazardous Materials at or from properties owned,
leased or operated by any Credit Party or any Restricted Subsidiary, now or in the past, in violation of or in amounts or in a manner that could give rise to liability under applicable Environmental Laws. 

  
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 SECTION 6.9 Employee Benefit Matters. 

(a) Each Credit Party and each ERISA Affiliate is in compliance with all applicable provisions of ERISA, the Code, and the
regulations and published interpretations thereunder with respect to all Employee Benefit Plans, except where a failure to so comply could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. No liability
has been incurred by any Credit Party or any ERISA Affiliate which remains unsatisfied for any taxes or penalties assessed with respect to any Employee Benefit Plan or any Multiemployer Plan except for a liability that could not, individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect; 
 (b) As of the Closing Date, no Pension Plan has
been terminated, nor has any Pension Plan become subject to funding based upon benefit restrictions under Section 436 of the Code, nor has any funding waiver from the IRS been received or requested with respect to any Pension Plan, nor has any
Credit Party or any ERISA Affiliate failed to make any contributions or to pay any amounts due and owing as required by Sections 412 or 430 of the Code, Section 302 of ERISA or the terms of any Pension Plan on or prior to the due dates of such
contributions under Sections 412 or 430 of the Code or Section 302 of ERISA, nor has there been any event requiring any disclosure under Section 4041(c)(3)(C) or 4063(a) of ERISA with respect to any Pension Plan, that would, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect; 
 (c) Except where the failure of any of the
following representations to be correct could not, individually or in the aggregate, reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, no Credit Party nor any ERISA Affiliate has: (i) engaged in a
nonexempt prohibited transaction described in Section 406 of the ERISA or Section 4975 of the Code with respect to any Employee Benefit Plan, (ii) incurred any liability to the PBGC which remains outstanding other than the payment of
premiums and there are no premium payments which are due and unpaid, (iii) failed to make a required contribution or payment to a Multiemployer Plan, or (iv) failed to make a required installment or other required payment under Sections
412 or 430 of the Code; 
 (d) No Termination Event has occurred or is reasonably expected to occur; 

(e) Except as could not reasonably be expected to have a Material Adverse Effect, no proceeding, claim (other than a benefits
claim in the ordinary course of business), lawsuit and/or investigation is existing or, to each Credit Party’s knowledge, threatened concerning or involving any Employee Benefit Plan; and 

(f) As of the Closing Date, no Credit Party nor any Restricted Subsidiary thereof will be using “plan assets” (within
the meaning of 29 CFR § 2510.3 -101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans. 

SECTION 6.10 Margin Stock. No Credit Party nor any Restricted Subsidiary thereof is engaged principally or as one of its activities in
the business of extending credit for the purpose of “purchasing” or “carrying” any “margin stock” (as each such term is defined or used, directly or indirectly, in Regulation U of the FRB). No part of the proceeds of
any Extension of Credit will be used to purchase or carry any margin stock or for any other purpose in violation of Regulation T, U or X. Following the application of the proceeds of each Extension of Credit, not more than 25% of the value of the
Property of the Parent and its Subsidiaries will be “margin stock.” 

  
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 SECTION 6.11 Government Regulation. No Credit Party nor any Restricted Subsidiary is
an “investment company” or a company “controlled” by an “investment company” (as each such term is defined or used in the Investment Company Act) and no Credit Party nor any Restricted Subsidiary is, or after giving
effect to any Extension of Credit will be, subject to any Applicable Law which limits its ability to incur or consummate the Transactions contemplated hereby. 

SECTION 6.12 Material Contracts. Schedule 6.12 (as Schedule 6.12 may be amended or supplemented from time to time by
giving the Administrative Agent prior written notice thereof) sets forth a complete and accurate list of all Material Contracts of each Credit Party and each Restricted Subsidiary thereof. Other than as set forth in Schedule 6.12, as of the
Closing Date, each such Material Contract is, and after giving effect to the consummation of the Transactions contemplated by the Loan Documents will be, in full force and effect in accordance with the terms thereof. To the extent requested by the
Administrative Agent, each Credit Party and each Restricted Subsidiary thereof has delivered to the Administrative Agent a true and complete copy of each Material Contract required to be listed on Schedule 6.12 or any other Schedule hereto
other than any such Material Contract which the applicable Credit Party is prohibited from disclosing pursuant to the terms thereof (provided that such Credit Party shall disclose the existence thereof and the contract counterparty
information and, if reasonably requested by the Administrative Agent, shall use commercially reasonable efforts to obtain consent that would permit disclosure, including negotiating a non-disclosure agreement or a confidentiality agreement with the
relevant contract counterparty). No Credit Party nor any Restricted Subsidiary thereof (nor, to its knowledge, any other party thereto) is in breach of or in default under any Material Contract in any material respect. 

SECTION 6.13 Employee Relations. As of the Closing Date, to the knowledge of the Parent, no Credit Party nor any Restricted Subsidiary
thereof is party to any collective bargaining agreement, nor has any labor union been recognized as the representative of its employees except as set forth on Schedule 6.13. The Parent knows of no pending, threatened or contemplated strikes,
work stoppage or other collective labor disputes involving its employees or those of its Subsidiaries that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. 

SECTION 6.14 Financial Statements. The audited and unaudited financial statements delivered pursuant to Section 5.1(h)(i)
are complete and correct and fairly present on a Consolidated basis the assets, liabilities and financial position of the Parent and its Subsidiaries as at such dates, and the results of the operations and changes of financial position for the
periods then ended (other than customary year-end adjustments for unaudited financial statements and the absence of footnotes from unaudited financial statements). All such financial statements, including the related schedules and notes thereto,
have been prepared in accordance with GAAP. As of the Closing Date, the Parent and its Subsidiaries, taken as a whole, had no material contingent liabilities or material Indebtedness required under GAAP to be disclosed in a Consolidated balance
sheet of the Parent that were not included in the pro forma Consolidated balance sheet delivered pursuant to Section 5.1(h)(i) or disclosed in writing to the Administrative Agent. The projections delivered pursuant to
Section 5.1(h)(ii) were prepared in good faith on the basis of the assumptions stated therein, which assumptions are believed to be reasonable in light of then existing conditions except that such financial projections and statements
shall be subject to normal year end closing and audit adjustments (it being recognized by the Lenders that projections are not to be viewed as facts and that the actual results during the period or periods covered by such projections may vary from
such projections). 
 SECTION 6.15 No Material Adverse Change. (a) As of the Closing Date, there has been no Closing Date
Material Adverse Effect since January 22, 2021 and (b) as of any date after the Closing Date, there has been no material adverse change since January 22, 2021 in the business, assets, properties, operations, liabilities (actual or
contingent), or condition (financial or otherwise) of the Parent and its Restricted Subsidiaries and no event has occurred or condition arisen, either individually or in the aggregate, that would reasonably be expected to have a Material Adverse
Effect. 

  
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 SECTION 6.16 Solvency. (a) The Parent, on an individual basis, is Solvent,
(b) the Borrower, on an individual basis, is Solvent, (c) the Parent and the Credit Parties, on a Consolidated basis, are Solvent, and (d) the Parent and all Restricted Subsidiaries, on a Consolidated basis, are Solvent. 

SECTION 6.17 Title to Properties. As of the Closing Date, the real property listed on Schedule 6.17 constitutes all of the real
property that is owned, leased, subleased or used by any Credit Party or any of its Restricted Subsidiaries and identifies any Material Real Property. Each Credit Party and each Restricted Subsidiary thereof has good and marketable title to, or good
and valid leasehold interests in, the real property owned or leased by it as is necessary or desirable to the conduct of its business and valid and legal title to all of its personal property and assets, except those which have been disposed of by
the Credit Parties and their Restricted Subsidiaries subsequent to the date on which such dispositions have been consummated in the ordinary course of business or as otherwise expressly permitted hereunder. 

SECTION 6.18 Litigation. Except for matters existing on the Closing Date and set forth on Schedule 6.18, there are no actions,
suits or proceedings pending nor, to its knowledge, threatened against or in any other way relating adversely to or affecting any Credit Party or any Restricted Subsidiary thereof or any of their respective properties in any court or before any
arbitrator of any kind or before or by any Governmental Authority that (i) would reasonably be expected to have a Material Adverse Effect or (ii) challenges the validity or enforceability of any Loan Document or the Transactions. 

SECTION 6.19 Anti-Corruption Laws; Anti-Money Laundering Laws and Sanctions. 

(a) None of (i) any Credit Party, any Subsidiary or, to the knowledge of any such Credit Party or such Subsidiary, any of
their respective directors, officers or employees, or (ii) to the knowledge of any such Credit Party, any agent or representative of any Credit Party or any Subsidiary that will act in any capacity in connection with or benefit from the Credit
Facility, (A) is a Sanctioned Person or currently the subject or target of any Sanctions, (B) has its assets located in a Sanctioned Country, (C) is under administrative, civil or criminal investigation for an alleged violation of, or
received notice from or made a voluntary disclosure to any governmental entity regarding a possible violation of, Anti-Corruption Laws, Anti-Money Laundering Laws or Sanctions by a governmental authority that enforces Sanctions or any
Anti-Corruption Laws or Anti-Money Laundering Laws, or (D) directly or indirectly derives revenues from investments in, or transactions with, Sanctioned Persons. 

(b) Each Credit Party and each of their Subsidiaries have implemented and maintain in effect policies and procedures designed
to ensure compliance by such Credit Party and such Subsidiaries and their respective directors, officers, employees, agents and Affiliates with all Anti-Corruption Laws, Anti-Money Laundering Laws and applicable Sanctions. 

(c) Each Credit Party and each of their Subsidiaries, and to the knowledge of such Credit Party, each director, officer,
employee, and agent of such Credit Party and each such Subsidiary, is in compliance with all Anti-Corruption Laws, Anti-Money Laundering Laws in all material respects and applicable Sanctions. 

(d) No proceeds of any Extension of Credit have been used, directly or indirectly, by the Borrower, any of its Subsidiaries or
any of its or their respective directors, officers, employees and agents in violation of Section 7.16. 

  
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 SECTION 6.20 Absence of Defaults. No event has occurred or is continuing which
constitutes a Default. 
 SECTION 6.21 Senior Indebtedness Status. The Term Loan Secured Obligations of each Credit Party and each
Restricted Subsidiary thereof under this Agreement and each of the other Loan Documents ranks and shall continue to rank at least senior in priority of payment to all Subordinated Indebtedness of each such Person and is designated as “Senior
Indebtedness” (or any other similar term) under all instruments and documents, now or in the future, relating to all Subordinated Indebtedness of such Person. 

SECTION 6.22 Disclosure; Beneficial Ownership Certification. No financial statement, material report, material certificate or other
material information furnished (whether in writing or orally) by or on behalf of any Credit Party or any Restricted Subsidiary thereof to the Administrative Agent or any Lender in connection with the Transactions contemplated hereby and the
negotiation of this Agreement or delivered hereunder (as modified or supplemented by other information so furnished), taken together as a whole, contains any untrue statement of a material fact or omits to state any material fact necessary to make
the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial information, pro forma financial information, estimated financial information and other
projected or estimated information, such information was prepared in good faith based upon assumptions believed to be reasonable at the time (it being recognized by the Lenders that projections are not to be viewed as facts and that the actual
results during the period or periods covered by such projections may vary from such projections). As of the Closing Date, all of the information included in any Beneficial Ownership Certification delivered by or on behalf of the Borrower is true and
correct in all respects. 
 SECTION 6.23 Mortgaged Rigs and Operators. As of the Closing Date, the name and official number and
jurisdiction of registration and flag of each Rig is as set forth on Schedule 1.1(c). Each Rig is (a) subject to a Rig Mortgage and not to any other Lien other than Permitted Liens, (b) wholly owned by a Subsidiary Guarantor that is
the true, lawful, and registered owner of the whole of such Rig, (c) operated by a Subsidiary Guarantor in all material respects in compliance with all Applicable Laws (including, in the case of each Rig (other than a stacked Rig), in
compliance in all material respects with all requirements of such Rig’s classification as required by the relevant Acceptable Classification Society for such Rig), (d) other than a stacked Rig, maintained in all material respects in
accordance with all requirements set forth in the Security Documents, and (e) covered by all such insurance as is required by Section 7.7. Each Subsidiary Guarantor that owns or operates one or more Rigs is qualified to own and
operate such Rig under the laws of such Person’s jurisdiction of incorporation and the jurisdiction in which such Rig is flagged. 

SECTION 6.24 Insurance. Each Credit Party and each of their Restricted Subsidiaries carries insurance or maintains appropriate risk
management programs in such amounts, covering such risks and liabilities as is required by Section 7.7. 
 SECTION 6.25
Security Documents. 
 (a) Subject to any items permitted to be delivered post-closing pursuant to
Section 7.21 and the making of or procuring of appropriate registrations, filings, and/or acknowledgments of the Security Documents and/or the Liens created thereby, as required pursuant to Section 7.14 and subject to the
Agreed Security Principles, each Security Document is effective to create in favor of the Collateral Agent, and the Collateral Agent shall hold, for the ratable benefit of the Secured Parties referred to therein, an Acceptable Security Interest in
the Collateral described therein. 

  
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 (b) Each Rig Mortgage is or, when executed, will be in proper legal form
under the laws of the jurisdiction of the flag under which such Rig is registered in the name of the applicable Rig Subsidiary that owns such Rig for the enforcement thereof under such laws and the laws of the jurisdiction of organization of the
applicable Rig Subsidiary that owns such Rig that is party thereto. To ensure the legality, validity, enforceability, or admissibility in evidence of each such Rig Mortgage in the jurisdiction in which such Rig is flagged or the jurisdiction of the
applicable Credit Party mortgagor thereto, it is not necessary that any Rig Mortgage or any other document be filed or recorded with any court or other authority in any such jurisdiction, except for those filings as have been, or will be, made. 

SECTION 6.26 No Immunity. No Credit Party nor any Restricted Subsidiary thereof is a sovereign entity or has any immunity from
jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, setoff, or otherwise) with respect to itself or its Property. 

SECTION 6.27 Accounts. Schedule 6.27 (as Schedule 6.27 may be amended or supplemented from time to time by giving the
Administrative Agent prior written notice thereof) lists all deposit accounts, securities accounts, and commodity accounts maintained by or for the benefit of any Credit Party or any Restricted Subsidiary thereof and identifies any Excluded Accounts
and the basis on which such account qualifies as an Excluded Account. 
 SECTION 6.28 Other Indebtedness and/or Liens. As of the
Closing Date, (a) there is no Indebtedness of the Credit Parties or any of their Restricted Subsidiaries outstanding other than (i) the Loans and other Extensions of Credit under the Credit Facility, (ii) the First Out RCF Loans and
L/C Obligations and the Initial Last Out Notes, and (iii) any other Indebtedness permitted under Section 8.1 of this Agreement and (b) there are no Liens existing on any Property of the Credit Parties or any of their Restricted
Subsidiaries other than (i) the Liens granted to the Collateral Agent pursuant to the terms of the Security Documents and (ii) any other Liens permitted under Section 8.2 of this Agreement. 

ARTICLE VII 
 AFFIRMATIVE COVENANTS

 Until the Discharge Date has occurred, each of the Parent and the Borrower shall, and shall cause each of their respective Restricted
Subsidiaries, to: 
 SECTION 7.1 Financial Statements and Forecasts. Deliver to the Administrative Agent, in form and detail
reasonably satisfactory to the Administrative Agent (which shall promptly make such information available to the Lenders in accordance with its customary practice): 

(a) Annual Financial Statements. As soon as practicable and in any event within ninety (90) days (or, if earlier,
on the date of any required public filing thereof) after the end of each Fiscal Year (commencing with the Fiscal Year ended December 31, 2021) an audited Consolidated balance sheet of the Parent and its Subsidiaries (together with the
consolidating balance sheet of any Unrestricted Subsidiary) as of the close of such Fiscal Year and audited Consolidated statements of income, retained earnings and cash flows of the Parent and its Subsidiaries including the notes thereto (together
with the consolidating statement of income of any Unrestricted Subsidiary), all in reasonable detail setting forth in comparative form the corresponding figures as of the end of and for the preceding Fiscal Year and prepared in accordance with GAAP
and, if applicable, containing disclosure of the effect on the financial position or results of operations of any change in the application of accounting principles and practices during the 

  
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year. Such annual Consolidated financial statements shall be audited by an independent certified public accounting firm of recognized national standing reasonably acceptable to the Administrative
Agent, and accompanied by a report and opinion thereon by such certified public accountants prepared in accordance with generally accepted auditing standards that is not subject to any “going concern” or similar qualification or exception
or any qualification as to the scope of such audit or with respect to accounting principles followed by the Parent or any of its Subsidiaries not in accordance with GAAP (other than with respect to, or resulting from, an upcoming maturity date under
any series of indebtedness, any breach of a financial maintenance covenant or any potential inability to satisfy a financial maintenance covenant on a future date or in a future period). 

(b) Quarterly Financial Statements. As soon as practicable and in any event within forty-five (45) days (or, if
earlier, on the date of any required public filing thereof) after the end of the first three fiscal quarters of each Fiscal Year (commencing with the fiscal quarter ended June 30, 2021) an unaudited Consolidated balance sheet of the Parent and
its Subsidiaries (together with the consolidating balance sheet of any Unrestricted Subsidiary) as of the close of such fiscal quarter and unaudited Consolidated statements of income, retained earnings and cash flows of the Parent and its
Subsidiaries for the fiscal quarter then ended and that portion of the Fiscal Year then ended (together with the consolidating statement of income of any Unrestricted Subsidiary), all in reasonable detail setting forth in comparative form the
corresponding figures as of the end of and for the corresponding period in the preceding Fiscal Year and prepared by the Parent in accordance with GAAP and, if applicable, containing disclosure of the effect on the financial position or results of
operations of any change in the application of accounting principles and practices during the period, and certified by the chief financial officer of the Parent to present fairly in all material respects the financial condition of the Parent and its
Subsidiaries on a Consolidated and consolidating basis as of their respective dates and the results of operations of the Parent and its Subsidiaries for the respective periods then ended, subject to normal year-end adjustments and the absence of
footnotes. 
 (c) Annual Financial Forecast. As soon as practicable and in any event by no later than December 31
of each Fiscal Year, a financial forecast (including a summary debt schedule) of the Parent and its Restricted Subsidiaries for the ensuing twenty-four (24) month period, such plan to be prepared on a quarterly basis for the period covered by
such forecast (it being understood that for purposes of compliance with this subclause (c), the financial forecasts delivered to the Lenders prior to the Closing Date are in a form and level of detail sufficient for the covenant, except that
the forecasts required under this clause shall be required to include a summary projected debt schedule). 
 (d) Annual
Budget. As soon as practicable and in any event within ninety (90) days after the end of each Fiscal Year, a budget of the Parent and its Restricted Subsidiaries for the ensuing Fiscal Year, such budget to be approved by the board of
directors (or other governing body) of the Parent, prepared on a monthly basis and otherwise in form and substance reasonably satisfactory to the Administrative Agent. 

SECTION 7.2 Certificates; Other Reports and Notices. Deliver to the Administrative Agent (which shall promptly make such information
available to the Lenders in accordance with its customary practice): 
 (a) Compliance Certificate. At each time
financial statements are delivered (or are required to be delivered) pursuant to Sections 7.1(a) or (b), a duly completed Compliance Certificate that, among other things, (i) states that no Default is continuing as of the date of
delivery of such Compliance Certificate or, if a Default is continuing, states the nature thereof and the action 

  
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that the Parent proposes to take with respect thereto, (ii) states that all representations and warranties in this Agreement and in the other Loan Documents (other than as described in any
schedules to such Compliance Certificate, which description shall include a statement of the nature thereof and the action the Parent proposes to take with respect thereto) are true and correct in all material respects, except for any representation
and warranty that is qualified by materiality or reference to Material Adverse Effect, which representation and warranty shall be true and correct in all respects, on and as of such borrowing, continuation, conversion, issuance or extension date
with the same effect as if made on and as of such date (except for any such representation and warranty that by its terms is made only as of an earlier date, which representation and warranty shall remain true and correct in all material respects as
of such earlier date, and except for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect, which representation and warranty shall be true and correct in all respects as of such earlier date), and
(iii) certifies that there have been no changes in the identity of the Restricted Subsidiaries, Subsidiary Guarantors, Immaterial Subsidiaries, Material Subsidiaries, Excluded Subsidiaries, Rig Subsidiaries, and Unrestricted Subsidiaries as at
the end of such fiscal quarter from such Restricted Subsidiaries, Subsidiary Guarantors, Immaterial Subsidiaries, Material Subsidiaries, Excluded Subsidiaries, Rig Subsidiaries, and Unrestricted Subsidiaries as of the end of the immediately
preceding fiscal quarter, other than as disclosed on a schedule thereto and attaches a spreadsheet in the form (and including the information) attached to Exhibit F showing the calculation of amounts needed to determine the identity of
Immaterial Subsidiaries; provided that, prior to the RCF Discharge Date, no Compliance Certificate shall be required to be delivered pursuant to this Section 7.2(a) unless a Compliance Certificate is required to be delivered pursuant to
the First Out RCF Credit Agreement. 
 (b) Monthly Cash Balances. Monthly, on or before the tenth (10th) Business Day after the last day of each full calendar month ending after the Closing Date, (A) a report setting forth (1) the account balances, as of the last day of such calendar
month, of each bank account of the Parent and its Restricted Subsidiaries that has held any portion of cash or Cash Equivalents during such calendar month, and (2) the average account balance over such calendar month of each bank account of the
Parent and its Restricted Subsidiaries that has held any portion of cash and Cash Equivalents during such calendar month and that is not subject to an Account Control Agreement and (B) an updated Schedule 6.27 as of the last day of such
calendar month. 
 (c) Rig Value Certificates; Fleet Status Certificates. Quarterly, on or before the date that
financial statements are delivered (or are required to be delivered) pursuant to Section 7.1(a) or (b), (i) a Rig Value Certificate dated as of the date of such financial statements, and (ii) a Fleet Status Certificate
dated as of the date of such financial statements; provided that, prior to the RCF Discharge Date, no certificate shall be required to be delivered pursuant to this Section 7.2(c) unless such certificate is required to be delivered
pursuant to the First Out RCF Credit Agreement. 
 (d) Appraisals. Semi-annually, on or before June 30 and
December 31 of each year, two (2) Acceptable Appraisals setting forth values for each Rig (other than any cold-stacked Rig, unless such cold-stacked Rig is given a Rig Value in accordance with the definition thereof); provided that, if the
difference between the aggregate appraised value (in each case, calculated as the midpoint of any range provided) of all Rigs pursuant to each Acceptable Appraisal for any semi-annual appraisal cycle is not greater than 15% of the lower of such
aggregate appraisal value, then, at the Parent’s option, only one Acceptable Appraisal shall be required for the next semi-annual Acceptable Appraisal required to be delivered to this clause (d), which Acceptable Appraisal must be
performed by the Approved Firm whose Acceptable Appraisal for such prior Acceptable Appraisal reflected the lower mid-point aggregate appraisal value for the Rigs); provided that, prior to the RCF Discharge Date, no Acceptable Appraisal shall be
required to be delivered pursuant to this Section 7.2(d) unless an Acceptable Appraisal is required to be delivered pursuant to the First Out RCF Credit Agreement. 

  
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 (e) Supplements to Perfection Certificate. Annually, on or before the
date that financial statements are delivered (or are required to be delivered) pursuant to Section 7.1(a), a Perfection Certificate dated as of such date of delivery; 

(f) Summary Insurance Certificate. Annually, on or before the date that financial statements are delivered (or are
required to be delivered) pursuant to Section 7.1(a), a summary insurance certificate from the Parent’s insurance broker(s) in form and substance substantially similar to the certificate provided to the Administrative Agent in form
and substance substantially reasonably satisfactory to the Administrative Agent, together with customary insurance certificates and/or endorsements; 

(g) Permitted Holdco Compliance Certificate. On and after any Permitted Holdco Event, for so long as the conditions set
forth in the definition of Permitted Holdco Event continue to be satisfied, quarterly, on or before the date that financial statements are delivered (or are required to be delivered) pursuant to Section 7.1(a) or (b), a
certificate from a Responsible Officer of each of the Permitted Holdco and the Parent certifying compliance with the requirements set forth in clause (f) of the definition of Permitted Holdco Event and covenanting to comply with such
requirements on an ongoing basis; 
 (h) Audits and Management Reports. Promptly upon receipt thereof, copies of any
reports submitted to any Credit Party, any Restricted Subsidiary thereof or any of their respective boards of directors by their respective independent public accountants in connection with the auditing function of such independent public
accountant, including any management report and any management responses thereto; 
 (i) Reports to Other Creditors.
Promptly after the furnishing thereof, copies of any statement or report furnished to or any notices from the holders of any Material Indebtedness pursuant to the terms of any indenture, loan or credit or similar agreement evidencing or governing
such Material Indebtedness; 
 (j) Environmental Notices. Promptly after the assertion or occurrence thereof, notice
of any action or proceeding against or of any noncompliance by any Credit Party or any Restricted Subsidiary thereof with any Environmental Law that could (i) reasonably be expected to have a Material Adverse Effect or (ii) cause any
Property described in the Mortgages or the Rig Mortgages to be subject to any material restrictions on ownership, occupancy, use or transferability under any Environmental Law; 

(k) SEC Notices. Promptly, and in any event within five (5) Business Days after receipt thereof by any Credit Party
or any Restricted Subsidiary thereof, copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation or possible investigation or other inquiry by such
agency regarding financial or other operational results of any Credit Party or any Restricted Subsidiary thereof; 
 (l)
Information Regarding KYC; Anti-Money Laundering Laws; or Anti-Corruption Laws. Promptly upon the request thereof, such other information and documentation required under applicable “know your customer” rules and regulations, the
PATRIOT Act or any applicable Anti-Money Laundering Laws or Anti-Corruption Laws, in each case as from time to time reasonably requested by the Administrative Agent or any Lender; and 

  
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 (m) Further Assurances. Such other information regarding the
operations, business affairs and financial condition of any Credit Party or any Restricted Subsidiary thereof (including, without limitation, updated corporate structure charts, copies of Tax returns, special periodic survey reports with respect to
Rigs, statements and schedules further identifying and describing the Collateral and such other reports in connection with the Collateral) as the Administrative Agent, the Collateral Agent, or any Lender may reasonably request. 

Documents required to be delivered pursuant to Section 7.1 may be delivered electronically and if so delivered, shall be deemed to have been
delivered on the date (i) on which the Parent posts such documents, or provides a link thereto on the Parent’s website on the Internet; or (ii) on which such documents are posted on the Parent’s behalf on an Internet or intranet
website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent) including, without limitation, www.sec.gov; provided that, the
Parent shall notify the Administrative Agent (by facsimile or electronic mail) of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions of such documents. Notwithstanding anything contained
herein, in every instance the Parent shall be required to provide copies of the Compliance Certificate required by Section 7.2(a) to the Administrative Agent in accordance with the procedures set forth in Section 11.1. Except
for such Compliance Certificates, the Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Parent
with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents. 

The Borrower hereby acknowledges that the Administrative Agent and/or the Arranger will make available to the Lenders materials and/or information provided by
or on behalf of the Parent, the Borrower, or any of their Restricted Subsidiaries hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on the Platform. 

SECTION 7.3 Notice of Certain Matters. 

(a) Promptly (but in no event later than five (5) days after any Responsible Officer of any Credit Party obtains knowledge
thereof) notify the Administrative Agent in writing of (which shall promptly make such information available to the Lenders in accordance with its customary practice): 

(i) the occurrence of any Default; 

(ii) any notice of any of the following events with respect to any Rig reported in the most recently furnished Fleet Status
Certificate pursuant to Section 7.2(c): (i) an Asset Disposition with respect to such Rig, (ii) a material adverse change to the estimated contract start date or estimated contract expiration date with respect to any Drilling
Contract applicable to such Rig, or (iii) a change of such Rig’s status to “warm stacked,” “cold stacked,” “preservation stacked,” “held for sale,” “held at a shipyard,” or other
non-marketed classification; 
 (iii) the commencement of all proceedings and investigations by or before any Governmental
Authority and all actions and proceedings in any court or before any arbitrator against or involving any Credit Party or any Restricted Subsidiary thereof or any of their respective properties, assets or businesses in each case that if adversely
determined would reasonably be expected to result in a Material Adverse Effect; 

  
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 (iv) any notice of any violation received by any Credit Party or any
Restricted Subsidiary thereof from any Governmental Authority including any notice of violation of Environmental Laws which in any such case would reasonably be expected to have a Material Adverse Effect; 

(v) [reserved]; 

(vi) [reserved]; 

(vii) any event which constitutes or which with the passage of time or giving of notice or both would constitute a default or
event of default under any Material Contract to which the Borrower or any of its Subsidiaries is a party or by which the Borrower or any Restricted Subsidiary thereof or any of their respective properties may be bound which would reasonably be
expected to result in a Material Adverse Effect; 
 (viii) (A) any unfavorable determination letter from the IRS
regarding the qualification of an Employee Benefit Plan under Section 401(a) of the Code (along with a copy thereof), (B) the receipt by any Credit Party or any ERISA Affiliate of notice of the PBGC’s intent to terminate any Pension
Plan or to have a trustee appointed to administer any Pension Plan, (C) the receipt by any Credit Party or any ERISA Affiliate of notice from a Multiemployer Plan sponsor concerning the imposition or amount of withdrawal liability pursuant to
Section 4202 of ERISA, and (D) the Parent obtaining knowledge or reason to know that any Credit Party or any ERISA Affiliate has filed or intends to file a notice of intent to terminate any Pension Plan under a distress termination within
the meaning of Section 4041(c) of ERISA; and 
 (ix) the occurrence of any other event or development that results in,
or would reasonably be expected to result in, a Material Adverse Effect. 
 Each notice pursuant to this Section 7.3(a) shall be
accompanied by a statement of a Responsible Officer of the Parent setting forth details of the occurrence referred to therein and stating what action the Parent has taken and proposes to take with respect thereto. Each notice pursuant to
Section 7.3(a)(i) shall describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached. 

(b) Notify the Administrative Agent in writing within fifteen (15) days if any jurisdiction becomes a Subject Jurisdiction
(other than as a result of the formation or incorporation of a Required Guarantor in such jurisdiction, which shall be governed by clause (c) below), which notice shall include the date of such event and a description of the Property
owned by any Restricted Subsidiary in such jurisdiction or by such Restricted Subsidiary, as applicable. 
 (c) Notify the
Administrative Agent in writing if any Restricted Subsidiary becomes a Required Guarantor (i) because it ceases to be an Immaterial Subsidiary, on or prior to the earlier of (A) the date that the Compliance Certificate for the period in
which such Restricted Subsidiary became a Required Guarantor is required to be delivered pursuant to Section 7.2(a) and (B) the Parent’s or any Restricted Subsidiary’s knowledge thereof, and (ii) for a reason other
than that described in clause (i), on or prior to the date such Restricted Subsidiary is formed or otherwise becomes a Required Guarantor. 

  
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 (d) To the extent not previously disclosed to the Administrative Agent in
writing, notify the Administrative Agent in writing that a Required Guarantor has material operations, or owns assets (other than Rigs and intercompany obligations owing to Credit Parties) with a fair market value in excess of $5,000,000 that are
reasonably capable of becoming Collateral, in each case, in a jurisdiction that is not a Subject Jurisdiction. 
 (e) On or
prior to the date a change to the jurisdiction in which a Rig that was reported in the most recently furnished Fleet Status Certificate pursuant to Section 7.2(c) is located (other than any change in the ordinary course of business of
such Rig or other temporary or short-term change or to the extent such change is contemplated by the most recently furnished Fleet Status Certificate delivered pursuant to Section 7.2(c)), notify the Administrative Agent in writing of
such event, which notice shall set forth details of the occurrence referred to therein. 
 (f) (i) On or prior to the
date a change is intended to be made to open, close, suspend, or otherwise affect the operational status of any deposit account, securities account, and commodity account of any Credit Party or any of its Restricted Subsidiaries, notify the
Administrative Agent in writing of such event, which notice shall set forth in reasonable detail the details of the occurrence referred to therein and (ii) within five (5) Business Days of the date that such notice is required to be
delivered pursuant to clause (i) is delivered (or is required to be delivered), deliver an updated Schedule 6.27, showing a current list of all such deposit accounts, securities accounts, and commodity accounts of the Credit
Parties and their Restricted Subsidiaries, in form and substance reasonably satisfactory to the Administrative Agent. 
 SECTION 7.4
Preservation of Corporate Existence and Related Matters. Except as permitted by Section 8.4, preserve and maintain its separate corporate existence or equivalent form and all rights, franchises, licenses, permits and privileges
material to the conduct of its business, and qualify and remain qualified as a foreign corporation or other entity and authorized to do business in each jurisdiction where the nature and scope of its activities require it to so qualify under
Applicable Law, except, in the case of any Restricted Subsidiary other than a Credit Party, where the failure to do so would not reasonably be expected to result in a Material Adverse Effect.  

SECTION 7.5 Maintenance of Property and Licenses. 

(a) In addition to the requirements of any of the Security Documents, protect and preserve all Properties necessary in and
material to its business, including Material Intellectual Property; maintain in good working order and condition, ordinary wear and tear excepted, all buildings, equipment and other tangible real and personal property; and from time to time make or
cause to be made all repairs, renewals and replacements thereof and additions to such Property necessary for the conduct of its business, so that the business carried on in connection therewith may be conducted in a commercially reasonable manner,
in each case except as such action or inaction would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect; provided that, nothing in this Section shall limit the requirements with respect to Rigs set
forth in Section 7.6 below; provided further that this Section 7.5 shall not apply to any assets that are disposed of pursuant to Section 8.5. 

(b) Maintain, in full force and effect in all material respects, each and every license, permit, certification, qualification,
approval or franchise issued by any Governmental Authority required for each of them to conduct their respective businesses as presently conducted. 

  
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 SECTION 7.6 Classification and Operation of Rigs. 

(a) With respect to each Rig (other than any stacked Rig), shall, or shall cause the relevant Rig Subsidiary to
(i) maintain and preserve, or cause to be maintained and preserved, such Rig and its material equipment, outfit and appurtenances, tight, staunch, strong, in good condition, working order and repair and fit for intended service (ordinary wear
and tear and loss or damage by casualty or condemnation excepted), (ii) ensure that each such Rig is classified by an Acceptable Classification Society, at minimum at the same standard of classification as is applicable for rigs of comparable
age and type, free of any overdue conditions or recommendations affecting the classification of such Rig, (iii) make all repairs to or replacement of any damaged, worn or lost parts or equipment such that the value of such Rig will not be
materially impaired, (iv) promptly address any actual or alleged violations or incidents of noncompliance, (v) use good oilfield practices in the installation, maintenance, and repair of pollution prevention and spill response equipment,
including the engagement of qualified and experienced spill and incident response contractors, and (vi) except as otherwise contemplated by this Agreement or the applicable Rig Mortgage, not remove any material part of, or item of, equipment
owned by the Credit Parties installed on such Rig except in the ordinary course of the operation and maintenance of such Rig or unless (x) the part or item so removed is forthwith replaced by a suitable part or item which is in similar
condition as or better condition than the part or item removed, is free from any Lien (other than Permitted Liens) in favor of any Person other than the Collateral Agent and becomes, upon installation on such Rig, the property of the Credit Parties
and subject to an Acceptable Security Interest pursuant to a Rig Mortgage, or (y) the removal will not materially diminish the value of such Rig. 

(b) Promptly pay and discharge all tolls, dues, taxes, assessments, governmental charges, fines, penalties, debts, damages, and
liabilities whatsoever in respect of each Rig which have given or may give rise to maritime or possessory Liens (other than Permitted Liens) on, or claims enforceable against, such Rig, other than any of the foregoing being contested in good faith
and diligently by appropriate proceedings, and, in the event of arrest of any Rig pursuant to legal process, or in the event of its detention in exercise or purported exercise of any such Lien or claim as aforesaid, diligently pursue the release of
such Rig. 
 (c) With respect to each Rig, shall, or shall cause the relevant Rig Subsidiary to, comply, at all times, with
all Applicable Laws of the jurisdiction in which such Rig is flagged in all material respects, and shall have on board, as and when required thereby, valid certificates showing compliance therewith, including without limitation, a valid Certificate
of Financial Responsibility (Oil Pollution) issued by the United States Coast Guard pursuant to the Federal Water Pollution Control Act (as amended by the Oil Pollution Act of 1990) to the extent that such certificate may be required by Applicable
Law for such Rig, and such other similar certificates as may be required in the course of operations of any such Rig pursuant to the International Convention on Civil Liability for Oil Pollution Damage of 1969, or other Applicable Law. 

(d) To the extent applicable, with respect to each Rig shall, or shall cause the relevant Rig Subsidiary to, ensure that such
Rig is subject to a safety management system which complies with the ISM Code and ISPS Code, and such system may be established or implemented for any Rig pursuant to any agreement that provides the applicable Rig Subsidiary the use of the
applicable safety management systems of the Parent or an Affiliate of the Parent. 
 (e) Promptly (i) notify the
Administrative Agent of any accident or accident involving repairs (except to the extent any such accident would not reasonably be expected to result in a Material Adverse Effect), and (ii) furnish the Administrative Agent with any information
reasonably requested by the Administrative Agent with respect thereto (promptly after becoming available), including copies of any reports and surveys so requested. 

  
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 (f) Use commercially reasonable efforts to perform any and all Material
Contracts which are, or may be, entered into with respect to any Rig or any other mobile offshore drilling unit (including, without limitation, any jackup rig, semi-submersible rig, drillship, and barge rig), except to the extent any such
nonperformance would not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 7.7 Insurance. The Parent shall,
and shall cause each of its Restricted Subsidiaries, as applicable, to comply with the requirements set forth in Schedule 7.7. 

SECTION 7.8 Books and Records. (a) Maintain a system of accounting, and keep proper books, records and accounts (which shall
include full, true and correct entries of all dealings and transactions in relation to each Person’s business in all material respects) as may be required or as may be necessary to permit the preparation of financial statements in accordance
with GAAP and in compliance with the regulations of any Governmental Authority having jurisdiction over it or any of its Properties, (b) not commingle its funds or assets with those of any other entity which is an Affiliate of such entity
(except pursuant to cash management systems reasonably acceptable to the Administrative Agent) and (c) provide that its board of directors (or equivalent governing body) will hold all appropriate meetings to authorize and approve such
entity’s actions, which meetings will be separate from those of any other entity which is an Affiliate of such entity. For the purposes of this Section 7.8, “Affiliate” shall not include the Parent or any Restricted
Subsidiary thereof. 
 SECTION 7.9 Payment of Taxes and Other Obligations. Pay and perform before the same shall become delinquent
(a) all Taxes, assessments and other governmental charges that may be levied or assessed upon it or any of its Property; provided, that the Borrower or such Restricted Subsidiary may contest any item described in foregoing clause in good
faith so long as adequate reserves are maintained with respect thereto in accordance with GAAP, and (b) all other Indebtedness, obligations and liabilities in accordance with customary trade practices, except where the failure to pay or perform
such items described in clauses (a) or (b) of this Section could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

SECTION 7.10 Compliance with Laws and Approvals. Observe and remain in compliance with all Applicable Laws and maintain in full force
and effect all Governmental Approvals, in each case applicable to the conduct of its business, except where the failure to do so would not, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

SECTION 7.11 Environmental Laws. In addition to and without limiting the generality of Section 7.10, (a) comply with,
and ensure such compliance by all tenants and subtenants with all applicable Environmental Laws and obtain and comply with and maintain, and ensure that all tenants and subtenants, if any, obtain and comply with and maintain, any and all licenses,
approvals, notifications, registrations or permits required by applicable Environmental Laws and (b) conduct and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions required under
Environmental Laws, and promptly comply with all lawful orders and directives of any Governmental Authority regarding Environmental Laws, in each case, except where the failure to do so would not, either individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect. 
 SECTION 7.12 Compliance with ERISA. In addition to and without limiting the
generality of Section 7.10, (a) except where the failure to so comply would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (i) timely pay and discharge, and cause each ERISA
Affiliate to timely pay and discharge, all obligations and liabilities arising under ERISA or otherwise with respect to each Employee Benefit Plan of a character which if unpaid or unperformed might result in the imposition of a Lien against any
properties of assets of the Credit Parties or any ERISA Affiliate 

  
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and otherwise comply with applicable provisions of ERISA, the Code and the regulations and published interpretations thereunder with respect to all Employee Benefit Plans, (ii) not take any
action or fail to take action, and cause each ERISA Affiliate not to take any action or fail to take action, the result of which could reasonably be expected to result in a liability to the PBGC or to a Multiemployer Plan and (iii) not
participate, and cause each ERISA Affiliate not to participate, in any prohibited transaction that could result in any civil penalty under ERISA or tax under the Code, (b) furnish to the Administrative Agent upon the Administrative Agent’s
request such additional information about any Employee Benefit Plan as may be reasonably requested by the Administrative Agent, and (c) promptly notify the Administrative Agent upon an officer of the Parent becoming aware thereof, of
(i) the occurrence of any Termination Event, (ii) the receipt by the Parent or any other Credit Party of notice of the occurrence of any event that could reasonably be expected to result in the incurrence of any liability (other than
routine claims for benefits), fine or penalty to the Parent or any other Credit Party, or any plan amendment that could reasonably be expected to increase the contingent liability of the Parent or any Credit Party, taken as a whole, in either case
in connection with any post-retirement benefit under a welfare plan (subject to ERISA), unless such event or amendment would not reasonably be expected to have a Material Adverse Effect, (iii) any material contributions to a Foreign Plan that
have not been made by the required due date for such contribution if such default could reasonably be expected to have a Material Adverse Effect, (iv) any Foreign Plan that is not funded to the extent required by law of the jurisdiction whose
law governs such Foreign Plan based on the actuarial assumptions reasonably used at any time if such underfunding (together with any penalties likely to result) could reasonably be expected to have a Material Adverse Effect, and (v) any
material change anticipated to any Foreign Plan that would reasonably be expected to have a Material Adverse Effect. 
 SECTION 7.13
[Reserved]. 
 SECTION 7.14 Guaranty and Collateral Matters. 

(a) Closing Date Deliverables. Deliver to the Collateral Agent, on the Closing Date, duly executed copies or originals,
as reasonably requested by the Collateral Agent or the Administrative Agent to be delivered on the Closing Date in accordance with the Agreed Security Principles, of the Security Documents, Guaranty Agreement, and related agreements, instruments,
certificates, transfer powers, legal opinions, and other documents so requested. 
 (b) Additional Subsidiaries. 

(i) Promptly (and, in any event, within five (5) Business Days, as such time period may be extended by the Administrative
Agent in its sole discretion) notify the Administrative Agent and the Collateral Agent in writing if (A) the Parent forms or acquires (including by division) any Subsidiary after the Closing Date (and whether such Subsidiary constitutes an
Excluded Subsidiary, a Required Guarantor, a Rig Subsidiary, a Restricted Subsidiary or an Unrestricted Subsidiary, and/or a Material Subsidiary or an Immaterial Subsidiary, along with a description of why any entity designated as an Excluded
Subsidiary is considered to be an Excluded Subsidiary), (B) any Unrestricted Subsidiary is designated as a Restricted Subsidiary pursuant to Section 8.18, (C) any Restricted Subsidiary that was an Excluded Subsidiary ceases to
be an Excluded Subsidiary, or (D) the Parent elects to have any Excluded Subsidiary become a Discretionary Guarantor (any event described in clauses (A) through (D) above being an “Additional Subsidiary Event”); and

  
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 (ii) Within thirty (30) days of any Additional Subsidiary Event (as
such time period may be extended by the Administrative Agent in its sole discretion), if the applicable Restricted Subsidiary subject to the Additional Subsidiary Event is a Required Guarantor or a Discretionary Guarantor, cause such applicable
Restricted Subsidiary to, in accordance with and subject to the Agreed Security Principles: 
 (A) become a Subsidiary
Guarantor by delivering to the Collateral Agent a duly executed joinder agreement to the Guaranty Agreement or such new guaranty agreement or similar agreement as the Collateral Agent and the Administrative Agent shall deem appropriate for such
purpose; 
 (B) cause there to be an Acceptable Security Interest in all Property (other than Excluded Property) of such
Restricted Subsidiary by delivering to the Collateral Agent a duly executed joinder agreement to each applicable Security Document or such new Security Documents as the Collateral Agent and the Administrative Agent shall deem appropriate for such
purpose and comply with the terms of each applicable Security Document; 
 (C) deliver to the Collateral Agent and the
Administrative Agent a counterpart or supplement to the Intercompany Subordination Agreement and to the Collateral Agent any applicable debt instrument evidencing such obligations and any instruments of transfer; 

(D) deliver to the Collateral Agent and the Administrative Agent an updated Perfection Certificate (or supplement thereto), in
form and substance reasonably satisfactory to the Collateral Agent and the Administrative Agent; 
 (E) deliver to the
Collateral Agent and the Administrative Agent such updated insurance certificates and endorsements as the Administrative Agent may reasonably request to demonstrate compliance with Section 7.7; 

(F) deliver to the Collateral Agent and the Administrative Agent any legal opinions, lien searches, resolutions or written
consents, good standing certificates, officer’s certificates, and certificates of incumbency as may be reasonably requested by the Collateral Agent and the Administrative Agent, all in form, content, and detail reasonably satisfactory to the
Collateral Agent and/or the Administrative Agent in connection with the foregoing; 
 (G) deliver to the Administrative
Agent updated versions of Schedules 6.1, 6.2, 6.12, 6.17, and 6.27, all in form, content, and detail reasonably satisfactory to the Administrative Agent, adding the applicable information related to such Restricted
Subsidiary; and 
 (H) deliver to the Administrative Agent and/or the Collateral Agent such other documents, agreements,
registers, instruments, and certificates as may be reasonably requested by the Administrative Agent or the Collateral Agent, all in form, content, and detail reasonably satisfactory to the Administrative Agent or the Collateral Agent, as applicable,
in connection with the foregoing; and 
 (I) within fifteen (15) days of any Additional Subsidiary Event (as may be
extended by the Administrative Agent in its sole discretion), if any Equity Interests of such Restricted Subsidiary are owned by or on behalf of any Credit Party, cause, in accordance with, and subject to, the Agreed Security Principles, such Equity
Interests to be pledged by delivering to the Collateral Agent a duly executed supplement to each applicable Security Document or such new Security Documents as the Collateral Agent and the Administrative Agent shall deem appropriate for such
purpose. 

  
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 In addition to the foregoing, the Parent shall cause such Restricted Subsidiary (and the direct parent(s)
entity(ies) of such Restricted Subsidiary) to, and such Restricted Subsidiary (and the direct parent(s) entity(ies) of such Restricted Subsidiary) shall (x) deliver, at such times set forth in the Security Documents, all updated schedules,
certificated Equity Interests and related transfer powers executed in blank, UCC financing statements, and other documents and instruments as required by the Security Documents or as otherwise requested by the Collateral Agent or the Administrative
Agent to cause there to be an Acceptable Security Interest in all Property of such Restricted Subsidiary (other than Excluded Property and subject to the other limitations specified in the applicable Security Documents) or to comply or to be
consistent with Applicable Law or local custom or market practice and (y) take such actions (or not take such actions) necessary to create an Acceptable Security Interest in the Collateral described in the Security Documents. 

(c) Real Property Collateral. Promptly (and in no event less than five (5) Business Days after such creation or
acquisition, as such time period may be extended by the Administrative Agent in its sole discretion) notify the Administrative Agent and the Collateral Agent in writing of (i)(x) the acquisition of any Material Real Property by any Credit Party or
any of its Restricted Subsidiaries that is not subject to a Mortgage or (y) any owned real property of any Credit Party or any of its Restricted Subsidiaries not subject to a Mortgage becoming, to the knowledge of the Parent or any Restricted
Subsidiary, Material Real Property, and (ii) the creation or acquisition of any Restricted Subsidiary that owns any Material Real Property and, in accordance with and subject to the Agreed Security Principles, within sixty (60) days of
such acquisition or creation, as such time period may be extended by the Administrative Agent in its sole discretion, deliver the following with respect such Material Real Property: 

(i) a Mortgage duly executed and delivered by the record owner of such Material Real Property (together with UCC fixture
filings, if requested by the Collateral Agent); 
 (ii) if requested by the Administrative Agent, a policy or policies of
title insurance (or marked up title insurance commitment having the effect of a policy of title insurance) in the amount equal to the fair market value of such Material Real Property, as determined by the Parent in good faith, or such other amount
as is acceptable to the Administrative Agent and issued by a nationally recognized title insurance company reasonably acceptable to the Administrative Agent (the “Title Company”) insuring the Lien of each such Mortgage as a first
priority mortgage Lien on the Material Real Property described therein, free of any other Liens except Permitted Liens, together with such customary endorsements as the Administrative Agent may reasonably request and which are available at
commercially reasonable rates in the jurisdiction where the applicable Material Real Property is located, together with evidence reasonably satisfactory to the Administrative Agent of payment of all expenses and premiums of the Title Company and all
other sums required in connection with the issuance of each title policy and all recording fees and stamp Taxes (including mortgage recording and intangible Taxes) payable in connection with recording such Mortgage in the appropriate real estate
records; 
 (iii) such affidavits, certificates, information (including financial data and environmental reports if requested
by the Title Company), and instruments of indemnification as shall be reasonably required to induce the Title Company to issue the title policies and endorsements contemplated above and which are reasonably requested by such Title Company; 

  
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 (iv) a completed “Life-of-Loan” Federal Emergency Management
Agency Standard Flood Hazard Determination with respect to each such Material Real Property (together with a notice about special flood hazard area status and flood disaster assistance, which, if applicable, shall be duly executed by the applicable
Credit Party or Restricted Subsidiary relating to such Material Real Property); 
 (v) if any such Material Real Property is
located in an area determined by the Federal Emergency Management Agency to have special flood hazards, evidence of such flood insurance as may be required under Applicable Law, including Regulation H of the FRB and the other Flood Insurance Laws
and as required under Section 7.7; 
 (vi) a survey or such survey alternatives as may be reasonably acceptable
to the Administrative Agent (including, without limitation, express maps), as applicable, for each such Material Real Property, together with an affidavit of no change, if applicable, in favor of the Title Company, sufficient to allow the Title
Company to issue the applicable policy of title insurance without a standard survey exception; 
 (vii) customary legal
opinions and evidence of organizational approval, in each case in form and substance reasonably satisfactory to the Administrative Agent and the Collateral Agent, with respect to such Mortgage and the Restricted Subsidiary that is the mortgagor
under such Mortgage; and 
 (viii) such other documents, agreements, instruments, and/or certificates as may be necessary or
advisable, in connection with the foregoing, (x) in the reasonable discretion of the Administrative Agent or the Collateral Agent or (y) under the Applicable Law, customs, or market practice of the jurisdiction where such Material Real
Property is located or such other applicable jurisdiction. 
 (d) Flood Insurance Matters. The parties hereto
acknowledge and agree that, if there is any Mortgaged Property or any increase, extension, or renewal of any of the Loans or the Credit Facility, the Mortgaged Property may be subject to (and any increase, extension, or renewal shall be conditioned
upon): (i) the prior delivery of all flood zone determination certifications, acknowledgements and evidence of flood insurance and other flood-related documentation with respect to such Mortgaged Property reasonably sufficient to evidence
compliance with Flood Insurance Laws and as otherwise reasonably required by the Administrative Agent and the Collateral Agent and (ii) the earlier to occur of (A) the date that occurs thirty (30) days after the Administrative Agent
has delivered the documentation set forth in clause (i) of this Section to the Lenders (which may be delivered electronically) and (B) the Administrative Agent’s and the Collateral Agent’s receipt of written confirmation from
each of the Lenders that flood insurance due diligence and flood insurance compliance has been completed by such Lender (such written confirmation not to be unreasonably withheld, conditioned or delayed). 

(e) Rigs. (i) Prior to (A) the creation or acquisition of any Rig Subsidiary by the Parent or its Restricted
Subsidiaries, (B) any Restricted Subsidiary that was not previously a Rig Subsidiary becoming a Rig Subsidiary, (C) the acquisition of any Rig by the Parent or any Restricted Subsidiary, (D) the delivery of any Rig under construction
to the Parent or any of its Restricted Subsidiaries as owner thereof, (E) any change to the direct owner or operator of any Rig, (F) any transfer of the registered flag jurisdiction of any Rig, or (G) any other event that would, in

  
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any case, result in the Collateral Agent not having an Acceptable Security Interest in any Rig, notify the Administrative Agent and the Collateral Agent in writing of such event, and
(ii) prior to or concurrently with the occurrence of such event (or at such later time as may be agreed by the Administrative Agent in its sole discretion), deliver the following with respect to each applicable Rig: 

(i) a Rig Mortgage duly executed and delivered by the record owner of such Rig creating an Acceptable Security Interest in such
Rig, which Rig Mortgage shall have been filed and recorded (or subject to arrangements satisfactory to the Administrative Agent and the Collateral Agent for the filing for recording thereof) in the appropriate vessel or ship registry, along with any
other applicable security documents, agreements, or instruments reasonably deemed necessary by the Administrative Agent or the Collateral Agent to create an Acceptable Security Interest in all of such Rig Subsidiary’s right, title, and interest
in, under, and to the Rig and other related Property (other than Excluded Property and subject to the other limitations specified in the applicable Security Documents); 

(ii) solely in the case of the acquisition of any Rig not owned by the Credit Parties as of the Closing Date, the most recent
special periodic survey report that has been conducted with respect to such Rig and that is available to the Parent and its Restricted Subsidiaries, if any; 

(iii) customary legal opinions and evidence of organizational approval, in each case in form and substance reasonably
satisfactory to the Administrative Agent and the Collateral Agent, with respect to such Rig Mortgage and the Rig Subsidiary that is the mortgagor under such Rig Mortgage (including, without limitation, customary legal opinions of counsel relating to
matters governed by the laws of the jurisdiction of the flag under which the applicable Rig is registered); 
 (iv) such
other documents, agreements, instruments, and/or certificates as may be necessary or advisable, in connection with the foregoing, (x) in the reasonable discretion of the Administrative Agent or the Collateral Agent or (y) under the
Applicable Law, customs, or market practice of the jurisdiction under which such Rig is or is to be flagged or such other applicable jurisdiction, including, without limitation, evidence of insurance and insurance certificates in accordance with
Section 7.7, class certificates, certificates of ownership and encumbrances; and 
 (v) any consents or
authorizations of, filing with, or any other act in respect of any Governmental Authority and any consent from or notice to any other Person, in each case necessary or desirable (under Applicable Law or contract) in connection with such Rig Mortgage
and reasonably requested by the Administrative Agent or the Collateral Agent. 
 (f) Additional Collateral Actions.
(i) Comply with the requirements set forth in the Security Documents with respect to any Property constituting Collateral thereunder and (ii) in respect of any of the events giving rise to notice requirements under Sections 7.3(b),
(c), or (d), and upon and during the continuation of any Default, take all necessary actions and steps in cooperation with the Administrative Agent and Collateral Agent in order to ensure that the Collateral Agent is granted or
maintains, as applicable, an Acceptable Security Interest in any Property that is required to be Collateral pursuant to this Agreement or any of the other Loan Documents, subject to Agreed Security Principles. 

  
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 (g) RCF Collateral Limitation. Notwithstanding anything to the
contrary in this Section 7.14, at any time prior to the RCF Discharge Date, the Parent and its Restricted Subsidiaries shall not be required to take any action pursuant to this Section 7.14 to cause any Restricted Subsidiary
to become a Subsidiary Guarantor, or to create or perfect any Lien on any of its Property, or take any other action required pursuant to this Section 7.14, unless and until the Parent or such Restricted Subsidiary is required to cause
such Restricted Subsidiary to become a guarantor of any First Out RCF Obligations, or to create or perfect such Lien to secure the First Out RCF Obligations, or to otherwise take such action, in each case, pursuant to the terms of the First Out RCF
Credit Agreement (whether pursuant to the terms of the First Out RCF Credit Agreement (and any related documents) or as a result of any determination made thereunder, or by amendment or waiver of the terms of the First Out RCF Credit Agreement, or
otherwise). 
 SECTION 7.15 Visits and Inspections. Permit representatives of the Administrative Agent, the Collateral Agent, or any
Lender, from time to time upon prior reasonable notice and at such times during normal business hours, once per calendar year for any location or Rig, to visit and inspect any of the Rigs; to visit and inspect the Credit Parties’ or any of
their Restricted Subsidiaries’ properties; inspect, audit and make extracts from their books, records and files, including, but not limited to, management letters prepared by independent accountants; and discuss with their principal officers,
and their independent accountants, their business, assets, liabilities, financial condition, results of operations and business prospects; provided that (i) the Parent will reimburse reasonable out-of-pocket costs incurred by the
Administrative Agent, Collateral Agent and any Lender in connection with this Section 7.15 (provided that, as used in this clause (i), in the case of any visits to or inspections of Rigs, costs of more than two such visits or
inspections per calendar year or for more than three representatives per visit or inspection, in each case of the Administrative Agent, Collateral Agent and the Lenders, taken as a group, shall be deemed to be unreasonable (and shall be the
responsibility of the Administrative Agent, Collateral Agent or such Lender, as applicable)), (ii) upon the occurrence and during the continuance of an Event of Default, the Administrative Agent, the Collateral Agent, or any Lender may do any
of the foregoing at any time without advance notice, all at the expense of the Parent, and (iii) any inspection of any Rig shall be (a) subject to the requirements of the operator of such Rig (acting reasonably), including compliance with
any safety and training protocols, and any applicable Governmental Authority and shall not interfere with the day to day operations of such Rig in any material respect and (b) subject to Section 11.10. Upon the request of the
Administrative Agent or the Required Lenders, participate in a meeting of the Administrative Agent and Lenders once during each Fiscal Year, which meeting will be held at such location as may be agreed to by the Parent and the Administrative Agent
at such time as may be agreed by the Parent and the Administrative Agent. 
 SECTION 7.16 Use of Proceeds. 

(a) Use the proceeds of the Extensions of Credit to repay certain existing Indebtedness under the Prepetition Credit Agreement;
provided that no part of the proceeds of any of the Loans shall be used for purchasing or carrying margin stock (within the meaning of Regulation T, U or X of the FRB) or for any purpose which violates the provisions of Regulation T, U or X
of the FRB. 
 (b) Not request any Extension of Credit, and the Borrower shall not use, and shall ensure that its Restricted
Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Extension of Credit, directly or indirectly, (i) in furtherance of an offer, payment, promise to pay, or authorization of the
payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of
or with any Sanctioned Person, or in any Sanctioned Country, or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto. 

  
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 SECTION 7.17 Compliance with Anti-Corruption Laws; Beneficial Ownership Regulation,
Anti-Money Laundering Laws and Sanctions. (a) Maintain in effect and enforce policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with all
Anti-Corruption Laws, Anti-Money Laundering Laws and applicable Sanctions, (b) promptly, upon the request of the Administrative Agent, notify the Administrative Agent and each Lender that previously received a Beneficial Ownership Certification
(or a certification that the Borrower qualifies for an express exclusion to the “legal entity customer” definition under the Beneficial Ownership Regulation) of any change in the information provided in the Beneficial Ownership
Certification that would result in a change to the list of beneficial owners identified therein (or, if applicable, the Borrower ceasing to fall within an express exclusion to the definition of “legal entity customer” under the Beneficial
Ownership Regulation) and (c) promptly upon the reasonable request of the Administrative Agent or any Lender, provide the Administrative Agent or directly to such Lender, as the case may be, any information or documentation requested by it for
purposes of complying with the Beneficial Ownership Regulation. 
 SECTION 7.18 Intercompany Subordination Agreement. With respect to
any intercompany obligations for payments among the Credit Parties and any of their Restricted Subsidiaries, shall execute and deliver, and maintain in full force and effect, the Intercompany Subordination Agreement (and including any applicable
debt instrument evidencing such obligations required to be pledged to the Collateral Agent thereunder and applicable instruments of transfer or endorsement). 

SECTION 7.19 Accounts; Drilling Contracts and Rig Operator Contracts. 

(a) Subject to the post-closing period provided for causing certain deposit accounts, securities accounts, and commodity
accounts to be subject to an Acceptable Security Interest pursuant to Section 7.21 and the Agreed Security Principles, (i) deposit or cause to be deposited directly, all cash and Cash Equivalents into (A) one or more deposit
accounts maintained with the Administrative Agent or any Lender (or any other commercial bank reasonably acceptable to the Administrative Agent) and in which the Collateral Agent has an Acceptable Security Interest, subject to Agreed Security
Principles or (B) an Excluded Account (to the extent such deposits do not cause such account to cease to be an Excluded Account), and in each case, which is listed on Schedule 6.27 hereto, as updated in writing by the Parent from time to
time, (ii) deposit or credit or cause to be deposited or credited directly, all securities and financial assets held or owned by, credited to the account of, or otherwise reflected as an asset on the balance sheet of, the Credit Parties
(including, without limitation, all marketable securities, treasury bonds and bills, certificates of deposit, investments in money market funds and commercial paper) into one or more securities accounts in which the Collateral Agent has an
Acceptable Security Interest or an Excluded Account, subject to Agreed Security Principles and that, in each case, is listed on Schedule 6.27 hereto, as updated in writing by the Parent from time to time, and (iii) cause all commodity
contracts held or owned by, credited to the account of, or otherwise reflected as an asset on the balance sheet of, the Credit Parties, to be carried or held in one or more commodity accounts in which the Collateral Agent has an Acceptable Security
Interest, subject to Agreed Security Principles and that, in each case, is listed on Schedule 6.27 hereto, as updated in writing by the Parent from time to time; provided, that, at any time prior to the RCF Discharge Date, the Parent
and its Restricted Subsidiaries shall not be required to cause an account to be subject to an Acceptable Security Interest pursuant to this Section 7.19 unless and until the Parent or such Restricted Subsidiary is required to cause such
account to be subject to a Lien to secure the First Out RCF Obligations pursuant to the terms of the First Out RCF Credit Agreement (whether pursuant to the terms of the First Out RCF Credit Agreement (and any related documents) or as a result of
any determination made thereunder, or by amendment or waiver of the terms of the First Out RCF Credit Agreement, or otherwise). 

  
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 (b) 

(i) (A) Prior to or substantially concurrently with the Parent’s or any Restricted Subsidiary’s entry into any
Drilling Contract following the Closing Date (or by such later date as may be acceptable to the Administrative Agent in its reasonable discretion), the Parent or such Restricted Subsidiary shall provide written notice to each counterparty to each
such Drilling Contract of the Liens granted to the Collateral Agent for the benefit of the Secured Parties by the owner of the relevant Rig (the “Rig Owner”) and the Parent or the Restricted Subsidiary party to such Drilling
Contract (the “Charterer”), including the Liens on such Rig and all other Collateral owned by such Rig Owner or such Charterer, which notice shall be in a form and substance reasonably satisfactory to the Administrative Agent
(unless the Administrative Agent shall agree in its reasonable discretion after consultation with the Borrower that such contract counterparty has been sufficiently notified of such Liens on one or more prior occasions), and (B) not later than
5 Business Days after the date such Drilling Contract has been entered into and copies thereof are available to the Parent or such Restricted Subsidiary (or such later date as may be acceptable to the Administrative Agent in its reasonable
discretion), provide the Administrative Agent with a copy of such Drilling Contract (in each case, other than any such Drilling Contract which the Parent or the applicable Restricted Subsidiary is prohibited from disclosing pursuant to the terms
thereof (provided that the Parent or such Restricted Subsidiary shall disclose the existence thereof and the contract counterparty information and, if reasonably requested by the Administrative Agent, shall use commercially reasonable efforts
to obtain consent that would permit disclosure, including negotiating a non-disclosure agreement or a confidentiality agreement with the relevant contract counterparty)) and a copy of each notice delivered in accordance with clause
(A) of this paragraph (i). 
 (ii) (A) Prior to or substantially concurrently with the Parent’s or any
Restricted Subsidiary’s execution of a Rig Mortgage following the Closing Date (or by such later date as may be acceptable to the Administrative Agent in its reasonable discretion), the Parent or such Restricted Subsidiary shall
(I) provide a copy of all Drilling Contracts relating to the Rig that is subject to such Rig Mortgage to the Administrative Agent (in each case, other than any such Drilling Contract which the Parent or the applicable Restricted Subsidiary is
prohibited from disclosing pursuant to the terms thereof (provided that the Parent or such Restricted Subsidiary shall disclose the existence thereof and the contract counterparty information and, if reasonably requested by the Administrative
Agent, shall use commercially reasonable efforts to obtain consent that would permit disclosure, including negotiating a non-disclosure agreement or a confidentiality agreement with the relevant contract counterparty)), and (II) provide written
notice to each counterparty to each such Drilling Contract of the Liens granted to the Collateral Agent for the benefit of the Secured Parties by the Rig Owner and the Charterer, including the Liens on such Rig and all other Collateral owned by such
Rig Owner or such Charterer, which notice shall be in a form and substance reasonably satisfactory to the Administrative Agent (unless the Administrative Agent shall agree in its reasonable discretion after consultation with the Borrower that such
contract counterparty has been sufficiently notified of such Liens on one or more prior occasions), and (B) not later than 5 Business Days after entry into such Rig Mortgage (or such later date as may be acceptable to the Administrative Agent
in its reasonable discretion), provide the Administrative Agent with a copy of each notice delivered in accordance with clause (A)(II) of this paragraph (ii) to the Administrative Agent. 

  
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 (iii) (A) Prior to or substantially concurrently with the Parent’s
or any Restricted Subsidiary’s entry into any Rig Operator Contract following the Closing Date (or by such later date as may be acceptable to the Administrative Agent in its reasonable discretion), the Parent or such Restricted Subsidiary shall
provide written notice to each counterparty to each such Rig Operator Contract of the Liens granted to the Collateral Agent for the benefit of the Secured Parties by the Parent or such Restricted Subsidiary, which notice shall be in a form and
substance reasonably satisfactory to the Administrative Agent (in each case, unless the Administrative Agent shall agree in its reasonable discretion after consultation with the Borrower that such contract counterparty has been sufficiently notified
of such Liens on one or more prior occasions), and (B) not later than 5 Business Days after entry into such Rig Operator Contract (or such later date as may be acceptable to the Administrative Agent in its reasonable discretion), provide the
Administrative Agent with a copy of such Rig Operator Contract (in each case, other than any such Rig Operator Contract which the Parent or the applicable Restricted Subsidiary is prohibited from disclosing pursuant to the terms thereof
(provided that the Parent or such Restricted Subsidiary shall disclose the existence thereof and the contract counterparty information and, if reasonably requested by the Administrative Agent, shall use commercially reasonable efforts to
obtain consent that would permit disclosure, including negotiating a non-disclosure agreement or a confidentiality agreement with the relevant contract counterparty)) and a copy of each notice delivered in accordance with clause (A) of
this paragraph (iii). 
 SECTION 7.20 Further Assurances. Subject to the Agreed Security Principles, execute any and all further
documents, financing statements, agreements, and instruments, and take all such further actions (including register updates, the filing and recording of financing statements and other documents), which may be required under any Applicable Law, or
which the Administrative Agent, the Collateral Agent, or the Required Lenders may reasonably request, to effectuate the Transactions contemplated by the Loan Documents or to grant, preserve, protect, or perfect the Liens created or intended to be
created by the Security Documents or the validity or priority of any such Lien, all at the expense of the Credit Parties. The Borrower also agrees to provide to the Administrative Agent and the Collateral Agent, from time to time upon the reasonable
request by the Administrative Agent or Collateral Agent, evidence reasonably satisfactory to the Administrative Agent or Collateral Agent, as applicable, as to the perfection and priority of the Liens created or intended to be created by the
Security Documents; provided that, at any time prior to the RCF Discharge Date, the Parent and its Restricted Subsidiaries shall not be required to take any further actions pursuant to this Section 7.20 unless and until required to take
such further actions pursuant to the terms of the First Out RCF Credit Agreement (whether pursuant to the terms of the First Out RCF Credit Agreement (and any related documents) or as a result of any determination made thereunder, or by amendment or
waiver of the terms of the First Out RCF Credit Agreement, or otherwise). 
 SECTION 7.21 Post-Closing Matters. Execute and deliver
the documents, take the actions and complete the tasks set forth on Schedule 7.21, in each case within the applicable corresponding time limits specified on such schedule. 

SECTION 7.22 Credit Rating. To the extent that a credit rating is obtained from either of Moody’s or S&P with respect to the
Last Out Notes Obligations or the Last Out Incremental Debt Obligations, the Parent shall concurrently therewith obtain, a comparable credit rating from the same rating agency with respect to this Credit Facility. 

  
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 ARTICLE VIII 

NEGATIVE COVENANTS 
 Until the
Discharge Date has occurred, neither the Parent nor the Borrower shall, and neither the Parent nor the Borrower shall permit any of its respective Restricted Subsidiaries to: 

SECTION 8.1 Indebtedness. Create, incur, assume or suffer to exist any Indebtedness, except: 

(a) the Term Loan Secured Obligations; 

(b) Indebtedness outstanding under the First Out RCF Credit Agreement and any Permitted Refinancing Indebtedness in respect of
such Indebtedness; provided, that (i) the aggregate principal amount of any Indebtedness outstanding at any time pursuant to this Section 8.1(b) does not to exceed the sum of (x) $400,000,000, plus (y) any upfront
fees paid-in-kind in accordance with the terms of the First Out RCF Credit Agreement as in effect on the Closing Date, (ii) no Restricted Subsidiary of the Parent (other than the Borrower and other Credit Parties) is an obligor in respect of
such Indebtedness, (iii) the terms of such Indebtedness do not restrict the ability of the Credit Parties to guarantee the Term Loan Secured Obligations or to pledge assets as collateral security for the Term Loan Secured Obligations on a last
out basis, and (iv) such Indebtedness is subject to the Intercreditor Agreement or another intercreditor agreement in form and substance reasonably satisfactory to the Administrative Agent. 

(c) Indebtedness outstanding under the Last Out Notes and any Permitted Refinancing Indebtedness in respect of such
Indebtedness; provided, that (i) the aggregate principal amount of any Indebtedness outstanding at any time pursuant to this Section 8.1(c) does not to exceed (x) $75,000,000 of Initial Last Out Notes, plus (y) up
to $39,675,000 of Additional Last Out Notes, plus (z) any interest thereon and up to $10,320,750 in fees thereunder, in each case, paid-in-kind in accordance with the terms of the Last Out Notes Indenture as in effect on the Closing
Date; (ii) the Parent shall be in Pro Forma Compliance with the Total Collateral Coverage Ratio Requirement both before and after giving effect to the incurrence of any Indebtedness under any Additional Last Out Notes issued after the Closing
Date (other than payments in kind of interest) (as demonstrated in a certificate duly executed by a Financial Officer of the Parent dated as of the date such Indebtedness is incurred, and received by the Administrative Agent on or prior to such
date); (iii) the terms of such Indebtedness do not provide for any scheduled repayment, mandatory redemption, or sinking fund obligation prior to the later of (A) the Maturity Date and (B) the 365th day after the “Maturity Date” under the First Out RCF Credit Agreement, other than payments as part of an “applicable high yield discount obligation” catch-up payment, customary
offers to purchase upon a change of control, asset sale, or casualty or condemnation event and customary acceleration rights following an event of default (however denominated), in each case, subject to the ratable repayment in full in cash of the
RCF Secured Obligations (as defined in the First Out RCF Credit Agreement) (other than contingent indemnification obligations not then due), (iv) the covenants, events of default, guarantees, collateral requirements, and other terms of such
Indebtedness (other than interest rate, fees, funding discounts, and redemption or prepayment premiums and other pricing terms determined by the Borrower to be “market” rates, fees, discounts, and other premiums at the time of issuance or
incurrence of any such notes), taken as a whole, are not more restrictive or burdensome than those set forth in this Agreement and the other Loan Documents and do not contain any financial ratio that is more restrictive in respect of the
corresponding ratio in this Agreement or that is not contained in this Agreement, (v) no Restricted Subsidiary of the Parent (other than the Borrower and other Credit Parties) is an obligor in respect of such Indebtedness, (vi) the terms
of such Indebtedness do not restrict the ability of the Credit Parties to guarantee the 

  
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Term Loan Secured Obligations or to pledge assets as collateral security for the Term Loan Secured Obligations, (vii) the terms of such Indebtedness do not prohibit the repayment or
prepayment of the Loans (but may provide that, concurrently with the repayment or prepayment of the Loans, the Borrower shall be required to repay principal under the Last Out Notes ratably with such payment of the Loans), (viii) such
Indebtedness is subject to the Intercreditor Agreement, and (ix) in the case of the incurrence of any Additional Last Out Notes, the Parent and its Restricted Subsidiaries shall be in compliance with the requirements of clause
(r) of the Agreed Security Principles upon the incurrence of such Indebtedness; 
 (d) any Last Out Incremental Debt
and any Permitted Refinancing Indebtedness in respect of such Indebtedness in an aggregate principal amount outstanding not to exceed at any time the sum of (i) $135,000,000, plus (ii) any interest thereon paid-in-kind in accordance
with the terms of such Last Out Incremental Debt; provided, that the Parent shall be in Pro Forma Compliance with the Total Collateral Coverage Ratio Requirement both before and after giving effect to the incurrence of any such Indebtedness (other
than payments in kind of interest) (as demonstrated in a certificate duly executed by a Financial Officer of the Parent dated as of the date such Indebtedness is incurred, and received by the Administrative Agent on or prior to such date); 

(e) (i) Capital Lease Obligations with respect to any Property of the Parent or its Restricted Subsidiaries other than a
Rig, (ii) Indebtedness incurred solely to finance the acquisition, construction, improvement, alteration or repair of any fixed or capital asset of the Parent or its Restricted Subsidiaries other than a Rig, and (iii) Rig Debt;
provided, in each case that (A) the aggregate principal amount of all Indebtedness outstanding at any time under this clause (e) shall not exceed $100,000,000, (B) such Indebtedness is incurred prior to or within 365
days after such acquisition or the later of the completion of such construction, improvement, alteration or repair or the date of commercial operation of the assets constructed, improved, altered, or repaired, (C) the principal amount of such
Indebtedness does not exceed the cost of acquiring, constructing, improving, altering, or repairing such fixed or capital assets, as the case may be (plus reasonable fees and expenses related thereto), (D) such Indebtedness shall not have any
financial maintenance covenants, (E) any Liens securing such Indebtedness are permitted under Section 8.2(b), (c) or (d), as applicable, (F), such Indebtedness is non-recourse to the Parent and its Restricted
Subsidiaries (other than the Restricted Subsidiary that owns such fixed or capital assets and incurred such financing), and (G) with respect to the incurrence of Rig Debt, the Parent has demonstrated in a certificate of a Financial Officer of
the Parent that (x) the Consolidated Total Gross Leverage Ratio is less than 2.5 to 1.0, calculated on a Pro Forma Basis as of the date such Rig Debt is incurred after giving effect thereto and (y) the Parent is in Pro Forma Compliance
with each Collateral Coverage Ratio Requirement as of the date such Rig Debt is incurred after giving effect thereto; 
 (f)
Indebtedness of a Person existing at the time such Person became a Restricted Subsidiary in connection with a Permitted Acquisition permitted pursuant to Section 8.3 and Permitted Refinancing Indebtedness in respect of such Indebtedness;
provided that (i) such Indebtedness was not incurred in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary, (ii) neither the Parent nor any Restricted Subsidiary (other than such Person or any
other Person that such Person merges with (other than a Credit Party)) shall have any liability or other obligation with respect to such Indebtedness, (iii) any Lien securing such Indebtedness is permitted under Section 8.2(k), and
(iv) no Default or Event of Default exists at the time of or would occur as a result of the incurrence of such Indebtedness (with such Indebtedness being deemed incurred upon consummation of such transaction); 

  
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 (g) Indebtedness (i) owing under Hedge Agreements entered into in order
to manage existing or anticipated interest rate, exchange rate, or commodity price risks and not for speculative purposes and (ii) in respect of Cash Management Agreements entered into in the ordinary course of business; 

(h) unsecured intercompany Indebtedness (i) owed by any Credit Party to another Credit Party, or (ii) owed by the
Parent or any Restricted Subsidiary of the Parent to the Parent or any other Restricted Subsidiary of the Parent; provided, that (x) all such Indebtedness of the type described in clause (i) or clause (ii) above shall be
subordinated to the Term Loan Secured Obligations pursuant to the Intercompany Subordination Agreement and (y) all such Indebtedness of the type described in clause (ii) above may not be paid when a Default exists, unless such
payment is being made to a Credit Party; 
 (i) Indebtedness under performance bonds, surety bonds, release, appeal and
similar bonds, statutory obligations or with respect to workers’ compensation claims, in each case incurred in the ordinary course of business, and reimbursement obligations in respect of any of the foregoing; provided that such Indebtedness is
reimbursed or extinguished within five (5) Business Days of being matured or drawn; 
 (j) other Indebtedness of any
Credit Party or any Restricted Subsidiary thereof in an aggregate principal amount not to exceed $5,000,000 at any time outstanding; 

(k) Guarantees (i) by any Credit Party of Indebtedness of another Credit Party incurred pursuant to clauses
(a) to (j) of this Section 8.1 not otherwise prohibited pursuant to this Section 8.1, (ii) by any Credit Party of Indebtedness otherwise permitted hereunder of any Restricted Subsidiary that is not a
Credit Party to the extent such Guarantees are permitted by Section 8.3 (other than clause (d) of Section 8.3) and (iii) by any Restricted Subsidiary that is not a Credit Party of Indebtedness of the Parent
or any Restricted Subsidiary incurred pursuant to clauses (a) through (j) of this Section 8.1 and not otherwise prohibited pursuant to this Section 8.1; and 

(l) to the extent constituting Indebtedness, the obligations of the Parent and any Restricted Subsidiary under the BOP Lease
Agreement as in effect on January 22, 2021, or as amended thereafter in a manner that does not materially increase the Parent’s or any of its Restricted Subsidiary’s obligations thereunder; provided that any extension of the
term of such BOP Lease Agreement shall not be considered to materially increase the Parent’s or any of its Restricted Subsidiary’s obligations thereunder for purposes of this clause. 

SECTION 8.2 Liens. Create, incur, assume or suffer to exist, any Lien on or with respect to any of its Property, whether now owned or
hereafter acquired, except: 
 (a) (i) Liens created pursuant to the Loan Documents in favor of the Collateral Agent,
for the benefit of the Secured Parties and subject to the Intercreditor Agreement, and (ii) Liens created pursuant to the First Out RCF Loan Documents in favor of the Issuing Lenders (as defined in the First Out RCF Credit Agreement) on the RCF
Cash Collateral; 
 (b) Liens securing Indebtedness permitted under Section 8.1(e)(i); provided that
(i) the Indebtedness secured by such Liens is secured only by the Property subject to such Capital Lease Obligations and not any other Property of the Borrower or any of its Restricted Subsidiaries (although individual financings of equipment
(other than Rigs) may be cross-collateralized to other financings of equipment by the same lender), (ii) such Liens securing such Indebtedness are incurred prior to or within 365 days after such acquisition or the later of the completion of
such construction or the date of commercial operation of the assets constructed, and (iii) such Liens securing Indebtedness shall not attach to any Rig; 

  
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 (c) Liens securing Indebtedness permitted under
Section 8.1(e)(ii); provided that, (i) the Indebtedness secured by such Liens is secured only by the fixed or capital assets acquired, constructed, improved, altered, or repaired with the proceeds of such Indebtedness and any
related contracts, intangibles and other assets incidental thereto (including accessions thereto and replacements thereof) (although individual financings of equipment (other than Rigs) may be cross-collateralized to other financings of equipment by
the same lender), (ii) such Liens securing such Indebtedness are incurred prior to or within 365 days after such acquisition or the later of the completion of such construction or the date of commercial operation of the assets constructed, and
(iii) such Liens securing Indebtedness shall not attach to any Rig; 
 (d) Liens securing Rig Debt permitted under
Section 8.1(e)(iii); provided that, (i) the Liens securing such Rig Debt shall attach only to such Rig and related contracts, intangibles, and other assets that are incidental thereto (including accessions thereto and
replacements thereof) or that otherwise arise therefrom and not any other Property of the Parent or its Restricted Subsidiaries, (ii) such Liens securing such Indebtedness are incurred prior to or within 365 days after such acquisition or the
later of the completion of such construction or the date of commercial operation of the assets constructed, (iii) such Liens securing such Indebtedness shall not apply to any other Property or assets of the Parent or any Restricted Subsidiary,
and (iv) such Liens securing Indebtedness shall not attach to any Rig (other than a Rig acquired or constructed with the proceeds of such Indebtedness) (although individual financings of equipment (other than Rigs) may be cross-collateralized
to other financings of equipment by the same lender); 
 (e) Liens for taxes, assessments and other governmental charges or
levies (excluding any Lien imposed pursuant to any of the provisions of ERISA or Environmental Laws) (i) not yet due or as to which the period of grace (not to exceed thirty (30) days), if any, related thereto has not expired or
(ii) which are being contested in good faith and by appropriate proceedings if adequate reserves are maintained to the extent required by GAAP; 

(f) the claims of materialmen, mechanics, carriers, warehousemen, processors or landlords for labor, materials, supplies or
rentals incurred in the ordinary course of business, which (i) are not overdue for a period of more than (x) thirty (30) days in respect of assets located in the United States and (y) sixty (60) days in respect of assets
located outside of the United States, or such Liens are being contested in good faith and by appropriate proceedings, and adequate reserves are maintained therefor to the extent required by GAAP, and (ii) do not, individually or in the
aggregate, materially impair the use thereof in the operation of the business of the Parent or any of its Subsidiaries; 

(g) deposits or pledges made in the ordinary course of business in connection with, or to secure payment of, obligations under
workers’ compensation, unemployment insurance and other types of social security or similar legislation, or to secure the performance of bids, trade contracts, leases, statutory obligations, surety bonds (other than bonds related to judgments
or litigation), performance bonds and other obligations of a like nature incurred in the ordinary course of business, in each case, other than Indebtedness and so long as no foreclosure sale or similar proceeding has been commenced with respect to
any portion of the Collateral on account thereof; 
 (h) encumbrances in the nature of zoning restrictions, easements and
rights or restrictions of record on the use of real property, which in the aggregate are not substantial in amount and which do not, in any case, materially detract from the value of such property or impair the use thereof in the ordinary conduct of
business; 

  
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 (i) Liens arising from the filing of precautionary UCC financing statements
relating solely to personal property leased pursuant to operating leases entered into in the ordinary course of business; 

(j) Liens securing judgments for the payment of money not constituting an Event of Default under Section 9.1(l) or
securing appeal or other surety bonds relating to such judgments; 
 (k) Liens on Property of a Person that becomes a
Restricted Subsidiary existing at the time that such Person becomes a Restricted Subsidiary in connection with a Permitted Acquisition; provided that, (i) such Liens are not incurred in connection with, or in anticipation of, such
Permitted Acquisition, (ii) such Liens do not encumber any Property other than Property encumbered at the time of such Permitted Acquisition or such Person becoming a Restricted Subsidiary and the proceeds and products thereof, (iii) such
Liens do not attach to any other Property of the Parent or any of its Subsidiaries and (iv) such Liens will secure only (A) those obligations which it secures at the time such acquisition occurs, and (B) extensions, renewals, and
replacements thereof which, if such Lien secures Indebtedness, constitute Permitted Refinancing Indebtedness in respect thereof; 

(l) Liens of any depositary bank in connection with statutory, common law and contractual rights of setoff and recoupment with
respect to any deposit account of any Credit Party or any Restricted Subsidiary thereof, except as provided otherwise in an Account Control Agreement with respect to such deposit account; 

(m) Liens on cash and Cash Equivalents securing (i) such Credit Party’s or Restricted Subsidiary’s obligations
in respect of a purchase card program with Wells Fargo (or its Affiliates) or (ii) obligations under any purchase card program with a local bank outside of the United States in an aggregate amount not to exceed $250,000; 

(n) maritime Liens, whether now existing or hereafter arising, in the ordinary course of business during normal operations,
maintenance, or repair of a Rig, (i) for damages arising out of a maritime tort which are unclaimed, or are covered by insurance and any deductible applicable thereto, or in respect of which a bond or other security has been posted on behalf of
the relevant Credit Party with the appropriate court or other tribunal to prevent the arrest or secure the release of the Rig from arrest, (ii) for wages of stevedores when employed directly by a Rig Subsidiary, any charterer or sub-charterer
of any Rig, or the master or agent of any Rig, in each case, which have accrued for not more than sixty days, (iii) for crew’s wages (including wages of the master of any Rig) that are discharged in the ordinary course of business and have
accrued for not more than sixty days, (iv) for salvage and general average (including contract salvage), which have accrued for not more than sixty days, (v) for charters or subcharters or leases or subleases permitted under this
Agreement, or (vi) otherwise arising by operation of law; 
 (o) rights reserved to or vested in any municipality or
governmental, statutory or public authority to control, regulate or use any property of a Person, which do not in any case materially detract from the value of such property or impair the use thereof in the ordinary course of business; and 

(p) other Liens securing Indebtedness or other obligations expressly subordinated to the Term Loan Secured Obligations in an
aggregate principal amount not to exceed $5,000,000 at any time outstanding; provided that, prior to or substantially simultaneously with the incurrence thereof, such Liens shall have been expressly subordinated to the Liens securing the Term
Loan Secured Obligations pursuant to a subordination agreement in form and substance reasonably satisfactory to the Administrative Agent. 

  
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 SECTION 8.3 Investments. Make, hold or otherwise permit to exist any Investment,
except: 
 (a) Investments existing on the Closing Date (other than Investments in Subsidiaries existing on the Closing Date)
and described on Schedule 8.3 and any modification, replacement, renewal or extension thereof so long as such modification, renewal or extension thereof does not increase the amount of such Investment except as otherwise permitted by this
Section 8.3; 
 (b) Investments (i) existing on the Closing Date in Subsidiaries existing on the Closing
Date, (ii) made after the Closing Date by any Credit Party in any other Credit Party, (iii) made after the Closing Date by any Excluded Subsidiary in any Credit Party and (iv) made after the Closing Date by any Excluded Subsidiary in
any other Excluded Subsidiary; provided that any such Investment that is an Acquisition of a Person or business that was not owned by the Parent and its Restricted Subsidiary’s immediately prior to such transaction must be separately permitted
pursuant to Section 8.3(f); 
 (c) Investments in cash and Cash Equivalents in the ordinary course of business;

 (d) Guarantees permitted pursuant to Section 8.1(k); 

(e) non-cash consideration received in connection with Asset Dispositions expressly permitted by Section 8.5 (other
than Section 8.5(g)); 
 (f) Investments by the Parent or any Restricted Subsidiary in the form of a Permitted
Acquisition; 
 (g) Investments made at any time after March 31, 2023, in an amount not to exceed the Discretionary
Basket at such time; provided, that (i) no Default has occurred and is continuing or would result therefrom, (ii) the Parent is in Pro Forma Compliance with each Collateral Coverage Ratio Requirement, both before and after
giving effect to such Investment, (iii) the Consolidated Total Net Leverage Ratio does not exceed 2.0 to 1.0 on a Pro Forma Basis as of the last day of the most recently ended fiscal quarter after giving effect thereto, and (iv) Liquidity
would greater than or equal to $150,000,000 on a Pro Forma Basis after giving effect to such Investment and any concurrent incurrence of Indebtedness (in the case of each of clauses (i) to (iv), as demonstrated in a certificate
duly executed by a Financial Officer of the Parent dated as of the date of such Investment and received by the Administrative Agent on or prior to such date); 

(h) Investments made solely with, or solely with the proceeds of, new Qualified Equity Interests of the Parent (or any parent
company thereof) issued concurrently with such Investment; provided, that (i) no Default has occurred and is continuing or would result therefrom, and (ii) the Parent is in Pro Forma Compliance with each Collateral Coverage
Ratio Requirement, both before and after giving effect to such Investment (in the case of each of clauses (i) to (ii), as demonstrated in a certificate duly executed by a Financial Officer of the Parent dated as of the date of
such Investment and received by the Administrative Agent on or prior to such date); 
 (i) other Investments in an aggregate
amount not to exceed $5,000,000 since the Closing Date; provided, that (i) no Default has occurred and is continuing or would result therefrom, and (ii) the Parent is in Pro Forma Compliance with each Collateral Coverage
Ratio Requirement, both before and after giving effect to such Investment (in the case of each of clauses (i) to (ii), as demonstrated in a certificate duly executed by a Financial Officer of the Parent dated as of the date of
such Investment and received by the Administrative Agent on or prior to such date); 

  
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 (j) any other Investment; provided, that (i) no Default
has occurred and is continuing or would result therefrom, (ii) the Parent is in Pro Forma Compliance with each Collateral Coverage Ratio Requirement, both before and after giving effect to such Investment, (iii) the Consolidated Total Net
Leverage Ratio does not exceed 1.50 to 1.0 on a Pro Forma Basis as of the last day of the most recently ended fiscal quarter after giving effect thereto, and (iv) Liquidity would be greater than or equal to $150,000,000 on a Pro Forma Basis
after giving effect to such Investment and any concurrent incurrence of Indebtedness (in the case of each of clauses (i) to (iv), as demonstrated in a certificate duly executed by a Financial Officer of the Parent dated as of the
date of such Investment and received by the Administrative Agent on or prior to such date); and 
 (k) (i) Investments
in any Restricted Subsidiary of Parent to fund ordinary course operating costs and expenses, including but not limited to payroll expenses and accrued and unpaid taxes, (ii) Investments in the Parent or any Restricted Subsidiary of the Parent
in connection with any Dutch fiscal unity (fiscale eenheid) to which the Parent or such Restricted Subsidiary is a member that is entered into solely among the Parent and/or any of its Restricted Subsidiaries, and (iii) Investments in
the Parent or any Restricted Subsidiary of the Parent incurred in connection with a declaration of joint and several liability (hoofdelijke aansprakelijkheid) issued by the Parent or any Restricted Subsidiary in accordance with section 2:403
of the Dutch Civil Code (and any residual liability (overblijvende aansprakelijkheid) under such declaration arising pursuant to section 2:404(2) of the Dutch Civil Code); 

provided that, in each case, (x) any Restricted Subsidiary acquired or formed in connection with an Investment permitted to be
made pursuant to this Section 8.3 shall become a Guarantor to the extent required by the definition of “Required Guarantor” and (y) any Property, including Equity Interests, acquired in connection with such Investment
shall become Collateral to the extent required by Section 7.14. 
 For purposes of determining the amount of any Investment outstanding for
purposes of this Section 8.3, such amount shall be deemed to be the amount of such Investment when made, purchased or acquired (without adjustment for subsequent increases or decreases in the value of such Investment) less any
amount realized in respect of such Investment upon the sale, collection or return of capital (not to exceed the original amount invested). 

SECTION 8.4 Fundamental Changes. Merge, consolidate, amalgamate or enter into any similar combination with (including by division), or
enter into any Asset Disposition of all or substantially all of its assets (whether in a single transaction or a series of transactions) with, any other Person or liquidate, wind-up or dissolve itself (or suffer any liquidation or dissolution),
except: 
 (a) (i) any Restricted Subsidiary that is a Wholly-Owned Subsidiary of the Parent may be merged, amalgamated,
liquidated, dissolved, wound up or consolidated with or into the Borrower (provided that the Borrower shall be the continuing or surviving entity) or (ii) any Restricted Subsidiary that is a Wholly-Owned Subsidiary of the Parent (other
than the Borrower) may be merged, amalgamated or consolidated with or into any Subsidiary Guarantor (other than the Borrower) (provided that when any Subsidiary Guarantor is merging, amalgamating, liquidating, dissolving, winding up or
consolidating with another Subsidiary, a Subsidiary Guarantor shall be the continuing or surviving entity or the continuing or surviving entity shall become a Subsidiary Guarantor to the extent required under, and within the time period set forth in
Section 7.14, with which the Parent shall comply in connection with such transaction); 

  
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 (b) any Excluded Subsidiary may be merged, amalgamated or consolidated with
or into, or be liquidated into, any other Excluded Subsidiary; 
 (c) any Restricted Subsidiary (other than the Borrower) may
dispose of all or substantially all of its assets (upon voluntary liquidation, dissolution, winding up, division or otherwise) to the Parent or any Subsidiary Guarantor; provided that, with respect to any such disposition by any Excluded
Subsidiary, the consideration for such disposition shall not exceed the fair value of such assets; 
 (d) any Excluded
Subsidiary may dispose of all or substantially all of its assets (upon voluntary liquidation, dissolution, winding up, division or otherwise) to any other Excluded Subsidiary, so long as, if the surviving Excluded Subsidiary ceases to be an Excluded
Subsidiary as a result of such transaction, such Excluded Subsidiary shall comply with Section 7.14; 
 (e) any
Restricted Subsidiary that is a Wholly-Owned Subsidiary of the Parent may merge with or into the Person such Wholly-Owned Subsidiary was formed to acquire in connection with any Permitted Acquisition; provided that (i) in the case of a
merger involving the Borrower or a Subsidiary Guarantor, the continuing or surviving Person shall be the Borrower or a Subsidiary Guarantor, as applicable, or (ii) in the case of a merger involving any Restricted Subsidiary that is not the
Borrower or a Subsidiary Guarantor, simultaneously with such transaction, the continuing or surviving entity shall become a Subsidiary Guarantor and the Parent and its Restricted Subsidiaries shall comply with Section 7.14 in connection
therewith; and 
 (f) any Permitted Holdco Event. 

SECTION 8.5 Asset Dispositions. Subject to the final paragraph of this Section 8.5, make any Asset Disposition, except:

 (a) any Asset Disposition in the ordinary course of business of obsolete, worn-out or surplus assets no longer used or
useful in the business of the Parent or any of its Restricted Subsidiaries, in each case other than a Rig; 
 (b) the sale,
transfer or other disposition of assets to the Parent or any Subsidiary Guarantor pursuant to any other transaction expressly permitted pursuant to Section 8.4; 

(c) dispositions of cash and Cash Equivalents in the ordinary course of business; 

(d) Asset Dispositions (i) between or among Credit Parties, (ii) by any Excluded Subsidiary to any Credit Party
(provided that in connection with any new transfer, such Credit Party shall not pay more than an amount equal to the fair market value of such assets as determined in good faith by the Parent at the time of such transfer) and (iii) by
any Excluded Subsidiary to any other Excluded Subsidiary; 
 (e) non-exclusive licenses and sublicenses of intellectual
property rights in the ordinary course of business not interfering, individually or in the aggregate, in any material respect with the business of the Borrower and its Subsidiaries; 

(f) Asset Dispositions in connection with Insurance and Condemnation Events; 

(g) Asset Dispositions of property (other than a Rig or Rig Subsidiary) in the form of an Investment permitted pursuant to
Section 8.3 (other than clause (e) thereof); 

  
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 (h) any Asset Disposition of any Property other than any Rig or Rig
Subsidiary, (i) that is made for fair market value to a third party on arm’s-length terms and the consideration received for such Asset Disposition is no less than 85% in cash, (ii) in respect of which any Net Cash Proceeds and other
consideration are pledged as Collateral subject to an Acceptable Security Interest to the extent required by Section 7.14 on the date such transaction is consummated (or such later date as may be reasonably acceptable to the
Administrative Agent in its discretion), and (iii) for consideration in an amount that does not cause the aggregate consideration for all Asset Dispositions under this clause (h) (other than the sale of the Mexico Office Building)
since the Closing Date to exceed $5,000,000; 
 (i) the sale of: 

(i) either of the Ocean America and the Ocean Valiant; provided, that (A) such Rig (x) is cold-stacked at
the time of such Asset Disposition, and (y) is sold for at least fair market value to a third-party on arm’s-length terms and the consideration received from such Asset Disposition is no less than 85% in cash, (B) the Net Cash
Proceeds and other consideration of such Asset Disposition are pledged as Collateral subject to an Acceptable Security Interest to the extent required by Section 7.14 on or prior to the date such transaction is consummated (or such later
date as may be reasonably acceptable to the Administrative Agent in its discretion), (C) no Default has occurred and is continuing or would result therefrom, (D) the Parent is in Pro Forma Compliance with each Collateral Coverage Ratio
Requirement, both before and after giving effect to such Asset Disposition, and (E) the Parent and any relevant Restricted Subsidiary have complied with the requirements under Section 2.3(b) (in the case of each of clauses
(A) through (E), as demonstrated in a certificate duly executed by a Financial Officer of the Parent dated as of the date of such transaction and received by the Administrative Agent on or prior to such date); and 

(ii) the Ocean Valor, so long as (A) an Acceptable Appraisal has been conducted in respect thereof as of the
Closing Date and in the most recent Acceptable Appraisal(s) delivered to the Administrative Agent, (B) such Rig is sold for at least fair market value to a third party on arm’s-length terms and the consideration received is no less than
85% in cash, (C) the Net Cash Proceeds and other consideration of such Asset Disposition are pledged as Collateral subject to an Acceptable Security Interest to the extent required by Section 7.14 on or prior to the date such
transaction is consummated (or such later date as may be reasonably acceptable to the Administrative Agent in its discretion), (D) no Default has occurred and is continuing or would result therefrom, (E) the Parent is in Pro Forma
Compliance with each Collateral Coverage Ratio Requirement, both before and after giving effect to such Asset Disposition, and (F) the Parent and any relevant Restricted Subsidiary have complied with the requirements under
Section 2.3(b) (in the case of each of clauses (A) through (F), as demonstrated in a certificate duly executed by a Financial Officer of the Parent dated as of the date of such transaction and received by the
Administrative Agent on or prior to such date); 
 (j) [reserved]; 

(k) any “asset swap” for which (i) the replacement assets received in connection therewith have an appraised
value greater than or equal to the appraised value of the replaced assets as reflected in the most recent Acceptable Appraisal(s) in respect of any replacement Rig (with such appraised value to include, for this purpose, the value of net cash flows
through any then-existing contracted backlog), (ii) the Administrative Agent and the Required Lenders consent to 

  
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such transaction, (iii) all assets received as consideration for such “asset swap” or acquired with the Net Cash Proceeds therefrom, shall be pledged as Collateral subject to an
Acceptable Security Interest to the extent required by Section 7.14 on the date such transaction is consummated (or such later date as may be reasonably acceptable to the Administrative Agent in its discretion), (iv) no Default has
occurred and is continuing or would result therefrom, (v) the Parent is in Pro Forma Compliance with each Collateral Coverage Ratio Requirement, both before and after giving effect to such “asset swap”, and (vi) the Parent and
any relevant Restricted Subsidiary have complied with the requirements under Section 2.3(b) (in the case of each of clauses (i) through (vi), as demonstrated in a certificate duly executed by a Financial Officer of the
Parent dated as of the date of such transaction and received by the Administrative Agent on or prior to such date); and 

(l) any Asset Disposition of any Property for scrap in the ordinary course of business, (i) that is made for at least fair
market value to a third party on arm’s-length terms and the consideration received is no less than 85% in cash, (ii) that does not cause the consideration for each such transaction or series of related transactions under this clause
(l) to exceed $500,000, and (iii) in respect of which any Net Cash Proceeds and other consideration are pledged as Collateral subject to an Acceptable Security Interest to the extent required by Section 7.14 on or prior to the
date such transaction is consummated (or such later date as may be reasonably acceptable to the Administrative Agent in its discretion). 

Notwithstanding anything to the contrary set forth in this Section 8.5, prior to the RCF Discharge Date, any Asset Disposition
that is permitted under the First Out RCF Credit Agreement (whether pursuant to the terms of the First Out RCF Credit Agreement (and any related documents) or as a result of any determination made thereunder, or by amendment or waiver of the terms
of the First Out RCF Credit Agreement, or otherwise) shall be permitted under this Agreement and the other Loan Documents without any further action required by any party hereto. 

SECTION 8.6 Restricted Payments. Declare or make any Restricted Payments, except: 

(a) (i) any Credit Party may make Restricted Payments to any other Credit Party, and (ii) any Excluded Subsidiary may
make Restricted Payments to the Parent or any other Restricted Subsidiary; 
 (b) at any time after a Permitted Holdco Event
has occurred and for so long as the conditions set forth in the definition of “Permitted Holdco Event” are met, the Parent may make Tax Distributions; 

(c) Restricted Payments made at any time after March 31, 2023, in an amount not to exceed the Discretionary Basket at such
time; provided, that (i) no Default has occurred and is continuing or would result therefrom, (ii) the Parent is in Pro Forma Compliance with each Collateral Coverage Ratio Requirement, both before and after giving effect
thereto, (iii) the Consolidated Total Net Leverage Ratio does not exceed 2.0 to 1.0 on a Pro Forma Basis as of the last day of the most recently ended fiscal quarter after giving effect thereto, and (iv) Liquidity would be greater than or
equal to $150,000,000 on a Pro Forma Basis after giving effect to such Restricted Payment and any concurrent incurrence of Indebtedness (in the case of each of clauses (i) to (iv), as demonstrated in a certificate duly executed by
a Financial Officer of the Parent dated as of the date of such Restricted Payment and received by the Administrative Agent on or prior to such date); and 

  
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 (d) any other Restricted Payment; provided, that (i) no
Default has occurred and is continuing or would result therefrom, (ii) the Parent is in Pro Forma Compliance with each Collateral Coverage Ratio Requirement, both before and after giving effect to such Restricted Payment, (iii) the
Consolidated Total Net Leverage Ratio does not exceed 1.50 to 1.0 on a Pro Forma Basis as of the last day of the most recently ended fiscal quarter after giving effect thereto, and (iv) Liquidity would be greater than or equal to $150,000,000
on a Pro Forma Basis after giving effect to such Restricted Payment and any concurrent incurrence of Indebtedness (in the case of each of clauses (i) to (iv), as demonstrated in a certificate duly executed by a Financial Officer
of the Parent dated as of the date of such Restricted Payment and received by the Administrative Agent on or prior to such date). 
 SECTION
8.7 Transactions with Affiliates. Directly or indirectly enter into any transaction (including without limitation any transaction with the Permitted Holdco), including any purchase, sale, lease or exchange of Property, the rendering of any
service or the payment of any management, advisory or similar fees (including all guaranties and assumptions of obligations thereof), with (a) any officer, director, holder of any Equity Interests in, or other Affiliate of, the Parent, the
Borrower or any of its Subsidiaries or (b) any Affiliate of any such officer, director or holder, other than: 
 (a)
transactions existing on the Closing Date and described on Schedule 8.7; 
 (b) transactions among Credit Parties not
prohibited hereunder; 
 (c) other transactions in the ordinary course of business on terms at least as favorable to the
Credit Parties and their respective Restricted Subsidiaries as would be obtained by it on a comparable arm’s-length transaction with an independent, unrelated third party as determined in good faith by the board of directors (or equivalent
governing body) of the Parent; 
 (d) employment, severance and other similar compensation arrangements (including equity
incentive plans and employee benefit plans and arrangements) with their respective officers, directors, and employees in the ordinary course of business; 

(e) payment of customary fees and reasonable out of pocket costs to, and indemnities for the benefit of, directors, officers
and employees of the Parent, the Borrower and the Parent’s other Restricted Subsidiaries in the ordinary course of business to the extent attributable to the ownership or operation of the Parent and its Restricted Subsidiaries; 

(f) payments or reimbursements to any Restricted Subsidiary of Parent to fund ordinary course operating costs and expenses,
including but not limited to intercompany services, payroll expenses and accrued and unpaid taxes; and 
 (g) Restricted
Payments (including payments to Parent or its direct or indirect parent) permitted by Section 8.6. 
 SECTION 8.8 Accounting
Changes; Organizational Documents; Legal Name. 
 (a) Change its Fiscal Year end or make any material change in its
accounting treatment and reporting practices except as required by GAAP, in each case without prompt written notice thereof to the Administrative Agent. 

(b) Amend, modify or change its Organizational Documents in any manner materially adverse to the rights or interests of the
Lenders or other Term Loan Secured Parties. 

  
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 (c) Amend, modify or change its legal name, type of organization, or
jurisdiction of organization in any manner without (i) prompt written notice thereof to the Administrative Agent and (ii) with respect to the Credit Parties, ensuring that the Collateral Agent has a continuing Acceptable Security Interest
in Collateral owned by such Credit Party notwithstanding such modification or change. 
 SECTION 8.9 Payments and Modifications of Other
Indebtedness. 
 (a) Amend, modify, waive or supplement (or permit the modification, amendment, waiver or supplement of)
any of the terms or provisions of any other Indebtedness (including, without limitation, the First Out RCF Credit Agreement, the Last Out Notes Indenture, and any Last Out Incremental Debt Documents) in any respect which would materially and
adversely affect the rights or interests of the Administrative Agent and Lenders hereunder or would violate any subordination terms thereof or the subordination agreement applicable thereto, including, without limitation, the Intercreditor
Agreement. 
 (b) Prepay, repay, redeem, purchase, defease or acquire for value, in each case, prior to its scheduled
maturity date, any Junior Indebtedness, or make any payment in respect of any Junior Indebtedness, except: 
 (i) with
proceeds of any Permitted Refinancing Indebtedness permitted by Section 8.1 and in compliance with any subordination provisions thereof or the subordination agreement applicable thereto; provided that, (A) no Default has occurred
and is continuing or would result therefrom and (B) the Parent is in Pro Forma Compliance with each Collateral Coverage Ratio Requirement, both before and after giving effect to such prepayment, repayment, redemption, purchase, or defeasance
thereof (as demonstrated in a certificate duly executed by a Financial Officer dated as of the date of such prepayment, repayment, redemption, purchase, or defeasance and received by the Administrative Agent on or prior to such date); 

(ii) payments and prepayments of any Junior Indebtedness made solely with the proceeds of new, concurrent Qualified Equity
Interests issued by or any capital contribution in respect of Qualified Equity Interests of the Parent; provided that (A) no Default has occurred and is continuing or would result therefrom and (B) the Parent is in Pro Forma Compliance
with each Collateral Coverage Ratio Requirement, both before and after giving effect to such prepayment, repayment, redemption, purchase, or defeasance thereof (as demonstrated in a certificate duly executed by a Financial Officer of the Parent
dated as of the date of such prepayment, repayment, redemption, purchase, or defeasance and received by the Administrative Agent on or prior to such date); 

(iii) payments of interest in respect of Junior Indebtedness in the form of payment in kind interest constituting Indebtedness
permitted pursuant to Section 8.1; 
 (iv) the payment in cash of interest, expenses and indemnities in respect
of Junior Indebtedness (other than cash payments of any principal constituting original issue discount or interest paid in kind); provided that no Default has occurred and is continuing or would result therefrom; 

(v) payments and prepayments of any intercompany Indebtedness subordinated to the Obligations pursuant to the Intercompany
Subordination Agreement so long as (A) such payment or prepayment is permitted under the Intercompany Subordination Agreement, and (B) no Default has occurred and is continuing or would result therefrom; 

  
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 (vi) repayments, repurchases, redemptions or defeasances of Junior
Indebtedness at any time after March 31, 2023, in an amount not to exceed the Discretionary Basket at such time; provided, that (A) no Default has occurred and is continuing or would result therefrom and (B) the Parent
is in Pro Forma Compliance with each Collateral Coverage Ratio Requirement, both before and after giving effect to such prepayment, repayment, redemption, purchase, or defeasance thereof, (C) the Consolidated Total Net Leverage Ratio does not
exceed 2.0 to 1.0 on a Pro Forma Basis as of the last day of the most recently ended fiscal quarter after giving effect thereto, and (D) Liquidity would greater than or equal to $150,000,000 on a Pro Forma Basis after giving effect to such
transaction and any concurrent incurrence of Indebtedness (in each case, as demonstrated in a certificate duly executed by a Financial Officer of the Parent dated as of the date of such repayment, repurchase, redemption or defeasance of Junior
Indebtedness and received by the Administrative Agent on or prior to such date); 
 (vii) any other repayment, repurchase,
redemption or defeasance of Junior Indebtedness; provided, that (A) no Default has occurred and is continuing or would result therefrom and (B) the Parent is in Pro Forma Compliance with each Collateral Coverage Ratio
Requirement, both before and after giving effect to such prepayment, repayment, redemption, purchase, or defeasance thereof, (C) the Consolidated Total Net Leverage Ratio does not exceed 1.50 to 1.0 on a Pro Forma Basis as of the last day of
the most recently ended fiscal quarter after giving effect thereto, and (D) Liquidity would be greater than or equal to $150,000,000 on a Pro Forma Basis after giving effect to such transaction and any concurrent incurrence of Indebtedness (in
each case, as demonstrated in a certificate duly executed by a Financial Officer of the Parent dated as of the date of such repayment, repurchase, redemption or defeasance of Junior Indebtedness and received by the Administrative Agent on or prior
to such date); and 
 (viii) payments as part of an “applicable high yield discount obligation” catchup payment
made pursuant to the Code and in a manner consistent with Section 2.6; 
 in each case, except to the extent prohibited by the
subordination terms thereof or the subordination agreement applicable thereto, including, without limitation, the Intercreditor Agreement and the Intercompany Subordination Agreement. 

(c) Make or permit to occur any Other Last Out Debt Payment, unless the Borrower, the Parent, or the applicable Restricted
Subsidiary thereof has complied with Section 2.3(b)(ii). 
 SECTION 8.10 No Further Negative Pledges; Restrictive
Agreements. 
 (a) Enter into, assume or be subject to any agreement prohibiting or otherwise restricting the creation or
assumption of any Lien upon its properties or assets, whether now owned or hereafter acquired, or requiring the grant of any security for such obligation if security is given for some other obligation, except (i) pursuant to this Agreement and
the other Loan Documents, (ii) pursuant to the First Out RCF Loan Documents, the Last Out Notes Indenture, and the Last Out Incremental Debt Documents, (iii) pursuant to any document or instrument governing Indebtedness incurred pursuant
to Section 8.1(e) (provided that any such restriction contained therein relates only to the asset or assets financed thereby), (iv) customary restrictions contained in the Organizational Documents of any Excluded Subsidiary
as of the Closing Date or, in the case of a Subsidiary 

  
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acquired after the Closing Date, any such restrictions in effect immediately prior to such acquisition and not created in contemplation thereof and (v) customary restrictions in connection
with any Permitted Lien or any document or instrument governing any Permitted Lien (provided that any such restriction contained therein relates only to the asset or assets subject to such Permitted Lien); provided, in each case under this
clause (a), that no such prohibition or restriction shall prohibit a Lien on the Collateral securing the Secured Obligations. 

(b) Create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction on the ability
of any Credit Party or any Restricted Subsidiary thereof to (i) pay dividends or make any other distributions to any Credit Party or any Restricted Subsidiary on its Equity Interests or with respect to any other interest or participation in, or
measured by, its profits, (ii) pay any Indebtedness or other obligation owed to any Credit Party or (iii) make loans or advances to any Credit Party, except in each case for such encumbrances or restrictions existing under or by reason of
(A) this Agreement and the other Loan Documents, (B) the First Out RCF Loan Documents, the Last Out Notes Indenture, and the Last Out Incremental Debt Documents, and (C) Applicable Law. 

(c) Create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction on the ability
of any Credit Party or any Restricted Subsidiary thereof to (i) sell, lease or transfer any of its properties or assets to any Credit Party or (ii) act as a Credit Party pursuant to the Loan Documents or any renewals, refinancings,
exchanges, refundings or extension thereof, except in each case for such encumbrances or restrictions existing under or by reason of (A) this Agreement and the other Loan Documents, (B) the First Out RCF Loan Documents, the Last Out Notes
Indenture, and the Last Out Incremental Debt Documents, (C) Applicable Law, (D) any document or instrument governing Indebtedness incurred pursuant to Section 8.1(e) (provided that any such restriction contained therein
relates only to the asset or assets acquired in connection therewith), (E) any Permitted Lien or any document or instrument governing any Permitted Lien (provided that any such restriction contained therein relates only to the asset or
assets subject to such Permitted Lien), (F) obligations that are binding on a Restricted Subsidiary at the time such Restricted Subsidiary first becomes a Restricted Subsidiary of the Parent, so long as such obligations are not entered into in
contemplation of such Person becoming a Restricted Subsidiary, (G) customary restrictions contained in an agreement related to the sale of Property (to the extent such sale is permitted pursuant to Section 8.5) that limit the
transfer of such Property pending the consummation of such sale, (H) customary restrictions in leases, subleases, licenses and sublicenses or asset sale agreements otherwise permitted by this Agreement so long as such restrictions relate only
to the assets subject thereto, and (I) customary provisions restricting assignment of any agreement entered into in the ordinary course of business. 

SECTION 8.11 Nature of Business. Engage in any business other than the businesses conducted by the Parent, the Borrower and its
Restricted Subsidiaries as of the Closing Date and businesses and business activities reasonably related or ancillary thereto. 
 SECTION
8.12 Amendments of Other Documents. Amend, modify, waive or supplement (or permit modification, amendment, waiver or supplement of) any of the terms or provisions of any Material Contract, which would materially and adversely affect the
rights or interests of the Administrative Agent and the Lenders hereunder, taken as a whole, in each case, without the prior written consent of the Administrative Agent. 

SECTION 8.13 Sale Leasebacks. Except as permitted by Section 8.1(e) or Section 8.1(m), directly or indirectly
become or remain liable as lessee or as guarantor or other surety with respect to any lease, whether an operating lease, a finance lease or a capital lease, of any Property (whether real, personal or mixed), whether now owned or hereafter acquired,
which any Credit Party or any Restricted Subsidiary thereof has sold or transferred or is to sell or transfer to a Person which is not another Credit Party or Restricted Subsidiary of a Credit Party. 

  
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 SECTION 8.14 Use of Proceeds. Use the proceeds of the Extensions of Credit for any
purpose not permitted under Section 7.16. 
 SECTION 8.15 [Reserved.] 

SECTION 8.16 Accounts. Open, establish, or otherwise permit to exist, or deposit, credit, or transfer any cash or Cash Equivalents,
securities, financial assets, or any other property into, any deposit account, securities account, or commodity account other than an account that subject to the Agreed Security Principles and Section 7.2(b), is (a) either
(i) subject to an Acceptable Security Interest in accordance with Agreed Security Principles or (ii) an Excluded Account, and (b) listed on a Schedule 6.27 hereto (as such Schedule may be updated by the Credit Parties from time
to time in accordance with this Agreement); provided, that, at any time prior to the RCF Discharge Date, the Parent and its Restricted Subsidiaries shall not be required to cause an account to be subject to an Acceptable Security Interest pursuant
to this Section 7.19 unless and until the Parent or such Restricted Subsidiary is required to cause such account to be subject to a Lien to secure the First Out RCF Obligations pursuant to the terms of the First Out RCF Credit Agreement
(whether pursuant to the terms of the First Out RCF Credit Agreement (and any related documents) or as a result of any determination made thereunder, or by amendment or waiver of the terms of the First Out RCF Credit Agreement, or otherwise). 

SECTION 8.17 Change of Ownership or Operator of any Rig; Change of Registered Flag Registry of Rigs. 

(a) Change, or permit any change to, the direct owner or operator of any Rig, except: 

(i) from a Subsidiary Guarantor to another Subsidiary Guarantor with reasonable prior notice to the Administrative Agent and
Collateral Agent, so long as, amendments, supplements, or other modifications to the Security Documents in form and substance reasonably satisfactory to the Administrative Agent and Collateral Agent in order to maintain a continuing, uninterrupted
Acceptable Security Interest in such Rig and all contracts, equipment, and other assets incidental or otherwise related thereto in compliance with Section 7.14 (or if the existing Lien in the Rigs and other assets being transferred
cannot be assumed or continued following the proposed transfer, new Security Documents to create an Acceptable Security Interest in such Rig and all contracts, equipment, and other assets incidental or otherwise related thereto in compliance with
Section 7.14) are delivered to the Administrative Agent and Collateral Agent prior to or substantially simultaneously with the consummation of such change (or, with the approval of the Administrative Agent and Collateral Agent, each in
its reasonable discretion, as soon as practicable thereafter under Applicable Law); or 
 (ii) in connection with any Asset
Disposition permitted pursuant to Section 8.5. 
 (b) Change, or permit any change to, the registered flag
jurisdiction of any Rig, except any change of registered flag jurisdiction of any Rig, with reasonable prior notice to the Administrative Agent and the Collateral Agent, to the Marshall Islands, the United States, or any other jurisdiction approved
by the Administrative Agent and Collateral Agent (such approval not to be unreasonably withheld, conditioned, or delayed), so long as amendments, supplements, or 

  
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other modifications to the Security Documents in form and substance reasonably satisfactory to the Administrative Agent and Collateral Agent in order to maintain a continuing, uninterrupted
Acceptable Security Interest in such Rig and all contracts, equipment, and other assets incidental or otherwise related thereto in compliance with Section 7.14 (or if the existing Lien in such Rig and other assets cannot be assumed or
continued following the proposed transfer, new Security Documents to create an Acceptable Security Interest in such Rig and all contracts, equipment, and other assets incidental or otherwise related thereto, in compliance with
Section 7.14) delivered to the Administrative Agent and Collateral Agent prior to or substantially simultaneously with the consummation of such change (or, with the approval of the Administrative Agent and Collateral Agent, each in its
reasonable discretion, as soon as practicable thereafter under Applicable Law). 
 SECTION 8.18 Designation and Redesignation of
Restricted and Unrestricted Subsidiaries; Indebtedness of Unrestricted Subsidiaries. Unless designated as an Unrestricted Subsidiary on Schedule 6.2 as of the Closing Date or designated as such thereafter in accordance with clause
(a) below, permit any Person that is or becomes a Subsidiary of the Parent or any of its Restricted Subsidiaries to be an Unrestricted Subsidiary; provided that: 

(a) the Parent may designate by written notice to the Administrative Agent, any Subsidiary (other than a Rig Subsidiary or any
Subsidiary of the Parent that directly or indirectly owns Equity Interests in a Rig Subsidiary or other Credit Party), including a newly formed or newly acquired Subsidiary, as an Unrestricted Subsidiary; provided that (i) such designation
shall be deemed to be an Investment on the date of such designation in an amount equal to the fair market value of the Parent’s direct or indirect Investment therein on such date and such designation shall be permitted only to the extent such
Investment is permitted under Section 8.3 on the date of such designation, (ii) no Default exists prior to, or would result from, such designation, and (iii) such Subsidiary is not a “restricted subsidiary” or a
borrower, issuer, or guarantor of the First Out RCF Loans and L/C Obligations, Last Out Notes, and/or Last Out Incremental Debt (if any); 

(b) any such designation of a Restricted Subsidiary as an Unrestricted Subsidiary shall be deemed to be an Asset Disposition,
which shall be limited by Section 8.5; 
 (c) the Parent may re-designate, by written notice to the
Administrative Agent, any Unrestricted Subsidiary as a Restricted Subsidiary (a “Subsidiary Redesignation”); provided that (i) such re-designation is deemed to be the incurrence at such time of any Investments, Indebtedness,
and Liens of such Subsidiary existing at such time, (ii) such Investments, Indebtedness, and Liens would be permitted to be made or incurred at the time of such redesignation under each of Section 8.1, Section 8.2, and
Section 8.3, (iii) and each such Subsidiary shall comply with the requirements of this Agreement, including, without limitation, Section 7.14, and (iv) no Default exists or would result from such Subsidiary
Redesignation; and 
 (d) no Unrestricted Subsidiary shall (i) have any Indebtedness other than Indebtedness that is
non-recourse to the Parent and its Restricted Subsidiaries, or (ii) hold any Equity Interest in, or any Indebtedness of, any Restricted Subsidiary. 

  
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 ARTICLE IX 

DEFAULT AND REMEDIES 
 SECTION 9.1
Events of Default. Each of the following shall constitute an Event of Default: 
 (a) Default in Payment of
Principal of Loans. The Borrower or any other Credit Party shall default in any payment of principal of any Loan when and as due (whether at maturity, by reason of acceleration or otherwise). 

(b) Other Payment Default. The Borrower or any other Credit Party shall default in the payment when and as due (whether
at maturity, by reason of acceleration or otherwise) of interest on any Loan or the payment of any other Obligation, and such default shall continue for a period of three (3) Business Days. 

(c) Misrepresentation. Any representation, warranty, certification or statement of fact made or deemed made by or on
behalf of any Credit Party or any Restricted Subsidiary thereof in this Agreement, in any other Loan Document, or in any certificate, report, or other document delivered in connection herewith or therewith that is subject to materiality or Material
Adverse Effect qualifications, shall be incorrect or misleading in any respect when made or deemed made or any representation, warranty, certification or statement of fact made or deemed made by or on behalf of any Credit Party or any Restricted
Subsidiary thereof in this Agreement, in any other Loan Document, or in any certificate, report, or other document delivered in connection herewith or therewith that is not subject to materiality or Material Adverse Effect qualifications, shall be
incorrect or misleading in any material respect when made or deemed made. 
 (d) Default in Performance of Certain
Covenants. Any Credit Party or any Restricted Subsidiary thereof shall default in the performance or observance of any covenant or agreement contained in Sections 7.1, 7.2, 7.3, 7.4, 7.14, 7.16,
7.17, 7.18, 7.19, 7.20, or 7.21 or Article VIII. 
 (e) Default in Performance
of Other Covenants and Conditions. Any Credit Party or any Restricted Subsidiary thereof shall default in the performance or observance of any term, covenant, condition or agreement contained in this Agreement (other than as specifically
otherwise provided for in this Section 9.1) or any other Loan Document and such default shall continue for a period of thirty (30) days after the earlier of (i) the Administrative Agent’s delivery of written notice thereof
to the Borrower and (ii) a Responsible Officer of any Credit Party having obtained knowledge thereof. 
 (f)
Indebtedness Cross-Default. Any Credit Party or any Restricted Subsidiary thereof shall (i) default in the payment of (x) any Material Indebtedness (other than the Loans) or (y) any Hedge Agreement, the Hedge Termination Value
of which is in excess of the Threshold Amount, in each case beyond the period of grace if any, provided in the instrument or agreement under which such Indebtedness was created, or (ii) default in the observance or performance of any other
agreement or condition relating to (x) any Material Indebtedness (other than the Loans) or (y) any Hedge Agreement, the Hedge Termination Value of which is in excess of the Threshold Amount, in each case or contained in any instrument or
agreement evidencing, securing or relating thereto or any other event shall occur or condition exist, the effect of which default or other event or condition is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent
on behalf of such holder or holders) to cause, with the giving of notice and/or lapse of time, if required, any such Indebtedness to (A) become due, or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer
to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity (any applicable grace period having expired) other than a usual and customary asset sale tender offer, or (B) be cash collateralized. 

  
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 (g) Change in Control. Any Change in Control shall occur. 

(h) Voluntary Bankruptcy Proceeding. Any Credit Party or any Significant Subsidiary thereof shall (i) commence a
voluntary case under any Debtor Relief Laws, (ii) file a petition seeking to take advantage of any Debtor Relief Laws, (iii) consent to or fail to contest in a timely and appropriate manner any petition filed against it in an involuntary
case under any Debtor Relief Laws, (iv) apply for or consent to, or fail to contest in a timely and appropriate manner, the appointment of, or the taking of possession by, a receiver, custodian, trustee, or liquidator (or analogous officer) of
itself or of a substantial part of its Property, domestic or foreign, (v) file an answer admitting the material allegations of a petition filed against it in any such proceeding described in clauses (iii) and (iv),
(vi) become unable, admit in writing its inability, or fail generally, to pay its debts as they become due, (vii) make a general assignment for the benefit of creditors, or (viii) take any action in furtherance of or for the purpose
of effecting any of the foregoing. 
 (i) Involuntary Bankruptcy Proceeding. A case or other proceeding shall be
commenced against any Credit Party or any Significant Subsidiary thereof in any court of competent jurisdiction seeking (i) relief under any Debtor Relief Laws, or (ii) the appointment of a trustee, receiver, custodian, liquidator or the
like for any Credit Party or any Significant Subsidiary thereof or for all or any substantial part of its assets, domestic or foreign, and such case or proceeding shall continue without dismissal or stay for a period of sixty (60) consecutive
days, or an order granting the relief requested in such case or proceeding under such Debtor Relief Laws shall be entered. 

(j) Failure of Agreements or Security Interest. Any provision of this Agreement or any provision of any other Loan
Document shall for any reason cease to be in full force and effect and valid, enforceable, and binding on any Credit Party or any Restricted Subsidiary thereof party thereto or any such Person shall so state in writing, or any Loan Document shall
for any reason cease to create a valid and perfected first priority Lien (subject to Specified Permitted Liens) on, or security interest in, any of the Collateral (or any material portion of the Collateral) purported to be covered thereby or any
Credit Party or any Restricted Subsidiary shall so state in writing, in each case other than in accordance with the express terms hereof or thereof. 

(k) ERISA Events. The occurrence of any of the following events: (i) any Credit Party or any ERISA Affiliate fails
to make full payment when due of all amounts which, under the provisions of any Pension Plan or Sections 412 or 430 of the Code, any Credit Party or any ERISA Affiliate is required to pay as contributions thereto and such non-payment would
reasonably be expected to result in a Material Adverse Effect, or (ii) a Termination Event. 
 (l) Judgment. One
or more judgments, orders or decrees not covered by undisputed insurance (subject to customary deductible) shall be entered against any Credit Party or any Significant Subsidiary thereof by any court and continues without having been discharged,
vacated or stayed for a period of thirty (30) consecutive days (or sixty (60) consecutive days with respect to any judgment rendered outside of the United States) after the entry thereof and such judgments, orders or decrees (i) in
the case of the payment of money, are individually or in the aggregate (to the extent not paid or covered by insurance as to which the relevant insurance company has acknowledged the claim and has not disputed coverage), in excess of the Threshold
Amount or (ii) in the case of injunctive or other non-monetary relief, would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, or any action shall be legally taken by a judgment creditor to attach or
levy upon any Property of a Credit Party or any Restricted Subsidiary to enforce such judgment. 

  
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 (m) Permitted Holdco Limitation. After a Permitted Holdco Event has
occurred and for so long as the conditions set forth in the definition of Permitted Holdco Event are met, (i) the Permitted Holdco, the Parent, or any other related party shall fail to comply with the terms of the Permitted Holdco Undertaking
or (ii) the Permitted Holdco Undertaking shall cease to be in full force and effect for any reason. 
 (n) PCbtH
Service Contract or BOP Lease Agreement Cross-Default. Any Credit Party or any Restricted Subsidiary thereof shall default in any material respect in the observance or performance of any other agreement or condition relating to the PCbtH Service
Contract or BOP Lease Agreement, or any other event shall occur or condition exist in relation to the PCbtH Service Contract or BOP Lease Agreement, if such default or other event or condition could reasonably be expected to result in a Material
Adverse Effect, individually or in the aggregate for all such defaults, events, or conditions. 
 SECTION 9.2 Remedies. Upon the
occurrence and during the continuance of an Event of Default, with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrower: 

(a) Acceleration; Termination of Credit Facility. Terminate the Credit Facility and declare the principal of and
interest on the Loans at the time outstanding, and all other amounts owed to the Lenders and to the Administrative Agent under this Agreement or any of the other Loan Documents and all other Term Loan Secured Obligations, to be forthwith due and
payable, whereupon the same shall immediately become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived by each Credit Party, anything in this Agreement or the other Loan Documents to
the contrary notwithstanding, and terminate the Credit Facility and any right of the Borrower to request borrowings thereunder; provided, that upon the occurrence of an Event of Default specified in Section 9.1(h) or (i),
the Credit Facility shall be automatically terminated and all Term Loan Secured Obligations shall automatically become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived by each Credit
Party, anything in this Agreement or in any other Loan Document to the contrary notwithstanding. 
 (b) [Reserved.] 

(c) General Remedies. Exercise on behalf of the Secured Parties all of its other rights and remedies under this
Agreement, the other Loan Documents and Applicable Law, in order to satisfy all of the Secured Obligations. 
 SECTION 9.3 Rights and
Remedies Cumulative; Non-Waiver; etc. 
 (a) The enumeration of the rights and remedies of the Administrative Agent, the
Collateral Agent, and the Lenders set forth in this Agreement is not intended to be exhaustive and the exercise by the Administrative Agent, the Collateral Agent, and the Lenders of any right or remedy shall not preclude the exercise of any other
rights or remedies, all of which shall be cumulative, and shall be in addition to any other right or remedy given hereunder or under the other Loan Documents or that may now or hereafter exist at law or in equity or by suit or otherwise. No delay or
failure to take action on the part of the Administrative Agent, the Collateral Agent, or any Lender in exercising any right, power or privilege shall operate as a waiver thereof, nor shall any 

  
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single or partial exercise of any such right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege or shall be construed to be
a waiver of any Event of Default. No course of dealing between the Borrower, the Administrative Agent, the Collateral Agent, and the Lenders or their respective agents or employees shall be effective to change, modify or discharge any provision of
this Agreement or any of the other Loan Documents or to constitute a waiver of any Event of Default. 
 (b) Notwithstanding
anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Credit Parties or any of them shall be vested exclusively in, and all
actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with Section 9.2 and Section 10.1(a) and the Collateral Agent in
accordance with Section 10.1(b) for the benefit of all the Lenders; provided that the foregoing shall not prohibit (i) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its
benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (ii) any Lender from exercising setoff rights in accordance with Section 11.4 (subject to the terms of Section 4.6),
or (iii) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Credit Party under any Debtor Relief Law; and provided, further, that if at
any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (A) the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to Section 9.2 and
(B) in addition to the matters set forth in clauses (ii) and (iii) of the preceding proviso and subject to Section 9.6, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to
it and as authorized by the Required Lenders. 
 SECTION 9.4 Crediting of Payments and Proceeds. In the event that the Term Loan
Secured Obligations have been accelerated pursuant to Section 9.2 or the Administrative Agent, the Collateral Agent, or any Lender has exercised any remedy set forth in this Agreement or any other Loan Document, all payments received on
account of the Term Loan Secured Obligations and all net proceeds from the enforcement of the Term Loan Secured Obligations shall, subject to the provisions of Sections 4.13 and 4.14, be applied by the Administrative Agent as follows:

 First, to payment of that portion of the Term Loan Secured Obligations constituting fees, indemnities, expenses and other amounts,
including attorney fees, payable to the Administrative Agent and/or the Collateral Agent in such Person’s capacity as such; 

Second, to payment of that portion of the Term Loan Secured Obligations constituting fees, indemnities and other amounts (other than
principal and interest) payable to the Lenders under the Loan Documents, including attorney fees, ratably among the Lenders in proportion to the respective amounts described in this clause Second payable to them; 

Third, to payment of that portion of the Term Loan Secured Obligations constituting accrued and unpaid interest on the Loans, ratably
among the Lenders in proportion to the respective amounts described in this clause Third payable to them; 
 Fourth, to
payment of that portion of the Term Loan Secured Obligations constituting unpaid principal of the Loans then owing, ratably among the holders of such obligations in proportion to the respective amounts described in this clause Fourth payable
to them; and 

  
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 Last, the balance, if any, after all of the Term Loan Secured Obligations have been
paid in full, to the Borrower or as otherwise required by Applicable Law. 
 SECTION 9.5 Administrative Agent and Collateral Agent May
File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Credit Party, each of the Administrative Agent and Collateral Agent (irrespective of whether the
principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on any Credit Party) shall be entitled and empowered (but not
obligated) by intervention in such proceeding or otherwise: 
 (a) to file and prove a claim for the whole amount of the
principal and interest owing and unpaid in respect of the Loans and all other Term Loan Secured Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the
Collateral Agent, and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the Collateral Agent and the Administrative Agent and their respective agents and counsel and
all other amounts due the Lenders, the Collateral Agent and the Administrative Agent under Sections 4.3 and 11.3) allowed in such judicial proceeding; and 

(b) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized
by each Lender, and the Collateral Agent to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders, and the Collateral Agent, to pay to the
Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 4.3 and
11.3. 
 SECTION 9.6 Credit Bidding. 

(a) The Administrative Agent, on behalf of itself, the Collateral Agent, and the Term Loan Secured Parties, shall have the
right, exercisable at the direction of the Required Lenders, to credit bid and purchase for the benefit of the Administrative Agent and the Term Loan Secured Parties all or any portion of Collateral at any sale thereof conducted by the
Administrative Agent under the provisions of the UCC, including pursuant to Sections 9-610 or 9-620 of the UCC, at any sale thereof conducted under the provisions of the Bankruptcy Code, including Section 363 thereof, or a sale under a plan of
reorganization, or at any other sale or foreclosure conducted by the Administrative Agent (whether by judicial action or otherwise) in accordance with Applicable Law. Such credit bid or purchase may be completed through one or more acquisition
vehicles formed by the Administrative Agent to make such credit bid or purchase and, in connection therewith, the Administrative Agent is authorized, on behalf of itself and the other Term Loan Secured Parties, to adopt documents providing for the
governance of the acquisition vehicle or vehicles, and assign the applicable Term Loan Secured Obligations to any such acquisition vehicle in exchange for Equity Interests and/or debt issued by the applicable acquisition vehicle (which shall be
deemed to be held for the ratable account of the applicable Term Loan Secured Parties on the basis of the Term Loan Secured Obligations so assigned by each Term Loan Secured Party); provided that any actions by the Administrative Agent with
respect to such acquisition vehicle or vehicles, including any disposition of the assets or Equity Interests thereof, shall be governed, directly or indirectly, by the vote of the Required Lenders, irrespective of the termination of this Agreement
and without giving effect to the limitations on actions by the Required Lenders contained in Section 11.2. 

  
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 (b) Each Lender hereby agrees, on behalf of itself and each of its
Affiliates that is a Term Loan Secured Party, that, except as otherwise provided in any Loan Document or with the written consent of the Administrative Agent and the Required Lenders, it will not take any enforcement action, accelerate obligations
under any of the Loan Documents, or exercise any right that it might otherwise have under Applicable Law to credit bid at foreclosure sales, UCC sales or other similar dispositions of Collateral. By accepting the benefit of the Liens granted
pursuant to the Security Documents, each Term Loan Secured Party that is not a party to this Agreement shall agree to the terms of this Section 9.6. 

ARTICLE X 
 THE ADMINISTRATIVE
AGENT 
 SECTION 10.1 Appointment and Authority. 

(a) Each of the Lenders hereby irrevocably appoints, designates, and authorizes Wells Fargo to act on its behalf as the
Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof,
together with such actions and powers as are reasonably incidental thereto (including, for the avoidance of doubt, to enter into the Intercreditor Agreement and any other collateral agency agreements with the Collateral Agent). Each of the Lenders
hereby irrevocably appoints, designates, and authorizes Wells Fargo to act on its behalf as the Collateral Agent hereunder and under the other Loan Documents and authorizes the Collateral Agent to take such actions on its behalf and to exercise such
powers as are delegated to the Collateral Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article (other than Section 10.6) are solely for the benefit of
the Administrative Agent, the Collateral Agent, the Arrangers, the Lenders, and their respective Related Parties, and neither the Parent nor any Restricted Subsidiary thereof shall have rights as a third-party beneficiary of any of such provisions.

 (b) The Collateral Agent shall act as the “collateral agent” under the Loan Documents, and each of the Lenders
hereby irrevocably appoints and authorizes the Collateral Agent to act as the agent of such Lender for purposes of acquiring, holding, and enforcing any and all Liens on Collateral granted by any of the Credit Parties to secure any of the Term Loan
Secured Obligations, together with such powers and discretion as are reasonably incidental thereto (including without limitation, to enter into additional Loan Documents or supplements to existing Loan Documents and the Intercreditor Agreement on
behalf of the Secured Parties) and to take such actions on its behalf and to exercise powers as are delegated to the Collateral Agent by the terms hereof or thereof. In this connection, the Collateral Agent and any co-agents, sub-agents, and
attorneys-in-fact appointed by the Collateral Agent pursuant to this Article X for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Security Documents, or for exercising any rights and
remedies thereunder at the direction of the Administrative Agent, shall be entitled to the benefits of all provisions of this Article and Article XI (including Section 11.3, as though such co-agents, sub-agents, and
attorneys-in-fact were the “collateral agent” under the Loan Documents) as if set forth in full herein with respect thereto. 

  
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 (c) It is understood and agreed that the use of the term “agent”
herein or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent or the Collateral Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of
any Applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties. 

SECTION 10.2 Rights as a Lender. The Person serving as the Administrative Agent or the Collateral Agent hereunder shall have the same
rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent or the Collateral Agent and the term “Lender” or “Lenders” shall, unless otherwise
expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent or the Collateral Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money
to, own securities of, act as the financial advisor or in any other advisory capacity for, and generally engage in any kind of banking, trust, financial advisory, underwriting, capital markets, or other business with the Borrower or any Restricted
Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent or the Collateral Agent hereunder and without any duty to account therefor to the Lenders or to provide notice to or consent of the Lenders with respect
thereto. 
 SECTION 10.3 Exculpatory Provisions. 

(a) The Administrative Agent, the Collateral Agent, the Arrangers, and their respective Related Parties shall not have any
duties or obligations except those expressly set forth herein and in the other Loan Documents, and its duties hereunder and thereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Administrative Agent, the
Collateral Agent, the Arrangers, and their respective Related Parties: 
 (i) shall not be subject to any agency, trust,
fiduciary, or other implied duties, regardless of whether a Default has occurred and is continuing; 
 (ii) shall not have
any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent and/or the Collateral Agent is required
to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents); provided that neither the Administrative Agent nor the
Collateral Agent shall be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent or the Collateral Agent, as applicable, to liability or that is contrary to any Loan Document or Applicable
Law, including, for the avoidance of doubt, any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification, or termination of Property of a Defaulting Lender in violation of any
Debtor Relief Law; 
 (iii) shall not, have any duty to disclose, and shall not be liable for the failure to disclose to any
Lender or any other Person, any credit or other information relating concerning the business, prospects, operations, Properties, assets, financial or other condition, or creditworthiness of the Parent, the Borrower, or any of their respective
Subsidiaries or Affiliates that is communicated to, obtained by, or otherwise in the possession of the Person serving as the Administrative Agent, the Collateral Agent, the Arrangers, or their respective Related Parties in any capacity, except for
notices, reports, and other documents that are required to be furnished by the Administrative Agent to the Lenders pursuant to the express provisions of this Agreement; and 

  
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 (iv) shall not be required to account to any Lender for any sum or profit
received by the Administrative Agent for its own account. 
 (b) The Administrative Agent, the Collateral Agent, the
Arrangers, and their respective Related Parties shall not be liable for any action taken or not taken by it under or in connection with this Agreement or any other Loan Document or the Transactions contemplated hereby or thereby (i) with the
consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent or Collateral Agent shall believe in good faith shall be necessary, under the circumstances as
provided in Section 11.2 and Section 9.2) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final non-appealable judgment. Neither the
Collateral Agent nor the Administrative Agent shall be deemed to have knowledge of any Default unless and until notice describing such Default and indicating that such notice is a “Notice of Default” is given to the Administrative Agent or
the Collateral Agent by the Parent, any other Credit Party, or a Lender. 
 (c) The Administrative Agent, the Collateral
Agent, the Arrangers, and their respective Related Parties shall not be responsible for or have any duty or obligations to any Lender or Participant or any other Person to ascertain or inquire into (i) any statement, warranty, or representation
made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report, or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or
observance of any of the covenants, agreements, or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness, or genuineness of this Agreement, any other Loan
Document, or any other agreement, instrument, or document, or the creation, perfection, or priority of any Lien purported to be created by the Security Documents, (v) the value or the sufficiency of any Collateral, (vi) the satisfaction of
any condition set forth in Article V or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent, or (vii) compliance by Affiliated Lenders with the terms hereof relating to
Affiliated Lenders. 
 (d) The Administrative Agent shall not be responsible or have any liability for, or have any duty to
ascertain, inquire into, monitor, or enforce, compliance with the provisions hereof relating to Disqualified Institutions. Without limiting the generality of the foregoing, the Administrative Agent shall not (i) be obligated to ascertain,
monitor, or inquire as to whether any Lender or Participant or prospective Lender or Participant is a Disqualified Institution or (ii) have any liability with respect to or arising out of any assignment or participation of Loans, or disclosure
of confidential information, to any Disqualified Institution. 
 SECTION 10.4 Reliance by the Administrative Agent and Collateral
Agent. The Administrative Agent and the Collateral Agent shall be entitled to rely upon, shall be fully protected in relying, and shall not incur any liability for relying upon, any notice, request, certificate, consent, communication,
statement, instrument, document, or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper
Person, including any certification pursuant to Section 10.9. The Administrative Agent and the Collateral Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person,
and shall be fully protected in relying and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan that by its terms must be fulfilled to the satisfaction of a Lender, the

  
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Administrative Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the making
of such Loan. The Administrative Agent and Collateral Agent may consult with legal counsel (who may be counsel for the Parent or any of its Subsidiaries), independent accountants, and other experts selected by it, and shall not be liable for any
action taken or not taken by it in accordance with the advice of any such counsel, accountants, or experts. Each Lender that has signed this Agreement or a signature page to an Assignment and Assumption or an Affiliated Lender Assignment and
Assumption, as applicable, or any other Loan Document pursuant to which it is to become a Lender hereunder shall be deemed to have consented to, approved, and accepted and shall deemed satisfied with each document or other matter required thereunder
to be consented to, approved, or accepted by such Lender or that is to be acceptable or satisfactory to such Lender. 
 SECTION 10.5
Delegation of Duties. The Administrative Agent and the Collateral Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by
the Administrative Agent or the Collateral Agent, as applicable. The Administrative Agent and the Collateral Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related
Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and the Collateral Agent, and any such sub-agent, and shall apply to their respective activities in
connection with the syndication of the Credit Facility as well as activities as Administrative Agent or Collateral Agent. The Administrative Agent and the Collateral Agent shall not be responsible for the negligence or misconduct of any sub-agents
except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment that the Administrative Agent or Collateral Agent, as applicable, acted with gross negligence or willful misconduct in the selection of
such sub-agents. 
 SECTION 10.6 Resignation of Administrative Agent. 

(a) The Administrative Agent may at any time give notice of its resignation to the Lenders and the Borrower. Upon receipt of
any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower, and subject to the consent of the Borrower (which consent is not required if an Event of Default has occurred and is continuing and which
consent shall not be unreasonably withheld or delayed), to appoint a successor, which shall be a bank or financial institution reasonably experienced in serving as administrative agent on syndicated bank facilities with an office in the United
States, or an Affiliate of any such bank or financial institution with an office in the United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days
after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall not
be obligated to), on behalf of the Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above; provided that in no event shall any such successor Administrative Agent be a Defaulting Lender, an Affiliated
Lender, or a Disqualified Institution. Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date. 

(b) If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition
thereof, the Required Lenders may, to the extent permitted by Applicable Law, by notice in writing to the Borrower and such Person, remove such Person as Administrative Agent and, in consultation with the Borrower, and subject to the consent of the
Borrower (which consent is not required if an Event of Default has occurred and is continuing and which consent shall not be unreasonably withheld or delayed), appoint a successor. If no such successor shall have been so appointed by the Required
Lenders and shall have accepted such appointment within thirty (30) days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in
accordance with such notice on the Removal Effective Date. 

  
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 (c) With effect from the Resignation Effective Date or the Removal Effective
Date (as applicable), (i) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents and (ii) except for any indemnity payments or other amounts then owed
to the retiring or removed Administrative Agent, all payments, communications, and determinations provided to be made by, to, or through the Administrative Agent shall instead be made by or to each Lender directly, until such time, if any, as the
Required Lenders appoint a successor Administrative Agent as provided for above. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights,
powers, privileges, and duties of the retiring or removed Administrative Agent (other than any rights to indemnity payments or other amounts owed to the retiring or removed Administrative Agent as of the Resignation Effective Date or the Removal
Effective Date, as applicable) and the retiring or removed Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents. The fees payable by the Borrower to a successor Administrative
Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring or removed Administrative Agent’s resignation or removal hereunder and under the other Loan
Documents, the provisions of this Article and Section 11.3 shall continue in effect for the benefit of such retiring or removed Administrative Agent, its sub-agents, and their respective Related Parties in respect of any actions taken or
omitted to be taken by any of them while the retiring or removed Administrative Agent was acting as Administrative Agent or relating to its duties as Administrative Agent that are carried out following its retirement or removal, including, without
limitation, any actions taken in connection with the transfer of agency to a replacement or successor Administrative Agent. 
 SECTION 10.7
Non-Reliance on Administrative Agent, Collateral Agent and Other Lenders. Each Lender expressly acknowledges that none of the Administrative Agent, the Collateral Agent, any Arranger, or any of their respective Related Parties has made any
representations or warranties to it and that no act taken or failure to act by the Administrative Agent, the Collateral Agent, any Arranger, or any of their respective Related Parties, including any consent to, and acceptance of any assignment or
review of the affairs of the Parent, the Borrower, and their Restricted Subsidiaries or Affiliates shall be deemed to constitute a representation or warranty of the Administrative Agent, the Collateral Agent, any Arranger, or any of their respective
Related Parties to any Lender or any other Secured Party as to any matter, including whether the Administrative Agent, the Collateral Agent, any Arranger, or any of their respective Related Parties have disclosed material information in their (or
their respective Related Parties’) possession. Each Lender expressly acknowledges, represents, and warrants to the Administrative Agent, the Collateral Agent, and each Arranger that (a) the Loan Documents set forth the terms of a
commercial lending facility, (b) it is engaged in making, acquiring, purchasing, or holding commercial loans in the ordinary course and is entering into this Agreement and the other Loan Documents to which it is a party as a Lender for the
purpose of making, acquiring, purchasing, and/or holding the commercial loans set forth herein as may be applicable to it, and not for the purpose of making, acquiring, purchasing, or holding any other type of financial instrument, (c) it is
sophisticated with respect to decisions to make, acquire, purchase, or hold the commercial loans applicable to it and either it or the Person exercising discretion in making its decisions to make, acquire, purchase, or hold such commercial loans is
experienced in making, acquiring, purchasing, or holding commercial loans, (d) it has, independently and without reliance upon the Administrative Agent, the Collateral Agent, any Arranger, any other Lender, or any of their respective Related
Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and appraisal 

  
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of, and investigations into, the business, prospects, operations, Property, assets, liabilities, financial and other condition, and creditworthiness of the Parent, the Borrower, and their
Restricted Subsidiaries, all applicable bank or other regulatory Applicable Laws relating to the Transactions contemplated by this Agreement and the other Loan Documents, and (e) it has made its own independent decision to enter into this
Agreement and the other Loan Documents to which it is a party and to extend credit hereunder and thereunder. Each Lender also acknowledges that (i) it will, independently and without reliance upon the Administrative Agent, the Collateral Agent,
any Arranger, or any other Lender or any of their respective Related Parties (A) continue to make its own credit analysis, appraisals, and decisions in taking or not taking action under or based upon this Agreement, any other Loan Document, or
any related agreement or any document furnished hereunder or thereunder based on such documents and information as it shall from time to time deem appropriate and its own independent investigations and (B) continue to make such investigations
and inquiries as it deems necessary to inform itself as to the Parent, the Borrower, and their Restricted Subsidiaries and (ii) it will not assert any claim in contravention of this Section 10.7. 

SECTION 10.8 No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the syndication agents, documentation
agents, co-agents, arrangers, or bookrunners listed on the cover page hereof shall have any powers, duties, or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative
Agent, the Collateral Agent, an Arranger, or a Lender hereunder, but each such Person shall have the benefit of the indemnities and exculpatory provisions hereof. 

SECTION 10.9 Collateral and Guaranty Matters. 

(a) Each of the Lenders irrevocably authorizes the Administrative Agent and the Collateral Agent, at their option and in their
discretion: 
 (i) prior to the RCF Discharge Date, to release any Lien on any Property that is not pledged to secure (or
concurrently therewith will cease to secure) the First Out RCF Obligations and to release any Guarantee by a Guarantor that is not (or concurrently therewith will cease to be) a “Credit Party” under and as defined in the First Out RCF
Credit Agreement (in each case, whether pursuant to the terms of the First Out RCF Credit Agreement (and any related documents) or as a result of any determination made thereunder, or by amendment, waiver, or otherwise); and 

(ii) following the RCF Discharge Date: 

(A) to release any Lien on any Collateral granted to or held by the Collateral Agent, for the ratable benefit of the Term Loan
Secured Parties, under any Loan Document (1) upon the termination of the Credit Facility and payment in full of all Term Loan Secured Obligations (other than contingent indemnification obligations not then due), (2) that is sold or
otherwise disposed of or to be sold or otherwise disposed of as part of or in connection with any sale or other disposition to a Person other than a Credit Party permitted under the Loan Documents, as certified in writing by the Parent to the
Administrative Agent and the Collateral Agent (if such certification is requested by the Administrative Agent or the Collateral Agent), (3) of any Person designated as an “Unrestricted Subsidiary” in compliance with
Section 8.18, as certified in writing by the Parent to the Administrative Agent and the Collateral Agent (if such certification is requested by the Administrative Agent or the Collateral Agent), (4) of any Subsidiary Guarantor that
is not a Required Guarantor and the Parent has requested release of such Person as a Guarantor in a written notice to the Administrative 

  
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Agent, or (5) if approved, authorized, or ratified in writing by the Required Lenders in accordance with Section 11.2; provided that any release of all or substantially
all of the Collateral shall be subject to Section 11.2(h); provided further that such release shall only be permitted hereunder if such Collateral shall also be released under the Last Out Notes Indenture and the Last Out
Incremental Debt Documents substantially simultaneously with the release provided hereunder; and 
 (B) to release any
Subsidiary Guarantor from its obligations under any Loan Documents if (w) such Person ceases to be a Subsidiary of the Parent as a result of a transaction permitted under the Loan Documents as certified in writing by the Parent to the
Administrative Agent and the Collateral Agent (if such certification is requested by the Administrative Agent or the Collateral Agent), (x) such Person is designated as an “Unrestricted Subsidiary” in compliance with
Section 8.18, as certified in writing by the Parent to the Administrative Agent and the Collateral Agent (if such certification is requested by the Administrative Agent or the Collateral Agent), (y) such Subsidiary Guarantor is not
a Required Guarantor, and the Parent has requested release of such Person as a Guarantor in a written notice to the Administrative Agent, or (z) approved, authorized, or ratified in writing by the Required Lenders in accordance with
Section 11.2; provided that the release of Subsidiary Guarantors comprising substantially all of the credit support for the Term Loan Secured Obligations, shall be subject to Section 11.2(h); provided further
that such release shall only be permitted hereunder if the Guarantor shall also be released from its Guarantee of obligations under the Last Out Notes Indenture and the Last Out Incremental Debt Documents substantially simultaneously with the
release provided hereunder; and 
 (iii) to subordinate any Lien on any Collateral granted to or held by the Collateral Agent
under any Loan Document to the holder of any Specified Permitted Lien; provided that such subordination shall only be permitted hereunder if such Lien has also been subordinated with respect to the Last Out Notes Indenture and the Last Out
Incremental Debt Documents substantially simultaneously with the subordination provided hereunder. 
 Upon request by the Administrative Agent or the
Collateral Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s or the Collateral Agent’s authority to release or subordinate its interest in particular types or items of Property, or to release any
Subsidiary Guarantor from its obligations under the Guaranty Agreement pursuant to this Section 10.9. In each case as specified in this Section 10.9, the Administrative Agent and the Collateral Agent will, at the
Borrower’s expense, execute and deliver to the applicable Credit Party, and file with any applicable Governmental Authority, such documents as such Credit Party may reasonably request to evidence or effect the release of such item of Collateral
from the assignment and security interest granted under the Security Documents or to subordinate its interest in such item, or to release such Guarantor from its obligations under the Guaranty Agreement, in each case in accordance with the terms of
the Loan Documents and this Section 10.9 as certified in writing by the Parent to the Administrative Agent and the Collateral Agent (if such certification is requested by the Administrative Agent or the Collateral Agent). 

(b) Neither the Administrative Agent nor the Collateral Agent shall be responsible for or have a duty to ascertain or inquire
into any representation or warranty regarding the existence, value, or collectability of the Collateral, the existence, priority, or perfection of the Collateral Agent’s Lien thereon, or any certificate prepared by any Credit Party in
connection therewith, nor shall the Administrative Agent or the Collateral Agent be responsible or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral. 

  
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 SECTION 10.10 [Reserved.] 

SECTION 10.11 Certain ERISA Matters. 

(a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and
(y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, the Collateral Agent, each Arranger, and their respective
Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Credit Party, that at least one of the following is and will be true: 

(i) such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or
more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans or this Agreement; 

(ii) the transaction exemption set forth in one or more PTEs, such as PTE 84- 14 (a class exemption for certain transactions
determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company
pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds), or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect
to such Lender’s entrance into, participation in, administration of, and performance of the Loans and this Agreement; 

(iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the
meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans and this Agreement, (C) the entrance
into, participation in, administration of, and performance of the Loans and this Agreement satisfies the requirements of subsections (b) through (g) of Part I of PTE 84-14, and (D) to the best knowledge of such Lender, the
requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of, and performance of the Loans and this Agreement; or 

(iv) such other representation, warranty, and covenant as may be agreed in writing between the Administrative Agent, in its
sole discretion, and such Lender. 
 (b) In addition, unless either (1) sub-clause (i) in the immediately
preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty, and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such
Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto,
for the benefit of, the Administrative Agent, the Collateral Agent, each Arranger, and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Credit Party, that none of the Administrative
Agent, the Collateral Agent, any Arranger, and their respective Affiliates is a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of, and performance of the Loans and
this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto). 

  
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 SECTION 10.12 Erroneous Payments. 

(a) Each Lender hereby severally agrees that if (i) the Administrative Agent notifies (which such notice shall be
conclusive absent manifest error) such Lender that the Administrative Agent has determined in its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates were erroneously transmitted to, or
otherwise erroneously or mistakenly received by, such Lender (whether or not known to such Lender) or (ii) it receives any payment from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a
different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, (y) that was not preceded or accompanied by a notice of payment sent by the Administrative
Agent (or any of its Affiliates) with respect to such payment or (z) that such Lender otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part) then, in each case an error in payment has been made (any
such amounts specified in clauses (i) or (ii) of this Section 10.12(a), whether received as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, an “Erroneous
Payment”) and the Lender, as the case may be, is deemed to have knowledge of such error at the time of its receipt of such Erroneous Payment and to the extent permitted by applicable law, such Lender shall not assert any right or claim to
the Erroneous Payment, and hereby waives, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payments received, including
without limitation waiver of any defense based on “discharge for value” or any similar doctrine. 
 (b) Without
limiting the immediately preceding clause (a), each Lender agrees that, in the case of clause (a)(ii) above, it shall promptly (and, in all events, within one Business Day of its knowledge (or deemed knowledge) of such error) notify
the Administrative Agent in writing of such occurrence and, in the case of either clause (a)(i) or (a)(ii) above upon demand from the Administrative Agent, it shall promptly, but in all events no later than one Business Day thereafter,
return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made in same day funds (in the currency so received), together with interest thereon in respect of each day from and
including the date such Erroneous Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent in same day funds at the greater of the Federal Funds Rate and a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect. 
 (c)
The Borrower and each other Credit Party hereby agrees that (x) in the event an Erroneous Payment (or portion thereof) is not recovered from any Lender that has received such Erroneous Payment (or portion thereof) for any reason, the
Administrative Agent shall be subrogated to all the rights of such Lender with respect to such amount, (y) an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Term Loan Secured Obligations owed by the Borrower
or any other Credit Party, and (z) to the extent that an Erroneous Payment was in any way or at any time credited as payment or satisfaction of any of the Term Loan Secured Obligations, the Term Loan Secured Obligations or any part thereof that
were so credited, and all rights of the applicable Lender, Administrative Agent or other Secured Party, as the case may be, shall be reinstated and continue in full force and effect as if such payment or satisfaction had never been received. 

  
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 (d) Each party’s obligations under this Section 10.12 shall
survive the resignation or replacement of the Administrative Agent or any transfer of right or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Term Loan Secured
Obligations (or any portion thereof) under any Loan Document. 
 ARTICLE XI 

MISCELLANEOUS 
 SECTION 11.1
Notices. 
 (a) Notices Generally. Except in the case of notices and other communications expressly permitted
to be given by telephone (and except as provided in clause (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or
registered mail, or sent by facsimile or e-mail as follows: 
 If to the Borrower: 

Attention of: Treasurer 

Telephone No.: 281-647-8025 

Facsimile No.: 281-647-2297 

E-mail:jcue@dodi.com 
 With
copies to: 
 Attention of: General Counsel 

Telephone No.: 281-646-4987 

Facsimile No.: 281-647-2223 

E-mail:droland@dodi.com 

Attention of: Caith Kushner 

Paul, Weiss, Rifkind, Wharton & Garrison LLP 

1285 Avenue of the Americas 

New York, NY 10019 
 Telephone
No.: 212-373-3913 
 Facsimile No.: 212-492-0913 

E-mail: ckushner@paulweiss.com 

If to Wells Fargo, as Administrative Agent or Collateral Agent: 

Wells Fargo Bank, National Association 

MAC D1109-019 
 1525 West W.T.
Harris Blvd. 
 Charlotte, NC 28262 

Attention of: Syndication Agency Services 

Telephone No.: (704) 590-2706 

Facsimile No.: (844) 879-5899 

  
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 With copies to: 

Wells Fargo Bank, National Association 

1000 Louisiana Street, 9th Floor 

Houston, TX 77002 
 Attention
of: Jay Buckman 
 Telephone No.: (713) 319-1849 

Facsimile No.: (713) 319-1925 

Email: jay.buckman@wellsfargo.com 

If to any Lender: 
 To the
address of such Lender set forth on the Register with respect to deliveries of notices and other documentation that may contain material non-public information. 

Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent
by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices
delivered through electronic communications to the extent provided in clause (b) below, shall be effective as provided in said clause (b). 

(b) Electronic Communications. Notices and other communications to the Lenders hereunder may be delivered or furnished
by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices to any Lender pursuant to Article II
if such Lender has notified the Administrative Agent that is incapable of receiving notices under such Article by electronic communication. Notices and other communications to the Borrower or any other Credit Party may be delivered by e-mail to the
e-mail address for the Borrower provided in clause (a) above. The Administrative Agent may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved
by it; provided that approval of such procedures may be limited to particular notices or communications. Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed
received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail, or other written acknowledgement), and (ii) notices or
communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or
communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii) above, if such notice, email, or other communication is not sent during the normal business hours of
the recipient, such notice, email, or other communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient. 

(c) Administrative Agent’s Office. The Administrative Agent hereby designates its office located at the address set
forth above, or any subsequent office which shall have been specified for such purpose by written notice to the Borrower and Lenders, as the Administrative Agent’s Office referred to herein, to which payments due are to be made and at which
Loans will be disbursed. 

  
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 (d) Change of Address, Etc. Each of the Parent, the Borrower, or the
Administrative Agent may change its address or other contact information for notices and other communications hereunder by notice to the other parties hereto. Any Lender may change its address or facsimile number for notices and other communications
hereunder by notice to the Borrower and the Administrative Agent. 
 (e) Platform. 

(i) The Borrower and each other Credit Party and each Lender agrees that the Administrative Agent may, but shall not be
obligated to, make the Borrower Materials available to the other Lenders by posting the Borrower Materials on the Platform. 

(ii) The Platform is provided “as is” and “as available.” The Agent Parties (as defined below) do not
warrant the accuracy or completeness of the Borrower Materials or the adequacy of the Platform, and expressly disclaim liability for errors or omissions in the Borrower Materials. No warranty of any kind, express, implied or statutory, including any
warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Borrower Materials or the Platform. Although the
Platform is secured pursuant to generally-applicable security procedures and policies implemented or modified by the Administrative Agent and its Related Parties, each of the Lenders, and the Borrower acknowledges and agrees that distribution of
information through an electronic means is not necessarily secure in all respects, the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) are not responsible for approving or vetting the
representatives, designees or contacts of any Lender that are provided access to the Platform and that there may be confidentiality and other risks associated with such form of distribution. Each of the Borrower and each Lender party hereto
understands and accepts such risks. In no event shall the Agent Parties have any liability to any Credit Party, any Lender, or any other Person for losses, claims, damages, liabilities, or expenses of any kind (whether in tort, contract, or
otherwise) arising out of any Credit Party’s or the Administrative Agent’s transmission of communications through the Internet (including the Platform), except to the extent that such losses, claims, damages, liabilities, or expenses are
determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; provided that in no event shall any Agent Party have any liability to
any Credit Party, any Lender, or any other Person for indirect, special, incidental, consequential, or punitive damages, losses, or expenses (as opposed to actual damages, losses, or expenses). 

SECTION 11.2 Amendments, Waivers, and Consents. Except as set forth below or as specifically provided in any Loan Document (including
Section 4.8(c)), any term, covenant, agreement, or condition of this Agreement or any of the other Loan Documents may be amended or waived by the Lenders, and any consent given by the Lenders, if, but only if, such amendment, waiver, or
consent is in writing and approved by the Required Lenders (or by the Administrative Agent with the consent of the Required Lenders) and delivered to the Administrative Agent and, in the case of an amendment, signed by the Borrower; provided
that no amendment, waiver, or consent shall: 
 (a) [reserved]; 

(b) increase the amount of Loans of any Lender, in any case, without the written consent of such Lender; 

  
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 (c) waive, extend, or postpone any date fixed by this Agreement or any other
Loan Document for any payment of principal, interest, fees or other amounts due to the Lenders (or any of them) without the written consent of each Lender directly and adversely affected thereby; 

(d) reduce the principal of, or the rate of interest specified herein on, any Loan or (subject to clauses (iv) and
(vii) of the proviso set forth in the last paragraph of this Section 11.2) any fees or other amounts payable hereunder or under any other Loan Document without the written consent of each Lender directly and adversely
affected thereby; provided that only the consent of the Required Lenders shall be necessary to waive any obligation of the Borrower to pay interest at the rate set forth in Section 4.1(b) during the existence of an Event of
Default; 
 (e) change Section 4.6, Section 9.4, the definition of “Pro Rata Share,” or any
other provision in any Loan Document in a manner that would alter the pro rata treatment of Lenders (including in connection with the sharing of payments to, or disbursements by, Lenders required thereby) without the written consent of each Lender;

 (f) alter the manner in which payments or prepayments of principal, interest, or other amounts hereunder shall be applied
as among the Lenders or as to the order of application with respect to the Term Loan Secured Obligations, without the written consent of each Lender; 

(g) change any provision of this Section or reduce the percentages specified in the definitions of “Required
Lenders,” or any other provision hereof specifying the number or percentage of Lenders required to amend, waive, or otherwise modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of
each Lender; or 
 (h) except as provided in Section 10.9, release all of the Guarantors or the Guarantors
comprising all or substantially all of the credit support for the Term Loan Secured Obligations from their obligations under any Guaranty, release all or substantially all of the Collateral, or subordinate any Lien on any Collateral granted to or
held by the Collateral Agent under any Loan Document to the holder of any Lien other than any Specified Permitted Lien, in each case, without the written consent of each Lender; provided that, such release shall only be permitted if the Guarantor
shall also be released from its Guarantee of obligations under the First Out RCF Credit Agreement, the Last Out Notes Indenture, and the Last Out Incremental Debt Documents substantially simultaneously with the release provided hereunder; 

provided, further, that (i) [reserved], (ii) no amendment, waiver, or consent shall, unless in writing and signed by the Administrative Agent
in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document or modify Section 11.1(e), Section 11.21, or Article X hereof;
(iii) no amendment, waiver, or consent shall, unless in writing and signed by the Collateral Agent in addition to the Lenders required above, affect the rights or duties of the Collateral Agent under this Agreement or any other Loan Document or
modify Section 11.21, or Article X hereof, (iv) the Fee Letters may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto, (v) [reserved], (vi) the Administrative
Agent and the Borrower shall be permitted to amend any provision of the Loan Documents (and such amendment shall become effective without any further action or consent of any other party to any Loan Document) if the Administrative Agent and the
Borrower shall have jointly identified an obvious error or any error, ambiguity, defect, or inconsistency or omission of a technical or immaterial nature in any such provision, and (vii) the Administrative Agent (and, if applicable, the
Borrower) may, without the consent of any Lender, enter into amendments or modifications to this Agreement or any of the other Loan Documents or to enter into additional Loan Documents in order to implement any Benchmark Replacement or any Benchmark
Replacement Conforming Changes or otherwise effectuate the terms of Section 4.8(c) in accordance with 

  
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the terms of Section 4.8(c). Notwithstanding anything to the contrary herein, (A) no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or
consent hereunder, except that any amendment, waiver, or consent hereunder which requires the consent of all Lenders or each affected Lender that by its terms disproportionately and adversely affects any such Defaulting Lender relative to other
affected Lenders shall require the consent of such Defaulting Lender and (B) no Affiliated Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except as set forth in
Section 11.9(g)(iii)(A). 
 Notwithstanding anything in this Agreement to the contrary, each Lender hereby irrevocably authorizes the
Administrative Agent on its behalf, and without further consent of any Lender (but with the consent of the Borrower, the Administrative Agent, and if the Collateral Agent is a party thereto, the Collateral Agent), to (x) amend and restate this
Agreement and the other Loan Documents if, upon giving effect to such amendment and restatement, such Lender shall no longer be a party to this Agreement (as so amended and restated), such Lender shall have no other commitment or other obligation
hereunder, and such Lender shall have been paid in full all principal, interest, and other amounts owing to it or accrued for its account under this Agreement and the other Loan Documents and (y) enter into any amendment, supplement, or other
modification of or to this Agreement or any other Loan Document or enter into any additional Loan Documents to effect the granting, perfection, protection, expansion, or enhancement of any security interest in any Collateral or Property to become
Collateral to secure the Secured Obligations, including, without limitation, the Term Loan Secured Obligations, for the benefit of the Lenders and the other Secured Parties or as required by any Applicable Law to give effect to, protect, or
otherwise enhance the rights or benefits of any Lender under the Loan Documents. 
 SECTION 11.3 Expenses; Indemnity. 

(a) Costs and Expenses. The Parent, the Borrower and the other Credit Parties party hereto, jointly and severally,
shall, and hereby agree to, pay (i) all reasonable and documented out of pocket expenses incurred by the Administrative Agent, the Collateral Agent, and their respective Affiliates (including the fees, charges, and disbursements of counsel for
the Administrative Agent and the Collateral Agent, which shall be limited to one firm of counsel for all such Persons and, if necessary, one firm of local or regulatory counsel in each appropriate jurisdiction and special counsel for each relevant
specialty, in each case for such Persons (and in the case of an actual or perceived conflict of interest, where the Person affected by such conflict provides the Borrower written notice of such conflict, of another firm of counsel for such affected
Person)), in connection with the syndication of the Credit Facility, the preparation, negotiation, execution, delivery, and administration of this Agreement and the other Loan Documents or any amendments, modifications, or waivers of the provisions
hereof or thereof (whether or not the Transactions contemplated hereby or thereby shall be consummated), (ii) [reserved], (iii) all reasonable and documented out of pocket expenses incurred by the Arrangers, the Administrative Agent, the
Collateral Agent, or any Lender, (including the fees, charges, and disbursements of any counsel for the Administrative Agent, the Collateral Agent, or any Lender) in connection with any US Trustee Appeal, and (iv) all out of pocket expenses
incurred by the Arrangers, the Administrative Agent, the Collateral Agent, or any Lender (including the fees, charges, and disbursements of any counsel for the Administrative Agent, the Collateral Agent, or any Lender) in connection with the
enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with the Loans made hereunder, including all such out of pocket
expenses incurred during any workout, restructuring, or negotiations in respect of such Loans. 

  
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 (b) Indemnification by the Credit Parties. The Parent and
the Borrower shall, and each hereby agrees to, indemnify the Arrangers, the Administrative Agent (and any sub- agent thereof), the Collateral Agent (and any sub-agent thereof), each Lender, and each Related Party of any of the foregoing Persons
(each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, and shall pay or reimburse any such Indemnitee for, any and all losses, claims (including any Environmental Claims), penalties,
damages, liabilities, and related expenses (including the fees, charges, and disbursements of any counsel for any Indemnitee) incurred by any Indemnitee or asserted against any Indemnitee by any Person (including the Borrower or any other Credit
Party), arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their
respective obligations hereunder or thereunder, or the consummation of the Transactions contemplated hereby or thereby (including the Loan Transactions), (ii) any Loan or the use or proposed use of the proceeds therefrom, (iii) any actual
or alleged presence or release of Hazardous Materials on or from any Property owned or operated by any Credit Party or any Restricted Subsidiary thereof, or any Environmental Claim related in any way to any Credit Party or any Restricted Subsidiary,
(iv) any actual or prospective claim, litigation, investigation, or proceeding relating to any of the foregoing, whether based on contract, tort, or any other theory, whether brought by a third party or by any Credit Party or any Subsidiary
thereof, and regardless of whether any Indemnitee is a party thereto, (v) any claim (including any Environmental Claims), investigation, litigation, or other proceeding (whether or not the Arrangers, the Administrative Agent, the Collateral
Agent, or any Lender is a party thereto) and the prosecution and defense thereof, arising out of or in any way connected with the Loans, this Agreement, any other Loan Document or any documents contemplated by or referred to herein or therein, or
the Transactions contemplated hereby or thereby, including reasonable attorneys and consultant’s fees, or (vi) any losses, claims, penalties, damages, liabilities, and related expenses (including the reasonable and documented fees, charges
and disbursements of any counsel for any Indemnitee) incurred by any Indemnitee or asserted against any Indemnitee by any Person that are not covered by Article VIII.E of the Plan as a result of any US Trustee Appeal, in all cases, whether or not
caused by or arising, in whole or in part, out of the comparative, contributory, or sole negligence of the Indemnitee; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims,
damages, liabilities, or related expenses (A) resulted from the gross negligence or willful misconduct of such Indemnitee or with respect to any Indemnitee in its capacity as a Lender, such Indemnitee’s material breach of its funding
obligations under any Loan Document, in each case as determined by a court of competent jurisdiction by final and non-appealable judgment or (B) arise out of a dispute solely between two or more Indemnitees not caused by or involving in any way
the Parent, the Borrower or any Subsidiary (other than any such dispute which relates to claims against the Administrative Agent or the Collateral Agent, in their respective capacities as such). This Section 11.3(b) shall not apply with
respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. 
 (c)
Reimbursement by Lenders. To the extent that the Parent, the Borrower, or any Credit Party for any reason fails to indefeasibly pay any amount required under clause (a) or (b) of this Section to be paid by it to the
Administrative Agent (or any sub-agent thereof), the Collateral Agent, or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), the Collateral Agent or such Related Party,
as the case may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each Lender’s share of the Credit Exposure at such time, or if the Credit Exposure
has been reduced to zero, then based on such Lender’s share of the Credit Exposure immediately prior to such reduction) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such Lender). The obligations of
the Lenders under this clause (c) are subject to the provisions of Section 4.7. 

  
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 (d) Waiver of Consequential Damages, Etc. To the fullest
extent permitted by Applicable Law, the Borrower and each other Credit Party shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential, or punitive damages (as opposed to
direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the Transactions contemplated hereby or thereby, or any Loan or the use of
the proceeds thereof. No Indemnitee referred to in clause (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications,
electronic, or other information transmission systems in connection with this Agreement or the other Loan Documents or the Transactions contemplated hereby or thereby. 

(e) Payments. All amounts due under this Section shall be payable promptly after demand therefor (and, in any event, no
later than three (3) Business Days after such demand). 
 (f) Survival. Without prejudice to the survival of any
other agreement hereunder, the agreements in this Section 11.3 shall survive the resignation of the Administrative Agent and the Collateral Agent, the replacement of any Lender, the termination of the Credit Facility, and the repayment,
satisfaction, or discharge of all other Term Loan Secured Obligations. 
 SECTION 11.4 Right of Setoff. If an Event of Default shall
have occurred and be continuing, each Lender and each of their respective Affiliates is hereby authorized at any time and from time to time to the fullest extent permitted by Applicable Law, to setoff and apply any and all deposits (general or
special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender or any such Affiliate to or for the credit or the account of the Borrower or any
other Credit Party against any and all of the obligations of the Borrower or such Credit Party now or hereafter existing under this Agreement or any other Loan Document to such Lender or any of their respective Affiliates, irrespective of whether or
not such Lender or any such Affiliate shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower or such Credit Party may be contingent or unmatured or are owed to a branch or office of
such Lender or such Affiliate different from the branch, office, or Affiliate holding such deposit or obligated on such indebtedness; provided that in the event that any Defaulting Lender or any Affiliate thereof shall exercise any such right
of setoff, (x) all amounts so setoff shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 4.14 and, pending such payment, shall be segregated by such
Defaulting Lender or Affiliate of a Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender or its Affiliate shall provide promptly to the
Administrative Agent a statement describing in reasonable detail the Term Loan Secured Obligations owing to such Defaulting Lender or any of its Affiliates as to which such right of setoff was exercised. The rights of each Lender and their
respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender or their respective Affiliates may have. Each Lender agrees to notify the Borrower and the Administrative Agent
promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application. 

  
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 SECTION 11.5 Governing Law; Jurisdiction, Etc. 

(a) Governing Law. This Agreement and the other Loan Documents and any claim, controversy, dispute, or cause of action
(whether in contract, in tort, or otherwise) based upon, arising out of, or relating to this Agreement or any other Loan Document (except, as to any other Loan Document, as expressly set forth therein) and the Transactions contemplated hereby and
thereby shall be governed by, and construed in accordance with, the law of the State of New York. 
 (b) Submission to
Jurisdiction. The Parent and each other Credit Party irrevocably and unconditionally agrees that it will not commence any action, litigation, or proceeding of any kind or description, whether in law or equity, whether in contract, in tort, or
otherwise, against the Administrative Agent, the Collateral Agent, any Lender, or any Related Party of the foregoing in any way relating to this Agreement or any other Loan Document or the Transactions relating hereto or thereto, in any forum other
than the courts of the State of New York sitting in New York County, and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, and each of the parties hereto irrevocably and
unconditionally submits to the exclusive jurisdiction of such courts and agrees that all claims in respect of any such action, litigation, or proceeding may be heard and determined in such New York State court or, to the fullest extent permitted by
Applicable Law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action, litigation, or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by law. Nothing in this Agreement or in any other Loan Document shall affect any right that the Administrative Agent, the Collateral Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement
or any other Loan Document against the Borrower or any other Credit Party or its Properties in the courts of any jurisdiction. 

(c) Waiver of Venue. The Borrower and each other Credit Party irrevocably and unconditionally waives, to the
fullest extent permitted by Applicable Law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in
clause (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by Applicable Law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 (d) Service of Process. Each party hereto irrevocably consents to service of process in the manner provided for
notices in Section 11.1. Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by Applicable Law. 

SECTION 11.6 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT, OR
ANY OTHER THEORY). EACH PARTY HERETO (a) CERTIFIES THAT NO REPRESENTATIVE, AGENT, OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (b) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

SECTION 11.7 Reversal of Payments. To the extent any Credit Party makes a payment or payments to the Administrative Agent for the
ratable benefit of any of the Term Loan Secured Parties or to any Term Loan Secured Party directly or the Administrative Agent or any Term Loan Secured Party 

  
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receives any payment or proceeds of the Collateral or any Term Loan Secured Party exercises its right of setoff, which payments or proceeds (including any proceeds of such setoff) or any part
thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, and/or required to be repaid to a trustee, receiver, or any other party under any Debtor Relief Law, other Applicable Law, or equitable cause, then, to the
extent of such payment or proceeds repaid, the Term Loan Secured Obligations or part thereof intended to be satisfied shall be revived and continued in full force and effect as if such payment or proceeds had not been received by the Administrative
Agent, and each Lender severally agrees to pay to the Administrative Agent upon demand its (or its applicable Affiliate’s) applicable ratable share (without duplication) of any amount so recovered from or repaid by the Administrative Agent plus
interest thereon at a per annum rate equal to the Federal Funds Rate from the date of such demand to the date such payment is made to the Administrative Agent. 

SECTION 11.8 Injunctive Relief. The Borrower recognizes that, in the event the Borrower fails to perform, observe, or discharge any of
its obligations or liabilities under this Agreement, any remedy of law may prove to be inadequate relief to the Lenders. Therefore, the Borrower agrees that the Lenders, at the Lenders’ option, shall be entitled to temporary and permanent
injunctive relief in any such case without the necessity of proving actual damages. 
 SECTION 11.9 Successors and Assigns;
Participations. 
 (a) Successors and Assigns Generally. The provisions of this Agreement shall be binding upon
and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that neither the Parent nor the Borrower may assign or otherwise transfer any of its rights or obligations hereunder without the
prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of clause (b) of
this Section, (ii) by way of participation in accordance with the provisions of clause (d) of this Section, or (iii) by way of pledge or assignment of a security interest subject to the restrictions of clause (e) of
this Section (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective
successors and assigns permitted hereby, Participants to the extent provided in clause (d) of this Section, and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any
legal or equitable right, remedy, or claim under or by reason of this Agreement. 
 (b) Assignments by Lenders. Any
Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of the Loans at the time owing to it); provided that, in each case, any such assignment
shall be subject to the following conditions: 
 (i) Minimum Amounts. 

(A) in the case of an assignment of the entire remaining amount of the assigning Lender’s Loans at the time owing to it
or contemporaneous assignments to related Approved Funds (determined after giving effect to such assignments) that equal at least the amount specified in clause (b)(i)(B) of this Section in the aggregate or in the case of an assignment to a
Lender, an Affiliate of a Lender, or an Approved Fund, no minimum amount need be assigned; and 

  
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 (B) in any case not described in clause (b)(i)(A) of this Section,
the aggregate amount of the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption or Affiliated Lender Assignment and Assumption with respect to
such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption or Affiliated Lender Assignment and Assumption, as of the Trade Date) shall not be less than $5,000,000, unless the
Administrative Agent otherwise consents (such consent not to be unreasonably withheld or delayed); 
 (ii) Proportionate
Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loan and the Commitments; 

(iii) Required Consents. No consent shall be required for any assignment except the consent of the Administrative Agent
(such consent not to be unreasonably withheld or delayed) shall be required unless such assignment is to a Lender, an Affiliate of a Lender, or an Approved Fund. 

(iv) Assignment and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an
Assignment and Assumption or an Affiliated Lender Assignment and Assumption, as applicable, together with a processing and recordation fee of $3,500 for each assignment; provided that (A) only one such fee will be payable in connection
with simultaneous assignments to two or more related Approved Funds by a Lender and (B) the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it
is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 
 (v) No Assignment to
Certain Persons. No such assignment shall be made to (A) the Parent or any of its Subsidiaries or Affiliates, except to Affiliated Lenders as permitted by clause (g) of this Section, (B) a natural Person (or a holding
company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural Person), (C) a Disqualified Institution, (D) any Defaulting Lender or any of its Subsidiaries, or (E) any Person who, upon becoming
a Lender hereunder, would constitute any of the foregoing Persons described in this clause (v). 
 (vi) Certain
Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the
parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or
subparticipations, or other compensating actions, to each of which the applicable assignee and assignor hereby irrevocably consent), to (A) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the
Administrative Agent and each other Lender hereunder (and interest accrued thereon), and (B) acquire its full Pro Rata Share of all Loans. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any
Defaulting Lender hereunder shall become effective under Applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until
such compliance occurs. 

  
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 Subject to acceptance and recording thereof by the Administrative Agent pursuant to clause
(c) of this Section, from and after the effective date specified in each Assignment and Assumption or Affiliated Lender Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest
assigned by such Assignment and Assumption or Affiliated Lender Assignment and Assumption, as applicable, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest
assigned by such Assignment and Assumption or Affiliated Lender Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption or an Affiliated Lender Assignment and Assumption
covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 4.8, 4.9, 4.10, 4.11,
and 11.3 with respect to facts and circumstances occurring prior to the effective date of such assignment; provided that, except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender
will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with
this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with clause (d) of this Section (other than a purported assignment to a natural
Person or the Parent or any of the Parent’s Subsidiaries or Affiliates (other than an assignment or transfer to an Affiliated Lender pursuant to clause (g) of this Section), which shall be null and void). 

(c) Register. The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall
maintain at one of its offices in Charlotte, North Carolina, a register for the recordation of the names and addresses of the Lenders, and principal amounts of (and stated interest on) the Loans owing to, each Lender pursuant to the terms hereof
from time to time (the “Register”). The entries in the Register shall be conclusive, absent manifest error, and the Borrower, the Administrative Agent, and the Lenders shall treat each Person whose name is recorded in the Register
pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower and any Lender (but only to the extent of entries in the Register that are applicable to such
Lender), at any reasonable time and from time to time upon reasonable prior notice. 
 (d) Participations. Any Lender
may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations to any Person (other than a natural Person (or a holding company, investment vehicle, or trust for, or owned and operated for the
primary benefit of a natural Person), a Disqualified Institution, or the Parent or any of the Parent’s Subsidiaries or Affiliates) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations
under this Agreement (including all or a portion of the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other
parties hereto for the performance of such obligations, and (iii) the Borrower, the Administrative Agent, and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and
obligations under this Agreement. For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 11.3(c) with respect to any payments made by such Lender to its Participant(s). 

Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right
to enforce this Agreement and to approve any amendment, modification, or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant,
agree to any amendment, modification, or waiver described in Section 11.2(b), (c), or (d) that directly and adversely affects such Participant. The Borrower agrees that each Participant shall be entitled to the
benefits of Sections 4.9, 4.10, and 4.11 (subject to the requirements and limitations therein, including the requirements 

  
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under Section 4.11(g) (it being understood that the documentation required under Section 4.11(g) shall be delivered to the participating Lender)) to the same extent as if
it were a Lender and had acquired its interest by assignment pursuant to clause (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Section 4.12 as if it were an
assignee under clause (b) of this Section; and (B) shall not be entitled to receive any greater payment under Section 4.10 or 4.11, with respect to any participation, than its participating Lender would have been
entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the
Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 4.12(b) with respect to any Participant. To the extent permitted by Applicable Law, each Participant
also shall be entitled to the benefits of Section 11.4 as though it were a Lender; provided that such Participant agrees to be subject to Section 4.6 and Section 11.4 as though it were a Lender. 

Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on
which it enters the name and address of each Participant and the principal amounts of (and stated interest on) each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”);
provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any loans or its other
obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such loan or other obligation is in registered form under Section 5f.103-1(c) or Proposed Section 1.163-5(b) of the
United States Treasury Regulations (or, in each case, any amended or successor version). The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the
Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no
responsibility for maintaining a Participant Register. 
 (e) Certain Pledges. Any Lender may at any time pledge or
assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or
assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

(f) Cashless Settlement. Notwithstanding anything to the contrary contained in this Agreement, any Lender may exchange,
continue, or rollover all or a portion of its Loans in connection with any refinancing, extension, loan modification, or similar transaction permitted by the terms of this Agreement, pursuant to a cashless settlement mechanism approved by the
Borrower, the Administrative Agent, and such Lender. 
 (g) Assignments to Affiliated Lenders. Notwithstanding
anything in this Agreement to the contrary, any Lender may, at any time, assign such Lender’s rights and obligations to an Affiliated Lender through open-market purchases, subject to the following limitations: 

(i) In connection with an assignment to an Affiliated Lender, (A) the Affiliated Lender shall have identified itself in
writing as such to the assigning Lender and the Administrative Agent prior to the execution of such assignment and (B) the Affiliated Lender shall be deemed to have represented and warranted to the assigning Lender and the Administrative Agent
that the requirements set forth in this clause (i) and clause (iv) below, shall have been satisfied upon consummation of the applicable assignment; 

  
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 (ii) Affiliated Lenders will not (A) have the right to receive
information, reports, or other materials provided to the Lenders by the Administrative Agent, the Collateral Agent, or any other Lender, except to the extent made available to the Borrower or its representatives (and in any case, other than the
right to receive notices of prepayments and other administrative notices in respect of Loans required to be delivered to the Lenders), (B) attend or participate (including by telephone) in meetings or discussions (or portions thereof) attended
solely by the Lenders, the Administrative Agent, and the Collateral Agent (or any subset of the foregoing parties), to which representatives of the Borrower are not then present, or (C) access any electronic site established for the Lenders or
confidential communications from counsel to or financial advisors of the Administrative Agent, the Collateral Agent, or the Lenders; 

(iii) (A) for purposes of any consent to any amendment, waiver, or modification of, or any action under, and for the
purpose of any direction to the Administrative Agent, the Collateral Agent, or any Lender to undertake any action (or refrain from taking any action) under, this Agreement or any other Loan Document, each Affiliated Lender will be deemed to have
consented in the same proportion as the Lenders that are not Affiliated Lenders consented to such matter, unless such matter (y) requires the consent of all affected Lenders and adversely affects such Affiliated Lender (which, for the avoidance
of doubt, shall include the extension of any date of interest payments or dates of any scheduled maturity of amounts owed to any Affiliated Lenders) or (z) would deprive such Affiliated Lender of its pro rata share of any payments to which it
is entitled (which, for the avoidance of doubt, shall include the reduction of any amounts owing to any Affiliated Lender in any manner), (B) for purposes of voting on any plan of reorganization or plan of liquidation pursuant to any Debtor
Relief Laws (each, a “Future Plan of Reorganization”), each Affiliated Lender hereby agrees (x) not to vote on such Future Plan of Reorganization, (y) if such Affiliated Lender does vote on such Future Plan of
Reorganization notwithstanding the restriction in the foregoing clause (x), such vote will be deemed not to be in good faith and shall be “designated” pursuant to Section 1126(e) of the Bankruptcy Code (or any similar provision
in any other Debtor Relief Laws), and such vote shall not be counted in determining whether the applicable class has accepted or rejected such Future Plan of Reorganization in accordance with Section 1126(c) of the Bankruptcy Code (or any
similar provision in any other Debtor Relief Laws), and (z) not to contest any request by any party for a determination by the Bankruptcy Court (or other applicable court of competent jurisdiction) effectuating the foregoing clause (y),
in each case under this clause (iii)(B) unless such Future Plan of Reorganization adversely affects such Affiliated Lender more than other Lenders in any material respect, and (C) each Affiliated Lender hereby irrevocably appoints the
Administrative Agent (such appointment being coupled with an interest) as such Affiliated Lender’s attorney-in-fact, with full authority in the place and stead of such Affiliated Lender and in the name of such Affiliated Lender (solely in
respect of Loans therein and not in respect of any other claim or status such Affiliated Lender may otherwise have), from time to time in the Administrative Agent’s discretion to take any action and to execute any instrument that the
Administrative Agent may deem reasonably necessary or appropriate to carry out the provisions of this clause (iii), including to ensure that any vote of such Affiliated Lender on any Future Plan of Reorganization is withdrawn or otherwise not
counted; 
 (iv) [reserved]; 

  
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 (v) the Affiliated Lender will not be entitled to make or bring (or
participate in, other than as a passive participant in or recipient of its pro rata benefits of) any claim or action against the Administrative Agent or the Collateral Agent, in each such Person’s role as such, or any Lender or receive advice
of counsel or other advisors to the Administrative Agent, the Collateral Agent, or any other Lender or challenge the attorney client privilege of their respective counsel; 

(vi) it shall be a condition precedent to each assignment to an Affiliated Lender that such Affiliated Lender shall have
(A) represented to the assigning Lender in the applicable Affiliated Lender Assignment and Assumption, and notified the Administrative Agent, that it is (or will be, following the consummation of such assignment) an Affiliated Lender and
(B) represented in the applicable Affiliated Lender Assignment and Assumption that it is not in possession of material non-public information (within the meaning of United States federal and state securities laws) with respect to the Parent,
the Borrower, or any of their Subsidiaries or their respective securities (or, if the Parent is not at the time a public reporting company, material information of a type that would not be reasonably expected to be publicly available if the Parent
were a public reporting company) that (x) has not been disclosed to the assigning Lender or the Lenders generally (other than because any such Lender does not wish to receive material non-public information with respect to the Parent, the
Borrower, or their Subsidiaries (or, if the Parent is not at the time a public reporting company, material information of a type that would not be reasonably expected to be publicly available if the Parent were a public reporting company)) and
(y) could reasonably be expected to have a material effect upon, or otherwise be material to, the assigning Lender’s decision make such assignment; and 

(vii) the assigning Lender and the Affiliated Lender purchasing such Lender’s Credit Exposure shall execute and deliver to
the Administrative Agent an Affiliated Lender Assignment and Assumption; provided that each Affiliated Lender agrees to notify the Administrative Agent and the Borrower promptly (and in any event within ten (10) Business Days) if it
acquires any Person who is also a Lender, and each Lender agrees to notify the Administrative Agent and the Borrower promptly (and in any event within ten (10) Business Days) if it becomes an Affiliated Lender. 

Each Affiliated Lender agrees to comply with the terms of this clause (g) (notwithstanding that it may be granted access to the
Platform or any other electronic site established for the Lenders by the Administrative Agent), and agrees that in any subsequent assignment of all or any portion of its Credit Exposure, it shall identify itself in writing to the assignee as an
Affiliated Lender prior to the execution of such assignment. 
 SECTION 11.10 Treatment of Certain Information; Confidentiality. Each
of the Administrative Agent and each Lender agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective Related
Parties in connection with the Credit Facility, this Agreement, the Transactions contemplated hereby, or in connection with marketing of services by such Affiliate or Related Party to the Parent or any of its Subsidiaries (it being understood that
the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent required or requested by, or required to be disclosed to, any
regulatory or similar authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners) or in accordance with the Administrative
Agent’s or any Lender’s regulatory compliance policy if the Administrative Agent or such Lender, as applicable, deems such disclosure to be necessary for the mitigation of claims by those authorities against the Administrative Agent or
such Lender, as applicable, or any of its Related Parties (in which case, the Administrative Agent or such Lender, as applicable, shall use commercially reasonable efforts to, except 

  
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with respect to any audit or examination conducted by bank accountants or any governmental bank regulatory authority exercising examination or regulatory authority, promptly notify the Borrower,
in advance, to the extent practicable and otherwise permitted by Applicable Law), (c) as to the extent required by Applicable Laws or regulations or in any legal, judicial, administrative proceeding or other compulsory process, (d) to any
other party hereto, (e) in connection with the exercise of any remedies under this Agreement, under any other Loan Document, or any action or proceeding relating to this Agreement, any other Loan Document, or the enforcement of rights hereunder
or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights and obligations
under this Agreement and, in each case, their respective financing sources, (ii) any actual or prospective party (or its Related Parties) to any swap, derivative, or other transaction under which payments are to be made by reference to the
Borrower and its obligations, this Agreement or payments hereunder, (iii) an investor or prospective investor in an Approved Fund that also agrees that Information shall be used solely for the purpose of evaluating an investment in such
Approved Fund, (iv) a trustee, collateral manager, servicer, backup servicer, noteholder, or secured party in an Approved Fund in connection with the administration, servicing, and reporting on the assets serving as collateral for an Approved
Fund, or (v) a nationally recognized rating agency that requires access to information regarding the Parent and/or its Subsidiaries, the Loans, and the Loan Documents in connection with ratings issued with respect to an Approved Fund,
(g) on a confidential basis to (i) any rating agency in connection with rating the Parent and/or its Subsidiaries or the Credit Facility or (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and
monitoring of CUSIP numbers with respect to the Credit Facility, (h) with the consent of the Borrower, (i) deal terms and other information customarily reported to Thomson Reuters, other bank market data collectors, and similar service
providers to the lending industry and service providers to the Administrative Agent and the Lenders in connection with the administration of the Loan Documents, (j) to the extent such Information (i) becomes publicly available other than
as a result of a breach of this Section or (ii) becomes available to the Administrative Agent, any Lender, or any of their respective Affiliates from a third party that is not, to such Person’s knowledge, subject to confidentiality
obligations to the Parent or the Borrower, (k) to the extent that such information is independently developed by such Person, (l) to the extent required by an insurance company in connection with providing insurance coverage or providing
reimbursement pursuant to this Agreement, or (m) for purposes of establishing a “due diligence” defense. For purposes of this Section, “Information” means all information received from any Credit Party or any
Subsidiary thereof relating to any Credit Party or any Subsidiary thereof or any of their respective businesses, other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to
disclosure by any Credit Party or any Subsidiary thereof; provided that, in the case of information received from a Credit Party or any Subsidiary thereof after the date hereof, such information is clearly identified at the time of delivery
as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the
confidentiality of such Information as such Person would accord to its own confidential information. 
 SECTION 11.11 Performance of
Duties. Each of the Credit Party’s and each Restricted Subsidiary’s obligations under this Agreement and each of the other Loan Documents shall be performed by such Credit Party and Restricted Subsidiary at its sole cost and expense.

 SECTION 11.12 All Powers Coupled with Interest. All powers of attorney and other authorizations granted to the Lenders, the
Administrative Agent, the Collateral Agent, and any Persons designated by the Administrative Agent, the Collateral Agent, or any Lender pursuant to any provisions of this Agreement or any of the other Loan Documents shall be deemed coupled with an
interest and shall be irrevocable so long as any of the Term Loan Secured Obligations remain unpaid or unsatisfied (other than contingent indemnification obligations not then due) or the Credit Facility has not been terminated. 

  
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 SECTION 11.13 Survival. 

(a) All representations and warranties set forth in Article VI and all representations and warranties contained in any
certificate, or any of the other Loan Documents (including, but not limited to, any such representation or warranty made in or in connection with any amendment thereto) shall constitute representations and warranties made under this Agreement. All
representations and warranties made under this Agreement shall be made or deemed to be made at and as of the Closing Date (except those that are expressly made as of a specific date), shall survive the Closing Date, and shall not be waived by the
execution and delivery of this Agreement, any investigation made by or on behalf of the Lenders, or any borrowing hereunder. 

(b) Notwithstanding any termination of this Agreement, the indemnities to which the Administrative Agent and the Lenders are
entitled under the provisions of this Article XI and any other provision of this Agreement and the other Loan Documents shall continue in full force and effect and shall protect the Administrative Agent and the Lenders against events arising
after such termination as well as before. 
 SECTION 11.14 Titles and Captions. Titles and captions of Articles, Sections,
subsections, and clauses in, and the table of contents of, this Agreement are for convenience only, and neither limit nor amplify the provisions of this Agreement. 

SECTION 11.15 Severability of Provisions. Any provision of this Agreement or any other Loan Document which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating the remainder of such provision or the remaining provisions hereof or thereof or
affecting the validity or enforceability of such provision in any other jurisdiction. In the event that any provision is held to be so prohibited or unenforceable in any jurisdiction, the Administrative Agent, the Lenders, and the Borrower shall
negotiate in good faith to amend such provision to preserve the original intent thereof in such jurisdiction (subject to the approval of the Required Lenders). 

SECTION 11.16 Counterparts; Integration; Effectiveness; Electronic Execution. 

(a) Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties
hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the other Loan Documents, and any separate letter agreements with respect to
fees payable to the Administrative Agent, the Collateral Agent, and/or the Arrangers, constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or
written, relating to the subject matter hereof. Except as provided in Section 5.1, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received
counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or in electronic (i.e., “pdf” or
“tif”) format shall be effective as delivery of a manually executed counterpart of this Agreement. 
 (b)
Electronic Execution. The words “execute,” “execution,” “signed,” “signature,” “delivery,” and words of like import in or related to this Agreement, any other Loan Document, or any document,
amendment, approval, consent, waiver, modification, information, notice, certificate, report, statement, disclosure, or authorization to be signed or delivered in connection with this Agreement or any other Loan Document or the Transactions
contemplated hereby shall 

  
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be deemed to include Electronic Signatures or execution in the form of an Electronic Record, and contract formations on electronic platforms approved by the Administrative Agent, deliveries or
the keeping of records in electronic form, each of which shall be of the same legal effect, validity, or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as
provided for in any Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic
Transactions Act. Each party hereto agrees that any Electronic Signature or execution in the form of an Electronic Record shall be valid and binding on itself and each of the other parties hereto to the same extent as a manual, original signature.
For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the parties of a manually signed paper which has been converted into electronic form (such as scanned into PDF format), or an
electronically signed paper converted into another format, for transmission, delivery and/or retention. Notwithstanding anything contained herein to the contrary, the Administrative Agent is under no obligation to accept an Electronic Signature in
any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it; provided that without limiting the foregoing, (a) to the extent the Administrative Agent has agreed to accept such
Electronic Signature from any party hereto, the Administrative Agent and the other parties hereto shall be entitled to rely on any such Electronic Signature purportedly given by or on behalf of the executing party without further verification and
(b) upon the request of the Administrative Agent or any Lender, any Electronic Signature shall be promptly followed by an original manually executed counterpart thereof. Without limiting the generality of the foregoing, each party hereto hereby
(i) agrees that, for all purposes, including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings, or litigation among the Administrative Agent, the Lenders, and any of the Credit
Parties, electronic images of this Agreement or any other Loan Document (in each case, including with respect to any signature pages thereto) shall have the same legal effect, validity, and enforceability as any paper original, and (ii) waives
any argument, defense, or right to contest the validity or enforceability of the Loan Documents based solely on the lack of paper original copies of any Loan Documents, including with respect to any signature pages thereto. 

SECTION 11.17 Term of Agreement. This Agreement shall remain in effect from the Closing Date through and including the Discharge Date.
No termination of this Agreement shall affect the rights and obligations of the parties hereto arising prior to such termination or in respect of any provision of this Agreement which survives such termination. 

SECTION 11.18 USA PATRIOT Act; Anti-Money Laundering Laws. The Administrative Agent and each Lender hereby notifies the Borrower that
pursuant to the requirements of the PATRIOT Act or any other Anti-Money Laundering Laws, each of them is required to obtain, verify, and record information that identifies each Credit Party, which information includes the name and address of each
Credit Party and other information that will allow such Lender to identify each Credit Party in accordance with the PATRIOT Act or such Anti-Money Laundering Laws. 

SECTION 11.19 Judgment Currency. If, for the purpose of obtaining judgment in any court, it is necessary to convert a sum owing
hereunder in one currency (the “Specified Currency”) into another currency, each party hereto agrees, to the fullest extent that it may effectively do so, that the rate of exchange used shall be that at which in accordance with
usual and customary banking procedures the Administrative Agent could purchase the Specified Currency with such other currency at any of the Administrative Agent’s offices in the United States on the Business Day immediately preceding the day
on which final judgment is given. The obligations of the Borrower in respect of any sum due to any party hereto or any holder of the Term Loan Secured Obligations owing hereunder (the “Applicable Creditor”) shall, notwithstanding
any 

  
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judgment in a currency (the “Judgment Currency”) other than the Specified Currency, be discharged only to the extent that on the Business Day following receipt by such Applicable
Creditor of any sum adjudged to be so due in the Judgment Currency, the Applicable Creditor may in accordance with normal, reasonable banking procedures purchase the Specified Currency with the Judgment Currency. If the amount of the Specified
Currency so purchased is less than the sum originally due to the Applicable Creditor in the Specified Currency, the Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Applicable Creditor against such
loss. If the amount of the Specified Currency so purchased exceeds (a) the sum originally due to the Applicable Creditor in the Specified Currency and (b) any amounts shared with other Lenders as a result of allocations of such excess as a
disproportionate payment to such Lender, the Applicable Creditor agrees to promptly remit such excess to the Borrower (or to any other Person that may be entitled thereto under Applicable Law). The obligations of the Borrower contained in this
Section 11.19 shall survive the termination of this Agreement and the payment of all amounts owing hereunder. 
 SECTION 11.20
Independent Effect of Covenants. The Borrower expressly acknowledges and agrees that each covenant contained in Article VII or VIII hereof shall be given independent effect. Accordingly, the Borrower shall not engage in any
transaction or other act otherwise permitted under any covenant contained in Article VII or VIII, before or after giving effect to such transaction or act, the Borrower shall or would be in breach of any other covenant contained in
Article VII or VIII. 
 SECTION 11.21 No Advisory or Fiduciary Responsibility. 

(a) In connection with all aspects of each transaction contemplated hereby, each Credit Party acknowledges and agrees, and
acknowledges its Affiliates’ understanding, that (i) the facilities provided for hereunder and any related arranging or other services in connection therewith (including in connection with any amendment, waiver, or other modification
hereof or of any other Loan Document) are an arm’s-length commercial transaction between the Borrower and its Affiliates, on the one hand, and the Administrative Agent, the Arrangers, the Collateral Agent, and the Lenders, on the other hand,
and the Borrower is capable of evaluating and understanding and understands and accepts the terms, risks, and conditions of the Transactions contemplated hereby and by the other Loan Documents (including any amendment, waiver, or other modification
hereof or thereof), (ii) in connection with the process leading to such transaction, each of the Administrative Agent, the Arrangers, the Collateral Agent, and the Lenders is and has been acting solely as a principal and is not the financial
advisor, agent, or fiduciary, for the Borrower or any of its Affiliates, stockholders, creditors, or employees or any other Person, (iii) none of the Administrative Agent, the Arrangers, the Collateral Agent, or the Lenders has assumed or will
assume an advisory, agency, or fiduciary responsibility in favor of the Borrower with respect to any of the Transactions contemplated hereby or the process leading thereto, including with respect to any amendment, waiver, or other modification
hereof or of any other Loan Document (irrespective of whether any Arranger or Lender has advised or is currently advising the Borrower or any of its Affiliates on other matters) and none of the Administrative Agent, the Arrangers, the Collateral
Agent, or the Lenders has any obligation to the Borrower or any of its Affiliates with respect to the financing transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents, (iv) the
Arrangers and the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from, and may conflict with, those of the Borrower and its Affiliates, and none of the Administrative Agent,
the Arrangers, the Collateral Agent, or the Lenders has any obligation to disclose any of such interests by virtue of any advisory, agency, or fiduciary relationship, and (v) the Administrative Agent, the Arrangers, the Collateral Agent, and
the Lenders have not provided and will not provide any legal, accounting, regulatory, or Tax advice with respect to any of the Transactions contemplated hereby (including any amendment, waiver, or other modification hereof or of any other Loan
Document) and the Credit Parties have consulted their own legal, accounting, regulatory, and Tax advisors to the extent they have deemed appropriate. 

  
 -153- 

 (b) Each Credit Party acknowledges and agrees that each Lender, the
Arrangers, and any Affiliate thereof may lend money to, invest in, and generally engage in any kind of business with, any of the Parent, the Borrower, any Affiliate thereof, or any other Person that may do business with or own securities of any of
the foregoing, all as if such Lender, Arranger, or Affiliate thereof were not a Lender, an Arranger, or an Affiliate thereof (or an agent or any other Person with any similar role under the Credit Facility) and without any duty to account therefor
to any other Lender, the Arrangers, the Parent, the Borrower, or any Affiliate of the foregoing. Subject to the Intercreditor Agreement, each Lender, Arranger, and any Affiliate thereof may accept fees and other consideration from the Parent, the
Borrower, or any Affiliate thereof for services in connection with this Agreement, the Credit Facility, or otherwise without having to account for the same to any other Lender, Arranger, the Borrower, or any Affiliate of the foregoing. 

SECTION 11.22 Appointment of Process Agent. Without limiting the generality of Sections 11.1 or 11.5(d), each Credit
Party that is not incorporated or organized under the laws of the United States, any State thereof, or the District of Columbia (for purposes hereof, each a “Foreign Credit Party”) hereby appoints and shall maintain the appointment
of the Process Agent as its agent to receive on behalf of it service of copies of the summons and complaint and any other process which may be served in any such action or proceeding. Such service may be made by mailing by certified mail a copy of
such process to any Foreign Credit Party, in care of the Process Agent at the Process Agent’s address, with a copy to such Foreign Credit Party at its address set forth in Section 11.1, and each Foreign Credit Party hereby
authorizes and directs the Process Agent to receive such service on its behalf. As an alternative method of service, each Foreign Credit Party also irrevocably consents to the service of any and all process in any such action or proceeding by the
mailing by certified mail of copies of such process to it at its address set forth in Section 11.1. Each Foreign Credit Party agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Section shall affect the right of any Lender to serve legal process in any other manner permitted by any Applicable Law or affect the right of any Lender
to bring any suit, action or proceeding against any Foreign Credit Party or its property in the courts of other jurisdictions. 
 SECTION
11.23 Inconsistencies with Other Documents. In the event there is a conflict or inconsistency between this Agreement and any other Loan Document, the terms of this Agreement shall control; provided that any provision of the Security
Documents which imposes additional burdens on the Parent or any of its Restricted Subsidiaries or further restricts the rights of the Parent or any of its Restricted Subsidiaries or gives the Administrative Agent or Lenders additional rights shall
not be deemed to be in conflict or inconsistent with this Agreement and shall be given full force and effect. 
 SECTION 11.24
Acknowledgement and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement, or understanding among any such parties, each party hereto
acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and
agrees and consents to, and acknowledges and agrees to be bound by: 
 (a) the application of any Write-Down and Conversion
Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and 

  
 -154- 

 (b) the effects of any Bail-In Action on any such liability, including, if
applicable: 
 (i) a reduction in full or in part or cancellation of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected
Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any
such liability under this Agreement or any other Loan Document; or 
 (iii) the variation of the terms of such liability in
connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority. 
 SECTION 11.25
Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Hedge Agreements or any other agreement or instrument that is a QFC (such support, “QFC Credit
Support” and, each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the FDIC under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall
Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable
notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States): 

(a) In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject
to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in
property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit
Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding
under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater
extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the
foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support. 

(b) As used in this Section 11.25, the following terms have the following meanings: 

“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted
in accordance with, 12 U.S.C. 1841(k)) of such party. 
 “Covered Entity” means any of the following: 

(i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

  
 -155- 

 (ii) a “covered bank” as that term is defined in, and interpreted
in accordance with, 12 C.F.R. § 47.3(b); or 
 (iii) a “covered FSI” as that term is defined in, and
interpreted in accordance with, 12 C.F.R. § 382.2(b). 
 “Default Right” has the meaning assigned to
that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 

“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be
interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D). 
 SECTION 11.26 Intercreditor Matters. Each Lender (and each Person that
becomes a Lender hereunder pursuant to Section 11.9) and each Affiliate of a Lender that is a Term Loan Secured Party by receiving the benefits of the Liens granted under the Security Documents, hereby authorizes and directs the
Administrative Agent and the Collateral Agent to enter into, join, or otherwise become party to the Intercreditor Agreement on behalf of such Lender as needed to effectuate the Transactions permitted by this Agreement and agrees that the
Administrative Agent and the Collateral Agent may take such actions on its behalf as is contemplated by the terms of the Intercreditor Agreement. A copy of the Intercreditor Agreement and any other documents evidencing such intercreditor
arrangements will be made available to each Lender and each Affiliate of a Lender that is a Term Loan Secured Party upon request. Without limiting the provisions of Sections 10.1 and 11.3(b) and (c), each Lender and each
Affiliate of a Lender that is a Term Loan Secured Party by receiving the benefits of the Liens granted under the Security Documents, hereby consents to the Administrative Agent, the Collateral Agent, and any successor or assign serving in its
capacity as collateral agent under the Intercreditor Agreement and agrees not to assert any claim (including as a result of any conflict of interest) against the Administrative Agent, the Collateral Agent, or any such successor or assign, arising
from its role as Collateral Agent under the Loan Documents, including, without limitation, the Intercreditor Agreement, so long as it is either acting in accordance with the terms of such documents and otherwise has not engaged in gross negligence
or willful misconduct (as determined in a final and non-appealable judgment by a court of competent jurisdiction). Each Lender and each Affiliate of a Lender that is a Term Loan Secured Party further acknowledges and agrees to the terms of the
Intercreditor Agreement and any other documents evidencing such intercreditor arrangements and agrees that the terms thereof shall be binding on such Person and its successors and assigns as if it were a party thereto. In addition, the
Administrative Agent, the Collateral Agent, or any such successor or assign, shall be authorized, without the consent of any Lender, to execute or to enter into amendments of, and amendments and restatements of, the Security Documents and the
Intercreditor Agreement, in each case in order to effectuate the Transactions permitted by this Agreement. 
 [Signature pages to follow]

  
 -156- 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed under seal
by their duly authorized officers, all as of the day and year first written above. 
  

			
	PARENT:
	
	DIAMOND OFFSHORE DRILLING, INC.

 
			
		
	By:	 	/s/ David Roland

 
			
	Name:	 	David Roland

 
			
	Title:	 	Senior Vice President, General Counsel and Secretary

  

			
	BORROWER:
	
	DIAMOND FOREIGN ASSET COMPANY

 
			
		
	By:	 	/s/ David Roland

 
			
	Name:	 	David Roland

 
			
	Title:	 	Director

  
 Signature Page to Credit
Agreement – Diamond Foreign Asset Company 

 
			
	AGENTS AND LENDERS:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Administrative Agent, Collateral Agent, and a Lender
		
	By:	 	/s/ Jay L. Buckman, Jr.
	 Name: Jay L. Buckman, Jr.
 Title:
Director

  
 Signature Page to Credit
Agreement – Diamond Foreign Asset Company 

 
			
	BARCLAYS BANK PLC, as a Lender
		
	By:	 	/s/ Sydney G. Dennis
	 Name: Sydney G. Dennis
 Title:
Director

  
 Signature Page to Credit
Agreement – Diamond Foreign Asset Company 

 
			
	Citicorp North America, Inc., as a Lender
		
	By:	 	/s/ Peter Baumann
	 Name: Peter Baumann
 Title: Vice
President

 
			
	HSBC BANK USA, NATIONAL ASSOCIATION, as
an Issuing Lender and a Lender
		
	By:	 	/s/ Temesgen Haile
	 Name: Temesgen Haile
 Title: Vice
President

  
 Signature Page to Credit
Agreement – Diamond Foreign Asset Company 

 
			
	TRUIST BANK, as a Lender
		
	By:	 	/s/ John L. Sayler
	 Name: John L. Sayler
 Title: Senior
Vice President

  
 Signature Page to Credit
Agreement – Diamond Foreign Asset Company 

 
			
	AVENUE ENERGY OPPORTUNITIES FUND II AIV,
L.P., as a Lender

 
			
		
	By:	 	/s/ Sonia Gardner

 
			
	Name:	 	Sonia Gardner

 
			
	Title:	 	Authorized Signatory

  

			
	AVENUE ENERGY OPPORTUNITIES FUND II, LP,
as a Lender

 
			
		
	By:	 	/s/ Sonia Gardner

 
			
	Name:	 	Sonia Gardner

 
			
	Title:	 	Authorized Signatory

  

			
	AVENUE GLOBAL DISLOCATION OPPORTUNITIES FUND, L.P., as a Lender

 
			
		
	By:	 	/s/ Sonia Gardner

 
			
	Name:	 	Sonia Gardner

 
			
	Title:	 	Authorized Signatory

  

			
	AVENUE GLOBAL OPPORTUNITIES MASTER
FUND, L.P., as a Lender

 
			
		
	By:	 	/s/ Sonia Gardner

 
			
	Name:	 	Sonia Gardner

 
			
	Title:	 	Authorized Signatory

  

			
	AVENUE RP OPPORTUNITIES FUND, LP, as a
Lender

 
			
		
	By:	 	/s/ Sonia Gardner

 
			
	Name:	 	Sonia Gardner

 
			
	Title:	 	Authorized Signatory

  
 Signature Page to Credit
Agreement – Diamond Foreign Asset Company 

 
			
	GOLDMAN SACHS BANK USA, as a Lender
		
	By:	 	/s/ Jacob Elder
	 Name: Jacob Elder
 Title: Authorized
Signatory

  
 Signature Page to Credit
Agreement – Diamond Foreign Asset Company 

 Annex I 

Agreed Security Principles 
  

	(a)	 The Loan Documents shall not require any party to take steps to create or perfect any Lien in Excluded
Property. 

  

	(b)	 Perfection through Account Control Agreements or other actions (other than the filing of UCC-1 financing
statements or other all-asset filings, as applicable) shall not be required with respect to Excluded Perfection Collateral described in clauses (a) through (d) of the definition thereof. 

 

	(c)	 The Borrower and the other Guarantors shall not be required to take any actions with respect to the creation or
perfection of Liens on any Collateral within or subject to the laws of the United States other than actions relating to (i) the delivery of Certificated Securities and Pledged Notes and the subordination of intercompany liabilities,
(ii) the execution and delivery of, and performance under, the Security Documents, including, without limitation, any required short-form intellectual property collateral documents and any required Account Control Agreements, (iii) any
required security interest filings in the U.S. Patent and Trademark Office and the U.S. Copyright Office, (iv) the filing of UCC-1 financing statements, (v) Rig Mortgages (or similar Security Documents) encumbering the Rigs and related
Property, (vi) Mortgages and related Security Documents encumbering Material Real Property, and (vii) such other actions as may be reasonably agreed by the Administrative Agent and the Parent. 

 

	(d)	 Absent a Default that is continuing, the Borrower and the other Guarantors shall not be required to take any
actions with respect to the creation or perfection of Liens on any Collateral that are within or subject to the laws of any jurisdiction other than the Subject Jurisdictions. 

 

	(e)	 General statutory limitations, financial assistance, fiduciary duties, corporate benefit, fraudulent
preference, illegality, criminal or civil liability, “thin capitalisation” rules, “earnings stripping,” “controlled foreign corporation” rules, capital maintenance rules, and analogous principles may restrict a
Restricted Subsidiary (other than a Rig Subsidiary) from providing a Guarantee or granting Liens on its Property or may require that any Guarantee and/or security be limited to a certain amount. To the extent that any such limitations, rules, and/or
principles referred to above require that the Guarantee and/or security is limited by an amount or otherwise in order to make such Guarantee or security granted by a Restricted Subsidiary (other than a Rig Subsidiary) legal, valid, binding, or
enforceable or to avoid the relevant Restricted Subsidiary (other than a Rig Subsidiary) from breaching any Applicable Law or otherwise in order to avoid civil or criminal liability of the officers or directors (or equivalent) of any Credit Party,
the limit shall be no more than the minimum limit required by those limitations, rules, or principles. To the extent the minimum limit can be increased or eliminated, as applicable, by actions or omissions on the part of any Credit Party, each
Credit Party shall use commercially reasonable efforts to take such actions or not to take actions (as appropriate) in order to increase or eliminate the minimum limit required by those limitations, rules, or principles. 

 

	(f)	 Registration of any Liens created under any Security Document and other legal formalities and perfection steps,
if required under Applicable Law or regulation or where customary or consistent with market practice, will be completed by each Credit Party in the relevant Subject Jurisdiction(s) as soon as reasonably practicable in line with applicable market
practice after that security is granted and, in any event, within the time periods specified in the relevant Loan Document or within the time periods specified by Applicable Law or regulation, in order to ensure due priority, perfection, and
enforceability of the Liens on the Collateral required to be created by the relevant Loan Document. 

 Annex I to Credit
Agreement – Diamond Foreign Asset Company 

	(g)	 Where there is material incremental cost involved in creating or perfecting Liens over all Property of a
particular category owned by a Credit Party in a particular jurisdiction, such Credit Party’s grant of security or the steps required to perfect such Liens, as applicable, over such category of Property may be limited to the material Property
in that category where determined appropriate by the Parent and the Administrative Agent in light of the Agreed Security Principles. 

  

	(h)	 No Liens granted in motor vehicles and other Property subject to certificates of title (in each case, other
than (a) any Rig subject to a certificate of title and (b) any motor vehicle or other Property with, in the case of this clause (b), a value in excess of $3,000,000) shall be required to be perfected (other than to the extent such
rights can be perfected by filing a UCC-1 financing statement or similar composite “all asset” security document under the Applicable Law of a Foreign Subject Jurisdiction). 

 

	(i)	 The Credit Parties shall pledge, or cause to be pledged, the Equity Interests owned in each Restricted
Subsidiary and each Credit Party, unless otherwise excluded from the Collateral in accordance with the Agreed Security Principles. Each Security Document in respect of security over Equity Interests in the Borrower or any Subsidiary Guarantor will
be governed by the Applicable Law of the country (or state thereof) in which such Person is incorporated, organized, or formed; provided that each Security Document in respect of security over Equity Interests in (i) any Restricted
Subsidiary organized under the laws of any political subdivision of the United States will be governed by the laws of the State of New York or (ii) any Restricted Subsidiary that is not incorporated, organized, or formed in a Subject
Jurisdiction may be governed by the laws of the State of New York and/or the laws of a relevant Foreign Subject Jurisdiction, as determined in the sole discretion of the Administrative Agent. Unless an Event of Default exists, no Credit Party or
Restricted Subsidiary shall be required to provide any security or take any perfection step (A) under the Applicable Law of any jurisdiction that is not a Subject Jurisdiction, in respect of any Equity Interests held in any direct Restricted
Subsidiary of any Credit Party incorporated, organized, or formed outside a Subject Jurisdiction or (B) in respect of any Equity Interests held in any Person which is not a Subsidiary Guarantor or a direct Restricted Subsidiary of a Credit
Party, in each case, unless such security can be granted under a customary composite “all asset” security document under the Applicable Law of a Subject Jurisdiction; it being understood and agreed that (1) unless an Event of Default
exists, there shall be no requirement (and the Administrative Agent shall not request) that any local law perfection steps (or collateral documents) with respect to Equity Interests be taken in any jurisdiction other than a Subject Jurisdiction
(other than the preparation and delivery of local law governed share certificates and customary local law stock transfer powers (or equivalent transfer powers) in respect of pledged Equity Interests in any Subsidiary Guarantor or any direct
Restricted Subsidiary of a Credit Party) and (2) the Administrative Agent may require any Credit Party to provide a New York law-governed pledge of the Equity Interests owned in each Restricted Subsidiary held by such Credit Party, unless
otherwise excluded from the Collateral in accordance with the Agreed Security Principles, regardless of such Credit Party’s or Restricted Subsidiary’s jurisdiction of incorporation, organization, or formation, in addition to any other
documents required or permitted to be requested under this Agreement or the other Loan Documents. 

  

	(j)	 Information, such as lists of Property, if required by Applicable Law, custom, or market practice to be
provided in order to create or perfect any Lien under a Security Document will be specified in that Security Document and all such information shall be provided by the relevant Credit Party at intervals no more frequently than annually (unless it is
market practice to provide such information more frequently in order to perfect or protect such security under the applicable Security Document) or, so long as an Event of Default exists, following the Administrative Agent’s request.

 Annex I to Credit Agreement – Diamond Foreign Asset Company 

	(k)	 Unless an Event of Default exists, no registration of the Liens on Intellectual Property constituting
Collateral (other than Material Intellectual Property) shall be required other than in the relevant federal registries in the United States. 

  

	(l)	 No Credit Party shall be required to give notice of any Lien on any of its contracts, book debts or accounts
receivable to the relevant counterparties or debtors, unless an Event of Default exists; provided that, this restriction shall not apply with respect to notices of Liens over Rig Operator Contracts, Drilling Contracts or other similar Material
Contracts that are necessary or desirable to create or perfect any Lien in such asset or to any notice with respect to insurance required pursuant to Section 7.7. 

 

	(m)	 Each Credit Party shall use commercially reasonable efforts to create and perfect first ranking floating
charges and general business charges in the relevant Subject Jurisdictions over its Property that are required to constitute Collateral. Any such floating charges and general business charges shall be in the form and to the extent consistent with
local Applicable Law, custom, and market practice in the relevant Subject Jurisdiction. In addition, if requested by the Administrative Agent, each Credit Party shall sign a New York law-governed security agreement, regardless of such Credit
Party’s jurisdiction of incorporation, organization, or formation or the location of its Property. 

  

	(n)	 The Security Documents shall be limited to those documents mutually agreed among counsel for the Borrower and
for the Administrative Agent, which Security Documents shall in each case be (i) in form and substance consistent with these principles, (ii) customary for the form of Collateral, and (iii) as mutually agreed between the
Administrative Agent and the Parent. 

  

	(o)	 No documentation with respect to the creation or perfection of Liens shall be required for spare part equipment
that is not subject to the Lien created pursuant to a Rig Mortgage over the applicable Rig, except to the extent (i) such security can be granted under a customary composite “all asset” security document under the Applicable Law of a
Subject Jurisdiction or (ii) the value of such Property reasonably capable of becoming Collateral exceeds $5,000,000. 

  

	(p)	 No lien searches shall be required other than (i) customary searches in the United States, (ii) in
any other Subject Jurisdiction (but only to the extent (x) the concept of “lien” searches exists therein, (y) such requirement would be customary or consistent with market practice in such Foreign Subject Jurisdiction, and
(z) such searches can be obtained at commercially reasonable costs), or (iii) with respect to owned Rigs (which shall be customary registry searches). 

 

	(q)	 None of the Borrower or any Subsidiary Guarantor shall be required to take any actions with respect to the
creation and/or perfection of Liens on any Collateral to the extent the cost of creating and/or perfecting such Lien is excessive in relation to the practical benefit to the Lenders afforded thereby, as reasonably determined by the Administrative
Agent in consultation with the Parent. 

  

	(r)	 The Credit Parties will enter into such amendments to the terms of the Security Documents (including, without
limitation, the Rig Mortgages) as the Administrative Agent or the Collateral Agent may reasonably request to ensure that all Secured Obligations are, at all times, secured by such Security Documents. 

Annex I to Credit Agreement – Diamond Foreign Asset Company 

 Schedule 1.1(a) 

Loans and Pro Rata Share 
  

									
	 Lender
	  	Pro Rata Share	 	 	Loan Amount	 
	 Wells Fargo Bank, National Association
	  	 	13.617021279	% 	 	$	13,617,021.28	 
	 Barclays Bank PLC
	  	 	13.617021277	% 	 	$	13,617,021.28	 
	 Citicorp North America, Inc.
	  	 	13.617021277	% 	 	$	13,617,021.28	 
	 HSBC Bank USA, National Association
	  	 	13.617021277	% 	 	$	13,617,021.28	 
	 Truist Bank
	  	 	11.354752406	% 	 	$	11,354,752.41	 
	 Avenue Energy Opportunities Fund II, L.P.
	  	 	12.599000285	% 	 	$	12,599,000.28	 
	 Avenue Energy Opportunities Fund II AIV, L.P.
	  	 	6.377760891	% 	 	$	6,377,760.89	 
	 Avenue RP Opportunities Fund, LP
	  	 	6.017635196	% 	 	$	6,017,635.19	 
	 Goldman Sachs Bank USA
	  	 	4.680851062	% 	 	$	4,680,851.06	 
	 Avenue Global Dislocation Opportunities Fund, LP
	  	 	3.393403306	% 	 	$	3,393,403.30	 
	 Avenue Global Opportunities Master Fund, L.P.
	  	 	1.108511747	% 	 	$	1,108,511.75	 
	 Total:
	  	 	100.00	% 	 	$	100,000,000	 

 Schedule 1.1(a) 

 Schedule 1.1(c) 

Closing Date Rigs 
  

									
	 Rig Name
	  	Official Number	  	 Owner
	  	 Jurisdiction of Registration of
Owner
	  	 Jurisdiction of Flag

	Ocean Apex	  	1747	  	Diamond Offshore Drilling (UK) Limited	  	England and Wales	  	Marshall Islands
					
	Ocean BlackHawk	  	5061	  	Diamond Offshore Limited	  	England and Wales	  	Marshall Islands
					
	Ocean BlackHornet	  	5314	  	Diamond Offshore Limited	  	England and Wales	  	Marshall Islands
					
	Ocean BlackLion	  	5361	  	Diamond Offshore Limited	  	England and Wales	  	Marshall Islands
					
	Ocean BlackRhino	  	5360	  	Diamond Offshore Limited	  	England and Wales	  	Marshall Islands
					
	Ocean Courage	  	3627	  	Diamond Offshore Drilling (UK) Limited	  	England and Wales	  	Marshall Islands
					
	Ocean Endeavor	  	1757	  	Diamond Offshore Drilling Limited	  	Cayman Islands	  	Marshall Islands
					
	Ocean GreatWhite	  	6218	  	Diamond Offshore Drilling Limited	  	Cayman Islands	  	Marshall Islands

									
	 Rig Name
	  	Official Number	  	 Owner
	  	 Jurisdiction of Registration of
Owner
	  	 Jurisdiction of Flag

	Ocean Monarch	  	2469	  	Diamond Offshore Drilling (UK) Limited	  	England and Wales	  	Marshall Islands
					
	Ocean Onyx	  	1765	  	Diamond Offshore Drilling (UK) Limited	  	England and Wales	  	Marshall Islands
					
	Ocean Patriot	  	1830	  	Diamond Offshore Drilling (UK) Limited	  	England and Wales	  	Marshall Islands
					
	Ocean Valiant	  	1763	  	Diamond Offshore Drilling Limited	  	Cayman Islands	  	Marshall Islands
					
	Ocean Valor	  	3741	  	Diamond Offshore Limited	  	England and Wales	  	Marshall Islands

 Schedule 1.1(d) 

Closing Date Rig Subsidiaries 
  

			
	 Rig Subsidiary
	  	 Jurisdiction of Organization

	Brasdril Sociedade de Perfurações Ltda.	  	Brazil
		
	Diamond Foreign Asset Company	  	Cayman Islands
		
	Diamond Offshore, LLC	  	Delaware
		
	Diamond Offshore Drilling (UK) Limited	  	England and Wales
		
	Diamond Offshore Drilling Limited	  	Cayman Islands
		
	Diamond Offshore Finance Company	  	Delaware
		
	Diamond Offshore General, LLC	  	Delaware
		
	Diamond Offshore Limited	  	England and Wales
		
	Diamond Offshore Netherlands B.V.	  	Netherlands

 Schedule 1.1(e) 

Closing Date Subsidiary Guarantors 
  

					
	 	  	 Subsidiary Guarantors
	  	 Jurisdiction of Incorporation

	1.	  	Brasdril Sociedade de Perfurações Ltda.	  	Brazil
			
	2.	  	Diamond Finance, LLC	  	Delaware
			
	3.	  	Diamond Offshore (Brazil) L.L.C.	  	Delaware
			
	4.	  	Diamond Offshore, LLC	  	Delaware
			
	5.	  	Diamond Foreign Asset Company	  	Cayman Islands
			
	6.	  	Diamond Offshore Drilling (Overseas) L.L.C.	  	Delaware
			
	7.	  	Diamond Offshore Drilling (UK) Limited	  	England and Wales
			
	8.	  	Diamond Offshore Drilling Company N.V.	  	Curacao
			
	9.	  	Diamond Offshore Drilling Limited	  	Cayman Islands
			
	10.	  	Diamond Offshore Enterprises Limited	  	England and Wales
			
	11.	  	Diamond Offshore Finance Company	  	Delaware
			
	12.	  	Diamond Offshore General, LLC	  	Delaware
			
	13.	  	Diamond Offshore Holding, L.L.C.	  	Delaware
			
	14.	  	Diamond Offshore International Limited	  	Cayman Islands
			
	15.	  	Diamond Offshore International, L.L.C.	  	Delaware
			
	16.	  	Diamond Offshore Limited	  	England and Wales
			
	17.	  	Diamond Offshore Netherlands B.V.	  	Netherlands
			
	18.	  	Diamond Offshore Services, LLC	  	Delaware
			
	19.	  	Diamond Rig Investments Limited	  	England and Wales

 Schedule 6.1 

Jurisdictions of Organization and Qualification to Do Business of Credit Parties, Restricted Subsidiaries and Subsidiary Guarantors 

 

									
	 #
	  	 Name of Entity
	  	 Status of Entity
	  	 Jurisdiction of
Organization
	  	 Jurisdictions of Foreign
Qualification to
Do
Business

	1.	  	Arethusa Off-Shore, LLC	  	Restricted Subsidiary	  	Delaware	  	None
					
	2.	  	Brasdril Sociedade de Perfurações Ltda.	  	Restricted Subsidiary, Subsidiary Guarantor and Credit Party	  	Brazil	  	None
					
	3.	  	Diamond Finance, LLC	  	Restricted Subsidiary, Subsidiary Guarantor and Credit Party	  	Delaware	  	None
					
	4.	  	Diamond Foreign Asset Company	  	Restricted Subsidiary, Subsidiary Guarantor, Credit Party and Borrower	  	Cayman Islands	  	None
					
	5.	  	Diamond M Corporation	  	Restricted Subsidiary	  	Texas	  	None
					
	6.	  	Diamond M Servicios, S.A.	  	Restricted Subsidiary	  	Venezuela	  	None
					
	7.	  	Diamond Offshore (Bermuda) Limited	  	Restricted Subsidiary	  	Bermuda	  	None
					
	8.	  	Diamond Offshore (Brazil) L.L.C.	  	Restricted Subsidiary, Subsidiary Guarantor and Credit Party	  	Delaware	  	None

									
	 #
	  	 Name of Entity
	  	 Status of Entity
	  	 Jurisdiction of
Organization
	  	 Jurisdictions of Foreign
Qualification to
Do
Business

	9.	  	Diamond Offshore (Singapore) Pte Ltd	  	Restricted Subsidiary	  	Singapore	  	Australia
					
	10.	  	Diamond Offshore (Trinidad) L.L.C.	  	Restricted Subsidiary	  	Delaware	  	Nicaragua, Trinidad and Tobago
					
	11.	  	Diamond Offshore Development Company	  	Restricted Subsidiary	  	Delaware	  	None
					
	12.	  	Diamond Offshore Drilling (Bermuda) Limited	  	Restricted Subsidiary	  	Bermuda	  	None
					
	13.	  	Diamond Offshore Drilling (Cayman Trust) Private Trust Company Limited	  	Restricted Subsidiary	  	Cayman Islands	  	None
					
	14.	  	Diamond Offshore Drilling (Nigeria) Limited	  	Restricted Subsidiary	  	Nigeria	  	None
					
	15.	  	Diamond Offshore Drilling (Overseas) L.L.C.	  	Restricted Subsidiary, Subsidiary Guarantor and Credit Party	  	Delaware	  	None
					
	16.	  	Diamond Offshore Drilling (UK) Limited	  	Restricted Subsidiary, Subsidiary Guarantor and Credit Party	  	England and Wales	  	Senegal; Switzerland
					
	17.	  	Diamond Offshore Drilling Company N.V.	  	Restricted Subsidiary, Subsidiary Guarantor and Credit Party	  	Curacao	  	None

									
	 #
	  	 Name of Entity
	  	 Status of Entity
	  	 Jurisdiction of
Organization
	  	 Jurisdictions of Foreign
Qualification to
Do
Business

	18.	  	Diamond Offshore Drilling Limited	  	Restricted Subsidiary, Subsidiary Guarantor and Credit Party	  	Cayman Islands	  	None
					
	19.	  	Diamond Offshore Drilling Sdn. Bhd.	  	Restricted Subsidiary	  	Malaysia	  	None
					
	20.	  	Diamond Offshore Drilling, Inc.	  	Parent and Credit Party	  	Delaware	  	None
					
	21.	  	Diamond Offshore Enterprises Limited	  	Restricted Subsidiary, Subsidiary Guarantor and Credit Party	  	England and Wales	  	None
					
	22.	  	Diamond Offshore Finance Company	  	Restricted Subsidiary, Subsidiary Guarantor and Credit Party	  	Delaware	  	None
					
	23.	  	Diamond Offshore General, LLC	  	Restricted Subsidiary, Subsidiary Guarantor and Credit Party	  	Delaware	  	Australia, Myanmar
					
	24.	  	Diamond Offshore Holding, L.L.C.	  	Restricted Subsidiary, Subsidiary Guarantor and Credit Party	  	Delaware	  	None
					
	25.	  	Diamond Offshore International Limited	  	Restricted Subsidiary, Subsidiary Guarantor and Credit Party	  	Cayman Islands	  	None

									
	 #
	  	 Name of Entity
	  	 Status of Entity
	  	 Jurisdiction of
Organization
	  	 Jurisdictions of Foreign
Qualification to
Do
Business

	26.	  	Diamond Offshore International, L.L.C.	  	Restricted Subsidiary, Subsidiary Guarantor and Credit Party	  	Delaware	  	Trinidad and Tobago
					
	27.	  	Diamond Offshore Leasing Ltd.	  	Restricted Subsidiary	  	Malaysia	  	None
					
	28.	  	Diamond Offshore Limited	  	Restricted Subsidiary, Subsidiary Guarantor and Credit Part	  	England and Wales	  	Switzerland
					
	29.	  	Diamond Offshore Management Company	  	Restricted Subsidiary	  	Delaware	  	None
					
	30.	  	Diamond Offshore Netherlands B.V.	  	Restricted Subsidiary, Subsidiary Guarantor and Credit Party	  	Netherlands	  	Egypt, Romania
					
	31.	  	Diamond Offshore Services Limited	  	Restricted Subsidiary	  	Bermuda	  	None
					
	32.	  	Diamond Offshore Services, LLC	  	Restricted Subsidiary, Subsidiary Guarantor and Credit Party	  	Delaware	  	Colombia, Congo, Mexico, Trinidad and Tobago
					
	33.	  	Diamond Offshore, LLC	  	Restricted Subsidiary, Subsidiary Guarantor and Credit Party	  	Delaware	  	None

									
	 #
	  	 Name of Entity
	  	 Status of Entity
	  	 Jurisdiction of
Organization
	  	 Jurisdictions of Foreign
Qualification to
Do
Business

	34.	  	Diamond Rig Investments Limited	  	Restricted Subsidiary, Subsidiary Guarantor and Credit Party	  	England and Wales	  	Equatorial Guinea
					
	35.	  	Mexdrill Offshore, S. de R.L. de C.V.	  	Restricted Subsidiary	  	Mexico	  	None
					
	36.	  	Mexdrill, L.L.C.	  	Restricted Subsidiary	  	Delaware	  	None
					
	37.	  	M-S Drilling, S.A.	  	Restricted Subsidiary	  	Panama	  	None
					
	38.	  	Offshore Drilling Services (Netherlands) B.V.	  	Restricted Subsidiary	  	Netherlands	  	None
					
	39.	  	Offshore Drilling Services of Mexico, S. de R.L. de C.V.	  	Restricted Subsidiary	  	Mexico	  	None
					
	40.	  	Storm Nigeria Limited	  	Restricted Subsidiary	  	Nigeria	  	None
					
	41.	  	Z North Sea, LLC	  	Restricted Subsidiary	  	Delaware	  	Angola

 Schedule 6.2 

Subsidiaries of Each Credit Party, Borrower, Guarantors, Restricted Subsidiaries, Unrestricted Subsidiaries, Immaterial Subsidiaries,
Material Subsidiaries, Excluded Subsidiaries and Rig Subsidiaries and Capitalization 
 Limited Liability Companies 

 

											
	 #
	  	 Name of Entity
	  	 Type of Entity
	  	 Record Owner
	  	Percentage of
Equity Interest
Owned	 
	1.	  	Arethusa Off- Shore, LLC	  	Restricted Subsidiary and Immaterial Subsidiary	  	Diamond Offshore Services, LLC	  	 	100	% 
					
	2.	  	Diamond Finance, LLC	  	Restricted Subsidiary, Immaterial Subsidiary and Guarantor	  	Diamond Foreign Asset Company	  	 	100	% 
					
	3.	  	Diamond Offshore (Brazil) L.L.C.	  	Restricted Subsidiary, Immaterial Subsidiary and Guarantor	  	Diamond Offshore International Limited	  	 	100	% 
					
	4.	  	Diamond Offshore (Trinidad) L.L.C.	  	Restricted Subsidiary and Immaterial Subsidiary	  	Diamond Offshore Services, LLC	  	 	100	% 
					
	5.	  	Diamond Offshore, LLC	  	Restricted Subsidiary, Material Subsidiary, Guarantor and Rig Subsidiary	  	Diamond Foreign Asset Company	  	 	100	% 
					
	6.	  	Diamond Offshore Drilling (Overseas) L.L.C.	  	Restricted Subsidiary, Material Subsidiary and Guarantor	  	Diamond Offshore International Limited	  	 	100	% 
					
	7.	  	Diamond Offshore General, LLC	  	Restricted Subsidiary, Material Subsidiary, Guarantor and Rig Subsidiary	  	Diamond Offshore Drilling Limited	  	 	100	% 
					
	8.	  	Diamond Offshore Holding, L.L.C.	  	Restricted Subsidiary, Immaterial Subsidiary and Guarantor	  	Diamond Offshore International Limited	  	 	100	% 

											
	 #
	  	 Name of Entity
	  	 Type of Entity
	  	 Record Owner
	  	Percentage of
Equity Interest
Owned	 
	9.	  	Diamond Offshore International, L.L.C.	  	Restricted Subsidiary, Material Subsidiary and Guarantor	  	Diamond Offshore Drilling Limited	  	 	100	% 
					
	10.	  	Diamond Offshore Services, LLC	  	Restricted Subsidiary, Material Subsidiary and Guarantor	  	Diamond Offshore Finance Company	  	 	100	% 
					
	11.	  	Mexdrill, L.L.C.	  	Restricted Subsidiary and Immaterial Subsidiary	  	Diamond Offshore Drilling (Overseas) L.L.C.	  	 	100	% 
					
	12.	  	Z North Sea, LLC	  	Restricted Subsidiary and Immaterial Subsidiary	  	Diamond Offshore Services, LLC	  	 	100	% 

 Corporations 
  

																			
	 #
	  	 Entity
	  	 Type of Entity
	  	 Record Owner
	  	Percentage
of Equity
Interests
Owned	 	 	Number of
Shares
Authorized	 	  	Number of
Shares
Issued and
Outstanding	 
	13.	  	Diamond M Corporation	  	Restricted Subsidiary and Immaterial Subsidiary	  	Diamond Offshore Finance Company	  	 	100	% 	 	 	5,000	 	  	 	100	 
							
	14.	  	Diamond Offshore Development Company	  	Restricted Subsidiary and Immaterial Subsidiary	  	Diamond Offshore Finance Company	  	 	100	% 	 	 	10,000	 	  	 	1,000	 
							
	15.	  	Diamond Offshore Finance Company	  	Restricted Subsidiary, Material Subsidiary, Guarantor and Rig Subsidiary	  	Diamond Offshore Drilling, Inc.	  	 	100	% 	 	 	1,000	 	  	 	1,000	 
							
	16.	  	Diamond Offshore Management Company	  	Restricted Subsidiary and Immaterial Subsidiary	  	Diamond Offshore Finance Company	  	 	100	% 	 	 	1000	 	  	 	100	 

 Foreign Entities 
  

															
	 #
	  	 Entity
	  	 Type of Entity
	  	 Record Owner
	  	Percentage
of Equity
Interests
Owned	 	 	Number of
Shares
Authorized	  	Number of
Shares
Issued and
Outstanding
	17.	  	Brasdril Sociedade de Perfuraçõe s Ltda.	  	 Restricted Subsidiary, Material

Subsidiary, Guarantor and Rig Subsidiary
	  	Diamond Offshore Holding, L.L.C.	  	 	74.75	% 	 	427,884,446
quotas	  	427,884,446
quotas
	  	Diamond Offshore (Brazil) L.L.C.	  	 	25.25	% 	 	144,536,219
quotas	  	144,536,219
quotas
							
	18.	  	Diamond Foreign Asset Company	  	 Restricted Subsidiary, Material Subsidiary,

Guarantor, Borrower and Rig Subsidiary
	  	Diamond Offshore Drilling, Inc.	  	 	1	% 	 	1000	  	1000
	  	Diamond Offshore Services, LLC	  	 	99	% 	 	50,000	  	50,000
							
	19.	  	Diamond M Servicios, S.A.	  	Restricted Subsidiary and Immaterial Subsidiary	  	Diamond Offshore Services, LLC	  	 	100	% 	 	66	  	66
							
	20.	  	Diamond Offshore (Bermuda) Limited	  	Restricted Subsidiary and Immaterial Subsidiary	  	Diamond Offshore International Limited	  	 	100	% 	 	12,000	  	12,000

																			
	 #
	  	 Entity
	  	 Type of Entity
	  	 Record Owner
	  	Percentage
of Equity
Interests
Owned	 	 	Number of
Shares
Authorized	 	 	Number of
Shares
Issued and
Outstanding	 
	21.	  	Diamond Offshore Drilling (Bermuda) Limited	  	Restricted Subsidiary and Immaterial Subsidiary	  	Diamond Offshore (Bermuda) Limited	  	 	100	% 	 	 	12,000	 	 	 	12,000	 
							
	22.	  	Diamond Offshore Drilling (Cayman Trust) Private Trust Company Limited	  	Restricted Subsidiary and Immaterial Subsidiary	  	Diamond Offshore Drilling (Bermuda) Limited	  	 	100	% 	 	 	12,000	 	 	 	12,000	 
							
	23.	  	Diamond Offshore (Singapore ) Pte Ltd	  	Restricted Subsidiary and Immaterial Subsidiary	  	Diamond Foreign Asset Company	  	 	100	% 	 	 	25,000	 	 	 	25,000	 
							
	24.	  	Diamond Offshore Drilling (Nigeria) Limited	  	Restricted Subsidiary and Immaterial Subsidiary	  	Diamond Offshore Drilling (Overseas) L.L.C.	  	 	100	% 	 	 	100	% 	 	 	N/A	 
							
	25.	  	Diamond Offshore Drilling (UK) Limited	  	Restricted Subsidiary , Material Subsidiary, Guarantor and Rig Subsidiary	  	Diamond Offshore Enterprises Limited	  	 	100	% 	 	 	2	 	 	 	2	 
							
	26.	  	Diamond Offshore Drilling Company N.V.	  	Restricted Subsidiary, Immaterial Subsidiary and Guarantor	  	Diamond Offshore International Limited	  	 	100	% 	 	 	1	 	 	 	1	 

																			
	 #
	  	 Entity
	  	 Type of Entity
	  	 Record Owner
	  	Percentage
of Equity
Interests
Owned	 	 	Number of
Shares
Authorized	 	  	Number of
Shares
Issued and
Outstanding	 
	27.	  	Diamond Offshore Drilling Limited	  	Restricted Subsidiary, Material Subsidiary, Guarantor and Rig Subsidiary	  	Diamond Foreign Asset Company	  	 	100	% 	 	 	101	 	  	 	101	 
	28.	  	Diamond Offshore Drilling Sdn. Bhd.	  	Restricted Subsidiary and Immaterial Subsidiary	  	Diamond Offshore Holding, L.L.C.	  	 	100	% 	 	 	500,000	 	  	 	500,000	 
	29.	  	Diamond Offshore Enterprises Limited	  	Restricted Subsidiary, Material Subsidiary and Guarantor	  	Diamond Offshore International Limited	  	 	100	% 	 	 	10,000	 	  	 	10,000	 
	30.	  	Diamond Offshore International Limited	  	Restricted Subsidiary, Material Subsidiary and Guarantor	  	Diamond Offshore Drilling Limited	  	 	100	% 	 	 	1	 	  	 	1	 
	31.	  	Diamond Offshore Leasing Ltd.	  	Restricted Subsidiary and Immaterial Subsidiary	  	Diamond Offshore International Limited	  	 	100	% 	 	 	13,000	 	  	 	13,000	 
	32.	  	Diamond Offshore Limited	  	Restricted Subsidiary, Material Subsidiary, Guarantor and Rig Subsidiary	  	Diamond Foreign Asset Company	  	 	100	% 	 	 	336,270	 	  	 	336,270	 

																			
	 #
	  	 Entity
	  	 Type of Entity
	  	 Record Owner
	  	Percentage
of
Equity
Interests
Owned	 	 	Number of
Shares
Authorized	 	  	Number of
Shares
Issued and
Outstanding	 
	33.	  	Diamond Offshore Netherlands B.V.	  	Restricted Subsidiary, Material Subsidiary, Guarantor and Rig Subsidiary	  	Diamond Offshore Drilling Company N.V.	  	 	100	% 	 	 	40	 	  	 	40	 
	34.	  	Diamond Offshore Services Limited	  	Restricted Subsidiary and Immaterial Subsidiary	  	Diamond Offshore International Limited	  	 	100	% 	 	 	12,000	 	  	 	12,000	 
	35.	  	Diamond Rig Investments Limited	  	Restricted Subsidiary, Material Subsidiary and Guarantor	  	Diamond Offshore Services, LLC	  	 	100	% 	 	 	450,010,000	 	  	 	450,010,000	 
	36.	  	Mexdrill Offshore, S. de R.L. de C.V.	  	Restricted Subsidiary and Immaterial Subsidiary	  	Offshore Drilling Services of Mexico, S. de R.L. de C.V.	  	 	99.99	% 	 	 	N/A	 	  	 	N/A	 
	  	Mexdrill, L.L.C.	  	 	0.01	% 	 	 	N/A	 	  	 	N/A	 
	37.	  	M-S Drilling, S.A.	  	Restricted Subsidiary and Immaterial Subsidiary	  	Diamond Offshore Services, LLC	  	 	100	% 	 	 	10,000	 	  	 	10,000	 
	38.	  	Offshore Drilling Services (Netherlands) B.V.	  	Restricted Subsidiary and Immaterial Subsidiary	  	Diamond Offshore Netherlands B.V.	  	 	100	% 	 	 	18,000	 	  	 	18,000	 
	39.	  	 Offshore Drilling Services of Mexico, S

de R.L. de C.V.
	  	Restricted Subsidiary and	  	Diamond Offshore Drilling (Overseas) L.L.C.	  	 	99.9	% 	 	 	N/A	 	  	 	N/A	 
	  	Immaterial Subsidiary	  	Mexdrill, L.L.C.	  	 	0.01	% 	 	 	N/A	 	  	 	N/A	 

																			
	 #
	  	 Entity
	  	 Type of Entity
	  	 Record Owner
	  	Percentage
of Equity
Interests
Owned	 	 	Number of
Shares
Authorized	 	  	Number of
Shares
Issued and
Outstanding	 
	40.	  	Storm Nigeria Limited	  	Restricted Subsidiary and Immaterial Subsidiary	  	Diamond Offshore Services, LLC	  	 	100	% 	 	 	50,000	 	  	 	50,000	 

 Schedule 6.6 

Tax Matters 
 See Annex A to
Schedule 6.6 attached hereto 

									
	
Parent or Any of Its Restricted Subsidiaries
	  	Auditor	 	Jurisdiction	  	Proposed Adjustments (if any)	  	Year(s)
	 Diamond Offshore Services,LLC
	  	Mexico Servico de
Administration Tributaria (SAT)	 	Mexico	  	No formal assessment issued to date	  	Year ended 31 December 2014
	 Diamond General LLC
	  	Australian Taxation
Office	 	Australia	  	$9.4 million	  	Years ended 31 December 2010, 2011, 2012, 2013
	 Diamond Offshore Netherland B.V.
	  	National Agency for
Fiscal Administration	 	Romania	  	No proposed adjustments issued to date	  	Years ended 31 December 2016, 2017, 2018, & 2019
	 Diamond Offshore Services, LLC
	  	National Agency for
Fiscal Administration	 	Romania	  	$4.5 million	  	September 2015 ? December 2018
	 Diamon Rig Investments Limited
	  	Equatorial Guinea Tax
Administration	 	Equatorial
Guinea	  	No proposed adjustments issued to date	  	Years ended 31 December 2012 & 2013
	 Diamond Offshore Services, LLC
	  	Ministry of Finance,
Inland Revenue Division	 	Trinidad
and
Tobago	  	No proposed adjustments issued to date	  	Year ended 31 December 2015
	 Diamond Offshore Drilling Sdn. Bhd.
	  	Inland Revenue Board of
Malaysia	 	Malaysia	  	No proposed adjustments issued to date
for any outstanding issues	  	Years ended 31 December 2014, 2015, & 2016
	 Diamond Offshore Drilling Limited
	  	General Tax Authority	 	Qatar	  	$1.4 million in penalties under appeal	  	Years ended 31 December 2007 & 2008
	 Brasdril Sociedade de Perfuracoes Ltda.
	  	Receita Federal do Brasil
(RFB)	 	Brazil	  	$3.3 million	  	Year ended 31 December 2000
	 Brasdril Sociedade de Perfuracoes Ltda.
	  	Receita Federal do Brasil
(RFB)	 	Brazil	  	$63 million	  	Years ended 31 December 2009 & 2010
	 Diamond Offshore Netherlands B.V.
	  	Egyptian Tax Authority	 	Egypt	  	$35 million	  	Years ended 31 December 2006, 2007 & 2008
	 Diamond Offshore Netherlands B.V.
	  	Egyptian Tax Authority	 	Egypt	  	No formal assessment issued to date	  	Years ended 31 December 2009, 2010, 2011, & 2012

 Schedule 6.12 

Material Contracts 
  

													
	 	  	 Diamond Entity
	  	 Counterparty
	  	 Contract
Type
	  	 Description
	  	 Start
Date
	  	 End Date

	1	  	Diamond Offshore, LLC	  	ANADARKO PETROLEUM CORPORATION	  	Drilling Contract	  	Ocean BlackHawk	  	Active	  	4Q21
							
	2	  	Diamond Offshore Drilling (UK) Limited	  	WOODSIDE ENERGY (SENEGAL) B.V.	  	Drilling Contract	  	Ocean BlackHawk	  	2Q22	  	2Q23
							
	3	  	Diamond Offshore, LLC	  	BP EXPLORATION & PRODUCTION INC.	  	Drilling Contract	  	Ocean BlackHornet	  	Active	  	1Q22
							
	4	  	Diamond Offshore, LLC	  	BP EXPLORATION & PRODUCTION INC.	  	Drilling Contract	  	Ocean BlackLion	  	Active	  	3Q22
							
	5	  	Diamond Offshore Drilling (UK) Limited	  	WOODSIDE ENERGY (SENEGAL) B.V.	  	Drilling Contract	  	Ocean BlackRhino	  	3Q21	  	1Q24
							
	6	  	Brasdril Sociedade de Perfurações Ltda. / Diamond Offshore Netherlands B.V.	  	PETRÓLEO BRASILEIRO S.A. - PETROBRAS	  	Drilling Contract	  	Ocean Courage	  	Active	  	3Q22
							
	7	  	Diamond Offshore Drilling (UK) Limited	  	SHELL U.K. LIMITED	  	Drilling Contract	  	Ocean Endeavor	  	Active	  	4Q22
							
	8	  	Diamond Offshore Drilling (UK) Limited	  	APACHE BERYL I LIMITED	  	Drilling Contract	  	Ocean Patriot	  	Active	  	3Q22

													
	 	  	 Diamond Entity
	  	 Counterparty
	  	 Contract Type
	  	 Description
	  	 Start
Date
	  	 End Date

	9	  	Diamond Offshore General, LLC	  	WOODSIDE ENERGY LIMITED.	  	Drilling Contract	  	Ocean Apex	  	Active	  	1Q22
							
	10	  	Diamond Offshore General, LLC	  	SAPURAOMV UPSTREAM (Western Australia) Pty Ltd	  	Drilling Contract	  	Ocean Apex	  	2Q22	  	2Q22
							
	11	  	Diamond Offshore General, LLC	  	POSCO DAEWOO CORPORATION	  	Drilling Contract	  	Ocean Monarch	  	Active	  	1Q22
							
	12	  	Diamond Offshore General, LLC	  	BEACH ENERGY (OPERATIONS) LIMITED	  	Drilling Contract	  	Ocean Onyx	  	Active	  	4Q21
							
	13	  	Diamond Offshore Limited	  	EFS BOP, LLC	  	Equipment	  	Lease for four BOPs per drilling unit on blackships	  	Active	  	 BlackRhino - 3/31/2026
  

BlackLion - 3/31/2026
  

BlackHornet -5/31/2026
  

BlackHawk - 10/31/2026

							
	14	  	Diamond Offshore, LLC	  	Hydril USA Distribution LLC	  	Service	  	CSA – maintenance and repairs for BOP units	  	Active	  	September 2031
							
	15	  	Diamond Offshore Limited (Owner)	  	Diamond Offshore, LLC (Charterer)	  	Bareboat Charter	  	Ocean BlackHawk	  	Active	  	N/A
							
	16	  	Diamond Offshore Limited (Owner)	  	Diamond Offshore, LLC (Charterer)	  	Bareboat Charter	  	Ocean BlackHornet	  	Active	  	N/A
							
	17	  	Diamond Offshore Limited (Owner)	  	Diamond Offshore, LLC (Charterer)	  	Bareboat Charter	  	Ocean BlackLion	  	Active	  	N/A

													
	 	  	 Diamond Entity
	  	 Counterparty
	  	 Contract

Type
	  	 Description
	  	 Start
Date
	  	 End Date

	18	  	Diamond Offshore Limited (Owner)	  	Diamond Offshore Drilling (UK) Limited (Charterer)	  	Bareboat Charter	  	Ocean BlackRhino	  	Active	  	N/A
							
	19	  	Diamond Offshore Drilling (UK) Limited (Owner)	  	Diamond Offshore Netherlands B.V. (Charterer)	  	Bareboat Charter	  	Ocean Courage	  	Active	  	N/A
							
	20	  	Diamond Offshore Drilling Limited (Owner)	  	Diamond Offshore Drilling (UK) Limited (Charterer)	  	Bareboat Charter	  	Ocean Endeavor	  	Active	  	N/A
							
	21	  	Diamond Offshore Drilling (UK) Limited (Owner)	  	Diamond Offshore General, LLC (Charterer)	  	Bareboat Charter	  	Ocean Monarch	  	Active	  	N/A
							
	22	  	Diamond Offshore Drilling (UK) Limited, London (UK), Zug Branch (Owner)	  	Diamond Offshore Limited (Charterer)	  	Head Lease Agreement	  	Ocean Apex	  	Active	  	N/A
							
	23	  	Diamond Offshore Drilling (UK) Limited, London (UK), Zug Branch (Owner)	  	Diamond Offshore Limited (Charterer)	  	Head Lease Agreement	  	Ocean Onyx	  	Active	  	N/A
							
	24	  	Diamond Offshore Limited (Lessor)	  	Diamond Offshore General, LLC (Lessee)	  	Sublease Agreement	  	Ocean Apex	  	Active	  	N/A
							
	25	  	Diamond Offshore Limited (Lessor)	  	Diamond Offshore General, LLC (Lessee)	  	Sublease Agreement	  	Ocean Onyx	  	Active	  	N/A

													
	 	  	 Diamond Entity
	  	 Counterparty
	  	 Contract
Type
	  	 Description
	  	 Start

Date
	  	 End Date

	26	  	Diamond Offshore Drilling, Inc.	  	Seadrill Partners LLC	  	Framework Agreement	  	Framework agreement for three Seadrill vessels (West Auriga, West Vela and West Capricorn)	  	Not fixed; determined in accordance with terms of contract	  	Not fixed; can terminate upon notice by parties thereto
							
	 27
	  	Diamond Offshore, LLC	  	Seadrill Auriga Hungary KFT.	  	Management Agreement	  	West Auriga (Seadrill drillship)	  	Not fixed; determined in accordance with terms of contract	  	Not fixed; can terminate upon notice by parties thereto
							
	28	  	Diamond Offshore, LLC	  	Seadrill Vela Hungary KFT.	  	Management Agreement	  	West Vela (Seadrill drillship)	  	Not fixed; determined in accordance with terms of contract	  	Not fixed; can terminate upon notice by parties thereto
							
	29	  	Diamond Offshore, LLC.	  	Seabras Rig Holdco KFT.	  	Management Agreement	  	West Capricorn (Seadrill semi- submersible	  	Not fixed; determined in accordance with terms of contract	  	Not fixed; can terminate upon notice by parties thereto
							
	30	  	Diamond Offshore, LLC	  	Seadrill Auriga Hungary KFT.	  	Marketing Agreement	  	West Auriga (Seadrill drillship)	  	Not fixed; determined in accordance with terms of contract	  	Not fixed; can terminate upon notice by parties thereto
							
	31	  	Diamond Offshore, LLC	  	Seadrill Vela Hungary KFT.	  	Marketing Agreement	  	West Vela (Seadrill drillship)	  	Not fixed; determined in accordance with terms of contract	  	Not fixed; can terminate upon notice by parties thereto
							
	32	  	Diamond Offshore, LLC	  	Seabras Rig Holdco KFT.	  	Marketing Agreement	  	West Capricorn (Seadrill semi- submersible	  	Not fixed; determined in accordance with terms of contract	  	Not fixed; can terminate upon notice by parties thereto

 Schedule 6.13 

Labor and Collective Bargaining Agreements 
  

							
	 Diamond Entity
	  	 Agreement Type
	  	 Union
	  	 Country

	Diamond Offshore General, LLC	  	Enterprise Agreement	  	Australian Workers’ Union	  	Australia
				
	Brasdril Sociedade de Perfurações Ltda.	  	Collective Bargaining Agreement	  	Sindicato Dos Trabalhadores Offshore Do Brasil	  	Brazil

 Schedule 6.17 

Real Property 
 1. Real property owned by
Credit Parties 
 Schedule 3 (Fee Owned Real Property) to the Perfection Certificate is incorporated herein by reference. 

2. Real property owned by Restricted Subsidiaries 
  

			
	 Restricted Subsidiary Owner of Real Property
	 	 Address

	 Offshore Drilling Services of Mexico, S de R.L. de C.V.
	 	 Carretera Carmen – Puerto Real km 11.3

Col. El Fenix, Cd del Carmen, Campeche,

Mexico C.P. 24157

 3. Real property leased by Credit Parties 

Real property leased by Credit Parties listed in (i) Schedule 2(a) (Credit Parties Address or Place of Business), (ii) Schedule 2(b)
(Collateral Locations) to the Perfection Certificate is incorporated herein by reference, or (iii) the following table: 
  

			
	 Credit Party Lessee of Real Property
	 	 Address

	 Diamond Offshore General, LLC
	 	12 Trevi Crescent
Tullamarine, VIC, Australia 3043
		
	 Diamond Offshore Services, LLC
	 	 c/o Briggs Marine

Burntisland
 Fife
Scotland

KY3 9AX

		
	 Diamond Offshore Drilling (UK) Limited
	 	 c/o AMT Intercargo

2 Puerto de Granadilla
Poligono Industrial

Granadilla
38619 Granadilla
Santa Cruz de Tenerife

		
	 Diamond Offshore Drilling (UK) Limited
	 	 Astican Reina Sofia – Deepwater
Quayside
Muelle Gran Canaria, 4, 35008 Las Palmas de Gran Canaria, Las
 Palmas,
Spain

		
	 Diamond Offshore General, LLC
	 	Lots 2588 & 2589, Augustus Drive
Karratha, WA

			
	 Credit Party Lessee of Real Property
	 	 Address

	 Diamond Offshore General, LLC
	 	204 Augustus Drive
Karratha, WA
		
	 Diamond Offshore Drilling (UK) Limited
	 	 C/O RB Ross
Moss Side Facility
Parkhill

Dyce Aberdeen AB21 7AS
Scotland

		
	 Diamond Offshore Netherlands B.V.
	 	 APL Tower, 26th Floor, Unit 2616, Serviced Office Suites

Central Park, T 3-85, Jl Letjen S Parman 28

Tanjung Duren Selatan, Grogoi Petamburan
Jakarta Barat 11470
Indonesia

		
	 Diamond Offshore General, LLC
	 	 HAGL Myanmar Centre

Tower Tower 2. Level 12A, Units: 15, 17A

192 Kaba Aye Pagoda Road, Bahan Township

Yangon, Myanmar

		
	 Diamond Offshore General, LLC
	 	 Unit 2, 5 Turner Ave.

Bentley Perth, WA 6102

		
	 Diamond Offshore Netherlands BV
	 	 24A Nerko Bldg
Partition 3

1st Floor Flat No 14
Cairo Egypt

		
	 Diamond Offshore Drilling (UK) Limited
	 	 Les Almadies

derriere CASINO
 Dakar
Senegal

		
	 Diamond Offshore Drilling (UK) Limited
	 	Km 9,2 Routes des hydrocarbures
Bel Air, Dakar

 4. Real property leased by Restricted Subsidiaries 
  

			
	 Restricted Subsidiary Lessee of Real Property
	 	 Address

		
	 Diamond Offshore (Singapore) Pte Ltd
	 	 Spiral Marine Pte Ltd
No 2 Sixth Lok Yang Road

Singapore 628100

		
	 Diamond Offshore (Singapore) Pte Ltd
	 	 20 Harbour Drive

#04-02 PSA Vista
 Singapore
117612

			
	 Restricted Subsidiary Lessee of Real Property
	 	 Address

	 Diamond Offshore Drilling Sdn. Bhd.
	 	 142-C Jalan Ampang EA03A2, 3rd Floor,
East Block, Wisma Golden Realty

Kuala Lumpur 50450
Malaysia

		
	 Diamond Offshore Drilling Sdn. Bhd.
	 	 Asian Supply Base

Ranca-Ranca Industrial Estate
Labuan, Malaysia 87017

		
	 Diamond Offshore Development Company
	 	15415 Katy Freeway, Suite 100
Houston TX 77094-1810

 5. Real Property Used or Subleased by Credit Parties or Restricted Subsidiaries 

Real property used or subleased by Credit Parties or Restricted Subsidiaries listed in Schedule 2(a) (Credit Parties Address or Place of Business) or
Schedule 2(b) (Collateral Locations) to the Perfection Certificate is incorporated herein by reference. 

 Schedule 6.18 

Litigation 
 Brazilian Tax Dispute, as
defined and further described in paragraphs 113 through 117 of the Declaration of Nicholas Grossi, Managing Director at Alvarez & Marsal North America, LLC in Support of Chapter 11 Petitions and First Day Motions, which was filed under
Docket No. 16 in connection with the Chapter 11 Cases. 

 Schedule 6.27 

Accounts 

																			
	 Account Owner
	  	Account Number	  	Bank	 	Currency	  	Jursidiction	  	3/19/21 Balance	 	  	Type of Account	 	Excluded
Account?	  	DACA/Local
Perfection
Action Needed?
	 Diamond Offshore General Company
	  	700616092	  	JPMorganChase—US	 	USD	  	US	  	$	—  	 	  	Customer Collections—replaced
with HSBC	 		  	x
	 Diamond Offshore Finance Company
	  	9102720209	  	JPMorganChase—US	 	USD	  	US	  	 	757,147	 	  	Customer Collections—replaced
with HSBC (DOC & DOGC)	 		  	x
	 Brasdril-Sociedade de Perfuracoes Ltda.
	  	0941218000	  	Banco Itau, S.A.	 	BRL	  	Brazil	  	 	1,831,930	 	  	Customer Collections,
disbursements	 		  	x
	 Diamond Offshore Netherlands B.V.
	  	304963801	  	JPMorganChase—US	 	USD	  	US	  	 	10,000	 	  	Customer Collections—replaced
with HSBC	 		  	x
	 Diamond Offshore Drilling (UK) Limited
	  	9102678571	  	JPMorganChase—US	 	USD	  	US	  	 	640,339	 	  	Customer Collections—replaced
with HSBC	 		  	x
	 Diamond Offshore Drilling (UK) Limited
	  	GB14MIDL40012521285475	  	HSBC – Scotland	 	GBP	  	Scotland	  	 	265,516	 	  	Customer Collections	 		  	x
	 Diamond Offshore General Company
	  	TBD—New Acct	  	HSBC—US	 	USD	  	US	  	 	—  	 	  	Customer Collections	 		  	x
	 Diamond Offshore Company
	  	TBD—New Acct	  	HSBC—US	 	USD	  	US	  	 	—  	 	  	Customer Collections	 		  	x
	 Diamond Offshore Drilling (UK) Limited
	  	TBD—New Acct	  	HSBC—US	 	USD	  	US	  	 	—  	 	  	Customer Collections	 		  	x
	 Diamond Offshore Netherlands B.V.
	  	TBD—New Acct	  	HSBC—US	 	USD	  	US	  	 	—  	 	  	Customer Collections	 		  	x
	 Diamond Offshore Drilling (UK) Limited
	  	TBD—New Acct	  	Citibank	 	XAF	  	Senegal	  	 	—  	 	  	Customer Collections—Rhino
Senegal account, no history	 		  	x
	 Diamond Offshore Finance Company
	  	1503922742	  	Signature Bank—will
be closed w/in 30
days	 	USD	  	US	  	 	80,506,736	 	  	Prior Cash Pool Leader—Signature
accounts to close	 		  	
	 Diamond Offshore Finance Company
	  	1402484310	  	Citizens Bank -will
be closed w/in 30
days	 	USD	  	US	  	 	80,783,000	 	  	Prior Cash Pool Leader—Citizens
accounts to close	 		  	
	 Diamond Offshore International Limited
	  	323414206	  	JPMorganChase—US	 	USD	  	US	  	 	338,850	 	  	Prior Cash Pool Leader—will
eventually close	 		  	x
	 Diamond Offshore International Limited
	  	1402484329	  	Citizens Bank -will
be closed w/in 30
days	 	USD	  	US	  	 	71,974,050	 	  	Prior Cash Pool Leader—Citizens
accounts to close	 		  	
	 Diamond Offshore International Limited
	  	1503647334	  	Signature Bank—will
be closed w/in 30
days	 	USD	  	US	  	 	73,258,937	 	  	Prior Cash Pool Leader—Signature
accounts to close	 		  	
	 Diamond Foreign Asset Company
	  	TBD—New Acct	  	HSBC—US	 	USD	  	US	  	 	—  	 	  	Future Cash Pool Leader—Majority
of cash on BS will sit here	 		  	x
	 Diamond Foreign Asset Company
	  	TBD—New Acct	  	Signature Bank—will
be closed w/in 30
days	 	USD	  	US	  	 	—  	 	  	Will collect RO proceeds and RCF
Draw on effective date. Will be
closed/replaced with HSBC account	 		  	
	 Diamond Offshore Management Company
	  	475047370	  	JPMorganChase—US	 	USD	  	US	  	 	324,000	 	  	Benefits—will not transition	 		  	
	 Diamond Offshore Management Company
	  	475638808	  	JPMorganChase—US	 	USD	  	US	  	 	44,507	 	  	Dental—will not transition	 		  	
	 Diamond Offshore Management Company
	  	475064801	  	JPMorganChase—US	 	USD	  	US	  	 	15,000	 	  	FSA—will not transition	 		  	
	 Diamond Offshore Management Company
	  	825872856	  	JPMorganChase—US	 	USD	  	US	  	 	56,701	 	  	Payroll & Benefits—Transition to
HSBC	 		  	
	 Diamond Offshore Management Company
	  	TBD—New Acct	  	HSBC—US	 	USD	  	US	  	 	—  	 	  	Payroll & Benefits	 		  	
	 Diamond Offshore Management Company
	  	TBD—New Acct	  	HSBC—US	 	USD	  	US	  	 	—  	 	  	Payroll & Benefits	 		  	
	 Diamond Offshore Services Limited
	  	00103414158	  	JPMorganChase—US	 	USD	  	US	  	 	56,578	 	  	Payroll & Benefits—Transition to
HSBC	 		  	
	 Diamond Offshore Services Limited
	  	1503903624	  	Signature Bank—will
be closed w/in 30
days	 	USD	  	US	  	 	10,000	 	  	Payroll & Benefits—Signature
accounts to close	 		  	
	 Diamond Offshore Services Limited
	  	TBD—New Acct	  	HSBC—US	 	USD	  	US	  	 	—  	 	  	Payroll & Benefits	 		  	
	 Diamond Offshore Drilling (Bermuda) Limited
	  	323414214	  	JPMorganChase—US	 	USD	  	US	  	 	—  	 	  	Payroll & Benefits—Transition to
HSBC	 		  	
	 Diamond Offshore Drilling (Bermuda) Limited
	  	TBD—New Acct	  	HSBC—US	 	USD	  	US	  	 	—  	 	  	Payroll & Benefits	 		  	
	 Diamond Offshore General Company
	  	0010057887	  	JPMorganChase –
Australia	 	AUD	  	Australia	  	 	73,570	 	  	Disbursements (refunds)—account
closed, will use one	 		  	x
	 Diamond Offshore General Company
	  	0010057414	  	JPMorganChase –
Australia	 	AUD	  	Australia	  	 	596,416	 	  	Disbursements incl. payroll &
benefits—transition to HSBC	 		  	x
	 Diamond Offshore General Company
	  	500447USD00001	  	ANZ-Myanmar	 	USD	  	Myanmar	  	 	419,786	 	  	Disbursements	 		  	
	 Diamond Offshore General Company
	  	50447MMK00001	  	ANZ-Myanmar	 	MMK	  	Myanmar	  	 	—  	 	  	Disbursements	 		  	
	 Diamond Offshore General Company
	  	TBD—New Acct	  	Citibank	 	AUD	  	Australia	  	 	—  	 	  	Payroll & Benefits	 	x	  	
	 Diamond Offshore General Company
	  	TBD—New Acct	  	Citibank	 	AUD	  	Australia	  	 	—  	 	  	Disbursements	 		  	x
	 Diamond Offshore Company
	  	601221930	  	JPMorganChase—US	 	USD	  	US	  	 	449,775	 	  	Disbursements (wires)—Transition
to HSBC	 		  	x
	 Diamond Offshore Company
	  	9102786168	  	JPMorganChase—US	 	USD	  	US	  	 	385,015	 	  	Disbursements (checks)—
Transition to HSBC	 		  	x
	 Diamond Offshore Company
	  	4122328529	  	Wells Fargo Bank	 	USD	  	US	  	 	14,926	 	  	Disbursements	 	x	  	
	 Diamond Offshore Company
	  	P-Card	  	Wells Fargo Bank	 	USD	  	US	  	 	787,500	 	  	Disbursements	 	x	  	
	 Diamond Offshore Company
	  	TBD—New Acct	  	HSBC—US	 	USD	  	US	  	 	—  	 	  	Disbursements—checks & wires	 		  	x
	 Diamond Offshore Drilling (UK) Limited
	  	GB44MIDL40051570320504	  	HSBC – Scotland	 	USD	  	Scotland	  	 	50,090	 	  	Disbursements	 		  	x
	 Diamond Offshore Drilling (UK) Limited
	  	GB54MIDL40051570317705	  	HSBC – Scotland	 	EUR	  	Scotland	  	 	45,778	 	  	Disbursements	 		  	x
	 Diamond Offshore Drilling (UK) Limited
	  	GB92MIDL40012561314904	  	HSBC – Scotland	 	GBP	  	Scotland	  	 	109,243	 	  	Disbursements	 		  	x
	 Diamond Offshore Drilling (UK) Limited
	  	GB75MIDL40051574804159	  	HSBC – Scotland	 	NOK	  	Scotland	  	 	29,286	 	  	Disbursements	 		  	x
	 Diamond Offshore Drilling (UK) Limited
	  	1551759311	  	Credit Suisse
(Switzerland) Ltd	 	CHF	  	Switzerland	  	 	65,729	 	  	Disbursements	 		  	
	 Diamond Offshore Drilling (UK) Limited
	  	GB18HBUK40012511594605	  	HSBC – Scotland	 	GBP	  	Scotland	  	 	—  	 	  	Payroll & Benefits	 	x	  	
	 Diamond Offshore Drilling (UK) Limited
	  	TBD—New Acct	  	Citibank	 	XAF	  	Senegal	  	 	—  	 	  	Disbursements—Senegal, no
history yet	 		  	x
	 Diamond Offshore Finance Company
	  	00100368928	  	JPMorganChase—US	 	USD	  	US	  	 	—  	 	  	Disbursements	 		  	x
	 Diamond Offshore Finance Company
	  	000169285	  	HSBC—US	 	USD	  	US	  	 	11,032	 	  	Disbursements	 		  	x
	 Diamond Offshore Finance Company
	  	1503903969	  	Signature Bank—will
be closed w/in 30
days	 	USD	  	US	  	 	32,981,226	 	  	Disbursements—Admin Account $0
at emerge then closed	 		  	
	 Diamond Offshore Finance Company
	  	1503903896	  	Signature Bank—will
be closed w/in 30
days	 	USD	  	US	  	 	295,733	 	  	Disbursements—will be closed and
balance transferred to HSBC	 		  	
	 Diamond Offshore Finance Company
	  	1503903667	  	Signature Bank—will
be closed w/in 30
days	 	USD	  	US	  	 	50,986	 	  	Disbursements—Restricted cash
utilities, should close post effective
date	 		  	
	 Diamond Offshore Finance Company
	  	0791362098	  	Dreyfus Institutional
Services	 	USD	  	US	  	 	—  	 	  	Money Market	 		  	
	 Diamond Offshore Finance Company
	  	1885044686	  	Goldman Sachs &
Company	 	USD	  	US	  	 	—  	 	  	Money Market	 		  	
	 Diamond Offshore Finance Company
	  	80390297	  	Fidelity Investments	 	USD	  	US	  	 	—  	 	  	Money Market	 		  	
	 Diamond Offshore Finance Company
	  	26304	  	BlackRock	 	USD	  	US	  	 	—  	 	  	Money Market	 		  	
	 Diamond Offshore Finance Company
	  	619089433	  	JPMorganChase—US	 	USD	  	US	  	 	2,590,833	 	  	Restricted Cash—Cash Collateral,
released on effective date	 	x	  	
	 Diamond Offshore Finance Company
	  	5801003152	  	Zurich Insurance	 	USD	  	US	  	 	20,918,196	 	  	Restricted Cash—Cash Collateral	 	x	  	
	 Diamond Offshore Drilling Sdn. Bhd.
	  	6870681472	  	JPMorganChase –
Berhad	 	MYR	  	Malaysia	  	 	9,002	 	  	Disbursements—Transition to
HSBC	 		  	
	 Diamond Offshore Drilling Sdn. Bhd.
	  	0016870076953070	  	JPMorganChase –
Berhad	 	USD	  	Malaysia	  	 	10,086	 	  	Disbursements—Transition to
HSBC	 		  	
	 Diamond Offshore Drilling Sdn. Bhd.
	  	TBD—New Acct	  	Citibank	 	MYR	  	Malaysia	  	 	—  	 	  	Disbursements	 		  	
	 Diamond Offshore Drilling Sdn. Bhd.
	  	TBD—New Acct	  	Citibank	 	USD	  	Malaysia	  	 	—  	 	  	Disbursements	 		  	
	 Diamond Offshore (Singapore) Pte. Ltd.
	  	111873264	  	JPMorganChase –
Singapore	 	SGD	  	Singapore	  	 	78,543	 	  	Disbursements—Transition to
HSBC	 		  	
	 Diamond Offshore (Singapore) Pte. Ltd.
	  	151873272	  	JPMorganChase –
Singapore	 	USD	  	Singapore	  	 	33,004	 	  	Disbursements—Transition to
HSBC	 		  	
	 Diamond Offshore (Singapore) Pte. Ltd.
	  	TBD—New Acct	  	Citibank	 	SGD	  	Singapore	  	 	—  	 	  	Disbursements	 		  	
	 Diamond Offshore (Singapore) Pte. Ltd.
	  	TBD—New Acct	  	Citibank	 	USD	  	Singapore	  	 	—  	 	  	Disbursements	 		  	
	 Diamond Offshore Services Company
	  	304183741	  	JPMorganChase—US	 	USD	  	US	  	 	9,982	 	  	Disbursements—Transition to
HSBC	 		  	x
	 Diamond Offshore Services Company
	  	581942211	  	JPMorganChase—US	 	USD	  	US	  	 	497,061	 	  	Disbursements—Transition to
HSBC	 		  	x
	 Diamond Offshore Services Company
	  	TBD—New Acct	  	HSBC—US	 	USD	  	US	  	 	—  	 	  	Disbursements	 		  	x
	 Diamond Offshore Services Company
	  	1503903977	  	Signature Bank—will
be closed w/in 30
days	 	USD	  	US	  	 	6,660,631	 	  	Mexico Cash—Can’t repatriate due
to tax consequences, transferred to
HSBC account	 		  	
	 Diamond Offshore Services Company
	  	TBD—New Acct	  	HSBC—US	 	USD	  	US	  	 	—  	 	  	Restricted Cash—Mexico, but all
sitting in US bank account	 		  	x
	 Diamond Offshore Services Company
	  	4025176017	  	HSBC – Mexico	 	MXN	  	Mexico	  	 	4,868	 	  	Disbursements	 		  	
	 Diamond Offshore Services Company
	  	76795029	  	Citibank – Colombia	 	COP	  	Colombia	  	 	558	 	  	Disbursements	 		  	
	 Diamond Offshore Services Company
	  	4061949079	  	HSBC – Mexico	 	MXN	  	Mexico	  	 	0	 	  	Disbursements	 		  	
	 Diamond Offshore Services Company
	  	26303	  	BlackRock	 	USD	  	US	  	 	—  	 	  	Money Market	 		  	

																			
	 Mexdrill Offshore, S de R.L. De C.V.
	  	1503903993	  	Signature Bank—will
be closed w/in 30
days	 	USD	  	US	  	 	2,387,249	 	  	Mexico Cash—Can’t
repatriate due to tax
consequences, transferred
to HSBC account	  		  	
	 Mexdrill Offshore, S de R.L. De C.V.
	  	4023984883	  	HSBC – Mexico	 	MXN	  	Mexico	  	 	2,036	 	  	Disbursements	  		  	
	 Mexdrill Offshore, S de R.L. De C.V.
	  	304180181	  	JPMorganChase—US	 	USD	  	US	  	 	9,797	 	  	Mexico Cash—Can’t
repatriate due to tax
consequences,	  		  	
		  		  		 		  		  				  	transferred to HSBC
account	  		  	
	 Mexdrill Offshore, S de R.L. De C.V.
	  	ILF1786	  	JPMorganChase
Asset Management –
Dallas	 	USD	  	Luxembourg	  	 	—  	 	  	Disbursements—will close
eventually	  		  	
	 Mexdrill Offshore, S de R.L. De C.V.
	  	4049693831	  	HSBC – Mexico	 	MXN	  	Mexico	  	 	2,501	 	  	Disbursements	  		  	
	 Mexdrill Offshore, S de R.L. De C.V.
	  	4061949061	  	HSBC – Mexico	 	MXN	  	Mexico	  	 	0	 	  	Disbursements	  		  	
	 Mexdrill Offshore, S de R.L. De C.V.
	  	4061949061	  	HSBC – Mexico	 	MXN	  	Mexico	  	 	0	 	  	Disbursements	  		  	
	 Mexdrill Offshore S de R.L. De C.V.
	  	TBD—New Acct	  	HSBC—US	 	USD	  	US	  	 	—  	 	  	Mexico Cash—Can’t
repatriate due to tax
consequences	  		  	
	 Offshore Drilling Services of Mexico,S de R.L. de C.V.
	  	1503903985	  	Signature Bank—will
be closed w/in 30
days	 	USD	  	US	  	 	1,971,410	 	  	Mexico Cash—Can’t
repatriate due to tax
consequences, transferred
to HSBC account	  		  	
	 Offshore Drilling Services of Mexico,S de R.L. de C.V.
	  	4024011967	  	HSBC – Mexico	 	MXN	  	Mexico	  	 	11,673	 	  	Disbursements	  		  	
	 Offshore Drilling Services of Mexico,S de R.L. de C.V.
	  	117286689	  	JPMorganChase—US	 	USD	  	US	  	 	—  	 	  	Disbursements—Transition
to HSBC	  		  	
	 Offshore Drilling Services of Mexico, S de R.L. De C.V.
	  	TBD—New Acct	  	HSBC—US	 	USD	  	US	  	 	—  	 	  	Mexico Cash—Can’t
repatriate due to tax
consequences, transferred
to HSBC account	  		  	
	 Diamond Offshore Netherlands B.V.
	  	6650271577	  	JPMorganChase –
Indonesia	 	IDR	  	Indonesia	  	 	272	 	  	Disbursements	  		  	
	 Diamond Offshore Netherlands B.V.
	  	6601266692	  	JPMorganChase –
Indonesia	 	USD	  	Indonesia	  	 	5,904	 	  	Disbursements—Transition
to HSBC	  		  	
	 Diamond Offshore Netherlands B.V.
	  	TBD—New Acct	  	Citibank	 	IDR	  	Indonesia	  	 	—  	 	  	Disbursements	  		  	
	 Diamond Offshore Netherlands B.V.
	  	TBD—New Acct	  	Citibank	 	USD	  	Indonesia	  	 	—  	 	  	Disbursements	  		  	
	 Diamond Offshore Netherlands B.V.
	  	0737422742	  	HSBC – Netherlands	 	EUR	  	Netherlands	  	 	189,502	 	  	Disbursements	  		  	
	 Diamond Offshore Netherlands B.V.
	  	RO84CITI0000000755062006	  	Citibank – Romania
Branch	 	RON	  	Romania	  	 	741	 	  	Disbursements	  		  	
	 Diamond Offshore Netherlands B.V.
	  	RO62CITI0000000755062014	  	Citibank – Romania
Branch	 	EUR	  	Romania	  	 	18	 	  	Disbursements	  		  	
	 Diamond Offshore Netherlands B.V.
	  	071031744002	  	HSBC – Egypt	 	EGP	  	Egypt	  	 	3,069,661	 	  	Restricted Cash—Egpyt	  		  	
	 Diamond Offshore Netherlands B.V.
	  	071031744001	  	HSBC – Egypt	 	EGP	  	Egypt	  	 	7,833	 	  	Disbursements	  		  	
	 Diamond Offshore Netherlands B.V.
	  	071031744110	  	HSBC – Egypt	 	USD	  	Egypt	  	 	3,225	 	  	Disbursements	  		  	
	 Diamond Offshore Leasing Ltd.
	  	801002940	  	HSBC – Labuan	 	USD	  	Malaysia	  	 	33,069	 	  	Disbursements	  		  	
	 Diamond Offshore International Limited
	  	ILF1780	  	JPMorganChase
Asset Management –
Dallas	 	USD	  	Luxembourg	  	 	—  	 	  	Disbursements—will likely
close	  		  	
	 Diamond Offshore International Limited
	  	11338	  	HSBC—US	 	USD	  	US	  	 	—  	 	  	Disbursements	  		  	x
	 Diamond Offshore International Limited
	  	0820704792	  	MUFG Union Bank	 	USD	  	US	  	 	0	 	  	Disbursements	  		  	
	 Diamond Offshore International Limited
	  	1885057350	  	Goldman Sachs &
Company	 	USD	  	Ireland	  	 	—  	 	  	Disbursements	  		  	
	 Diamond Offshore International Limited
	  	ULFTREASC19674	  	BNY Mellon	 	USD	  	Ireland	  	 	—  	 	  	Disbursements	  		  	
	 Diamond Offshore International Limited
	  	TBD—New Acct	  	HSBC—US	 	USD	  	US	  	 	—  	 	  	Disbursements—TBD if
needed as DOIL
historically = cash pool	  		  	x
	 Diamond Offshore Development Company
	  	825872864	  	JPMorganChase—US	 	USD	  	US	  	 	102,628	 	  	Disbursements—Transition
to HSBC	  		  	
	 Diamond Offshore Development Company
	  	TBD—New Acct	  	HSBC—US	 	USD	  	US	  	 	—  	 	  	Disbursements	  		  	
	 Z North Sea, Ltd.
	  	6524641131001	  	Banco de Fomento
(BFA)	 	AOA	  	Angola	  	 	580	 	  	Disbursements	  		  	
	 Z North Sea, Ltd.
	  	65246411311	  	Banco de Fomento
(BFA)	 	USD	  	Angola	  	 	317	 	  	Disbursements	  		  	
	 Z North Sea, Ltd.
	  	6524641135001	  	Banco de Fomento
(BFA)	 	USD	  	Angola	  	 	2	 	  	Disbursements	  		  	
	 Z North Sea, Ltd.
	  	860318500	  	JPMorganChase—US	 	USD	  	US	  	 	—  	 	  	Disbursements—Transition
to HSBC	  		  	
	 Z North Sea, Ltd.
	  	TBD—New Acct	  	HSBC—US	 	USD	  	US	  	 	—  	 	  	Disbursements	  		  	
	 Diamond Offshore (Bermuda) Limited
	  	GB25MIDL40253492407264	  	HSBC – Jersey	 	GBP	  	Jersey	  	 	7,555	 	  	Disbursements	  		  	
	 Diamond Offshore (Bermuda) Limited
	  	1503922807	  	Signature Bank—will
be closed w/in 30
days	 	USD	  	US	  	 	100,000	 	  	Disbursements—closed
and transferred to cash
pool leader	  		  	
	 Diamond Hungary Leasing L.L.C.
	  	HU54108000072484401700000000	  	Citibank – Hungary	 	USD	  	Hungary	  	 	112,423	 	  	Disbursements	  		  	
	 Diamond Hungary Leasing L.L.C.
	  	657593187	  	JPMorganChase—US	 	USD	  	US	  	 	—  	 	  	Disbursements—will be
liquidated, no new HSBC
acct opened	  		  	
	 Diamond Rig Investments Limited
	  	37151900801-12	  	Societe Generale de
Banques	 	XAF	  	Equatorial
Guinea	  	 	13,344	 	  	Disbursements	  		  	
	 Diamond Rig Investments Limited
	  	41388944	  	JPMorganChase –
London, England	 	GBP	  	England	  	 	70,065	 	  	Disbursements—will be
closed and balance
transferred	  		  	
	 Diamond Rig Investments Limited
	  	700618874	  	JPMorganChase—US	 	USD	  	US	  	 	101,351	 	  	Disbursements—Transition
to HSBC	  		  	
	 Diamond Rig Investments Limited
	  	TBD—New Acct	  	HSBC—US	 	USD	  	US	  	 	—  	 	  	Disbursements	  		  	
	 Diamond Offshore International, L.L.C.
	  	0110019009	  	Citibank – Trinidad	 	TTD	  	Trinidad and
Tobago	  	 	1,087,880	 	  	Cannot find FX buyer for
TTD	  		  	
	 Diamond Offshore International, L.L.C.
	  	496555777	  	JPMorganChase—US	 	USD	  	US	  	 	—  	 	  	Disbursements—Transition
to HSBC	  		  	x
	 Diamond Offshore International, L.L.C.
	  	TBD—New Acct	  	HSBC—US	 	USD	  	US	  	 	—  	 	  	Disbursements	  		  	x
	 Diamond Offshore (Trinidad) L.L.C.
	  	496553574	  	JPMorganChase—US	 	USD	  	US	  	 	—  	 	  	Disbursements—Transition
to HSBC	  		  	
	 Diamond Offshore (Trinidad) L.L.C.
	  	3895561	  	Scotiabank –
Trinidad	 	TTD	  	Trinidad and
Tobago	  	 	7,111,111	 	  	Cannot find FX buyer for
TTD—eventually will use
Citibank for any operating
disbursements once TTD
sold	  		  	
	 Diamond Offshore (Trinidad) L.L.C.
	  	TBD—New Acct	  	HSBC—US	 	USD	  	US	  	 	—  	 	  	Disbursements	  		  	
	 Diamond Offshore (Trinidad) L.L.C.
	  	TBD—New Acct	  	Citibank	 	TTD	  	Trinidad and
Tobago	  	 	—  	 	  	Will eventually open
account here, not open on
effective date	  		  	
	 Brasdril-Sociedade de Perfuracoes Ltda.
	  	4346-6	  	CAIXA Economica –
Brazil	 	BRL	  	Brazil	  	 	726	 	  	Disbursements	  		  	
	 Brasdril-Sociedade de Perfuracoes Ltda.
	  	0057500266213	  	Banco Bradesco S.A.	 	BRL	  	Brazil	  	 	182	 	  	Disbursements	  		  	
	 Brasdril-Sociedade de Perfuracoes Ltda.
	  	1503922793	  	Signature Bank—will
be closed w/in 30
days	 	USD	  	US	  	 	10,000	 	  	Disbursements—will be
closed and transferred to
cash pool leader	  		  	
	 Diamond Offshore Drilling, Inc.
	  	11339	  	HSBC—US	 	USD	  	US	  	 	—  	 	  	Disbursements	  		  	x
	 Diamond Offshore Drilling Limited
	  	878370860	  	JPMorganChase—US	 	USD	  	US	  	 	—  	 	  	Disbursements—Transition
to HSBC	  		  	x
	 Diamond Offshore Drilling Limited
	  	TBD—New Acct	  	HSBC—US	 	USD	  	US	  	 	—  	 	  	Disbursements	  		  	x
	 Diamond Offshore Limited
	  	1503922815	  	Signature Bank—will
be closed w/in 30
days	 	USD	  	US	  	 	10,000	 	  	Disbursements—will be
closed and transferred to
cash pool leader	  		  	
	 Diamond Offshore Limited
	  	879113122531	  	Credit Suisse
(Switzerland) Ltd	 	CHF	  	Switzerland	  	 	89,367	 	  	Disbursements	  		  	
	 Diamond Foreign Asset Company
	  	878370852	  	JPMorganChase—US	 	USD	  	US	  	 	10,000	 	  	Disbursements—closed
and transferred to cash
pool leader	  		  	x
	 Diamond Offshore Drilling Angola (Offshore Drilling) Lda
	  	1001946960	  	Standard Bank –
Angola	 	USD	  	Angola	  	 	—  	 	  	Disbursements	  		  	
	 Diamond Offshore Drilling Angola (Offshore Drilling) Lda
	  	1001946898	  	Standard Bank –
Angola	 	AOA	  	Angola	  	 	1,901	 	  	Disbursements	  		  	
	 Diamond Offshore Company
	  	TBD—New Acct	  	HSBC—US	 	USD	  	US	  	 	—  	 	  	Seadrill MSA collateral
account—prefunded
amount from SDLP for
reimbursable expenses.	  	x	  	
	 Diamond Offshore Company
	  	TBD—New Acct	  	HSBC—US	 	USD	  	US	  	 	—  	 	  	Seadrill MSA
disbursements account—
disbursements accounts
used solely for payment of
MSA invoices	  		  	x
	 Diamond Offshore Finance Company
	  	9900000843	  	Evolve Bank & Trust	 	USD	  	US	  	 	—  	 	  	Postpetition Interest
account—Managed by
Prime Clerk	  	x	  	
	 Diamond Offshore International, L.L.C.
	  	9900000841	  	Evolve Bank & Trust	 	USD	  	US	  	 	—  	 	  	Professional Fee escrow
account—Managed by
Prime Clerk	  	x	  	
	 Diamond Offshore Management Company
	  	9900000839	  	Evolve Bank & Trust	 	USD	  	US	  	 	—  	 	  	KEIP Escrow account—
Managed by Prime Clerk	  		  	
	 Diamond Offshore Drilling, Inc.
	  	6868731059	  	Citibank	 	USD	  	US	  	 	—  	 	  	Non-Commitment Parties
Rights Offering Account	  	x	  	
	 Diamond Offshore Drilling, Inc.
	  	6868776062	  	Citibank	 	USD	  	US	  	 	—  	 	  	Backstop Parties Rights
Offering Account	  	x	  	
	 Total
	  		  		 		  		  	$	394,576,471	 	  		  		  	

 SCHEDULE 7.7 

Insurance Requirements 

(a) Maintenance of Insurance. The Parent will, and will cause each Restricted Subsidiary, or will cause an Affiliate of the Parent to
arrange through a bareboat charterer, agent, or otherwise, on behalf of the Parent and its Restricted Subsidiaries: 
 (i) to maintain, with
independent insurance companies, clubs, associations and/or underwriters that are financially sound and reputable at the time the relevant coverage is placed or renewed, insurance on the Rigs and other material insurable properties of the Parent and
its Restricted Subsidiaries in at least such amounts and against all such risks as is consistent and in accordance with normal industry practice for similarly situated insureds and as provided in this Schedule 7.7; provided, however,
that nothing in this Schedule 7.7 shall apply to any Rig that is separately insured in any jurisdiction due to local regulation or customer requirements so long as the aggregate total insured values (hull and machinery plus hull interest) of
the other Rigs exceeds 110% of an amount equal to the total Credit Exposure, plus the aggregate outstanding amount of the Last Out Term Loans, plus the outstanding principal amount of the Last Out Notes, plus the outstanding principal amount of the
Last Out Incremental Debt, if any (for purposes of this Schedule 7.7, collectively, the “First Lien Exposure”); 

(ii) to renew or replace all insurances required under this Schedule 7.7, or cause or procure the same to be renewed or replaced before
the relevant policies or contracts expire, and to procure that the Parent’s insurance broker and/or the relevant protection and indemnity association or war risks association shall promptly confirm, in writing to the Administrative Agent, upon
its written request (at its discretion or upon the direction of the Required Lenders), as and when each such renewal or replacement is effected; and 

(iii) to duly and punctually pay, or cause duly and punctually to be paid, all premiums, calls, contributions or other sums due and payable by
it in respect of all such insurances required under this Schedule 7.7, to produce or to cause to be produced all relevant receipts with respect to such payments promptly after a reasonable request for such information by the Administrative
Agent (at its discretion or upon the direction of the Required Lenders), and duly and punctually to perform and observe or to cause duly and punctually to be performed and observed in all material respects any other obligations and conditions
required to be performed or observed by it under all such insurances. 
 (b) Insurance Certificates and Endorsements. The Parent
will, and will cause each Restricted Subsidiary, or will cause an Affiliate of the Parent to arrange through a bareboat charterer, agent, or otherwise, on behalf of the Parent and its Restricted Subsidiaries, at all times to keep the Rigs insured in
favor of the Collateral Agent as provided in this Schedule 7.7; and: 
 (i) all policies or certificates with respect to such
insurance (and any other insurance maintained by the Parent or any Rig Subsidiary): (A) shall be endorsed to the Collateral Agent’s reasonable satisfaction for the benefit of the Collateral Agent (including by naming the Collateral Agent
as loss payee and/or additional insured, as its interests may appear, without liability for premiums, or by way of endorsement of a loss payable clause and a notice of assignment in accordance with the requirements of the assignment of insurances
for each Rig (including, without limitation, Sections 4.12(b), (c) and (d) of the Security Agreement)) and (B) shall provide that the respective insurers irrevocably waive any and all rights of subrogation with respect to the
Collateral Agent and the other Secured Parties; 

 (ii) to provide that all policies or certificates with respect to such insurance state that
such policies shall not be canceled without at least 30 days’ prior written notice thereof by the respective insurer to the Collateral Agent; provided, however, such policies shall be subject to customary cancellation notices for the perils of
war and not less than ten days’ written notice to the Collateral Agent for the non-payment of premium; and 
 (iii) the Parent will
deliver certificates evidencing such insurance policies to the Collateral Agent on the Closing Date and from time to time thereafter to the extent reasonably requested by the Collateral Agent, but no more frequently than once each calendar year.

 The parties hereto agree that the Administrative Agent and the Collateral Agent shall be under no duty or obligation to verify the
adequacy or existence of any such insurance or any such policies or endorsements. None of the Administrative Agent nor the Collateral Agent or their respective successors and assigns shall be responsible for any premiums, club calls, if any,
assessments or any other obligations or for the representations and warranties made therein by any Rig Subsidiary, the Parent, any of the Parent’s Subsidiaries or any other Person. 

(c) Types of Required Insurance. The Parent will, and will cause each Rig Subsidiary, or will cause an Affiliate of the Parent to, on
behalf of the Parent and its Rig Subsidiaries, cause the Rigs to be insured with insurers or protection and indemnity clubs or associations of the type described in clause (a)(i) of this Schedule 7.7, against the risks below: 

(i) marine war risk insurance, including P&I war risk insurance and coverage afforded by the London Blocking and Trapping Addendum (or
equivalent) and Missing Vessel Clause (or equivalent), and marine hull and machinery risk insurance, plus hull interest and any other usual marine rise such as excess risks, in an amount not less than the lesser of (A) 110% of the total First
Lien Exposure, and (B) 110% of (x) the aggregate Rig Value of all Rigs at such time, in each case calculated without giving effect to the first proviso to the definition of “Rig Value” or clause (a) or (b) of the second
proviso thereto, plus (y) the aggregate fair market value of all Rigs at such time that were not appraised in the applicable appraisal used to calculate Rig Value pursuant to the preceding clause (x) (the sum of (x) and
(y) being the “Insurance Rig Value”). The agreed values for hull and machinery required under this clause (c)(i) in respect of each Rig shall at all times be in an amount not less than 60% of the Insurance Rig Value of
such Rig, and the remaining hull and machinery insurance required by this clause (c)(i) may be procured as increased value and/or disbursements insurance; 

(ii) full marine protection and indemnity risk insurance, or equivalent through primary and excess liability insurance in an amount not less
than the greater of $500,000,000 and 100% of the total First Lien Exposure at such time (including coverage against liability for excess war risk P&I cover, passengers, fines, liability for oil pollution and penalties arising out of the
operation of the Rigs (to the extent insurable and customary for similarly situated insureds and reasonably prudent)) (including, without limitation, the proportion (if any) of any collision liability not covered under the terms of the hull cover),
or other with written consent from the Administrative Agent; provided, however, that insurance against liability under Applicable Law or international convention arising out of pollution, spillage, or leakage shall be in an amount not less
than the amounts required by the laws or regulations of the United States or any applicable jurisdiction in which the Rig may be located from time to time; 

(iii) where applicable, workers’ compensation or U.S. Longshore and Harbor Worker’s Act insurance as shall be required by Applicable
Law; 
 (iv) while a Rig is idle or laid up, at the option of the Parent or the applicable Rig Subsidiary and in lieu of the above-mentioned
marine and war risk hull insurance, port risk insurance insuring the relevant Rig against the usual risks encountered by like Rigs under similar circumstances; and 

  
 -2- 

 (v) such other insurances as a prudent owner of similar vessels of the same age and type
would obtain or would legally be required to obtain when operating in the same trade and geographic area as such Rig, as well as any insurances required to meet the requirements of the jurisdiction where such Rig is employed with named windstorm
coverage exclusions while a Rig is operating in the Gulf of Mexico. 
 All insurance maintained under this clause (c) shall be
primary insurance without right of contribution against any other insurance maintained by the Administrative Agent or the Collateral Agent. The policy of marine and war risk hull and machinery insurance with respect to the Rigs shall provide that
the Collateral Agent shall be named in its capacity as Collateral Agent and as a loss payee and the loss payee clause shall refer to a major casualty amount of $10,000,000, unless otherwise agreed to in writing by the Administrative Agent and the
Collateral Agent pursuant to an assignment of insurances or other agreement, and in each case subject to clause (f) of this Schedule 7.7. Any such entry in a marine and war risk protection and indemnity club with respect to the
Rigs shall note the interest of the Collateral Agent. 
 (d) Mortgagees’ Interest, Additional Perils, and Political Risk
Insurance. The Collateral Agent, for the benefit of the Secured Parties, shall be entitled to effect, maintain and renew (i) mortgagees’ interest insurance, and/or (ii) extended mortgagee’s interest additional perils
insurance, and/or (iii) mortgagee’s political risks / rights insurance covering an amount not less than 110% of the total First Lien Exposure at such time, on terms reasonably satisfactory to the Collateral Agent, which insurance coverage
shall be placed by the Collateral Agent for the Parent’s account and expense. 
 (e) Insurance Documentation. The Parent will,
and will cause each Restricted Subsidiary, or will cause an Affiliate of the Parent to, on behalf of the Parent and its Restricted Subsidiaries: 

(i) furnish to the Collateral Agent (A) copies of all certificates of insurance, (B) upon the reasonable request of the Required
Lenders, copies of all policies, binders, and cover notes of the insurances required under this Schedule 7.7, and (C) an annual summary insurance certificate as required pursuant to Section 7.2(f); 

(ii) use commercially reasonable efforts to cause its insurance broker(s) to provide a combined customary broker’s letter of undertaking,
which shall be in a form reasonably acceptable to the Collateral Agent; and 
 (iii) endeavor to cause its insurance broker and/or the
protection and indemnity club or association providing protection and indemnity insurance referred to in clause (c)(ii) of this Schedule 7.7 or the underwriters thereof to agree to provide the Collateral Agent with such information as
to such insurances as the Collateral Agent may reasonably request with respect to expiration, termination or cancellation of any policy or any default in the payment of any premium via certificates of insurance and/or customary letters of
undertaking. 
 (f) Payments Following Default. Notwithstanding anything to the contrary in this Schedule 7.7, unless the
Collateral Agent has given notice to the underwriters of the occurrence and continuance of a Default, all insurance claim proceeds of whatsoever nature with respect to the Rigs payable under any insurance shall be payable to the Parent, the
applicable Rig Subsidiary or others as their interests may appear; and following such delivery of notice of the occurrence and continuance of a Default, payments of insurance claim proceeds with respect to the Rigs shall be made to the Collateral
Agent for distribution in accordance herewith, subject to the Intercreditor Agreement (it being understood that the foregoing provisions shall be endorsed to the relevant insurance policies by way of notice of assignments and loss payable clauses
executed in accordance with any assignment of insurances executed in favor of the Collateral Agent, as applicable), unless the Collateral Agent has given written consent to the underwriter to make payments to other parties. 

  
 -3- 

 (g) Maintenance of Insurance. The Parent will not, and will not permit any Restricted
Subsidiary to, execute or permit or willingly allow to be done any act by which any insurance required under this Schedule 7.7 may be suspended, impaired, or cancelled, and will not permit or allow any Rig to undertake any voyage or
operational risk which may not be permitted by the policies in force, without having previously notified the Collateral Agent in writing and obtained the written consent of the Collateral Agent or insured the relevant Rig by additional coverage to
extend to such voyages and operational risks, as the case may be. 
 (h) Actions following Default. If a Default has occurred and is
continuing, subject to the rights of any charterer, the Collateral Agent shall have the exclusive right to negotiate and agree to any compromise to any insurance claim with respect to any Rig with respect to which any underwriter proposes to pay
less on any claim than the amount thereof. 
 (i) Reimbursement. If the Parent or any Restricted Subsidiary shall fail to maintain
insurance in accordance with this Schedule 7.7 with respect to the Rigs, then the Collateral Agent shall have the right (but shall be under no obligation) to procure such insurance, and the Parent agrees to reimburse such Collateral Agent for
all reasonable costs and expenses of procuring such insurance, including premiums paid in connection therewith. 
 (j) Self
Insurance. Notwithstanding anything to the contrary in this Schedule 7.7, the Parent and any Restricted Subsidiary may self-insure to the extent and in the manner normal for companies of like size, type, and financial condition or for so
long as and to the extent such self-insurance is reasonable and prudent given the insured’s business, properties, and loss history, applicable governmental requirements, and applicable customary industry practices, in each case as they change
from time to time, and the requirements set forth in this Schedule 7.7 shall be subject to self-insured retentions and deductibles, as applicable, with such deductibles as shipowners engaged in the same or similar business and similarly
situated would deem commercially prudent under the circumstances. Notwithstanding anything to the contrary in this Schedule 7.7, neither the Parent nor its Restricted Subsidiaries shall be required to procure and maintain any insurance
otherwise required by this Schedule 7.7 if such insurance is not commercially reasonably available in the commercial insurance market; provided, however, that in such event, the Parent and its Restricted Subsidiaries, as applicable, shall be
required to maintain insurance that, in the opinion of the Parent, is prudent based upon commercially reasonably available insurance. 
 (k)
Further Assurances. Upon the request of the Collateral Agent (at the direction of the Required Lenders), the Parent will, or will cause each Restricted Subsidiary to, do all things necessary, proper, and desirable, and execute and deliver all
documents and instruments, to enable the Collateral Agent to collect or recover any moneys to become due in respect of the insurance required pursuant to this Schedule 7.7. 

  
 -4- 

 Schedule 7.21 

Post-Closing Matters 
 [See
attached] 

 Schedule 7.21 

Post-Closing Matters 
 Any deadline in this
Schedule 7.21 may be extended with the consent of the Collateral Agent. All items to be delivered under this schedule by any Credit Party should be delivered to the reasonable satisfaction of the Collateral Agent. The Collateral Agent may waive any
requirement listed on this Schedule 7.21 to the extent the Collateral Agent and the Parent agree (1) that such requirement is not necessary or required pursuant to the law of the jurisdiction governing the action being required, (2) is
duplicative of, or provides immaterial benefits in addition to, any other step taken pursuant to such law and the First Lien Documents, (3) it is not reasonably practicable to satisfy such requirement, (4) it is necessary or desirable to
forego or modify such requirement as a result of events or circumstances occurring or existing after the Closing Date, or (5) it is not required by the provisions of the Loan Documents (excluding this Schedule 7.21), including the Agreed
Security Principles. 
  

	I.	 US DELIVERABLES 

 

					
	 Item
	  	 Document/Action
	  	Deadline
	 1.  INSURANCE CERTIFICATES AND ENDORSEMENTS FOR ANY INSURANCE
MAINTAINED BY THE PARENT OR ANY RIG SUBSIDIARY (AND NOTICES OF ASSIGNMENT FOR INSURANCE FOR EACH RIG)1

	
	 A. Insurance Policies Entered Into Prior to the Closing Date That Have Not
Been Replaced or Renewed Prior to June 7, 2021

			
	1.	  	XL Specialty Insurance, Primary Directors & Officers Liability	  	June 7, 2021
			
	2.	  	National Union Fire Insurance Company of Pittsburgh, Excess Directors & Officers Liability	  	June 7, 2021
			
	3.	  	Tokio Marine HCC U.S. Specialty Insurance Co., Excess Directors & Officers Liability	  	June 7, 2021
			
	4.	  	Sompo Int’l - Endurance American Insurance Company, Excess Directors & Officers Liability	  	June 7, 2021
			
	5.	  	Berkley Insurance Company, Excess Directors & Officers Liability	  	June 7, 2021
			
	6.	  	National Union Fire Insurance Company of Pittsburgh, Excess Directors & Officers Liability	  	June 7, 2021
			
	7.	  	Tokio Marine HCC U.S. Specialty Insurance Co., Excess Directors & Officers Liability	  	June 7, 2021
			
	8.	  	XL Specialty Insurance, Excess Directors & Officers Liability	  	June 7, 2021
			
	9.	  	General Star Indemnity Company, Automobile	  	June 7, 2021
			
	10.	  	Arch Insurance, Excess Liability	  	June 7, 2021
			
	11.	  	Markel Bermuda Limited, Excess Liability	  	June 7, 2021
			
	12.	  	Chubb, Excess Liability	  	June 7, 2021
			
	13.	  	Argo Insurance, Excess Liability	  	June 7, 2021
			
	14.	  	XL Insurance, Excess Liability	  	June 7, 2021

  

	1 	 To the extent required by Section 7.7. 

 

					
	 Item
	  	 Document/Action
	  	Deadline
	15.	  	Lloyd’s, Excess Liability	  	June 7, 2021
			
	16.	  	Lloyd’s, Property (Rigs) & Protection & Indemnity	  	June 7, 2021
			
	17.	  	Assuranceforeningen Skuld, Protection & Indemnity	  	June 7, 2021
			
	18.	  	Covington Specialty Ins Co, US General Liability	  	June 7, 2021
			
	19.	  	Evanston Ins Co, Excess US General Liability	  	June 7, 2021
			
	20.	  	XL Specialty Insurance, Commercial Crime	  	June 7, 2021
			
	21.	  	National Union Fire Insurance Company of Pittsburgh, Primary Fiduciary	  	June 7, 2021
			
	22.	  	Sompo Int’l - Endurance American Insurance Company, Excess Fiduciary	  	June 7, 2021
			
	23.	  	Old Republic Insurance Company, Excess Fiduciary	  	June 7, 2021
			
	24.	  	Hiscox, Special Crime	  	June 7, 2021
			
	25.	  	American International Group, Inc., Foreign Casualty	  	June 7, 2021
			
	26.	  	Liberty Mutual Fire Insurance Co., Automobile	  	June 7, 2021
			
	27.	  	Liberty Mutual Insurance, Workers Compensation	  	June 7, 2021
			
	28.	  	Insurance Australia Limited, Automobile	  	June 7, 2021
			
	29.	  	CGU Insurance, Landlords Insurance	  	June 7, 2021
			
	30.	  	Workcover Queensland, Workers Compensation	  	June 7, 2021
			
	31.	  	QBE Insurance (Australia) Limited, Workers Compensation – NT	  	June 7, 2021
			
	32.	  	QBE Insurance (Australia) Limited, Workers Compensation – Tasmania	  	June 7, 2021
			
	33.	  	QBE Insurance (Australia) Limited, Workers Compensation – WA	  	June 7, 2021
			
	34.	  	QBE Insurance (Australia) Limited, Workers Compensation – ACT	  	June 7, 2021
			
	35.	  	Allianz, Workers Compensation	  	June 7, 2021
			
	36.	  	Allianz, Workers Compensation	  	June 7, 2021
			
	37.	  	Aviva, Property: Owners	  	June 7, 2021
			
	38.	  	Aviva, Automobile Liability	  	June 7, 2021
			
	39.	  	Allianz, Allianz Engineering Inspection	  	June 7, 2021
			
	40.	  	Lloyd’s, Excess Liability	  	June 7, 2021
			
	41.	  	Lloyd’s, Protection & Indemnity	  	June 7, 2021
	
	 B. Insurance Policies Entered Post-Closing

			
	42.	  	Any insurance policy renewed or entered into between the Closing Date and June 7, 2021	  	June 7, 2021

  
 -2- 

					
	 Item
	  	 Document/Action
	  	Deadline
	2.	  	US ACCOUNT CONTROL AGREEMENTS	  	
			
	43.	  	JPMorgan Chase DACA for the following accounts:	  	May 24, 2021
			
		  	 a)  account No. 700616092 of [Diamond Offshore General, LLC] (for Monarch Posco and Onyx
Beach drilling contracts);
  

b)  account No. 9102720209 of Diamond Offshore Finance Company (for BlackHawk Anadarko, BlackLion BP,
BlackHornet BP, Apex Woodside and Apex BP drilling contracts);
  

c)  account No. 304963801 of Diamond Offshore Netherlands B.V. (for Courage Petrobras drilling
contract);
  
 d)  account No.
9102678571 of Diamond Offshore Drilling (UK) Limited (for Endeavor Shell and Patriot Apache drilling contracts);
  

e)  account No. 323414206 of Diamond Offshore International Limited (existing sweep account); and

 
 f)   any other account held at
JP Morgan Chase that is not an Excluded Account and has not been closed as of May 23, 2021.
	  	
			
	44.	  	Customary legal opinion of Paul, Weiss, Rifkind, Wharton & Garrison LLP opining as to the perfection of the Collateral Agent’s security interest in the Collateral by “control” (within the meaning of Section 9-104
of the UCC)and the capacity of any Credit Parties organized in Delaware that are parties to the JPMorgan Chase DACA, and including any other customary opinions.	  	May 24, 2021
			
	45.	  	Dentons Netherlands legal opinion including (i) the capacity opinion of Diamond Offshore Netherlands B.V., incorporated in Netherlands, as holder of account No. 304963801 at JPMorgan Chase, and (ii) any other customary
opinions.	  	May 24, 2021
			
	46.	  	Dentons UK legal opinion including (i) the capacity opinion of Diamond Offshore Drilling (UK) Limited, incorporated in England, as holder of account No. 9102678571 at JPMorgan Chase, and (ii) any other customary opinions.	  	May 24, 2021
			
	47.	  	Dentons Cayman Islands legal opinion including (i) the capacity opinion of Diamond Offshore International Limited, incorporated in Cayman Islands, as holder of account No. 323414206 at JPMorgan Chase, and (ii) any other customary
opinions.	  	May 24, 2021
			
	48.	  	Opinion Letter from counsel to the Borrower in any other Subject Jurisdiction in relation to the capacity of any Credit Party that is a signatory to the JPMorgan Chase DACA and organized in such Subject Jurisdiction	  	May 24, 2021

  
 -3- 

					
	 Item
	  	 Document/Action
	  	Deadline
	49.	  	HSBC DACA for the following accounts:	  	May 24, 2021
			
		  	 a.   account No. [●] of [Diamond Offshore General, LLC] (for Monarch Posco
Onyx Beach, Apex Woodside and Apex BP drilling contracts);
  

b.  account No. [●] of [Diamond Offshore, LLC] (for BlackHawk Anadarko, BlackLion BP and BlackHornet
BP drilling contracts);
  

c.   account No. [●] of Diamond Offshore Netherlands B.V. (for Courage Petrobras drilling
contract);
  
 d.  account No.
[●] of Diamond Offshore Drilling (UK) Limited (for Endeavor Shell and Patriot Apache drilling contracts);
  

e.   account No. [●] of Diamond Offshore Foreign Asset Company (new sweep account); and

 
 f.   any other account held at
HSBC that is not an Excluded Account and that has not been closed as of May 23, 2021.
	  	
			
	50.	  	Customary legal opinion of Paul, Weiss, Rifkind, Wharton & Garrison LLP opining as to the perfection of the Collateral Agent’s security interest in the Collateral by “control” (within the meaning of Section 9-104
of the UCC) and the capacity of any Credit Parties organized in Delaware that are parties to the HSBC DACA, and including any other customary opinions.	  	May 24, 2021
			
	51.	  	Dentons Netherlands legal opinion including (i) the capacity opinion of Diamond Offshore Netherlands B.V., incorporated in Netherlands, as holder of account No. [•] at HSBC, and (ii) any other customary opinions.	  	May 24, 2021
			
	52.	  	Dentons UK legal opinion including (i) the capacity opinion of Diamond Offshore Drilling (UK) Limited, incorporated in England, as holder of account No. [•] at HSBC, and (ii) any other customary opinions.	  	May 24, 2021
			
	53.	  	Dentons Cayman Islands legal opinion including (i) the capacity opinion of Diamond Foreign Asset Company, incorporated in Cayman Islands, as holder of account No. [•] at HSBC, and (ii) any other customary opinions.	  	May 24, 2021
			
	54.	  	Opinion Letter from counsel to the Borrower in any other Subject Jurisdiction in relation to the capacity of any Credit Party that is a signatory to the JPMorgan Chase DACA and organized in such Subject Jurisdiction	  	May 24, 2021
			
	55.	  	All other US DACAs for bank accounts that constitute Collateral that have not been closed as of May 23, 2021	  	May 24, 2021
			
	56.	  	Customary opinions in connection with all other US DACAs	  	May 24, 2021
			
	3.	  	POSSESSORY COLLATERAL	  	
			
	57.	  	Delivery of Intercompany Note dated April 15, 2021, issued by Z North Sea, LLC to Diamond Offshore Services Company and an Allonge executed by Diamond Offshore Services Company	  	April 30, 2021
			
	58.	  	Delivery of share certificate no. 9 issued by Diamond Offshore (Singapore) Pte Ltd to Diamond Foreign Asset Company for 25,000 shares, and related stock power duly executed in blank.	  	April 30, 2021

  
 -4- 

	II.	 NON-US DELIVERABLES 

 

					
	 Item
	  	 Document/Action
	  	Deadline
	1.	  	AUSTRALIA2	  	
	
	 A. Local Security Agreements and Actions

			
	1.	  	[Specific security agreement in respect all Australian bank accounts held by any Grantor, duly executed by all parties thereto]	  	June 7, 2021
			
	2.	  	[Account control agreement in respect of all Australian bank accounts held by any Grantor, duly executed by all parties thereto]	  	June 7, 2021
		
	 B. Corporate Documentation and Opinions
	  	
			
	3.	  	[Legal opinion provided by the Borrower’s Australian counsel on the Australian security covering all matters other than those addressed by the legal opinion at Item 4 immediately below, addressed to all Secured Parties]	  	June 7, 2021
			
	4.	  	[Legal opinion(s) provided by the Borrower’s relevant foreign counsel on the Australian security covering corporate authorization and due execution by the relevant non-Australian Grantors, addressed to all Secured Parties]	  	June 7, 2021
			
	5.	  	[Searches of the online databases of the Australian Securities and Investments Commission for each relevant Grantor (to the extent required for the purposes of the legal opinion provided by the Borrower’s Australian
counsel)]	  	June 7, 2021
			
	6.	  	[Searches of the online databases of the Australian Business Register for each relevant Grantor (to the extent required for the purposes of the legal opinion provided by the Borrower’s Australian counsel)]	  	June 7, 2021
			
	7.	  	[Searches of the Personal Property Securities Register (“PPSR”) for each relevant Grantor]	  	June 7, 2021
			
	8.	  	[PPSR Registrations in respect of the Australian security]	  	June 7, 2021
		
	 C. Other
	  	
			
	9.	  	[Notice for each insurance for each Rig governed by local law3]	  	June 7, 2021

  

	2 	 To be agreed by local counsel to each of the Credit Parties and the Collateral Agent.  

	3 	 To the extent required by Section 7.7. 

  
 -5- 

					
	 Item
	  	 Document/Action
	  	 Deadline

	2.	  	BRAZIL	  	
		
	 A. Local Security Agreements and Actions
	  	
			
		  	Personal Property	  	
			
	1.	  	Pledge of Quotas for the equity interest of Brasdril Sociedade de Perfurações Ltda. held by Diamond Offshore (Brazil) L.L.C. and Diamond Offshore Holding, L.L.C. (“Brasdril Quota Pledge”)	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
	2.	  	Pledgors Power of Attorney granted in connection with the enforcement of Brasdril Quota Pledge	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
		
	 B. Corporate Documentation and Opinions
	  	
			
	3.	  	Power of attorney executed by the Pledgors for purpose of executing the amendment to the articles of association of Brasdril	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
	4.	  	Amendment of articles of association of Brasdril Sociedade de Perfurações Ltda. to reflect the Brasdril Quota Pledge (“Brasdril Amendment of Articles of Association”)	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
	5.	  	Collateral Agent Power of Attorney to a Brazilian resident for the execution of the Brasdril Quota Pledge, the Brasdril Account Pledge and other local collateral.	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
	6.	  	A Pledgor Power of Attorney granted by Diamond Offshore (Brazil) L.L.C. to a Brazilian resident for execution of the Brasdril Quota Pledge	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
	7.	  	A Pledgor Power of Attorney granted by Diamond Offshore Holding, L.L.C. to a Brazilian resident for execution of the Brasdril Quota Pledge	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date

  
 -6- 

					
	 Item
	  	 Document/Action
	  	 Deadline

	 C. Other Deliverables
	  	
	Filings – Pledge of Quotas Agreement
			
	8.	  	Filing and registration of 3 original counterparts of Brasdril Quota Pledge with the Macaè Registry of Titles and Deeds	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
	9.	  	Filing of original counterparts of Brasdril Amendment of Articles of Association with the Commercial Registry of Rio de Janeiro (JUCERJA)	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
	10.	  	Filing of Power of Attorney granted by the Collateral Agent to a Brazilian resident for the execution of the Brasdril Quota Pledge, the Brasdril Account Pledge, and other local collateral (see item 7 above) with the competent
Registry of Titles and Deeds	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
	11.	  	Filing of Power of Attorney granted by Diamond Offshore (Brazil) L.L.C. (see item 8 above) with the competent Registry of Titles and Deeds.	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
	12.	  	Filing of Power of Attorney granted by Diamond Offshore Holding L.L.C and (see item 9 above) with the competent Registry of Titles and Deeds.	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
	13.	  	Filing of original counterparts of the Quotaholders’ resolutions for Brasdril Sociedade de Perfurações Ltda. approving the Brasdril Quota Pledge, the execution of Guarantee Agreements, the execution of the
Indenture, and any ancillary documents with the Commercial Registry of Rio de Janeiro (JUCERJA)	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
	14.	  	Filing with the Registry of Deeds and Documents of the City of Macaé, State of Rio de Janeiro, a notarized, apostilled and sworn translation into Portuguese of the Guarantee Agreement and an
original counterpart of the Guarantee Agreement in respect of the Revolving Credit Facility	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
	15.	  	Filing with the Registry of Deeds and Documents of the City of Macaé, State of Rio de Janeiro, a notarized, apostilled and sworn translation into Portuguese of the Guarantee Agreement and an
original counterpart of the Guarantee Agreement in respect of the Term Loan	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date

  
 -7- 

					
	 Item
	  	 Document/Action
	  	 Deadline

	16.	  	Filing with the Registry of Deeds and Documents of the City of Macaé, State of Rio de Janeiro, a notarized, apostilled and sworn translation into Portuguese of the Indenture and an original
counterpart of the Indenture	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
	
	Itaú Unibanco S.A. Bank Account
			
	17.	  	Pledge over credit rights arising from bank account of Brasdril Sociedade de Perfurações Ltda. with Itaú Unibanco S.A. No. 941218000 (“Brasdril Account Pledge”)	  	June 7,2021
			
	18.	  	Pledgor Power of Attorney granted in connection with the enforcement of Brasdril Account Pledge.	  	June 7,2021
			
	19.	  	Dentons Brazil legal opinion with respect to the enforceability of the security interest over the Itaú Unibanco account	  	June 7,2021
			
	20.	  	Filing and registration of 3 original counterparts of Brasdril Account Pledge with the Macaé Registry of Titles and Deeds	  	June 7,2021
			
	21.	  	Filing of Pledgor Power of Attorney granted in connection with the enforcement of Brasdril Account Pledge.	  	June 7,2021
	
	Equipment Pledge4
			
	22.	  	All assets pledge granted by Diamond Offshore Drilling (UK) Limited (the “DODUK Pledge”)	  	June 4,2021
			
	23.	  	Dentons Brazil legal opinion as to the enforceability of the DODUK Pledge	  	June 4,2021
			
	24.	  	Dentons UK legal opinion with capacity opinions in relation to Diamond Offshore Drilling (UK) Limited’s ability to enter into the DODUK Pledge	  	June 4,2021
			
	25.	  	Filing and registration of 3 original counterparts of the DODUK Pledge with the Macaé Registry of Titles and Deeds	  	June 4,2021
	
	Other
			
	26.	  	Notice for each insurance for each Rig governed by local law 5	  	June 7,2021

  

 

	4	 To be agreed by local counsel to each of the Credit Parties and the Collateral Agent. 

	5	 To the extent required by Section 7.7. 

  
 -8- 

					
	 Item
	  	 Document/Action
	  	 Deadline

	2.	  	CAYMAN ISLANDS	  	
	
	 A. Personal
Property

			
	1.	  	Cayman Islands law governed Equitable Share Mortgage (Cayman Share Mortgage) granted by Diamond Offshore Drilling, Inc., (DODI) and Diamond Offshore Services, LLC (DOSLLC) over 100% of the issued shares in
Diamond Foreign Asset Company (DFAC)	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
	2.	  	Cayman Islands law governed Debenture (Cayman Debenture) granted by DFAC, Diamond Offshore Drilling Limited (DODL) and Diamond Offshore International Limited (DOIL) over all present and future assets of DFAC,
DODL and DOIL respectively (and incorporating an equitable mortgage over shares in DODL held by DFAC and shares in DOIL held by DODL)	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
	3.	  	Standalone Cayman Security Assignment (Diamond Offshore Finance Company to Collateral Agent)	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
	4.	  	Ancillaries to the Cayman Share Mortgage with respect to shares in DFAC mortgaged thereunder, namely:	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
		  	 a.   Blank and undated executed share transfers
	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
		  	 b.  Deed of appointment of irrevocable voting proxy
	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
		  	 c.   Executed and undated director resignation letters and irrevocable letters
of authorization
	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
		  	 d.  Letter of instruction to registered office provider
	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
		  	 e.   Letter of acknowledgement from registered office provider
	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date

  
 -9- 

					
	 Item
	  	 Document/Action
	  	 Deadline

	5.	  	Ancillaries to the Cayman Debenture with respect to the shares in DODL mortgaged thereunder, namely:	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
		  	 a.   Blank and undated executed share transfers
	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
		  	 b.  Deed of appointment of irrevocable voting proxy
	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
		  	 c.   Executed and undated director resignation letters and irrevocable letters
of authorization
	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
		  	 d.  Letter of instruction to registered office provider
	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
		  	 e.   Letter of acknowledgement from registered office provider
	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
		  	 f.   Letter of undertaking from charged company
	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
	6.	  	Ancillaries to the Cayman Debenture with respect to the shares in DOIL mortgaged thereunder, namely:	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
		  	 a.   Blank and undated executed share transfers
	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date

  
 -10- 

					
	 Item
	  	 Document/Action
	  	 Deadline

		  	 b.  Deed of appointment of irrevocable voting proxy
	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
		  	 c.   Executed and undated director resignation letters and irrevocable letters
of authorization
	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
		  	 d.  Letter of instruction to registered office provider
	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
		  	 e.   Letter of acknowledgment from registered office provider
	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
		  	 f.   Letter of undertaking from charged company
	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
	7.	  	Notice and acknowledgement of assignment of intercompany note from DODL to Diamond Offshore Drilling (UK) Limited	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
	8.	  	Notice and acknowledgement of assignment of intragroup loan agreement and promissory note from DOFC to DOIL	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
	9.	  	Notice and acknowledgement of assignment of intragroup account receivable from DODL to DOIL	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
	10.	  	Notice and acknowledgement of assignment of intercompany note from DFAC to DODL	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date

  
 -11- 

					
	 Item
	  	 Document/Action
	  	 Deadline

	 B. Corporate Documentation

			
	11.	  	Updated register of members for DFAC recording details of the security interests over its shares and removing existing notation relating to 2018 DFAC Share Security	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
	12.	  	Updated register of members for DODL recording details of the security interests over its shares	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
	13.	  	Updated register of members for DOIL recording details of the security interests over its shares	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
	14.	  	Updated register of mortgages and charges for DFAC recording details of the security interests granted by such Cayman Obligor, including (a) New York law governed pledge and security agreement (PSA); (b) English law governed
debenture with respect to shares in Diamond Offshore Limited (UK); (c) Cayman Debenture over all present and future assets (including with respect to shares in DODL); and (d) non-English chargor English Debenture	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
	15.	  	Updated register of mortgages and charges for DODL recording details of the security interests granted by such Cayman Obligor, including (a) PSA; (b) Each Marshall Islands law governed vessel mortgage granted by DODL (relating to
Endeavor, GreatWhite, and Valiant rigs); (c) Cayman Debenture over all present and future assets (including with respect to shares in DODL); and (d) non-English chargor Debenture	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
	16.	  	Updated register of mortgages and charges for DOIL recording details of the security interests granted by such Cayman Obligor, including (a) PSA; (b) Cayman Debenture over all present and future assets; (c) English law debenture
with respect to shares in Diamond Offshore Enterprises Ltd (UK); (d) Curacao law share charge with respect to shares in Diamond Offshore Drilling Company N.V.; and (e) non-English chargor English Debenture	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
	17.	  	Physical delivery of Intercompany Notes	  	To be executed and notarized within 10 Business Days after Closing Date

  
 -12- 

					
	 Item
	  	 Document/Action
	  	 Deadline

	18.	  	Stop notice in relation to mortgaged shares with respect to shares in DFAC	  	To be executed and notarized within 10 Business Days after Closing Date
			
	19.	  	Stop notice in relation to mortgaged shares with respect to shares in DODL	  	To be executed and notarized within 10 Business Days after Closing Date
			
	20.	  	Stop notice in relation to mortgaged shares with respect to shares in DOIL	  	To be executed and notarized within 10 Business Days after Closing Date
			
	21.	  	Notice for each insurance for each Rig governed by local law 6	  	June 7, 2021
			
	3.	  	CURACAO	  	
	
	 A. Local Security Agreements and Actions

			
	1.	  	Curacao law Deed of Pledge of Shares creating a right of pledge in favor of Wells Fargo, National Association on the shares held by DOIL in the share capital of Diamond Offshore Drilling Company N.V. (“D.O. Drilling Company
N.V.”)	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
	2.	  	Shareholders’ register of D.O. Drilling Company N.V.	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
	3.	  	Curacao law Omnibus Deed of Pledge covering the assets of D.O. Drilling Company N.V.	  	June 4, 2021
			
	4.	  	Opinion letter of STVB in relation to the omnibus Deed of Pledge	  	June 4, 2021
			
	5.	  	Notice for each insurance for each Rig governed by local law7	  	June 7, 2021

  

 

	6	 To the extent required by Section 7.7. 

	7	 To the extent required by Section 7.7. 

  
 -13- 

					
	 Item
	  	 Document/Action
	  	 Deadline

			
	4.	  	ENGLAND	  	
	
	 A. Local Security Agreements and Actions

			
	1.	  	 English Credit Party all-assets Debenture including but not limited to:

 
 •  a share charge granted by
Diamond Offshore Enterprises Limited over the entire issued share capital of Diamond Offshore Drilling (UK) Limited;
  

•  assignment of each Material Contract (other than the drilling contracts) governed by English law
including but not limited to:
  

•  bareboat charters to which any English company is a party including in relation to Courage,
Endeavor, Valor;
  

•  assignments of English law intercompany receivables where any English company is a party as the
lender including but not limited to the promissory note between DRIL (as payee) and DOSC (as maker); and
  

•  assignment of English law governed insurances
	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
	
	
	
	
	
			
	2.	  	 Notices to the counterparties to the drilling contract for any floating charge or Rig mortgage in relation to:

 
 Ocean Endeavor

 
 Ocean Patriot
  

Ocean BlackLion
  

Ocean BlackHornet
  

Ocean Apex
  

Ocean Monarch
  

Ocean BlackRhino
  

Ocean BlackHawk
	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
	3.	  	In relation to the English Credit Party debenture, delivery of notices and acknowledgements required (if any) under the English Credit Party debenture together with evidence of dispatch required pursuant to the terms thereof.	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
	4.	  	In relation to the English Credit Party debenture: Delivery of the original share certificate of Diamond Offshore Drilling (UK) Limited	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
	5.	  	In relation to the English Credit Party debenture: delivery of signed and undated stock transfer forms in favor of the Collateral Agent in respect of the entire issued share capital of Diamond Offshore Drilling (UK) Limited	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date

  
 -14- 

					
	 Item
	  	 Document/Action
	  	 Deadline

			
	6.	  	 Non-English Credit Party debenture covering English law assets held by non-English companies including but not limited to:

 
 •  each Material Contract (other
than drilling contracts) governed by English law to which a non-English company is party including but not limited to:
	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
	
			
		  	 •  Ocean Endeavor bareboat charter held by DODL;
	  	
			
		  	 •  Valor bareboat charter held by Diamond Offshore Netherlands B.V.;
	  	
			
		  	 •  Courage bareboat charter held by Diamond Offshore Netherlands B.V.;
	  	
			
		  	 •  the payment right under the Seadrill Framework Agreement to which DODI is a
party;
	  	
			
		  	 •  the payment rights under the Seadrill Management Agreements to which Diamond
Offshore, LLC is a party;
	  	
			
		  	 •  the payment rights under the Seadrill Marketing Agreements to which Diamond
Offshore, LLC is a party;
	  	
			
		  	 •  intercompany receivables where a non-English company is the lender including
but not limited to the two promissorynotes between DODL (as payee) and DODUK (as maker);
	  	
			
		  	 •  assignment of English law governed insurances including the Lloyd’s
insurance policy held by DODI (and all subsidiaries);and
	  	
			
		  	 •  share charges covering the entire issued share capital of:
	  	
			
		  	 •  Diamond Offshore Limited held by Diamond Foreign Asset Company;
	  	
			
		  	 •  Diamond Offshore Enterprises Limited held by Diamond Offshore International
Limited; and
	  	
			
		  	 •  Diamond Rig Investments Limited held by Diamond Offshore Services,
LLC,
	  	
			
		  	together with a floating charge from each such non-English companyover all its assets.	  	
			
	7.	  	 Consents:

•  Intragroup consents under the bareboat charters and any other documents requiring such consent to
be documented in the non-English Credit Party debenture by such companies being party to the non-English Credit Party debenture for that purpose only
	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
	8.	  	Re. Seadrill Marketing and Management Agreements – prior notice of assignment to be given	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date

  

  
 -15- 

					
	 Item
	  	 Document/Action
	  	 Deadline

	9.	  	 In relation to the non-English Credit Party debenture, delivery of notices and acknowledgements required (if any) under the
assignment together with evidence of dispatch required pursuant to the terms thereof including but not limited to:
  

•  Notice to Seadrill Partners LLC in relation to the Seadrill Framework Agreement;
	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
	
			
		  	 •  Notice in relation to the Seadrill Management Agreements;
	  	
			
		  	 •  Notice in relation to the Seadrill Marketing Agreements;
and
	  	
			
		  	 •  Notice to insurers.
	  	
			
		  	Intragroup notices/acknowledgements to be documented in the non- English Credit Party debenture by such companies being party to the non-English Credit Party debenture for that purpose only.	  	
			
	10.	  	In relation to the Non-English Credit Party debenture: delivery of the original share certificates of Diamond Offshore Limited, Diamond Offshore Enterprises Limited and Diamond Rig Investments Limited	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
	11.	  	 In relation to the Non-English Credit Party debenture: delivery of the signed and undated stock transfer forms in favor of the Collateral
Agent in respect of the entire issued share capital of:
  

•  Diamond Offshore Limited held by Diamond Foreign Asset Company;

 
 •  Diamond Offshore Enterprises
Limited held by Diamond Offshore International Limited; and
  

•  Diamond Rig Investments Limited held by Diamond Offshore Services, LLC
	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
	
	 B. Corporate Documentation and Opinions

			
	12.	  	 Power of attorney for each of the following companies:

☐ Diamond Offshore Limited
 ☐ Diamond Offshore
Drilling (UK) Limited
	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
	13.	  	 A copy of the share register of each of the following companies:
  

☐ Diamond Offshore Limited
 ☐ Diamond Offshore
Enterprises Limited
 ☐ Diamond Offshore Drilling (UK) Limited

☐ Diamond Rig Investments Limited
	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
			
	 14.
	  	 A copy of the PSC register of each of the following companies:
  

☐ Diamond Offshore Limited
 ☐ Diamond Offshore
Enterprises Limited
 ☐ Diamond Offshore Drilling (UK) Limited

☐ Diamond Rig Investments Limited
	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date

  
 -16- 

					
	 Item
	  	 Document/Action
	  	 Deadline

	15.	  	Evidence of appointment of process agent by any non-English company party to an English law security	  	If not executed or delivered on Closing Date, then five Business Days after Closing Date
	
	 C. Post-Closing Items

			
	16.	  	Physical delivery of Intercompany Note issued on June 30, 2020, by DODUK to Diamond Hungary and assigned to DODL in an amount equal to $236,456,106.86, and Amended and Restated Promissory Note dated December 30, 2020 of the same
note	  	April 30, 2021
			
	17.	  	Physical delivery of Intercompany Note issued on June 30, 2020, by DODUK to Diamond Hungary and assigned to DODL in an amount equal to $91,543,893.14, and Amended and Restated Promissory Note dated December 30, 2020 of the same
note	  	April 30, 2021
			
	18.	  	Debenture executed by non-English Credit Parties in relation to insurance policies governed by the laws of England and Wales	  	June 4, 2021
			
	19.	  	Stock transfer forms for DOL share certificates 13, 14 and 15	  	April 30, 2021
			
	20.	  	Notice for each insurance for each Rig governed by local law8	  	June 7, 2021
			
	21.	  	Registration of any new security granted under any other law by any English company at Companies House	  	May 14, 2021
			
	5.	  	NETHERLANDS	  	
			
	1.	  	First priority Deed of Pledge over all shares in Diamond Offshore Netherlands B.V.	  	May 7, 2021
			
	2.	  	Original shareholders’ register of Diamond Offshore Netherlands B.V.	  	May 7, 2021
			
	3.	  	Title documents of the shares in Diamond Offshore Netherlands B.V.	  	May 7, 2021
			
	4.	  	Power of Attorney by Diamond Offshore Drilling Company N.V. (to be legalised and, if applicable, furnished with an apostille and confirmation statement) and KYC documentation	  	May 7, 2021
			
	5.	  	Power of Attorney by Diamond Offshore Netherlands B.V. (to be legalised and, if applicable, furnished with an apostille) and KYC documentation	  	May 7, 2021

  

	8	 To the extent required by Section 7.7. 

  
 -17- 

					
	 Item
	  	 Document/Action
	  	 Deadline

	6.	  	Power of Attorney by Collateral Agent (to be legalised and, if applicable, furnished with an apostille and confirmation statement) and KYC documentation	  	May 7, 2021
			
	7.	  	First priority Deed of Pledge over all shares in the capital of Offshore Drilling Services (Netherlands) B.V.	  	May 7, 2021
			
	8.	  	Original shareholders’ register of Offshore Drilling Services (Netherlands) B.V.	  	May 7, 2021
			
	9.	  	Title documents of the shares in Offshore Drilling Services (Netherlands) B.V.	  	May 7, 2021
			
	10.	  	Power of Attorney by Diamond Offshore Netherlands B.V. (to be legalised and, if applicable, furnished with an apostille) and KYC documentation	  	May 7, 2021
			
	11.	  	Power of Attorney by Offshore Drilling Services (Netherlands) B.V. (to be legalised and, if applicable, furnished with an apostille) and KYC documentation	  	May 7, 2021
			
	12.	  	Power of Attorney by Collateral Agent (to be legalised and, if applicable, furnished with an apostille and confirmation statement) and KYC documentation	  	May 7, 2021
			
	13.	  	First priority Omnibus Security Agreement of Diamond Offshore Netherlands B.V.	  	May 7, 2021
			
	14.	  	Register the First priority Omnibus Security Agreement of Diamond Offshore Netherlands B.V. with the Dutch tax authority.	  	May 7, 2021
			
	15.	  	Notice in accordance with First Priority Omnibus Security Agreement to (to the extent applicable):	  	May 7, 2021
			
		  	 •  Account Bank
	  	May 7, 2021
			
		  	 •  Intercompany Debtors
	  	May 7, 2021
			
		  	 •  Insurance Debtors, Hedge Counterparties
	  	May 7, 2021
			
		  	 •  License Debtors
	  	May 7, 2021
			
	16.	  	Registering the intellectual property rights (if applicable) in accordance with the First priority Omnibus Security Agreement with the relevant Intellectual Property Register.	  	May 7, 2021
			
	17.	  	Opinion letter of Dentons Netherlands in English with customary opinions, including (i) the capacity opinions in relation to Diamond Offshore Netherlands B.V.’s and Offshore Drilling Services (Netherlands) B.V.’s execution
of certain US documents and Dutch security agreements, and (ii) enforceability and security interests opinions related to the Dutch security agreements, addressed to all Secured Parties.	  	May 7, 2021

  
 -18- 

							
	 Item
	 	  	 Document/Action
	  	 Deadline

	 	18.	 	  	Notice for each insurance for each Rig governed by local law9	  	June 7, 2021
			
	   	6.  	  	  	SCOTLAND10	  	
				  	 A. Local Security Agreements and Actions (Post-Closing)
	  	
			
	 	1.	 	  	[All documents and actions needed to create and perfect a security interest in Scottish bank accounts]	  	June 7, 2021
			
	 	2.	 	  	[All documents and actions needed to create and perfect a security interest in the equipment of any Credit Party in warehouse located at Moss Side Facility, Parkhill, Dyce Aberdeen AB21 7AS, Scotland]	  	June 7, 2021
			
				  	 B. Corporate Documentation and Opinions (Post-Closing)
	  	
			
	 	3.	 	  	[Borrower’s counsel opinion letter as to the security interest in Scotland.]	  	June 7, 2021
			
	 	4.	 	  	[Borrower’s counsel opinion letter with capacity opinions for Diamond Offshore Drilling (UK) Limited ]	  	June 7, 2021
			
				  	 C. Other
	  	
			
	 	5.	 	  	[Notice for each insurance for each Rig governed by local law11]	  	June 7, 2021
		
	   	
7.  SENEGAL12
	  	
				  	 A. Local Security Agreements and Actions
	  	
			
	 	1.	 	  	[Account control agreement between Diamond Offshore Drilling (UK) Limited, the Collateral Agent, and Citibank.]	  	June 7, 2021
			
	 	2.	 	  	[File the executed account control agreement with the Trade and Personal Property Credit Register (RCCM).]	  	June 7, 2021
			
				  	 B. Corporate Documentation and Opinions
	  	
			
	 	3.	 	  	[All other documents and actions needed to create and perfect a security interest in the Senegal bank accounts ]	  	June 7, 2021
			
	 	4.	 	  	[Borrower’s counsel opinion letter as to the security interest in Senegal.]	  	June 7, 2021
			
	 	5.	 	  	[Borrower’s counsel opinion letter with capacity opinions for Diamond Offshore Drilling (UK) Limited ]	  	June 7, 2021

  

	9	 To the extent required by Section 7.7. 

	10	 To be agreed by local counsel to each of the Credit Parties and the Collateral Agent. 

	11	 To the extent required by Section 7.7. 

	12	 To be agreed by local counsel to each of the Credit Parties and the Collateral Agent. 

  
 -19- 

					
	 Item
	  	 Document/Action
	  	 Deadline

	 	  	C. Other	  	 
			
	6.	  	[Notice for each insurance for each Rig governed by local law13]	  	June 7, 2021
			
	8.	  	MARSHALL ISLANDS	  	
			
	1.	  	Certificates of Class reflecting new holder of record for OCEAN APEX, OCEAN ENDEAVOR, OCEAN GREATWHITE, OCEAN MONARCH, OCEAN ONYX and OCEAN VALIANT	  	May 24, 2021
			
	2.	  	Opinion of counsel to the Borrower/Loan Parties with respect to Marshall Islands law (Post-Registration Opinion)	  	April 26, 2021
			
	3.	  	Opinion of Vedder Price with respect to Marshall Islands law (Post- Registration Opinion)	  	April 26, 2021
			
	4.	  	Copy of ABS Fremantle Report 4674081 dated March 26, 2021 for OCEAN APEX, noted in Confirmation of Class Certificate for OCEAN APEX dated April 19, 2021	  	May 24, 2021
			
	5.	  	Copy of ABS Houston Report 4530858 dated December 11, 2020 for OCEAN BLACKLION, noted in Confirmation of Class Certificate for OCEAN BLACKLION dated April 19, 2021	  	May 24, 2021
			
	6.	  	Copy of ABS Rio de Janeiro Report 4656817 dated March 28, 2021 for OCEAN COURAGE, noted in Confirmation of Class Certificate for OCEAN COURAGE dated April 19, 2021	  	May 24, 2021
			
	7.	  	Copy of ABS Newcastle-on-Tyne Report 3755613 dated November 11, 2019 for OCEAN ENDEAVOR, noted in Confirmation of Class Certificate for OCEAN ENDEAVOR dated April 19, 2021	  	May 24, 2021
			
	8.	  	Copy of ABS Melbourne Report 4632522 dated February 8, 2021 for OCEAN ONYX, noted in Confirmation of Class Certificate for OCEAN ONYX dated April 19, 2021	  	May 24, 2021
			
	9.	  	Copy of ABS Rio de Janeiro Report 4468185 dated October 9, 2020 for OCEAN VALOR, noted in Confirmation of Class Certificate for OCEAN VALOR dated April 19, 2021	  	May 24, 2021
			
	10.	  	Copy of ABS Madrid Survey Report for OCEAN BLACKRHINO upon completion of current class survey and shipyard work	  	July 22, 2021
			
	11.	  	Confirmation of Class from approved classification society, free of any overdue recommendations or conditions for OCEAN BLACKRHINO14	  	10 Business Days after the date on which the OCEAN BLACKRHINO comes out of warm stacked status

  

	13	 To the extent required by Section 7.7. 

	14	 To the extent required by any Loan Document. 

	

  
 -20- 

 Schedule 8.3 

Existing Investments 
  

									
	 Type of Investment
	  	Credit Party / Restricted
Subsidiary	 	  	 Name of Investment
	  	Jurisdiction of
Investment
	 49% Equity Interest
	  	 	Z North Sea, LLC	 	  	PT Aqza Dharma	  	Indonesia
	 49% Equity Interest
	  	 	Z North Sea, LLC	 	  	DOD – Angola (Offshore
Drilling), Lda.	  	Angola

 Schedule 8.7 

Transactions with Affiliates 

None. 

 EXHIBIT A 

FORM OF NOTE 
 April 23,
2021 
 FOR VALUE RECEIVED, the undersigned, DIAMOND FOREIGN ASSET COMPANY, a Cayman Islands exempted company limited by shares (the
“Borrower”), promises to pay to [            ] (the “Lender”), at the place and times provided in the Term Loan Agreement referred to below, the
unpaid principal amount of all Loans of the Lender from time to time pursuant to that certain Term Loan Agreement, dated as of April 23, 2021 (the “Term Loan Agreement”) by and among the Borrower, DIAMOND OFFSHORE DRILLING,
INC., a Delaware corporation (the “Parent”), the Lenders party thereto, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent and Collateral Agent. Capitalized terms used herein and not defined herein shall have the
meanings assigned thereto in the Term Loan Agreement. 
 The unpaid principal amount of this Note from time to time outstanding is payable
as provided in the Term Loan Agreement and shall bear interest as provided in Section 4.1 of the Term Loan Agreement. All payments of principal and interest on this Note shall be payable in Dollars in immediately available funds as
provided in the Term Loan Agreement. 
 This Note is entitled to the benefits of, and evidences Obligations incurred under, the Term Loan
Agreement, to which reference is made for a description of the security for this Note and for a statement of the terms and conditions on which the Borrower is permitted and required to make prepayments and repayments of principal of the Obligations
evidenced by this Note and on which such Obligations may be declared to be immediately due and payable. 
 THIS NOTE AND ANY CLAIMS,
CONTROVERSY, DISPUTE, OR CAUSES OF ACTION (WHETHER IN CONTRACT, IN TORT, OR OTHERWISE) BASED UPON, ARISING OUT OF, OR RELATING TO THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK. 

The Borrower hereby waives all requirements as to diligence, presentment, demand of payment, protest, and (except as required by the Term Loan
Agreement) notice of any kind with respect to this Note. 
 [Remainder of page intentionally left blank; signature page follows] 

 

  
 Form of Note 

 IN WITNESS WHEREOF, the undersigned has executed this Note as of the day and
year first written above. 
  

			
	BORROWER:
	
	DIAMOND FOREIGN ASSET COMPANY

 
			
		
	By:	 	 

 
			
	Name:	 	 
	Title:	 	 

  
 Form of Note 

 EXHIBIT B 

FORM OF NOTICE OF BORROWING 

April 23, 2021 
 Wells Fargo Bank, National
Association, 
   as Administrative Agent 
 MAC D
1109-019 
 1525 West W.T. Harris Blvd. 
 Charlotte, North
Carolina 28262 
 Attention: Syndication Agency Services 

Ladies and Gentlemen: 
 This irrevocable Notice
of Borrowing is delivered to you pursuant to Section 2.2 of the Term Loan Agreement dated as of April 23, 2021 (the “Term Loan Agreement”), by and among DIAMOND OFFSHORE DRILLING, INC., a Delaware corporation (the
“Parent”), DIAMOND FOREIGN ASSET COMPANY, a Cayman Islands exempted company limited by shares (the “Borrower”), the Lenders party thereto, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent and
Collateral Agent. Capitalized terms used herein and not defined herein shall have the meanings assigned thereto in the Term Loan Agreement. 
 1. Term
Loan. The Borrower hereby requests that the Lenders make the Term Loan (the “Requested Borrowing”), as follows: 1 

(a) The date of such Requested Borrowing is the Closing Date; 

(b) The amount of the Requested Borrowing is $100,000,000; 

(c) The Requested Borrowing will be composed of [Base Rate Loans][LIBOR Rate Loans]; 

(d) [The Interest Period for each LIBOR Rate Loan made as part of the Requested Borrowing is [one][two][three][six][twelve] month[s].2] 
 2. The Borrower hereby further certifies that the following statements will be true on the date of the
Requested Borrowing: 
 (a) The representations and warranties contained in the Term Loan Agreement and the other Loan Documents are true and
correct in all material respects, except for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect, which representation and warranty is true and correct in all respects, on and as of the date of
the Requested Borrowing with the same effect as if made on and as of the date of the Requested Borrowing (except for any such representation and warranty that by its terms is made only as of an earlier date, which representation and warranty remains
true and correct in all material respects as of such earlier date, and except for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect, which representation and warranty is true and correct in all
respects as of such earlier date). 
  

	1 	 Add PIK Election, if applicable. Failure to specify a PIK Election is deemed to be an election to pay interest
in cash for the relevant Interest Period. 

	2 	 Applicable only to LIBOR Rate Loans. 

  
 Form of Notice of
Borrowing 

 (b) No Default has occurred and is continuing on the Requested Borrowing Date with respect
to the Requested Borrowing or after giving effect to the Requested Borrowing. 
 (c) After giving effect to the Requested Borrowing
(w) the Parent, on an individual basis, is Solvent, (x) the Borrower, on an individual basis, is Solvent, (y) the Parent and the Credit Parties, on a Consolidated basis, are Solvent, and (z) the Parent and all Restricted
Subsidiaries, on a Consolidated basis, are Solvent. 
 [Remainder of page intentionally left blank; signature page follows] 

  
 Form of Notice of
Borrowing 

 IN WITNESS WHEREOF, the undersigned has executed this Notice of Borrowing as of the day and
year first written above. 
  

			
	BORROWER:
	
	DIAMOND FOREIGN ASSET COMPANY

 
			
		
	By:	 	 

 
			
	Name:	 	
	Title:	 	

  
 Form of Notice of
Borrowing 

 EXHIBIT D 

FORM OF NOTICE OF PREPAYMENT 

[            ], 20[__] 

Wells Fargo Bank, National Association, 
   as
Administrative Agent 
 MAC D 1109-019 
 1525 West W.T. Harris
Blvd. 
 Charlotte, North Carolina 28262 
 Attention:
Syndication Agency Services 
 Ladies and Gentlemen: 

This irrevocable Notice of Prepayment is delivered to you pursuant to Section 2.3(c) of the Term Loan Agreement dated as of
April 23, 2021 (the “Term Loan Agreement”), by and among DIAMOND OFFSHORE DRILLING, INC., a Delaware corporation (the “Parent”), DIAMOND FOREIGN ASSET COMPANY, a Cayman Islands exempted company limited by
shares (the “Borrower”), the Lenders party thereto, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent and Collateral Agent. Capitalized terms used herein and not defined herein shall have the meanings assigned
thereto in the Term Loan Agreement. 
 1. The Borrower hereby provides notice to the Administrative Agent that it shall repay the following:1 [check each applicable box] 
  

	 	☐	 Base Rate Loans in the following amount: $______________. 

 

	 	☐	 LIBOR Rate Loans in the following amount: $_____________. 

 

	 	☐	 both Base Rate Loans and LIBOR Rate Loans in the following respective amounts: 

Base Rate Loans amount: $_______________. 

LIBOR Rate Loans amount: $_______________. 

2. The date of such prepayment is _______________, 202__.2 

[Remainder of page intentionally left blank; signature page follows] 
  

 

	1 	 Complete with an amount in accordance with Section 2.3(c) of the Term Loan Agreement.

	2 	 The date must be no earlier than (i) the same Business Day as of the date of this Notice of Prepayment
with respect to any Base Rate Loan and (ii) three (3) Business Days subsequent to the date of this Notice of Prepayment with respect to any LIBOR Rate Loan. 

  
 Form of Notice of
Prepayment 

 IN WITNESS WHEREOF, the undersigned has executed this Notice of Prepayment as of the day and
year first written above. 
  

			
	BORROWER:

 
			
	
	DIAMOND FOREIGN ASSET COMPANY

 
			
		
	By:	 	 

 
			
	Name:	 	
	Title:	 	

  
 Form of Notice of
Prepayment 

 EXHIBIT E 

FORM OF NOTICE OF CONVERSION/CONTINUATION 

[            ], 20[    ] 

Wells Fargo Bank, National Association, 
   as
Administrative Agent 
 MAC D 1109-019 
 1525 West W.T. Harris
Blvd. 
 Charlotte, North Carolina 28262 
 Attention:
Syndication Agency Services 
 Ladies and Gentlemen: 

This irrevocable Notice of Conversion/Continuation (this “Notice”) is delivered to you pursuant to Section 4.2 of
the Term Loan Agreement dated as of April 23, 2021 (the “Term Loan Agreement”), by and among DIAMOND OFFSHORE DRILLING, INC., a Delaware corporation (the “Parent”), DIAMOND FOREIGN ASSET COMPANY, a Cayman
Islands exempted company limited by shares (the “Borrower”), the Lenders party thereto, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent and Collateral Agent. Capitalized terms used herein and not defined herein
shall have the meanings assigned thereto in the Term Loan Agreement. 
 This Notice is submitted for the purpose of: (Check one and complete
applicable information in accordance with the Term Loan Agreement.) 
  

									
		 	☐	  	Converting all or a portion of a Base Rate Loan into a LIBOR Rate Loan
					
		 		  	Outstanding principal balance:	 	$	  	  

					
		 		  	Principal amount to be converted:	 	$	  	  

					
		 		  	Requested effective date of conversion:	 		  	  

					
		 		  	Requested new Interest Period:	 		  	  

			
		 	☐	  	Converting all or a portion of a LIBOR Rate Loan into a Base Rate Loan
					
		 		  	Outstanding principal balance:	 	$	  	  

					
		 		  	Principal amount to be converted:	 	$	  	  

					
		 		  	Last day of the current Interest Period:	 		  	  

					
		 		  	Requested effective date of conversion:	 		  	  

  
 Form of Notice of
Conversion/Continuation 

									
			
		 	☐	  	Continuing all or a portion of a LIBOR Rate Loan as a LIBOR Rate Loan
					
		 		  	Outstanding principal balance:	 	$	  	  

					
		 		  	Principal amount to be continued:	 	$	  	  

					
		 		  	Last day of the current Interest Period:	 		  	  

					
		 		  	Requested effective date of continuation:	 		  	  

					
		 		  	Requested new Interest Period:	 		  	  

 [Remainder of page intentionally left blank; signature page follows] 

  
 Form of Notice of
Conversion/Continuation 

 IN WITNESS WHEREOF, the undersigned has executed this Notice of Conversion/Continuation as
of the day and year first written above. 
  

			
	BORROWER:
	
	 DIAMOND FOREIGN ASSET
COMPANY

 
			
		
	 By:
	 	 

 
			
	 Name:
	 	
	 Title:
	 	

  
 Form of Notice of
Conversion/Continuation 

 EXHIBIT F 

FORM OF COMPLIANCE CERTIFICATE 

[            ], 20[    ] 

The undersigned Financial Officer, on behalf of DIAMOND OFFSHORE DRILLING, INC., a Delaware corporation (the “Parent”),
hereby certifies to the Administrative Agent and the Lenders, each as defined in the Term Loan Agreement referred to below, as follows: 
 1.
This certificate is delivered to you pursuant to Section 7.2 of the Term Loan Agreement dated as of April 23, 2021 (the “Term Loan Agreement”), by and among the Parent, DIAMOND FOREIGN ASSET COMPANY, a Cayman
Islands exempted company limited by shares (the “Borrower”), the Lenders party thereto, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent and Collateral Agent. Capitalized terms used herein and not defined herein
shall have the meanings assigned thereto in the Term Loan Agreement. 
 2. I have reviewed the financial statements of the Parent and its
Subsidiaries dated as of              and for the              period[s] then ended, and such
statements fairly present in all material respects the financial condition of the Parent and its Subsidiaries as of the dates indicated and the results of their operations and cash flows for the period[s] indicated. 

3. I have reviewed the terms of the Term Loan Agreement and the related Loan Documents and have made, or caused to be made under my
supervision, a review in reasonable detail of the transactions and the condition of the Parent and its Subsidiaries during the accounting period covered by the financial statements referred to in Paragraph 2 above. Such review has not
disclosed the existence during or at the end of such accounting period of any condition or event that constitutes a Default, nor do I have any knowledge of the existence of any such condition or event as at the date of this certificate
[except, 

                       
                                         
                                         
                                         
                                         
                     ].1 

4. All representations and warranties in the Term Loan Agreement and in the other Loan Documents are true and correct in all material
respects, except for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect, which representation and warranty is true and correct in all respects, on and as of the date hereof with the same effect
as if made on and as of the date hereof (except for any such representation and warranty that by its terms is made only as of an earlier date, which representation and warranty remains true and correct in all material respects as of such earlier
date, and except for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect, which representation and warranty is true and correct in all respects as of such earlier date) [except, 

                       
                                         
                                         
                                         
                                         
                         ].2 

 
  

	1 	 If such condition or event existed or exists, describe the nature thereof and what action the Parent and
proposes to take with respect thereto. 

	2 	 If any representation or warranty is not true and correct as described, describe the nature thereof and what
action the Parent proposes to take with respect thereto. 

  
 Form of Compliance
Certificate 

 5. Attached hereto on Schedule I(a) is a complete, true, and correct organizational
structure chart of the Parent and each of its Subsidiaries, which identifies whether each entity on such chart is a Borrower, Guarantor, Restricted Subsidiary, Unrestricted Subsidiary, Immaterial Subsidiary, Material Subsidiary, Excluded Subsidiary,
Rig Subsidiary, and/or such other type of entity under the Loan Documents, accurately describes why each entity designated as an Excluded Subsidiary is considered to be an Excluded Subsidiary, and shows which Rigs and related contracts are held at
each such entity. There have been no changes in the identity of the Restricted Subsidiaries, Subsidiary Guarantors, Immaterial Subsidiaries, Material Subsidiaries, Excluded Subsidiaries, Rig Subsidiaries, and Unrestricted Subsidiaries as at the end
of the fiscal quarter ended [            ] from such Restricted Subsidiaries, Subsidiary Guarantors, Immaterial Subsidiaries, Material Subsidiaries, Excluded Subsidiaries, Rig
Subsidiaries, and Unrestricted Subsidiaries as of the end of the [fiscal quarter] ended [            ][the Closing Date]3, other
than as disclosed on Schedule I(b) attached hereto. Further, the calculation of amounts needed to determine the identity of Immaterial Subsidiaries set forth on Schedule I(c) are true and correct in all respects. 

[Remainder of page intentionally left blank; signature page follows] 

 

	3 	 To be used until the first full fiscal quarter after the Closing Date has occurred. 

  
 Form of Compliance
Certificate 

 IN WITNESS WHEREOF, the undersigned has executed this Compliance Certificate as of the day
and year first written above. 
  

			
	PARENT:
	
	 DIAMOND OFFSHORE DRILLING,
INC.

 
			
		
	 By:
	 	 

 
			
	 Name:
	 	
	 Title:
	 	

  
 Form of Compliance
Certificate 

 SCHEDULE I(a)  

ORGANIZATIONAL STRUCTURE CHART 

[See attached.] 

  
 Schedule I(a) to Form of
Compliance Certificate 

 SCHEDULE I(b) 

CHANGES TO SUBSIDIARIES AND 

CALCULATION OF IMMATERIAL SUBSIDIARIES 

[See attached.] 

  
 Schedule I(b) to Form of
Compliance Certificate 

 SCHEDULE I(c) 

CALCULATIONS TO DETERMINE 

IMMATERIAL SUBSIDIARIES 

(See attached) 

  
 Schedule I(c) to Form of
Compliance Certificate 

 Diamond Offshore Drilling, Inc. 

Compliance Certificate - Schedule I(c) 
 Immaterial
Subsidiaries for the Fiscal Quarter Ended [•] 
  

																			
	 Entity

Number
	  	 Entity Name
	  	 Material
Subsidiary?
	  	Assets1 as of
[•]	  	% Consolidated
Assets	 	  	Gross Intercompany2
Receivables	  	EBITDA3,4
[4/24/21] - [•]	  	% Consolidated
EBITDA5,6	 
								
		  		  	N	  	$	  	 	%	 	  	$	  	$	  	 	%	 
								
		  		  	N	  	$	  	 	%	 	  	$	  	$	  	 	%	 
								
		  		  	N	  	$	  	 	%	 	  	$	  	$	  	 	%	 
								
		  		  	N	  	$	  	 	%	 	  	$	  	$	  	 	%	 
								
		  		  	N	  	$	  	 	%	 	  	$	  	$	  	 	%	 
								
		  		  	N	  	$	  	 	%	 	  	$	  	$	  	 	%	 
								
		  		  	N	  	$	  	 	%	 	  	$	  	$	  	 	%	 
								
		  		  	N	  	$	  	 	%	 	  	$	  	$	  	 	%	 
								
		  		  	N	  	$	  	 	%	 	  	$	  	$	  	 	%	 
								
		  		  	N	  	$	  	 	%	 	  	$	  	$	  	 	%	 
								
		  		  	N	  	$	  	 	%	 	  	$	  	$	  	 	%	 
								
		  		  	N	  	$	  	 	%	 	  	$	  	$	  	 	%	 
								
		  		  	N	  	$	  	 	%	 	  	$	  	$	  	 	%	 
								
		  		  	N	  	$	  	 	%	 	  	$	  	$	  	 	%	 
								
		  		  	N	  	$	  	 	%	 	  	$	  	$	  	 	%	 
								
		  		  	N	  	$	  	 	%	 	  	$	  	$	  	 	%	 
								
		  		  	N	  	$	  	 	%	 	  	$	  	$	  	 	%	 
								
		  		  	N	  	$	  	 	%	 	  	$	  	$	  	 	%	 
								
		  		  	N	  	$	  	 	%	 	  	$	  	$	  	 	%	 
								
		  		  	N	  	$	  	 	%	 	  	$	  	$	  	 	%	 
								
		  		  	N	  	$	  	 	%	 	  	$	  	$	  	 	%	 
								
		  		  	N	  	$	  	 	%	 	  	$	  	$	  	 	%	 
								
		  		  	N	  	$	  	 	%	 	  	$	  	$	  	 	%	 
								
		  		  	N	  	$	  	 	%	 	  	$	  	$	  	 	%	 
								
		  		  	N	  	$	  	 	%	 	  	$	  	$	  	 	%	 

  

			
	 1  Total assets owned directly or
indirectly by such Subsidiary and its Restricted Subsidiaries, excluding all intercompany obligations owing by or to such Subsidiary and its Restricted Subsidiaries
	    	
$        Consolidated Assets

	 2  Gross intercompany receivables
owing to such Subsidiary (without netting of any payables owed by such Subsidiary)
	    	
$        Consolidated EBITDA

		    	        

	 3  Contribution of such
Subsidiary and its Restricted Subsidiaries to the Consolidated EBITDA of the Parent and its Restricted Subsidiaries; provided that if such amount is negative insert $0 in this column
	    	
%  Immaterial Subs % of Consolidated Total Assets

	 4  For Q2 2021 through Q1 2022,
EBITDA of a Subsidiary and its Restricted Subsidiaries for purpose of this calculation will be annualized using actual EBITDA since April 24, 2021
	    	
%  Immaterial Subs % of Consolidated EBITDA

	 5  For purposes of this
calculation, if overall Consolidated EBITDA is negative, use $1 as the denominator
	    	
	 6  For Q2 2021 through Q1 2022,
this calculation shall use annualized actual Consolidated EBITDA since April 24, 2021 for both (a) such Subsidiary and its Restricted Subsidiaries and (b) the Parent and its Restricted Subsidiaries
	    	

  
 1 of 1 

 EXHIBIT G 

FORM OF ASSIGNMENT AND ASSUMPTION 

This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is
entered into by and between [INSERT NAME OF ASSIGNOR] (the “Assignor”) and [the] [each]1 Assignee identified on the Schedules hereto as
“Assignee” or as “Assignees” (collectively, the “Assignees” and each, an “Assignee”). [It is understood and agreed that the rights and obligations of the Assignees hereunder are several
and not joint.]2 Capitalized terms used but not defined herein shall have the meanings given to them in the Term Loan Agreement identified below (as amended, restated, amended and restated,
supplemented, or otherwise modified from time to time, the “Term Loan Agreement”), receipt of a copy of which is hereby acknowledged by [the] [each] Assignee. The Standard Terms and Conditions set forth in
Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 

For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the [Assignee] [respective Assignees],
and [the] [each] Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Term Loan Agreement, as of the Effective Date inserted by the
Administrative Agent as contemplated below (i) all of the Assignor’s rights and obligations in its capacity as a Lender under the Term Loan Agreement and any other documents or instruments delivered pursuant thereto to the extent related
to the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor under the respective facilities identified below (including without limitation any letters of credit and guarantees included in
such facilities) and (ii) to the extent permitted to be assigned under Applicable Law, all claims, suits, causes of action, and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising
under or in connection with the Term Loan Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to,
contract claims, tort claims, malpractice claims, statutory claims, and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by
the Assignor to [the] [any] Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as, [the] [an] “Assigned Interest”). Each such sale and assignment
is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, is without representation or warranty by the Assignor. 
  

					
	1.	  	Assignor:	  	[INSERT NAME OF ASSIGNOR]
			
	2.	  	Assignee(s):	  	See Schedules attached hereto
			
	3.	  	Borrower:	  	DIAMOND FOREIGN ASSET COMPANY, a Cayman Islands exempted company limited by shares
			
	4.	  	Administrative Agent:	  	WELLS FARGO BANK, NATIONAL ASSOCIATION, as the administrative agent under the Term Loan Agreement

  

	1 	 For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a
single Assignee, choose the first bracketed language. If the assignment is to multiple Assignees, choose the second bracketed language. 

	2 	 Include bracketed language if there are multiple Assignees. 

  
 Form of Assignment and
Assumption 

					
			
	5.	  	Term Loan Agreement:	  	The Term Loan Agreement dated as of April 23, 2021 among DIAMOND OFFSHORE DRILLING, INC., as Parent, DIAMOND FOREIGN ASSET COMPANY, as Borrower, the Lenders party thereto, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as
Administrative Agent and Collateral Agent (as amended, restated, supplemented, or otherwise modified)
			
	6.	  	Assigned Interest:	  	See Schedules attached hereto
			
	[7.	  	Trade Date:	  	______________]3

 [Remainder of page intentionally left blank; signature page follows] 

 

	3 	 To be completed if the Assignor and the Assignees intend that the minimum assignment amount is to be determined
as of the Trade Date. 

  
 Form of Assignment and
Assumption 

 Effective Date:
                     , 202    [TO BE INSERTED BY THE ADMINISTRATIVE AGENT AND WHICH SHALL BE THE
EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR]  
 The terms set forth in this Assignment and Assumption are hereby agreed
to: 
  

			
	ASSIGNOR
	
	[NAME OF ASSIGNOR]

 
			
		
	By:	 	 

 
			
	Name:	 	
	Title:	 	
		 	
	ASSIGNEES
	
	See Schedules attached hereto

  
 Form of Assignment and
Assumption 

			
	[Consented to and]4 Accepted:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent

			
		
	By:	 	 

			
	Name:	 	
	Title:	 	

  
  

	4 	 To be added only if the consent of the Administrative Agent is required by the terms of the Term Loan
Agreement. May also use a Master Consent. 

  
 Form of Assignment and
Assumption 

 SCHEDULE 1 

To Assignment and Assumption 
 By its
execution of this Schedule, the Assignee identified on the signature block below agrees to the terms set forth in the attached Assignment and Assumption. 

Assigned Interests:1 
  

													
	 Aggregate Amount of

Loans for all Lenders2
	  	Amount of Loans
Assigned3	 	  	Percentage Assigned of Loans4	 	  	CUSIP Number	 
	 $
	  	$	 	 	  	 	%	 	  			

  

			
	 [NAME OF ASSIGNEE]5

[and is an Affiliate/Approved Fund of [identify
Lender]6]

 
			
		
	By:	 	 

 
			
	Name:	 	
	Title:	 	

  
  

	1 	 Each partial assignment shall be made as an assignment of a proportionate part of all the assigning
Lender’s rights and obligations in respect to the Credit Facility. 

	2 	 Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the
Trade Date and the Effective Date. 

	3 	 Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the
Trade Date and the Effective Date. 

	4 	 Set forth, to at least 9 decimals, as a percentage of the Loans of all Lenders thereunder.

	5 	 Add additional signature blocks, as needed. 

	6 	 Select as appropriate. 

 

  
 Schedule 1 to Form of
Assignment and Assumption 

 ANNEX 1 

to Assignment and Assumption 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 

1. Representations and Warranties. 

1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of [the]
[the relevant] Assigned Interest, (ii) [the] [such] Assigned Interest is free and clear of any lien, encumbrance, or other adverse claim, (iii) it has full power and authority, and has taken all action
necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby, and (iv) it is [not] a Defaulting Lender; and (b) assumes no responsibility with respect to (i) any
statements, warranties, or representations made in or in connection with the Term Loan Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency, or value of the Loan Documents or any
collateral thereunder, (iii) the financial condition of the Parent, the Borrower, any of their respective Subsidiaries or Affiliates, or any other Person obligated in respect of any Loan Document, or (iv) the performance or observance by
the Parent, the Borrower, any of their respective Subsidiaries or Affiliates, or any other Person of any of their respective obligations under any Loan Document. 

1.2. Assignee[s]. [The] [Each] Assignee (a) represents and warrants that (i) it has full
power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Term Loan Agreement, (ii) it meets the
requirements of an Eligible Assignee under Section 11.9(b)(iii) and (v) of the Term Loan Agreement (subject to such consents, if any, as may be required under Section 11.9(b)(iii) of the Term Loan Agreement), (iii) from
and after the Effective Date referred to in this Assignment and Assumption, it shall be bound by the provisions of the Term Loan Agreement as a Lender thereunder and, to the extent of [the] [the relevant] Assigned Interest,
shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the Person exercising discretion in making its decision
to acquire [the] [such] Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Term Loan Agreement, and has received or has been accorded the opportunity to receive copies of
the most recent financial statements delivered pursuant to Section 7.1 thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment
and Assumption and to purchase [the] [such] Assigned Interest, (vi) it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed
appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the] [such] Assigned Interest, and (vii) if it is a Foreign Lender, attached to the Assignment and
Assumption is any documentation required to be delivered by it pursuant to the terms of the Term Loan Agreement, duly completed and executed by [the] [such] Assignee; and (b) agrees that (i) it will, independently and
without reliance upon the Administrative Agent, [the] [any] Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis and
decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 

2. Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of [the]
[each] Assigned Interest (including payments of principal, interest, fees and other amounts) to [the] [the relevant] Assignor for amounts which have accrued to but excluding the Effective Date and to [the]
[the relevant] Assignee for amounts which have accrued from and after the Effective Date. 

  
 Annex 1 to Form of
Assignment and Assumption 

 3. General Provisions. This Assignment and Assumption shall be binding upon, and
inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts (and by different parties hereto in different counterparts), each of which shall
constitute an original, but all of which together shall constitute one instrument. Acceptance and adoption of the terms of this Assignment and Assumption by any Assignee and any Assignor by Electronic Signature or delivery of an executed counterpart
of a signature page of this Assignment and Assumption by telecopy or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed
by, and construed in accordance with, the law of the State of New York. 

  
 Annex 1 to Form of
Assignment and Assumption 

 EXHIBIT H-1 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Term Loan Agreement dated as of April 23, 2021 (as amended, supplemented, or otherwise modified from time
to time, the “Term Loan Agreement”), by and among DIAMOND OFFSHORE DRILLING, INC., a Delaware corporation (the “Parent”), DIAMOND FOREIGN ASSET COMPANY, a Cayman Islands exempted company limited by shares (the
“Borrower”), the lenders who are or may become a party thereto, as Lenders, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent and Collateral Agent. Capitalized terms used herein and not defined herein shall have
the meanings assigned thereto in the Term Loan Agreement. 
 Pursuant to the provisions of Section 4.11 of the Term Loan
Agreement, the undersigned hereby certifies that (a) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (b) it is not a
“bank” within the meaning of Section 881(c)(3)(A) of the Code, (c) it is not a “10- percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, and (d) it is not a controlled
foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished the
Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E. By executing this certificate, the undersigned agrees that (a) if the information provided on this certificate
changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent and (b) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective
certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two (2) calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Term Loan Agreement and used herein shall have the meanings given to them in the Term
Loan Agreement. 
  

			
	[NAME OF LENDER]
		
	By:	 	 
		 	Name:
		 	Title:

 Date:            
    ,20     
 Form of U.S. Tax Compliance Certificate 

(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

 EXHIBIT H-2 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Term Loan Agreement dated as of April 23, 2021 (as amended, supplemented, or otherwise modified from time
to time, the “Term Loan Agreement”), by and among DIAMOND OFFSHORE DRILLING, INC., a Delaware corporation (the “Parent”) DIAMOND FOREIGN ASSET COMPANY, a Cayman Islands exempted company limited by shares (the
“Borrower”), the lenders who are or may become party a thereto, as Lenders, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent and Collateral Agent. Capitalized terms used herein and not defined herein shall have
the meanings assigned thereto in the Term Loan Agreement. 
 Pursuant to the provisions of Section 4.11 of the Term Loan
Agreement, the undersigned hereby certifies that (a) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (b) it is not a “bank” within the meaning of
Section 881(c)(3)(A) of the Code, (c) it is not a “10-percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, and (d) it is not a controlled foreign corporation related to the
Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished its participating Lender with a certificate
of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E. By executing this certificate, the undersigned agrees that (a) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender
in writing and (b) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of
the two (2) calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Term Loan Agreement and
used herein shall have the meanings given to them in the Term Loan Agreement. 
  

			
	[NAME OF PARTICIPANT]
		
	By:	 	 
		 	Name:
		 	Title:

 Date:            
    ,20     
 Form of U.S. Tax Compliance Certificate 

(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

 EXHIBIT H-3 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Term Loan Agreement dated as of April 23, 2021 (the “Term Loan Agreement”), by and among
DIAMOND OFFSHORE DRILLING, INC., a Delaware corporation (the “Parent”), DIAMOND FOREIGN ASSET COMPANY, a Cayman Islands exempted company limited by shares (the “Borrower”), the lenders who are or may become party
thereto, as Lenders, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent and Collateral Agent. Capitalized terms used herein and not defined herein shall have the meanings assigned thereto in the Term Loan Agreement. 

Pursuant to the provisions of Section 4.11 of the Term Loan Agreement, the undersigned hereby certifies that (a) it is the
sole record owner of the participation in respect of which it is providing this certificate, (b) its direct or indirect partners/members are the sole beneficial owners of such participation, (c) with respect such participation, neither the
undersigned nor any of its direct or indirect partners/members is a “bank” extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the
Code, (d) none of its direct or indirect partners/members is a “10-percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, and (e) none of its direct or indirect partners/members is a
controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has
furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (a) an IRS Form W-8BEN or IRS Form W-8BEN-E or (b) an
IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that
(i) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (ii) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective
certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two (2) calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Term Loan Agreement and used herein shall have the meanings given to them in the Term
Loan Agreement. 
  

			
	[NAME OF PARTICIPANT]
		
	By:	 	 
		 	Name:
		 	Title:

 Date:            
    ,20     
 Form of U.S. Tax Compliance Certificate 

(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) 

 EXHIBIT H-4 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Term Loan Agreement dated as of April 23, 2021 (as amended, supplemented, or otherwise modified from time
to time, the “Term Loan Agreement”), by and among DIAMOND OFFSHORE DRILLING, INC., a Delaware corporation (the “Parent”), DIAMOND FOREIGN ASSET COMPANY, a Cayman Islands exempted company limited by shares (the
“Borrower”), the lenders who are or may become party thereto, as Lenders, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent and Collateral Agent. Capitalized terms used herein and not defined herein shall have the
meanings assigned thereto in the Term Loan Agreement. 
 Pursuant to the provisions of Section 4.11 of the Term Loan Agreement,
the undersigned hereby certifies that (a) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (b) its direct or indirect partners/members are the
sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (c) with respect to the extension of credit pursuant to this Term Loan Agreement or any other Loan Document, neither the undersigned nor any of its direct
or indirect partners/members is a “bank” extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (d) none of its direct or
indirect partners/members is a “10-percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, and (e) none of its direct or indirect partners/members is a controlled foreign corporation related
to the Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished the Administrative Agent and the
Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (a) an IRS Form W-8BEN or IRS Form W-8BEN-E or (b) an IRS Form W-8IMY accompanied
by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (i) if the information
provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent and (ii) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly
completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two (2) calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Term Loan Agreement and used herein shall have the meanings given to them in the Term
Loan Agreement. 
  

			
	[NAME OF LENDER]
		
	By:	 	 
		 	Name:
		 	Title:

 Date:            
    ,20     
 Form of U.S. Tax Compliance Certificate 

(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) 

 EXHIBIT K 

FORM OF AFFILIATED LENDER ASSIGNMENT AND ASSUMPTION 

This Affiliated Lender Assignment and Assumption (this “Affiliated Lender Assignment and Assumption”) is dated as of the
Effective Date set forth below and is entered into by and between [the][each]18 Assignor identified in item 1 below ([the][each, an] “Assignor”) and [the][each]19 Assignee identified in item 2 below ([the][each, an] “Assignee”). [It is understood and agreed that the rights and obligations of [the Assignors][the Assignees]20 hereunder are several and not joint.]21 Capitalized terms used but not defined herein shall have the meanings given to them in the Term Loan
Agreement identified below (as amended, restated, amended and restated, supplemented or otherwise modified in writing from time to time, the “Term Loan Agreement”), receipt of a copy of which is hereby acknowledged by [the][each]
Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Affiliated Lender Assignment and Assumption as if set forth herein in full. 

For an agreed consideration, [the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and
[the][each] Assignee hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in accordance with the Standard Terms and Conditions and the Term Loan Agreement, as of the Effective Date inserted by the
Administrative Agent as contemplated below (i) all of [the Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective capacities as Lenders] under the Term Loan Agreement and any other
documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of [the Assignor][the respective Assignors] under the Loans identified
below and (ii) to the extent permitted to be assigned under Applicable Law, all claims, suits, causes of action, and any other right of [the Assignor (in its capacity as a Lender)][the respective Assignors (in their respective capacities as
Lenders)] against any Person, whether known or unknown, arising under or in connection with the Term Loan Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or
related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims, and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause
(i) above (the rights and obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as [the][an] “Assigned Interest”).
Each such sale and assignment is without recourse to [the][any] Assignor and, except as expressly provided in this Affiliated Lender Assignment and Assumption, is without representation or warranty by [the][any] Assignor. 

 
  

	18 	 For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a
single Assignor, choose the first bracketed language. If the assignment is from multiple Assignors, choose the second bracketed language. 

	19 	 For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a
single Assignee, choose the first bracketed language. If the assignment is to multiple Assignees, choose the second bracketed language. 

	20 	 Select as appropriate. 

	21 	 Include bracketed language if there are either multiple Assignors or multiple Assignees. 

  
 Form of Affiliated Lender
Assignment and Assumption 

					
	1.	  	Assignor[s]:	  	[INSERT NAME OF ASSIGNOR]
			
	2.	  	Assignee[s]:	  	[INSERT NAME OF ASSIGNEE]22 [and is a [Lender][an [Affiliate][Approved Fund] of [identify Lender]]
			
	3.	  	Borrower:	  	DIAMOND FOREIGN ASSET COMPANY, a Cayman Islands exempted company limited by shares
			
	4.	  	Administrative Agent:	  	WELLS FARGO BANK, NATIONAL ASSOCIATION, including any successor thereto, as the administrative agent under the Term Loan Agreement
			
	5.	  	Term Loan Agreement:	  	The Term Loan Agreement dated as of April 23, 2021 among DIAMOND OFFSHORE DRILLING, INC., as Parent, DIAMOND FOREIGN ASSET COMPANY, as Borrower, the Lenders party thereto, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as
Administrative Agent and Collateral Agent (as amended, restated, supplemented, or otherwise modified)
			
	6.	  	Assigned Interest:23	  	

  

													
	 Aggregate Amount of

Loans for all Lenders24
	  	Amount of Loans
Assigned25	 	  	Percentage Assigned of
Loans	 	  	CUSIP Number	 
	 $
	  	$	 	 	  	 	%	 	  			

  

					
	[7.	  	Trade Date:	  	__________________]26

  
  

	22 	 Add additional rows if multiple assignees are contemplated. 

	23 	 Each partial assignment shall be made as an assignment of a proportionate part of all the assigning
Lender’s rights and obligations in respect of the Credit Facility. 

	24 	 Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the
Trade Date and the Effective Date. 

	25 	 Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the
Trade Date and the Effective Date. Must comply with the minimum assignment amounts set forth in Section 11.9(b)(i)(B) of the Term Loan Agreement. 

	26 	 To be completed if the Assignor(s) and the Assignee(s) intend that the minimum assignment amount is to be
determined as of the Trade Date. 

  

  
 Form of Affiliated Lender
Assignment and Assumption 

 Effective Date:
                    , 202_ [TO BE INSERTED BY THE ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE
REGISTER THEREFOR.] 
 The terms set forth in this Affiliated Lender Assignment and Assumption are hereby agreed to: 

 

			
	ASSIGNOR
	
	[NAME OF ASSIGNOR]
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	ASSIGNEE
	
	[NAME OF ASSIGNEE]
		
	By:	 	 
		 	Name:
		 	Title:

 [Consented to and]27 Accepted for Recordation in the Register: 

 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent

			
		
	By:	 	 
		 	Name:
		 	Title:

  
  

	27 	 To be added only if the consent of the Administrative Agent is required by the terms of the Term Loan
Agreement. 

  

  
 Form of Affiliated Lender
Assignment and Assumption 

 ANNEX 1 

TO AFFILIATED LENDER ASSIGNMENT AND ASSUMPTION 

STANDARD TERMS AND CONDITIONS FOR 

AFFILIATED LENDER ASSIGNMENT AND ASSUMPTION 

1. Representations and Warranties. 

1.1. Assignor. [The][Each] Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of [the][[the
relevant] Assigned Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance, or other adverse claim, (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this
Affiliated Lender Assignment and Assumption and to consummate the transactions contemplated hereby, and (iv) it is [not] a Defaulting Lender and (b) assumes no responsibility with respect to (i) any statements, warranties, or
representations made in or in connection with the Term Loan Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency, or value of the Loan Documents or any collateral thereunder,
(iii) the financial condition of the Parent, the Borrower, any of their respective Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document, or (iv) the performance or observance by the Parent, the Borrower,
any of their respective Subsidiaries or Affiliates, or any other Person of any of their respective obligations under any Loan Document. 

1.2. Assignee[s]. [The][Each] Assignee (a) represents and warrants that (i) it has full power and authority, and has taken
all action necessary, to execute and deliver this Affiliated Lender Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Term Loan Agreement, (ii) it meets all the requirements to be
an Eligible Assignee under Section 11.9(b)(iii) and (v) of the Term Loan Agreement (subject to such consents, if any, as may be required under Section 11.9(b)(iii) of the Term Loan Agreement), (iii) from and after
the Effective Date referred to in this Affiliated Lender Assignment and Assumption, it shall be bound by the provisions of the Term Loan Agreement as a Lender thereunder and, to the extent of [the][the relevant] Assigned Interest, shall have the
obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by [the][such] Assigned Interest and either it, or the Person exercising discretion in making its decision to
acquire [the][such] Assigned Interest, is experienced in acquiring assets of such type, (v) it is (or will be, following the consummation of this assignment) an Affiliated Lender, (vi) it does not have any material non-public information
(within the meaning of United States federal and state securities laws) with respect to the Parent, the Borrower, or their Subsidiaries or their respective securities (or, if the Parent is not at the time a public reporting company, material
information of a type that would not be reasonably expected to be publicly available if the Parent were a public reporting company) that (1) has not been disclosed to the assigning Lenders or the Lenders generally (other than because any such
Lender does not wish to receive material non-public information with respect to the Parent, the Borrower, or their Subsidiaries (or, if the Parent is not at the time a public reporting company, material information of a type that would not be
reasonably expected to be publicly available if the Parent were a public reporting company)) and (2) could reasonably be expected to have a material effect upon, or otherwise be material to, the assigning Lender’s decision to make such
assignment, (vii) it has received a copy of the Term Loan Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 7.1 thereof, and such
other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Affiliated Lender Assignment and Assumption and to purchase [the][such] Assigned Interest, (viii) it has, independently and
without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Affiliated Lender Assignment and Assumption and
to purchase [the][such] Assigned Interest, (ix) 
 Form of Affiliated Lender Assignment and Assumption 

 
if it is a Foreign Lender, attached to the Assignment and Assumption is any documentation required to be delivered by it pursuant to the terms of the Term Loan Agreement, duly completed and
executed by [the] [such] Assignee, (x) it is not using the proceeds of Term Loans to effect the assignments contemplated herein; and (b) agrees that (i) it will, independently and without reliance upon the
Administrative Agent, [the][any] Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents,
(ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender, and (iii) notwithstanding anything to the contrary in the Term Loan
Agreement, it shall have no right to (x) attend (including by telephone) any meeting or discussions (or portion thereof) among the Administrative Agent or any Lender to which representatives of the Borrower are not invited or then present or
(y) have access to the Platform or receive any information or material prepared by Administrative Agent, the Collateral Agent, or any other Lender, or any communication by or among Administrative Agent and/or one or more Lenders, except to the
extent such information or materials have been made available to any Credit Party or its representatives (and in any case, other than the right to receive notices of prepayments and other administrative notices in respect of its Loans required to be
delivered to Lenders pursuant to the Term Loan Agreement). 
 2. Payments. From and after the Effective Date, the Administrative
Agent shall make all payments in respect of [the][each] Assigned Interest (including payments of principal, interest, fees, and other amounts) to [the][the relevant] Assignor for amounts which have accrued to but excluding the Effective Date and to
[the][the relevant] Assignee for amounts which have accrued from and after the Effective Date. 
 3. General Provisions. This
Affiliated Lender Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Affiliated Lender Assignment and Assumption may be executed in any number of
counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which together shall constitute one instrument. Acceptance and adoption of the terms of this Affiliated Lender
Assignment and Assumption by any Assignee and any Assignor by Electronic Signature or delivery of an executed counterpart of a signature page of this Affiliated Lender Assignment and Assumption by telecopy or other electronic imaging means shall be
effective as delivery of a manually executed counterpart of this Affiliated Lender Assignment and Assumption. This Affiliated Lender Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York.

 Form of Affiliated Lender Assignment and Assumption 

 EXHIBIT L 

FORM OF PERFECTION CERTIFICATE 

[See attached.] 

 EXHIBIT L 

FORM OF PERFECTION CERTIFICATE 

[            ], 202[__] 

Reference is hereby made to (a) that certain Term Loan Agreement, dated as of April 23, 2021 (as amended, restated, amended and
restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”), among Diamond Offshore Drilling, Inc., a Delaware corporation (“Parent”), Diamond Foreign Asset Company, a Cayman Islands
company limited by shares (the “Borrower”), the lenders from time to time party thereto, and Wells Fargo Bank, National Association, as administrative agent (in such capacity, together with its permitted successors and assigns in
such capacity, “Administrative Agent”) and as collateral agent (in such capacity, together with its permitted successors and assigns in such capacity, “Collateral Agent”), (b) that certain Guaranty Agreement
dated as of April 23, 2021 (as amended, restated, amended and restated, supplemented, or otherwise modified from time to time, the “Guaranty”), executed by the Parent and the Subsidiary Guarantors party thereto from time to
time, as guarantors, in favor of the Collateral Agent, and (c) that certain Pledge and Security Agreement dated as of April 23, 2021 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the
“Security Agreement”), among the Credit Parties party thereto from time to time, as grantors, and the Collateral Agent. 

Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to them in the Credit Agreement, the Guaranty, or the
Security Agreement, as the context requires. Any terms (whether capitalized or lower case) used in this Perfection Certificate that are defined in the UCC shall be construed and defined as set forth in the UCC, unless otherwise defined herein or in
the Credit Agreement, the Guaranty, or the Security Agreement. 
 Each undersigned Responsible Officer of the Parent and of each other
Credit Party hereby certifies (in his or her capacity as such Responsible Officer of such Person and not in his or her individual capacity) to the Administrative Agent and the Collateral Agent as follows as of the date hereof: 

1. Entity Identification Information. 

(a) The exact legal name of each Credit Party, as such name appears in its respective certified certificate of incorporation, articles of
incorporation, certificate of formation, or any applicable equivalent agreement of formation or organization filed in connection with its formation or organization with the applicable Governmental Authority in its jurisdiction of formation or
organization, is set forth on Schedule 1(a). Each Credit Party is (i) the type of entity disclosed next to its name on Schedule 1(a) and (ii) a registered organization except to the extent disclosed on
Schedule 1(a). Also set forth on Schedule 1(a) is the organizational identification number or foreign equivalent of each Credit Party that is a registered organization, the Federal Taxpayer Identification Number or
foreign equivalent of each Credit Party, and the jurisdiction of formation of each Credit Party. 
 (b) Set forth on Schedule
1(b) is a true and correct list of (i) all legal names used by each Credit Party, in each case within the past five years, or any names used in connection with any business or organization to which such Credit Party became the successor
by merger, consolidation, acquisition, change in form, nature or jurisdiction of organization or otherwise in the last five years, and the reason for any name change, and (ii) any prior jurisdiction of formation or organization of each Credit
Party, in each case within the past five years. 
  

 2. Entity and Collateral Locations. 

(a) The address or place of business of each Credit Party is set forth on Schedule 2(a) hereto, along with information regarding
whether such location is leased or owned by, or the registered address of, such Credit Party and the address of the chief executive office of such Credit Party. 

(b) Set forth on Schedule 2(b) is a true and correct list of each location where any Credit Party maintains any Collateral that
is not identified on Schedule 2(a) along with the type of Collateral. 
 3. Fee Owned Real Property. Set forth on
Schedule 3 is a true and correct list of all fee owned real property of each Credit Party thereof, including such property’s address and the aggregate fair market value of all fee owned real property of each Credit Party and each
Restricted Subsidiary. 
 4. Stock Ownership and Other Equity Interests. Set forth on Schedule 4(a) is a true and
correct list of all of the authorized, and the issued and outstanding, Equity Interests of each Credit Party and each Restricted Subsidiary and the record and beneficial owners of such Equity Interests. Also set forth on Schedule 4(a)
is each equity investment of each Credit Party and each Restricted Subsidiary thereof that represents 50% or less of the equity of the entity in which such investment was made. Attached hereto as Schedule 4(b) is a true, complete and
correct organizational chart of the Parent and its Subsidiaries, as of the date of this Perfection Certificate. 
 5. Debt Instruments
and Chattel Paper. Set forth on Schedule 5 is a true and correct list of (a) all promissory notes, other Instruments (used herein as defined in the Security Agreement) (other than checks to be deposited in the ordinary course
of business) and Tangible Chattel Paper (used herein as defined in the Security Agreement) evidencing amounts payable to any Credit Party as of the date hereof having a value or face amount in excess of $1,000,000 individually or $3,000,000 in the
aggregate, and (b) all other promissory notes, other Instruments (other than checks to be deposited in the ordinary course of business), other Tangible Chattel Paper, and electronic Chattel Paper (used herein as defined in the Security
Agreement) evidencing amounts payable to any Credit Party and each Restricted Subsidiary, including all intercompany notes between or among any two or more Credit Parties or any of their Restricted Subsidiaries. 

6. Deposit Accounts, Securities Accounts, and Commodity Accounts. Set forth on Schedule 6 is a true and correct list of
all Deposit Accounts, Securities Accounts, and Commodity Accounts (each used herein as defined in the Security Agreement) maintained by each Credit Party and each Restricted Subsidiary, including the name of each bank or institution where each such
account is held, the name of each Person that holds each account, account number, currency, country where such account is located and the balance as of the date hereof, and a description of each account. 

7. Rig Information. Attached hereto as Schedule 7 is a true and correct list of all Rigs owned by any Credit Party. Also
set forth on Schedule 7 with respect to each Rig listed are (i) such Rig’s flagged jurisdiction, (ii) appraised value based on the most recent Acceptable Appraisal(s) received, (iii) such Rig’s owner,
(iv) such Rig owner’s jurisdiction, (v) such Rig’s operator, (vi) such Rig’s contracted status and drilling contract counterparty, if any, and (vii) any related earnings accounts associated with such Rig. 

8. Factoring / Receivables Sale or Financing Arrangements. Set forth on Schedule 8 is a true and correct list of any
factoring arrangements entered into by any Credit Party with respect to receivables owed to any Credit Party. 

 9. Intellectual Property. 

(a) Attached hereto as Schedule 9(a) is a true and correct schedule setting forth all of the Credit Parties’ Patents filed
or registered with the United States Patent & Trademark Office, the European Patent Office, the Brazilian Patent Office or that are subject of an application for registration with any other Governmental Authority, including, but not limited
to, the name of the registered owner, the registration number, the registration date, and value of each patent owned by any Credit Party. 

(b) Attached hereto as Schedule 9(b) is a true and correct schedule setting forth all of the Credit Parties’ Trademarks
filed or registered with the United States Patent & Trademark Office or that are subject of an application for registration with any other Governmental Authority, including, but not limited to, the name of the registered owner, the
registration number, the registration date, and value of each trademark owned by any Credit Party. 
 (c) Attached hereto as Schedule
9(c) is a true and correct schedule setting forth all of the Credit Parties’ Copyrights registered with the United States Copyright Office or that are subject of an application for registration with any other Governmental Authority,
including, but not limited to, the name of the registered owner, the registration number, the registration date, and value of each copyright owned by any Credit Party. 

(d) Attached hereto as Schedule 9(d) is a true and correct schedule setting forth the aggregate fair market value of the Credit
Parties’ Intellectual Property (used herein as defined in the Security Agreement). 
 10. Commercial Tort Claims. Set forth on
Schedule 10 is a true and correct list of all commercial tort claims held by each Credit Party in which any party is asserting claims in excess of $1,000,000, including a brief description thereof. 

11. Letter-of-Credit Rights. Set forth on Schedule 11 is a true and correct list of all letters of credit issued in favor
of any Credit Party, as beneficiary thereunder. 
 12. Material Contracts. Set forth on Schedule 12 is a true and
correct list of all Material Contracts of the Parent, any other Credit Party or any Restricted Subsidiary, including a brief description of each thereof, other than any such Material Contract the existence of which the applicable Credit Party or
Restricted Subsidiary is prohibited from disclosing pursuant to the terms thereof. 
 13. Insurance Policies. Set forth on
Schedule 13 is a true and correct list of all insurance policies held by the Parent or any other Credit Party that are necessary to comply with Section 7.7 of the Credit Agreement. 

[The remainder of this page has been intentionally left blank.] 

 IN WITNESS WHEREOF, we have hereunto signed this Perfection Certificate as of the
date hereof. 
  

			
	PARENT:
	
	DIAMOND OFFSHORE DRILLING, INC.

 
			
		
	By:	 	 

 
			
	Name:	 	
	Title:	 	

  

			
	BORROWER:
	
	DIAMOND FOREIGN ASSET COMPANY

 
			
		
	By:	 	 

 
			
	Name:	 	
	Title:	 	

  

			
	OTHER CREDIT PARTIES:
	
	[            ]

 
			
		
	By:	 	 

 
			
	Name:	 	
	Title:	 	

  

			
	[            ]

 
			
		
	By:	 	 

 
			
	Name:	 	
	Title:	 	

 Signature Page to Perfection Certificate 

 Schedule 1(a)  

Legal Names and Other Information of Credit Parties 
  

																	
	 Exact Legal Name of Credit
Party
	  	Type of Entity	 	  	Jurisdiction of
Formation	 	  	Federal Taxpayer
ID. Number	 	  	Org. ID. Number	 
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			

 Each Credit Party listed on this Schedule 1(a) is a registered organization[, except
                        ]. 

Schedule 1(a) 

 Schedule 1(b) 

Credit Parties’ Prior Names, Predecessor Names, Changes in Corporate Identity, Form, Nature, or Jurisdiction Within the Past Five Years

  

									
	 Credit Party
	  	Prior Name or Predecessor Name	 	  	Changes in Corporate Identity, Form, Nature,
or Jurisdiction	 
		  				  			
		  				  			
		  				  			

 Schedule 1(b) 

 Schedule 2(a) 

Credit Parties Address or Place of Business 
  

													
	 Credit Party
	  	Address or Place of Business	 	  	Address of Chief
Executive Office	 	  	Notation whether
Location is Leased or
Owned by, or the
Registered Address of,
the Credit Party	 
		  				  				  			
		  				  				  			
		  				  				  			

 Schedule 2(a) 

 Schedule 2(b) 

Collateral Locations 
  

													
	 Credit Party
	  	Address or Place where
Collateral is Located	 	  	Type of Collateral	 	  	Description of Storage or other
Arrangements with
Owner/Operator of Location	 
		  				  				  			
		  				  				  			
		  				  				  			

 Schedule 2(b) 

 Schedule 3 

Fee Owned Real Property 
  

					
	 Credit Party
	  	 Property Address
	 
		  			
		  			
		  			

  

			
	Aggregate Fair Market Value of all Fee Owned Real Property of Credit Parties and Restricted Subsidiaries (in US Dollars):	  	$

 Schedule 3 

 Schedule 4(a)  

Equity Interests of Credit Parties and Restricted Subsidiaries 
  

																					
	 COMMON STOCK
	 
	 Pledged Interests Issuer (corporate)
	  	Credit Party /Restricted
Subsidiary (Record Owner)	 	  	Cert. #
(# or uncertificated)	 	  	# of Shares	 	  	% of Shares Owned	 	  	% of Shares
Pledged	 
		  				  				  				  				  			
		  				  				  				  				  			

  

													
	 LIMITED LIABILITY COMPANY
(“LLC”) INTERESTS
	 
	 Pledged Interests Issuer (LLC)
	  	Credit Party /Restricted Subsidiary
(Record Owner)	 	  	% of LLC Interests Owned	 	  	% of LLC Interests Pledged	 
		  				  				  			
		  				  				  			

  

													
	 LIMITED PARTNERSHIP
INTERESTS
	 
	 Pledged Interests Issuer (limited partnership)
	  	Credit Party /Restricted Subsidiary
(Record Owner)	 	  	% of Partnership Interests
Owned	 	  	% of Partnership Interests
Pledged	 
		  				  				  			
		  				  				  			

  

																					
	 FOREIGN COMPANY
INTERESTS
	 
	 Pledged Interests Issuer (and type of entity)
	  	Credit Party /Restricted Subsidiary
(Record Owner)	 	  	Cert # (# or
uncertificated)	 	  	# of Shares	 	  	% of Shares or
Equity Interests
Owned	 	  	% of Shares or Equity Interests
Pledged	 
		  				  				  				  				  			
		  				  				  				  				  			

 Schedule 4(a) 

																	
	 EQUITY INTERESTS AND
INVESTMENTS IN JOINT VENTURES AND MINORITY INVESTMENTS
	 
	 Credit Party / Restricted
Subsidiary
	  	Joint Venture Partner(s)
/ Other Owners	 	  	Equity Ownership in
Entity by Credit Party /
Restricted Subsidiary	 	  	Equity Ownership in
Entity by Other
Owners	 	  	Description of Entity /Enterprise
(purpose)	 
		  				  				  				  			
		  				  				  				  			

 Schedule 4(a) 

 Schedule 4(b) 

Organizational Chart 

See Attached. 
  

  
 Schedule 4(b) 

 Schedule 5 

Instruments and Chattel Paper 
  

													
	 Credit Party /
 Restricted

Subsidiary

(lender)
	  	 Obligor
	  	 Aggregate

Value / Face
 Amount
	  	Date
Executed
or Issued	  	Promissory Notes,
Other Instruments or
Chattel Paper	  	Governing
Law	  	Term
	(a) Promissory notes, other Instruments (other than checks to be deposited in the ordinary course of business) and Tangible Chattel Paper evidencing amounts payable to any Credit Party as of the date hereof having a
value or face amount in excess of $1,000,000 individually or $3,000,000 in the aggregate
	    	  		  		  		  		  		  	
	    	  		  		  		  		  		  	
	
	(b) All other promissory notes, other Instruments (other than checks to be deposited in the ordinary course of business), other Tangible Chattel Paper, and electronic Chattel Paper evidencing amounts payable to any
Credit Party and each Restricted Subsidiary
	    	  		  		  		  		  		  	
	    	  		  		  		  		  		  	

 Schedule 5 

 Schedule 6 

Deposit Accounts, Securities Accounts, and Commodities Account 
  

																													
	 Credit Party /
 Restricted

Subsidiary

(Owner)
	  	Bank	 	  	Deposit
Account,
Securities
Account or
Commodities
Account	 	  	Account
Number	 	  	Currency	 	  	Country
Where
Account is
Located	 	  	Type of
Account
(Drilling
Contract,
Sweep or
General)	 	  	Balance as
of the date
hereof
(USD)	 
	     
	  				  				  				  				  				  				  			
	     
	  				  				  				  				  				  				  			
	     
	  				  				  				  				  				  				  			

 Schedule 6 

 Schedule 7 

Rig Information 
  

													
	 Rig
	  	 Flagged

Jurisdiction
	  	 Appraised

Value
	  	 Rig Owner
	  	 Rig Operator /
Charterer
	  	 Contracted

Status and Contract
Counterparty
	  	 Related

Earnings
Account(s)

	     
	  		  		  		  		  		  	
	     
	  		  		  		  		  		  	
	     
	  		  		  		  		  		  	

 Schedule 7 

 Schedule 8  

Factoring / Receivables Sale or Financing Arrangements 

[None.] 
 Schedule 8 

 Schedule 9(a) 

Patent Collateral 

Issued Patents 
  

																					
	 Country
	  	Serial No.	 	  	Issue Date	 	  	Inventor(s)	 	  	Title	 	  	Value	 
	     
	  				  				  				  				  			

 Pending Patent Applications 

 

																					
	 Country
	  	Serial No.	 	  	Filing Date	 	  	Inventor(s)	 	  	Title	 	  	Value	 
	     
	  				  				  				  				  			

 Patent Applications in Preparation 

 

																					
	 Country
	  	Serial No.	 	  	Filing Date	 	  	Inventor(s)	 	  	Title	 	  	Value	 
	     
	  				  				  				  				  			

 Schedule 9(a) 

 Schedule 9(b) 

Trademark Collateral 

United States Trademark 
  

																			
	 Trademark
	  	Serial
Number	 	  	Filing
Date	 	  	Registration
Date	 	  	Registration
Number	  	Record Owner	  	Value
		  				  				  				  	

 International Trademark 

 

																													
	 Trademark
	  	Serial
Number	 	  	Filing
Date	 	  	Registration
Date	 	  	Registration
Number	 	  	Record
Owner	 	  	Brief
Description	 	  	Value	 
		  				  				  				  				  				  				  			

 Schedule 9(b) 

 Schedule 9(c)  

Copyright Collateral 
  

																									
	 Copyright
	  	Serial
Number	 	  	Filing
Date	 	  	Registration
Date	 	  	Registration
Number	 	  	Record Owner	 	  	Value	 
		  				  				  				  				  				  			

 Schedule 9(c) 

 Schedule 9(d) 

Aggregate Fair Market Value of Intellectual Property 
  

					
	 Aggregate Fair Market Value of Credit Parties’ Intellectual Property:
	  	$	             	 

 Schedule 9(d) 

 Schedule 10 

Commercial Tort Claims 

[            ] 

Schedule 10 

 Schedule 11 

Letter of Credit Rights 

[            ] 

Schedule 11 

 Schedule 12 

Material Contracts 

[        ] 

Schedule 12 

 Schedule 13 

Insurance Policies 
 [__]

 Schedule 13 

 EXHIBIT M 

FORM OF INTERCOMPANY SUBORDINATION AGREEMENT 

[See attached.] 

 EXHIBIT M 

FORM OF MASTER INTERCOMPANY SUBORDINATION AGREEMENT 

THIS MASTER INTERCOMPANY SUBORDINATION AGREEMENT (as amended, restated, amended and restated, supplemented, joined, partially released or
otherwise modified from time to time, this “Agreement”), is entered into as of April 23, 2021 (the “Effective Date”), by and among Diamond Offshore Drilling, Inc., a Delaware corporation (the
“Parent”), and each of the undersigned Restricted Subsidiaries of the Parent and any other Person that becomes a party hereto pursuant to a Joinder (together with the Parent, collectively, the “Obligors”), for the
benefit of Wells Fargo Bank, National Association, in its capacity as collateral agent (the “Collateral Agent”) for the Secured Parties (as defined in the Intercreditor Agreement referred to below). 

WHEREAS, (a) concurrent with the Effective Date, (i) the Parent and Diamond Foreign Asset Company, a Cayman Islands exempted company
limited by shares (“DFAC”), as borrower, entered into that certain Credit Agreement dated as of the date hereof (as amended, restated, amended and restated, supplemented, increased, extended or otherwise modified from time to time,
the “First Out Revolving Credit Agreement”) by and among the Parent, DFAC, Wells Fargo Bank, National Association, as administrative agent thereunder and as collateral agent, and the lenders and the issuing lenders from time to time
party thereto, (ii) the Parent and DFAC, as borrower, entered into that certain Term Loan Agreement dated as of the date hereof (as amended, restated, amended and restated, supplemented, increased, extended or otherwise modified from time to
time, the “Last Out Term Loan Agreement”) by and among the Parent, DFAC, as borrower, Wells Fargo Bank, National Association, as administrative agent thereunder and as collateral agent, and the lenders from time to time party
thereto, (iii) the Parent, DFAC, as co-issuer, and Diamond Finance, LLC (“Diamond Finance”), as co-issuer, entered into that certain Indenture dated as of the date hereof (as amended, restated, amended and restated,
supplemented, increased, extended or otherwise modified from time to time, the “Last Out Notes Indenture” and, together with the First Out Revolving Credit Agreement and the Last Out Term Loan Agreement, the “Facilities
Agreements” and, each individually, a “Facility Agreement”) by and among the Parent, the other guarantors party thereto from time to time, DFAC, Diamond Finance, Wilmington Savings Fund Society, FSB, as trustee, the
Collateral Agent, and the noteholders from time to time party thereto, (b) subject to the terms and conditions of the Facilities Agreements, certain of the Obligors may enter into one or more Last Out Incremental Debt Documents, each of which
shall be secured on an equal and ratable basis with the other Secured Obligations, and (c) concurrent with the Effective Date, the Parent and each other Restricted Subsidiary party thereto, the authorized representatives under each of the
Facilities Agreements, and the Collateral Agent entered into that certain Collateral Agency and Intercreditor Agreement, dated as of the date hereof (as amended, restated, amended and restated, supplemented, or otherwise modified from time to time,
the “Intercreditor Agreement”; unless otherwise defined herein or the context otherwise requires, capitalized terms used in this Agreement shall have the meanings provided in the Intercreditor Agreement, or if not defined in the
Intercreditor Agreement, in the First Out Revolving Credit Agreement). 
 WHEREAS, the Parent and the other Obligors party hereto in their
respective capacities as holders or payees of Indebtedness, liabilities, and other obligations, whether now or hereafter arising, and whether due to or becoming due, absolute or contingent, liquidated or unliquidated, determined or undetermined,
including all fees and all other amounts payable in connection with any of the foregoing, owed by any Obligor (collectively, the “Subordinated Debt”), desire to subordinate such Subordinated Debt to the Secured Obligations as set
forth below. 

 WHEREAS, such agreements or understandings governing or evidencing such Subordinated Debt
are referred to herein as “Subordinated Intercompany Debt Agreements”. 
 NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged by the Obligors, the Obligors agree as follows: 
 1.
Subordination. 
 (a) Each Obligor severally covenants and agrees in its respective capacity as holder or payee of any Subordinated
Debt, that any Subordinated Debt owed to it, whether now or hereafter existing, is subordinated in right of payment and enforcement, to the extent and in the manner provided in this Section 1, to the prior payment in full in cash of all
of the Secured Obligations and that the subordination herein is for the benefit of the Collateral Agent and the other Secured Parties. Each Obligor (with respect to Subordinated Debt owed to it) agrees that, after the occurrence and during the
continuation of an Event of Default, such Obligor shall not ask, demand, accelerate, sue for, or take or receive from any other Obligor, directly or indirectly, in cash, securities, or other property or by set-off or in any other manner (including,
without limitation, from or by way of collateral), payment of all or any of the Subordinated Debt. Without limitation of the foregoing with respect to any Subordinated Debt, so long as no Event of Default has occurred and is continuing, to the
extent permitted under the First Lien Documents, any Obligor may make and any Obligor may receive any (x) payments of principal, interest and any other amounts, including, without limitation, prepayments of principal and (y) refinancings,
replacements, renewals or extensions of such Subordinated Debt that are subordinated to the Secured Obligations in accordance with this Section 1; provided, that in the event that any Obligor receives any payment of any such
Subordinated Indebtedness at a time when such payment is prohibited by this Section 1, such payment shall be held by such Obligor, in trust for the benefit of, and shall be paid forthwith over and delivered to the Collateral Agent for
the benefit of the Secured Parties according to the respective Secured Obligations held or represented by each. 
 (b) Each Obligor agrees
that upon any distribution of assets of any Obligor in any dissolution, winding up, liquidation or reorganization (whether in bankruptcy, insolvency or receivership proceedings or upon an assignment for the benefit of creditors or otherwise):
(i) the Collateral Agent and the other Secured Parties shall first be entitled to receive payment in full of the Secured Obligations before any holder or payee of Subordinated Debt is entitled to receive any payment on account of Subordinated
Debt, (ii) any payment or distribution of assets of any Obligor of any kind or character, whether in cash, property or securities, to which any such holder or payee of Subordinated Debt would be entitled except for the provisions of this
subsection 1(b), shall be paid by the liquidating trustee or agent or other Person making such payment or distribution directly to the Collateral Agent, for the benefit of itself and the other Secured Parties, to the extent necessary to make
payment in full of all Secured Obligations remaining unpaid after giving effect to any concurrent payment or distribution or provisions therefor to Collateral Agent, for itself and the other Secured Parties in accordance with the Intercreditor
Agreement, (iii) in the event that, notwithstanding the foregoing provisions of this subsection 1(b), any such payment or distribution described in the foregoing subclause (i) or (ii) shall be received by any Obligor on account
of 

  
 2 

 
Subordinated Debt during the term of this Agreement, such payment or distribution shall be received and held in trust for and shall be paid over to the Collateral Agent, for application to the
payment of the Secured Obligations, after giving effect to any concurrent payment or distribution or provision therefor to the Collateral Agent and (iv) no right of the Collateral Agent or any other Secured Parties to enforce the subordination
provisions herein shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of a Credit Party or any Obligor. If, for any reason, any of the trusts expressed to be created in this Section 1 should
fail or be unenforceable, the affected Obligor will promptly pay or distribute any such payment or distribution of assets to the Collateral Agent, for application to the payment of the Secured Obligations in accordance with the Intercreditor
Agreement. 
 2. Authorization to Collateral Agent. If, while any Subordinated Debt is outstanding, any insolvency proceeding shall
occur and be continuing with respect to any Obligor or its property: (a) the Collateral Agent hereby is irrevocably authorized and empowered (in the name of each Obligor or otherwise), but shall have no obligation, to ask, demand, accelerate,
sue for, collect, and receive every payment or distribution in respect of the Subordinated Debt and give acquittance therefor and to file claims and proofs of claim and take such other action (including voting the Subordinated Debt) as it may deem
necessary or advisable for the exercise or enforcement of any of the rights or interests of the Collateral Agent and the other Secured Parties; and (b) each Obligor shall promptly take such action as the Collateral Agent reasonably may request
(i) to collect the Subordinated Debt for the account of the Collateral Agent and the other Secured Parties and to file appropriate claims or proofs of claim in respect of the Subordinated Debt, (ii) to execute and deliver to the Collateral
Agent such powers of attorney, assignments, and other instruments as it may request to enable it to enforce any and all claims with respect to the Subordinated Debt, and (iii) to collect and receive any and all payments in respect of
Subordinated Debt. 
 3. No Enforcement of Remedies; No Contest of Enforcement or Forbearance. Each Obligor agrees that such Obligor
shall not (a) exercise or enforce any creditors’ rights or remedies that it may have against any Obligor, or foreclose, repossess, sequester, or otherwise institute any action or proceeding (whether judicial or otherwise, including the
commencement of any insolvency proceeding) to enforce any Subordinated Debt, unless the Collateral Agent otherwise consents, or (b) contest, protest, or object to any exercise of remedies by, or to any forbearance by, any Secured Party in
connection with the Secured Obligations. 
 4. Confirmation of Waiver of Rights of Subrogation. Each Obligor agrees that no payment
or distribution to the Collateral Agent pursuant to the provisions of this Agreement shall entitle such Obligor to exercise, nor shall such Obligor exercise, any rights of subrogation in respect thereof until the termination of this Agreement in
accordance with its terms. It is understood by the parties hereto that the foregoing waiver of the exercise of any right of subrogation by each Obligor shall in no event be deemed to be a permanent waiver of such right of subrogation, but shall be
effective only until the termination of this Agreement in accordance with its terms. 
 5. Agreements by Obligors. Each Obligor
agrees that it will not make any payment of any of the Subordinated Debt under which it is indebted, or take any other action, in contravention of the provisions of this Agreement. 

  
 3 

 6. Rights of Secured Parties. All rights and interests of the Collateral Agent and
the other Secured Parties hereunder, and all agreements and obligations of the Obligors under this Agreement, shall remain in full force and effect (prior to the occurrence of the Subordination Discharge Date (as defined below) and subject to
Section 11 hereof) irrespective of: 
 (a) any extension, modification or renewal of, or indulgence with respect to, or
substitution for, the Secured Obligations or any part thereof or any agreement relating thereto at any time (including, without limitation, any change in the time, manner, or place of payment of any of the Secured Obligations); 

(b) any failure or omission to perfect or maintain any Lien on, or preserve rights to, any security or Collateral or to enforce any right,
power or remedy with respect to the Secured Obligations or any part thereof or any agreement relating thereto, or any Collateral securing the Secured Obligations or any part thereof; 

(c) any waiver of any right, power or remedy or of any default with respect to the Secured Obligations or any part thereof or any Facility
Agreement or other agreement relating thereto or with respect to any Collateral securing the Secured Obligations or any part thereof (including, without limitation, any manner of application of Collateral, or proceeds thereof, to all or any of the
Secured Obligations, or any manner or sale or other disposition of any Collateral for all or any of the Secured Obligations or any other obligations of any other Person under the First Lien Documents or any other assets of any Obligor); 

(d) any taking, exchange, release, surrender, compromise, settlement, waiver, subordination or modification, with or without consideration, of
any Collateral securing the Secured Obligations or any part thereof, any guaranties with respect to the Secured Obligations or any part thereof, or any other obligations of any Person thereof; 

(e) the enforceability or validity of the Secured Obligations or any part thereof or the genuineness, enforceability or validity of any
agreement relating thereto or with respect to any Collateral securing the Secured Obligations or any part thereof; 
 (f) [reserved]; 

(g) any change of ownership, restructuring, or termination of the corporate structure or existence of any Obligor or the insolvency,
bankruptcy or any other change in legal status of any Obligor (subject to Section 11 hereof); 
 (h) any change in, or the
imposition of, any law, decree, regulation or other governmental act which does or might impair, delay or in any way affect the validity, enforceability or the payment when due of the Secured Obligations; 

(i) the failure of the Parent or any Obligor to take any other action, or maintain any other approvals, licenses or consents, required in
connection with the performance of all obligations pursuant to the Secured Obligations or this Agreement; 

  
 4 

 (j) the existence of any claim, setoff or other rights which any Obligor may have at any
time against any other Obligor in connection herewith or with any unrelated transaction; 
 (k) the Secured Parties’ election, in any
case or proceeding instituted under Debtor Relief Laws, of the application of Section 1111(b)(2) of the Bankruptcy Code; 
 (l) any
borrowing, use of cash collateral, or grant of a security interest by the Parent or any other Obligor, as debtor in possession, under Section 363 of the Bankruptcy Code; 

(m) the disallowance of all or any portion of any of the Secured Parties’ claims for repayment of the Secured Obligations under
Section 502 or 506 of the Bankruptcy Code; 
 (n) any refusal of payment by the Collateral Agent or any other Secured Party, in whole
or in part, from any Obligor in connection with any of the Secured Obligations, whether or not with notice to, or further assent by, or any reservation of rights against, any Obligor; or 

(o) any other fact or circumstance which might otherwise constitute grounds at law or equity for the discharge or release of any Obligor from
its obligations hereunder (other than the occurrence of each of the following: (i) the payment in full in cash of all Secured Obligations (other than contingent indemnification obligations not then due), (ii) the termination of the
commitments to extend credit or otherwise purchase indebtedness under each of the First Lien Documents, (iii) all letters of credit, secured hedge agreements, and secured cash management arrangements pursuant to the applicable First Lien
Documents have been terminated or expired (or have been cash collateralized in an amount satisfactory to the applicable Secured Party and the applicable Authorized Representative, or as to which other arrangements satisfactory to the applicable
Secured Party and the applicable Authorized Representative have been made and communicated to the Collateral Agent by the applicable Authorized Representative) (the date upon which each of the foregoing has occurred, the “Subordination
Discharge Date”), subject however to Debtor Relief Laws and Section 11 hereof); 
 in each case, whether or not such
Obligor shall have had notice or knowledge of any act or omission referred to in the foregoing clauses (a) through (o) of this Section. 

7. Waiver. To the maximum extent permitted by Applicable Law, each Obligor hereby waives (a) promptness, diligence, notice of
acceptance and any other notice with respect to any of the Secured Obligations and this Agreement, (b) any requirement that the Collateral Agent or any other Secured Party exhaust any right or take any action against any Obligor or any other
Person, and (c) any right to require marshaling of assets. 
 8. No Waiver; Remedies Cumulative. No failure on the part of the
Collateral Agent or any other Secured Party to exercise, and no delay in exercising, any rights hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise
thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 

  
 5 

 9. Conflicts. In the event of any conflict between this Agreement and any other
provision of any Subordinated Intercompany Debt Agreements or any other agreement, instrument or understanding governing the Subordinated Debt, this Agreement shall control to the extent of such conflict. In the event of any conflict between this
Agreement and the Intercreditor Agreement, the Intercreditor Agreement shall control to the extent of such conflict. Without limiting the foregoing, notwithstanding any provision or requirement in any Subordinated Intercompany Debt Agreement to the
contrary, the Parties hereto agree that (a) the Secured Obligations shall rank senior in right of payment and enforcement to any such Subordinated Debt to the extent set forth in this Agreement and (b) the terms of the Subordinated Debt
may be varied pursuant to the express terms of this Agreement. 
 10. Joinder. Upon the execution and delivery to the Collateral
Agent by any Person of a supplement joinder in substantially the form of Annex I or such other form as may be acceptable to the Collateral Agent (each, a “Joinder”), such Person shall become a “Obligor” hereunder as
of the date of such Joinder with the same force and effect as if originally named as a Obligor herein. The execution and delivery of any Joinder shall not require the consent of any other Obligor hereunder, any Credit Party, the Collateral Agent or
any other Secured Party. The rights and obligations of each Obligor hereunder shall remain in full force and effect notwithstanding the addition of any new Obligor as a party to this Agreement. 

11. Release. To the extent that any Obligor is designated as an Unrestricted Subsidiary pursuant to each of the First Lien Documents,
the Parent may elect, by written notice to the Collateral Agent, to have such Obligor discharged from all of its obligations and liabilities under this Agreement, so long as (a) the Parent shall be in compliance with the requirements for
designation of Unrestricted Subsidiaries in the First Lien Documents before and after giving effect to such designation and release, and (b) no Default or Event of Default then exists or would be caused thereby. In addition, any Obligor shall
be discharged from all of its obligations and liabilities under this Agreement if it ceases to be a Subsidiary of Parent in a transaction permitted under the terms of the First Lien Documents. Upon such election in a written notice to the Collateral
Agent in the case of the first sentence in this Section 11, and satisfaction of the other conditions specified in the immediately preceding two sentences, as applicable, the applicable Obligor shall be automatically released from its
obligations hereunder without the need for the execution and delivery of any document or instrument by the Collateral Agent or any other Secured Party. Additionally, this Agreement shall automatically terminate upon the Subordination Discharge Date.

 12. Continuing Agreement; Termination; Reinstatement. This Agreement is a continuing agreement and shall remain in full force and
effect until the termination of this Agreement, be binding upon each Obligor and their respective successors and assigns, and inure to the benefit of and be enforceable by the Collateral Agent and the other Secured Parties and its and their
respective permitted successors and assigns. This Agreement shall terminate automatically upon the Subordination Discharge Date. Notwithstanding the foregoing, this Agreement shall continue to be effective or be reinstated, as the case may be, if
any payment by or on behalf of an Obligor is made, or the Collateral Agent or any other Secured Party exercises any right of setoff, in respect of the Secured Obligations and such payment or the proceeds of such setoff or any part thereof is
subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Collateral Agent or any other Secured Party in their discretion) to be repaid to a trustee, receiver
or any other party, in connection with any proceeding under any Debtor Relief Laws or otherwise, all as if such payment had not been made or such setoff had not occurred regardless of any prior revocation, rescission, termination or reduction. 

  
 6 

 13. Transfer of Subordinated Debt. Other than an assignment between Restricted
Subsidiaries that are Obligors party to this Agreement, no Obligor may assign or transfer its rights and obligations in respect of the Subordinated Debt (other than in a transaction permitted under the First Lien Documents) without the prior written
consent of the Collateral Agent, and any such assignment without the Collateral Agent’s prior written consent shall be null and void. Any transferee or assignee of any Subordinated Debt, as a condition to acquiring an interest in such
Subordinated Debt shall agree to be bound hereby or by other subordination terms substantially identical to those herein and otherwise acceptable to the Collateral Agent, in a manner satisfactory to the Collateral Agent. 

14. No Novation. For the avoidance of doubt, each Subordinated Intercompany Debt Agreement shall continue on and after execution and
delivery of this Agreement without any novation, discharge, rescission, extinguishment or substitution of the Obligors’ rights and obligations thereunder pursuant to the terms thereof. 

15. Titles and Captions. Titles and captions of Sections, subsections, and clauses in, this Agreement are for convenience only, and
neither limit nor amplify the provisions of this Agreement. 
 16. Severability. Any provision of this Agreement or any other First
Lien Document which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating the remainder of such provision or the remaining
provisions hereof or thereof or affecting the validity or enforceability of such provision in any other jurisdiction. In the event that any provision is held to be so prohibited or unenforceable in any jurisdiction, the Collateral Agent (acting on
behalf of the Secured Parties) and the Obligors shall negotiate in good faith to amend such provision to preserve the original intent thereof in such jurisdiction. 

17. Governing Law and Submission to Jurisdiction. WITH RESPECT TO SECTION 9 AND SECTION 14, THE GOVERNING LAW OF EACH
SUBORDINATED INTERCOMPANY DEBT AGREEMENT SHALL CONTINUE TO APPLY TO SUCH SUBORDINATED INTERCOMPANY DEBT AGREEMENT FOR PURPOSES OF CONSTRUING AND INTERPRETING THE EFFECTS OF THIS AGREEMENT ON SUCH SUBORDINATED INTERCOMPANY DEBT AGREEMENT. EXCEPT WITH
RESPECT TO SECTION 9 AND SECTION 14, THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. Each Obligor irrevocably and unconditionally agrees that it will not commence
any action, litigation, or proceeding of any kind or description, whether in law or equity, whether in contract, in tort, or otherwise, against the Collateral Agent or any Related Party of the foregoing in any way relating to this Agreement, any
First Lien Document, or any agreement or instrument contemplated hereby or thereby, or the consummation of the transactions contemplated hereby or thereby, in any forum other than the courts of the State of New York sitting in New York County, and
of the United States District Court of the Southern District of New York, and any appellate 

  
 7 

 
court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the exclusive jurisdiction of such courts and agrees that all claims in respect of any such
action, litigation, or proceeding may be heard and determined in such New York State court or, to the fullest extent permitted by Applicable Law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action,
litigation, or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that any Secured Party may otherwise have to
bring any action or proceeding relating to this Agreement against any Obligor or its properties in the courts of any jurisdiction. 
 18.
Counterparts. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.
This Agreement shall become effective when it shall have been executed by the Collateral Agent and when the Collateral Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto.
Delivery of an executed counterpart of a signature page of this Agreement by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Agreement 

19. Amendments; Waivers. No term of this Agreement may be rescinded, cancelled, amended, waived or modified except by an instrument in
writing signed by the Obligors and the Collateral Agent (acting on behalf of the Secured Parties in accordance with Section 4.02 of the Intercreditor Agreement); provided that, only the signature of a Person joining this Agreement
pursuant to Section 10 shall be required for a Joinder; and provided further that, no signature of any Secured Party shall be required to release a Party pursuant to the provisions of Section 11, so long as the Parent
is in compliance with the requirements set forth in Section 11 at such time. Any waiver of the terms hereof shall be effective only in the specific instance and for the specific purpose given. 

20. Notices, Etc. All notices and other communications provided for hereunder, by and between the Collateral Agent on the one hand and
any Obligor on the other hand, shall be given and become effective as provided in Section 7.01 of the Intercreditor Agreement and shall be sent (a) if to any Obligor, to its address specified on Schedule A attached hereto, as may be
updated from time to time by notice to the Collateral Agent, including, in connection with any Joinder, and (b) if to the Collateral Agent, at its address specified in or pursuant to the Intercreditor Agreement. 

21. Further Assurances. Each Obligor will, at its expense and at any time and from time to time, promptly execute and deliver all
further instruments and documents, and take all further action, that may be necessary, or that the Collateral Agent may reasonably request, in order to protect any rights or interest granted or purported to be granted hereby or to enable the
Collateral Agent to exercise and enforce its rights and remedies hereunder. 
 22. Third Party Beneficiary; Successors and Assigns.
This Agreement shall be binding upon and inure to the benefit of all Persons who become permitted holders of, or continue to hold, Secured Obligations; and such holders are made third party beneficiaries of this Agreement during the term of this
Agreement. Without limiting the generality of the foregoing clause, each of the Collateral Agent and the other Secured Parties may assign or otherwise transfer in accordance with 

  
 8 

 
the express provisions of the First Out Revolving Credit Agreement and the other First Lien Documents all or any portion of its rights and obligations under the First Out Revolving Credit
Agreement or the other First Lien Documents, as applicable (including, without limitation, all or any portion of its commitments under such Facility Agreement and the Secured Obligations owed to it thereunder), to any other Person, and such other
Person shall thereupon become vested with all the benefits in respect thereof granted to the Collateral Agent and/or the other Secured Parties, as applicable, herein or otherwise. 

23. Waiver of Jury. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

24. Integration. THIS AGREEMENT, THE FIRST LIEN DOCUMENTS, AND THE OTHER FIRST LIEN DOCUMENTS CONSTITUTE THE ENTIRE CONTRACT
AMONG THE PARTIES RELATING TO THE SUBJECT MATTER HEREOF AND SUPERSEDE ANY AND ALL PREVIOUS AGREEMENTS AND UNDERSTANDINGS, ORAL OR WRITTEN, RELATING TO THE SUBJECT MATTER HEREOF. 

[Remainder of Page Intentionally Left Blank] 

  
 9 

 IN WITNESS WHEREOF, the parties hereto have cause this Agreement to be executed as of the
Effective Date. 
  

			
	PARENT:
	
	DIAMOND OFFSHORE DRILLING, INC.

 
			
		
	By:	 	 

 
			
	Name:	 	
	 Title:
	 	

 [Signature Page to Agreement as to Master Intercompany Subordiantion Agreement] 

 
			
	RESTRICTED SUBSIDIARIES:
	
	 [___]

			
		
	 By:
	 	 

 
			
	 Name:
	 	
	 Title:
	 	

  

			
	 [___]

			
		
	 By:
	 	 

 
			
	 Name:
	 	
	 Title:
	 	

  

			
	 [___]

			
		
	 By:
	 	 

 
			
	 Name:
	 	
	 Title:
	 	

  

			
	 [___]

			
		
	 By:
	 	 

 
			
	 Name:
	 	
	 Title:
	 	

  

			
	Signed by [NAME OF DIRECTOR] for and on behalf of
	
[___]1

 
			
		
	 By:
	 	 

 
			
	 Title:
	 	

  
  

	1 	 NTD: This signature block to be used by any entities organized under the laws of England and Wales.

 [Signature Page to Agreement as to Master Intercompany Subordiantion Agreement] 

 SCHEDULE A 

NOTICE ADDRESSES 
  

					
	 OBLIGORS

	Obligors	  	Address:	  	 c/o Diamond Offshore Drilling, Inc.
 15415 Katy
Freeway, Suite 100
 Houston, Texas 77094

		  	Attn:	  	Treasurer
		  	Telephone:	  	281-647-8025
		  	Facsimile:	  	281-647-2297
			
		  	with a copy to:	  	
		  	Attn:	  	General Counsel
		  	Telephone:	  	281-646-4987
		  	Facsimile:	  	281-647-2223

 ANNEX I 

FORM OF SUPPLEMENT JOINDER 

This SUPPLEMENT JOINDER (this “Joinder”), dated as of [__], 202[_], made by
[            ], a [        ] (the “Additional Obligor”). All capitalized terms not defined herein shall have
the meaning ascribed to them in the Master Agreement referred to below. 
 W I T N E S E T H: 

WHEREAS, Diamond Offshore Drilling, Inc., a Delaware corporation (“Parent”), and certain of its Restricted Subsidiaries are
party to that certain Master Intercompany Subordination Agreement, dated as of April 23, 2021 (as amended, restated, amended and restated, supplemented, joined, partially released or otherwise modified from time to time, the “Master
Agreement”); 
 WHEREAS, in connection with the Master Agreement, the undersigned direct or indirect Restricted Subsidiary of the
Parent wishes to join the Master Agreement as of the date hereof with the same force and effect as if originally named as a Obligor therein and has agreed to execute and deliver this Joinder; and 

WHEREAS, this Joinder is made for the benefit of the Collateral Agent and other Secured Parties under the First Lien Documents, all as
referred to in the Master Agreement. 
 NOW, THEREFORE, IT IS AGREED: 

1. Joinder. By executing and delivering this Joinder, the undersigned Additional Obligor, as provided in Section 10 of the Master
Agreement, hereby (a) agrees to all the terms and provisions of the Master Agreement, and (b) becomes a party to the Master Agreement as an Obligor thereunder with the same force and effect as if originally named therein as an Obligor and,
without limiting the generality of the foregoing, hereby expressly assumes all obligations and liabilities of an Obligor thereunder. Effective as of the date hereof, each reference to an “Obligor” in the Master Agreement shall be deemed to
include the Additional Obligor. The Master Agreement is hereby incorporated herein by reference, and Sections 12, 14, 16, 17, and 23 of the Master Agreement shall apply to this Joinder, mutatis mutandis. Except as expressly supplemented
hereby, the Master Agreement shall remain in full force and effect. 
 2. Miscellaneous. This Joinder may be executed in one or more
counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Joinder by facsimile or other electronic imaging means
(e.g., “pdf” or “tiff”) shall be effective as delivery of a manually executed counterpart of this Joinder. 

 IN WITNESS WHEREOF, the undersigned has caused this Joinder to be executed and delivered as
of the date first above written. 
  

			
	[ADDITIONAL OBLIGOR]

 
			
		
	 By:
	 	 

 
			
	 Name:
	 	
	 Title:
	 	

 [Signature Page to Supplement Joinder]

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