Document:

ex4_10.htm

    
      

    

    Exhibit 4.10

    

    EIGHTH
AMENDMENT TO AMENDED AND RESTATED AGENTED

    REVOLVING
CREDIT AGREEMENT

    

    

    THIS EIGHT AMENDMENT TO AMENDED AND
RESTATED AGENTED REVOLVING CREDIT AGREEMENT ("Amendment") is dated
effective as of February 28, 2009, by and among COLONIAL AUTO FINANCE, INC.,
an Arkansas corporation (“Borrower”), BANK OF ARKANSAS, N.A., FIRST STATE BANK OF NORTHWEST
ARKANSAS, ENTERPRISE
BANK & TRUST, ARVEST
BANK, CITIZENS BANK AND TRUST COMPANY, and COMMERCE BANK, N.A. (each
individually a “Bank” and collectively the “Banks”), and BANK OF ARKANSAS, N.A., as
agent for the Banks hereunder (in such capacity the “Agent”).

    

    

    RECITALS

    

    A.            Reference
is made to the Amended and Restated Agented Revolving Credit Agreement dated as
of June 23, 2005, and amended September 30, 2005, October 31, 2005, February 24,
2006, April 28, 2006, December 31, 2006, May 16, 2008, and December 15, 2008 (as
amended, the "Colonial Credit Agreement"), by and among Borrower, the Banks
party thereto, and Agent, pursuant to which a $41,500,000 Revolving Line of
Credit exists in favor of Borrower.

    

    B.        
    Borrower and Banks have agreed that certain
modifications shall be made to the Colonial Credit Agreement to include
provisions related to rate management transactions.  Terms used herein
shall have the meanings given in the Colonial Credit Agreement unless otherwise
defined herein.

    

    AGREEMENT

    

    For
valuable consideration received, the parties agree to the
following.

    

    1.      
      Amendments to Colonial
Credit Agreement. The Colonial Credit Agreement is amended as
follows.

    

    1.1.           In
Section 1.01, the defined term “Borrowing Base” is hereby deleted and replaced
with the following:

    

    “’Borrowing
Base” means, as of the date of determination, the remainder of (a) the amount
determined by multiplying the Advance Rate by the Net Eligible Contract Payments
then outstanding, minus
(b) $10,000,000 plus
the outstanding balance of the $10,000,000 Promissory Note payable by America’s
Car Mart, Inc. and Texas Car-Mart, Inc. to Bank of Oklahoma plus
$2,100,000.”

    

    2.    
        Conditions
Precedent.  The obligations of the Bank to perform under the
Colonial Credit Agreement, as amended hereby, are subject to the satisfaction of
the following.

    

    
      2.1.           Borrower
shall execute and deliver this Amendment.

    

    

    2.2.           Borrower
shall execute and deliver any other instruments, documents and/or agreements
reasonably required by Bank in connection herewith.

    

    2.3.           No
Default or Event of Default exists or will result from the execution and
delivery of this Amendment.

    

    3.      
      Representations and
Warranties.  Borrower hereby ratifies and confirms all
representations and warranties set forth in the Colonial Credit Agreement, and
all other Loan Documents, other than any representation or warranty that relates
to a specific prior date and except to the extent that the Bank has been
notified in writing by the Borrower that any representation or warranty is not
correct and the Bank has explicitly waived in writing compliance with such
representation or warranty.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    4.     
       Ratification.  Borrower
hereby ratifies and confirms the Colonial Credit Agreement, and all instruments,
documents, and agreements executed by Borrower in connection therewith, and
confirms that no Default exists thereunder.

    

    5.       
     Ratification of Security
Agreements.  Borrower and each Guarantor hereby (i) ratifies
and confirms its respective Security Agreement dated June 23, 2005, (ii)
confirms that no Default exists thereunder, and (iii) acknowledges and agrees
that the obligations secured thereunder shall include all Rate Management
Obligations of Borrower, as defined herein.

    

    6.     
       Ratification of
Guaranties.  Each Guarantor hereby (i) ratifies and confirms
its respective Guaranty Agreement, (ii) confirms that no Default exists
thereunder, and (iii) acknowledges and agrees that the obligations guaranteed
thereunder shall include all Rate Management Obligations of Borrower, as defined
herein.

    

    7.      
      Ratification of
Subordination Agreements.  ACM and ACM-Texas each hereby
ratifies and confirms its respective Subordination Agreement, and confirms that
it remains in full force and effect and, further, acknowledges and agrees that
the Superior Obligations (as defined therein) shall include all Rate Management
Obligations of Borrower, as defined herein.

    

    8.        
    Governing
Law.  This Agreement and the Note shall be governed by, and
construed in accordance with, the laws of the State of Arkansas.

    

    9.      
     Multiple
Counterparts.  This Amendment may be executed in any number of
counterparts, and by different parties to this Amendment in separate
counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute one and the same
agreement.

    

    10.           Costs, Expenses and
Fees.  Borrower agrees to pay all costs; expenses and fees
incurred by Banks in connection herewith, including without limitation the
reasonable attorney fees of Riggs, Abney, Neal, Turpen, Orbison and
Lewis.

    

    [Signature
pages follow.]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      
        
          
            
              
                	 
      	
                        “BORROWER”

                      
	 
      	 
      	 	 
      
	 
      	
                        COLONIAL
      AUTO FINANCE, INC., an Arkansas corporation

                      
	 
      	 
      	 	 
      
	 
      	 
      	 	 
      
	 
      	
                         

                      	By	
                        \s\ William H. Henderson

                      
	 
      	 
      	 	 
      
	 
      	 
      	 	
                        William
      H. Henderson, President

                      
	 
      	 
      	 	 
      
	 
      	 
      	 	 
      
	 
      	
                        “GUARANTORS”
      and

                      
	 
      	
                        “SUBORDINATING
      PARTIES”

                      
	 
      	 
      	 	 
      
	 
      	 
      	 	 
      
	 
      	
                        AMERICA’S
      CAR-MART, INC., a Texas corporation, formerly known as Crown Group,
      Inc.

                      
	 
      	 
      	 	 
      
	 
      	
                         

                      	By	
                        \s\ Jeffrey A. Williams

                      
	 
      	 
      	 	 
      
	 
      	 
      	 	
                        Jeffrey
      A. Williams, Vice President

                      
	 
      	 
      	 	 
      
	 
      	 
      	 	 
      
	 
      	
                        AMERICA’S
      CAR MART, INC.,

                      
	 
      	
                        an
      Arkansas corporation

                      
	 
      	 
      	 	 
      
	 
      	 
      	 	 
      
	 
      	
                         

                      	By	
                        \s\ Jeffrey A. Williams

                      
	 
      	 
      	 	 
      
	 
      	 
      	 	
                        Jeffrey
      A. Williams, Vice
President

                      

              

            

          

        

      

    

    

    

    
      [Signature
Page to Eighth Amendment to Amended and Restated Agented
Revolving

    

    Credit
Agreement dated February 28, 2009]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      
        
          	
                  STATE
      OF ARKANSAS

                	
                  )

                	 
      
	 
      	
                  )
      ss:

                	
                  ACKNOWLEDGMENT

                
	
                  COUNTY
      OF BENTON

                	
                  )

                	 
      

        

      

    

    

    On this
day, before me, the undersigned, a Notary Public, within and for the County and
State aforesaid, duly qualified, commissioned and acting, the within named JEFFREY
A.  WILLIAMS, to me personally well known, and stated and
acknowledged that he was duly authorized in that capacity to execute the
foregoing instrument for and in the name and behalf of AMERICA’S
CAR MART, INC., an Arkansas corporation, TEXAS CAR-MART, INC., a Texas
corporation, and AMERICA’S CAR-MART, INC., a Texas corporation, formerly known
as Crown Group, Inc., and further stated and acknowledged that he had so signed,
executed and delivered said foregoing instrument for the consideration and
purposes therein mentioned and set forth.

    

    IN
TESTIMONY WHEREOF, I have hereunto set my hand and official seal this 5th day of
March, 2009.

    

    
      
        
          
            	 
      	
                    \s\  Brenda J.
    Rogers

                  	 
      
	 
      	
                    Notary
      Public

                  	 
      
	
                    My
      commission expires:

                  	 
      	 
      
	 
      	 
      	 
      
	
                    2/28/2017

                  	 
      	 
      
	
                    (S
      E A L)

                  	 
      	 
      

          

        

      

    

    

    

    
      
        
          
            	
                    STATE
      OF ARKANSAS

                  	
                    )

                  	 
      
	 
      	
                    )
      ss:

                  	
                    ACKNOWLEDGMENT

                  
	
                    COUNTY
      OF BENTON

                  	
                    )

                  	 
      

          

        

      

    

    

    On this
day, before me, the undersigned, a Notary Public, within and for the County and
State aforesaid, duly qualified, commissioned and acting, the within named William H. Henderson, to me
personally well known, and stated and acknowledged that he was duly authorized
in that capacity to execute the foregoing instrument for and in the name and
behalf of COLONIAL AUTO FINANCE, INC.,  an Arkansas corporation, and
further stated and acknowledged that he had so signed, executed and delivered
said foregoing instrument for the consideration and purposes therein mentioned
and set forth.

    

    IN
TESTIMONY WHEREOF, I have hereunto set my hand and official seal this 5th day of
March, 2009.

    

    
      
        
          
            	 
      	
                    \s\  Brenda J.
    Rogers

                  	 
      
	 
      	
                    Notary
      Public

                  	 
      
	
                    My
      commission expires:

                  	 
      	 
      
	 
      	 
      	 
      
	
                    2/28/2017

                  	 
      	 
      
	
                    (S
      E A L)

                  	 
      	 
      

          

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      
        
          
            
              
                	 	“BANKS”	 
	 	 	 
	
                        Revolving
      Credit Commitment:

                      	
                        BANK
      OF ARKANSAS, N.A.

                      	 
      
	
                        $10,000,000

                      	 
      	 
      	 
      
	
                        Principal
      Office and Lending Office:

                      	
                        By

                      	
                        \s\  Jeffrey R.
    Dunn

                      	 
      
	
                        P.O.
      Box 1407

                      	 
      	
                        Jeffrey
      R. Dunn, President & CEO

                      	 
      
	
                        Fayetteville,
      AR 72702-1404

                      	 
      	 
      	 
      
	
                        Attention:
      Jeffrey R. Dunn

                      	 
      	 
      	 
      
	
                        jdunn@bankofarkansas.com

                      	 
      	 
      	 
      

              

            

          

        

      

    

    

    

    
      [Signature
Page to Eighth Amendment to Amended and Restated Agented
Revolving

    

    Credit
Agreement dated February 28, 2009]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      
        
          
            	
                    Revolving
      Credit Commitment:

                  	
                    COMMERCE
      BANK, N.A.

                  	 
      
	
                    $12,000,000

                  	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                    Principal
      Office and Lending Office:

                  	 
      	 
      	 
      
	
                    1000
      Walnut St., BB17-1

                  	 
      	 
      	 
      
	
                    Kansas
      City, MO  64106

                  	 
      	 
      	 
      
	
                    Attention:  Kyle
      Area

                  	
                    By

                  	
                    \s\  Kyle Area

                  	 
      
	
                    E-mail:  karea@commercebank.com

                  	 
      	
                    Kyle
      Area, Vice President

                  	 
      
	 
      	 
      	
                    Regional
      Banking

                  	 
      

          

        

      

    

    

    

    
      [Signature
Page to Eighth Amendment to Amended and Restated Agented
Revolving

    

    Credit
Agreement dated February 28, 2009]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      
        
          	
                  Revolving
      Credit Commitment:

                	
                  ENTERPRISE
      BANK & TRUST

                	 
      
	
                  $6,000,000

                	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                  Principal
      Office and Lending Office:

                	 
      	 
      	 
      
	
                  12695
      Metcalf Ave.

                	 
      	 
      	 
      
	
                  Overland
      Park, KS  66213

                	
                  By

                	
                  \s\  Paul Tymosko

                	 
      
	
                  Attention:
      Paul Tymosko

                	 
      	
                  Paul
      Tymosko,

                	 
      
	 
      	 
      	
                  Senior
      Vice President

                	 
      

        

      

    

    

    

    
      [Signature
Page to Eighth Amendment to Amended and Restated Agented
Revolving

    

    Credit
Agreement dated February 28, 2009]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      
        
          	
                  Revolving
      Credit Commitment:

                	
                  FIRST
      STATE BANK OF NORTHWEST ARKANSAS

                	 
      
	
                  $1,500,000

                	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                  Principal
      Office and Lending Office:

                	 
      	 
      	 
      
	
                  P.O.
      Box 1807

                	 
      	 
      	 
      
	
                  Fayetteville,
      Arkansas  72702

                	
                  By

                	
                  \s\  Curtis
    Hutchins

                	 
      
	
                  Attn:  Curtis
      Hutchins

                	 
      	
                  Curtis
      Hutchins,

                	 
      
	 
      	 
      	
                  President/Chief
      Executive

                	 
      
	
                  E-mail:  chutchins@fsbnwa.com

                	 
      	
                  Officer

                	 
      

        

      

    

    

    

    
      [Signature
Page to Eighth Amendment to Amended and Restated Agented
Revolving

    

    Credit
Agreement dated January 31, 2009]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      
        
          
            	
                    Revolving
      Credit Commitment

                  	
                    ARVEST
      BANK

                  	 
      
	
                    $5,000,000

                  	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                    Principal
      Office and Lending Office:

                  	 
      	 
      	 
      
	
                    502
      S. Main

                  	 
      	 
      	 
      
	
                    Tulsa,
      Oklahoma 74103

                  	
                    By

                  	
                    \s\  Kevin
Lackner

                  	 
      
	
                    Attn:  Kevin
      Lackner

                  	 
      	
                    Kevin
      Lackner

                  	 
      
	
                    klackner@arvest.com

                  	 
      	
                    Title:
      Senior Vice President

                  	 
      

          

        

      

    

    

    

    
      [Signature
Page to Eighth Amendment to Amended and Restated Agented
Revolving

    

    Credit
Agreement dated February 28, 2009]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      
        
          	
                  Revolving
      Credit Commitment:

                	
                  Citizens
      Bank and Trust Company

                	 
      
	
                  $7,000,000

                	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                  Principal
      Office and Lending Office:

                	 
      	 
      	 
      
	
                  2900
      NE Brooktree Lane, Suite 200

                	 
      	 
      	 
      
	
                  Gladstone,
      MO  64119

                	
                  By:

                	
                  \s\  Julia
Harvala

                	 
      
	
                  Attn:
      Julia Harvala

                	 
      	
                  Name:  Julia
      Harvala

                	 
      
	
                  E-mail:
      jharvala@cbcfamily.com

                	 
      	
                  Title:  Senior
      Vice President

                	 
      

        

      

    

    

    

    
      [Signature
Page to Eighth Amendment to Amended and Restated Agented
Revolving

    

    Credit
Agreement dated February 28, 2009]

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      
        
          	 
      	
                  “AGENT”

                	 
      
	 
      	 
      	 
      	 
      
	 
      	
                  BANK
      OF ARKANSAS, N.A.

                	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                  By

                	
                  \s\  Jeffrey R.
    Dunn

                	 
      
	 
      	 
      	
                  Jeffrey
      R. Dunn, President & CEO

                	 
      

        

      

    

    

    

    
      [Signature
Page to Eighth Amendment to Amended and Restated Agented
Revolving

    

    Credit
Agreement dated February 28, 2009]ex10_1.htm

    
      

    

    Exhibit
99.1

     

    
      
        
          	
                  Vantage
      Drilling Company

                	
                  F3
      Capital

                
	
                  PO
      Box 309

                	
                  c/o
      Campbell Corporate Services Limited

                
	
                  Ugland
      House

                	
                  Scotia
      Centre

                
	
                  Grand
      Cayman KY1-1104

                	
                  PO
      Box 268

                
	
                  Cayman
      Islands

                	
                  Grand
      Cayman KY1-1104

                
	
                  (“Borrower”)

                	
                  Cayman
      Islands

                
	 
      	
                  (“Lender”)

                

        

      

      

       

       

      Date:  March
3, 2009

      

      

      

      Dear
Sirs

      

      
        	
                1.

              	
                The
      Lender will make available to the Borrower a loan in the principal sum of
      US$4,000,000 (the “Loan”) on the terms and
      conditions of this letter.   The Borrower may draw the Loan
      in tranches or as one lump sum.  The Lender will make advances
      in respect of the Loan in US dollars to the Borrower within four (4)
      business days of receipt of written notice (the “Notice”) from the
      Borrower setting out the Borrower’s projection of how the Borrower intends
      to use the Loan and the account to which the funds from such Loan should
      be wired.  For the purposes of this letter “business day” shall mean
      any day (other than a Saturday) when banks are open in the City of London
      and the City of Houston, Texas for the transaction of ordinary banking
      business.

              

      

      

      
        	
                2.

              	
                Unless
      the Lender has converted the Loan in accordance with paragraph 7, the
      Borrower will repay the Loan together with accrued interest on it or
      before 30 June 2009 (the “Repayment
      Date”).  The Borrower may repay the Loan or any part of
      it early, but may not re-borrow any amount so repaid.  If the
      Lender has not converted the Loan on or before the Repayment Date, the
      Borrower, with the prior written consent of the Lender, may repay the Loan
      plus the amount of the accrued interest through the date of conversion by
      issuance to the Lender of ordinary shares, par value $.001 per share
      (“Ordinary
      Shares”), of the Borrower at a price equal to the average closing
      price of the Ordinary Shares as reported on the NYSE Alternext US (the
      “Exchange”) for
      the five (5) trading days preceding such
  payment.

              

      

      

      
        	
                3.

              	
                The
      principal amount of the Loan outstanding from time to time will carry
      interest at the rate of 8 per cent per annum accruing daily.  If
      the Loan is not repaid prior to or on the earlier of the Repayment Date or
      on the date when the Loan is declared to be due and payable pursuant to
      paragraph 14, the Loan shall thereafter bear interest at the rate of 10
      per cent per annum (the “Default Rate”) until the
      date paid or converted in accordance with paragraph
  7.

              

      

      

      
        	
                4.

              	
                The
      Loan will be unsecured.

              

      

      

      
        	
                5.

              	
                The
      Borrower will make all payments due under or in respect of the Loan on the
      Repayment Date in US dollars to the Lender to such account as the Lender
      will instruct the Borrower in writing.  If any payment becomes
      due on a day which is not a business day, the due date of such payment
      will be extended to the next business day.  The Borrower will
      make all payments under or in respect of the Loan without set-off or
      counterclaim and free and clear of any withholding or deduction for or on
      account of tax, except as may be required by
  law.

              

      

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      
        	
                6.

              	
                If
      any deduction or withholding is required by law, then the Borrower shall
      pay to the Lender additional amounts as shall be required to ensure that
      the Lender receives the amount it would have received had such withholding
      or deduction not been made.

              

      

      

      
        	
                7.

              	
                At
      any time following receipt by the Lender of the Notice but always prior to
      the Repayment Date, subject to shareholder approval of the Charter
      Amendment (as defined below), the Lender may convert all (but not some
      only) of the amount of the Loan plus the amount of the accrued interest up
      to the date of conversion into fully paid Ordinary Shares of the Borrower
      at a price (the “Conversion Price”) equal
      to the closing price of the Ordinary Shares as reported on the Exchange on
      the business day immediately preceding the date the Lender elects to so
      convert.

              

      

      

      
        	
                8.

              	
                In
      order to exercise its rights of conversion as set out in paragraph 7, the
      Lender shall serve a written notice on the Borrower (the “Conversion Notice”)
      stating that it wishes to convert the amount of the Loan plus all accrued
      interest on the Loan up to the date of conversion (the “Loan Amount”) into such
      number of Ordinary Shares as is equal to the Loan Amount divided by the
      Conversion Price (the “New
      Shares”).

              

      

      

      
        	
                9.

              	
                Within
      fifteen business days of receiving the Conversion Notice from the Lender,
      the Borrower shall issue and allot the New Shares to the Lender and
      deliver the share certificates in respect of the New Shares to the Lender;
      provided, however, that the proceeds of the Loan have actually been
      received by Borrower.  In the event that the unissued share
      capital of the Borrower is insufficient to meet the number of New Shares,
      the Borrower undertakes to use its best endeavours to procure that the
      share capital of the Borrower is increased by such amount as is necessary
      to enable the Borrower to issue the New Shares to the Lender. On receipt
      by the Lender of the share certificates evidencing the New Shares
      registered in the name of the Lender, the Loan Amount will be deemed to
      have been repaid and the Borrower will have no further obligation to the
      Lender under the terms of this letter.  To the extent that the
      Borrower is unable to issue all of the New Shares at the time the Lender
      requests conversion because the Charter Amendment has not yet been
      approved and the Exchange has not approved the listing of the New Shares,
      then the Loan and the Loan Amount not so converted shall remain
      outstanding and shall continue to bear interest on such unpaid amount
      until the Charter Amendment is approved and the balance of the Loan Amount
      is converted at the Conversion
Price.

              

      

      

      
        	
                10.

              	
                Within
      thirty days following the date of this agreement, the Borrower shall
      prepare in accordance with the provisions of the Securities Exchange Act
      of 1934, as amended, a preliminary proxy statement (in its preliminary
      form, and after receipt of final SEC clearance, the “Proxy Statement”)
      relating to among other thing an amendment to the Borrower’s charter
      documents authorizing the conversion of the Loan pursuant to paragraph 7
      above and approving the issuance of the New Shares to the Lender
      (collectively, the “Charter Amendment”), and
      file the Proxy Statement with the United States Securities and Exchange
      Commission (the “SEC”).  The
      Borrower will use its reasonable best efforts to have the Proxy Statement
      cleared by the SEC as promptly as practicable after such
      filing.

              

      

      

      
        	
                11.

              	
                The
      Borrower shall, acting through its Board of Directors and in accordance
      with applicable law and the charter documents of the Borrower, (i) duly
      take all lawful action to call, give notice of, convene and hold a special
      meeting of its shareholders on a date as soon as reasonably practicable
      (and in no event later than 45 days after the mailing of the Proxy
      Statement to the shareholders of the Borrower) after the Proxy Statement
      is cleared by the SEC to consider and vote upon the Charter Amendment and
      (ii) use all lawful efforts to solicit proxies in favour of the adoption
      of the Charter Amendment.

              

      

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      
        	
                12.

              	
                The
      Borrower will use commercially reasonable efforts to cause the Proxy
      Statement to be mailed to the Company’s shareholders as promptly as
      practicable after the Proxy Statement is cleared by the
      SEC.  The Borrower shall as promptly as practicable notify the
      Lender of the receipt of any oral or written comments from the SEC
      relating to the Proxy Statement and any request by the SEC for any
      amendment to the Proxy Statement for additional information. The Borrower
      shall cooperate and provide the Lender with a reasonable opportunity to
      review and comment on the  Proxy Statement (including each
      amendment or supplement thereto) and all responses to requests for
      additional information by and replies to comments of the
    SEC

              

      

      

      
        	
                13.

              	
                The
      Borrower shall prepare and submit to the Exchange a listing application
      covering the Ordinary Shares issued or issuable (a) upon conversion, or in
      repayment, of the Loan, and (b) or in connection with any ancillary or
      related agreements. Borrower shall use its commercially reasonable efforts
      to obtain as promptly as reasonably practicable, approval of the Exchange
      for the listing of all Ordinary Shares covered by such application,
      subject to official notice of issuance, under the trading symbol “VTG” on
      the Exchange.

              

      

      

      
        	
                14.

              	
                Notwithstanding
      the above provisions of this letter, the Loan and all interest on it will
      become due and payable or repayable by the Borrower immediately on demand
      by the Lender if (i) the Borrower fails to pay any sum under this letter
      when due or the Borrower is in breach of any other provision of this
      letter; or (ii) an administration order is made in relation to the
      Borrower or a receiver or manager or administrative receiver is appointed
      of the Borrower or any of the Borrower’s assets or the Borrower enters
      into liquidation or such analogous proceedings as are applicable in the
      Cayman Islands; or (iii) any petition is presented, any resolution is
      proposed or any other steps or proceedings are taken which may lead to any
      such occurrence referred to in (ii) above; or (iv) the Borrower ceases to
      carry on business.  In such event, the Loan and the Loan Amount
      shall thereafter bear interest at the Default
  Rate.

              

      

      

      
        	
                15.

              	
                Any
      demand or notice in respect of this letter and/or the Loan will be in
      writing and (without prejudice to any other effective means of serving it)
      may be served on the Borrower personally or by post or facsimile and
      either by delivering it to the Borrower’s registered or principal office
      for the time being or by sending it to the following fax number: (281) 404
      4749. Notice shall be effective, in the case of a letter, on delivery, and
      in the case of a facsimile, on receipt by the sender of a confirmed
      transmission report.

              

      

      

      
        	
                16.

              	
                Time
      shall be of the essence in respect of the Borrower’s obligations under or
      in respect of this Loan, but no failure by the Lender to exercise, or
      delay by the Lender in exercising any right or remedy under or in respect
      of this facility shall operate as a waiver of it, nor shall any single,
      partial or defective exercise by the Lender of any such right or remedy
      preclude any other or further exercise of that or any other right or
      remedy.

              

      

      

      
        	
                17.

              	
                This
      letter may be executed in any number of counterparts and by the parties to
      it on separate counterparts, each of which will be an original but all of
      which together shall constitute one and the same
    instrument.

              

      

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      
        	
                18.

              	
                A
      person who is not a party to this letter shall have no right under the
      Contracts (Rights of Third Parties) Act 1999 to enforce any of its
      terms.

              

      

      

      
        	
                19.

              	
                This
      letter is governed by English law and it is agreed that both parties shall
      submit to the exclusive jurisdiction of the High Court of Justice in
      England in relation to any claim, or dispute or difference which may arise
      under or in respect of this letter.

              

      

      

      Yours
faithfully

      

      

      

      for
and on behalf of F3 Capital

      

      Director

      

      /s/ Hsin
Chisu

      

      Agreed
and accepted

      

      Date
March 3, 2009

      

      

      

      For
and on behalf of Vantage Drilling Company

      

      

      

      By:  /s/ Paul A.
Bragg                                     
     

      

      Name: Paul A.
Bragg                                         
 

      

      Title: Chairman and Chief
Executive Officer     

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      EXHIBIT
A

      

      FORM
OF NOTICE OF BORROWING

      

      ___________
__, 2009

      

      F3
Capital

      c/o
Campbell Corporate Services Limited

      Scotia
Centre

      PO Box
268

      Grand
Cayman KY1-1104

      Cayman
Islands

      

      Ladies
and Gentlemen:

      

      The
undersigned, Vantage Drilling
Company, a Cayman Islands exempted company, (“Vantage”) and F3
Capital, a Cayman Islands exempted company (“Lender”), are parties
to that certain Loan Agreement dated on or around 3 March, 2009 (as the same may
be amended or modified from time-to-time, the “Loan Agreement”, the
defined terms of which are used in this Notice of Borrowing unless otherwise
defined in this Notice of Borrowing).  The undersigned gives you
notice pursuant to Article 1 of the Loan Agreement that the undersigned hereby
requests the full amount of the Loan from the Lender, and in connection with
that request sets forth below the information relating to such Loan as required
by Article 1 of the Loan Agreement:

      

      
        	
                 
      

              	
                (a)

              	
                Loan
      Amount of FOUR MILLION DOLLARS
  (USD$4,000,000.00).

              

      

      

      
        	
                 
      

              	
                (b)

              	
                The
      Loan Amount is intended to be used for general corporate working capital
      purposes.

              

      

      

      

      
        
          
            
              
                
                  
                    
                      
                        	 
      	
                                Very
      truly yours,

                              
	 
      	 
      	 
      	 
      
	 
      	
                                VANTAGE
      DRILLING COMPANY

                              
	 
      	 
      	 
      	 
      
	 
      	
                                By:

                              	 
      	 
      
	 
      	
                                Name:

                              	 
      
	 
      	
                                Title:

                              	 
      

                      

                    

                  

                

              

            

          

        

      

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      Vantage Energy
Services

      

      
        
          	
                  Beneficiary
      Bank:

                	
                  JPMorgan
      Chase Bank NA

                
	
                  Swift/BIC
      Code:

                	
                  CHASUS33

                
	
                  ABA
      Number:

                	
                  021000021

                
	
                  Beneficiary
      Name:

                	
                  Vantage
      Energy Services

                
	
                  Beneficiary
      Acct No.:

                	
                  706660867

                
	
                  Amount
      of Transfer:

                	
                  USD$
      4,000,000.00

                
	
                  Reference:

                	
                  Loan
      Proceeds from F3 Capital to Vantage Drilling Company pursuant to that
      certain Loan Agreement between F3 Capital and Vantage Drilling Company
      dated March 3, 2009.

                

        

      

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

      EXHIBIT
B

      

      FORM
OF CONVERSION NOTICE

      

      ___________
__, 2009

      

      Vantage
Drilling Company

      C/o
Maples Corporate Services Limited

      PO Box
309

      Ugland
House

      Grand
Cayman, KY1-1104

      Cayman
Islands

      

      Ladies
and Gentlemen:

      

      The
undersigned, F3 Capital,
a Cayman Islands exempted company, (“Lender”) and Vantage
Drilling Company, a Cayman Islands exempted company (“Vantage”), are
parties to that certain Loan Agreement dated on or around 3 March, 2009 (as the
same may be amended or modified from time-to-time, the “Loan Agreement”, the
defined terms of which are used in this Conversion Notice unless otherwise
defined in this Conversion Notice).  The undersigned gives you notice
pursuant to Article 8 of the Loan Agreement that the undersigned hereby converts
the Loan Amount into such number of Ordinary Shares as is equal to the Loan
Amount divided by the Conversion Price.

      

      

      

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	 
      	
                                    Very
      truly yours,

                                  
	 
      	 
      	 
      	 
      
	 
      	
                                    F3
      CAPITAL

                                  
	 
      	 
      	 
      	 
      
	 
      	
                                    By:

                                  	 
      	 
      
	 
      	
                                    Name:

                                  
	 
      	
                                    Title:

                                  

                          

                        

                      

                    

                  

                

              

            

          

        

      

       

       

      7

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