Document:

Registration Rights Agreement

  
 Exhibit 4.3 

 
 CONSTAR INTERNATIONAL INC. 
  
 $220,000,000 Senior Secured Floating Rate Notes due 2012 
  
 REGISTRATION RIGHTS AGREEMENT 
  
 New York, New York 
 February 11, 2005 
  
 Citigroup Global Markets Inc. 
 Credit Suisse First Boston LLC 
 c/o Citigroup Global Markets Inc. 
 388 Greenwich Street 
 New York, New York 10013 
  
 Ladies and Gentlemen: 
  
 Constar International Inc., a Delaware corporation (the
“Company”), proposes, among other things, to issue and sell to the several initial purchasers named in Schedule I hereto (the “Initial Purchasers”), for whom you are acting as representatives, $220,000,000 aggregate
principal amount of its Senior Secured Floating Rate Notes due 2012 (the “Notes”) upon the terms and conditions set forth in an amended and restated purchase agreement, dated as of February 3, 2005 (the “Purchase
Agreement”) relating to the initial placement of the Notes (the “Initial Placement”). The Company’s obligations under the Notes will be unconditionally guaranteed (the “Guarantees”) by all the United
States and United Kingdom restricted subsidiaries of the Company that are signatories to the Purchase Agreement (collectively, the “Guarantors”). References herein to the “Issuers” refer to the Company and the
Guarantors. References herein to the “Securities” refer to the Notes and the Guarantees. To induce the Initial Purchasers to enter into the Purchase Agreement and to satisfy a condition of your obligations thereunder, the Issuers
hereby agree with you for your benefit and the benefit of the holders from time to time of Securities and Exchange Securities (as defined below) (including the Initial Purchasers) (each a “Holder” and collectively the
“Holders”) as follows: 
  
 1. Definitions.
Capitalized terms used herein without definition shall have their respective meanings set forth in the Purchase Agreement. As used in this Agreement, the following defined terms shall have the following respective meanings: 
  
 “Act” shall mean the Securities Act of 1933, as amended, and
the rules and regulations of the Commission promulgated thereunder. 
  
 “Affiliate” of any specified Person shall mean any other Person that, directly or indirectly, is in control of, is controlled by, or is under common control with, such specified Person. For purposes of this definition,
“control” of a Person shall mean the power, direct or indirect, to direct or cause the direction of the management and policies of such Person whether by contract or otherwise; and the terms “controlling” and
“controlled” shall have meanings correlative to the foregoing. 
  
 “Broker-Dealer” shall mean any broker or dealer registered as such under the Exchange Act. 
  
 “Business Day” shall mean any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust
companies are authorized or obligated by law to close in New York City. 
  
 “Commission” shall mean the Securities and Exchange Commission. 
  
 “Company” shall mean Constar International Inc., a Delaware corporation, and any successor thereto. 
  
 “Conduct Rules” shall have the meaning set forth in Section 4(u) hereof. 
  

 “CT” shall have the meaning set forth in Section 18 hereof. 
  
 “Exchange Act” shall mean the Securities Exchange Act of
1934, as amended, and the rules and regulations of the Commission promulgated thereunder. 
  
 “Exchange Offer Registration Period” shall mean the one-year period following the consummation of the Registered Exchange Offer, exclusive of any period during which any stop order shall be in effect
suspending the effectiveness of the Exchange Offer Registration Statement. 
  
 “Exchange Offer Registration Statement” shall mean a registration statement of the Issuers on an appropriate form under the Act with respect to the Registered Exchange Offer, all amendments and
supplements to such registration statement, including post-effective amendments thereto, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated by reference therein. 
  
 “Exchange Securities” shall mean debt securities of the
Company guaranteed by the Guarantors identical in all material respects to the Securities (except that the cash interest and interest rate step-up provisions and U.S. transfer restrictions shall be modified or eliminated as appropriate) to be issued
under the Indenture. 
  
 “Exchanging Dealer”
shall mean any Holder (which may include any Initial Purchaser) that is a Broker-Dealer and elects to exchange any Securities that it acquired for its own account as a result of market-making activities or other trading activities (but not directly
from any Issuer or any Affiliate of any Issuer) for Exchange Securities. 
  
 “Final Memorandum” shall have the meaning set forth in the Purchase Agreement. 
  
 “Guarantees” shall have the meaning set forth in the preamble hereto. 
  
 “Guarantors” shall have the meaning set forth in the preamble hereto. 
  
 “Holder” shall have the meaning set forth in the preamble
hereto. 
  
 “Indenture” shall mean the Indenture
relating to the Securities dated February 11, 2005 among the Company, the Guarantors and The Bank of New York, as trustee, as amended or supplemented from time to time in accordance with the terms thereof. 
  
 “Initial Placement” shall have the meaning set forth in the
preamble hereto. 
  
 “Initial Purchasers” shall
have the meaning set forth in the preamble hereto. 
  
 “Issuers” shall have the meaning set forth in the preamble hereto. 
  
 “Judgment Currency” shall have the meaning set forth in Section 19 hereof. 
  
 “Losses” shall have the meaning set forth in Section 6(d) hereof. 
  
 “Majority Holders” shall mean the Holders of a majority of the aggregate principal amount of Securities and
Exchange Securities registered under a Registration Statement. 
  
 “Managing Underwriters” shall mean the investment banker or investment bankers and manager or managers that shall administer an underwritten offering. 
  
 “Notes” shall have the meaning set forth in the preamble hereto. 
  
 “Person” shall mean an individual, trustee, corporation,
partnership, limited liability company, joint stock company, trust, unincorporated association, union, business association, firm or other legal entity. 
  

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 “Prospectus” shall mean the prospectus included in any Registration Statement
(including, without limitation, a prospectus that discloses information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A under the Act), as amended or supplemented by any prospectus
supplement, with respect to the terms of the offering of any portion of the Securities or the Exchange Securities covered by such Registration Statement, and all amendments and supplements thereto and all material incorporated by reference therein.

  
 “Purchase Agreement” shall have the meaning
set forth in the preamble hereto. 
  
 “Registered Exchange
Offer” shall mean the proposed offer of the Issuers to issue and deliver to the Holders of the Securities that are not prohibited by any law or policy of the Commission from participating in such offer, in exchange for the Securities, a
like aggregate principal amount of the Exchange Securities. 
  
 “Registrable Securities” shall mean (i) Securities other than those that have been (A) registered under a Registration Statement and disposed of in accordance therewith or (B) distributed to the public pursuant to Rule 144
under the Act or any successor rule or regulation thereto that may be adopted by the Commission and (ii) any Exchange Securities, the resale of which by the Holder thereof requires compliance with the prospectus delivery requirements of the Act.

  
 “Registration Statement” shall mean any
Exchange Offer Registration Statement or Shelf Registration Statement that covers any of the Securities or the Exchange Securities pursuant to the provisions of this Agreement, any amendments and supplements to such registration statement, including
post-effective amendments (in each case including the Prospectus contained therein), all exhibits thereto and all material incorporated by reference therein. 
  
 “Securities” shall have the meaning set forth in the preamble hereto. 
  
 “Shelf Registration” shall mean a registration effected pursuant to Section 3 hereof. 
  
 “Shelf Registration Period” shall have the meaning set forth
in Section 3(b) hereof. 
  
 “Shelf Registration
Statement” shall mean a “shelf’ registration statement of the Issuers pursuant to the provisions of Section 3 hereof which covers some or all of the Securities or Exchange Securities, as applicable, on an appropriate form under
Rule 415 under the Act, or any similar rule that may be adopted by the Commission, amendments and supplements to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits
thereto and all material incorporated by reference therein. 
  
 “Trustee” shall mean the trustee with respect to the Securities under the Indenture. 
  
 “underwriter” shall mean any underwriter of Securities or Exchange Securities in connection with an offering thereof under a Shelf
Registration Statement. 
  
 2. Registered Exchange Offer.
(a) The Issuers shall prepare and, not later than 90 days following the date of the original issuance of the Securities (or if such 90th day is not a Business Day, the next succeeding Business Day), shall file with the Commission the Exchange Offer
Registration Statement with respect to the Registered Exchange Offer. The Issuers shall use their reasonable best efforts to cause the Exchange Offer Registration Statement to become effective under the Act within 210 days of the date of the
original issuance of the Securities (or if such 210th day is not a Business Day, the next succeeding Business Day). 
  
 (b) Upon the effectiveness of the Exchange Offer Registration Statement, the Issuers shall promptly commence the Registered Exchange Offer, it being the
objective of such Registered Exchange Offer to enable each Holder electing to exchange Securities for Exchange Securities (assuming that such Holder is not an Affiliate of any Issuer, acquires the Exchange Securities in the ordinary course of such
Holder’s business, has no arrangements with any Person to participate in the distribution of the Exchange Securities and is not prohibited by 

  

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any law or policy of the Commission from participating in the Registered Exchange Offer) to trade such Exchange Securities from and after their receipt
without any limitations or restrictions under the Act and without material restrictions under the securities laws of a substantial proportion of the several states of the United States. 
  
 (c) In connection with the Registered Exchange Offer, the Issuers shall: 
  
 (i) mail to each Holder a copy of the Prospectus forming
part of the Exchange Offer Registration Statement, together with an appropriate letter of transmittal and related documents; 
  
 (ii) keep the Registered Exchange Offer open for not less than 30 days after the date notice thereof is mailed to the Holders (or longer
if required by applicable law); 
  
 (iii) use
their reasonable best efforts to keep the Exchange Offer Registration Statement continuously effective under the Act, supplemented and amended as required under the Act, to ensure that it is available for sales of Exchange Securities by Exchanging
Dealers during the Exchange Offer Registration Period; 
  
 (iv) utilize the services of a depositary for the Registered Exchange Offer with an address in the Borough of Manhattan in New York City, which may be the Trustee or an Affiliate of the Trustee; 
  
 (v) permit Holders to withdraw tendered Securities at any
time prior to the close of business, New York time, on the last Business Day on which the Registered Exchange Offer is open; 
  
 (vi) if requested by the Commission, prior to effectiveness of the Exchange Offer Registration Statement, provide a supplemental letter to
the Commission (A) stating that the Issuers are conducting the Registered Exchange Offer in reliance on the position of the Commission in Exxon Capital Holdings Corporation (pub. avail. May 13, 1988) and Morgan Stanley and Co., Inc.
(pub. avail. June 5, 1991); and (B) including a representation that the Issuers have not entered into any arrangement or understanding with any Person to distribute the Exchange Securities to be received in the Registered Exchange Offer and that, to
the best of the Issuers’ information and belief, each Holder participating in the Registered Exchange Offer is acquiring the Exchange Securities in the ordinary course of business and has no arrangement or understanding with any Person to
participate in the distribution of the Exchange Securities; and 
  
 (vii) comply in all respects with all applicable laws. 
  
 (d) As soon as practicable after the close of the Registered Exchange Offer, the Issuers shall: 
  
 (i) accept for exchange all Securities validly tendered and not validly withdrawn pursuant to the Registered Exchange Offer; 

 
 (ii) deliver to the Trustee for cancellation in
accordance with Section 4(s) hereof all Securities so accepted for exchange; and 
  
 (iii) cause the Trustee promptly to authenticate and deliver to each Holder of Securities a principal amount of Exchange Securities equal
to the principal amount of the Securities of such Holder so accepted for exchange. 
  
 (e) Each Holder hereby acknowledges and agrees that any Broker-Dealer and any such Holder using the Registered Exchange Offer to participate in a distribution of the Exchange Securities (x) could not under Commission
policy as in effect on the date of this Agreement rely on the position of the Commission in 

  

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Morgan Stanley and Co., Inc. (pub. avail. June 5, 1991) and Exxon Capital Holdings Corporation (pub. avail. May 13, 1988), as interpreted in
the Commission’s letter to Shearman & Sterling dated July 2, 1993 and similar no-action letters; and (y) must comply with the registration and prospectus delivery requirements of the Act in connection with any secondary resale transaction
which must be covered by an effective registration statement containing the selling security holder information required by Item 507 or 508, as applicable, of Regulation S-K under the Act if the resales are of Exchange Securities obtained by such
Holder in exchange for Securities acquired by such Holder directly from any Issuer or one of its Affiliates. Accordingly, each Holder participating in the Registered Exchange Offer shall be required to represent to the Issuers that, at the time of
the consummation of the Registered Exchange Offer: 
  
 (i) any Exchange Securities received by such Holder will be acquired in the ordinary course of business; 
  
 (ii) such Holder will have no arrangement or understanding with any Person to participate in the distribution of the Securities or the
Exchange Securities within the meaning of the Act; and 
  
 (iii) such Holder is not an Affiliate of any Issuer. 
  
 (f) If any Initial Purchaser determines that it is not eligible to participate in the Registered Exchange Offer with respect to the exchange of Securities constituting any portion of an unsold allotment, at the request of such Initial
Purchaser, the Issuers shall issue and deliver to such Initial Purchaser or the Person purchasing Exchange Securities registered under a Shelf Registration Statement as contemplated by Section 3 hereof from such Initial Purchaser, in exchange for
such Securities, a like principal amount of Exchange Securities. The Issuers shall use their reasonable best efforts to cause the same CUSIP, ISIN and Common Code numbers to be assigned for such Exchange Securities as for Exchange Securities issued
pursuant to the Registered Exchange Offer. 
  
 (g) Interest on
each Exchange Security shall accrue from the last date on which interest was paid on the Security surrendered in exchange therefor or, if no interest has been paid on such Security, from the date of such Security’s original issue. 

 
 3. Shelf Registration. (a) If (i) due to any change in law or
applicable interpretations thereof by the Commission’s staff, the Issuers determine upon advice of their outside counsel that they are not permitted to effect the Registered Exchange Offer as contemplated by Section 2 hereof; (ii) for any other
reason the Exchange Offer Registration Statement is not declared effective within 210 days after the date of the original issuance of the Securities; or (iii) prior to the 20th day following the consummation of the Registered Exchange Offer (x) any
Initial Purchaser so requests with respect to Securities that are not eligible to be exchanged for Exchange Securities in the Registered Exchange Offer and that are held by it following consummation of the Registered Exchange Offer, (y) or any
Holder notifies the Company that it is not or was not eligible to participate in the Registered Exchange Offer or notifies the Company that it will not or did not receive freely tradeable Exchange Securities in exchange for Securities constituting
any portion of an unsold allotment (it being understood that (A) the requirement that an Initial Purchaser deliver a Prospectus containing the information required by Item 507 or 508 of Regulation S-K under the Act in connection with sales of
Exchange Securities acquired in exchange for such Securities shall result in such Exchange Securities being not “freely tradeable”; and (B) the requirement that an Exchanging Dealer deliver a Prospectus in connection with sales of Exchange
Securities acquired in the Registered Exchange Offer in exchange for Securities acquired as a result of market-making activities or other trading activities shall not result in such Exchange Securities being not “freely tradeable”), the
Issuers shall effect a Shelf Registration in accordance with Section 3(b) hereof. 
  
 (b) (i) The Issuers shall as promptly as practicable (but in no event more than 60 days after so required or requested pursuant to this Section 3), file with the Commission, and thereafter shall use their reasonable
best efforts to cause to be declared effective under the Act within 120 days after so required or requested pursuant to this Section 3, a Shelf Registration Statement relating to the offer and sale of the Securities or the Exchange Securities, as
applicable, by the Holders thereof from time to time in accordance with the methods of distribution elected by such Holders and set forth in such Shelf Registration Statement; provided, however, that no Holder (other than an Initial
Purchaser) shall be entitled to have the Securities held by it covered by such Shelf Registration 

  

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Statement unless such Holder agrees in writing to be bound by all of the provisions of this Agreement applicable to such Holder; and provided,
further, that with respect to Exchange Securities received by an Initial Purchaser in exchange for Securities constituting any portion of an unsold allotment, the Issuers may, if permitted by current interpretations by the Commission’s
staff, file a post-effective amendment to the Exchange Offer Registration Statement containing the information required by Item 507 or 508 of Regulation S-K, as applicable, in satisfaction of their obligations under this subsection with respect
thereto, and any such Exchange Offer Registration Statement, as so amended, shall be referred to herein as, and governed by the provisions herein applicable to, a Shelf Registration Statement. 
  
 (ii) The Issuers shall use their reasonable best efforts to
keep the Shelf Registration Statement continuously effective, supplemented and amended as required by the Act, in order to permit the Prospectus forming part thereof to be usable by Holders until the earliest of (x) the time when all the Securities
or Exchange Securities, as applicable, covered by the Shelf Registration Statement can be sold pursuant to Rule 144 under the Act without any limitations under clauses (c), (e), (f) and (h) of Rule 144 under the Act, (y) two years from the effective
date of the Shelf Registration Statement (or until one year from the effective date of the Shelf Registration Statement if the Shelf Registration Statement is filed at the request of an Initial Purchaser) and (z) the date on which all the Securities
or Exchange Securities, as applicable, covered by the Shelf Registration Statement have been sold pursuant to the Shelf Registration Statement (in any such case, such period being called the “Shelf Registration Period”). The Issuers
shall be deemed not to have used their reasonable best efforts to keep the Shelf Registration Statement effective during the requisite period if any of them voluntarily takes any action that would reasonably be expected to result in Holders of
Securities or Exchange Securities covered thereby not being able to offer and sell such Securities or Exchange Securities during that period, unless (A) such action is required by applicable law; or (B) such action is taken by such Issuer in good
faith and for valid business reasons (not including avoidance of its obligations hereunder), including the acquisition or divestiture of assets, so long as the Issuers thereafter comply with the requirements of Section 4(k) hereof, if applicable.

  
 (iii) The Issuers shall cause the Shelf
Registration Statement and the related Prospectus and any amendment or supplement thereto, as of the effective date of the Shelf Registration Statement or such amendment or supplement, (A) to comply in all material respects with the applicable
requirements of the Act and the rules and regulations of the Commission; and (B) not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading. 
  
 4. Additional Registration Procedures. In connection with any Shelf Registration Statement and, to the extent applicable, any Exchange Offer Registration Statement, the following provisions shall apply:

  
 (a) The Issuers shall: 
  
 (i) furnish to each of you, not less than five Business Days
prior to the filing thereof with the Commission, a copy of any Exchange Offer Registration Statement and any Shelf Registration Statement, and each amendment thereof and each amendment or supplement, if any, to the Prospectus included therein
(including all documents incorporated by reference therein after the initial filing) and shall use their reasonable best efforts to reflect in each such document, when so filed with the Commission, such comments as you reasonably propose;

  
 (ii) in the case of an Exchange Offer
Registration Statement, to the extent permitted by the Act, include the information set forth in Annex A hereto on the front cover of the Prospectus included in the Exchange Offer Registration Statement, in Annex B hereto in the
forepart of the Exchange Offer Registration Statement in a section setting forth details of the Exchange Offer, in Annex C hereto in the underwriting or plan of distribution section of the Prospectus contained in the Exchange Offer
Registration Statement, and in Annex D hereto in the letter of transmittal delivered pursuant to the Registered Exchange Offer; 
  
 (iii) in the case of an Exchange Offer Registration Statement, if requested by an Initial Purchaser, include the information required by
Item 507 or 508 of 

  

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Regulation S-K, as applicable, in the Prospectus contained in the Exchange Offer Registration Statement; and 
  
 (iv) in the case of a Shelf Registration Statement, include
the names of the Holders that propose to sell Securities or Exchange Securities pursuant to the Shelf Registration Statement as selling security holders. 
  
 (b) The Issuers shall ensure that: 
  
 (i) any Registration Statement and any amendment thereto and any Prospectus forming part thereof and any amendment or supplement thereto
complies in all material respects with the Act and the rules and regulations thereunder; and 
  
 (ii) any Registration Statement and any amendment thereto does not, when it becomes effective, contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. 
  
 (c) The Issuers shall advise you, the Holders of Securities or Exchange Securities covered by any Shelf Registration Statement and any
Exchanging Dealer under any Exchange Offer Registration Statement that has provided in writing to any Issuer a telephone or facsimile number and address for notices, and, if requested by you or any such Holder or Exchanging Dealer, shall confirm
such advice in writing (which notice pursuant to clauses (ii)-(v) hereof shall be accompanied by an instruction to suspend the use of the Prospectus until the Issuers shall have remedied the basis for such suspension): 
  
 (i) when a Registration Statement and any amendment thereto
has been filed with the Commission and when the Registration Statement or any post-effective amendment thereto has become effective; 
  
 (ii) of any request by the Commission for any amendment or supplement to the Registration Statement or the Prospectus or for additional
information; 
  
 (iii) of the issuance by the
Commission of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; 
  
 (iv) of the receipt by any Issuer of any notification with respect to the suspension of the qualification of the securities included
therein for sale in any jurisdiction or the initiation of any proceeding for such purpose; and 
  
 (v) of the happening of any event that requires any change in the Registration Statement or the Prospectus so that, as of such date, the
statements therein are not misleading and do not omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of the Prospectus, in the light of the circumstances under which they were made)
not misleading. 
  
 (d) The Issuers shall use
their reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration Statement or the qualification of the securities therein for sale in any jurisdiction at the earliest possible time. 
  
 (e) The Issuers shall furnish to each Holder of Securities
or Exchange Securities covered by any Shelf Registration Statement, without charge, at least one copy of such Shelf Registration Statement and any post-effective amendment thereto, including all material incorporated therein by reference, and, if
the Holder so requests in writing, all exhibits thereto (including exhibits incorporated by reference therein). 
  

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 (f) The Issuers shall, during the Shelf Registration Period, deliver to each Holder of
Securities or Exchange Securities covered by any Shelf Registration Statement, without charge, as many copies of the Prospectus (including each preliminary Prospectus) included in such Shelf Registration Statement and any amendment or supplement
thereto as such Holder may reasonably request. The Issuers consent to the use of the Prospectus or any amendment or supplement thereto by each of the selling Holders of securities in connection with the offering and sale of the securities covered by
the Prospectus, or any amendment or supplement thereto, included in the Shelf Registration Statement. 
  
 (g) The Issuers shall furnish to each Exchanging Dealer which so requests, without charge, at least one copy of the Exchange Offer
Registration Statement and any post-effective amendment thereto, including all material incorporated by reference therein, and, if the Exchanging Dealer so requests in writing, all exhibits thereto (including exhibits incorporated by reference
therein). 
  
 (h) The Issuers shall promptly
deliver to each Initial Purchaser, each Exchanging Dealer and each other Person required to deliver a Prospectus during the Exchange Offer Registration Period, without charge, as many copies of the Prospectus included in such Exchange Offer
Registration Statement and any amendment or supplement thereto as any such Person may reasonably request. The Issuers consent to the use of the Prospectus or any amendment or supplement thereto by the Initial Purchaser, any Exchanging Dealer and any
such other Person that may be required to deliver a Prospectus following the Registered Exchange Offer in connection with the offering and sale of the Exchange Securities covered by the Prospectus, or any amendment or supplement thereto, included in
the Exchange Offer Registration Statement. 
  
 (i) Prior to the Registered Exchange Offer or any other offering of Securities or Exchange Securities pursuant to any Registration Statement, the Issuers shall arrange, if necessary, for the qualification of the Securities or the Exchange
Securities for sale under the laws of such jurisdictions as any Holder shall reasonably request and will maintain such qualification in effect so long as required; provided that in no event shall any Issuer be obligated to qualify to do
business in any jurisdiction where it is not then so qualified or to take any action that would subject it to service of process in suits, other than those arising out of the Initial Placement, the Registered Exchange Offer or any offering pursuant
to a Shelf Registration Statement, in any such jurisdiction where it is not then so subject. 
  
 (j) The Issuers shall cooperate with the Holders to facilitate the timely preparation and delivery of certificates representing Exchange
Securities or Securities to be issued or sold pursuant to any Registration Statement free of any restrictive legends and in such denominations and registered in such names as Holders may request. 
  
 (k) Upon the occurrence of any event contemplated by
subsections (c)(ii) through (v) above, the Issuers shall promptly prepare a post-effective amendment to the applicable Registration Statement or an amendment or supplement to the related Prospectus or file any other required document so that, as
thereafter delivered to purchasers of the Securities included therein, the Prospectus will not include an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading. In such circumstances, the period of effectiveness of the Exchange Offer Registration Statement provided for in Section 2 hereof and the Shelf Registration Statement provided for in Section
3(b) hereof shall each be extended by the number of days from and including the date of the giving of a notice of suspension pursuant to Section 4(c) hereof to and including the date when the Initial Purchasers, the Holders and any known Exchanging
Dealer shall have received such amended or supplemented Prospectus pursuant to this Section 4. 
  
 (l) Not later than the effective date of any Registration Statement, the Issuers shall provide CUSIP and ISIN numbers for the Securities
or the Exchange Securities, as the case may be, registered under such Registration Statement and provide the Trustee with printed certificates for such Securities or Exchange Securities, in a form eligible for deposit with The Depository Trust
Company. 
  
 (m) The Company shall comply with
all applicable rules and regulations of the Commission and shall make generally available to its security holders as soon as practicable after the effective date of 

  

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the applicable Registration Statement an earnings statement satisfying the provisions of Section 11(a) of the Act. 
  
 (n) The Issuers shall cause the Indenture to be qualified
under the Trust Indenture Act in a timely manner. 
  
 (o) The Company may require each Holder of securities to be sold pursuant to any Shelf Registration Statement to furnish to the Company such information regarding the Holder and the distribution of such securities as the Company may from
time to time reasonably require for inclusion in such Registration Statement. The Company may exclude from such Shelf Registration Statement the Securities or Exchange Securities of any Holder that fails to furnish such information within a
reasonable time after receiving such request. 
  
 (p) In the case of any Shelf Registration Statement, the Issuers shall enter into such agreements and take all other appropriate actions (including if requested an underwriting agreement in customary form) in order to expedite or facilitate
the registration or the disposition of the Securities or Exchange Securities, and in connection therewith, if an underwriting agreement is entered into, cause the same to contain indemnification provisions and procedures no less favorable than those
set forth in Section 6 (or such other provisions and procedures acceptable to the Majority Holders and the Managing Underwriters, if any, with respect to all parties to be indemnified pursuant to Section 6. 
  
 (q) In the case of any Shelf Registration Statement, the
Issuers shall: 
  
 (i) make reasonably available
for inspection by a representative for the Holders of Securities or Exchange Securities to be registered thereunder, which representative shall be selected by the Majority Holders, by the underwriters, if any, participating in any disposition
pursuant to such Shelf Registration Statement, and by any attorney, accountant or other agent for the Holders retained by the Majority Holders or for the underwriters, if any, all relevant financial and other records, pertinent corporate documents
and properties of each Issuer and its subsidiaries; 
  
 (ii) cause the officers, directors and employees of each Issuer to supply all relevant information reasonably requested by the representative for the Holders, by the underwriters, if any, or by any such attorney, accountant or agent in
connection with any such Shelf Registration Statement as is customary for similar due diligence examinations; provided, however, that any information that is designated in writing by any Issuer, in good faith, as confidential at the
time of delivery of such information shall be kept confidential by the Holders, the underwriters, if any, and any such attorney, accountant or agent, unless such disclosure is made in connection with a court proceeding or required by law, or such
information becomes available to the public generally or through a third party without an accompanying obligation of confidentiality; 
  
 (iii) make such representations and warranties to the Holders of Securities or Exchange Securities registered thereunder and the
underwriters, if any, in form, substance and scope as are customarily made by issuers to underwriters in primary underwritten offerings and covering matters including, but not limited to, those set forth in the Purchase Agreement; 
  
 (iv) obtain opinions of counsel to the Issuers (which
counsel and opinions (in form, scope and substance) shall be reasonably satisfactory to the Managing Underwriters, if any, addressed to each selling Holder and the underwriters, if any, covering such matters as are customarily covered in opinions
requested in underwritten offerings and such other matters as may be reasonably requested by such Holders and underwriters; 
  

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 (v) obtain “cold comfort” letters from the independent certified public
accountants of the Company (and, if necessary, any other independent certified public accountants of any Issuer or any subsidiary of any Issuer or of any business acquired by any Issuer for which financial statements and financial data are, or are
required to be, included in the Shelf Registration Statement), addressed to each selling Holder of securities registered thereunder and the underwriters, if any, in customary form and covering matters of the type customarily covered in “cold
comfort” letters in connection with primary underwritten offerings; and 
  
 (vi) deliver such documents and certificates as may be reasonably requested by the Majority Holders and the Managing Underwriters, if any, including those to evidence compliance with Section 4(k) and with any
customary conditions contained in the underwriting agreement or other agreement entered into by the Issuers. 
  
 The actions set forth in clauses (iii), (iv), (v) and (vi) of this Section 4(q) shall be performed at (A) the effectiveness of such Shelf Registration
Statement and each post-effective amendment thereto; and (B) each closing under any underwriting or similar agreement as and to the extent required thereunder. 
  

(r) In the case of any Exchange Offer Registration Statement, upon the request of any Initial Purchaser, the Issuers shall: 

 
 (i) make reasonably available for inspection by the
Initial Purchasers, and any attorney, accountant or other agent retained by the Initial Purchasers, all relevant financial and other records, pertinent corporate documents and properties of the Issuers and their respective subsidiaries; 

 
 (ii) cause the officers, directors and employees of each
Issuer to supply all relevant information reasonably requested by any Initial Purchaser or any attorney, accountant or agent retained by the Initial Purchasers in connection with any such Exchange Offer Registration Statement as is customary for
similar due diligence examinations; provided, however, that any information that is designated in writing by any Issuer, in good faith, as confidential at the time of delivery of such information shall be kept confidential by such Initial Purchaser
or any such attorney, accountant or agent, unless such disclosure is made in connection with a court proceeding or required by law, or such information becomes available to the public generally or through a third party without an accompanying
obligation of confidentiality; 
  
 (iii) make
such representations and warranties to the Initial Purchasers, in form, substance and scope as are customarily made by issuers to underwriters in primary underwritten offerings and covering matters including, but not limited to, those set forth in
the Purchase Agreement; 
  
 (iv) obtain opinions
of counsel to the Issuers (which counsel and opinions (in form, scope and substance) shall be reasonably satisfactory to the Initial Purchasers and their counsel, addressed to the Initial Purchasers, covering such matters as are customarily covered
in opinions requested in underwritten offerings and such other matters as may be reasonably requested by the Initial Purchasers or their counsel; 
  
 (v) obtain “cold comfort” letters from the independent certified public accountants of the Company (and, if necessary, any other
independent certified public accountants of any Issuer or any subsidiary of any Issuer or of any business acquired by any Issuer for which financial statements and financial data are, or are required to be, included in the Exchange Offer
Registration Statement), addressed to the Initial Purchasers, in customary form and covering matters of the type customarily covered in “cold comfort” letters in connection with primary underwritten offerings, or if requested by the
Initial Purchasers or their counsel in lieu of a “cold comfort” letter, an agreed-upon 

  

 -10- 

 
procedures letter under Statement on Auditing Standards No. 35, covering matters requested by the Initial Purchasers or their counsel; and 
  
 (vi) deliver such documents and certificates as may be
reasonably requested by the Initial Purchasers or their counsel, including those to evidence compliance with Section 4(k) and with conditions customarily contained in underwriting agreements. 
  
 The foregoing actions set forth in clauses (iii), (iv), (v), and (vi) of
this Section 4(r) shall be performed at the close of the Registered Exchange Offer and the effective date of any post-effective amendment to the Exchange Offer Exchange Offer Registration Statement. 
  
 (s) If a Registered Exchange Offer is to be consummated,
upon delivery of the Securities by Holders to the Company (or to such other Person as directed by the Company) in exchange for the Exchange Securities, the Company shall mark, or caused to be marked, on the Securities so exchanged that such
Securities are being canceled in exchange for the Exchange Securities. In no event shall the Securities be marked as paid or otherwise satisfied. 
  
 (t) The issuers will use their reasonable best efforts (i) if the Securities have been rated prior to the initial sale of such Securities,
to confirm such ratings will apply to the Securities or the Exchange Securities, as the case may be, covered by a Exchange Offer Registration Statement; or (ii) if the Securities were not previously rated, to cause the Securities covered by a
Registration Statement to be rated with at least one nationally recognized statistical rating agency, if so requested by Majority Holders with respect to the related Registration Statement or by any Managing Underwriters. 
  
 (u) In the event that any Broker-Dealer shall underwrite any
Securities or Exchange Securities or participate as a member of an underwriting syndicate or selling group or “assist in the distribution” (within the meaning of the Conduct Rules of the National Association of Securities Dealers, Inc.
(the “Conduct Rules”)) thereof, whether as a Holder or as an underwriter, a placement or sales agent agent or a broker or dealer in respect thereof, or otherwise, the Issuers shall assist such Broker-Dealer in complying with the
requirements of such Conduct Rules, including, without limitation, by: 
  
 (i) if such Conduct Rules shall so require, engaging a “qualified independent underwriter” (as defined in such Rules) to participate in the preparation of the Registration Statement, to exercise usual
standards of due diligence with respect thereto and, if any portion of the offering contemplated by such Registration Statement is an underwritten offering or is made through a placement or sales agent, to recommend the yield of such Securities or
Exchange Securities; 
  
 (ii) indemnifying any
such qualified independent underwriter to the extent of the indemnification of underwriters provided in Section 6 hereof; and 
  
 (iii) providing such information to such Broker-Dealer as may be required in order for such Broker-Dealer to comply with the requirements
of such Conduct Rules. 
  
 (v) The Issuers shall
use their reasonable best efforts to take all other steps necessary to effect the registration of the Securities or the Exchange Securities, as the case may be, covered by a Registration Statement. 
  
 5. Registration Expenses. The Issuers shall bear all expenses incurred
in connection with the performance of their obligations under Sections 2, 3 and 4 hereof and, in the event of any Shelf Registration Statement, will reimburse the Holders for the reasonable fees and disbursements of one firm or counsel designated by
the Majority Holders to act as counsel for the Holders in connection therewith, and, in the case of any Exchange Offer Registration Statement, will reimburse the Initial Purchasers for the reasonable fees and disbursements of counsel acting in
connection therewith. 
  

 -11- 

 6. Indemnification and Contribution. (a) The Issuers (other than the Company) jointly and
severally agree, and the Company severally agrees, to indemnify and hold harmless each Holder of Securities or Exchange Securities, as the case may be, covered by any Registration Statement (including each Initial Purchaser and each Affiliate
thereof and, with respect to any Prospectus delivery as contemplated in Section 4(h) hereof, each Exchanging Dealer), the directors, officers, employees and agents of each such Holder and each person who controls any such Holder within the meaning
of either the Act or the Exchange Act against any and all losses, claims, damages or liabilities, joint or several, to which they or any of them may become subject under the Act, the Exchange Act or other Federal or state statutory law or
regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the
Registration Statement as originally filed or in any amendment thereof, or in any preliminary Prospectus or the Prospectus, or in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and to reimburse each such indemnified party, as incurred, for any legal or other expenses reasonably incurred by them in
connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Issuers will not be liable in any case to the extent that any such loss, claim, damage or liability arises out of
or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information furnished to the Company by or on behalf of any such Holder specifically
for inclusion therein; provided, further, that with respect to any untrue statement or omission of material fact made in any preliminary Prospectus, the indemnity agreement contained in this Section 6 shall not inure to the benefit of
any Holder from whom the Person asserting any such loss, claim, damage or liability purchased such Securities or Exchange Securities, as the case may be, to the extent that any such loss, claim, damage or liability of such Holder occurs under the
circumstance where it shall have been determined by a court of competent jurisdiction by final and nonappealable judgment that (w) the Company had previously furnished copies of the Prospectus to such Holder, (x) delivery of the Prospectus was
required by the Act to be made to such Person, (y) the untrue statement or omission of a material fact contained in the preliminary Prospectus was corrected in the Prospectus and (z) there was not sent or given to such Person, at or prior to the
written confirmation of the sale of such securities to such Person, a copy of the Prospectus. This indemnity agreement will be in addition to any liability which the Issuers may otherwise have. 
  
 The Issuers (other than the Company) also jointly and severally agree, and
the Company severally agrees, to indemnify or contribute as provided in Section 6(d) to Losses of each underwriter of Securities or Exchange Securities, as the case may be, registered under a Shelf Registration Statement, their directors, officers,
employees or agents and each person who controls such underwriter on substantially the same basis as that of the indemnification of the Initial Purchasers and the selling Holders provided in this Section 6(a) and shall, if requested by any Holder,
enter into an underwriting agreement reflecting such agreement, as provided in Section 4(p) hereof. 
  
 (b) Each Holder of securities covered by a Registration Statement (including each Initial Purchaser and each Affiliate thereof and, with respect to any
Prospectus delivery as contemplated in Section 4(h) hereof, each Exchanging Dealer) severally and not jointly agrees to indemnify and hold harmless the Issuers, each of their respective directors, each of their respective officers who signs such
Registration Statement, and each person who controls any Issuer within the meaning of either the Act or the Exchange Act, to the same extent as the foregoing indemnity from the Issuers to each such Holder, but only with reference to written
information relating to such Holder furnished to the Issuers by or on behalf of such Holder specifically for inclusion in the documents referred to in the foregoing indemnity. This indemnity agreement will be in addition to any liability which any
such Holder may otherwise have. 
  
 (c) Promptly after receipt by
an indemnified party under this Section 6 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 6, notify the indemnifying party in
writing of the commencement thereof, but the failure so to notify the indemnifying party (i) will not relieve it from liability under paragraph (a) or (b) above unless and to the extent it did not otherwise learn of such action and such failure
results in the forfeiture by the indemnifying party of substantial rights and defenses; and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided
in paragraph (a) or (b) above. The indemnifying party shall be entitled to appoint counsel of the indemnifying party’s choice at the indemnifying party’s expense to represent the indemnified party in any action for which indemnification is
sought (in which case the indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel 

  

 -12- 

 
retained by the indemnified party or parties except as set forth below); provided, however, that such counsel shall be reasonably satisfactory
to the indemnified party. Notwithstanding the indemnifying party’s election to appoint counsel to represent the indemnified party in an action, the indemnified party shall have the right to employ separate counsel (including local counsel), and
the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of interest;
(ii) the actual or potential defendants in, or targets of, any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal defenses available to it
and/or other indemnified parties which are different from or additional to those available to the indemnifying party; (iii) the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the
indemnified party within a reasonable time after notice of the institution of such action; or (iv) the indemnifying party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying party. An indemnifying
party will not, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which
indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent includes an unconditional release of each
indemnified party from all liability arising out of such claim, action, suit or proceeding. An indemnifying party shall not be liable under this Section 6 to any indemnified party regarding any settlement or compromise or consent to the entry of any
judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or
action) unless such settlement, compromise or consent is consented to by such indemnifying party, which consent shall not be unreasonably withheld. 
  
 (d) In the event that the indemnity provided in paragraph (a) or (b) of this Section 6 is unavailable to or insufficient to hold harmless an indemnified
party for any reason, then each applicable indemnifying party shall have a joint and several obligation (other than the Company, who shall have a several obligation) to contribute to the aggregate losses, claims, damages and liabilities (including
legal or other expenses reasonably incurred in connection with investigating or defending same) (collectively “Losses”) to which such indemnified party may be subject in such proportion as is appropriate to reflect the relative
benefits received by such indemnifying party, on the one hand, and such indemnified party, on the other hand, from the Initial Placement and the Registration Statement which resulted in such Losses; provided, however, that in no case
shall the Initial Purchaser or any subsequent Holder of any Security or Exchange Security be responsible, in the aggregate, for any amount in excess of the purchase discount or commission applicable to such Security, or in the case of an Exchange
Security, applicable to the Security that was exchangeable into such Exchange Security, as set forth on the cover page of the Final Memorandum, nor shall any underwriter be responsible for any amount in excess of the underwriting discount or
commission applicable to the securities purchased by such underwriter under the Registration Statement which resulted in such Losses. If the allocation provided by the immediately preceding sentence is unavailable for any reason, the indemnifying
party and the indemnified party shall contribute in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of such indemnifying party, on the one hand, and such indemnified party, on the other hand,
in connection with the statements or omissions which resulted in such Losses as well as any other relevant equitable considerations. Benefits received by the Issuers shall be deemed to be equal to the sum of (x) the total net proceeds from the
Initial Placement (before deducting expenses) as set forth on the cover page of the Final Memorandum and (y) the total amount of additional interest which the Issuers were not required to pay as a result of registering the securities covered by the
Registration Statement which resulted in such Losses. Benefits received by the Initial Purchasers shall be deemed to be equal to the total purchase discounts and commissions as set forth on the cover page of the Final Memorandum, and benefits
received by any other Holders shall be deemed to be equal to the value of receiving Securities or Exchange Securities, as applicable, registered under the Act. Benefits received by any underwriter shall be deemed to be equal to the total
underwriting discounts and commissions, as set forth on the cover page of the Prospectus forming a part of the Registration Statement which resulted in such Losses. Relative fault shall be determined by reference to, among other things, whether any
untrue or alleged untrue statement of or omission or alleged omission to state a material fact relates to information provided by the indemnifying party, on the one hand, or by the indemnified party, on the other hand, the intent of the parties and
their relative knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The parties agree that it would not be just and equitable if contribution were determined by pro rata allocation (even if the
Holders were treated as one entity for such purpose) or any other method of allocation which does not take account of the equitable considerations referred to above. Notwithstanding the provisions of this paragraph (d), no Person guilty of 

  

 -13- 

 
fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation. For purposes of this Section 6, each person who controls a Holder within the meaning of either the Act or the Exchange Act and each director, officer, employee and agent of such Holder shall have the same rights to
contribution as such Holder, and each person who controls any Issuer within the meaning of either the Act or the Exchange Act, each officer of any Issuer who shall have signed the Registration Statement and each director of any Issuer shall have the
same rights to contribution as the Issuers, subject in each case to the applicable terms and conditions of this paragraph (d). 
  
 (e) The provisions of this Section 6 will remain in full force and effect, regardless of any investigation made by or on behalf of any Holder or the
Issuers or any of the officers, directors or controlling Persons referred to in this Section 6 hereof, and will survive the sale by a Holder of securities covered by a Registration Statement. 
  
 7. Underwritten Registrations. (a) If any of the Securities or
Exchange Securities, as the case may be, covered by any Shelf Registration Statement are to be sold in an underwritten offering, the Managing Underwriters shall be selected by the Majority Holders. 
  
 (b) No Person may participate in any underwritten offering pursuant to any
Shelf Registration Statement, unless such Person (i) agrees to sell such Person’s Securities or Exchange Securities, as the case may be, on the basis reasonably provided in any underwriting arrangements approved by the Persons entitled
hereunder to approve such arrangements; and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements.

  
 8. Registration Defaults. If any of the following
events shall occur, then the Company shall pay liquidated damages (the “Registration Default Damages”) to the Holders of Securities in respect of the Securities as follows: 
  
 (a) if any Registration Statement required by this Agreement
is not filed with the Commission on or prior to the date specified for such filing in this Agreement, then Registration Default Damages shall accrue on the Registrable Securities at a rate of .25% per annum for the first 90 days from and including
such specified date and shall increase by an additional .25% per annum for each 90-day period thereafter; or 
  
 (b) if any Registration Statement required by this Agreement is not declared effective by the Commission in accordance with this
Agreement, then commencing on the day after such date, Registration Default Damages shall accrue on the Registrable Securities at a rate of .25% per annum for the first 90 days from and including such date and shall increase by an additional .25%
per annum for each 90-day period thereafter; 
  
 (c) if neither (i) any Registered Exchange Offer required by this Agreement is consummated by the Company nor (ii) any Registration Statement required by this Agreement has been declared effective on or prior to the 240th day after the date
of the original issuance of the Securities, then commencing on the day after such specified date, Registration Default Damages shall accrue on the Registrable Securities at a rate of .25% per annum for the first 90 days from and including such
specified date and shall increase by an additional .25% per annum for each 90-day period thereafter; or 
  
 (d) if any Registration Statement required by this Agreement has been declared effective but ceases to be effective or usable at any time
at which it is required to be effective under this Agreement, then commencing on the day the Registration Statement ceases to be effective, Registration Default Damages shall accrue on the Registrable Securities at a rate of .25% per annum for the
first 90 days from and including such specified date and shall increase by an additional .25% per annum for each 90-day period thereafter. 
  

 -14- 

 provided, however, that (1) upon the filing of the Registration Statement (in the case of paragraph (a)
above), (2) upon the effectiveness of the Registration Statement (in the case of paragraph (b) above), (3) upon the consummation of the Registered Exchange Offer in accordance with the terms of this Agreement (in the case of paragraph (c) above) (3)
upon the effectiveness of the Registration Statement which had ceased to remain effective (in the case of paragraph (d) above), Registration Default Damages shall cease to accrue, and in no event shall the rate for Registration Default Damages
exceed 1.00% per annum in the aggregate, regardless of the number of registration defaults. 
  
 9. No Inconsistent Agreements. No Issuer has, as of the date hereof, entered into, nor shall it, on or after the date hereof, enter into, any agreement with respect to its securities that is inconsistent with
the rights granted to the Holders herein or otherwise conflicts with the provisions hereof. 
  
 10. Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, qualified, modified or supplemented, and waivers or consents to departures from the
provisions hereof may not be given, unless the Issuers have obtained the written consent of the Majority Holders; provided that, with respect to any matter that directly or indirectly affects the rights of any Initial Purchaser hereunder, the
Issuers shall obtain the written consent of each Initial Purchaser against which such amendment, qualification, supplement, waiver or consent is to be effective. Notwithstanding the foregoing (except the foregoing proviso), a waiver or consent to
departure from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders whose Securities or Exchange Securities, as the case may be, are being sold pursuant to a Registration Statement and that does not
directly or indirectly affect the rights of other Holders may be given by the Majority Holders, determined on the basis of Securities or Exchange Securities, as the case may be, being sold rather than registered under such Registration Statement.

  
 11. Notices. All notices and other communications
provided for or permitted hereunder shall be made in writing by hand-delivery, first-class mail, telex, telecopier or air courier guaranteeing overnight delivery: 
  
 (a) if to a Holder, at the most current address given by such holder to the Issuers in accordance with the
provisions of this Section 11, which address initially is, with respect to each Holder, the address of such Holder maintained by the Registrar under the Indenture, with a copy in like manner to Citigroup Global Markets Inc.; 
  
 (b) if to you, initially at the respective addresses set
forth in the Purchase Agreement; and 
  
 (c) if
to the Issuers, initially at their address set forth in the Purchase Agreement. 
  
 All such notices and communications shall be deemed to have been duly given when received. 
  
 The Initial Purchasers or the Issuers by notice to the other parties may designate additional or different addresses for subsequent notices or
communications. 
  
 12. Successors. This Agreement shall
inure to the benefit of and be binding upon the successors and assigns of each of the parties hereto, including, without the need for an express assignment or any consent by the Issuers thereto, subsequent Holders of Securities and the Exchange
Securities. The Issuers hereby agree to extend the benefits of this Agreement to any Holder of Securities or the Exchange Securities, and any such Holder may specifically enforce the provisions of this Agreement as if an original party hereto.

  
 13. Counterparts. This Agreement may be in signed
counterparts, each of which shall an original and all of which together shall constitute one and the same agreement. 
  
 14. Headings. The headings used herein are for convenience only and shall not affect the construction hereof. 
  
 15. Applicable Law. This Agreement shall be governed by and construed
in accordance with the laws of the State of New York applicable to contracts made and to be performed in the State of New York. 
  

 -15- 

 16. Severability. In the event that any one of more of the provisions contained herein, or the
application thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions hereof shall
not be in any way impaired or affected thereby, it being intended that all of the rights and privileges of the parties shall be enforceable to the fullest extent permitted by law. 
  
 17. Securities Held by the Issuers, etc. Whenever the consent or approval of Holders of a specified percentage of
principal amount of Securities or Exchange Securities is required hereunder, Securities or Exchange Securities, as applicable, held by any Issuers or its Affiliates (other than subsequent Holders of Securities or Exchange Securities if such
subsequent Holders are deemed to be Affiliates solely by reason of their holdings of such Securities or Exchange Securities) shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage.

  
 18. Agent for Service, Submission to Jurisdiction; Waiver
of Immunities. By the execution and delivery of this Agreement, each Issuer (i) acknowledges that such Issuer has, by separate written instrument, irrevocably designated and appointed CT Corporation System (“CT”) (and any
successor entity) as its authorized agent upon which process may be served in any suit or proceeding arising out of or relating to this Agreement, the Securities or the Exchange Securities that may be instituted in any federal or state court in the
State of New York or brought under Federal or state securities laws, and acknowledges that CT has accepted such designation, (ii) submits to the jurisdiction of any such court in any such suit or proceeding and (iii) agrees that service of process
upon CT and written notices of said service to such Issuer in accordance with Section 11 hereof shall be deemed effective service of process upon such Issuer in any such suit or proceeding. Each Issuer further agrees to take any reasonable action,
including the execution and filing of any and all such documents and instruments, as may be necessary to continue such designation and appointment of CT in full force and effect so long as any of the Securities shall be outstanding; provided,
however, that such Issuer may, by written notice to the Representatives, designate such additional or alternative agent for service of process under this Section 18 that (i) maintains an office located in the Borough of Manhattan, City of New
York in the State of New York and (ii) is either (x) counsel for such Issuer or (y) a corporate service company which acts as agent for service of process for other persons in the ordinary course of its business. Such written notice shall identify
the name of such agent for process and the address of the office of such agent for process in the Borough of Manhattan, City of New York, State of New York. 
  
 To the extent that any Issuer has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process with respect to itself or
its property, it hereby irrevocably waives such immunity in respect of its obligations under each of this Agreement, the Securities and the Exchange Securities. In addition, each Issuer irrevocably waives and agrees not to assert, by way of motion,
as a defense, or otherwise in any such suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of the abovementioned courts for any reason whatsoever, that such suit, action or proceeding is brought in an
inconvenient forum or that the venue for such suit is improper, or that this Agreement, the Securities or the Exchange Securities or the subject matter hereof or thereof may not be enforced in such courts. 
  
 The Issuers and the Initial Purchasers agree that a final judgment in any
such suit, 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 18 shall affect the right of the Trustee to serve legal process in
any other manner permitted by law or affect the right of the Trustee to bring any action or proceeding against any Issuer or its property in the courts of any other jurisdictions. 
  
 19. Judgment Currency. The Issuers, jointly and severally, agree to indemnify and hold harmless each Holder
(including each Initial Purchaser and each Affiliate thereof and, with respect to any Prospectus delivery as contemplated by Section 4(h) hereof, each Exchanging Dealer), the directors, officers, employees and agents of each such Holder and each
person who controls any such Holder within the meaning of either the Act or the Exchange Act against any loss incurred by such indemnified party as a result of any judgment or order being given or made in favor of such indemnified party for any
amount due under this Agreement and such judgment or order being expressed and paid in a currency (the “Judgment Currency”) other than United States dollars, and as a result of any variation as between (i) the rate of exchange at
which the United States dollars amount is converted into the Judgment Currency for the purpose of such judgment or order and (ii) the spot rate of exchange in The City of New York at which such indemnified party on the date of payment of such
judgment or order is able to purchase United States dollars with the amount of the Judgment Currency actually received by such indemnified party. The foregoing indemnity shall continue in full force and effect notwithstanding any such judgment or
order as aforesaid. The term “spot rate of exchange” shall include any premiums and costs of exchange payable in connection with the purchase of, or conversion into, United States dollars. 
  

 -16- 

 If the foregoing is in accordance with your understanding of our agreement, please sign and return to us
the enclosed duplicate hereof, whereupon this Agreement and your acceptance shall represent a binding agreement among the Issuers and the several Initial Purchasers. 
  

			
	Very truly yours,
	
	Constar International Inc.
		
	By:	 	/s/ WILLIAM S. RYMER
	 	 	Name:
	 	 	Title:
	
	GUARANTORS:
	
	United States:
	
	Constar, Inc.
		
	By:	 	/s/ WILLIAM S. RYMER
	 	 	Name:
	 	 	Title:

  

 S-1 

			
	
	BFF Inc.
		
	By:	 	/s/ WILLIAM S. RYMER
	 	 	Name:
	 	 	Title:
	
	DT, Inc.
		
	By:	 	/s/ WILLIAM S. RYMER
	 	 	Name:
	 	 	Title:
	
	Constar Foreign Holdings, Inc.
		
	By:	 	/s/ WILLIAM S. RYMER
	 	 	Name:
	 	 	Title:
	
	United Kingdom:
	
	Constar International U.K. Limited
		
	By:	 	/s/ FRANK EDWARD GREGORY
	 	 	Name: Frank Edward Gregory
	 	 	Title: VP European Operations

  

 S-2 

			
	The foregoing Agreement is hereby confirmed and accepted as of the date first above written.
	
	 Citigroup Global Markets Inc.
 Credit Suisse
First Boston LLC

		
	By:	 	Citigroup Global Markets Inc.
		
	By:	 	/s/ RICHARD C. ZOGHEB
	 	 	Name: Richard C. Zogheb
	 	 	Title: Managing Director
	
	For themselves and the other several Initial Purchasers named in Schedule I to the foregoing Agreement.

  

 S-3 

  
 SCHEDULE I 
  
 Initial Purchasers: 
  
 Citigroup Global Markets Inc. 
 Credit Suisse
First Boston LLC 
  

  
 ANNEX A 
  
 Each Broker-Dealer that receives Exchange Securities for its own account
pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. The Letter of Transmittal states that by so acknowledging and by delivering a prospectus, a BrokerDealer
will not be deemed to admit that it is an “underwriter” within the meaning of the Act. This Prospectus, as it may be amended or supplemented from time to time, may be used by a Broker-Dealer in connection with resales of Exchange
Securities received in exchange for Securities where such Securities were acquired by such Broker-Dealer as a result of market-making activities or other trading activities. The Issuers have agreed that, starting on the Expiration Date (as defined
herein) and ending on the close of business one year after the Expiration Date, they will make this Prospectus available to any Broker-Dealer for use in connection with any such resale. See “Plan of Distribution.” 
  

 A-1 

  
 ANNEX B 
  
 Each Broker-Dealer that receives Exchange Securities for its own account in
exchange for Securities, where such Securities were acquired by such Broker-Dealer as a result of market-making activities or other trading activities, must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange
Securities. See “Plan of Distribution.” 
  

 B-1 

  
 ANNEX C 
  
 Plan of Distribution 
  
 Each Broker-Dealer that receives Exchange Securities for its own account
pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. This Prospectus, as it may be amended or supplemented from time to time, may be used by a BrokerDealer in
connection with resales of Exchange Securities received in exchange for Securities where such Securities were acquired as a result of market-making activities or other trading activities. The Issuers have agreed that, starting on the Expiration Date
and ending on the close of business one year after the Expiration Date, they will make this Prospectus, as amended or supplemented, available to any Broker-Dealer for use in connection with any such resale. In addition, until
                    , 200_, all dealers effecting transactions in the Exchange Securities may be required to deliver a prospectus. 

 
 The Issuers will not receive any proceeds from any sale of Exchange
Securities by Brokers-Dealers. Exchange Securities received by Broker-Dealers for their own account pursuant to the Exchange Offer may be sold from time to time in one or more transactions in the over-the-counter market, in negotiated transactions,
through the writing of options on the Exchange Securities or a combination of such methods of resale, at market prices prevailing at the time of resale, at prices related to such prevailing market prices or negotiated prices. Any such resale may be
made directly to purchasers or to or through brokers or dealers who may receive compensation in the form of commissions or concessions from any such Broker-Dealer and/or the purchasers of any such Exchange Securities. Any Broker-Dealer that resells
Exchange Securities that were received by it for its own account pursuant to the Exchange Offer and any broker or dealer that participates in a distribution of such Exchange Securities may be deemed to be an “underwriter” within the
meaning of the Act and any profit of any such resale of Exchange Securities and any commissions or concessions received by any such Persons may be deemed to be underwriting compensation under the Act. The Letter of Transmittal states that by
acknowledging that it will deliver and by delivering a prospectus, a Broker-Dealer will not be deemed to admit that it is an “underwriter” within the meaning of the Act. 
  
 For a period of one year after the Expiration Date, the Issuers will promptly send additional copies of this Prospectus and
any amendment or supplement to this Prospectus to any Broker-Dealer that requests such documents in the Letter of Transmittal. The Issuers have agreed to pay all expenses incident to the Exchange Offer (including the expenses of one counsel for the
holder of the Securities) other than commissions or concessions of any brokers or dealers and will indemnify the holders of the Securities (including any Broker-Dealers) against certain liabilities, including liabilities under the Act. 

 
 If applicable, add information required by Regulation S-K Items 507 and/or
508. 
  

 C-1 

  
 ANNEX D 
  

					
	 ̈	  	CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS THERETO.	  	 

  

					
	 	  	Name:	  	___________________________________
	 	  	Address:	  	___________________________________
	 	  	 	  	___________________________________

  
 If the undersigned is
not a Broker-Dealer, the undersigned represents that it acquired the Exchange Securities in the ordinary course of its business, it is not engaged in, and does not intend to engage in, a distribution of Exchange Securities and it has no arrangements
or understandings with any Person to participate in a distribution of the Exchange Securities. If the undersigned is a Broker-Dealer that will receive Exchange Securities for its own account in exchange for Securities, it represents that the
Securities to be exchanged for Exchange Securities were acquired by it as a result of market-making activities or other trading activities and acknowledges that it will deliver a prospectus in connection with any resale of such Exchange Securities;
however, by so acknowledging and by delivering a prospectus, the undersigned will not be deemed to admit that it is an “underwriter” within the meaning of the Act. 
  

 D-1U.S. Security Agreement

 Exhibit 4.4 
  

  
 U.S. SECURITY AGREEMENT 
  
 By 
  
 CONSTAR INTERNATIONAL INC. 
  
 and 
  
 THE DOMESTIC RESTRICTED SUBSIDIARIES PARTY HERETO, 
 as Grantors 
  
 and 
  
 THE BANK OF NEW YORK, 
 as Trustee 
  

  
 Dated as of February 11, 2005 
  

  

  
 TABLE OF CONTENTS

  

					
	 	  	 	  	Page

	ARTICLE I
	
	DEFINITIONS
			
	 SECTION 1.01.
	  	Uniform Commercial Code Defined Terms	  	2
	 SECTION 1.02.
	  	Indenture Defined Terms	  	2
	 SECTION 1.03.
	  	Definition of Certain Terms Used Herein	  	2
	 SECTION 1.04.
	  	Rules of Construction	  	5
	 SECTION 1.05.
	  	Resolution of Drafting Ambiguities	  	5
	
	ARTICLE II
	
	SECURITY INTEREST
			
	 SECTION 2.01.
	  	Security Interest	  	5
	 SECTION 2.02.
	  	No Assumption of Liability	  	6
	 SECTION 2.03.
	  	Joinder of Additional Guarantors	  	6
	
	ARTICLE III
	
	REPRESENTATIONS AND WARRANTIES
			
	 SECTION 3.01.
	  	Title and Authority	  	6
	 SECTION 3.02.
	  	Filings	  	6
	 SECTION 3.03.
	  	Validity of Security Interest	  	7
	 SECTION 3.04.
	  	Limitations on and Absence of Other Liens	  	7
	 SECTION 3.05.
	  	[Reserved]	  	7
	 SECTION 3.06.
	  	Chief Executive Office; Change of Name; Jurisdiction of Organization	  	7
	 SECTION 3.07.
	  	Location of Equipment	  	7
	 SECTION 3.08.
	  	Condition and Maintenance of Equipment	  	7
	 SECTION 3.09.
	  	Corporate Names; Prior Transactions	  	8
	 SECTION 3.10.
	  	No Claims	  	8
	 SECTION 3.11.
	  	No Conflicts, Consents, etc.	  	8
	
	ARTICLE IV
	
	COVENANTS
			
	 SECTION 4.01.
	  	Change of Name; Location of Collateral; Records; Place of Business	  	9
	 SECTION 4.02.
	  	Protection of Security	  	9
	 SECTION 4.03.
	  	Further Assurances	  	9

  

 -i- 

					
	 	  	 	  	Page

	 SECTION 4.04.
	  	Inspection and Verification	  	9
	 SECTION 4.05.
	  	Taxes; Encumbrances	  	10
	 SECTION 4.06.
	  	Continuing Obligations of the Grantors	  	10
	 SECTION 4.07.
	  	Use and Disposition of Collateral	  	10
	 SECTION 4.08.
	  	Collateral Account	  	10
	
	ARTICLE V
	
	REMEDIES
			
	 SECTION 5.01.
	  	Remedies upon Default	  	11
	 SECTION 5.02.
	  	Application of Proceeds	  	12
	 SECTION 5.03.
	  	Remedies Cumulative	  	12
	 SECTION 5.04.
	  	Discontinuance of Proceedings	  	12
	
	ARTICLE VI
	
	AUTHORITY OF TRUSTEE IN RESPECT OF THE COLLATERAL
			
	 SECTION 6.01.
	  	General Authority of the Trustee over the Collateral	  	13
	 SECTION 6.02.
	  	Right to Initiate Judicial Proceedings	  	13
	 SECTION 6.03.
	  	Right to Appoint a Receiver	  	14
	 SECTION 6.04.
	  	Exercise of Powers	  	14
	 SECTION 6.05.
	  	Waiver and Estoppel	  	14
	 SECTION 6.06.
	  	Limitation on Trustee’s Duty in Respect of Collateral and Trustee’s Rights	  	15
	 SECTION 6.07.
	  	Rights of Secured Parties in Respect of Obligations	  	15
	
	ARTICLE VII
	
	MISCELLANEOUS
			
	 SECTION 7.01.
	  	Notices	  	16
	 SECTION 7.02.
	  	Security Interest Absolute	  	16
	 SECTION 7.03.
	  	Survival of Agreement	  	16
	 SECTION 7.04.
	  	Binding Effect	  	16
	 SECTION 7.05.
	  	Successors and Assigns	  	16
	 SECTION 7.06.
	  	GOVERNING LAW	  	17
	 SECTION 7.07.
	  	Waivers; Amendment; Several Agreement	  	17
	 SECTION 7.08.
	  	WAIVER OF JURY TRIAL	  	17
	 SECTION 7.09.
	  	Severability	  	17
	 SECTION 7.10.
	  	Counterparts	  	18
	 SECTION 7.11.
	  	Headings	  	18
	 SECTION 7.12.
	  	Jurisdiction; Consent to Service of Process	  	18
	 SECTION 7.13.
	  	Termination	  	18

  

 -ii- 

			
	 SCHEDULES
	  	 
		
	 Schedule I
	  	Domestic Restricted Subsidiaries
	 Schedule II
	  	Required Consents
		
	 ANNEXES
	  	 
		
	 Annex I
	  	Form of Joinder Agreement
	 Annex II
	  	Form of Perfection Certificate

  

 -iii- 

  
 U.S. SECURITY AGREEMENT

  
 U.S. SECURITY AGREEMENT (as amended, amended and restated,
supplemented or otherwise modified from time to time, this “Agreement”) dated as of February 11, 2005 among CONSTAR INTERNATIONAL INC., a Delaware corporation (the “Issuer”), each Domestic Restricted Subsidiary of
the Issuer listed on Schedule I hereto (collectively, together with each Domestic Restricted Subsidiary that becomes a party hereto pursuant to Section 2.03 of this Agreement, the “Subsidiary Guarantors” and, together with
Issuer, the “Grantors”) and The Bank of New York, as trustee under the Indenture, as defined below (in such capacity, and together with any successors in such capacity, the “Trustee”) acting for and on behalf of the
holders (the “Noteholders”) of the Notes described below. 
  
 R E C I T A L S 
  
 A. Pursuant to the Indenture dated as of the date hereof among the Issuer, the Subsidiaries party thereto and the Trustee (as further amended, amended and
restated, supplemented or otherwise modified from time to time, the “Indenture”), the Issuer has issued Senior Secured Floating Rate Notes due 2012 in the aggregate principal amount of $220,000,000 (collectively, the “Senior
Secured Notes”). 
  
 B. It is contemplated that the
Issuer may, after the date hereof, issue Series B Notes and Additional Notes (each as defined in the Indenture, the Series B Notes and the Additional Notes, together with the Senior Secured Notes, the “Notes”), in each case,
pursuant to the provisions of the Indenture. 
  
 C. Each
Subsidiary Guarantor has, pursuant to the Indenture, among other things, unconditionally guaranteed (the “Guarantees”) the obligations of the Issuer under the Indenture, the Notes and the Guarantees. 
  
 D. The Issuer and each Subsidiary Guarantor will receive substantial benefits
from the execution, delivery and performance of the obligations under the Indenture, the Notes and the Guarantees and is, therefore, willing to enter into this Agreement. 
  
 E. The Trustee (for its benefit and the benefit of the Secured Parties (as hereinafter defined) and Citicorp USA, Inc. as
administrative agent under the Credit Agreement have entered into the Access, Use and Intercreditor Agreement (as hereinafter defined), which agreement provides for the respective interests of the various parties relating to assets pledged by the
Grantors. 
  
 F. Each Grantor is or, as to Collateral (as
hereinafter defined) acquired by such Grantor after the date hereof will be, the legal and/or beneficial owner of the Collateral pledged by it hereunder. 
  
 G. This Agreement is given by each Grantor in favor of the Trustee for the benefit of the Secured Parties to secure the payment and performance of all of
the Obligations (as hereinafter defined). 
  

 NOW THEREFORE, in consideration of the foregoing and other benefits accruing each Grantor, the receipt
and sufficiency of which are hereby acknowledged, each Grantor hereby agrees with the Trustee for the benefit of the Secured Parties (and each of their respective successors and assigns), as follows: 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 SECTION 1.01. Uniform Commercial Code Defined Terms. Unless otherwise defined herein, terms used herein that are defined in the UCC (as defined
below) shall have the meanings assigned to them in the UCC, including the following which are capitalized herein: 
  
 “Commercial Tort Claim”; “Documents”; “Equipment” and “Fixtures”. 
  
 SECTION 1.02. Indenture Defined Terms. Capitalized terms used but not
otherwise defined herein that are defined in the Indenture shall have the meanings given to them in the Indenture, including the following: 
  
 “Authority”; “Business Day”; “Credit Agreement”; “Default”; “Domestic Restricted Subsidiary”;
“Event of Default”; “GAAP”; “Intercreditor Agreement”; “Lien”; “Note Guarantor”; “Permitted Investments”; “Permitted Liens”; “Person”; and “Subsidiary”.

  
 SECTION 1.03. Definition of Certain Terms Used
Herein. As used herein, the following terms shall have the following meanings: 
  
 “Access, Use and Intercreditor Agreement” shall mean the Access, Use and Intercreditor Agreement, dated as of February 11, 2005 by and among Citicorp USA, Inc., Citicorp Trustee Company Limited, the
Trustee and the Issuer and the Subsidiaries party thereto. 
  
 “Books and Records” shall mean all instruments, files, records, ledger sheets and documents evidencing, covering or relating to any of the Collateral. 
  
 “Charges” shall mean any and all property and other taxes, assessments and special assessments, levies,
fees and all governmental charges imposed upon or assessed against, and all claims (including, without limitation, landlords’, carriers’, mechanics’, maritime, workmen’s, repairmen’s, laborers’, materialmen’s,
suppliers’ and warehousemen’s Liens and other claims arising by operation of law) against, all or any portion of the Collateral. 
  
 “Collateral” shall mean all of the following, in each case, whether now owned or hereafter acquired: 
  
 (a) Equipment; 
  
 (b) Fixtures; 
  

 -2- 

 (c) Collateral Account and Collateral Account Funds; 
  
 (d) Commercial Tort Claims relating to any Equipment and Fixtures;

  
 (e) Documents representing or evidencing any, Equipment or
Fixtures; 
  
 (f) Books and Records relating to any of the
foregoing; and 
  
 (g) Proceeds of any and all of the foregoing.

  
 Notwithstanding the foregoing, “Collateral”
shall not include (i) any property of the type included in the definition of Collateral in the Pledge and Security Agreement dated as of the date hereon and as in effect on the date hereof, among the Issuer, each other grantor from time to time
party thereto and Citicorp USA, Inc., as Administrative Agent, unless such property is described in clause (c) above or unless such property constitutes Proceeds described in clause (g) above. 
  
 “Collateral Account” shall mean that collateral account
established pursuant to the Indenture. 
  
 “Collateral
Account Funds” shall mean, collectively, the following from time to time on deposit in the Collateral Account: any funds, investments (including, without limitation, all Permitted Investments), any certificates and instruments from time to
time representing or evidencing such investments, notes, certificates of deposit, checks and other instruments, in each case, from time to time hereafter delivered to or otherwise possessed by the Trustee for or on behalf of any Grantor in
substitution for any or all of the Collateral or in connection with any provision of the Indenture that requires funds to be deposited in the Collateral Account, and all interest, dividends, cash, instruments and other property distributed in
respect of or in exchange for any or all of the items constituting Collateral or other funds deposited thereto pursuant to the Indenture. 
  
 “Collateral Material Adverse Effect” shall mean, as of any date of determination and whether individually or in the aggregate, (a) any
event, circumstance, occurrence or condition which has caused or resulted in (or would reasonably be expected to cause or result in) a material adverse effect on the business or operations or prospects as presently conducted; (b) any event,
circumstance, occurrence or condition which has caused or resulted in (or would reasonably be expected to cause or result in) a material adverse effect on the value or utility of the Collateral taken as a whole; or (c) any event, circumstance,
occurrence or condition which has caused or resulted in (or would reasonably be expected to cause or result in) a material adverse effect on the legality, priority or enforceability of the Lien created by this Agreement or the rights and remedies of
the Trustee hereunder. 
  
 “Financing Documents”
shall mean, collectively, the Indenture, the Notes and all guarantees, security agreements and other agreements, documents and instruments now or at any time hereafter executed and/or delivered by any Grantor in connection therewith, as the same now
exist or may hereafter be amended, modified, supplemented, extended, renewed, restated or replaced. 
  

 -3- 

 “Grantors” shall have the meaning assigned to such tem in the recitals of this
Agreement. 
  
 “Indenture” shall have the meaning
assigned to such term in the Recitals of this Agreement. 
  
 “Issuer” shall have the meaning assigned to such term in the Recitals of this Agreement. 
  
 “Notes” shall have the meaning assigned to such term in the Recitals of this Agreement. 
  
 “Obligations” shall mean all obligations (whether or not
constituting future advances, obligatory or otherwise) of the Issuer and any and all of the Subsidiary Guarantors from time to time arising under or in respect of this Agreement, the Notes, the Indenture, the Guarantees and the other Financing
Documents, and all other charges, fees, expenses, commissions, reimbursements, premiums, indemnities and other payments provided for in this Agreement, the Notes, the Indenture, the Guarantees and other Financing Documents), in each case whether (i)
such obligations are direct or indirect, secured or unsecured, joint or several, absolute or contingent, due or to become due whether at stated maturity, by acceleration or otherwise, (ii) arising in the regular course of business or otherwise,
(iii) for payment or performance and/or (iv) now existing or hereafter arising (including, without limitation, interest and other obligations arising or accruing after the commencement of any bankruptcy, insolvency, reorganization or similar
proceeding with respect to the Issuer, any Subsidiary Guarantor or any other Person, or which would have arisen or accrued but for the commencement of such proceeding, even if such obligation or the claim therefor is not enforceable or allowable in
such proceeding). 
  
 “Perfection Certificate”
shall mean a certificate substantially in the form of Annex II hereto, completed and supplemented with the schedules and attachments contemplated thereby, and duly executed by the Grantors. 
  
 “Proceeds” shall mean, collectively, all
“proceeds,” as such term is defined in the UCC, and in any event shall include, without limitation, any consideration received from the sale, exchange, license, lease or other disposition of ownership or control of any asset or property
that constitutes Collateral, any value received as a consequence of the possession of any Collateral and any payment received from any insurer or other Person or entity as a result of the destruction, loss, theft, damage or other involuntary
conversion of whatever nature of any asset or property that constitutes Collateral, and shall include (a) all cash and negotiable instruments received by or held on behalf of the Trustee, (b) any claim of any Grantor against any third party in
respect of Collateral and (c) any and all other amounts from time to time paid or payable under or in connection with any of the Collateral. 
  
 “Secured Parties” shall mean, collectively, the Trustee and the Noteholders. 
  
 “Security Interest” shall have the meaning assigned to such
term in Section 2.01. 
  

 -4- 

 “Subsidiary Guarantors” shall have the meaning assigned to such term in the Recitals of
this Agreement. 
  
 “UCC” shall mean the Uniform
Commercial Code as from time to time in effect in the State of New York; provided, however, that if by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of the Trustee’s and the Secured
Parties’ security interest in any item or portion of the Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as
in effect on the date hereof in such other jurisdiction for purposes of the provisions hereof relating to such attachment, perfection or priority and for purposes of definitions relating to such provisions. 
  
 SECTION 1.04. Rules of Construction. Unless the context otherwise
requires: 
  
 (1) a term has the meaning assigned to it;

  
 (2) an accounting term not otherwise defined has the meaning
assigned to it in accordance with GAAP; 
  
 (3) “or” is
not exclusive; 
  
 (4) words in the singular include the plural,
and in the plural include the singular; and 
  
 (5) provisions
apply to successive events and transactions. 
  
 SECTION 1.05.
Resolution of Drafting Ambiguities. Each Grantor acknowledges and agrees that it was represented by counsel in connection with the execution and delivery hereof, that it and its counsel reviewed and participated in the preparation and
negotiation hereof and that any rule of construction to the effect that ambiguities are to be resolved against the drafting party (i.e., the Trustee) shall not be employed in the interpretation hereof. 
  
 ARTICLE II 
  
 SECURITY INTEREST 
  
 SECTION 2.01. Security Interest. (a) As security for the payment or
performance, as the case may be, in full of the Obligations, each Grantor hereby bargains, sells, conveys, assigns, sets over, mortgages, pledges, hypothecates, transfers and grants to the Trustee and its successor and assigns, for the ratable
benefit of the Secured Parties, a first priority security interest in, all of such Grantor’s right, title and interest in, to and under the Collateral. 
  
 The Lien granted hereunder to secure the Obligations is referred to herein as the “Security Interest”. 
  

 -5- 

 (b) Without limiting the foregoing, the Trustee is hereby authorized to file one or more financing
statements (including fixture filings), continuation statements or other documents for the purpose of perfecting, confirming, continuing, enforcing or protecting the Security Interest granted by each Grantor, without the signature of any Grantor,
and naming any Grantor or the Grantors as debtors and the Trustee as secured party. Notwithstanding the foregoing, the Trustee shall be under no obligation whatsoever to file financing or continuation statements of any kind or to make any filing of
any kind in any public office. 
  
 SECTION 2.02. No Assumption
of Liability. The Security Interest is granted as security only and shall not subject the Trustee or any other Secured Party to, or in any way alter or modify, any obligation or liability of any Grantor with respect to or arising out of the
Collateral. 
  
 SECTION 2.03. Joinder of Additional
Guarantors. The Issuer shall cause each direct or indirect Domestic Restricted Subsidiary of the Issuer which at any time after the date hereof shall be required to become a Note Guarantor pursuant to the provisions of Section 11.5 of the
Indenture, to execute and deliver to the Trustee (i) a joinder agreement substantially in the form of Annex I annexed hereto and (ii) a Perfection Certificate substantially in the form of Annex II annexed hereto, in each case, within five Business
Days of the date on which it was acquired or created and, upon such execution and delivery, such Subsidiary shall constitute a “Grantor” for all purposes hereunder with the same force and effect as if originally named as a Grantor herein.
The execution and delivery of such joinder agreement shall not require the consent of any Grantor hereunder. The rights and obligations of each Grantor hereunder shall remain in full force and effect notwithstanding the addition of any new Grantor
as a party to this Agreement. 
  
 ARTICLE III 
  
 REPRESENTATIONS AND WARRANTIES 
  
 The Grantors jointly and severally represent and warrant to the Trustee and
the Secured Parties that as of the date hereof: 
  
 SECTION 3.01.
Title and Authority. Each Grantor has good and valid rights in and title to the Collateral with respect to which it has purported to grant a Security Interest hereunder and has full power and authority to grant to the Trustee the Security
Interest in such Collateral pursuant hereto and to execute, deliver and perform its obligations in accordance with the terms of this Agreement, without the consent or approval of any other Person other than any consent or approval which has been
obtained. 
  
 SECTION 3.02. Filings. All information set
forth herein and in the Perfection Certificate, including the Schedules annexed hereto and thereto, has been duly prepared, completed and executed and the information set forth herein and therein is correct and complete in all material respects. The
Collateral described on the Schedules annexed to the Perfection Certificate constitutes all of the property of such type of Collateral owned or held by the Grantors. 

  

 -6- 

 
Fully completed UCC financing statements (including fixture filings, as applicable) or other appropriate filings, recordings or registrations containing a
description of the Collateral have been filed in each governmental, municipal or other office specified in Schedule 7 to the Perfection Certificate, which are all the filings, recordings and registrations that are necessary to publish notice of and
protect the validity of and to establish a legal, valid and perfected security interest in favor of the Trustee for the benefit of the Secured Parties in respect of all Collateral in which the Security Interest may be perfected by filing, recording
or registration in the United States (or any political subdivision thereof) and its territories and possessions, and, no further or subsequent filing, refiling, recording, rerecording, registration or reregistration is necessary in any such
jurisdiction, except as provided under applicable law with respect to the filing of continuation statements. 
  
 SECTION 3.03. Validity of Security Interest. The Security Interest constitutes (a) a legal and valid security interest in all the Collateral
securing the payment and performance of the Obligations, (b) a perfected security interest in all Collateral in which a security interest may be perfected by filing, recording or registering a financing statement or analogous document in the United
States (or any political subdivision thereof) and its territories and possessions pursuant to the UCC or other applicable law in such jurisdictions and (c) a perfected Security Interest in all Collateral in which a security interest may be perfected
by possession or control by the Trustee, in each case, to the extent required pursuant to the provisions hereof. The Security Interest is and shall be prior to any other Lien on any of the Collateral, other than Permitted Liens. 
  
 SECTION 3.04. Limitations on and Absence of Other Liens. The
Collateral is owned by the Grantors free and clear of any Lien, except for Permitted Liens. The Grantors have not filed or consented to the filing of (a) any financing statement or analogous document under the UCC or any other applicable laws
covering any Collateral which has not been released or (b) any assignment in which any Grantor assigns any Collateral or any security agreement or similar instrument covering any Collateral with any foreign governmental, municipal or other office,
which financing statement or analogous document, assignment, security agreement or similar instrument is still in effect, except, in each case, for Permitted Liens. 
  
 SECTION 3.05. [Reserved]. 
  
 SECTION 3.06. Chief Executive Office; Change of Name; Jurisdiction of Organization. The exact legal name, type of organization, jurisdiction of
organization, Federal Taxpayer Identification Number, organizational identification number and chief executive office of such Grantor is indicated next to its name in Schedules 1(a) and 2(a) of the Perfection Certificate. Such Grantor is a
registered organization except to the extent disclosed in Schedule 1 (a) of the Perfection Certificate. 
  
 SECTION 3.07. Location of Equipment. All Equipment of such Grantor is located at the chief executive office or such other location listed in
Schedule 2(a), 2(b), 2(c), 2(d) or 2(e) of the Perfection Certificate. 
  
 SECTION 3.08. Condition and Maintenance of Equipment. The Equipment of such Grantor is in good repair, working order and condition, reasonable wear and tear excepted. Each Grantor shall cause the Equipment to
be maintained and preserved in good repair, working 

  

 -7- 

 
order and condition, reasonable wear and tear excepted, and shall as quickly as commercially practicable make or cause to be made all repairs, replacements
and other improvements which are necessary or appropriate in the conduct of such Grantor’s business, except where the failure to make such repairs, replacements or improvements would not have a Collateral Material Adverse Effect. 
  
 SECTION 3.09. Corporate Names; Prior Transactions. Such Grantor has
not, during the past five (5) years, been known by or used any other corporate or fictitious name or been a party to any merger or consolidation, or acquired all or substantially all of the assets of any Person, or acquired any of its property or
assets out of the ordinary course of business, except as set forth in Schedules 1(b), 1(c) and 4 of the Perfection Certificate. 
  
 SECTION 3.10. No Claims. The use by such Grantor of the Collateral and all such rights with respect to the foregoing do not infringe on the rights
of any Person other than such infringement which would not, individually or in the aggregate, result in a Collateral Material Adverse Effect. No claim has been made and remains outstanding that such Grantor’s use of any Collateral does or may
violate the rights of any third Person that would, individually or in the aggregate, have a Collateral Material Adverse Effect. 
  
 SECTION 3.11. No Conflicts, Consents, etc. Neither the execution and delivery hereof by each Grantor nor the consummation of the transactions
herein specified nor the fulfillment of the terms hereof (i) violates any organizational documents of such Grantor, (ii) violates the terms of any agreement, indenture, mortgage, deed of trust, equipment lease, instrument or other document to which
such Grantor is a party, or by which it is bound or to which any of its properties or assets are subject, which violation would, individually or in the aggregate, have a Collateral Material Adverse Effect, (iii) conflicts with any requirement of
applicable law applicable to any such Grantor or its property, which conflict would, individually or in the aggregate, have a Collateral Material Adverse Effect, or (iv) results in or requires the creation or imposition of any Lien (other than the
Lien contemplated hereby or by any of the other Financing Documents) upon or with respect to any of the property now owned or hereafter acquired by such Grantor. No consent, authorization, approval, license or other action by, and no notice to or
filing with, any governmental authority or regulatory body or other Person (including, without limitation, equityholders or creditors of such Grantor) is required (A) for the pledge by such Grantor of the Collateral pledged by it pursuant to this
Agreement or for the execution, delivery or performance hereof by such Grantor other than such as have been obtained or made and are in full force and effect and except for such filings as may be necessary to perfect the Liens granted pursuant to
this Agreement, except as set forth in Schedule II annexed hereto, (B) for the exercise by the Trustee of the voting or other rights provided for in this Agreement or (C) for the exercise by the Trustee of the remedies in respect of the
Collateral pursuant to this Agreement subject to the provisions of Article V hereof. In the event that the Trustee is entitled to and desires to exercise any remedies, voting or consensual rights or attorney-in-fact powers set forth in this
Agreement and determines it necessary to obtain any approvals or consents of any Authority or any other Person therefor, then, upon the reasonable request of the Trustee, such Grantor agrees to use its commercially reasonable efforts to assist and
aid the Trustee to obtain as soon as practicable any necessary approvals or consents for the exercise of any such remedies, rights and powers. 
  

 -8- 

  
 ARTICLE IV 
  
 COVENANTS 
  
 SECTION 4.01. Change of Name; Location of Collateral; Records; Place of Business. (a) Each Grantor agrees promptly to
notify the Trustee in writing of any change (i) in its corporate name or in any trade name used to identify it in the conduct of its business or in the ownership of its properties, (ii) in the location of its chief executive office, its principal
place of business, any office in which it maintains books or records relating to Collateral owned by it or any office or facility at which Collateral owned by it is located (including the establishment of any such new office or facility), (iii) in
its identity or corporate structure or (iv) in its Federal Taxpayer Identification Number. Each Grantor agrees not to effect or permit any change referred to in the preceding sentence unless all filings have been made under the UCC or otherwise that
are required in order for the Trustee to continue at all times following such change to have a valid, legal and perfected first priority security interest in all the Collateral for its benefit and the benefit of the Secured Parties subject to no
other Liens other than Permitted Liens. Each Grantor agrees promptly to notify the Trustee if any material portion of the Collateral owned or held by such Grantor is damaged or destroyed. 
  
 (b) Each Grantor agrees to maintain, at its own cost and expense, such complete and accurate records with respect to the
Collateral owned by it as is consistent with its current practices and in accordance with such prudent and standard practices used in industries that are the same as or similar to those in which such Grantor is engaged, but in any event to include
complete accounting records indicating all payments and proceeds received with respect to any part of the Collateral, in each case to the extent required by GAAP, and, at such time or times as the Trustee may reasonably request, promptly to prepare
and deliver to the Trustee a duly certified schedule or schedules in form and detail satisfactory to the Trustee showing the identity, amount and location of any and all Collateral. 
  
 SECTION 4.02. Protection of Security. Each Grantor shall, at its own cost and expense, take any and all reasonable
actions necessary to defend title to the Collateral against all Persons and to defend the Security Interest of the Trustee in the Collateral and the priority thereof against any Lien other than those permitted hereunder and pursuant to the
Indenture. 
  
 SECTION 4.03. Further Assurances. Each
Grantor agrees, at its own expense, to execute, acknowledge, deliver and cause to be duly filed all such further instruments and documents and take all such actions as necessary to, or as the Trustee may from time to time reasonably request to,
better assure, preserve, protect and perfect the Security Interest and the rights and remedies created hereby, including the payment of any fees and taxes required in connection with the execution and delivery of this Agreement, the granting of the
Security Interest and the filing of any financing statements (including fixture filings) or other documents in connection herewith or therewith. 
  
 SECTION 4.04. Inspection and Verification. The Trustee and such Persons as the Trustee may reasonably designate shall have the right, at the
Grantors’ own cost and expense, to at all reasonable times and upon reasonable notice under the circumstances inspect the Collateral, 

  

 -9- 

 
all records related thereto (and to make extracts and copies from such records) and the premises upon which any of the Collateral is located, to discuss the
Grantors’ affairs with the officers of the Grantors and to verify under reasonable procedures, the validity, amount, quality, quantity, value, condition and status of, or any other matter relating to, the Collateral, including, in the case of
Collateral in the possession of any third person, by contacting the third person possessing such Collateral for the purpose of making such a verification, with substantially concurrent notice to the Grantors. Notwithstanding the foregoing, the
Trustee’s right to inspect any premises leased by any Grantor shall only be required to the extent permitted by third party landlords with rights to govern access; provided, however, that to the extent any third party landlord
does not permit the Trustee to have access to any leased premises, the applicable Grantor shall use commercially reasonable efforts to cause such third party landlord to permit access to the Trustee at such leased premises. The Trustee shall have
the absolute right to share any information it gains from such inspection or verification with any Secured Party. 
  
 SECTION 4.05. Taxes; Encumbrances. The Trustee may, but shall not be obligated to, discharge past due taxes, assessments, charges, fees, Liens,
security interests or other encumbrances at any time levied or placed on the Collateral except to the extent same constitute Permitted Liens, and may pay for the maintenance and preservation of the Collateral to the extent any Grantor fails to do so
as required by this Agreement, and each Grantor jointly and severally agrees to reimburse the Trustee on demand for any payment made or any expense incurred by the Trustee pursuant to the foregoing authorization; provided, however,
that nothing in this Section 4.05 shall be interpreted as excusing any Grantor from the performance of, or imposing any obligation on the Trustee or any Secured Party to cure or perform, any covenants or other promises of any Grantor with respect to
taxes, assessments, charges, fees, liens, security interests or other encumbrances and maintenance as set forth herein or in the other Financing Documents. 
  
 SECTION 4.06. Continuing Obligations of the Grantors. Each Grantor shall remain liable to observe and perform all the conditions and obligations to
be observed and performed by it under each contract, agreement or instrument relating to the Collateral, all in accordance with the terms and conditions thereof, and each Grantor jointly and severally agrees to indemnify and hold harmless the
Trustee and the Secured Parties from and against any and all liability for such performance. 
  
 SECTION 4.07. Use and Disposition of Collateral. None of the Grantors shall make or permit to be made any transfer, assignment for security, pledge or hypothecation of the Collateral or shall grant any other
Lien in respect of the Collateral other than those permitted hereunder and pursuant to the Indenture. 
  
 SECTION 4.08. Collateral Account. The Issuer will establish with the Trustee a Collateral Account pursuant to Section 12.1 of the Indenture. The
Trustee will have a perfected first priority security interest in the Collateral Account by “control” (as such term is defined in Section 9-104 of the UCC) with respect to any Collateral Account for which the Trustee acts as a “bank
(as such term is defined in Section 9-102 of the UCC) and, with respect to any other Collateral Account, upon execution of an account control agreement in form and substance reasonably acceptable to the Trustee. 
  

 -10- 

  
 ARTICLE V 

 
 REMEDIES 
  
 SECTION 5.01. Remedies upon Default. Upon the occurrence and during
the continuance of an Event of Default, each Grantor agrees to deliver each item of Collateral to the Trustee on demand, and it is agreed that the Trustee shall have the right to take any of or all the following actions at the same or different
times: with or without legal process and with or without prior notice or demand for performance, to take possession of the Collateral and without liability for trespass to enter any premises where the Collateral may be located for the purpose of
taking possession of or removing the Collateral and, generally, to exercise any and all rights afforded to a secured party under the UCC or other applicable law. Without limiting the generality of the foregoing, each Grantor agrees that the Trustee
shall have the right, subject to the mandatory requirements of applicable law, to sell or otherwise dispose of all or any part of the Collateral, either directly or though agents, at public or private sale or at any broker’s board or on any
securities exchange, for cash, upon credit or for future delivery as the Trustee shall deem appropriate. Upon consummation of any such sale the Trustee shall have the right to assign, transfer and deliver to the purchaser or purchasers thereof the
Collateral so sold. Each such purchaser at any such sale shall hold the property sold absolutely, free from any claim or right on the part of any Grantor, and each Grantor hereby waives (to the extent permitted by law) all rights of redemption, stay
and appraisal which such Grantor now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. 
  
 The Trustee shall give a Grantor ten (10) days’ prior written notice (which each Grantor agrees is reasonable time within the meaning of Section
9-612 of the UCC) of the Trustee’s intention to make any sale of such Grantor’s Collateral. Such notice, in the case of a public sale, shall state the time and place for such sale and, in the case of a sale at a broker’s board or on a
securities exchange, shall state the board or exchange at which such sale is to be made and the day on which the Collateral, or portion thereof, will first be offered for sale at such board or exchange. Any such public sale shall be held at such
time or times within ordinary business hours and at such place or places as the Trustee may fix and state in the notice of such sale. At any such sale, the Collateral, or portion thereof, to be sold may be sold in one lot as an entirety or in
separate parcels, as the Trustee may (in its sole and absolute discretion) determine. The Trustee shall not be obligated to make any sale of any Collateral if it shall determine not to do so, regardless of the fact that notice of sale of such
Collateral shall have been given. The Trustee may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for sale, and such sale may, without
further notice, be made at the time and place to which the same was so adjourned. In case any sale of all or any part of the Collateral is made on credit or for future delivery, the Collateral so sold may be retained by the Trustee until the sale
price is paid by the purchaser or purchasers thereof, but the Trustee shall not incur any liability in case any such purchaser or purchasers shall fail to take up and pay for the Collateral so sold and, in case of any such failure, such Collateral
may be sold again upon like notice. At any public (or, to the extent permitted by law, private) sale made pursuant to this Section, any Secured Party may bid for or purchase, free (to the extent permitted by law) from any right of redemption, stay,
valuation or appraisal on the 

  

 -11- 

 
part of any Grantor (all said rights being also hereby waived and released), the Collateral or any part thereof offered for sale and may make payment on
account thereof by using any Obligation then due and payable to such Secured Party from any Grantor as a credit against the purchase price, and such Secured Party may, upon compliance with the terms of sale, hold, retain and dispose of such property
without further accountability to any Grantor therefor. For purposes of this Section 5.01, a written agreement to purchase the Collateral or any portion thereof shall be treated as a sale thereof and the Trustee shall be free to carry out
such sale pursuant to such agreement and no Grantor shall be entitled to the return of the Collateral or any portion thereof subject thereto, notwithstanding the fact that after the Trustee shall have entered into such an agreement all Events of
Default shall have been remedied and the Obligations paid in full. As an alternative to exercising the power of sale herein conferred upon it, the Trustee may proceed by a suit or suits at law or in equity to foreclose this Agreement and to sell the
Collateral or any portion thereof pursuant to a judgment or decree of a court or courts having competent jurisdiction or pursuant to a proceeding by a court-appointed receiver. Any sale pursuant to the provisions of this Section shall be deemed to
conform to the commercially reasonable standards as provided in Section 9-610 of the UCC. 
  
 SECTION 5.02. Application of Proceeds. The proceeds received by the Trustee in respect of any sale of, collection from or other realization upon all or any part of the Collateral pursuant to the exercise by the
Trustee of its remedies as a Secured Party as provided herein shall be applied, together with any other sums then held by the Trustee pursuant to this Agreement, promptly by the Trustee in the manner set forth in the Indenture. 
  
 SECTION 5.03. Remedies Cumulative. Each and every right, power and
remedy hereby specifically given to the Trustee shall be in addition to every other right, power and remedy specifically given under any Financing Document or otherwise now or hereafter existing at law or in equity, or by statute, and each and every
right, power and remedy whether specifically herein given or otherwise existing may be exercised from time to time or simultaneously and as often and in such order as may be deemed expedient by the Trustee. All such rights, powers and remedies shall
be cumulative and the exercise or the beginning of exercise of one shall not be deemed a waiver of the right to exercise of any other or others. No delay or omission of the Trustee in the exercise of any such right, power or remedy and no renewal or
extension of any of the Obligations shall impair any such right, power or remedy or shall be construed to be a waiver of any Default or Event of Default or an acquiescence therein. In the event that the Trustee shall bring any suit to enforce any of
its rights hereunder and shall be entitled to judgment, then in such suit the Trustee may recover reasonable expenses, including, without limitation, reasonable attorneys’ fees, and the amounts thereof shall be included in such judgment.

  
 SECTION 5.04. Discontinuance of Proceedings. In case
the Trustee shall have instituted any proceeding to enforce any right, power or remedy under this Agreement by foreclosure, sale, entry or otherwise, and such proceeding shall have been discontinued or abandoned for any reason or shall have been
determined adversely to the Trustee then and in every such case the Grantors, the Trustee and each Secured Party shall be restored to its former position and rights hereunder with respect to the Collateral subject to the security interest created
under this 

  

 -12- 

 
Agreement, and all rights, remedies and powers of the Trustee shall continue as if no such proceeding had been institute. 
  
 ARTICLE VI 
  
 AUTHORITY OF TRUSTEE IN RESPECT OF THE COLLATERAL 
  
 SECTION 6.01. General Authority of the Trustee over the Collateral.
(a) Each Grantor hereby appoints the Trustee as its true and lawful attorney-in-fact for the purpose of taking any action and executing any and all documents and instruments as necessary to, or that the Trustee may deem necessary or desirable to,
carry out the terms of this Agreement and the other Financing Documents and accomplish the purposes hereof and thereof and, without limiting the generality of the foregoing, each Grantor hereby acknowledges that the Trustee shall have all powers and
remedies set forth in the Financing Documents. The foregoing grant of authority is a power of attorney coupled with an interest and such appointment shall be irrevocable for the term hereof. Each Grantor hereby ratifies all that such attorney shall
lawfully do or cause to be done by virtue hereof in accordance with the terms of this Agreement and the other Financing Documents. 
  
 (a) By acceptance of the benefits of this Agreement and the Financing Documents, each Secured Party shall be deemed irrevocably (i) to consent to the
appointment of the Trustee as its agent hereunder and under the Financing Documents, (ii) to confirm that the Trustee shall have the authority to act as the exclusive agent of such Secured Party for enforcement of any provisions of this Agreement
and the Financing Documents against any Grantor or the exercise of remedies hereunder or thereunder, (iii) to agree that such Secured Party shall not take any action to enforce any provisions of this Agreement or any Financing Document against any
Grantor or to exercise any remedy hereunder or thereunder and (iv) to agree to be bound by the terms of this Agreement and the Financing Documents. 
  
 (b) The Trustee hereby agrees that it holds and will hold all of its right, title and interest in, to and under the Financing Documents and the Collateral
granted to the Trustee thereunder whether now existing or hereafter arising (all such right, title and interest being hereinafter referred to as the “Collateral Estate”) under and subject to the conditions set forth in this
Agreement; and the Trustee further agrees that it will hold such Collateral Estate for the benefit of the Secured Parties, for the enforcement of the payment of all Obligations (subject to the limitations and priorities set forth herein and in the
respective Security Documents) and as security for the performance of and compliance with the covenants and conditions of this Agreement and each of the Financing Documents. 
  
 SECTION 6.02. Right to Initiate Judicial Proceedings. The Trustee (a) shall have the right and power to institute and
maintain such suits and proceedings as it may deem appropriate to protect and enforce the rights vested in it by this Agreement and each Financing Document and (b) may, either after entry, or without entry, proceed by suit or suits at law or in
equity to enforce such rights and to foreclose upon the Collateral and to sell all or, from time to time, any of the Collateral under the judgment or decree of a court of competent jurisdiction. 
  

 -13- 

 SECTION 6.03. Right to Appoint a Receiver. Upon the filing of a bill in equity or other
commencement of judicial proceedings to enforce the rights of the Trustee under this Agreement or any Financing Document, the Trustee shall, to the extent permitted by law, with notice to the Issuer but without notice to any other Grantor or any
party claiming through the Grantors, without regard to the solvency or insolvency at the time of any Person then liable for the payment of any of the Obligations, without regard to the then value of the Collateral Estate, and without requiring any
bond from any complainant in such proceedings, be entitled as a matter of right to the appointment of a receiver or receivers of the Collateral Estate, or any part thereof, and of the rents, issues, tolls, profits, royalties, revenues and other
income thereof, pending such proceedings, with such powers as the court making such appointment shall confer, and to the entry of an order directing that the rents, issues, tolls, profits, royalties, revenues and other income of the property
constituting the whole or any part of the Collateral Estate be segregated, sequestered and impounded for the benefit of the Trustee and the Secured Parties, and each Grantor irrevocably consents to the appointments of such receiver or receivers and
to the entry of such order; provided that, notwithstanding the appointment of any receiver, the Trustee shall be entitled to retain possession and control of all funds and other property or assets held by or deposited with it pursuant to this
Agreement or any Financing Document. 
  
 SECTION 6.04. Exercise
of Powers. All of the powers, remedies and rights of the Trustee as set forth in this Agreement may be exercised by the Trustee in respect of any Financing Document as though set forth in full therein and all of the powers, remedies and rights
of the Trustee as set forth in any Financing Document may be exercised from time to time as herein and therein provided. 
  
 SECTION 6.05. Waiver and Estoppel. (a) Each Grantor agrees, to the extent it may lawfully do so, that it will not at any time in any manner
whatsoever claim, or take the benefit or advantage of, any appraisement, valuation, stay, extension, moratorium, turnover or redemption law, or any law permitting it to direct the order in which the Collateral shall be sold, now or at any time
hereafter in force, which may delay, prevent or otherwise affect the performance or enforcement of this Agreement or any Financing Document and hereby waives all benefit or advantage of all such laws and covenants that it will not hinder, delay or
impede the execution of any power granted to the Trustee in this Agreement or any Financing Document but will suffer and permit the execution of every such power as though no such law were in force; provided that nothing contained in this
Section 6.05(a) shall be construed as a waiver of any rights of the Grantors under any applicable federal bankruptcy law or state insolvency law. 
  
 (b) Each Grantor, to the extent it may lawfully do so, on behalf of itself and all who may claim through or under it, including without limitation any and
all subsequent creditors, vendees, assignees and licensors, waives and releases all rights to demand or to have any marshaling of the Collateral upon any sale, whether made under any power of sale granted herein or in any Financing Document or
pursuant to judicial proceedings or upon any foreclosure or any enforcement of this Agreement or any Financing Document and consents and agrees that all the Collateral may at any such sale be offered and sold as an entirety. 
  
 (c) Each Grantor waives, to the extent permitted by applicable law,
presentment, demand, protest and any notice of any kind (except notices explicitly required hereunder or 

  

 -14- 

 
under any Financing Document) in connection with this Agreement and the Financing Documents and any action taken by the Trustee with respect to the
Collateral. 
  
 SECTION 6.06. Limitation on Trustee’s Duty
in Respect of Collateral and Trustee’s Rights. (a) Beyond its duties as to the custody thereof expressly provided herein or in any Financing Document and to account to the Secured Parties and the Grantors for moneys and other property
received by it hereunder or under any Financing Document, the Trustee shall not have any duty to the Grantors or to the Secured Parties as to any Collateral in its possession or control or in the possession or control of any of its agents or
nominees, or any income thereon or as to the preservation of rights against prior parties or any other rights pertaining thereto. The Trustee shall not 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. The Trustee 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. The Trustee shall not 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, except to the extent such action or omission constitutes gross negligence,
bad faith or willful misconduct on the part of the Trustee, for the validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the validity of the title of the Company 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. The Trustee shall have no duty to ascertain or inquire as to the performance or observance of any of the
terms of this Indenture, or the Financing Documents by the Company. The Trustee hereby disclaims any representation or warranty to the other Secured Parties concerning the perfection of the Liens and security interests granted hereunder or in the
value of any of the Collateral. 
  
 (b) In acting under or by
virtue of this Agreement, the Trustee shall be entitled to all the rights, authority, privileges, indemnities, and immunities provided to it in the Indenture, all of which provisions of said Indenture are incorporated by reference herein, mutatis
mutandis, with binding effect among the parties hereto. 
  
 SECTION 6.07. Rights of Secured Parties in Respect of Obligations. Notwithstanding any other provision of this Agreement or any Financing Document, the right of each Secured Party to receive payment of the Obligations held by such
Secured Party when due (whether at the stated maturity thereof, by acceleration or otherwise), as expressed in the instruments evidencing or agreements governing such Obligations or to institute suit for the enforcement of such payment on or after
such due date (to the extent suit can be brought without impairing the validity of the Trustee’s lien), shall not be impaired or affected without the consent of such Secured Party given in the manner prescribed by the instruments evidencing or
agreements governing such Obligations. 
  

 -15- 

  
 ARTICLE VII

  
 MISCELLANEOUS 
  
 SECTION 7.01. Notices. All communications and notices hereunder shall
(except as otherwise expressly permitted herein) be in writing and given as provided in Section 14.2 of the Indenture. 
  
 SECTION 7.02. Security Interest Absolute. All rights of the Trustee hereunder, the Security Interest and all obligations of the Grantors hereunder
shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of the Indenture or any other Financing Document, any agreement with respect to any of the Obligations or any other agreement or instrument relating to
any of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all or any of the Obligations, or any other amendment or waiver of or any consent to any departure from the Indenture, any other Financing
Document or any other agreement or instrument, (c) any exchange, release or non-perfection of any Lien on other collateral, or any release or amendment or waiver of or consent under or departure from any guarantee, securing or guaranteeing all or
any of the Obligations, or (d) any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Grantor in respect of the Obligations or this Agreement. 
  
 SECTION 7.03. Survival of Agreement. All covenants, agreements,
representations and warranties made by any Grantor herein and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or any other Financing Document shall be considered to have been relied
upon by the Trustee and the other Secured Parties and shall survive the issuance and sale of the Notes, regardless of any investigation made by the Secured Parties or on their behalf, and shall continue in full force and effect until this Agreement
shall terminate. 
  
 SECTION 7.04. Binding Effect. This
Agreement shall become effective as to any Grantor when a counterpart hereof executed on behalf of such Grantor shall have been delivered to the Trustee and a counterpart hereof shall have been executed on behalf of the Trustee, and thereafter shall
be binding upon such Grantor and the Trustee and their respective successors and assigns, and shall inure to the benefit of such Grantor, the Trustee and the other Secured Parties and their respective successors and assigns, except that no Grantor
shall have the right to assign or transfer its rights or obligations hereunder or any interest herein or in the Collateral (and any such assignment or transfer shall be void) except as expressly permitted by each of the other Financing Documents.

  
 SECTION 7.05. Successors and Assigns. Whenever in this
Agreement any of the parties hereto is referred to, such reference shall be deemed to include the successors and assigns of such party; and all covenants, promises and agreements by or on behalf of any Grantor or the Trustee that are contained in
this Agreement shall bind and inure to the benefit of their respective successors and assigns. 
  

 -16- 

 SECTION 7.06. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 
  
 SECTION
7.07. Waivers; Amendment; Several Agreement. (a) No failure or delay of the Trustee in exercising any power or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any
abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Trustee hereunder and of the other Secured Parties
under the other Financing Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provisions of this Agreement or any other Financing Document or consent to any departure by any
Grantor therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) below, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice to or demand
on any Grantor in any case shall entitle such Grantor or any other Grantor to any other or further notice or demand in similar or other circumstances. 
  
 (b) Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered
into by the Trustee and the Grantor or Grantors with respect to which such waiver, amendment or modification is to apply; provided, however, that no such change, waiver, modification or variance shall be made to Section 5.02 hereof or
this Section 7.07(b) without the consent of each Secured Party adversely affected thereby; provided further that the Trustee shall be entitled to receive an Opinion of Counsel (as defined in the Indenture) that all conditions precedent to the
execution of any such amendment have been complied with, and that such amendment is authorized or permitted. 
  
 (c) This Agreement shall be construed as a separate agreement with respect to each Grantor and may be amended, modified, supplemented, waived or released
with respect to any Grantor without the approval of any other Grantor and without affecting the obligations of any other Grantor hereunder. 
  
 SECTION 7.08. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL
BY JURY IN RESPECT OF ANY LITIGATION ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY 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, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 7.08. 
  
 SECTION 7.09. Severability. In the event any one or more of the provisions contained in this Agreement should be held invalid, illegal or
unenforceable in any respect, the 

  

 -17- 

 
validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby (it being understood
that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties shall endeavor in good-faith negotiations to replace the invalid,
illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
  
 SECTION 7.10. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall
constitute an original but all of which when taken together shall constitute a single contract and shall become effective as provided in Section 7.04. Delivery of an executed signature page to this Agreement by facsimile transmission shall be
effective as delivery of a manually executed counterpart hereof. 
  
 SECTION 7.11. Headings. Article and Section headings used herein are for the purpose of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this
Agreement. 
  
 SECTION 7.12. Jurisdiction; Consent to Service
of Process. (a) Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New York
City, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or the other Financing Documents, or for recognition or enforcement of any judgment, and each of the parties hereto hereby
irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto 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 Agreement shall affect any right that the Trustee or any
other Secured Party may otherwise have to bring any action or proceeding relating to this Agreement or the other Financing Documents against any Grantor or its properties in the courts of any jurisdiction. 
  
 (b) Each party hereto hereby irrevocably and unconditionally waives, to the
fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the other Financing Documents in any New
York State or Federal court referred to in paragraph (c) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or
proceeding in any such court. 
  
 (c) Each party to this Agreement
irrevocably consents to service of process in the manner provided for notices in Section 7.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 
  
 SECTION 7.13. Termination. This Agreement and the Security Interest
(i) shall terminate when all the Obligations have been indefeasibly paid in full, and (ii) shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any Obligation is rescinded or must
otherwise be restored by any Secured Party or any Grantor upon the bankruptcy or reorganization of the Issuer, any Grantor or otherwise. 
  

 -18- 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first
above written. 
  

			
	 CONSTAR INTERNATIONAL INC.

		
	 By:
	 	 /s/ WILLIAM S. RYMER

	 	 	 Name:

	 	 	 Title:

	
	 EACH OF THE DOMESTIC RESTRICTED SUBSIDIARIES LISTED ON SCHEDULE I HERETO

		
	 By:
	 	 /s/ WILLIAM S. RYMER

	 	 	 Name:

	 	 	 Title:

	
	 THE BANK OF NEW YORK,

	 as Trustee,

		
	 By:
	 	 /s/ JOSEPH A. LLORET

	 	 	 Name: Joseph A. Lloret

	 	 	 Title: Assistant Treasurer

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