Document:

Amended and Restated Intercreditor Agreement

 Exhibit 10.3 
 EXECUTION VERSION 
 AMENDED AND RESTATED INTERCREDITOR AGREEMENT

 THIS AMENDED AND RESTATED INTERCREDITOR AGREEMENT is dated as of the 25th day of October, 2012 (as amended, restated, supplemented or
otherwise modified from time to time, this “Agreement”), by and among: (i) WELLS FARGO BANK, NATIONAL ASSOCIATION, as Pari Passu Collateral Agent (as defined below) for the Pari Passu Secured Parties referred to below,
(ii) WELLS FARGO BANK, NATIONAL ASSOCIATION, as trustee under the New Indenture (as defined below) (together with its successors and permitted assigns, in such capacity, the “New Trustee”), and as collateral agent for
the New Notes Secured Parties referred to below (together with its successors and permitted assigns, in such capacity, the “New Noteholder Collateral Agent”); (iii) ROYAL BANK OF CANADA, as administrative agent for the
Credit Agreement Secured Parties referred to below (together with its successors and permitted assigns, in such capacity, the “Credit Agreement Agent”); (iv) WELLS FARGO BANK, NATIONAL ASSOCIATION, as collateral agent
for the Credit Agreement Secured Parties referred to below (together with its successors and permitted assigns, in such capacity, the “Credit Agreement Collateral Agent”); (vi) CITIBANK, N.A., as administrative agent for
the Term Loan Secured Parties referred to below (together with its successors and permitted assigns, in such capacity, the “Term Loan Agent”); (vii) WELLS FARGO BANK, NATIONAL ASSOCIATION, as collateral agent for the
Term Loan Secured Parties referred to below (together with its successors and permitted assigns, in such capacity, the “Term Loan Collateral Agent”); (viii) WELLS FARGO BANK, NATIONAL ASSOCIATION, as trustee under the
Existing Indenture (as defined below) (together with its successors and permitted assigns, in such capacity, the “Existing Trustee”), and as collateral agent for the Existing Notes Secured Parties referred to below (together
with its successors and permitted assigns, in such capacity, the “Existing Noteholder Collateral Agent”) and (ix); and is acknowledged and agreed to by (a) OFFSHORE GROUP INVESTMENT LIMITED, a Cayman Islands exempted
company (together with its successors and permitted assigns, the “Company”), (b) VANTAGE DRILLING COMPANY, a Cayman Islands exempted company (together with its successors and permitted assigns, the
“Parent”), and (c) each other Guarantor (as defined below) signatory hereto or that has executed a Joinder Consent Agreement (defined below). 
 PRELIMINARY STATEMENTS 
 1. Capitalized terms used herein and not defined
herein have the respective meanings given to them in the New Indenture or, if not defined therein, the Term Loan Facility, in each case referred to below. 
 2. The Company entered into that certain Indenture, dated as of July 30, 2010 (as the same has been and may be further amended, restated, supplemented or otherwise modified from time to time, the
“Existing Indenture”), with the Guarantors (as defined therein, including the Parent), the Existing Trustee and the Existing Noteholder Collateral Agent. 

3. The Company intends to enter into that certain Indenture, dated as of the date hereof (as the same may be amended, restated,
supplemented or otherwise modified from time to time, the “New Indenture”), with the Guarantors (as defined therein, including the Parent), the New Trustee and the New Noteholder Collateral Agent. 

  
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 4. The Company and the Parent entered into the Credit Agreement, dated as of June 21,
2012 (as the same has been and may be further amended, restated, modified, renewed, refunded, replaced or Refinanced, the “Credit Agreement”), with Royal Bank of Canada as the initial lender and Issuing Bank (as defined
therein) under the Credit Agreement (together with any other lenders party thereto from time to time, collectively, the “Credit Agreement Lenders”), and as Credit Agreement Agent and as Credit Agreement Collateral Agent. On
or before the date hereof, the Credit Agreement was amended, among other things, to permit the transactions contemplated hereby and for Wells Fargo Bank, National Association to succeed Royal Bank of Canada as Credit Agreement Collateral Agent. The
Credit Agreement qualifies as a “Credit Agreement,” as defined in the Existing Indenture, and a “Credit Facility,” as defined in the New Indenture. 
 5. The Company and Vantage Delaware Holdings, LLC intend to enter into the Term Loan Agreement, dated as of the date hereof (as the same may be amended, restated, modified, renewed, refunded, replaced or
Refinanced, the “Term Loan Facility”), with the lenders party thereto (collectively, the “Term Loan Lenders”), the other Guarantors party thereto, the Term Loan Agent and the Term Loan Collateral
Agent. The Term Loan Facility is the “Term Loan Facility,” as defined in each of the New Indenture and the Existing Indenture, in each case as amended, supplemented or otherwise modified through the date hereof. 

6. (a) The Company and the Guarantors (other than the Parent) have each granted to the Existing Noteholder Collateral Agent, for the
benefit of the Existing Notes Secured Parties (as defined below), a pari passu first-priority security interest in and lien upon substantially all of their assets (other than the Pari Passu Excluded Collateral (as defined below)), and (b) the
Parent has granted to the Existing Noteholder Collateral Agent, for the benefit of the Existing Notes Secured Parties, a security interest in and lien upon the equity interests it holds in the Company and certain other Subsidiaries (clauses
(a) and (b), collectively, the “Existing Notes Collateral”), pursuant to the terms of the Notes Collateral Agreements (defined below) in order to secure the payment in full of the Existing Notes Obligations (defined
below). 
 7. Although the parties intend for the Pari Passu Collateral Agent to be the sole lienholder with respect to Common
Collateral securing the Pari Passu Obligations, certain of the Existing Notes Collateral will not be released on the date hereof. The parties agree that, notwithstanding the foregoing, the Existing Notes Collateral constituting Common Collateral
should be treated as though it were for the benefit of the Pari Passu Secured Parties and the Existing Noteholder Collateral Agent agrees to appoint the Pari Passu Collateral Agent as its attorney-in-fact for all purposes with respect to the
administration and enforcement of the Existing Notes Collateral and with respect to the Existing Indenture Collateral Agreements (as defined below). 
 8. (a) The Company and the Guarantors (other than the Parent) have each granted to the Pari Passu Collateral Agent, for the benefit of the Pari Passu Secured Parties, a pari passu first-priority security
interest in and lien upon substantially all of their assets, and (b) the Parent has granted to the Pari Passu Collateral Agent, for the benefit of the Pari Passu Secured Parties, a security interest in and lien upon the equity interests it
holds in the Company and certain other Subsidiaries, pursuant to the terms of the Collateral Agreements (defined below) in order to secure (x) in the case of the Credit Agreement Excluded Collateral, the payment in full of the applicable Pari
Passu Obligations (defined below) in accordance with the last paragraph of Section 2.5, (y) in the case of the Pari Passu Excluded Collateral, the payment in full of the Credit Agreement Obligations, and (z) in all other cases,
the payment in full of the Pari Passu Obligations (defined below). 

  
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 9. In connection with the execution and delivery of the Term Loan Facility, the issuance of
the New Notes and the partial redemption of the Existing Notes, the parties hereto desire to enter into this Agreement. 

ARTICLE I 

INTERPRETATION OF THIS AGREEMENT 
 Section 1.1 Defined Terms. As used in this Agreement, capitalized terms have the respective meanings specified below or set forth in the Section of this Agreement referred
to immediately following such term: 
 “Additional Vessel” means a drilling rig or drillship or other
vessel that is used or useful in the Permitted Business. 
 “Agents” means, collectively, the Pari Passu
Collateral Agent, the Existing Noteholder Collateral Agent, the New Noteholder Collateral Agent, the Term Loan Collateral Agent, the Credit Agreement Collateral Agent and any Authorized Representative for the Other Pari Passu Secured Parties that is
specified in the applicable Joinder Agreement, and “Agent” means any one of them. 

“Agreement” has the meaning set forth in the first paragraph of this Agreement. 

“Alternate Controlling Party” means (a) in the case of the New Trustee, the Term Loan Agent, (b) in the
case of the Term Loan Agent, the Major Non-Controlling Party, and (c) in the case of the Credit Agreement Agent, the Stayed Controlling Party. 
 “Authorized Representative” means (i) in the case of any Term Loan Obligations or the Term Loan Secured Parties, the Term Loan Agent, (ii) in the case of the New Notes
Obligations, the New Trustee, (iii) in the case of the Existing Notes Obligations, the Existing Trustee, (iv) in the case of any Series of Other Pari Passu Obligations or Other Pari Passu Secured Parties that become subject to this
Agreement after the date hereof, the Authorized Representative named for such Series in the applicable Joinder Agreement, and (iv) in the case of the Credit Agreement Obligations, the Credit Agreement Agent. 

“Bankruptcy Case” has the meaning assigned to such term in Section 6.11. 

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

“Bankruptcy Law” means the Bankruptcy Code and any similar Federal, state or foreign bankruptcy, insolvency,
receivership or similar law, including laws for the relief of debtors. 
 “Business Day” means any day
other than a Saturday, Sunday or other day on which banks in New York City are authorized or required by law to close. 

“Collateral Agreements” means, collectively (a) the Security Agreement, each Mortgage, each assignment, this
Agreement and each other instrument, including any security document or pledge agreement, creating Liens in favor of the Pari Passu Collateral Agent as required by the Pari Passu Documents or this Agreement, in each case, as the same may be in
effect from time to time and (b) as the context may require, the Existing Collateral Agreements. 

  
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 “Common Collateral” means, at any time, Pari Passu Collateral in
which the Pari Passu Collateral Agent and/or holders of one or more Series of Pari Passu Obligations (or their respective Authorized Representatives) hold a valid and perfected security interest at such time. Notwithstanding the foregoing, neither
Credit Agreement Excluded Collateral nor Pari Passu Excluded Collateral will constitute Common Collateral. 

“Company” has the meaning set forth in the first paragraph of this Agreement. 

“Controlling Party” means, (a) at any time that the Step-In Right is not in effect,
(i) until the earlier of (A) the Discharge of the New Notes Obligations and (B) the Non-Controlling Parties Enforcement Date, the New Noteholder Collateral Agent, (ii) from and after the earlier of (A) the Discharge of the
New Notes Obligations and (B) the Non-Controlling Parties Enforcement Date, in each case of clauses (A) and (B), until the Discharge of the Term Loan Obligations, the Term Loan Agent, and (iii) thereafter, the Major Non-Controlling
Authorized Representative, and (b) at any time that the Step-In Right is in effect, the Credit Agreement Agent. Notwithstanding the foregoing, the effectiveness or otherwise of the Step-In Right shall be disregarded for the sole purpose
of determining the Controlling Party with respect to the Credit Agreement Excluded Collateral. 

“Controlling Secured Parties” means, at any time with respect to any Common Collateral, the Series
of Pari Passu Secured Parties whose Authorized Representative is the Controlling Party for such Common Collateral at such time. 

“Credit Agreement” has the meaning set forth in the Preliminary Statements of this Agreement. 

“Credit Agreement Agent” has the meaning set forth in the first paragraph of this Agreement. 

“Credit Agreement Collateral Agent” has the meaning set forth in the first paragraph of this Agreement.

 “Credit Agreement Collateral Agreements” means the Collateral Agreements and any agreement, document
or instrument pursuant to which a Lien is granted by any Grantor to secure any Credit Agreement Obligations or under which rights or remedies with respect to any such Lien are governed, as the same may be amended, restated, modified, renewed,
refunded, replaced or Refinanced from time to time as permitted by the Pari Passu Documents. 
 “Credit Agreement
Documents” means the Credit Agreement, the Credit Agreement Collateral Agreements, and any other agreement, instrument or other document evidencing or governing any Credit Agreement Obligations. 

“Credit Agreement Excluded Collateral” means the Event of Loss Proceeds received in respect of an Event of Loss
(each such term, as defined in the New Indenture). 
 “Credit Agreement Lenders” has the meaning set
forth in the Preliminary Statements of this Agreement. 
 “Credit Agreement Obligations” means
Indebtedness incurred pursuant to the Credit Agreement and which is permitted pursuant to the Term Loan Facility and Section 4.08 of each of the New Indenture and the Existing Indenture to be secured by a first Lien that is pari passu on

  
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the Common Collateral, in an aggregate principal amount for all such Indebtedness not to exceed $200,000,000 plus interest (including interest which but for the filing of a petition in bankruptcy
with respect to the Company, the Parent or any other Guarantor (in each case, including in its capacity as a co-borrower thereunder), would have accrued on such obligations, whether or not a claim for such interest or fees is allowed in such
proceeding), fees, costs and expenses including legal fees and expenses to the extent authorized under the Credit Agreement Documents. 
 “Credit Agreement Secured Parties” means, collectively, the Credit Agreement Lenders, the Credit Agreement Collateral Agent and the Credit Agreement Agent. 

“Deepwater Vessel” means each of (i) the Bahamian flag vessels the Platinum Explorer, the Titanium
Explorer and, upon delivery to the applicable Guarantor, the Tungsten Explorer, and (ii) any other deepwater vessel hereafter acquired by the Company or any Restricted Subsidiary. For the avoidance of doubt, as of the date hereof,
the Panamanian flag vessels the Emerald Driller, the Sapphire Driller, the Topaz Driller and the Aquamarine Driller are not Deepwater Vessels. 
 “DIP Financing” has the meaning set forth in Section 6.11. 
 “DIP Financing Liens” has the meaning set forth in Section 6.11. 
 “DIP Lenders” has the meaning set forth in Section 6.11. 
 “Discharge” means, with respect to any Common Collateral and any Series of Pari Passu Obligations, the date on which such Series of Pari Passu Obligations (according to the
provisions thereof) is no longer required to be secured by such Common Collateral. The term “Discharged” shall have a corresponding meaning. 
 “DSME” means Daewoo Shipbuilding & Marine Engineering Co., Ltd., a corporation organized and existing under the laws of the Republic of South Korea. 

“Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but
excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 
 “Events of
Default” means, as the context requires, any “Event of Default,” as defined in any Pari Passu Document. 

“Existing Collateral Agreements” means each other instrument, including any security document or pledge
agreement, that is in effect (and is not released) on the date hereof that creates Liens in favor of any Existing Notes Secured Party, in each case, as the same may be in effect from time to time. 

“Existing Holders” means the Holders (as defined in the Existing Indenture). 

“Existing Indenture” has the meaning set forth in the Preliminary Statements of this Agreement. 

“Existing Indenture Documents” means the Existing Indenture, the Existing Collateral Agreements and any
agreement, instrument or other document evidencing or governing any Existing Notes Obligations. 

  
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 “Existing Noteholder Collateral Agent” has the meaning set forth in
the first paragraph of this Agreement. 
 “Existing Notes” means the Company’s
11 1/2% Senior Secured First Lien Notes due 2015 issued under the Existing Indenture. 
 “Existing Notes Collateral” has the meaning set forth in the Preliminary Statements of this Agreement. 
 “Existing Notes Obligations” means the “Obligations” (as defined in the Existing Indenture) of the Grantors under the Existing Indenture, the Existing Notes, the
Collateral Agreements, the Existing Notes Collateral Agreements and any other related document or instrument executed and delivered pursuant to any of the foregoing. 
 “Existing Notes Secured Parties” means, collectively, the Existing Holders (including the holders of any additional Existing Notes subsequently issued under and in compliance with
the terms of the Existing Indenture), the Existing Trustee and the Existing Noteholder Collateral Agent. 
 “Existing
Trustee” has the meaning set forth in the first paragraph of this Agreement. 
 “Grantor”
means the Parent, the Company and each Guarantor. 
 “Guarantor” means any Person defined as a
“Guarantor” in any applicable Pari Passu Document referred to below. For the avoidance of doubt, “Guarantor” includes a reference to Vantage Delaware Holdings, LLC, whether acting in the capacity of a guarantor,
co-borrower or otherwise. 
 “Impairment” has the meaning set forth in Section 1.2(b) of
this Agreement. 
 “Insolvency or Liquidation Proceeding” means: (a) any voluntary or involuntary
case or proceeding under any Bankruptcy Law with respect to any Grantor, (b) any other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case
or proceeding with respect to any Grantor or with respect to any of its assets, (c) any liquidation, dissolution, reorganization or winding up of any Grantor whether voluntary or involuntary and whether or not involving insolvency or bankruptcy
(other than any liquidation, dissolution, reorganization or winding up of any Subsidiary of the Company permitted by the Pari Passu Documents), (d) any assignment for the benefit of creditors or any other marshalling of assets and liabilities
of any Grantor or (e) any other proceeding of any type or nature in which substantially all claims of creditors of any Grantor are determined and any payment or distribution is or may be made on account of such claims. 

“Joinder Agreement” means each document, substantially in the form of Exhibit A hereto, in order to create
an additional Series of Other Pari Passu Obligations or a Refinancing of any existing Series of Pari Passu Obligations to the extent constituting a new Series of Pari Passu Obligations. 

“Joinder Consent Agreement” means a joinder and consent agreement in substantially the form attached hereto as
Schedule I. 

  
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 “Major Non-Controlling Authorized Representative” means, at any time
with respect to any Pari Passu Collateral, the Authorized Representative of the Series of Other Pari Passu Obligations that constitutes the largest outstanding principal amount of any then-outstanding Series of Pari Passu Obligations, other than the
Term Loan Obligations and the New Notes Obligations, with respect to such Pari Passu Collateral at such time. 

“Mortgage” means each Ship Mortgage, each other mortgage, deed of trust, deed to secure debt and any other
document or instrument under which any Lien on property owned or leased by any Grantor is granted to secure Pari Passu Obligations under any Pari Passu Document or under which rights or remedies with respect to any such Liens are governed, as the
same may be amended, supplemented or modified from time to time. 
 “New Holders” means the Holders (as
defined in the New Indenture). 
 “New Indenture” has the meaning set forth in the Preliminary
Statements of this Agreement. 
 “New Indenture Documents” means the New Indenture, the Collateral
Agreements and any agreement, instrument or other document evidencing or governing any New Notes Obligations. 
 “New
Noteholder Collateral Agent” has the meaning set forth in the first paragraph of this Agreement. 
 “New
Notes” means the Company’s 7.5% senior secured notes due 2019 issued on the Closing Date and including any exchange notes issued in exchange therefor. 
 “New Notes Obligations” means the “Obligations” (as defined in the New Indenture) of the Grantors under the New Indenture, the New Notes, the Collateral Agreements and
any other related document or instrument executed and delivered pursuant to any of the foregoing. 
 “New Notes
Secured Parties” means, collectively, the New Holders, the New Trustee and the New Noteholder Collateral Agent. 

“New Trustee” has the meaning set forth in the first paragraph of this Agreement. 

“Non-Controlling Parties Enforcement Date” means that date that, subject to Section 2.14, is 180 days
after the occurrence of both (a) an Event of Default, as defined in the Term Loan Facility or other applicable governing instrument for the Series of Pari Passu Obligations for which the Alternate Controlling Party is the Authorized
Representative, as applicable, and (b) the Pari Passu Collateral Agent’s and each other Authorized Representative’s receipt of written notice from the Alternate Controlling Party certifying that (i) such Authorized Representative
is the Alternate Controlling Party and that an Event of Default, as defined in the Term Loan Facility or such other applicable governing instrument for that Series of Pari Passu Obligations, has occurred and is continuing and (ii) the Pari
Passu Obligations of that Series are currently due and payable in full (whether as a result of acceleration thereof or otherwise) in accordance with the Term Loan Facility or such other applicable governing instrument for that Series of Pari Passu
Obligations; provided that the Non-Controlling Party Enforcement Date shall be stayed and shall not occur and shall be deemed not to have occurred with respect to any Common Collateral (1) at any time that (A) the then current Controlling
Party has commenced (or caused the Pari Passu Collateral Agent to commence) and is diligently pursuing any enforcement 

  
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action with respect to all or a material portion of such Common Collateral and (B) each other Authorized Representative has received written notice from the Controlling Party or the Pari
Passu Collateral Agent thereof or (2) at any time a Grantor that has granted a security interest in such Common Collateral is then a debtor under or with respect to (or otherwise subject to) any Insolvency or Liquidation Proceeding. 

“Non-Controlling Authorized Representative” means, at any time, with respect to any Common Collateral, an
Authorized Representative that is not the Controlling Party with respect to such Common Collateral at such time. 

“Non-Controlling Secured Parties” means, at any time, with respect to any Common Collateral, the Pari Passu
Secured Parties that are not Controlling Secured Parties with respect to such Common Collateral at such time. 

“Notes” means, collectively, the Existing Notes and the New Notes. 

“Notes Collateral” has the meaning set forth in the Preliminary Statements of this Agreement. 

“Notes Collateral Agreements” means the Pari Passu Pledge Agreement and any other agreement, document or
instrument pursuant to which a Lien is granted by any Grantor to secure any Notes Obligations or under which rights or remedies with respect to any such Lien are governed, as the same may be amended, restated or otherwise modified from time to time
as permitted by the Existing Indenture or the New Indenture. 
 “Notes Obligations” means, collectively,
the Existing Notes Obligations and the New Notes Obligations. 
 “Notice of Default” means a written
notification given by or on behalf of the Pari Passu Collateral Agent certifying that an Event of Default has occurred and is continuing. 
 “Notice of Shared Payment” means a written notification given by or on behalf of any Pari Passu Secured Party stating that such Pari Passu Secured Party has received a Shared
Payment. 
 “Offering Memorandum” means the Offering Memorandum dated October 16, 2012 of the
Company relating to the New Notes issued on the date hereof. 
 “Other Pari Passu Document”
means the Collateral Agreements and any other agreement, instrument or other document evidencing or governing any Other Pari Passu Obligations. 
 “Other Pari Passu Obligations” means other Indebtedness of the Grantors that is equally and ratably secured with the Pari Passu Obligations as permitted by the Pari Passu Documents
and is designated by the Company pursuant to Section 6.12 as an Other Pari Passu Obligation. 
 “Other
Pari Passu Secured Parties” means the holders of any Other Pari Passu Obligations and any Authorized Representative with respect thereto. 
 “Parent” has the meaning set forth in the first paragraph of this Agreement. 

  
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 “Pari Passu Collateral” means, collectively, all assets and
properties subject to Liens created pursuant to any Collateral Agreement to secure one or more Series of Pari Passu Obligations. 
 “Pari Passu Collateral Agent” means Wells Fargo Bank, National Association, and its replacements, successors and assigns, in its capacity as the collateral
agent for all holders of Pari Passu Obligations. 
 “Pari Passu Document” means the Existing
Indenture Documents, the New Indenture Documents, the Term Loan Documents, the Credit Agreement Documents and any other document or instrument evidencing or governing any Other Pari Passu Obligations. 

“Pari Passu Excluded Collateral” means any cash, certificate of deposit, deposit account,
money market account or other such liquid assets to the extent that such cash, certificate of deposit, deposit account, money market account or other such liquid assets are on deposit or maintained with the Credit Agreement Agent or any other Credit
Agreement Secured Party (other than the Pari Passu Collateral Agent) to secure the Credit Agreement Obligations. 

“Pari Passu Lien” means any Lien on the Common Collateral. 

“Pari Passu Obligations” means (a) the New Notes Obligations, (b) the Term Loan Obligations,
(c) the Credit Agreement Obligations, (d) the Existing Notes Obligations, (e) all Other Pari Passu Obligations and (f) all other Obligations in respect of, or arising under, the Pari Passu Documents, including all fees and
expenses of the collateral agent payable with respect thereto and shall include all interest and fees, which but for the filing of a petition in bankruptcy with respect to the Company, the Parent or any other Guarantor (in each case, including in
its capacity as a co-borrower thereunder), would have accrued on such obligations, whether or not a claim for such interest or fees is allowed in such proceeding. 
 “Pari Passu Secured Party” means (a) the Pari Passu Collateral Agent, (b) the New Trustee, the New Noteholder Collateral Agent and the holders of the New Notes,
(c) the Term Loan Secured Parties, (d) the Existing Notes Secured Parties, (e) the Credit Agreement Secured Parties and (f) the holders of Other Pari Passu Obligations. 

“Permitted Business” means (1) with respect to the Company and the Restricted Subsidiaries, a business in
which the Company and the Restricted Subsidiaries were engaged on the date hereof, as described in the Offering Memorandum, and any business reasonably related or complimentary thereto; and (2) with respect to Parent, the ownership of the
Equity Interests in the Company and Parent’s other Subsidiaries and the business in which Parent is engaged on the date hereof and, as described in the Offering Memorandum and any business reasonably related or complimentary thereto.

 “Possessory Collateral” means any Common Collateral in the possession or control of the Pari Passu
Collateral Agent (or its agents or bailees) or any Authorized Representative, to the extent that possession or control thereof perfects a Lien thereon under the Uniform Commercial Code of any jurisdiction, the equivalent legislation of any other
jurisdiction or otherwise. Possessory Collateral includes any Certificated Securities, Promissory Notes, Instruments and Chattel Paper (each as defined in the Uniform Commercial Code). 

“Receiving Party” has the meaning set forth in Section 2.3(a). 

  
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 “Refinance” means, in respect of any indebtedness, to amend,
restate, supplement, waive, replace, restructure, repay, refund, refinance or otherwise modify from time to time all or any part of such indebtedness. “Refinanced” and “Refinancing” have correlative
meanings. 
 “Restricted Subsidiary” means any Subsidiary of the Company that is not an Unrestricted
Subsidiary (however defined) under all Pari Passu Documents. 
 “Security Agreement” means the Pledge
and Security Agreement, dated as of the date of the date hereof, among the Company and the other Grantors (as defined therein) from time to time party thereto in favor of the Pari Passu Collateral Agent, as amended, amended and restated, or
supplemented from time to time in accordance with its terms. 
 “Series” means (a) with respect to
the Pari Passu Secured Parties, each of (i) the Term Loan Secured Parties (in their capacities as such), (ii) the New Notes Secured Parties (in their capacity as such), (iii) the Existing Notes Secured Parties, (iv) the Other
Pari Passu Secured Parties that become subject to this Agreement after the date hereof that are represented by a common Authorized Representative (in its capacity as such for such Other Pari Passu Secured Parties) and (v) the Credit Agreement
Secured Parties and (b) with respect to any Pari Passu Obligations, each of (i) the Term Loan Obligations, (ii) the New Notes Obligations, (iii) the Existing Notes Obligations, (iv) the Other Pari Passu Obligations incurred
pursuant to any Other Pari Passu Agreement, which pursuant to any Joinder Agreement, are to be represented hereunder by a common Authorized Representative (in its capacity as such for such Other Pari Passu Obligations) and (v) the Credit
Agreement Obligations. 
 “Ship Mortgage” means collectively the first naval mortgages and other
instruments such as statutory mortgages and deeds over the Vessels (including, with respect to the Tungsten Explorer, executed, delivered, and recorded as of the date, subject to adjustment across time zones, the Tungsten Explorer is
delivered by DSME to the applicable Grantor), each duly registered in the Bahamian or Panamanian ship registry, as applicable, in favor of the Pari Passu Collateral Agent, as the same may be amended, supplemented or modified from time to time.

 “Shared Payment” has the meaning set forth in Section 2.3(a). 

“Specified Existing Lien” means any Lien created or permitted to exist under the Existing Collateral Agreements
in effect on the date hereof in favor of the Existing Noteholder Collateral Agent for the benefit of the Existing Notes Secured Parties (which Liens shall be subject to Article III hereof). 

“Stayed Controlling Party” means, at any time the Step-In Right is in effect, the Authorized Representative that
was the Controlling Party immediately prior to the exercise by the Credit Agreement Agent of the Step-In Right. 

“Step-In Right” has the meaning set forth in Section 2.14. 

“Term Loan Agent” has the meaning set forth in the first paragraph of this Agreement. 

“Term Loan Collateral Agent” has the meaning set forth in the first paragraph of this Agreement. 

  
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 “Term Loan Documents” means the Term Loan Facility, the Collateral
Agreements and any agreement, instrument or other document evidencing or governing any Term Loan Obligations. 

“Term Loan Facility” has the meaning set forth in the Preliminary Statements of this Agreement. 

“Term Loan Lenders” has the meaning set forth in the Preliminary Statements of this Agreement. 

“Term Loan Obligations” means the “Obligations” (as defined in the Term Loan Facility) of the Grantors
under the Term Loan Facility, the Collateral Agreements and any other related document or instrument executed and delivered pursuant to any of the foregoing. 
 “Term Loan Secured Parties” means, collectively, the Term Loan Lenders, the Term Loan Collateral Agent and the Term Loan Agent. 

“Transferee” has the meaning set forth in Section 6.7(b). 

“Triggering Event” has the meaning set forth in Section 2.11. 

“Trustee” means, collectively, the Existing Trustee and the New Trustee. 

“Tungsten Explorer” means the Ultra Deepwater Drillship Hull No. 3615 currently under construction at DSME,
with delivery expected in the second quarter of 2013, to be owned by the Company or a Restricted Subsidiary, and to be registered in the name of the Company or a Restricted Subsidiary under Bahamian flag. 

“Vessel” means each of (i) the Panamanian flag vessels the Emerald Driller, the Sapphire
Driller, the Topaz Driller and the Aquamarine Driller, (ii) the Deepwater Vessels and (iii) any other Additional Vessel hereafter acquired by the Company or any Restricted Subsidiary in each case together with all related
spares, equipment and any additions or improvements; provided that for the purposes of any provision related to the acquisition or disposition of a Vessel, such acquisition or disposition may be conducted through the transfer of all of the Capital
Stock of any special purpose entity that owns such Vessel. 
 Section 1.2 Certain Other Terms. 

 (a) The words “hereof,” “herein” and “hereunder” and words of similar import when used in this
Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. Unless the context otherwise requires, (i) the term “or” is not exclusive, (ii) words in the singular include the plural,
and in the plural include the singular, (iii) “will” shall be interpreted to express a command, (iv) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such
agreement, instrument or other document as from time to time amended, supplemented or otherwise modified in accordance with the Pari Passu Documents and this Agreement, (v) any reference herein to (A) any Person shall be construed to
include such Person’s successors and permitted assigns and (B) to any Grantor shall include such Grantor as debtor and debtor-in-possession and any receiver or trustee for such Grantor (as the case may be) in any Insolvency or Liquidation
Proceeding, (vii) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular

  
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provision hereof, (viii) all references herein to Sections shall be construed to refer to Sections of this Agreement and (ix) the words “asset” and “property” shall
be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. Section references are to this Agreement unless otherwise
specified. 
 (b) It is the intention of the Pari Passu Secured Parties of each Series that the holders of the Pari Passu
Obligations of such Series (and not the Pari Passu Secured Parties of any other Series) bear the risk of (i) any determination by a court of competent jurisdiction that (x) any of the Pari Passu Obligations of such Series are unenforceable
under applicable law or are subordinated to any other obligations (other than another Series of Pari Passu Obligations), (y) any of the Pari Passu Obligations of such Series does not have an enforceable security interest in any of the
Collateral securing any other Series of Pari Passu Obligations and/or (z) any intervening security interest exists securing any other obligations (other than another Series of Pari Passu Obligations and, without limiting the foregoing, after
taking into account the effect of any applicable intercreditor agreements) on a basis ranking prior to the security interest of such Series of Pari Passu Obligations but junior to the security interest of any other Series of Pari Passu Obligations
or (ii) the existence of any Collateral for any other Series of Pari Passu Obligations that is not Pari Passu Collateral (any such condition referred to in the foregoing clauses (i) or (ii) with respect to any Series of Pari Passu
Obligations, an “Impairment” of such Series). In the event of any Impairment with respect to any Series of Pari Passu Obligations, the results of such Impairment shall be borne solely by the holders of such Series of Pari
Passu Obligations, and the rights of the holders of such Series of Pari Passu Obligations (including the right to receive distributions in respect of such Series of Pari Passu Obligations pursuant to Section 2.5) set forth herein shall
be modified to the extent necessary so that the effects of such Impairment are borne solely by the holders of the Series of such Pari Passu Obligations subject to such Impairment. Additionally, in the event the Pari Passu Obligations of any Series
are modified pursuant to applicable law (including pursuant to Section 1129 of the Bankruptcy Code), any reference to such Pari Passu Obligations or the Pari Passu Documents governing such Pari Passu Obligations shall refer to such obligations
or such documents as so modified. 
 (c) The parties agree that this Agreement, upon the effectiveness thereof, shall replace in
its entirety that certain Intercreditor Agreement dated as of June 21, 2012, as amended, by and among Wells Fargo Bank, National Association, as “Noteholder Collateral Agent”, “Special Credit Agreement Collateral Agent” and
“Payment Agent”, and Royal Bank of Canada, as “Credit Agreement Collateral Agent”, and acknowledged and agreed to by the Company, the Parent and each other Grantor party thereto. 

ARTICLE II 

PAYMENTS, ETC. 
 Section 2.1 Events of Default; Receipt of Sharing Payment. The Pari Passu Collateral Agent shall give a Notice of Default to each Authorized Representative promptly after
becoming aware of the occurrence of an Event of Default with respect to any of the Pari Passu Obligations. In addition, the Pari Passu Collateral Agent shall give a Notice of Shared Payment to each Authorized Representative immediately upon becoming
aware of the receipt of a Shared Payment by it or any Pari Passu Secured Party. 

  
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 Section 2.2 Liens to Rank Equally; Single Set of Security
Documents. 
 (a) Notwithstanding the date, time, method, manner or order of grant, attachment, recording or perfection
of any Pari Passu Lien, and notwithstanding any provision of the Uniform Commercial Code, the laws of the Republic of Panama, the laws of the Bahamas or any other applicable law or the provisions of any other Pari Passu Documents, or any other
circumstance whatsoever, the Pari Passu Collateral Agent, for itself and on behalf of the Pari Passu Secured Parties on whose behalf it acts in such capacity therefor, agrees that, any Liens held by any Pari Passu Secured Party on the Common
Collateral will be equal in all respects with any and all Pari Passu Liens then or thereafter held by or for the benefit of any Pari Passu Secured Party on the Common Collateral and such Liens on the Common Collateral will be and remain equal in all
respects for all purposes, including without limitation, with respect to the priority thereof, whether or not any such Liens are subordinated in any respect to any other Liens securing any other obligation or any other Person and whether or not any
such Liens are voided, avoided, invalidated, lapsed or unperfected, subject to the provisions of this Section. 
 (b) Neither
the Pari Passu Collateral Agent nor any Pari Passu Secured Party (other than the Credit Agreement Agent and the Credit Agreement Secured Parties) shall have a Lien on any Pari Passu Excluded Collateral. 

(c) The Lien of the Pari Passu Collateral Agent on any Credit Agreement Excluded Collateral shall not secure any Credit Agreement
Obligations or any Other Pari Passu Obligations to which the last paragraph of Section 2.5 does not apply, is not for the benefit of any Credit Agreement Secured Parties or any such applicable Other Pari Passu Secured Parties and does
not constitute Common Collateral. None of the Pari Passu Secured Parties shall cause or permit to exist any Liens on Credit Agreement Excluded Collateral securing any Pari Passu Obligations other than Liens in favor of the Pari Passu Collateral
Agent securing the Pari Passu Secured Obligations permitted by this clause (c). 
 (d) None of the Pari Passu Secured Parties
shall cause or permit to exist any Liens on Common Collateral securing any Pari Passu Obligations other than Liens in favor of the Pari Passu Collateral Agent securing the Pari Passu Secured Obligations (or any of them as required by applicable law)
and Specified Existing Liens. If at any time any Lien on the Common Collateral or the Credit Agreement Excluded Collateral shall exist in favor of any Pari Passu Secured Party other than the Pari Passu Collateral Agent (other than the Specified
Existing Liens), such Pari Passu Secured Party shall ensure that such Lien is either terminated or promptly transferred in favor of the Pari Passu Collateral Agent, and that any Common Collateral constituting Possessory Collateral, from time to time
in its possession or control, shall be promptly transferred to the Pari Passu Collateral Agent. 
 Section 2.3
Sharing of Payments. 
 (a) Each Pari Passu Secured Party (a “Receiving Party”) agrees
that, so long as the Pari Passu Obligations have not been paid in full, any and all Common Collateral or Credit Agreement Excluded Collateral or proceeds thereof received by any Pari Passu Secured Party pursuant to any Pari Passu Documents or by the
exercise of any rights available to it under applicable law or in any Insolvency or Liquidation Proceeding or in connection with any disposition of, collection on, or in connection with any insurance policy claim or any condemnation award (or deed
in lieu of condemnation) with respect to, such Common Collateral or such Credit Agreement Excluded Collateral (each a “Shared Payment”), is to be paid to the Pari Passu Collateral Agent which shall distribute such proceeds
among the Pari Passu Secured Parties in accordance with Section 2.5 below. 

  
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 (b) Each Receiving Party shall segregate and hold all Shared Payments received by it in
trust for the benefit of, and forthwith shall transfer and pay over to, the Pari Passu Collateral Agent for the benefit of the Pari Passu Secured Parties in the same form as received, together with any necessary endorsements, or as a court of
competent jurisdiction may otherwise direct. 
 (c) Notwithstanding anything in this Section 2.3 to the contrary,
the Pari Passu Secured Parties shall have the rights and remedies available to them under the applicable Pari Passu Documents upon the occurrence of an applicable Event of Default or otherwise, including, without limitation, the right to
(i) accelerate any of the Pari Passu Obligations owing to such Pari Passu Secured Party, (ii) institute suit against any Grantor, and (iii) take any other enforcement action with respect to any applicable Event of Default. 

(d) Whenever any Authorized Representative shall be required, in connection with the exercise of its rights or the performance of its
obligations hereunder, to determine the existence or amount of any Pari Passu Obligations of any Series, or the Common Collateral subject to any Lien securing the Pari Passu Obligations of any Series, it may request that such information be
furnished to it in writing by each other Authorized Representative, as applicable, and shall be entitled to make such determination on the basis of the information so furnished; provided, however, that if an Authorized Representative
shall fail or refuse reasonably promptly to provide the requested information, the requesting Authorized Representative shall be entitled to make any such determination or not make any determination by such method as it may, in the exercise of its
good faith judgment, determine, including by reliance upon a certificate of the Company. Each Authorized Representative may rely conclusively, and shall be fully protected in so relying, on any determination made by it in accordance with the
provisions of the preceding sentence (or as otherwise directed by a court of competent jurisdiction) and shall have no liability to any Grantor, any Pari Passu Secured Party or any other person as a result of such determination. 

Section 2.4 Pari Passu Collateral Agent and Shared Payments. Each Pari Passu Secured Party agrees that
the Pari Passu Collateral Agent shall distribute Shared Payments to the respective Agents for the Pari Passu Secured Parties in accordance with the terms of this Agreement. Each Receiving Party shall remit any Shared Payment received by it to the
Pari Passu Collateral Agent for distribution in accordance with Section 2.5. 
 Section 2.5
Distribution of Shared Payments. Each Pari Passu Secured Party agrees that the proceeds of all Shared Payments shall be distributed by the Pari Passu Collateral Agent as follows: 

(a) first, to the payment of all unpaid fees, expenses, reimbursements and indemnification amounts incurred by the Pari Passu
Collateral Agent and all fees owed to it in connection with such collection or sale or otherwise in connection with this Agreement or any other Pari Passu Document (regardless of whether allowed or allowable as a claim in any such bankruptcy
proceeding), pro rata in accordance with the relative amounts thereof on the date of any payment or distribution; 
 (b)
second, to the payment of the Credit Agreement Obligations, including any interest, fees or other amounts that would have accrued on the Credit Agreement Obligations but for the filing of a bankruptcy petition with respect to any Grantor
(regardless of whether allowed or allowable as a claim in any such bankruptcy proceeding); and 

  
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 (c) third, after Discharge of the Credit Agreement Obligations has occurred, to the
payment of the other Pari Passu Obligations, including any interest, fees or other amounts that would have accrued on the applicable Pari Passu Obligations but for the filing of a bankruptcy petition with respect to any Grantor (regardless of
whether allowed or allowable as a claim in any such bankruptcy proceeding), pro rata in accordance with the relative amounts thereof on the date of any payment or distribution; and 

(d) fourth, any surplus proceeds then remaining after the Discharge of all Pari Passu Obligations will be returned to the
applicable Grantor or to whomever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct. 
 Notwithstanding the foregoing sentence, if there is an event or events constituting a “Mandatory Redemption Upon Event of Loss of a Vessel” (however defined) under Section 3.09(b) of the
New Indenture, Section 3.09(b) of the Existing Indenture, Section 2.06(c) of the Term Loan Facility or the equivalent provision of any Refinancing of any of the foregoing or of any Other Pari Passu Documents, the Credit Agreement Excluded
Collateral shall be distributed by the Pari Passu Collateral Agent in accordance with the terms of the applicable Pari Passu Documents (other than the Credit Agreement Documents and any Other Pari Passu Documents to which the foregoing does not
apply) and not distributed pursuant to the terms of the foregoing sentence. As among the Pari Passu Secured Parties other than the Credit Agreement Secured Parties and any Other Pari Passu Documents to which the foregoing does not apply, the Pari
Passu Collateral Agent, acting at the direction of the Controlling Party, shall have the right to adjust or settle any insurance policy or claim constituting Credit Agreement Excluded Collateral in the event of any loss thereunder and to approve any
award granted in any condemnation or similar proceeding affecting the Credit Agreement Excluded Collateral. 

Section 2.6 Invalidated Payments. If any amount paid by any Pari Passu Secured Party to the Pari Passu
Collateral Agent for distribution in accordance with the provisions of this Agreement is subsequently required to be returned or repaid in whole or in part, whether by court order, settlement or otherwise, such Pari Passu Secured Party shall
promptly notify the Pari Passu Collateral Agent in writing of such requirement, the Pari Passu Collateral Agent shall notify each Authorized Representative thereof in writing, and such Pari Passu Secured Party shall pay to the Pari Passu Collateral
Agent the pro rata portion received by it of such amount, without any interest thereon, for payment to the appropriate party in interest; provided, however, with respect to the Original Trustee and New Trustee, such amount shall only
be paid to the Pari Passu Collateral Agent to the extent that (a) the Original Trustee or the New Trustee, as the case may be, has not previously distributed the amount required to be repaid to the Original Holders and/or the New Holders,
respectively, unless the Original Trustee or the New Trustee, as the case may be, has been found by a court of competent jurisdiction to have been grossly negligent or to have engaged in willful misconduct in making any such distribution, or
(b) such amount has been returned by the Original Holders and/or the New Holders to the Original Trustee or the New Trustee, as the case may be, whether as a result of an injunctive order or otherwise. If any such amounts are subsequently
recovered by any Pari Passu Secured Party, such Pari Passu Secured Party shall promptly remit such amounts upon receipt to the Pari Passu Collateral Agent, and the Pari Passu Collateral Agent shall redistribute such amounts to the Pari Passu Secured
Parties, without any interest thereon, on the same basis as such amounts were originally distributed. The obligations of the Pari Passu Secured Parties and the Pari Passu Collateral Agent under this Section 2.6 shall survive the
repayment of the Pari Passu Obligations and termination of all of the Pari Passu Documents. 

  
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 Section 2.7 Validity of Liens; Gratuitous Bailee for
Perfection. 
 (a) The Pari Passu Collateral Agent, for itself and on behalf of each Authorized Representative
and each other Pari Passu Secured Party, agrees that it shall not (and hereby waives any right to) contest or support any other Person in contesting, in any proceeding (including any Insolvency or Liquidation Proceeding), the perfection, priority,
validity or enforceability of any lien or security interest granted to the Pari Passu Collateral Agent or any other Pari Passu Secured Party under any Pari Passu Document constituting a Collateral Agreement, provided that nothing in this
Agreement will be construed to prevent or impair the rights of any Agent or any other Pari Passu Secured Party to enforce this Agreement to the extent provided hereby. 
 (b) The Pari Passu Collateral Agent agrees to hold any Common Collateral constituting Possessory Collateral in its possession or control (or in the possession or control of its agents or bailees) as
gratuitous bailee for the benefit of each other Pari Passu Secured Party and any assignee solely for the purpose of perfecting the security interest granted in such Possessory Collateral, if any, pursuant to the applicable Collateral Agreements, in
each case, subject to the terms and conditions of this Section 2.7. Pending delivery to the Pari Passu Collateral Agent, each other Authorized Representative agrees to hold any Common Collateral constituting Possessory Collateral, from
time to time in its possession or control, as gratuitous bailee for the benefit of each other Pari Passu Secured Party and any assignee, solely for the purpose of perfecting the security interest granted in such Possessory Collateral, if any,
pursuant to the applicable Collateral Agreements, in each case, subject to the terms and conditions of this Section 2.7. The duties or responsibilities of the Pari Passu Collateral Agent and each other Authorized Representative under
this Section 2.7 shall be limited solely to holding any Common Collateral constituting Possessory Collateral as gratuitous bailee for the benefit of each other Pari Passu Secured Party for purposes of perfecting the Lien held by such
Pari Passu Secured Parties therein. 
 Section 2.8 Additional Collateral. If, after the date
hereof, any Grantor grants any additional Liens upon any assets other than Pari Passu Excluded Collateral or Credit Agreement Excluded Collateral to secure any Pari Passu Obligations, it must substantially concurrently grant a Lien upon such assets
to the Pari Passu Collateral Agent as security for all other Pari Passu Obligations. 
 Section 2.9 Exercise
of Rights and Remedies. The Pari Passu Collateral Agent will, at all times prior to the payment in full in cash of the Pari Passu Obligations, have the exclusive right to enforce rights and exercise remedies with respect to the Common
Collateral, or to commence or seek to commence any action or proceeding with respect to such rights or remedies; provided, however, that (a) the Pari Passu Collateral Agent will only take any actions with respect to the Common Collateral
and the Credit Agreement Excluded Collateral at the direction of the applicable Controlling Party and (b) the Pari Passu Collateral Agent will only take instructions with respect to the Pari Passu Excluded Collateral from the Credit Agreement
Agent. 
 Section 2.10 Exercise of Rights and Remedies with Respect to Pari Passu Collateral.

 (a) Actions with Respect to Common Collateral. With respect to any Common Collateral, (i) only the Pari
Passu Collateral Agent shall act or refrain from acting with respect to the Common Collateral, and then only on the written instructions of the Controlling Party, (ii) the Pari Passu Collateral Agent shall not follow any instructions with
respect to such Common Collateral from any Non-Controlling Authorized Representative (or any other Pari Passu Secured Party other than the Controlling Party) and (iii) no Non-Controlling Authorized Representative or other Pari Passu Secured
Party (other than the Controlling Party) shall, or shall instruct the Pari 

  
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Passu Collateral Agent to, commence any judicial or nonjudicial foreclosure proceedings with respect to, seek to have a trustee, receiver, liquidator or similar official appointed for or over,
attempt any action to take possession of, exercise any right, remedy or power with respect to, or otherwise take any action to enforce its security interest in or realize upon, or take any other action available to it in respect of, any Common
Collateral, whether under any Collateral Agreement, applicable law or otherwise. Notwithstanding the foregoing, the Pari Passu Secured Parties (A) will be entitled to take actions to preserve and protect their claims and interests with respect
to the Pari Passu Obligations, to create, prove, preserve and protect the validity, enforceability, perfection and priority of the Pari Passu Collateral and actions that unsecured creditors are entitled to take, and (B) must take actions in
order to preserve and protect their secured claims if the failure to take any such actions could result in a loss of all or any material part of such secured claims, in each case of clauses (A) and (B), to the extent not prohibited herein.

 (b) Prohibition on Contesting Liens. No Non-Controlling Authorized Representative or Non-Controlling Secured
Party will contest, protest or object to any foreclosure proceeding or action brought by the Pari Passu Collateral Agent, the Controlling Party or the Controlling Secured Parties or any other exercise by the Pari Passu Collateral Agent, the
Controlling Party or the Controlling Secured Parties of any rights and remedies relating to the Common Collateral, or to cause the Pari Passu Collateral Agent to do so. 
 Section 2.11 Automatic Release of Pari Passu Liens. If, in connection with (a) prior to the occurrence of a Triggering Event (as defined below), any disposition of
any Pari Passu Collateral permitted under the terms of the Pari Passu Documents or (b) the enforcement or exercise of any rights or remedies with respect to the Pari Passu Collateral, including any disposition of Pari Passu Collateral, the
Liens in favor of the Pari Passu Collateral Agent will automatically be released and discharged upon final conclusion of such disposition or enforcement action, provided that any proceeds from such disposition or enforcement action are applied in
accordance with Section 2.5. Each Pari Passu Secured Party agrees that the Pari Passu Collateral Agent may enter into any amendment to any Pari Passu Collateral Document (including to release Liens securing any Pari Passu Obligations) so
long as such amendment is permitted by the terms of each Pari Passu Document. In determining whether an amendment to any Pari Passu Collateral Document is permitted by this Section 2.11, the Pari Passu Collateral Agent may conclusively
rely on a certificate of an officer of the Company stating that such amendment is permitted by this Section 2.11. Upon the receipt by the Pari Passu Collateral Agent of a Notice of Default in accordance with Section 2.1 (a
“Triggering Event”), the Pari Passu Collateral Agent will be entitled to exercise remedies with respect to the Common Collateral at the direction of the Controlling Party and will not be permitted to release Liens on any
Common Collateral sold or disposed of by any Grantor (other than inventory sold in the ordinary course) without the consent of the Controlling Party. Notwithstanding the foregoing, except in connection with the exercise of remedies against the
Common Collateral or a release granted following the Discharge of all of the Pari Passu Obligations and termination of commitments under the Pari Passu Documents, the Pari Passu Collateral Agent shall not release the Liens under the Pari Passu
Documents on all or substantially all of the Common Collateral without the individual consent of the Company and each holder of the Pari Passu Obligations. 
 Section 2.12 Post-petition Interest. No Pari Passu Secured Party shall oppose or seek to challenge any claim by the Pari Passu Collateral Agent or any other Pari Passu Secured
Party for allowance in any Insolvency or Liquidation Proceeding of Pari Passu Obligations consisting of post-petition interest, fees or expenses to the extent of the value of the Pari Passu Lien of the Pari Passu Collateral Agent on behalf of the
Pari Passu Secured Parties on the Collateral. 

  
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 Section 2.13 Reinstatement. If, in any Insolvency or Liquidation
Proceeding or otherwise, all or part of any payment with respect to any Pari Passu Obligations previously made shall be rescinded for any reason whatsoever, then such Pari Passu Obligations shall be reinstated to the extent of the amount so
rescinded and, if theretofore terminated, this Agreement shall be reinstated in full force and effect and such prior termination shall not diminish, release, discharge, impair or otherwise affect the Lien priorities and the relative rights and
obligations of the Pari Passu Secured Parties provided for herein. 
 Section 2.14 Step-In Right.

 (a) The Credit Agreement Agent shall have the right to become the Controlling Party (such right, the “Step-In
Right”) at any time that the Credit Agreement Agent is not then the Controlling Party and (i) an Event of Default, as defined in the Credit Agreement, has occurred and is continuing, (ii) (A) for a period of not less than
180 consecutive days (1) one or more Controlling Parties, collectively, have not commenced (or caused the Pari Passu Collateral Agent to commence) and have not been diligently pursuing any enforcement action with respect to all or a material
portion of such Common Collateral and (2) any Grantor that has granted a security interest in such Common Collateral is not then a debtor under or with respect to (or otherwise subject to) any insolvency or liquidation proceeding and
(B) the Credit Agreement Agent has notified the Controlling Party and each other Authorized Representative that it desires to become the Controlling Party, and (iii) the Credit Agreement Agent has certified to the Pari Passu Collateral
Agent and each other Authorized Representative in writing that (A) an Event of Default, as defined in the Credit Agreement, has occurred and is continuing and (B) the Credit Agreement Obligations are currently due and payable in full
(whether as a result of acceleration thereof or otherwise) in accordance with the Credit Agreement. 
 (b) Immediately upon the
exercise of the Step-In Right, (i) the Credit Agreement Agent shall automatically become the Controlling Party, (ii) the 180-day period in the definition of “Non-Controlling Party Enforcement Date” with respect to the Credit
Agreement Agent in its capacity as the Controlling Party shall be reset to zero and (iii) the 180-day period in the definition of “Non-Controlling Party Enforcement Date” with respect to the Stayed Controlling Party shall be reset to
zero and shall be stayed until such time as the Step-In Right has terminated in accordance with this Agreement. Upon the earlier of (A) the Discharge of Credit Agreement Obligations and (B) the Non-Controlling Party Enforcement Date, the
Step-In Right shall permanently terminate (and shall no longer be exercisable) and the Stayed Controlling Party shall again become the Controlling Party. 
 (c) Notwithstanding the foregoing, nothing in this Section 2.14 shall entitle the Credit Agreement Agent to be the Controlling Party with respect to the Credit Agreement Excluded Collateral.

 ARTICLE III 
 POWER OF ATTORNEY 
 Section 3.1 Pari Passu Collateral
Agent’s Appointment as Attorney-in-Fact, etc. 
 (a) The Existing Noteholder Collateral Agent, on behalf of the
Existing Notes Secured Parties and with the agreement of each Grantor, irrevocably constitutes and appoints the Pari Passu Collateral Agent (including each successor Pari Passu Collateral Agent appointed pursuant to this Agreement) and any officer
or agent thereof, with full power of substitution, as 

  
 18 

 
the true and lawful attorney-in-fact of the Existing Noteholder Collateral Agent under the Existing Collateral Agreements with full irrevocable power and authority in the place and stead of the
Existing Noteholder Collateral Agent and in the name of the Existing Noteholder Collateral Agent or in its own name, for the sole purpose of acting as the collateral agent under the Existing Collateral Agreements to take any and all appropriate
action and to execute any and all documents and instruments which may be necessary or desirable to accomplish the purposes thereof, and, without limiting the generality of the foregoing, but subject to Section 3.1(b) below, the Existing
Noteholder Collateral Agent and each Grantor hereby gives the Pari Passu Collateral Agent the power and right, on behalf of the Existing Noteholder Collateral Agent, without notice to or assent by the Existing Noteholder Collateral Agent or any
Grantor to do any or all of the following, subject to the terms of this Agreement and of the applicable Existing Collateral Agreement: 
 (i) in the name of the applicable Grantor, the Existing Noteholder Collateral Agent or its own name, or otherwise, take possession of and indorse and collect any checks, drafts, notes, acceptances or
other instruments for the payment of moneys due under any Receivable or with respect to any other Common Collateral and file any claim or take any other action or proceeding in any court of law or equity or otherwise deemed appropriate by the Pari
Passu Collateral Agent for the purpose of collecting any and all such moneys due under any Receivable or with respect to any other Common Collateral whenever payable; 

(ii) in the case of any Intellectual Property, execute and deliver, and have recorded, any and all written agreements,
instruments, documents and papers as the Pari Passu Collateral Agent may request to evidence the Existing Collateral Agent’s and the Existing Notes Secured Parties’ security interest in such Intellectual Property and the goodwill and
general intangibles of the applicable Grantor relating thereto or represented thereby; 
 (iii) pay or discharge
taxes and Liens levied or placed on or threatened against the Common Collateral, effect any repairs or any insurance called for by the terms of the applicable Existing Collateral Agreement and pay all or any part of the premiums therefor and the
costs thereof; 
 (iv) execute, in connection with any sale permitted under the Existing Collateral Agreements,
any endorsements, assignments or other instruments of conveyance or transfer with respect to the Common Collateral; and 
 (v) direct any party liable for any payment under any of the Common Collateral to make payment of any and all moneys due or to become due thereunder directly to the Pari Passu Collateral Agent or as the
Pari Passu Collateral Agent shall direct; ask or demand for, collect, and receive payment of and receipt for, any and all moneys, claims and other amounts due or to become due at any time in respect of or arising out of any Common Collateral; sign
and indorse any invoices, freight or express bills, bills of lading, storage or warehouse receipts, drafts against debtors, assignments, verifications, notices and other documents in connection with any of the Common Collateral; commence and
prosecute any suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect the Common Collateral or any portion thereof and to enforce any other right in respect of any Common Collateral; defend any

  
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suit, action or proceeding brought against such Grantor with respect to any Common Collateral; settle, compromise or adjust any such suit, action or proceeding and, in connection therewith, give
such discharges or releases as the Pari Passu Collateral Agent may deem appropriate; assign any Copyright, Patent, Domain Name, Trade Secret or Trademark (along with the goodwill of the business to which any such Copyright, Patent, Domain Name,
Trade Secret or Trademark pertains), throughout the world for such term or terms, on such conditions, and in such manner, as the Pari Passu Collateral Agent shall determine; and generally, sell, transfer, pledge and make any agreement with respect
to or otherwise deal with any of the Common Collateral as fully and completely as though the Pari Passu Collateral Agent were the absolute owner thereof for all purposes, and do, at the Pari Passu Collateral Agent’s option and the
Grantors’ expense, at any time, or from time to time, all acts and things which the Pari Passu Collateral Agent deems necessary to protect, preserve or realize upon the Common Collateral and the Existing Collateral Agent’s and the Existing
Notes Secured Parties’ security interests therein and to effect the intent of the applicable Existing Collateral Agreement, all as fully and effectively as the Existing Noteholder Collateral Agent or any applicable Grantor might do. 

(b) If the Existing Noteholder Collateral Agent or any Grantor fails to perform or comply with any of its agreements contained in this
Section 3.1 or in the Existing Collateral Agreements after being requested in writing by the Pari Passu Collateral Agent to perform, the Pari Passu Collateral Agent, at its option, but without any obligation so to do, may perform or
comply, or otherwise cause performance or compliance, therewith in accordance with the terms and conditions of this Agreement. 

(c) The expenses of the Pari Passu Collateral Agent incurred in connection with actions undertaken as provided in this
Section 3.1 and the applicable Existing Collateral Agreements shall be payable by the Grantors to the Pari Passu Collateral Agent on demand. 
 (d) If, at any time and for any reason whatsoever, the power of attorney in this Section 3.1 is not in full force and effect in any jurisdiction, the Existing Noteholder Collateral Agent
irrevocably agrees to act, and only to act, in such jurisdiction in connection with the Existing Collateral Agreements in accordance with the written directions of the Pari Passu Collateral Agent. 

(e) Each Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof. All powers,
authorizations and agencies contained in this Agreement are coupled with an interest and are irrevocable until this Agreement is terminated and the security interests created hereby are released. 

(f) Defined terms used in this Article III but not defined in this Agreement shall have the meanings set forth in the
Security Agreement. 
 Section 3.2 Duties and responsibilities of the Pari Passu Collateral Agent.
Article IV of this Agreement shall apply to the Pari Passu Collateral Agent acting as attorney-in-fact of the Existing Noteholder Collateral Agent pursuant to this Section 3.2 as though each reference to the Pari Passu
Collateral Agent included a reference to the Pari Passu Collateral Agent as attorney-in-fact of the Existing Noteholder Collateral Agent and each reference to the Collateral Agreements included a reference to the Existing Collateral Agreements.

  
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 ARTICLE IV 
 PARI PASSU COLLATERAL AGENT 
 Section 4.1 Appointment and
Authority. 
 (a) Each of the Pari Passu Secured Parties, by its acceptance hereof, hereby irrevocably designates and
appoints the Pari Passu Collateral Agent to act as its agent with respect to the Common Collateral and for purposes of creating a Lien therein and perfection under the Uniform Commercial Code as in effect in the relevant jurisdiction from time to
time, as applicable, or any equivalent foreign legislation, with such powers as are specifically delegated to the Pari Passu Collateral Agent by the terms of this Agreement, together with such powers as are reasonably incidental thereto. The Pari
Passu Collateral Agent shall not have a fiduciary relationship in respect of any Pari Passu Secured Party by reason of this Agreement. 
 (b) Each of the Pari Passu Secured Parties irrevocably authorizes the Pari Passu Collateral Agent, in such capacity, to take such action on such Pari Passu Secured Party’s behalf under the provisions
of any Collateral Agreement as are expressly delegated to the Pari Passu Collateral Agent and to exercise such powers and perform such duties as are expressly delegated to the Pari Passu Collateral Agent by the terms thereof, together with such
other powers as are reasonably incidental thereto. The Pari Passu Collateral Agent shall not have any duties or responsibilities, except those expressly set forth with respect to it in the Collateral Agreements, or any fiduciary relationship with
any Pari Passu Secured Party. 
 (c) Each Non-Controlling Secured Party acknowledges and agrees that the Pari Passu Collateral
Agent shall be entitled, for the benefit of the Pari Passu Secured Parties, (i) to sell, transfer or otherwise dispose of or deal with any Common Collateral that is not prohibited by this Agreement and (ii) to act solely on the written
instructions of the Controlling Party to the extent such instructions do not require the Pari Passu Collateral Agent to act in violation of this Agreement, in each case without regard to any rights to which the Non-Controlling Secured Parties would
otherwise be entitled as a result of the Pari Passu Obligations with respect to the applicable Series. Without limiting the foregoing, each Non-Controlling Secured Party agrees that none of the Pari Passu Collateral Agent, the Controlling Party or
any other Pari Passu Secured Party shall have any duty or obligation first to marshal or realize upon any type of Common Collateral (or any other Collateral securing any of the Pari Passu Obligations), or to sell, dispose of or otherwise liquidate
all or any portion of such Common Collateral (or any other Collateral securing any Pari Passu Obligations), in any manner that would maximize the return to the Non-Controlling Secured Parties, notwithstanding that the order and timing of any such
realization, sale, disposition or liquidation may affect the amount of proceeds actually received by the Non-Controlling Secured Parties from such realization, sale, disposition or liquidation. Each of the Pari Passu Secured Parties waives any claim
it may now or hereafter have against the Pari Passu Collateral Agent or the Authorized Representative of any other Series of Pari Passu Obligations or any other Pari Passu Secured Party of any other Series arising out of (i) any actions which
the Pari Passu Collateral Agent, any Authorized Representative or any Pari Passu Secured Party takes or omits to take (including, actions with respect to the creation, perfection or continuation of Liens on any Collateral, actions with respect to
the foreclosure upon, sale, release or depreciation of, or failure to realize upon, any of the Collateral and actions with respect to the collection of any claim for all or any part of the Pari Passu Obligations from any account debtor, guarantor or
any other party) in accordance with the Collateral Agreements or any other 

  
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agreement related thereto or to the collection of the Pari Passu Obligations or the valuation, use, protection or release of any security for the Pari Passu Obligations, (ii) any election by
any Controlling Party or any holders of Pari Passu Obligations, in any proceeding instituted under the Bankruptcy Code, of the application of Section 1111(b) of the Bankruptcy Code or (iii) subject to Section 6.11, any
borrowing by, or grant of a security interest or administrative expense priority under Section 364 of the Bankruptcy Code by, any Grantor or any of its Subsidiaries, as debtor-in-possession. Notwithstanding any other provision of this
Agreement, the Pari Passu Collateral Agent shall not accept any Common Collateral in full or partial satisfaction of any Pari Passu Obligations pursuant to Section 9-620 of the Uniform Commercial Code of any jurisdiction, without the consent of
each Authorized Representative representing holders of Pari Passu Obligations for whom such Collateral constitutes Common Collateral. 
 Section 4.2 Delegation of Duties. The Pari Passu Collateral Agent may execute any of its duties under this Agreement and the other Collateral Agreements by or through employees,
agents or attorneys-in-fact and shall not be answerable to the Pari Passu Secured Parties. The Pari Passu Collateral Agent and any such agent or attorney may perform any and all of its duties and exercise its rights and powers by or through their
respective Affiliates. The exculpatory provisions of this Article IV shall apply to any such employee, agent or attorney and to the Affiliates of the Pari Passu Collateral Agent and any such agent or attorney. The Pari Passu Collateral
Agent shall not be responsible for the negligence or misconduct of any agents or attorneys in fact selected by it or its Affiliate with reasonable care. 
 Section 4.3 Reliance on Documents; Counsel. The Pari Passu Collateral Agent shall be entitled to rely upon any notice, consent, certificate, affidavit, letter, telegram,
statement, paper or document believed in good faith by it to be genuine and correct and to have been signed or sent by the proper Person or Persons, and, with respect to legal matters, upon the opinion of counsel selected by the Pari Passu
Collateral Agent, which counsel may be employees of the Pari Passu Collateral Agent. 
 Section 4.4 Rights as
a Pari Passu Secured Party. The Person serving as the Pari Passu Collateral Agent hereunder shall have the same rights and powers in its capacity as a Pari Passu Secured Party under any Series of Pari Passu Obligations that it holds as any
other Pari Passu Secured Party of such Series and may exercise the same as though it were not the Pari Passu Collateral Agent and the term “Pari Passu Secured Party” or “Pari Passu Secured Parties” or (as applicable) “Term
Loan Secured Party”, “Term Loan Secured Parties”, “Existing Notes Secured Party”, “Existing Notes Secured Parties”, “New Notes Secured Party”, “New Notes Secured Parties”, “Credit Agreement
Secured Party”, “Credit Agreement Secured Parties”, “Other Pari Passu Secured Party” or “Other Pari Passu Secured Parties” shall, unless otherwise expressly indicated or unless the context otherwise requires,
include the Person serving as the Pari Passu Collateral Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and
generally engage in any kind of business with any Grantor or any Subsidiary or other Affiliate thereof as if such Person were not the Pari Passu Collateral Agent hereunder and without any duty to account therefor to any other Pari Passu Secured
Party. 
 Section 4.5 Exculpatory Provisions. 

(a) The Pari Passu Collateral Agent shall have no duties to the Pari Passu Secured Parties except those expressly set forth herein and in
the Pari Passu Documents. Neither the Pari Passu Collateral Agent nor any of its officers, directors, employees or agents shall be liable to any Pari Passu Secured Party for any action taken or omitted by the Pari Passu Collateral

  
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Agent, its officers, directors, employees and agents, as the case may be, hereunder or in connection herewith, except to the extent caused by its or their gross negligence or willful misconduct.
Without limiting the generality of the foregoing, the Pari Passu Collateral Agent: 
 (i) shall not be subject to
any fiduciary or other implied duties of any kind or nature to any Person, regardless of whether an Event of Default has occurred and is continuing; 
 (ii) shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Collateral
Agreements that the Pari Passu Collateral Agent is required to exercise as directed in writing by the Controlling Party; provided that the Pari Passu Collateral Agent shall not be required to take any action that, in its opinion or the
opinion of its counsel, may expose it to liability or that is contrary to any Pari Passu Document or applicable law; 
 (iii) shall not, except as expressly set forth herein and in the Collateral Agreements have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the
Company or any of its Affiliates that is communicated to or obtained by the Person serving as the Pari Passu Collateral Agent or any of its Affiliates in any capacity; 

(iv) shall not be liable for any action taken or not taken by it (A) with the consent or at the request of the
Controlling Party or (B) in the absence of its own gross negligence or willful misconduct or (C) in reliance on a certificate of an authorized officer of the Company stating that such action is permitted by the terms of this Agreement; and
shall be deemed not to have knowledge of any Event of Default under any Series of Pari Passu Obligations unless and until written notice describing such Event Default is given by the Company or (as applicable) to the Pari Passu Collateral Agent by
the Authorized Representative of such Pari Passu Obligations; 
 (v) shall not be responsible for or have any
duty to ascertain or inquire into (A) any statement, warranty or representation made in or in connection with this Agreement or any other Collateral Agreement, (B) the contents of any certificate, report or other document delivered
hereunder or thereunder or in connection herewith or therewith, (C) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Event of Default or other
default, (D) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Collateral Agreement or any other agreement, instrument or document, or the creation, perfection or priority of any Lien purported to be
created by the Collateral Agreements, (E) the value or the sufficiency of any Collateral for any Series of Pari Passu Obligations, or (F) the satisfaction of any condition set forth in any Pari Passu Document, other than to confirm receipt
of items expressly required to be delivered to the Pari Passu Collateral Agent; 
 (vi) the Pari Passu Collateral
Agent shall not have any fiduciary duties or contractual obligations of any kind or nature under any Other Pari Passu Agreement (but shall be entitled to all protections provided to the Pari Passu Collateral Agent therein); 

(vii) with respect to the Pari Passu Documents, may conclusively assume that the Grantors have complied with all of their
obligations thereunder unless advised in writing by the Authorized Representative thereunder to the contrary specifically setting forth the alleged violation; and 

  
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 (viii) may conclusively rely on any certificate of an officer of the Company
provided pursuant to Section 2.11. 
 (b) The Grantors agree that they shall defend and be jointly and severally
liable to reimburse and indemnify the Pari Passu Collateral Agent for reasonable expenses actually incurred by the Pari Passu Collateral Agent on behalf of the Pari Passu Secured Parties in connection with the execution, delivery, administration and
enforcement of this Agreement and from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, actual reasonable expenses or disbursements of any kind and nature whatsoever which may be imposed
on, incurred by or asserted against the Pari Passu Collateral Agent, in any way relating to or arising out of this Agreement or any other document delivered in connection herewith or the transactions contemplated hereby, or the enforcement of any of
the terms hereof, in each case, except to the extent caused by its gross negligence or willful misconduct. The obligations of the Grantors under this Section 4.5(b) shall survive payment of the Pari Passu Obligations and termination of
this Agreement and all of the Pari Passu Documents. 
 (c) Each Pari Passu Secured Party acknowledges that, in addition to
acting as the initial Pari Passu Collateral Agent, Wells Fargo Bank, National Association also serves as Term Loan Collateral Agent, Credit Agreement Collateral Agent, New Noteholder Collateral Agent, Existing Noteholder Collateral Agent, New
Trustee and Existing Trustee and each Pari Passu Secured Party hereby waives any right to make any objection or claim against Wells Fargo Bank, National Association (or any successor Pari Passu Collateral Agent or its counsel) based on any alleged
conflict of interest or breach of duties arising from the Pari Passu Collateral Agent also serving in such other capacities. 

Section 4.6 Reliance by Pari Passu Collateral Agent. The Pari Passu Collateral Agent shall be entitled to rely
upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution)
believed by it in good faith to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Pari Passu Collateral Agent also may rely upon any statement made to it orally or by telephone and believed by it to have
been made by the proper Person, and shall not incur any liability for relying thereon. The Pari Passu Collateral Agent may consult with legal counsel (who may include, but shall not be limited to, counsel for the Company or counsel for the Term Loan
Agent or the Credit Agreement Agent), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the written advice of any such counsel, accountants or experts.

 Section 4.7 Resignation of Pari Passu Collateral Agent. The Pari Passu Collateral Agent may at any
time give written notice of its resignation as Pari Passu Collateral Agent under this Agreement and the other Collateral Agreements to each Authorized Representative and the Company. Upon receipt of any such notice of resignation, the Controlling
Party shall have the right (subject, unless an Event of Default relating to the commencement of an Insolvency or Liquidation Proceeding has occurred and is continuing, to the consent of the Company (not to be unreasonably withheld or delayed)) in
consultation with the Parent and the Company, to appoint a successor, which shall be a bank or trust company with an office in the United States, or an Affiliate of any such bank or trust company with an office in the United States. If no such

  
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successor shall have been so appointed by the Controlling Party and shall have accepted such appointment within 30 days after the retiring Pari Passu Collateral Agent gives notice of its
resignation, then the retiring Pari Passu Collateral Agent may, on behalf of the Pari Passu Secured Parties, appoint a successor Pari Passu Collateral Agent meeting the qualifications set forth above (but without the consent of any other Pari Passu
Secured Party or the Company); provided that if the Pari Passu Collateral Agent shall notify the Company and each Authorized Representative that no qualifying Person has accepted such appointment, then such resignation shall nonetheless
become effective in accordance with such notice and (a) the retiring Pari Passu Collateral Agent shall be discharged from its duties and obligations hereunder and under the other Collateral Agreements (except that in the case of any collateral
security held by the Pari Passu Collateral Agent on behalf of the Pari Passu Secured Parties under any of the Collateral Agreements, the retiring Pari Passu Collateral Agent shall continue to hold such collateral security solely for purposes of
maintaining the perfection of the security interests of the Pari Passu Secured Parties therein until such time as a successor Pari Passu Collateral Agent is appointed but with no obligation to take any further action at the request of the
Controlling Party, any other Pari Passu Secured Parties or any Grantor) and (b) all payments, communications and determinations provided to be made by, to or through the Pari Passu Collateral Agent shall instead be made by or to each Authorized
Representative directly, until such time as the Controlling Party appoints a successor Pari Passu Collateral Agent as provided for above in this Section. Upon the acceptance of a successor’s appointment as Pari Passu Collateral Agent hereunder
and under the Collateral Agreements, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Pari Passu Collateral Agent, and the retiring Pari Passu Collateral Agent shall
be discharged from all of its duties and obligations hereunder or under the other Collateral Agreements (if not already discharged therefrom as provided above in this Section). After the retiring Pari Passu Collateral Agent’s resignation
hereunder and under the other Collateral Agreements, the provisions of this Article, Section 2.17, 10.04, 10.05, 10.17 and Articles VIII and IX of the Term Loan Facility, Sections 4.21, 7.07 and 8.07 and Article 11 of the New
Indenture, Sections 4.21, 7.07 and 8.07 and Article 11 of the Existing Indenture, Sections 2.10, 10.04, 10.05, 10.09 and 10.17 and Articles VIII and IX of the Credit Agreement and the equivalent provision of any Other Pari Passu Agreement
shall continue in effect for the benefit of such retiring Pari Passu Collateral Agent, its sub-agents and their respective Affiliates in respect of any actions taken or omitted to be taken by any of them while the retiring Pari Passu Collateral
Agent was acting as Pari Passu Collateral Agent. Upon any notice of resignation of the Pari Passu Collateral Agent hereunder and under the other Collateral Agreements, the Grantors agree to use commercially reasonable efforts to transfer (and
maintain the validity and priority of) the Liens in favor of the retiring Pari Passu Collateral Agent under the Collateral Agreements to the successor Pari Passu Collateral Agent as promptly as practicable. 

Section 4.8 Collateral and Guaranty Matters. Each of the Pari Passu Secured Parties irrevocably authorizes the
Pari Passu Collateral Agent, at its option and in its discretion, 
 (a) to place (at the expense of the Grantors)
mortgagee’s interest insurance in such amounts, on such terms and with such insurers as the Pari Passu Collateral Agent shall determine based solely on advice of an insurance advisor selected by the Pari Passu Collateral Agent in its sole
discretion to provide payment to the Pari Passu Collateral Agent as the holder of each Ship Mortgage in the event there are no proceeds from the underlying hull policies in a total loss situation because the Grantor has breached its warranties in
the hull insurance policy; 
 (b) to release any Lien on any property granted to or held by the Pari Passu Collateral Agent
under any Collateral Agreement in accordance with Section 2.11 or upon receipt of a written request from the Company stating that the releases of such Lien is permitted by the terms of each then extant Pari Passu Document; and

  
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 (c) to release any Grantor from its obligations under the Collateral Agreements upon receipt
of a written request from the Company stating that such release is permitted by the terms of each then extant Pari Passu Document. 
 The Pari Passu Collateral Agent shall place the insurance set forth in clause (a) in respect of each Vessel on or as soon as reasonably practicable after the date hereof and shall maintain such
insurance (at the Grantors’ expense) for so long as this Agreement shall remain in effect. 
 Section 4.9
Distributions and Consents. In making the distributions to the Agents provided for in Article II hereof and to the extent such distributions are entitled to the benefits of this Agreement, the Pari Passu Collateral
Agent shall rely upon information supplied to it by each Authorized Representative with respect to the amounts of Pari Passu Obligations owing to the Pari Passu Secured Parties represented by such Authorized Representative, and the Pari Passu
Collateral Agent shall have no liability to any Pari Passu Secured Party for actions taken in good faith reliance on such information in the absence of the Pari Passu Collateral Agent’s gross negligence or willful misconduct. Each Authorized
Representative hereby agrees, on two Business Days’ telephonic, telecopy, e-mail or similar notice from the Pari Passu Collateral Agent, to deliver to the Pari Passu Collateral Agent in writing, including by telecopy or e-mail, a statement of
the outstanding balance of the Pari Passu Obligations, if any, owing to such Pari Passu Secured Parties represented by such Authorized Representative as of the date or dates specified in such notice. 

Section 4.10 Rights as Pari Passu Secured Party. In the event the Pari Passu Collateral Agent, in its
individual capacity, is a Pari Passu Secured Party, the Pari Passu Collateral Agent shall have the same rights and powers hereunder in such capacity as any Pari Passu Secured Party and may exercise the same as though it were not the Pari Passu
Collateral Agent, and the term “Pari Passu Secured Party” or “Pari Passu Secured Parties” shall, at any time when the Pari Passu Collateral Agent is a Pari Passu Secured Party, unless the context
otherwise indicates, include the Pari Passu Collateral Agent in its individual capacity. The Pari Passu Collateral Agent, in its individual capacity, may accept deposits from, lend money to, and generally engage in any kind of trust, debt, equity or
other transaction, in addition to those contemplated by this Agreement, with any Grantor or any of its Subsidiaries in which such Grantor or such Subsidiary is permitted to participate with any other Person. The Pari Passu Collateral Agent, in its
individual capacity, is not obligated to be a Pari Passu Secured Party. 
 ARTICLE V 

PARALLEL DEBT 
 Section 5.1 Acknowledgement and Agreement. Each of the parties hereto has read, understands and agrees to the terms and conditions of the Security Agreement, including without
limitation the “parallel debt provisions” of Section 7 thereof. 

  
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 Section 5.2 Additional Agreement. Without limiting the
foregoing, each of the (a) Existing Trustee and the Existing Noteholder Collateral Agent, on behalf of the Existing Notes Secured Parties, (b) the New Trustee and the New Noteholder Collateral Agent, on behalf of the New Notes Secured
Parties, (c) the Credit Agreement Agent and the Credit Agreement Collateral Agent, on behalf of the Credit Agreement Secured Parties, (d) the Term Loan Agent and the Term Loan Collateral Agent, on behalf of the Term Loan Secured Parties,
and (e) each Authorized Representative of the Other Pari Passu Secured Parties, on behalf of the applicable Other Pari Passu Secured Parties, agrees to (i) the Grantors’ undertaking to pay the Pari Passu Collateral Agent the
“Pari Passu Parallel Debt” (as defined in Section 7.2 of the Security Agreement) pursuant to Section 7.3 of the Security Agreement, (ii) the reduction of the Pari Passu Corresponding Debt in accordance with and to the extent
set forth in Section 7.6 of the Security Agreement and (iii) the other provisions of Section 7 of the Security Agreement. 
 ARTICLE VI 
 MISCELLANEOUS 

Section 6.1 Governing Law. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS
AGREEMENT. 
 Section 6.2 Pari Passu Secured Party Credit Decision. Each Pari Passu Secured Party
acknowledges that it has not relied upon the Pari Passu Collateral Agent or any other Pari Passu Secured Party in making any credit analysis or decision to enter into this Agreement. The Pari Passu Collateral Agent makes no representations or
warranty with respect to the foregoing. Each Pari Passu Secured Party also acknowledges that it will not rely upon the Pari Passu Collateral Agent or any other Pari Passu Secured Party in the future in making any credit decisions or in taking or not
taking action under this Agreement 
 Section 6.3 Counterparts. This Agreement may be executed
in several counterparts, each of which shall be deemed an original but all of which shall constitute one agreement, and shall constitute a binding agreement when executed by each of the parties hereto. 

Section 6.4 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of, and be
binding upon, the successor and assigns of the parties hereto including any assignees of the Pari Passu Obligations. Each Pari Passu Secured Party agrees that it will not assign any of the Pari Passu Obligations absent an acknowledgment by the
assignee thereof of the terms of this Agreement, provided that the failure of any Pari Passu Secured Party to obtain such acknowledgment shall not affect the effectiveness of the immediately preceding sentence. 

Section 6.5 Amendments to Agreement and Documentation. This Agreement may be amended only in a writing executed
by each Authorized Representative. Neither this Section 6.5, nor any other provision of this Agreement, shall in any way limit the ability of any Pari Passu Secured Party to waive, amend or otherwise modify any document relating to the
Pari Passu Obligations (including, without limitation, increasing the respective amounts thereof). Notwithstanding the foregoing, the consent of 100% of the holders of the applicable Pari Passu Obligations will be required to approve any amendment
or waiver of the Collateral Agreements that (i) except as set forth below under Section 6.11, subordinates the Liens of the Pari Passu Secured Parties to which such Pari Passu Obligations are owed in the Common Collateral to any
other Lien (other than Permitted Liens that, under the terms of Pari Passu Documents with respect to such Series are entitled to rank senior in priority to the Liens securing the Pari Passu Secured

  
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Obligations of such Series), (ii) effects any changes in the application of proceeds of the Common Collateral that would adversely affect such Pari Passu Secured Parties or (iii) makes
any change in provisions dealing with the required vote of holders of the Pari Passu Obligations of such Pari Passu Secured Parties required to approve any amendment or waiver. 

Section 6.6 Termination. This Agreement shall terminate upon the payment in full of the Pari Passu Obligations.

 Section 6.7 Cooperation/Transfer. 

(a) Each party hereto agrees to cooperate fully with the other parties hereto, in the exercise of its reasonable judgment, to the end
that the terms and provisions of this Agreement may be promptly and fully carried out. Each party hereto also agrees, from time to time, to execute and deliver any and all other agreements, documents or instruments and to take such other actions,
all as may be reasonably necessary or desirable to effectuate the terms, provisions and intent of this Agreement. 
 (b) In
connection with an assignment of all, or of a proportionate part of all, of any Pari Passu Secured Party’s right, title and interest under any Pari Passu Document, as the case may be, to any bank, insurance company, other financial institution
or other Person (the “Transferee”), such Transferee shall become a Pari Passu Secured Party hereunder immediately upon such assignment without further act on the part of any person, and by the acceptance of such assignment
such Transferee agrees to be bound by the terms hereof as if originally bound hereunder as a Pari Passu Secured Party. 

Section 6.8 No Waiver. No failure or delay on the part of any Pari Passu Secured Party in exercising any right,
power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy hereunder.

 Section 6.9 Notices. All written communications provided for hereunder shall be delivered in
person or by first class mail (registered or certified, return receipt requested), facsimile transmission or overnight air courier guaranteeing next day delivery, and addressed to the Pari Passu Collateral Agent at the address specified on the
signature page hereto, or as the Pari Passu Collateral Agent may otherwise provide in writing to the other parties from time to time. 
 Any party hereto may change its address or facsimile number for notices and other communications hereunder by notice to the other parties hereto. All notices and other communications given to any party
hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt (if a Business Day) and on the next Business Day thereafter (in all other cases) if delivered by hand or overnight courier service
or sent by facsimile, in each case, delivered, sent or mailed (properly addressed) to such party as provided in this Section 6.9 or in accordance with the latest unrevoked direction from such party given in accordance with this
Section 6.9. 
 Section 6.10 No Third Party Beneficiary. No Person, including,
without limitation, the Grantors, other than the Pari Passu Secured Parties and their respective successors and assigns, shall have or be entitled to assert any rights or benefits under this Agreement and no Grantor may rely on the terms hereof. The
provisions of this Agreement are and are intended solely for the purpose of defining the relative rights of the Pari Passu Secured Parties in relation to one another. Nothing in this Agreement is intended to or shall impair the obligations of any
Grantor, which are absolute and unconditional, to pay the Pari Passu Obligations as and when the same shall become due and payable in accordance with their terms. 

  
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 Section 6.11 Bankruptcy Filing. The provisions of this Agreement
shall continue in full force and effect both before and after the filing of any petition by or against any Grantor under any Bankruptcy Law. If any Grantor shall become subject to a case (a “Bankruptcy Case”) under the
Bankruptcy Code and shall, as debtor(s)-in-possession, move for approval of financing (“DIP Financing”) to be provided by one or more lenders (the “DIP Lenders”) under Section 364 of the
Bankruptcy Code or the use of cash collateral under Section 363 of the Bankruptcy Code, each Pari Passu Secured Party (other than any Controlling Secured Party or any Authorized Representative of any Controlling Secured Party) agrees that it
will raise no objection to any such financing or to the Liens on the Common Collateral securing the same (“DIP Financing Liens”) or to any use of cash collateral that constitutes Common Collateral, unless any Controlling
Secured Party, or an Authorized Representative of any Controlling Secured Party, shall then oppose or object to such DIP Financing or such DIP Financing Liens or use of cash collateral (and (i) to the extent that such DIP Financing Liens are
senior to the Liens on any such Common Collateral for the benefit of the Controlling Secured Parties, each Non-Controlling Secured Party will subordinate its Liens with respect to such Common Collateral on the same terms as the Liens of the
Controlling Secured Parties (other than any Liens of any Pari Passu Secured Parties constituting DIP Financing Liens) are subordinated thereto, and (ii) to the extent that such DIP Financing Liens rank pari passu with the Liens on any such
Common Collateral granted to secure the Pari Passu Obligations of the Controlling Secured Parties, each Non-Controlling Secured Party will confirm the priorities with respect to such Common Collateral as set forth herein), in each case so long as
(A) the Pari Passu Secured Parties of each Series retain the benefit of their Liens on all such Common Collateral pledged to the DIP Lenders, including proceeds thereof arising after the commencement of such proceeding, with the same priority
vis-à-vis all the other Pari Passu Secured Parties (other than any Liens of the Pari Passu Secured Parties constituting DIP Financing Liens) as existed prior to the commencement of the Bankruptcy Case, (B) the Pari Passu Secured Parties
of each Series are granted Liens on any additional collateral pledged to any Pari Passu Secured Parties as adequate protection or otherwise in connection with such DIP Financing or use of cash collateral, with the same priority vis-à-vis the
Pari Passu Secured Parties as set forth in this Agreement, (C) if any amount of such DIP Financing or cash collateral is applied to repay any of the Pari Passu Obligations, such amount is applied pursuant to Section 2.5 of this
Agreement, and (D) if any Pari Passu Secured Parties are granted adequate protection, including in the form of periodic payments, in connection with such DIP Financing or use of cash collateral, the proceeds of such adequate protection are
applied pursuant to Section 2.5 of this Agreement; provided that the Pari Passu Secured Parties of each Series shall have a right to object to the grant of a Lien to secure the DIP Financing over any assets subject to Liens in
favor of the Pari Passu Secured Parties of such Series that shall not constitute Common Collateral; and provided, further, that the Pari Passu Secured Parties receiving adequate protection shall not object to any other Pari Passu
Secured Party receiving adequate protection comparable to any adequate protection granted to such Pari Passu Secured Parties in connection with a DIP Financing or use of cash collateral. 

Section 6.12 Refinancings; Other Pari Passu Obligations. 

(a) The Pari Passu Obligations of any Series, or any part thereof, may be Refinanced, in each case, without notice to, or the consent
(except to the extent a consent is otherwise required to permit the Refinancing transaction under any Pari Passu Document) of any other Pari Passu Secured Party, all without affecting the priorities provided for herein or the other provisions
hereof; provided that the Authorized Representative for the holders of such Refinancing Indebtedness (if not already a party hereto in such capacity) shall have executed a Joinder Agreement on behalf of the holders of such Refinancing
Indebtedness. 

  
 29 

 (b) The Company may designate hereunder additional obligations as Other Pari Passu
Obligations if the incurrence of such obligations is permitted under each of the Pari Passu Documents and this Agreement. If so permitted, the Company shall (i) notify the Pari Passu Collateral Agent and the Controlling Party in writing of such
designation (and the Pari Passu Collateral Agent shall forward such notice to each Authorized Representative then existing) and (ii) cause any applicable agent in connection with such Other Pari Passu Obligations to execute and deliver to each
Authorized Representative then existing, a Joinder Agreement on behalf of the applicable Other Pari Passu Secured Parties. 

Section 6.13 Appointment of Pari Passu Collateral Agent. Each Pari Passu Secured Party hereby irrevocably
appoints Wells Fargo Bank, National Association, to act on its behalf as the Pari Passu Collateral Agent hereunder. 

Section 6.14 Severability. Any provision of this Agreement that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the
full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction. 

Section 6.15 Headings. The descriptive headings of the several sections of this Agreement are inserted for
convenience only and do not constitute a part of this Agreement. 
 Section 6.16 Submission to Jurisdiction;
Waiver of Jury Trial. EACH OF THE PARTIES HERETO IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK CITY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT. NONE OF THE PARTIES HERETO SHALL SEEK A JURY TRIAL IN ANY
LAWSUIT, PROCEEDING, COUNTERCLAIM OR OTHER LITIGATION PROCEDURE BASED UPON OR ARISING OUT OF OR OTHERWISE RELATED TO THIS AGREEMENT AND EACH OF THE PARTIES HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY AND ALL RIGHT TO ANY SUCH
JURY TRIAL, ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE, TO THE EXTENT ANY SUCH PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION. 

Section 6.17 Conflicts. In the event of any conflict between the provisions of this Agreement and the
provisions of any other Pari Passu Document, the provisions of this Agreement shall govern. 
 Section 6.18
Additional Guarantors’ Consent. If after the date hereof any Subsidiary of the Parent or the Company or any Restricted Subsidiary becomes a Guarantor under any Pari Passu Document that was not a Guarantor as of the date
hereof, such Guarantor shall execute and deliver a Joinder Consent Agreement. 

  
 30 

 Section 6.19 Acknowledgment of Authorized Representatives
and Agents. Each Authorized Representative and each other Agent acknowledges and agrees that each of the Pari Passu Collateral Agent and the other Pari Passu Secured Parties have made no express or implied representation or warranty,
including with respect to the execution, validity, legality, completeness, collectability, or enforceability of any of the Pari Passu Documents, the ownership of any Collateral, or the perfection or priority of any Liens thereon. Except as otherwise
expressly provided herein, the Pari Passu Secured Parties will be entitled to manage and supervise their respective loans and extensions of credit under the applicable Pari Passu Documents in accordance with law and as they may otherwise, in their
sole discretion, deem appropriate. The Pari Passu Collateral Agent and the other Pari Passu Secured Parties shall have no duty to any other Pari Passu Secured Parties to act or refrain from acting in a manner that allows, or results in, the
occurrence or continuance of an Event of Default or default under any agreements with any Grantor (including the Pari Passu Documents), regardless of any knowledge thereof which they may have or be charged with. 

Section 6.20 Entire Agreement. This Agreement embodies the entire agreement and understanding among the parties
hereto and supersedes all prior agreements and understandings related to the subject matter hereof. 
 [Signatures On Next
Page] 

  
 31 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their proper and duly authorized officers as of the date and year first written above. 
  

			
	WELLS FARGO BANK, NATIONAL
ASSOCIATION, as Pari Passu Collateral Agent
		
	By: 	 	/s/
		 	Name: Patrick T. Giordano
		 	Title:   Vice President
	
	 Address:   750 N. St. Paul Place, Suite 1750

        MAC: T9263-170
        Dallas, Texas,
75201

		
		 	Facsimile No.: (214) 756-7401
	
	WELLS FARGO BANK, NATIONAL
ASSOCIATION, as New Trustee
		
	By:	 	/s/
		 	Name: Patrick T. Giordano
		 	Title:   Vice President
	
	 Address:   750 N. St. Paul Place, Suite 1750

        MAC: T9263-170

        Dallas, Texas, 75201

		
		 	Facsimile No.: (214) 756-7401
	
	WELLS FARGO BANK, NATIONAL
ASSOCIATION, as New Noteholder Collateral Agent
		
	 By:
	 	/s/
		 	Name: Patrick T. Giordano
		 	Title:   Vice President
	
	 Address:   750 N. St. Paul Place, Suite 1750

        MAC: T9263-170

        Dallas, Texas, 75201

		
		 	Facsimile No.: (214) 756-7401

 
			
	ROYAL BANK OF CANADA, as Credit
Agreement Agent
		
	By: 	 	/s/
		 	Name: Jay T. Sartain
		 	Title:   Authorized Signatory
	
	 Address:
 RBC
Capital Market
 2800 Post Oak Blvd.

Suite 3900
 Houston, TX 77056

Attention: Jay Sartain

	
	WELLS FARGO BANK, NATIONAL
ASSOCIATION, as Credit Agreement Collateral Agent
		
	By:	 	/s/
		 	Name: Patrick T. Giordano
		 	Title:   Vice President
	
	 Address:   750 N. St. Paul Place, Suite 1750

        MAC: T9263-170

        Dallas, Texas, 75201

		
		 	Facsimile No.: (214) 756-7401
	
	CITIBANK, N.A., as Term Loan Agent
		
	By:	 	/s/
		 	Name: Matthew S. Burke
		 	Title:   Vice President
	
	 Address: 1615 Brett Road OPS III
         New Castle, Delaware 19720

        Attention: Citibank NA Agency

        Department

		
		 	Facsimile No.: (212) 994-0961

  

			
	WELLS FARGO BANK, NATIONAL
ASSOCIATION, as Term Loan Collateral Agent
		
	 By:
	 	/s/
		 	 Name: Patrick T. Giordano

		 	 Title:   Vice President

	
	 Address:   750 N. St. Paul Place, Suite 1750

        MAC: T9263-170

        Dallas, Texas, 75201

		
		 	Facsimile No.: (214) 756-7401
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Existing Trustee
		
	 By:
	 	/s/
		 	 Name: Patrick T. Giordano

		 	 Title:   Vice President

	
	 Address:   750 N. St. Paul Place, Suite 1750

        MAC: T9263-170

        Dallas, Texas, 75201

		
		 	Facsimile No.: (214) 756-7401
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Existing Noteholder Collateral Agent
		
	 By:
	 	/s/
		 	 Name: Patrick T. Giordano

		 	 Title:   Vice President

	
	 Address:   750 N. St. Paul Place, Suite 1750

        MAC: T9263-170

        Dallas, Texas, 75201

		
		 	Facsimile No.: (214) 756-7401

			
	 Accepted and agreed to as of the
 date first written above:

	
	OFFSHORE GROUP INVESTMENT LIMITED, a Cayman Islands exempted company
		
	 By:
	 	/S/
		 	 Name: Douglas G. Smith

		 	 Title:  Chief Financial Officer and Treasurer

	
	 VANTAGE DRILLING COMPANY,

a Cayman Islands exempted company

		
	 By:
	 	/S/
		 	 Name: Douglas G. Smith

		 	 Title:   Chief Financial Officer and Treasurer

	
	 VANTAGE DELAWARE HOLDINGS, LLC

		
	 By:
	 	/S/
		 	 Name: Douglas G. Smith

		 	 Title:   Chief Financial Officer and Treasurer

	
	 VANTAGE HOLDING HUNGARY KFT.,

a Hungarian limited liability company

		
	 By:
	 	/S/
		 	 Name: Linda Ibrahim

		 	 Title:   Director

		
	 By:
	 	/S/
		 	 Name: Julia Varga

		 	 Title:   Director

			
	VANTAGE INTERNATIONAL MANAGEMENT CO., a Cayman Islands exempted company
		
	By:	 	/s/
		 	Name: Douglas G. Smith
		 	Title:   Chief Financial Officer and Treasurer
	
	VANTAGE DRILLING NETHERLANDS BV, a Dutch limited liability company
		
	By:	 	/S/
		 	Name: Linda Ibrahim
		 	Title:   Managing Director A

					
		
	By:	 	/S/
		 	Name: R.H.L. de Groot	 	TMF Management B.V.
		 	Title:   Proxy holder A	 	Managing Director B
			
	By:	 	/S/	 	 
		 	Name: J.M. van der Eerden	 	TMF Management B.V.
		 	Title:   Proxy holder B	 	Managing Director B

			
	
	P2021 RIG CO., a
Cayman Islands exempted company
		
	By:	 	/S/
		 	Name: Douglas G. Smith
		 	Title:   Chief Financial Officer and Treasurer
	
	P2020 RIG CO., a Cayman Islands exempted company
		
	By:	 	/S/
		 	Name: Douglas G. Smith
		 	Title:   Chief Financial Officer and Treasurer
	
	VANTAGE DRILLER I CO, a Cayman Islands exempted company
		
	By:	 	/S/
		 	Name: Douglas G. Smith
		 	Title:   Chief Financial Officer and Treasurer

			
	VANTAGE DRILLER II CO, a Cayman Islands exempted company
		
	By:	 	/S/
		 	Name: Douglas G. Smith
		 	Title:   Chief Financial Officer and Treasurer
	
	VANTAGE DRILLER III CO, a Cayman Islands exempted company
		
	By:	 	/S/
		 	Name: Douglas G. Smith
		 	Title:   Chief Financial Officer and Treasurer
	
	VANTAGE DRILLER IV CO., a Cayman Islands exempted company
		
	By:	 	/S/
		 	Name: Douglas G. Smith
		 	Title:   Chief Financial Officer and Treasurer
	
	SAPPHIRE DRILLER COMPANY, a Cayman Islands exempted company
		
	By:	 	/S/
		 	Name: Douglas G. Smith
		 	Title:   Chief Financial Officer and Treasurer
	
	EMERALD DRILLER COMPANY, a Cayman Islands exempted company
		
	By:	 	/S/
		 	Name: Douglas G. Smith
		 	Title:   Chief Financial Officer and Treasurer
	
	VANTAGE HOLDINGS MALAYSIA I CO., a Cayman Islands exempted company
		
	By:	 	/S/
		 	Name: Douglas G. Smith
		 	Title:   Chief Financial Officer and Treasurer

			
	VANTAGE DRILLING (MALAYSIA) I SDN. BHD., a Malaysian private limited company
		
	By: 	 	/S/
		 	Name: Ronald Nelson
		 	Title:   Director
	
	VANTAGE DRILLING LABUAN I LTD., a Labuan company
		
	By:	 	/S/
		 	Name: Ronald Nelson
		 	Title:   Director
	
	DRAGONQUEST HOLDINGS COMPANY, a Cayman Islands exempted company
		
	By:	 	/S/
		 	Name: Douglas G. Smith
		 	Title:   Chief Financial Officer and Treasurer
	
	VANTAGE DRILLING POLAND – LUXEMBOURG BRANCH, a Luxembourg branch of a Polish Company
		
	By:	 	/S/
		 	Name: Ian Foulis
		 	Title:   Branch Manager
	
	VANTAGE HOLDINGS CYPRUS ODC LIMITED, a Cyprus private company
		
	By:	 	/S/
		 	Name: Mark Howell
		 	Title:   Director
	
	VANTAGE DEEPWATER COMPANY, a Cayman Islands exempted company
		
	By:	 	/S/
		 	Name: Douglas G. Smith
		 	Title:   Chief Financial Officer and Treasurer

			
	VANTAGE DEEPWATER DRILLING, INC., a
Delaware corporation
		
	By:	 	/S/
		 	Name: Douglas G. Smith
		 	Title:   Chief Financial Officer and Treasurer

  

			
	TUNGSTEN EXPLORER COMPANY., a
Cayman Islands exempted company
		
	By: 	 	/S/
		 	Name: Douglas G. Smith
		 	Title:   Chief Financial Officer and TreasurerRegistration Rights Agreement

 Exhibit 10.4 
 EXECUTION VERSION 
 $1,150,000,000 

OFFSHORE GROUP INVESTMENT LIMITED 
 7.5% Senior Secured First Lien Notes due 2019 
 REGISTRATION RIGHTS
AGREEMENT 
 October 25, 2012 
 CITIGROUP GLOBAL MARKETS INC. 
 JEFFERIES & COMPANY, INC. 

      As Representatives of the 
       Initial Purchasers listed in 

      Schedule I hereto 
 c/o Citigroup Global Markets Inc. 
 388 Greenwich Street 

New York, New York 10013 
 Ladies and Gentlemen:

 Offshore Group Investment Limited, an exempted company incorporated with limited liability under the laws of the Cayman
Islands (the “Company”), is issuing and selling to the several initial purchasers listed in Schedule I hereto (the “Initial Purchasers”), upon the terms set forth in the Purchase Agreement dated
October 16, 2012, by and among the Company, the Guarantors named therein and the Initial Purchasers (the “Purchase Agreement”), $1,150,000,000 aggregate principal amount of 7.5% Senior Secured First Lien Notes due 2019 (the
“Notes”). As an inducement to the Initial Purchasers to enter into the Purchase Agreement, the Company and the Guarantors listed in the signature pages hereto agree with the Initial Purchasers, for the benefit of the Holders (as
defined below) of the Notes (including, without limitation, the Initial Purchaser), as follows: 
 1. Definitions

 Capitalized terms that are used herein without definition and are defined in the Purchase Agreement shall have the
respective meanings ascribed to them in the Purchase Agreement. As used in this Agreement, the following terms shall have the following meanings: 
 Additional Interest: See Section 4(a). 
 Advice: See
Section 5(v). 
 Agreement: This Registration Rights Agreement, dated as of the Closing Date, between the Company
and the Initial Purchasers. 
 Applicable Period: See Section 2(e). 

Board of Directors: See Section 5(v)(ii). 
 Business Day: A day that is not a Saturday, a Sunday or a day on which banking institutions in the City of New York are authorized or required by law or executive order to be closed. 

Closing Date: October 25, 2012. 

 Collateral Agreements: Shall have the meaning set forth in the Indenture. 

Company: See the introductory paragraph to this Agreement. 

day: Unless otherwise expressly provided, a calendar day. 

Effectiveness Date: The 150th day after the Closing Date. 
 Effectiveness Period: See Section 3(a). 
 Exchange Act: The
Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder. 
 Exchange
Notes: 7.5% Senior Secured First Lien Notes due 2019, identical in all material respects to the Notes, including the Guarantees endorsed thereon, except for references to series and restrictive legends and to Additional Interest. 

Exchange Offer: See Section 2(a). 
 Exchange Registration Statement: See Section 2(a). 

Filing Date: The 60th day after the Closing Date. 
 FINRA: Financial Industry Regulatory Authority. 
 Guarantee: Shall
have the meaning set forth in the Indenture. 
 Guarantor: Parent and each subsidiary of the Company or Parent that
guarantees the obligations of the Company under the Notes and Indenture. 
 Holder: Any beneficial holder of Registrable
Notes. 
 Indemnified Party: See Section 7(c). 

Indemnifying Party: See Section 7(c). 
 Indenture: The Indenture, dated as of October 25, 2012, by and among the Company, the Guarantors party thereto and Wells Fargo Bank, National Association, as trustee, pursuant to which the
Notes are being issued, as amended or supplemented from time to time in accordance with the terms hereof. 
 Initial
Purchasers: See the introductory paragraph to this Agreement. 
 Initial Shelf Registration: See Section 3(a).

 Inspectors: See Section 5(n). 
 Interest Payment Date: Shall have the meaning set forth in the Indenture. 

Lien: Shall have the meaning set forth in the Indenture. 
 Losses: See Section 7(a). 
 Maximum Contribution Amount: See
Section 7(d). 

  
 2 

 Notes: See the introductory paragraph to this Agreement. 

Parent: Vantage Drilling Company, an exempted company incorporated with limited liability under the laws of the Cayman Islands.

 Participating Broker-Dealer: See Section 2(e). 

Person: An individual, trustee, corporation, partnership, limited liability company, joint stock company, trust, unincorporated
association, union, business association, firm, government or agency or political subdivision thereof, or other legal entity. 

Private Exchange: See Section 2(f). 
 Private Exchange Notes: See Section 2(f). 
 Prospectus: 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
promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Notes covered by such Registration Statement, and all other amendments and
supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 
 Purchase Agreement: See the introductory paragraph to this Agreement. 

Records: See Section 5(n). 
 Registrable Notes: Notes and Private Exchange Notes; provided, however, that a Note or Private Exchange Note, as applicable, shall cease to be a Registrable Note upon the earliest to occur
of the following: (i) in the circumstances contemplated by Section 2(a), the Note has been exchanged for an Exchange Note in an Exchange Offer as contemplated in Section 2(a); (ii) in the circumstances contemplated by
Section 3, a Shelf Registration registering such Note or Private Exchange Note, as applicable, under the Securities Act has been declared or becomes effective and such Note or Private Exchange Note, as applicable, has been sold or otherwise
transferred by the holder thereof pursuant to and in a manner contemplated by such effective Shelf Registration; (iii) such Note or Private Exchange Note, as applicable, is actually sold by the holder thereof pursuant to Rule 144 under
circumstances in which any legend borne by such Note or Private Exchange Note, as applicable, relating to restrictions on transferability thereof, under the Securities Act or otherwise, is removed by the Company or pursuant to the Indenture; or
(iv) such Note or Private Exchange Note, as applicable, shall cease to be outstanding (whether as a result of repurchase and cancellation, conversion or otherwise). 
 Registration Default: See Section 4(a). 
 Registration
Statement: Any registration statement of the Company and the Guarantors filed with the SEC under the Securities Act (including, but not limited to, the Exchange Registration Statement, the Shelf Registration and any subsequent Shelf
Registration) that covers any of the Registrable Notes pursuant to the provisions of this Agreement, including the Prospectus, amendments and supplements to such registration statement, including post-effective amendments, all exhibits and all
material incorporated by reference or deemed to be incorporated by reference in such registration statement. 
 Requesting
Participating Broker-Dealer: See Section 2(e). 

  
 3 

 Rule 144: Rule 144 promulgated under the Securities Act, as such Rule may be amended
from time to time, or any similar rule (other than Rule 144A) or regulation hereafter adopted by the SEC providing for offers and sales of securities made in compliance therewith resulting in offers and sales by subsequent holders that are not
affiliates of an issuer or such securities being free of the registration and prospectus delivery requirements of the Securities Act. 
 Rule 144A: Rule 144A promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule (other than Rule 144) or regulation hereafter adopted by the SEC.

 Rule 415: Rule 415 promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the SEC. 
 Rule 430A: Rule 430A promulgated under the Securities Act, as such
Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC. 
 SEC: The
Securities and Exchange Commission. 
 Securities: The Notes, the Exchange Notes and the Private Exchange Notes.

 Securities Act: The Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 Shelf Filing Date: See Section 3(a). 

Shelf Notice: See Section 2(j). 
 Shelf Registration: See Section 3(b). 
 Subsequent Shelf
Registration: See Section 3(b). 
 Suspension Period: See Section 5(v). 

TIA: The Trust Indenture Act of 1939, as amended. 
 Trustee: The trustee under the Indenture and, if existent, the trustee under any indenture governing the Exchange Notes and Private Exchange Notes (if any). 

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

 

	 	(a)	 Parent and the Company shall (and shall cause each other Guarantor to) (i) prepare and file with the SEC promptly after the date hereof, but in no
event later than the Filing Date, a registration statement (the “Exchange Registration Statement”) on an appropriate form under the Securities Act with respect to an offer (the “Exchange Offer”) to the Holders of
Notes to issue and deliver to such Holders, in exchange for the Notes, a like principal amount of Exchange Notes, (ii) use their commercially reasonable efforts to cause the Exchange Registration Statement to become effective as promptly as
practicable after the filing thereof, but in no event later than the Effectiveness Date, (iii) use their commercially reasonable efforts to keep the Exchange Registration Statement effective until the consummation of the Exchange Offer in
accordance with its terms, and (iv) commence the 

  
 4 

	 	
Exchange Offer and use their commercially reasonable efforts to issue on or prior to 30 days after the date on which the Exchange Registration Statement is declared effective, Exchange Notes in
exchange for all Notes tendered prior thereto in the Exchange Offer. The Exchange Offer shall not be subject to any conditions, other than that (i) the Exchange Offer does not violate any law or applicable rule, regulation or interpretation of
the staff of the SEC, (ii) no action, suit or proceeding shall have been instituted or threatened in any court or by any governmental agency which might materially impair the ability of the Company to proceed with the Exchange Offer, and no
material adverse development shall have occurred in any existing action, suit or proceeding with respect to the Company and (iii) all governmental approvals shall have been obtained, which approvals the Company reasonably deems necessary for
the consummation of the Exchange Offer. 

  

	 	(b)	The Exchange Notes shall be issued under, and entitled to the benefits of, (i) the Indenture or a trust indenture that is identical to the Indenture (other than
such changes as are necessary to comply with any requirements of the SEC to effect or maintain the qualifications thereof under the TIA) and (ii) the Collateral Agreements. 

 

	 	(c)	Interest on the Exchange Notes and Private Exchange Notes will accrue from the last interest payment due date on which interest was paid on the Notes surrendered in
exchange therefor or, if no interest has been paid on the Notes, from the date of original issue of the Notes. Each Exchange Note and Private Exchange Note shall bear interest at the rate set forth thereon; provided, that interest with
respect to the period prior to the issuance thereof shall accrue at the rate or rates borne by the Notes from time to time during such period. 

  

	 	(d)	The Company may require each Holder as a condition to participation in the Exchange Offer to represent (i) that any Exchange Notes received by it will be acquired
in the ordinary course of its business, (ii) that at the time of the commencement and consummation of the Exchange Offer, and at no time since the Issue Date, such Holder has not entered into any arrangement or understanding with any Person to
participate in the distribution (within the meaning of the Securities Act) of the Exchange Notes in violation of the provisions of the Securities Act, (iii) that if such Holder is an “affiliate” of any of the Parent, the Company or
any Guarantor within the meaning of Rule 405 of the Securities Act, it will comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable to it, (iv) if such Holder is not a broker-dealer, that
it is not engaged in, and does not intend to engage in, the distribution of the Notes, (v) if such Holder is a Participating Broker-Dealer, that it will deliver a Prospectus in connection with any resale of the Exchange Notes and otherwise
comply with the applicable provisions of the Securities Act, (vi) such Holder has full power and authority to transfer the Notes in exchange for the Exchange Notes and that the Company will acquire good and unencumbered title thereto free and
clear of any liens, restrictions, charges or encumbrances and not subject to any adverse claims; and (vii) such Holder is not a broker-dealer that acquired Notes directly from the Company. Each Holder shall be required to make such other
representations as may be reasonably necessary under applicable rules, regulations and interpretations of the SEC for the Exchange Registration Statement to be declared effective. 

 

	 	(e)	 Parent and the Company shall (and shall cause each other Guarantor to) include within the Prospectus contained in the Exchange Registration Statement a
section entitled “Plan of Distribution” reasonably acceptable to the Initial Purchasers which shall contain a summary statement of the positions taken or policies made by the staff of the SEC with respect to the potential
“underwriter” status of any broker-dealer that is the beneficial owner (as defined in Rule 13d-3 under the Exchange Act) of Exchange Notes received by such broker-dealer in

  
 5 

 
the Exchange Offer for its own account in exchange for Notes that were acquired by it as a result of market-making or other trading activity (a “Participating Broker-Dealer”),
whether such positions or policies have been publicly disseminated by the staff of the SEC or such positions or policies, in the judgment of the Initial Purchasers, represent the prevailing views of the staff of the SEC. Such “Plan of
Distribution” section shall also allow, to the extent permitted by applicable policies and regulations of the SEC, the use of the Prospectus by all Persons subject to the prospectus delivery requirements of the Securities Act, including, to the
extent so permitted, all Participating Broker-Dealers, and include a statement describing the manner in which Participating Broker-Dealers may resell the Exchange Notes. In light of the foregoing, if requested by a Participating Broker-Dealer (a
“Requesting Participating Broker-Dealer”), the Company and the Guarantors shall use their commercially reasonable efforts to keep the Exchange Registration Statement effective for a period not to exceed 120 days after the date on
which the Exchange Registration Statement is declared effective and to amend and supplement the Prospectus contained therein, in order to permit such Prospectus to be lawfully delivered by all Persons subject to the prospectus delivery requirements
of the Securities Act for such period of time as such Persons must comply with such requirements in order to resell the Exchange Notes (the “Applicable Period”), or such earlier date as all Requesting Participating Broker-Dealers
shall have notified the Company in writing that such Requesting Participating Broker-Dealers have resold all Exchange Notes acquired in the Exchange Offer. Upon consummation of the Exchange Offer in accordance with this Section 2, the Company
shall have no further registration obligations other than the Company’s continuing registration obligations with respect to (i) Private Exchange Notes, (ii) Exchange Notes held by Participating Broker-Dealers and (iii) Notes or
Exchange Notes as to which clauses (j)(v)(A) or (B) of this Section 2 apply. 
  

	 	(f)	If, upon consummation of the Exchange Offer, the Initial Purchasers hold any Notes acquired by them and having the status of an unsold allotment in the initial
distribution, the Company (upon the written request from the Initial Purchasers) shall, simultaneously with the delivery of the Exchange Notes in the Exchange Offer, issue and deliver to the Initial Purchasers, in exchange (the “Private
Exchange”) for the Notes held by the Initial Purchasers, a like principal amount of senior secured notes that are identical to the Exchange Notes except for the existence of restrictions on transfer thereof under the Securities Act and
securities laws of the several states of the United States and the inclusion of a legend to that effect (the “Private Exchange Notes”) (and which are issued pursuant to the same indenture as the Exchange Notes). The Private Exchange
Notes shall bear the same CUSIP number as the Exchange Notes. The Private Exchange shall not be subject to any conditions, other than that (i) the Private Exchange does not violate any law or applicable rule, regulation or interpretation of the
staff of the SEC, (ii) no action, suit or proceeding shall have been instituted or threatened in any court or by any governmental agency which might materially impair the ability of the Company to proceed with the Private Exchange, and no
material adverse development shall have occurred in any existing action, suit or proceeding with respect to the Company and (iii) all governmental approvals shall have been obtained, which approvals the Company reasonably deems necessary for
the consummation of the Private Exchange. 

  

	 	(g)	In connection with the Exchange Offer, Parent and the Company shall (and shall cause each other Guarantor to): 

 

	 	(i)	mail, or cause to be mailed, to each Holder a copy of the Prospectus forming part of the Exchange Registration Statement, together with an appropriate letter of
transmittal that is an exhibit to the Exchange Registration Statement, and any related documents; 

  
 6 

	 	(ii)	keep the 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)	utilize the services of a depository for the Exchange Offer with an address in the Borough of Manhattan, the City of New York, which may be the Trustee or an affiliate
thereof; 

  

	 	(iv)	permit Holders to withdraw tendered Registrable Notes at any time prior to the close of business, New York time, on the last Business Day on which the Exchange Offer
shall remain open; and 

  

	 	(v)	otherwise comply in all material respects with all applicable laws. 

  

	 	(h)	As soon as practicable after the close of the Exchange Offer or the Private Exchange, as the case may be, the Company shall (and shall cause each Guarantor to):

  

	 	(i)	accept for exchange all Registrable Notes validly tendered pursuant to the Exchange Offer or the Private Exchange, as the case may be, and not validly withdrawn;

  

	 	(ii)	deliver to the Trustee for cancellation all Registrable Notes so accepted for exchange; and 

 

	 	(iii)	cause the Trustee to authenticate and deliver promptly to each Holder tendering such Registrable Notes, Exchange Notes or Private Exchange Notes, as the case may be,
equal in principal amount to the Notes of such Holder so accepted for exchange. 

  

	 	(i)	The Exchange Notes and the Private Exchange Notes may be issued under (i) the Indenture or (ii) an indenture identical in all material respects to the
Indenture (other than such changes as are necessary to comply with any requirements of the SEC to effect or maintain the qualification thereof under the TIA), which in either event will provide that the Exchange Notes will not be subject to the
transfer restrictions set forth in the Indenture, that the Private Exchange Notes will be subject to the transfer restrictions set forth in the Indenture, and that the Exchange Notes, the Private Exchange Notes and the Notes, if any, will be deemed
one class of security (subject to the provisions of the Indenture) and entitled to participate in all the security granted by the Company pursuant to the Collateral Agreements and in any Guarantee on an equal and ratable basis.

  

	 	(j)	 If: (i) prior to the consummation of the Exchange Offer, (A) the Exchange Notes would not, upon receipt, be tradeable by the Holders thereof
without restriction under the Securities Act and the Exchange Act and without material restrictions under applicable Blue Sky or state securities laws, or (B) the interests of the Holders under this Agreement, taken as a whole, would be
materially adversely affected by the consummation of the Exchange Offer; (ii) applicable interpretations of the staff of the SEC would not permit the consummation of the Exchange Offer prior to the Effectiveness Date; (iii) subsequent to
the consummation of the Private Exchange, any Holder of Private Exchange Notes so requests; (iv) the Exchange Offer is not consummated within 300 days of the Closing Date for any reason; or (v) in the case of (A) any Holder not
permitted by applicable law or SEC policy to participate in the Exchange Offer, (B) any Holder participating in the Exchange Offer that receives Exchange Notes that may not be sold without restriction under state and federal securities laws
(other than due solely to the status of such Holder as an affiliate of the 

  
 7 

	 	
Company within the meaning of the Securities Act) or (C) any broker-dealer that holds Notes acquired directly from the Company or any of its affiliates and, in each such case contemplated by
this clause (v), such Holder notifies the Company within six months of consummation of the Exchange Offer, then the Company shall promptly (and in any event within five Business Days) deliver to the Holders (or in the case of an occurrence of any
event described in clause (v) of this Section 2(i), to any such Holder) and the Trustee notice thereof (the “Shelf Notice”) and shall as promptly as possible thereafter (but in no event later than the Shelf Filing Date)
file an Initial Shelf Registration pursuant to Section 3. 

 3. Shelf Registration 

If a Shelf Notice is delivered pursuant to Section 2(j), then this Section 3 shall apply to all Registrable Notes. Otherwise,
upon consummation of the Exchange Offer in accordance with Section 2, the provisions of Section 3 shall apply solely with respect to (i) Notes held by any Holder thereof not permitted to participate in the Exchange Offer,
(ii) Notes held by any broker-dealer that acquired such Notes directly from the Company or any of its affiliates and (iii) Exchange Notes that are not freely tradeable as contemplated by Section 2(j)(v) hereof, provided in each
case that the relevant Holder has duly notified the Company within six months of the Exchange Offer as required by Section 2(j)(v). 
  

	 	(a)	 Initial Shelf Registration. Parent and the Company shall (and shall cause each other Guarantor to), as promptly as practicable, file with the
SEC a Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415 covering all of the Registrable Notes (the “Initial Shelf Registration”). If Parent and the Company (and any other Guarantor) have
not yet filed an Exchange Registration Statement, Parent and the Company shall (and shall cause each other Guarantor to) file with the SEC the Initial Shelf Registration on or prior to the 30th day following the Shelf Notice (the “Shelf Filing Date”) and shall use their reasonable best efforts
to cause such Initial Shelf Registration to be declared effective under the Securities Act on or prior to the
90th day following the Shelf Filing Date. The Initial
Shelf Registration shall be on Form S-1 or another appropriate form permitting registration of such Registrable Notes for resale by Holders in the manner or manners reasonably designated by them (including, without limitation, one or more
underwritten offerings). Parent, the Company and the other Guarantors shall not permit any securities other than the Registrable Notes to be included in any Shelf Registration. Parent and the Company shall (and shall cause each other Guarantor to)
use their reasonable best efforts to keep the Initial Shelf Registration continuously effective under the Securities Act until the date which is two years from the Closing Date (subject to extension pursuant to Section 5(v)) (the
“Effectiveness Period”), or such shorter period ending when (i) all Registrable Notes covered by the Initial Shelf Registration have been sold in the manner set forth and as contemplated in the Initial Shelf Registration
(ii) a Subsequent Shelf Registration covering all of the Registrable Notes covered by and not sold under the Initial Shelf Registration or an earlier Subsequent Shelf Registration has been declared effective under the Securities Act or
(iii) there cease to be any outstanding Registrable Notes. 

  

	 	(b)	 Subsequent Shelf Registrations. If the Initial Shelf Registration or any Subsequent Shelf Registration (as defined below) ceases to be effective
for any reason at any time during the Effectiveness Period (other than because of the sale of all of the securities registered thereunder), Parent and the Company shall (and shall cause each other Guarantor to) use their commercially reasonable
efforts to obtain the prompt withdrawal of any order suspending the effectiveness thereof, and in any event shall within 30 days of such cessation of effectiveness amend such Shelf Registration in a manner to obtain the withdrawal of the order
suspending the effectiveness thereof, or file (and cause each Guarantor to file) an additional “shelf” Registration Statement pursuant to Rule 415 covering all of the Registrable

  
 8 

	 	
Notes (a “Subsequent Shelf Registration”). If a Subsequent Shelf Registration is filed, Parent and the Company shall (and shall cause each other Guarantor to) use their
commercially reasonable efforts to cause the Subsequent Shelf Registration to be declared effective as soon as practicable after such filing and to keep such Subsequent Shelf Registration continuously effective for a period equal to the number of
days in the Effectiveness Period less the aggregate number of days during which the Initial Shelf Registration or any Subsequent Shelf Registration was previously continuously effective. As used herein the term “Shelf Registration” means
the Initial Shelf Registration and any Subsequent Shelf Registrations. 

  

	 	(c)	Supplements and Amendments. Parent and the Company shall promptly supplement and amend any Shelf Registration if required by the rules, regulations or
instructions applicable to the registration form used for such Shelf Registration, if required by the Securities Act, or if reasonably requested in writing by the Holders of a majority in aggregate principal amount of the Registrable Notes covered
by such Shelf Registration or by any underwriter of such Registrable Notes. 

  

	 	(d)	Provision of Information. No Holder of Registrable Notes shall be entitled to include any of its Registrable Notes in any Shelf Registration pursuant to this
Agreement unless such Holder furnishes to the Company and the Trustee in writing, within 20 days after receipt of a written request therefor, such information as the Company and the Trustee after conferring with counsel with regard to information
relating to Holders that would be required by the SEC to be included in such Shelf Registration or Prospectus included therein, may reasonably request for inclusion in any Shelf Registration or Prospectus included therein, and no such Holder shall
be entitled to Additional Interest pursuant to Section 4 hereof unless and until such Holder shall have provided such information. 

 4. Additional Interest 
  

	 	(a)	The Company and the Guarantors agree, jointly and severally, that if: 

  

	 	(i)	Parent, the Company and the other Guarantors fail to file the Exchange Registration Statement with the SEC on or prior to the 120th day after the Closing Date;

  

	 	(ii)	Parent, the Company and the other Guarantors fail to file the Initial Shelf Registration with the SEC on or prior to the Shelf Filing Date; 

 

	 	(iii)	the Exchange Registration Statement is not declared effective on or prior to the Effectiveness Date or the Initial Shelf Registration is not declared effective on or
prior to the 90th day after the Filing Date, in each case, if that day is not a Business Day, the next day that is a Business Day; 

  

	 	(iv)	Parent, the Company and the other Guarantors fail to consummate the Exchange Offer on or prior to the 30th Business Day following the date on which the Exchange
Registration Statement is declared effective; or 

  

	 	(v)	the Exchange Registration Statement or the Initial Shelf Registration is declared effective but thereafter ceases to be effective or usable in connection with the
resales of Registrable Notes during the Applicable Period, 

  
 9 

 (each such event referred to in clauses (i) through (v) a “Registration
Default”), the Company will pay additional cash interest (“Additional Interest”) to each holder of Registrable Notes. The rate of Additional Interest will be 0.25% per annum on the outstanding principal amount of
Registrable Notes for the first 90-day period immediately following the occurrence of a Registration Default, increasing by an additional 0.25% per annum on the outstanding principal amount of Registrable Notes with respect to each subsequent
90-day period up to a maximum amount of additional interest of 1.00% per annum on the outstanding principal amount of Registrable Notes, from and including the date on which any such Registration Default shall occur to, but excluding, the
earlier of (1) the date on which all Registration Defaults have been cured or (2) the date on which all the Registrable Notes otherwise become freely transferable by Holders other than affiliates of the Company without further registration
under the Securities Act. 
  

	 	(b)	The Company will pay such Additional Interest on regular Interest Payment Dates in the same manner as other interest is paid on the Notes. Such Additional Interest will
be in addition to any other interest payable from time to time with respect to the Notes. All Additional Interest will be paid by the Company and the Guarantors on the next scheduled interest payment date to The Depository Trust Company or its
nominee by wire transfer of immediately available funds or by federal funds check and to Holders of Certificated Notes by wire transfer to the accounts specified by them or by mailing checks to their registered addresses if no such accounts have
been specified. 

  

	 	(c)	Notwithstanding the foregoing, (1) the amount of Additional Interest payable shall not increase more than by the foregoing rates because more than one Registration
Default has occurred and is pending and (2) a Holder of Notes or Exchange Notes who is not entitled to the benefits of the Shelf Registration (i.e., such Holder has not elected to include information) shall not be entitled to Additional
Interest with respect to a Registration Default that pertains to the Shelf Registration. 

  

	 	(d)	So long as Registrable Notes remain outstanding, the Company shall notify the Trustee within five Business Days after each and every date on which an event occurs in
respect of which Additional Interest is required to be paid. Any amounts of Additional Interest due pursuant to clauses (a)(i) through (a)(v) of this Section 4 will be payable in cash semi-annually on each Interest Payment Date, commencing with
the first such date occurring after any such Additional Interest commences to accrue, to Holders to whom regular interest is payable on such Interest Payment Date with respect to Notes that are Registrable Notes. The amount of Additional Interest
for Registrable Notes will be determined by multiplying the applicable rate of Additional Interest by the aggregate principal amount of all such Registrable Notes outstanding on the Interest Payment Date following such Registration Default in the
case of the first such payment of Additional Interest with respect to a Registration Default (and thereafter at the next succeeding Interest Payment Date until the cure of such Registration Default), multiplied by a fraction, the numerator of which
is the number of days such Additional Interest rate was applicable during such period (determined on the basis of a 360-day year comprised of twelve 30-day months and, in the case of a partial month, the actual number of days elapsed), and the
denominator of which is 360. Such Additional Interest will be in addition to any other interest payable from time to time with respect to the Notes. 

  
 10 

 5. Registration Procedures 

In connection with the filing of any Registration Statement pursuant to Section 2 or 3 hereof, Parent and the Company shall (and
shall cause each other Guarantor to) effect such registrations to permit the issuance or sale of the securities covered thereby in accordance with the intended method or methods of disposition thereof, and pursuant thereto and in connection with any
Registration Statement filed by the Company hereunder, Parent and the Company shall (and shall cause each other Guarantor to): 
  

	 	(a)	Prepare and file with the SEC the Registration Statement or Registration Statements prescribed by Section 2 or 3 hereof, and use commercially reasonable efforts to
cause each such Registration Statement to become effective and remain effective as provided herein; provided, however, that if (1) such filing is pursuant to Section 3 hereof, or (2) a Prospectus contained in the
Exchange Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period relating thereto, before
filing any Registration Statement or Prospectus or any amendments or supplements thereto, Parent and the Company shall (and shall cause each other Guarantor to) furnish to and afford the Holders of the Registrable Notes covered by such Registration
Statement or each such Participating Broker-Dealer, as the case may be, its counsel (if such counsel is known to the Company) and the managing underwriters, if any, a reasonable opportunity to review copies of all such documents (including copies of
any documents to be incorporated by reference therein and all exhibits thereto) proposed to be filed (in each case at least five Business Days prior to such filing or such later date as is reasonable under the circumstances). Parent, the Company and
each other Guarantor shall not file any Registration Statement or Prospectus or any amendments or supplements thereto if the Holders of a majority in aggregate principal amount of the Registrable Notes covered by such Registration Statement, or any
such Participating Broker-Dealer, as the case may be, its counsel, or the managing underwriters, if any, shall reasonably object in writing on a timely basis. 

 

	 	(b)	Prepare and file with the SEC such amendments and post-effective amendments to each Shelf Registration or Exchange Registration Statement, as the case may be, as may be
necessary to keep such Registration Statement continuously effective for the Effectiveness Period or the Applicable Period, as the case may be, subject to any Delay Periods; cause the related Prospectus to be supplemented by any Prospectus
supplement required by applicable law, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) promulgated under the Securities Act; and comply with the provisions of the Securities Act and the Exchange Act
applicable to them with respect to the disposition of all Registrable Notes covered by such Registration Statement as so amended or in such Prospectus as so supplemented and with respect to the subsequent resale of any securities being sold by a
Participating Broker-Dealer covered by any such Prospectus, in each case, in accordance with the intended methods of distribution set forth in such Registration Statement or Prospectus, as so amended. 

 

	 	(c)	 If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Registration Statement
filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period relating thereto from whom the Company has received written
notice that such Broker-Dealer will be a Participating Broker-Dealer in the applicable Exchange Offer, notify the selling Holders of Registrable Notes, or each such Participating Broker-Dealer, as the case may be, their counsel and the managing
underwriters, if any, as promptly as possible, and, if requested by any such Person, confirm 

  
 11 

	 	
such notice in writing, (i) when a Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to a Registration Statement or any post-effective
amendment, when the same has become effective under the Securities Act (including in such notice a written statement that any Holder may, upon request, obtain, at the sole expense of the Company, one conformed copy of such Registration Statement or
post-effective amendment including financial statements and schedules, documents incorporated or deemed to be incorporated by reference and exhibits), (ii) of the issuance by the SEC of any stop order suspending the effectiveness of a
Registration Statement or of any order preventing or suspending the use of any preliminary prospectus or the initiation of any proceedings for that purpose, (iii) if at any time when a Prospectus is required by the Securities Act to be
delivered in connection with sales of the Registrable Notes or resales of Exchange Notes by Participating Broker-Dealers the representations and warranties of the Company contained in any agreement (including any underwriting agreement) contemplated
by Section 5(m)(i) hereof cease to be true and correct in all material respects, (iv) of the receipt by Parent, the Company or any other Guarantor of any notification with respect to the suspension of the qualification or exemption from
qualification of a Registration Statement or any of the Registrable Notes or the Exchange Notes for offer or sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose, (v) of the happening of any event, the
existence of any condition or any information becoming known to Parent or the Company that makes any statement made in such Registration Statement or related Prospectus or any document incorporated or deemed to be incorporated therein by reference
untrue in any material respect or that requires the making of any changes in or amendments or supplements to such Registration Statement, Prospectus or documents so that, in the case of the Registration Statement, it will not contain any untrue
statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and that in the case of the Prospectus, it will not contain any untrue statement of a material
fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and (vi) of the Company’s determination that a
post-effective amendment to a Registration Statement would be appropriate. 

  

	 	(d)	If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Registration Statement filed pursuant to
Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, use commercially reasonable efforts to prevent the issuance of any order
suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of a Prospectus or suspending the qualification (or exemption from qualification) of any of the Registrable Notes or the Exchange Notes, as the
case may be, for sale in any jurisdiction, and, if any such order is issued, to use commercially reasonable efforts to obtain the withdrawal of any such order at the earliest practicable date. 

 

	 	(e)	 If (1) a Shelf Registration is filed pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Registration Statement
filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period and if reasonably requested by the managing underwriter or
underwriters (if any), the Holders of a majority in aggregate principal amount of the Registrable Notes covered by such Registration Statement or any Participating Broker-Dealer, as the case may be, (i) promptly incorporate in such Registration
Statement or Prospectus a prospectus supplement or post-effective amendment such information as the managing underwriter or underwriters (if any), such Holders or any Participating
Broker-

  
 12 

	 	
Dealer, as the case may be (based upon advice of counsel), determine is reasonably necessary to be included therein and (ii) make all required filings of such prospectus supplement or such
post-effective amendment as soon as practicable after the Company has received notification of the matters to be incorporated in such prospectus supplement or post-effective amendment; provided, however, that neither the Company nor
any Guarantor shall be required to take any action hereunder that would, in the written opinion of counsel to the Company and the Guarantors, violate applicable laws. 

 

	 	(f)	If (1) a Shelf Registration is filed pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Registration Statement filed pursuant to
Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, furnish to each selling Holder of Registrable Notes or each such
Participating Broker-Dealer, as the case may be, who so requests, its counsel and each managing underwriter, if any, at the sole expense of the Company, one conformed copy of the Registration Statement or Registration Statements and each
post-effective amendment thereto, including financial statements and schedules, and, if requested, all documents incorporated or deemed to be incorporated therein by reference and all exhibits. 

 

	 	(g)	If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Registration Statement filed pursuant to
Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, deliver to each selling Holder of Registrable Notes or each such
Participating Broker-Dealer, as the case may be, its respective counsel, and the underwriters, if any, at the sole expense of the Company, as many copies of the Prospectus or Prospectuses (including each form of preliminary prospectus) and each
amendment or supplement thereto and any documents incorporated by reference therein as such Persons may reasonably request; and, subject to the last paragraph of this Section 5, the Company and each Guarantor hereby consents to the use of such
Prospectus and each amendment or supplement thereto by each of the selling Holders of Registrable Notes or each such Participating Broker-Dealer, as the case may be, and the underwriters or agents, if any, and dealers (if any), in connection with
the offering and sale of the Registrable Notes covered by, or the sale by Participating Broker-Dealers of the Exchange Notes pursuant to, such Prospectus and any amendment or supplement thereto. 

 

	 	(h)	 Prior to any public offering of Registrable Notes or Exchange Notes or any delivery of a Prospectus contained in the Exchange Registration Statement by
any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, use commercially reasonable efforts to register or qualify such Registrable Notes or Exchange Notes, and to cooperate with the selling Holders of
Registrable Notes or each such Participating Broker-Dealer, as the case may be, the managing underwriter or underwriters, if any, and its respective counsel in connection with the registration or qualification (or exemption from such registration or
qualification) of such Registrable Notes or Exchange Notes, as the case may be, for offer and sale under the securities or state Blue Sky laws of such jurisdictions within the United States as any selling Holder, Participating Broker-Dealer, or the
managing underwriter or underwriters reasonably request in writing; provided, however, that where Exchange Notes or Registrable Notes are offered other than through an underwritten offering, the Company agrees to use commercially
reasonable efforts to cause the Company’s counsel to perform Blue Sky investigations and file registrations and qualifications required to be filed pursuant to this Section 5(h); keep each such registration or qualification (or exemption
therefrom) effective during the period such Registration Statement is required to be kept effective and do any and all other acts or things reasonably 

  
 13 

	 	
necessary or advisable to enable the disposition in such jurisdictions of such Exchange Notes or Registrable Notes covered by the applicable Registration Statement; provided,
however, that neither the Company nor any Guarantor shall be required to (A) qualify generally to do business in any jurisdiction where it is not then so qualified, (B) take any action that would subject it to general service of
process in any such jurisdiction where it is not then so subject or (C) subject itself to taxation in excess of a nominal dollar amount in any such jurisdiction where it is not then so subject. 

 

	 	(i)	If a Shelf Registration is filed pursuant to Section 3 hereof, cooperate with the selling Holders of Registrable Notes and the managing underwriter or
underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Notes to be sold, which certificates shall not bear any restrictive legends and shall be in a form eligible for deposit with The
Depository Trust Company and enable such Registrable Notes to be in such denominations and registered in such names as the managing underwriter or underwriters, if any, or selling Holders may reasonably request in writing at least five Business Days
prior to any sale of such Registrable Notes. 

  

	 	(j)	Use commercially reasonable efforts to cause the Registrable Notes or Exchange Notes covered by any Registration Statement to be registered with or approved by such
other governmental agencies or authorities as may be reasonably necessary to enable the seller or sellers thereof or the underwriter or underwriters, if any, to consummate the disposition of such Registrable Notes or Exchange Notes, except as may be
required solely as a consequence of the nature of such selling Holder’s business, in which case Parent and the Company shall (and shall cause each other Guarantor to) cooperate in all reasonable respects with the filing of such Registration
Statement and the granting of such approvals; provided, however, that neither Company nor any Guarantor shall be required to (A) qualify generally to do business in any jurisdiction where they are not then so qualified,
(B) take any action that would subject them to general service of process in any such jurisdiction where they are not then so subject or (C) subject themselves to taxation in excess of a nominal dollar amount in any such jurisdiction where
they are not then so subject. 

  

	 	(k)	If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Registration Statement filed pursuant to
Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, upon the occurrence of any event contemplated by Section 5(c)(v) or
5(c)(vi) hereof, as promptly as practicable prepare and (subject to Section 5(a) and the penultimate paragraph of this Section 5) file with the SEC, at the sole expense of the Company, a supplement or post-effective amendment to the
Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, or file any other required document so that, as thereafter delivered to the purchasers of the
Registrable Notes being sold thereunder or to the purchasers of the Exchange Notes to whom such Prospectus will be delivered by a Participating Broker-Dealer, any such Prospectus will not 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, in the light of the circumstances under which they were made, not misleading, and, if SEC review is required, use their commercially reasonable efforts
to cause such post-effective amendment to be declared effective as soon as possible. 

  

	 	(l)	Prior to the effective date of the first Registration Statement relating to the Registrable Notes, (i) provide the Trustee with certificates for the Registrable
Notes in a form eligible for deposit with The Depository Trust Company and (ii) provide CUSIP numbers for the Registrable Notes. 

  
 14 

	 	(m)	In connection with any underwritten offering of Registrable Notes pursuant to a Shelf Registration, enter into an underwriting agreement as is customary in underwritten
offerings of debt securities similar to the Notes and take all such other actions as are customary in underwritten offerings and are reasonably requested by the managing underwriter or underwriters in order to expedite or facilitate the registration
or the disposition of such Registrable Notes and, in such connection, (i) make such representations and warranties to, and covenants with, the underwriters with respect to the business of the Company and its subsidiaries, as then conducted
(including any acquired business, properties or entity, if applicable), and the Registration Statement, Prospectus and documents, if any, incorporated or deemed to be incorporated by reference therein, in each case, in form, substance and scope as
are customarily made by issuers to underwriters in underwritten offerings of debt securities similar to the Notes, and confirm the same in writing if and when requested; (ii) use commercially reasonable efforts to obtain the written opinions of
counsel to the Company and the Guarantors and written updates thereof in form, scope and substance reasonably satisfactory to the managing underwriter or underwriters, addressed to the underwriters covering the matters customarily covered in
opinions requested in underwritten offerings and such other matters as may be reasonably requested by the managing underwriter or underwriters; (iii) use commercially reasonable efforts to obtain “cold comfort” letters and updates
thereof in form, scope and substance reasonably satisfactory to the managing underwriter or underwriters from the independent certified public accountants of the Company and the Guarantors (and, if necessary, any other independent certified public
accountants of any subsidiary of the Company or of any business acquired by the Company for which financial statements and financial data are, or are required to be, included or incorporated by reference in the Registration Statement), addressed to
each of the underwriters, such letters to be in customary form and covering matters of the type customarily covered in “cold comfort” letters in connection with underwritten offerings; and (iv) cause the underwriting agreement to
contain indemnification provisions and procedures no less favorable than those set forth in Section 7 hereof (or such other provisions and procedures acceptable to Holders of a majority in aggregate principal amount of Registrable Notes covered
by such Registration Statement and the managing underwriter or underwriters or agents) with respect to all parties to be indemnified pursuant to said Section; provided that neither Company nor any Guarantor shall be required to provide
indemnification to any underwriter selected in accordance with the provisions of Section 9 hereof with respect to information relating to such underwriter furnished in writing to the Company by or on behalf of such underwriter expressly for
inclusion in such Registration Statement. The above shall be done at each closing under such underwriting agreement, or as and to the extent required thereunder. 

 

	 	(n)	 If (1) a Shelf Registration is filed pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Registration Statement
filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, make available for inspection by any selling Holder of
such Registrable Notes being sold or each such Participating Broker-Dealer, as the case may be, any underwriter participating in any such disposition of Registrable Notes, if any, and any attorney, accountant or other agent retained by any such
selling Holder or each such Participating Broker-Dealer, as the case may be, or underwriter (collectively, the “Inspectors”), at the offices where normally kept, during reasonable business hours and upon reasonable written notice,
all financial and other records, pertinent corporate documents and instruments of the Company and its subsidiaries (collectively, the “Records”) 

  
 15 

	 	
as shall be reasonably necessary to enable them to exercise any applicable due diligence responsibilities, and cause the officers, directors and employees of the Company and its subsidiaries to
supply all information reasonably requested by any such Inspector in connection with such Registration Statement and Prospectus. Each Inspector shall agree in writing that it will keep the Records confidential and that it will not disclose, or use
in connection with any market transactions in violation of any applicable securities laws, any Records (i) the disclosure of such Records is necessary to avoid or correct a misstatement or omission in such Registration Statement or Prospectus,
(ii) the release of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, (iii) disclosure of such information is necessary or advisable in the opinion of counsel for an Inspector in
connection with any Action, claim, suit or proceeding, directly or indirectly, involving or potentially involving such Inspector and arising out of, based upon, relating to, or involving this Agreement or the Purchase Agreements, or any transactions
contemplated hereby or thereby or arising hereunder or thereunder or (iv) the information in such Records has been made generally available to the public; provided, however, that (i) each Inspector shall agree to use
commercially reasonable efforts to provide advance written notice to the Company of the potential disclosure of any information by such Inspector pursuant to clause (i), (ii) or (iii) of this sentence to permit the Company to obtain a
protective order (or waive the provisions of this paragraph (n)) and (ii) each such Inspector shall take such actions as are reasonably necessary to protect the confidentiality of such information (if practicable) to the extent such action is
otherwise not inconsistent with, an impairment of or in derogation of the rights and interests of the Holder or any Inspector. 

  

	 	(o)	Provide an indenture trustee for the Registrable Notes or the Exchange Notes, as the case may be, and cause the Indenture or the trust indenture provided for in
Section 2(b) hereof to be qualified under the TIA not later than the effective date of the Exchange Offer or the first Registration Statement relating to the Registrable Notes; and in connection therewith, cooperate with the trustee under any
such indenture and the Holders of the Registrable Notes or Exchange Notes, as applicable, to effect such changes to such indenture as may be required for such indenture to be so qualified in accordance with the terms of the TIA; and execute, and use
commercially reasonable efforts to cause such trustee to execute, all documents as may be required to effect such changes, and all other forms and documents required to be filed with the SEC to enable such indenture to be so qualified in a timely
manner. 

  

	 	(p)	Comply in all material respects with all applicable rules and regulations of the SEC and make generally available to the Company’s security holders earnings
statements satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar rule promulgated under the Securities Act) no later than 45 days after the end of any 12-month period (or 90 days after the end
of any 12-month period if such period is a fiscal year) (i) commencing at the end of any fiscal quarter in which Registrable Notes or Exchange Notes are sold to underwriters in a firm commitment or best efforts underwritten offering and
(ii) if not sold to underwriters in such an offering, commencing on the first day of the first fiscal quarter of the Company after the effective date of a Registration Statement, which statements shall cover said 12-month periods consistent
with the requirements of Rule 158. 

  

	 	(q)	If the Exchange Offer or a Private Exchange is to be consummated, upon delivery of the Registrable Notes by Holders to the Company (or to such other Person as directed
by the Company) in exchange for the Exchange Notes or the Private Exchange Notes, as the case may be, mark, or cause to be marked, on such Registrable Notes that such Registrable Notes are being cancelled in exchange for the Exchange Notes or the
Private Exchange Notes, as the case may be; provided that in no event shall such Registrable Notes be marked as paid or otherwise satisfied. 

  
 16 

	 	(r)	Cooperate with each seller of Registrable Notes covered by any Registration Statement and each underwriter, if any, participating in the disposition of such Registrable
Notes and their respective counsel in connection with any filings required to be made with FINRA. 

  

	 	(s)	Use commercially reasonable efforts to take all other steps reasonably necessary or advisable to effect the registration of the Exchange Notes and/or Registrable Notes
covered by a Registration Statement contemplated hereby. 

  

	 	(t)	The Company may require each seller of Registrable Notes or Exchange Notes as to which any registration is being effected to furnish to the Company such information
regarding such seller and the distribution of such Registrable Notes or Exchange Notes as the Company may, from time to time, reasonably request. The Company may exclude from such registration the Registrable Notes of any seller so long as such
seller fails to furnish such information within a reasonable time (which shall in no event exceed 30 days from the date of receipt of such request by the seller) after receiving such request and in the event of such an exclusion, neither the Company
nor any Guarantor shall have any further obligation under this Agreement (including, without limitation, the obligations under Section 4) with respect to such seller or any subsequent Holder of such Registrable Notes. Each seller as to which
any Shelf Registration is being effected agrees to furnish promptly to the Company all information required to be disclosed in order to make any information previously furnished to the Company by such seller not materially misleading.

  

	 	(u)	If any such Registration Statement refers to any Holder by name or otherwise as the holder of any securities of the Company, then such Holder shall have the right to
require (i) the insertion therein of language, in form and substance reasonably satisfactory to such Holder, to the effect that the holding by such Holder of such securities is not to be construed as a recommendation by such Holder of the
investment quality of the securities covered thereby and that such holding does not imply that such Holder will assist in meeting any future financial requirements of the Company, or (ii) in the event that such reference to such Holder by name
or otherwise is not required by the Securities Act or any similar federal statute then in force, the deletion of the reference to such Holder in any amendment or supplement to the applicable Registration Statement filed or prepared subsequent to the
time that such reference ceases to be required. 

  

	 	(v)	Each Holder of Registrable Notes agrees by acquisition of such Registrable Notes that there may be delays in its use of a Shelf Registration due to a Suspension Period.
In connection with a Suspension Period, upon actual receipt of any notice from the Company: 

  

	 	(i)	that the Prospectus would, in the reasonable judgment of Parent, contain a material misstatement or omission as a result of an event that has occurred and is
continuing; 

  

	 	(ii)	the majority of the independent members of the Board of Directors of Parent (the “Board of Directors”) shall have determined in good faith that:

  

	 	(A)	the offer or sale of any Registrable Notes would materially impede, delay or interfere with any proposed financing, offer or sale of securities, acquisition, merger,
tender offer, business combination, corporate reorganization or other significant transaction involving Parent or the Company, 

  
 17 

	 	(B)	after the advice of counsel, the sale of Registrable Notes pursuant to the Registration Statement would require disclosure of non-public material information not
otherwise required to be disclosed under applicable law, and 

  

	 	(C)	(x) Parent has a bona fide business purpose for preserving the confidentiality of such transaction, (y) disclosure would have a material adverse effect on
Parent or Parent’s ability to consummate such transaction, or (z) renders Parent or the Company unable to comply with SEC requirements, in each case under circumstances that would make it impractical or inadvisable to cause the
Registration Statement (or such filings) to become effective or to promptly amend or supplement the Registration Statement on a post-effective basis, as applicable; or 

 

	 	(iii)	the majority of the independent members of the Board of Directors of Parent shall have determined in good faith, after the advice of counsel, that it is required by
law, rule or regulation or that it is in the best interests of Parent or the Company to supplement the Registration Statement or file a post-effective amendment to the Registration Statement in order to incorporate information into the Registration
Statement for the purpose of (1) including in the Registration Statement any prospectus required under Section 10(a)(3) of the Securities Act; (2) reflecting in the prospectus included in the Registration Statement any facts or events
arising after the effective date of the Registration Statement (or of the most recent post-effective amendment) that, individually or in the aggregate, represent a fundamental change in the information set forth therein; or (3) including in the
prospectus included in the Registration Statement any material information with respect to the plan of distribution not disclosed in the Registration Statement or any material change to such information, 

then Parent or the Company may delay the filing or the effectiveness of the Shelf Registration (if not then filed or effective, as
applicable) and shall not be required to maintain the effectiveness thereof or amend or supplement the Shelf Registration, in all cases, for a period (a “Suspension Period”) expiring upon the earliest to occur of (x) in the
case of the immediately preceding clauses (i), (ii) and (iii) the date of such Holder’s receipt of the copies of the supplemented or amended Prospectus, and (y) receipt of notice in writing (the “Advice”) by the
Company that the use of the applicable Prospectus may be resumed, and has received copies of any amendments or supplements thereto, provided that (1) any such Suspension Period may not exceed 45 days in any 90 day period and
(2) there shall be no more than 60 days of Suspension Periods in any 12 month period. 
 In the event of any Suspension
Period pursuant to clause (ii) or (iii) of the preceding paragraph, notice shall be given as soon as practicable after the Board of Directors of Parent makes such a determination of the need for a Suspension Period and shall state, to the
extent practicable, an estimate of the duration of such Suspension Period and shall advise the recipient thereof of the agreement of such Holder provided in the next succeeding sentence. Each Holder, by his acceptance of any Registrable Notes,
agrees that during any Suspension Period, each Holder will keep such notice confidential and will discontinue disposition of such Registrable Notes covered by such Registration Statement or Prospectus. 

  
 18 

 6. Registration Expenses 

 

	 	(a)	All fees and expenses incident to the performance of or compliance with this Agreement by the Company and the Guarantors shall be borne by the Company and the
Guarantors, whether or not the Exchange Offer or a Shelf Registration is filed or becomes effective, including, without limitation, (i) all registration and filing fees, including, without limitation, (A) fees with respect to filings
required to be made with FINRA in connection with any underwritten offering and (B) fees and expenses of compliance with state securities or Blue Sky laws as provided in Section 5(h) hereof (including, without limitation, reasonable fees
and disbursements of counsel in connection with Blue Sky qualifications of the Registrable Notes or Exchange Notes and determination of the eligibility of the Registrable Notes or Exchange Notes for investment under the laws of such jurisdictions
(x) where the Holders are located, in the case of the Exchange Notes, or (y) as provided in Section 5(h), in the case of Registrable Notes or Exchange Notes to be sold by a Participating Broker-Dealer during the Applicable Period)),
(ii) printing expenses, including, without limitation, expenses of printing Prospectuses if the printing of Prospectuses is requested by the managing underwriter or underwriters, if any, or by the Holders of a majority in aggregate principal
amount of the Registrable Notes included in any Registration Statement or by any Participating Broker-Dealer during the Applicable Period, as the case may be, (iii) messenger, telephone and delivery expenses incurred in connection with the
performance of their obligations hereunder, (iv) fees and disbursements of counsel for the Company, the Guarantors and, subject to 6(b), the Holders, (v) fees and disbursements of all independent certified public accountants referred to in
Section 6 (including, without limitation, the expenses of any special audit and “cold comfort” letters required by or incident to such performance), (vi) rating agency fees and the fees and expenses incurred in connection with
the listing of the Securities to be registered on any securities exchange, (vii) Securities Act liability insurance, if the Company and the Guarantors desire such insurance, (viii) fees and expenses of all other Persons retained by the
Company and the Guarantors, (ix) fees and expenses of any “qualified independent underwriter” or other independent appraiser participating in an offering pursuant to Section 3 of Schedule E to the By-laws of FINRA, but only where
the need for such a “qualified independent underwriter” arises due to a relationship with the Company and the Guarantors, (x) internal expenses of the Company and the Guarantors (including, without limitation, all salaries and
expenses of officers and employees of the Company or the Guarantors performing legal or accounting duties), (xi) the expense of any annual audit, (xii) the fees and expenses of the Trustee and the Exchange Agent and (xiii) the
expenses relating to printing, word processing and distributing all Registration Statements, underwriting agreements, securities sales agreements, indentures and any other documents necessary in order to comply with this Agreement. Notwithstanding
the foregoing or anything to the contrary, each Holder shall pay all underwriting discounts and commissions of any underwriters with respect to any Registrable Notes sold by or on behalf of it. 

 

	 	(b)	The Company and the Guarantors shall reimburse the Holders for the reasonable fees and disbursements of not more than one counsel chosen by the Holders of a majority in
aggregate principal amount of the Registrable Notes to be included in any Registration Statement. The Company and the Guarantors shall pay all documentary, stamp, transfer or other transactional taxes attributable to the issuance or delivery of the
Exchange Notes or Private Exchange Notes in exchange for the Notes; provided that the Company shall not be required to pay taxes payable in respect of any transfer involved in the issuance or delivery of any Exchange Note or Private Exchange
Note in a name other than that of the Holder of the Note in respect of which such Exchange Note or Private Exchange Note is being issued. The Company and the Guarantors shall reimburse the Holders for fees and expenses (including reasonable fees and
expenses of counsel to the Holders) relating to any enforcement of any rights of the Holders under this Agreement. 

  
 19 

 7. Indemnification 

 

	 	(a)	Indemnification by the Company and the Guarantors. The Company and the Guarantors jointly and severally agree to indemnify and hold harmless each Holder of
Registrable Notes, Exchange Notes or Private Exchange Notes and each Participating Broker-Dealer selling Exchange Notes during the Applicable Period, each Person, if any, who controls each such Holder (within the meaning of Section 15 of the
Securities Act or Section 20(a) of the Exchange Act) and the officers, directors and partners of each such Holder, Participating Broker-Dealer and controlling person, to the fullest extent lawful, from and against any and all losses, claims,
damages, liabilities, costs (including, without limitation, reasonable costs of preparation and reasonable attorneys’ fees as provided in this Section 7) and expenses (including, without limitation, reasonable costs and expenses incurred
in connection with investigating, preparing, pursuing or defending against any of the foregoing) (collectively, “Losses”), as incurred, directly or indirectly caused by, related to, based upon, arising out of or in connection with
any untrue or alleged untrue statement of a material fact contained in any Registration Statement, Prospectus or form of prospectus, or in any amendment or supplement thereto, or in any preliminary prospectus, or any omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, except insofar as such Losses are caused by, arise out of or are based
upon, information relating to such Holder or Participating Broker-Dealer and furnished in writing to the Company and the Guarantors by such Holder or Participating Broker-Dealer or their counsel expressly for use therein. The foregoing indemnity
with respect to any Prospectus shall not inure to the benefit of any Holder or Participating Broker-Dealer from whom the Person asserting such Losses purchased Registrable Notes if (x) it is established in the related proceeding that such
Holder or Participating Broker-Dealer failed to send or give a copy of the Prospectus (as amended or supplemented if such amendment or supplement was furnished to such Holder or Participating Broker-Dealer prior to the written confirmation of such
sale) to such Person with or prior to the written confirmation of such sale, if required by applicable law, and (y) the untrue statement or omission or alleged untrue statement or omission was completely corrected in the Prospectus (as amended
or supplemented if amended or supplemented as aforesaid) and such Prospectus does not contain any other untrue statement or omission or alleged untrue statement or omission that was the subject matter of the related proceeding. This indemnity
agreement will be in addition to any liability that the Company may otherwise have, including, but not limited to, liability under this Agreement. The Company and the Guarantors also agree to indemnify underwriters, selling brokers, dealer managers
and similar securities industry professionals participating in the distribution, their officers, directors, agents and employees and each Person who controls such Persons (within the meaning of Section 5 of the Securities Act or
Section 20(a) of the Exchange Act) to the same extent as provided above with respect to the indemnification of the Holders or the Participating Broker-Dealer. 

 

	 	(b)	 Indemnification by Holder. In connection with any Registration Statement, Prospectus or form of prospectus, any amendment or supplement thereto,
or any preliminary prospectus in which a Holder is participating, such Holder shall furnish to the Company and the Guarantors in writing such information as the Company and the Guarantors reasonably request for use in connection with any
Registration Statement, Prospectus or form of prospectus, any amendment or supplement thereto, or any preliminary prospectus and shall indemnify and hold harmless the Company, the Guarantors, their respective directors and

  
 20 

	 	
each Person, if any, who controls the Company and the Guarantors (within the meaning of Section 15 of the Securities Act and Section 20(a) of the Exchange Act), and the directors,
officers and partners of such controlling persons, to the fullest extent lawful, from and against all Losses arising out of or based upon any untrue or alleged untrue statement of a material fact contained in any Registration Statement, Prospectus
or form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the
light of the circumstances under which they were made, not misleading to the extent, but only to the extent, that such losses are finally judicially determined by a court of competent jurisdiction in a final, unappealable order to have resulted
solely from an untrue statement or alleged untrue statement of a material fact or omission or alleged omission of a material fact contained in or omitted from any information so furnished in writing by such Holder to the Company and the Guarantors
expressly for use therein. Notwithstanding the foregoing, in no event shall the liability of any selling Holder be greater in amount than such Holder’s Maximum Contribution Amount (as defined below). 

 

	 	(c)	Conduct of Indemnification Proceedings. If any proceeding shall be brought or asserted against any Person entitled to indemnity hereunder (an
“Indemnified Party”), such Indemnified Party shall promptly notify the party or parties from which such indemnity is sought (the “Indemnifying Party” or “Indemnifying Parties”, as applicable) in
writing; but the omission to so notify the Indemnifying Party (i) will not relieve such Indemnifying Party from any liability under paragraph (a) or (b) above unless and only to the extent it is materially prejudiced as a result
thereof 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 paragraphs (a) and (b) above. 

The Indemnifying Party shall have the right, exercisable by giving written notice to an Indemnified Party, within 20 Business Days after
receipt of written notice from such Indemnified Party of such proceeding, to assume, at its expense, the defense of any such proceeding; provided, that an Indemnified Party shall have the right to employ separate counsel in any such
proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party or parties unless: (1) the Indemnifying Party has agreed to pay such fees and expenses; or
(2) the Indemnifying Party shall have failed promptly to assume the defense of such proceeding or shall have failed to employ counsel reasonably satisfactory to such Indemnified Party; or (3) the named parties to any such proceeding
(including any impleaded parties) include both such Indemnified Party and the Indemnifying Party or any of its affiliates or controlling persons, and such Indemnified Party shall have been advised by counsel that there may be one or more defenses
available to such Indemnified Party that are in addition to, or in conflict with, those defenses available to the Indemnifying Party or such affiliate or controlling person (in which case, if such Indemnified Party notifies the Indemnifying Parties
in writing that it elects to employ separate counsel at the expense of the Indemnifying Parties, the Indemnifying Parties shall not have the right to assume the defense and the reasonable fees and expenses of such counsel shall be at the expense of
the Indemnifying Party; it being understood, however, that, the Indemnifying Party shall not, in connection with any one such proceeding or separate but substantially similar or related proceedings in the same jurisdiction, arising out of the same
general allegations or circumstances, be liable for the fees and expenses of more than one separate firm of attorneys (together with appropriate local counsel) at any time for such Indemnified Party). 

No Indemnifying Party shall be liable for any settlement of any such proceeding effected without its written consent, which shall not be
unreasonably withheld, but if settled with its written consent, or if there be a final judgment for the plaintiff in any such proceeding, each Indemnifying Party jointly and severally agrees, subject to the exceptions and limitations set forth
above, to indemnify and hold harmless each Indemnified Party from and against any and all Losses by reason of such settlement or judgment. The 

  
 21 

 
Indemnifying Party shall not consent to the entry of any judgment or enter into any settlement unless such judgment or settlement (i) includes as an unconditional term thereof the giving by
the claimant or plaintiff to each Indemnified Party of a release, in form and substance reasonably satisfactory to the Indemnified Party, from all liability in respect of such proceeding for which such Indemnified Party would be entitled to
indemnification hereunder (whether or not any Indemnified Party is a party thereto) and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any Indemnified Party. 

 

	 	(d)	Contribution. If the indemnification provided for in this Section 7 is unavailable to an Indemnified Party or is insufficient to hold such Indemnified Party
harmless for any Losses in respect of which this Section 7 would otherwise apply by its terms (other than by reason of exceptions provided in this Section 7), then each applicable Indemnifying Party, in lieu of indemnifying such
Indemnified Party, shall have a joint and several obligation to contribute to the amount paid or payable by such Indemnified Party as a result of such Losses, in such proportion as is appropriate to reflect the relative fault of the Indemnifying
Party, on the one hand, and such Indemnified Party, on the other hand, in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations. The relative fault of such
Indemnifying Party, on the one hand, and Indemnified Party, on the other hand, shall be determined by reference to, among other things, whether any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a
material fact relates to information supplied by such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent any such statement or omission. The amount
paid or payable by an Indemnified Party as a result of any Losses shall be deemed to include any legal or other fees or expenses incurred by such party in connection with any proceeding, to the extent such party would have been indemnified for such
fees or expenses if the indemnification provided for in Section 7(a) or 7(b) was available to such party. 

The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 7(d) were determined by
pro rata allocation or by other method of allocation that does not take account of the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions of this Section 7(d), a selling Holder shall not
be required to contribute, in the aggregate, any amount in excess of such Holder’s Maximum Contribution Amount. A selling Holder’s “Maximum Contribution Amount” shall equal the excess of (i) the aggregate proceeds
received by such Holder pursuant to the sale of such Registrable Notes or Exchange Notes over (ii) the aggregate amount of damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or
omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent
misrepresentation. The Holders’ obligations to contribute pursuant to this Section 7(d) are several in proportion to the respective principal amount of the Registrable Securities held by each Holder hereunder and not joint. The
Company’s and Guarantors’ obligations to contribute pursuant to this Section 7(d) are joint and several. 
 The
indemnity and contribution agreements contained in this Section 7 are in addition to any liability that the Indemnifying Parties may have to the Indemnified Parties. 
 8. Rules 144 and 144A 
  

	 	(a)	 Parent and the Company covenant that they shall (a) file the reports required to be filed by them (if so required) under the Securities Act and
the Exchange Act in a timely manner in accordance with the requirements of the Securities Act and the Exchange Act and, if at any time Parent and the Company are not required to file such reports, they will, upon the

  
 22 

	 	
written request of any Holder of Registrable Notes, make publicly available other information necessary to permit sales pursuant to Rule 144 and 144A and (b) take such further action as any
Holder may reasonably request in writing, all to the extent required from time to time to enable such Holder to sell Registrable Notes without registration under the Securities Act pursuant to the exemptions provided by Rule 144 and Rule 144A. Upon
the request of any Holder, Parent and the Company shall deliver to such Holder a written statement as to whether they have complied with such information and requirements. 

 

	 	(b)	Availability of Rule 144 Not Excuse for Obligations under Section 2. The fact that holders of Registrable Notes may become eligible to sell such Registrable
Notes pursuant to Rule 144 shall not (1) cause such Notes to cease to be Registrable Notes or (2) excuse the Company’s and the Guarantors’ obligations set forth in Section 2 of this Agreement, including without limitation
the obligations in respect of an Exchange Offer, Shelf Registration and Additional Interest. 

 9. Underwritten
Registrations of Registrable Notes 
 If any of the Registrable Notes covered by any Shelf Registration are to be sold in
an underwritten offering, the investment banker or investment bankers and manager or managers that will manage the offering will be selected by the Holders of a majority in aggregate principal amount of such Registrable Notes included in such
offering; provided, however, that such investment banker or investment bankers and manager or managers must be reasonably acceptable to the Company. 
 No Holder of Registrable Notes may participate in any underwritten registration hereunder unless such Holder (a) agrees to sell such Holder’s Registrable Notes on the basis provided in any
underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the
terms of such underwriting arrangements. 
 10. Miscellaneous 

 

	 	(a)	Remedies. In the event of a breach by either the Company or any of the Guarantors of any of their respective obligations under this Agreement, each Holder, in
addition to being entitled to exercise all rights provided herein, in the Indenture or, in the case of the Initial Purchasers, in the Purchase Agreement, or granted by law, including recovery of damages, will be entitled to specific performance of
its rights under this Agreement. The Company and the Guarantors agree that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by either the Company or any of the Guarantors of any of the provisions of
this Agreement and hereby further agree that, in the event of any action for specific performance in respect of such breach, Parent and the Company shall (and shall cause each Guarantor to) waive the defense that a remedy at law would be adequate.

  

	 	(b)	No Inconsistent Agreements. The Company and each of the Guarantors have not entered, as of the date hereof, and the Company and each of the Guarantors shall not
enter, after the date of this Agreement, into any agreement with respect to any of its securities that is inconsistent with the rights granted to the Holders of Securities in this Agreement or otherwise conflicts with the provisions hereof. The
Company and each of the Guarantors have not entered and will not enter into any agreement with respect to any of its securities that will grant to any Person piggy-back rights with respect to a Registration Statement. 

  
 23 

	 	(c)	Adjustments Affecting Registrable Notes. Neither the Company nor any Guarantor shall, directly or indirectly, take any action with respect to the Registrable
Notes as a class that would adversely affect the ability of the Holders to include such Registrable Notes in a registration undertaken pursuant to this Agreement. 

 

	 	(d)	Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to departures from the provisions
hereof may not be given, otherwise than with the prior written consent of the Holders of not less than a majority in aggregate principal amount of the then outstanding Registrable Notes in circumstances that would adversely affect any Holders of
Registrable Notes; provided, however, that Section 7 and this Section 10(d) may not be amended, modified or supplemented without the prior written consent of each Holder. Notwithstanding the foregoing, a waiver or consent to
depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders of Registrable Notes whose securities are being tendered pursuant to the Exchange Offer or sold pursuant to a Notes Registration Statement
and that does not directly or indirectly affect, impair, limit or compromise the rights of other Holders of Registrable Notes may be given by Holders of at least a majority in aggregate principal amount of the Registrable Notes being tendered or
being sold by such Holders pursuant to such Notes Registration Statement. 

  

	 	(e)	Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand delivery, registered first-class mail,
next-day air courier or telecopier: 

  

	 	(i)	if to a Holder of Securities or to any Participating Broker-Dealer, at the most current address of such Holder or Participating Broker-Dealer, as the case may be, set
forth on the records of the registrar of the Notes, with a copy in like manner to Citigroup Global Markets Inc. and Jefferies & Company, Inc., on behalf of the Initial Purchasers, as follows: 

Citigroup Global Markets Inc. 
 388 Greenwich Street 
 New York, New York 10013 

Facsimile: (212) 816-7912 
 Attention: General Counsel 
 Jefferies & Company, Inc. 

520 Madison Avenue 
 New York, New York 10022 
 Facsimile: (212) 284-2280 

Attention: General Counsel 
 with a copy to: 
 Jones Day 

222 East 41st Street 
 New York, New York 10017 
 Facsimile: (212) 755-7306 

Attention: Alexander A. Gendzier, Esq. 
  

	 	(ii)	if to the Initial Purchasers, at the address specified in Section 10(e)(i); 

  
 24 

	 	(iii)	if to the Company or any Guarantor, as follows: 

 c/o Vantage Drilling Company 
 777 Post Oak Blvd., Suite 800 

Houston, Texas 77056 
 Facsimile: (281) 404-4700 
 Attention: Douglas Smith, Chief Financial Officer

 with a copy to: 
 Fulbright & Jaworski L.L.P. 
 Fulbright Tower 

1301 McKinney, Suite 5100 
 Houston, Texas 77010 
 Facsimile: (713) 651-5246 

Attention: Joshua P. Agrons, Esq. 
 All such notices and communications shall be deemed to have been duly given: when delivered by hand, if personally delivered; five business days after being deposited in the United States mail, postage
prepaid, if mailed, one business day after being deposited in the United States mail, postage prepaid, if mailed; one business day after being timely delivered to a next-day air courier guaranteeing overnight delivery; and when receipt is
acknowledged by the addressee, if telecopied. 
 Copies of all such notices, demands or other communications shall be
concurrently delivered by the Person giving the same to the Trustee under the Indenture at the address specified in such Indenture. 
  

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

  

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

  

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

  

	 	(i)	 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO
PRINCIPLES OF CONFLICT OF LAW. THE COMPANY AND EACH GUARANTOR HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK OR ANY FEDERAL COURT SITTING IN THE BOROUGH OF
MANHATTAN IN THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, AND IRREVOCABLY ACCEPTS FOR ITS AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, JURISDICTION OF THE AFORESAID
COURTS. THE COMPANY AND EACH GUARANTOR IRREVOCABLY WAIVES, TO THE 

  
 25 

	 	
FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, TRIAL BY JURY AND ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING
BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. THE COMPANY AND EACH GUARANTOR IRREVOCABLY CONSENTS, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO
UNDER APPLICABLE LAW, TO THE SERVICE OF PROCESS OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO THE COMPANY AT ITS SAID ADDRESS, SUCH SERVICE
TO BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING. NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY HOLDER TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST THE COMPANY OR ANY GUARANTOR IN
ANY OTHER JURISDICTION. 

  

	 	(j)	Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or
unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their best efforts to
find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would
have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 

 

	 	(k)	Securities Held by the Company or Its Affiliates. Whenever the consent or approval of Holders of a specified percentage of Securities is required hereunder,
Securities held by the Company or its affiliates (as such term is defined in Rule 405 under the Securities Act) shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage.

  

	 	(l)	Third Party Beneficiaries. Holders and Participating Broker-Dealers are intended third party beneficiaries of this Agreement and this Agreement may be enforced
by such Persons. 

  

	 	(m)	Entire Agreement. This Agreement, together with the Purchase Agreement, the Indenture and the Collateral Agreements, is intended by the parties as a final and
exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein and any and all prior oral or written agreements, representations, or warranties, contracts, understanding,
correspondence, conversations and memoranda between the Initial Purchasers on the one hand and the Company and the Guarantors on the other, or between or among any agents, representatives, parents, subsidiaries, affiliates, predecessors in interest
or successors in interest with respect to the subject matter hereof and thereof are merged herein and replaced hereby. 

  
 26 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written
above. 
  

					
	OFFSHORE GROUP INVESTMENT LIMITED
		
	By:	 	/s/
		 	Name:	 	Douglas G. Smith
		 	Title:	 	Chief Financial Officer and Treasurer

  

					
	VANTAGE DRILLING COMPANY, as Guarantor
		
	By:	 	/s/
		 	Name:	 	Douglas G. Smith
		 	Title:	 	Chief Financial Officer and Treasurer

  

					
	VANTAGE HOLDING HUNGARY KFT, as Guarantor
		
	By:	 	/s/
		 	Name:	 	Mark Howell
		 	Title:	 	Managing Director
		
	By:	 	/s/
		 	Name:	 	Julia Varga
		 	Title:	 	Managing Director

  

					
	VANTAGE DRILLING NETHERLANDS BV, as Guarantor
		
	By:	 	/s/
		 	Name:	 	Linda Jovana Ibrahim
		 	Title:	 	Managing Director A

 
							
		
	By:	 	/s/
		 	Name:	 	R.H.L. de Groot	 	TMF Management B.V.
		 	Title:	 	Proxy holder A	 	Managing Director B
		
	By:	 	/s/
		 	Name:	 	J.M. van der Eerden	 	TMF Management B.V.
		 	Title:	 	Proxy holder B	 	Managing Director B

 [Registration Rights Agreement] 

 
					
	P2021 RIG CO., as Guarantor
		
	By:	 	/s/
		 	Name:	 	Douglas G. Smith
		 	Title:	 	Chief Financial Officer and Treasurer

  

					
	VANTAGE INTERNATIONAL MANAGEMENT COMPANY, as Guarantor
		
	By:	 	/s/
		 	Name:	 	Douglas G. Smith
		 	Title:	 	Chief Financial Officer and Treasurer

  

					
	VANTAGE DRILLER I CO., as Guarantor
		
	By:	 	/s/
		 	Name:	 	Douglas G. Smith
		 	Title:	 	Chief Financial Officer and Treasurer

  

					
	VANTAGE DRILLER II CO., as Guarantor
		
	By:	 	/s/
		 	Name:	 	Douglas G. Smith
		 	Title:	 	Chief Financial Officer and Treasurer

  

					
	VANTAGE DRILLER III CO., as Guarantor
		
	By:	 	/s/
		 	Name:	 	Douglas G. Smith
		 	Title:	 	Chief Financial Officer and Treasurer

  

					
	VANTAGE DRILLER IV CO., as Guarantor
		
	By:	 	/s/
		 	Name:	 	Douglas G. Smith
		 	Title:	 	Chief Financial Officer and Treasurer

  

					
	SAPPHIRE DRILLER COMPANY, as Guarantor
		
	By:	 	/s/
		 	Name:	 	Douglas G. Smith
		 	Title:	 	Chief Financial Officer and Treasurer

 [Registration Rights Agreement] 

 
					
	EMERALD DRILLER COMPANY, as Guarantor
		
	By:	 	/s/
		 	Name:	 	Douglas G. Smith
		 	Title:	 	Chief Financial Officer and Treasurer

  

					
	P2020 RIG CO., as Guarantor
		
	By:	 	/s/
		 	Name:	 	Douglas G. Smith
		 	Title:	 	Chief Financial Officer and Treasurer

  

					
	VANTAGE HOLDINGS MALAYSIA I CO., as Guarantor
		
	By:	 	/s/
		 	Name:	 	Douglas G. Smith
		 	Title:	 	Chief Financial Officer and Treasurer

  

					
	VANTAGE DRILLING (MALAYSIA) I SDN. BHD., as Guarantor
		
	By:	 	/s/
		 	Name:	 	Ronald J. Nelson
		 	Title:	 	Director

  

					
	VANTAGE DRILLING LABUAN I LTD., as Guarantor
		
	By:	 	/s/
		 	Name:	 	Ronald J. Nelson
		 	Title:	 	Director

  

					
	VANTAGE DEEPWATER COMPANY, as Guarantor
		
	By:	 	/s/
		 	Name:	 	Douglas G. Smith
		 	Title:	 	Chief Financial Officer and Treasurer

  

					
	VANTAGE DEEPWATER DRILLING, INC., as Guarantor
		
	By:	 	/s/
		 	Name:	 	Douglas G. Smith
		 	Title:	 	Chief Financial Officer and Treasurer

 [Registration Rights Agreement] 

 
					
	VANTAGE HOLDINGS CYPRUS ODC LIMITED, as Guarantor
		
	By:	 	/s/
		 	Name:	 	Mark Howell
		 	Title:	 	Director

 [Registration Rights Agreement] 

 
					
	VANTAGE DRILLING POLAND — LUXEMBOURG BRANCH., as Guarantor
		
	By:	 	/s/
		 	Name:	 	Ian Foulis
		 	Title:	 	Branch Manager

  

					
	DRAGONQUEST HOLDINGS COMPANY, as Guarantor
		
	By:	 	/s/
		 	Name:	 	Douglas G. Smith
		 	Title:	 	Chief Financial Officer and Treasurer

  

					
	TUNGSTEN EXPLORER COMPANY., as Guarantor
		
	By:	 	/s/
		 	Name:	 	Douglas G. Smith
		 	Title:	 	Chief Financial Officer and Treasurer

  

					
	VANTAGE DELAWARE HOLDINGS, LLC, as Guarantor
		
	By:	 	/s/
		 	Name:	 	Douglas G. Smith
		 	Title:	 	Chief Financial Officer and Treasurer

 [Registration Rights Agreement] 

			
	 ACCEPTED AND AGREED TO:
  

CITIGROUP GLOBAL MARKETS INC.

	
		
	By:	 	/s/
	Name: Christopher Abbate
	Title: Managing Director

 [Registration Rights Agreement] 

			
	JEFFERIES & COMPANY, INC.
	
		
	By:	 	/s/
	Name: Craig Zaph
	Title: MD

 [Registration Rights Agreement] 

 SCHEDULE I 
 INITIAL PURCHASERS 
 Citigroup Global Markets Inc. 

Jefferies & Company, Inc. 
 RBC Capital Markets, LLC 
 Deutsche Bank Securities Inc. 

CIS Capital Markets LLC 
 FBR Capital Markets & Co. 
 Global Hunter Securities, LLC 

Johnson Rice & Company L.L.C. 
 Pareto Securities AS 
 RS Platou Markets AS

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