NOBLE HOLDING INTERNATIONAL LIMITED ISSUER NOBLE CORPORATION GUARANTOR AND THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. TRUSTEE FIRST SUPPLEMENTAL INDENTURE RELATING TO DATED AS OF NOVEMBER 21, 2008
Exhibit 4.2
NOBLE HOLDING INTERNATIONAL LIMITED
ISSUER
ISSUER
NOBLE CORPORATION
GUARANTOR
GUARANTOR
AND
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.
TRUSTEE
TRUSTEE
FIRST SUPPLEMENTAL INDENTURE
RELATING TO
7.375% SENIOR NOTES DUE 2014
DATED AS OF NOVEMBER 21, 2008
FIRST SUPPLEMENTAL INDENTURE, dated as of November 21, 2008 and relating to the Notes referred
to below (this “First Supplemental Indenture”), by and among NOBLE HOLDING INTERNATIONAL
LIMITED, a Cayman Islands exempted company limited by shares (herein called the “Company”),
NOBLE CORPORATION, a Cayman Islands exempted company limited by shares (herein called the
“Guarantor”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking
association duly organized and existing under the laws of the United States of America, as Trustee
(herein called the “Trustee”). Capitalized terms not otherwise defined in this First
Supplemental Indenture have the meanings assigned to them in the Indenture referred to below.
WITNESSETH:
WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture dated
as of November 21, 2008 (as amended, supplemented or otherwise modified from time to time, the
“Indenture”), to provide for the issuance from time to time of its unsecured senior debt
securities (the “Securities”), the form and terms of which are to be established pursuant
to Articles Two and Three of the Indenture; and
WHEREAS, Article Nine of the Indenture provides, among other things, that the Company and the
Trustee may enter into indentures supplemental to the Indenture for, among other things, the
purpose of establishing the form and terms of the Securities of any series as permitted in Articles
Two and Three of the Indenture and otherwise amending the Indenture in a manner not prejudicial to
the interests of the Holders of the Securities of any series; and
WHEREAS, the Company
desires to create a series of Securities under the Indenture to be issued in an initial
aggregate principal amount of $250,000,000 designated as the 7.375% Senior Notes due 2014 (the “Notes”),
in furtherance of which the Board of Directors has adopted a Board Resolution authorizing the
Company to enter into this First Supplemental Indenture without the consent of the Holders of the
Securities as provided for in Section 901 of the Indenture; and
WHEREAS, the Guarantor owns, indirectly, all of the outstanding shares of the Company and has
agreed to (i) fully and unconditionally guarantee the due and punctual payment of the principal of,
premium, if any, interest on and all other amounts due under the Indenture and the Notes, which
guarantee is provided in this First Supplemental Indenture, and (ii) be bound by certain other covenants specified herein; and
WHEREAS, all acts necessary to make the Notes, when executed by the Company and authenticated
and delivered by the Trustee as provided in the Indenture, the valid and binding obligations of the
Company and to make this First Supplemental Indenture a valid and binding agreement in accordance
with Article Nine of the Indenture have been duly performed and executed;
NOW, THEREFORE, in consideration of the promises and mutual agreements herein contained, the
Company, the Guarantor and the Trustee mutually covenant and agree for the equal and proportionate
benefit of the Holders from time to time of the Notes as follows:
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Section 1. Issuance, Terms and Form of the Notes.
1.1 Issuance of the Notes. A series of Securities is hereby created which shall be
designated as the 7.375% Senior Notes due 2014. The aggregate principal amount of the Notes created
hereby that may be authenticated and delivered under this First Supplemental Indenture shall
initially be $250,000,000, subject to the Company’s right to issue additional Notes from time to time in accordance with the terms of the Indenture.
1.2 Terms of the Notes. The Notes shall be executed, authenticated and delivered in
accordance with the provisions of, and shall in all respects be subject to, the terms, conditions
and covenants of the Indenture and this First Supplemental Indenture.
1.3 Form of the Notes. The Notes shall be executed, authenticated and delivered
substantially in the form attached hereto as Exhibit A, the terms of which are incorporated
in this First Supplemental Indenture for all purposes.
1.4 Depositary. The Notes shall be
issued in global form, except as provided in the Indenture. The Company initially
appoints The Depository Trust Company to acts as Depositary with respect to the Notes.
Section 2. Amendments to the Indenture Relating to the Notes.
2.1 Amendments to Article One of the Indenture (Definitions). Article One of the
Indenture is hereby amended in respect of, and applicable to, the Notes and only in respect of, and
applicable to, the Notes as follows:
(a) by adding thereto the following new definitions in their appropriate alphabetical order:
“Attributable Indebtedness,” when used with respect to any Sale/Leaseback Transaction,
means, as at the time of determination, the present value (discounted at the rate set forth or
implicit in the terms of the lease included in such transaction) of the total obligations of the
lessee for rental payments (other than amounts required to be paid on account of taxes,
maintenance, repairs, insurance, assessments, utilities, operating and labor costs and other items
that do not constitute payments for property rights) during the remaining term of the lease
included in such Sale/Leaseback Transaction (including any period for which such lease has been
extended). In the case of any lease that is terminable by the lessee upon the payment of a penalty,
such net amount shall be the lesser of the net amount determined assuming termination upon the
first day such lease may be terminated (in which case the net amount shall also include the amount
of the penalty, but no rent shall be considered as required to be paid under such lease subsequent
to the first date upon which it may be so terminated) or the net amount determined assuming no such
termination.
“Capitalized Lease Obligations” of any Person means the obligations of such Person to
pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real
or personal property, or a combination thereof, which obligations are required to be classified and
accounted for as capital leases on a balance sheet of such Person under generally accepted
accounting principles in the United States, and the amount of such obligations shall be the
capitalized amount thereof determined in accordance with generally accepted accounting principles
in the United States.
“Consolidated Net Tangible Assets” means the total amount of assets (less applicable
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reserves and other properly deductible items) after deducting (1) all current liabilities
(excluding the amount of those that are by their terms extendable or renewable at the option of the
obligor to a date more than 12 months after the date as of which the amount is being determined and
current maturities of long-term debt) and (2) all goodwill, trade names, trademarks, patents,
unamortized debt discount and expense and other like intangible assets, all as set forth on the
most recent quarterly balance sheet of the Guarantor and its consolidated Subsidiaries and
determined in accordance with generally accepted accounting principles in the United States.
“Funded Indebtedness” means all Indebtedness (including Indebtedness incurred under
any revolving credit, letter of credit or working capital facility) that by its terms matures on,
or that is renewable at the option of any obligor thereon to, a date more than one year after the
date on which such Indebtedness is originally incurred.
“Guarantee” has the meaning set forth in Section 3(a).
“Guarantor” has the meaning set forth in the preamble.
“Guarantor Board of Directors” means either the board of directors of the Guarantor or
any duly authorized committee of that board.
“Indebtedness” of any Person means, without duplication, (i) all indebtedness of such
Person for borrowed money (whether or not the recourse of the lender is to the whole of the assets
of such Person or only to a portion thereof), (ii) all obligations of such Person evidenced by
bonds, debentures, notes or other similar instruments, (iii) all obligations of such Person in
respect of letters of credit or other similar instruments (or reimbursement obligations with
respect thereto), other than standby letters of credit, performance bonds and other obligations
issued by or for the account of such Person in the ordinary course of business, to the extent not
drawn or, to the extent drawn, if such drawing is reimbursed not later than the third Business Day
following demand for reimbursement, (iv) all obligations of such Person to pay the deferred and
unpaid purchase price of property or services, except trade payables and accrued expenses incurred
in the ordinary course of business, (v) all Capitalized Lease Obligations of such Person, (vi) all
Indebtedness of others secured by a Lien on any asset of such Person, whether or not such
Indebtedness is assumed by such Person (provided that if the obligations so secured have not been
assumed in full by such Person or are not otherwise such Person’s legal liability in full, then
such obligations shall be deemed to be in an amount equal to the greater of (a) the lesser of (1)
the full amount of such obligations and (2) the fair market value of such assets, as determined in
good faith by the board of directors of such Person, which determination shall be evidenced by a
resolution of such board of directors, and (b) the amount of obligations as have been assumed by
such Person or that are otherwise such Person’s legal liability), and (vii) all Indebtedness of
others (other than endorsements in the ordinary course of business) guaranteed by such Person to
the extent of such guarantee.
“Joint Venture” means any partnership, corporation or other entity in which up to and
including 50% of the partnership interests, outstanding voting stock or other equity interests is
owned, directly or indirectly, by the Guarantor and/or one or more of its Subsidiaries.
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“Lien” means any mortgage, pledge, lien, encumbrance, charge or security interest. For
purposes of the Indenture, the Guarantor or any Subsidiary of the Guarantor shall be deemed to own
subject to a Lien any asset that it has acquired or holds subject to the interest of a vendor or
lessor under any conditional sale agreement, Capitalized Lease Obligation or other title retention
agreement relating to such asset.
“Make-Whole Premium” with respect to any Note (or portion of a Note) to be redeemed
shall be equal to the excess, if any, of:
(i) the sum of the present values, calculated as of the Redemption Date, of:
(A) each interest payment that, but for the redemption, would have been payable on the
Note (or its portion) being redeemed on each Interest Payment Date occurring after the
Redemption Date (excluding any accrued interest for the period before the Redemption Date);
and
(B) the principal amount that, but for the redemption, would have been payable at the
final maturity of the Note (or its portion) being redeemed;
over
(ii) the principal amount of the Note (or its portion) being redeemed.
The present values of interest and principal payments referred to in clause (i) above will be
determined in accordance with generally accepted principles of financial analysis. Those present
values will be calculated by discounting the amount of each payment of interest or principal from
the date that each payment would have been payable, but for the redemption, to the Redemption Date
at a discount rate equal to the Treasury Yield plus 50 basis points.
The Make-Whole Premium will be calculated by an independent investment banking institution of
national standing appointed by the Company, provided that if the Company fails to make such
appointment at least 45 Business Days prior to the Redemption Date, or if the institution so
appointed is unwilling or unable to make the calculation, such calculation will be made by Xxxxxxx,
Xxxxx & Co. or, if that firm is unwilling or unable to make the calculation, by an independent
investment banking institution of national standing appointed by the Trustee (in any such case, the
“Independent Investment Banker”).
“Non-Recourse Indebtedness” means any Indebtedness of the Guarantor or any Subsidiary
of the Guarantor in respect of which (a) the recourse of the holder of such Indebtedness, whether
direct or indirect and whether contingent or otherwise, is effectively limited to (i) Liens on
specified assets and (ii) in respect of Indebtedness of a Subsidiary of the Guarantor, Liens on
assets of the Subsidiary acquired after the date of original issuance of the Notes, and with
respect to such Indebtedness of the Guarantor or a Subsidiary of the Guarantor, neither the
Guarantor nor any Subsidiary of the Guarantor (other than the issuer of such Indebtedness) provides
any credit support or is otherwise liable or obligated and (b) the occurrence of any event, or the
existence of any condition under any agreement or instrument
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relating to such Indebtedness, shall not at any time have the effect of accelerating, or permitting
the acceleration of, the maturity of any other Indebtedness of the Guarantor or any of its
Subsidiaries or otherwise permitting any such other Indebtedness to be declared due and payable, or
to be required to be prepaid, purchased or redeemed, prior to the stated maturity thereof.
“Pari Passu Indebtedness” means any Indebtedness of the Guarantor, whether outstanding
on the issue date of the Notes or thereafter created, incurred or assumed, unless, in the case of
any particular Indebtedness, the instrument creating or evidencing the same or pursuant to which
the same is outstanding expressly provides that such Indebtedness shall be subordinated in right of
payment to the Guarantee.
“Permitted Liens” means (i) Liens existing on the date of original issuance of
the Notes; (ii) Liens on property or assets of, or any shares of stock of, or other equity
interests in, or indebtedness of, any Person existing at the time such Person becomes a Subsidiary
of the Guarantor or at the time such Person is merged into or consolidated with the Guarantor or
any of its Subsidiaries or at the time of a sale, lease or other disposition of all or
substantially all of the properties and assets of a Person to the Guarantor or a Subsidiary of the
Guarantor; (iii) Liens in favor of the Guarantor or any of its Subsidiaries; (iv) Liens in favor of
governmental bodies to secure progress or advance payments; (v) Liens securing industrial revenue
or pollution control bonds or similar indebtedness; (vi) Liens on property securing (a) all or any
portion of the cost of acquiring, constructing, altering, improving or repairing any property or
assets, real or personal, or improvements used or to be used in connection with such property or
(b) Indebtedness incurred by the Guarantor or any Subsidiary of the Guarantor prior to or within
one year after the later of the acquisition, the completion of construction, alteration,
improvement or repair or the commencement of commercial operation thereof, which Indebtedness is
incurred for the purpose of financing all or any part of the purchase price thereof or construction
or improvements thereon; (vii) statutory liens or landlords’, carriers’, warehouseman’s,
mechanics’, suppliers’, materialmen’s, repairmen’s or other like Liens arising in the ordinary
course of business and with respect to amounts not yet delinquent or being contested in good faith
by appropriate proceedings; (viii) Liens on current assets of the Guarantor or any Subsidiary of
the Guarantor securing Indebtedness of the Guarantor or such Subsidiary, respectively; (ix) Liens
on the stock, partnership or other equity interest of the Guarantor or any Subsidiary of the
Guarantor in any Joint Venture or any Subsidiary of the Guarantor that owns an equity interest in
such Joint Venture to secure Indebtedness, provided the amount of such Indebtedness is contributed
and/or advanced solely to such Joint Venture; (x) Liens under workers compensation or similar
legislation; (xi) Liens in connection with legal proceedings or securing tax assessments, which in
each case are being contested in good faith; (xii) good faith deposits in connection with bids,
tenders, contracts or Liens; (xiii) deposits made in connection with maintaining self-insurance, to
obtain the benefits of laws, regulations or arrangements relating to unemployment insurance, old
age pensions, social security or similar matters or to secure surety, appeal or customs bonds; and
(xiv) any extensions, substitutions, replacements or renewals in whole or in part of a Lien
enumerated in clauses (i) through (xiii) above.
“Principal Property” means any jackup, semisubmersible, drillship, submersible or
other mobile offshore drilling unit, or integral portion thereof, owned or leased by the Guarantor
or any Subsidiary of the Guarantor and used for drilling offshore oil and gas xxxxx, which, in the
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opinion of the Guarantor Board of Directors, is of material importance to the business of the
Guarantor and its Subsidiaries taken as a whole, but no such jackup, semisubmersible, drillship,
submersible or other mobile offshore drilling unit, or portion thereof, shall be deemed of material
importance if its net book value (after deducting accumulated depreciation) is less than 2.0% of
Consolidated Net Tangible Assets of the Guarantor and its consolidated Subsidiaries.
“Sale/Leaseback Transaction” means any arrangement with any Person pursuant to which
the Guarantor or any Subsidiary of the Guarantor leases any Principal Property that has been or is
to be sold or transferred by the Guarantor or the Subsidiary to such Person, other than (i)
temporary leases for a term, including renewals at the option of the lessee, of not more than five
years, (ii) leases between the Guarantor and a Subsidiary of the Guarantor or between Subsidiaries
of the Guarantor, or (iii) leases of Principal Property executed by the time of, or within 12
months after the later of, the acquisition, the completion of construction, alteration, improvement
or repair or the commencement of commercial operation of the Principal Property.
“Tax Additional Amounts” has the meaning set forth in Section 2.2.
“Taxing Jurisdiction” has the meaning set forth in Section 2.2.
“Treasury Yield” means a rate of interest per annum equal to the weekly average yield
to maturity of United States Treasury Notes that have a constant maturity that corresponds to the
remaining terms to maturity of the Notes, calculated to the nearest 1/12th of a year (the
“Remaining Term”). The Treasury Yield will be determined as of the third Business Day
immediately before the applicable Redemption Date.
The weekly average yields of United States Treasury Notes will be determined by referring to
the most recent statistical release published by the Federal Reserve Bank of New York and
designated “H.15(519) Selected Interest Rates” or any successor release (the “H.15 Statistical
Release”). If the H.15 Statistical Release contains a weekly average yield for United States
Treasury Notes having a constant maturity that is the same as the Remaining Term, then the Treasury
Yield will be equal to that weekly average yield. In all other cases, the Treasury Yield will be
calculated by interpolation, on a straight-line basis, between the weekly average yields on the
United States Treasury Notes that have a constant maturity closest to and greater than the
Remaining Term and the United States Treasury Notes that have a constant maturity closest to and
less than the Remaining Term (in each case as set forth in the H.15 Statistical Release). Any
weekly average yields as calculated by interpolation will be rounded to the nearest 1/100th of 1%
with any figure of 1/200% or above being rounded upward. If weekly average yields for United States
Treasury Notes are not available in the H.15 Statistical Release or otherwise, then the Treasury
Yield will be calculated by interpolation of comparable rates selected by the Independent
Investment Banker.
“Withholding Tax” has the meaning set forth in Section 2.2.
(b) for purposes of this First Supplemental Indenture only, by adding the following definitions:
“Officers’ Certificate”, when used with respect to the Guarantor, means a certificate signed
by (i) the Chairman of the Board, the Chief Executive Officer, the President or a Vice President,
and (ii) the Treasurer, the Controller, the Secretary or an Assistant Treasurer, Assistant
Controller or Assistant Secretary of the Guarantor, and delivered to the Trustee, which
certificate shall be in compliance with Section 103 hereof.
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“Redemption Price” shall be the price equal to 100% of the principal amount of the
Notes being redeemed plus accrued interest to the Redemption Date (subject to the right of
holders of record on the relevant record date to receive interest due on an interest payment date
that is on or prior to the Redemption Date), plus a Make-Whole Premium, if any is required
to be paid. The Redemption Price will never be less than 100% of the principal amount of the Notes
being redeemed plus accrued interest to the Redemption Date.
“Subsidiary” means, with respect to the Guarantor at any date, any corporation,
limited liability company, partnership, association or other entity the accounts of which would be
consolidated with those of the Guarantor in the Guarantor’s consolidated financial statements if
such financial statements were prepared in accordance with generally accepted accounting principles
in the United States as of such date, as well as any other corporation, limited liability company,
partnership, association or other entity (i) of which securities or other ownership interests
representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the
case of a partnership, more than 50% of the general partnership interests are, as of such date,
owned, controlled or held, or (ii) that is, as of such date, otherwise controlled, by the Guarantor
or one or more Subsidiaries of the Guarantor.
2.2 Amendments to Article Three of the Indenture (Tax Additional Amounts). Article
Three is hereby amended in respect of, and applicable to, the Notes and only in respect of, and
applicable to, the Notes by adding the following section as Section 312:
SECTION 312. Tax Additional Amounts.
The Company shall pay any amounts due with respect to the payments on the Notes
without deduction or withholding for any and all present and future withholding
taxes, levies, imposts and charges (each, a “Withholding Tax”) imposed by or
for the account of the Cayman Islands or any other jurisdiction in which the Company
is resident for tax purposes or any political subdivision or taxing authority of
such jurisdiction (the “Taxing Jurisdiction”), unless such withholding or
deduction is required by law. If such deduction or withholding is at any time
required, the Company will (subject to compliance by such Holder with any relevant
administrative requirements) pay each Holder additional amounts (“Tax Additional
Amounts”) as will result in such Holder’s receipt of such amounts as it would
have received had no such withholding or deduction been required.
If the Taxing Jurisdiction requires the Company to deduct or withhold any
Withholding Tax, the Company will (subject to compliance by a Holder with any
relevant administrative requirements) pay such Tax Additional Amounts in respect of
principal amount, Redemption Price and interest (if any) in accordance with the
terms of the Notes and the Indenture; provided, however, that the foregoing shall
not apply to:
(a) any Withholding Tax that would not be payable or due but for the fact that
(1) the Holder of a Note (or a fiduciary, settlor, beneficiary of, member
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or shareholder of, such Holder, if such Holder is an estate, trust, partnership
or corporation) is a domiciliary, national or resident of, or engaging in business
or maintaining a permanent establishment or being physically present in, the Taxing
Jurisdiction or otherwise having some present or former connection with the Taxing
Jurisdiction other than the holding or ownership of the Note or the collection of
principal amount, Redemption Price and interest (if any), in accordance with the
terms of the Note and the Indenture or the enforcement of the Note or (2) where
presentation is required, the Note was presented more than 30 days after the date
such payment became due or was provided for, whichever is later;
(b) any Withholding Tax attributable to any estate, inheritance, gift, sales,
transfer, excise, personal property or similar tax, levy, impost or charge;
(c) any Withholding Tax attributable to any tax, levy, impost or charge that is
payable otherwise than by withholding from payment of principal amount, Redemption
Price and interest (if any);
(d) any Withholding Tax that would not have been imposed but for the failure to
comply with certification, information, documentation or other reporting
requirements concerning the nationality, residence, identity or connections with the
relevant tax authority of the Holder or beneficial owner of the Senior Note, if this
compliance is required by statute or by regulation as a precondition to relief or
exemption from such Withholding Tax;
(e) to the extent a Holder of a Note is entitled to a refund or credit in the
Taxing Jurisdiction of amounts required to be withheld by such Taxing Jurisdiction;
or
(f) any combination of the instances described in (a) through (e).
With respect to clause (e), above, in the absence of evidence satisfactory to
the Company, the Company may conclusively presume that a Holder of a Note is
entitled to a refund or credit of all amounts required to be withheld. The Company
shall not be required to pay any Tax Additional Amounts to any Holder of a Note who
is a fiduciary or partnership or other than the sole beneficial owner of the Note to
the extent that a beneficiary or settlor with respect to such fiduciary, or a member
of such partnership or a beneficial owner thereof, would not have been entitled to
the payment of such Tax Additional Amounts had such beneficiary, settlor, member or
beneficial owner been the Holder of the Note.
Tax Additional Amounts
shall be treated as Additional Amounts for purposes of the Indenture.
All references in the Indenture or the Notes to “interest” shall
include (without duplication) any Tax Additional Amounts due with respect thereto.
2.3 Amendments to Article Seven of the Indenture (Reports by the Company). Article
Seven of the Indenture is hereby amended in respect of, and applicable to, the Notes and only in
respect of, and applicable to, the Notes by amending and restating in its entirety Section 704 as
follows:
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SECTION 704. Reports by the Company.
The Company shall file with the Trustee, within 15 days after the Company is
required to file the same with the Commission, copies of the annual reports and of
the information, documents and other reports (or copies of such portions of any of
the foregoing as the Commission may from time to time by rules and regulations
prescribe) that the Company may be required to file with the Commission pursuant to
Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended, and
shall otherwise comply with Section 314(a) of the Trust Indenture Act.
Notwithstanding the prior sentence, any obligation of the Company to file reports
with the Trustee pursuant to the prior sentence shall be deemed to be satisfied for
so long as Guarantor (or any other person that is a successor to Guarantor’s
reporting obligations to the Commission) shall file with the Trustee within the time
period provided in the prior sentence copies of the annual reports and of the
information, documents and other reports (or copies of such portions of any of the
foregoing as the Commission may from time to time by rules and regulations
prescribe) that Guarantor (or any other person that is a successor to Guarantor’s
reporting obligations to the Commission) may be required to file with the Commission
pursuant to Section 12 or Section 15(d) of the Securities Exchange Act of 1934, as
amended, and such annual reports, information, documents and other reports contain
such information relating to the Company as is required by the rules and regulations
of the Commission.
2.4 Amendments to Article Eight of the Indenture (Consolidation, Amalgamation, Conveyance,
Transfer or Lease). Article Eight of the Indenture is hereby amended in respect of, and
applicable to, the Notes and only in respect of, and applicable to, the Notes by adding thereto the
following new Sections 803 and 804:
SECTION 803. Guarantor May Consolidate, Etc., Only on Certain Terms.
The Guarantor shall not consolidate or amalgamate with or merge into any other Person or sell,
lease, convey, transfer or otherwise dispose of all or substantially all of its properties and
assets to any Person (other than a direct or indirect Wholly-Owned Subsidiary of the Guarantor),
unless:
| (1) | either (a) the Guarantor shall be the continuing Person or (b) the Person formed by such consolidation or amalgamation or into which the Guarantor is merged, or that acquires, by sale, lease, conveyance, transfer or other disposition, all or substantially all of the properties and assets of the Guarantor, shall expressly assume, by a supplemental indenture, the Guarantee, and the performance of the Guarantor’s covenants and obligations under this Indenture and the Guarantee; | |
| (2) | immediately after giving effect to such transaction, and treating any indebtedness that becomes indebtedness of the Guarantor or a Subsidiary of the Guarantor as a result of such transaction as having been incurred by the Guarantor or such Subsidiary at the time of such transaction, no Default or Event of Default shall have happened and be continuing; and |
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| (3) | the Guarantor has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, amalgamation, merger, sale, lease, conveyance, transfer or other disposition and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture complies with Sections 803 and 804 and that all conditions precedent herein provided for relating to such transaction have been complied with. |
SECTION 804. Successor Person Substituted for Guarantor.
Upon any consolidation or amalgamation the Guarantor with or merger by the Guarantor into any
other Person or any sale, lease, conveyance, transfer or other disposition of all or substantially
all of the properties and assets of the Guarantor in accordance with Section 803, the successor
Person formed by such consolidation or amalgamation or into which the Guarantor is merged or to
which such sale, lease, conveyance, transfer or other disposition is made shall succeed to, and be
substituted for, and may exercise every right and power of, the Guarantor under this Indenture with
the same effect as if such successor Person had been named as the Guarantor herein and thereafter,
except in the case of such lease, the predecessor Person shall be relieved of all obligations and
covenants under this Indenture and the Guarantee.
2.5 Amendments to Article Ten of the Indenture (Covenants). Article Ten of the
Indenture is hereby amended in respect of, and applicable to, the Notes and only in respect of, and
applicable to, the Notes by (a) amending and restating in their
entirety Sections 1004 through 1006
as set forth below, and (b) adding thereto the following new Sections 1008 and 1009:
SECTION
1004. Existence.
Subject to Article Eight, each of the Company and the Guarantor will do or cause to be done
all things necessary to preserve and keep in full force and effect its corporate existence.
SECTION
1005. Statement by Officers as to Default.
Each of the Company and the Guarantor will deliver to the Trustee, within 120 days after the
end of each fiscal year ending after the date hereof so long as any Security is outstanding
hereunder, an Officers’ Certificate, complying with Section 314(a)(4) of the Trust Indenture Act
and stating that a review of the activities of the Company or the Guarantor, as applicable, during
such year and of performance under this Indenture has been made under the supervision of the
signers thereof and whether or not to the best of their knowledge, based upon such review, the
Company or the Guarantor, as applicable, is in default in the performance, observance or
fulfillment of any of its covenants and other obligations under this Indenture, and if the Company
or Guarantor shall be in default, specifying each such default known to them and the nature and
status thereof. One of the officers signing the Officers’ Certificate on behalf of the Guarantor
delivered pursuant to this Section 1005 shall be the principal executive, financial or accounting
officer of the Guarantor.
For
purposes of this Section 1005, such compliance shall be determined without regard to any
period of grace or requirement of notice provided under this Indenture.
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SECTION
1006. Waiver of Certain Covenants.
The Company and the Guarantor may omit in any particular instance to comply with any covenant
or condition set forth in Sections 1001 through 1005 and 1007
through 1009, inclusive, or any
covenant added for the benefit of any series of Securities as contemplated by Section 301 (unless
otherwise specified pursuant to Section 301) if before or after the time for such compliance the
Holders of a majority in principal amount of the Outstanding Securities of all series affected by
such omission (acting as one class) shall, by Act of such Holders, either waive such compliance in
such instance or generally waive compliance with such covenant or condition, but no such waiver
shall extend to or affect such covenant or condition except to the extent so expressly waived, and,
until such waiver shall become effective, the obligations of the Company or the Guarantor, as
applicable, and the duties of the Trustee in respect of any such covenant or condition shall remain
in full force and effect.
SECTION 1008. Limitations on Liens.
The Guarantor will not, and will not permit any of its Subsidiaries to, issue, assume or
guarantee any Indebtedness for borrowed money secured by any Lien upon any Principal Property or
any shares of stock or indebtedness of any Subsidiary of the Guarantor that owns or leases a
Principal Property (whether such Principal Property, shares of stock or indebtedness are now owned
or hereafter acquired) without making effective provision whereby the Notes (together with, if the
Guarantor shall so determine, any other Indebtedness or other obligation) shall be secured equally
and ratably with (or, at the option of the Guarantor, prior to) the Indebtedness so secured for so
long as such Indebtedness is so secured. The foregoing restrictions do not, however, apply to
Indebtedness secured by Permitted Liens.
Notwithstanding the foregoing, the Guarantor and its Subsidiaries may, without securing the
Notes, issue, assume or guarantee secured Indebtedness that would otherwise be subject to the
foregoing restrictions in an aggregate principal amount that, together with all other such
Indebtedness of the Guarantor and its Subsidiaries that would otherwise be subject to the foregoing
restrictions (including Indebtedness permitted to be secured under clause (i) under the definition
of Permitted Liens but excluding Indebtedness permitted to be secured under clauses (ii) through
(xiv) thereunder) and the aggregate amount of Attributable Indebtedness deemed outstanding with
respect to Sale/Leaseback Transactions (other than those in connection with which the Guarantor has
voluntarily retired any of the Notes, any Pari Passu Indebtedness or any Funded Indebtedness
pursuant to clause (c) of Section 1009 hereof), does not at any one time exceed 15% of Consolidated
Net Tangible Assets.
SECTION 1009. Limitation on Sale/Leaseback Transactions.
The Guarantor will not, and will not permit any of its Subsidiaries to, enter into any
Sale/Leaseback Transaction with any Person (other than the Guarantor or a Subsidiary of the
Guarantor) unless: (a) the Guarantor or such Subsidiary would be entitled to incur Indebtedness in
a principal amount equal to the Attributable Indebtedness with respect to such Sale/Leaseback
Transaction secured by a Lien on the property subject to such Sale/Leaseback Transaction pursuant
to Section 1008 hereof without equally and ratably securing the Notes pursuant to such
11
covenant;
(b) after the date of first issuance of the Notes and within a
period commencing nine months prior to the consummation of such Sale/Leaseback Transaction and
ending nine months after the consummation thereof, the Guarantor or such Subsidiary shall have
expended for property used or to be used in the ordinary course of business of the Guarantor and
its Subsidiaries an amount equal to all or a portion of the net proceeds of such Sale/Leaseback
Transaction and the Guarantor shall have elected to designate such amount as a credit against such
Sale/Leaseback Transaction (with any such amount not being so designated to be applied as set forth
in clause (c) below or as otherwise permitted); or (c) the Company or the Guarantor, during the
nine-month period after the effective date of such Sale/Leaseback Transaction, shall have applied
to either (i) the voluntary defeasance or retirement of any Notes, any Pari Passu Indebtedness or
any Funded Indebtedness or (ii) the acquisition of one or more Principal Properties at fair value,
an amount equal to the greater of the net proceeds of the sale or transfer of the property leased
in such Sale/Leaseback Transaction and the fair value, as determined by the Guarantor Board of
Directors, of such property as of the time of entering into such Sale/Leaseback Transaction (in
either case adjusted to reflect the remaining term of the lease and any amount expended by the
Guarantor as set forth in clause (b) above), less an amount equal to the sum of the principal
amount of Notes, Pari Passu Indebtedness and Funded Indebtedness voluntarily defeased or retired by
the Company or the Guarantor plus any amount expended to acquire any Principal Properties
at fair value, within such nine-month period and not designated as a credit against any other
Sale/Leaseback Transaction entered into by the Guarantor or any Subsidiary of the Guarantor during
such period.
2.6 Amendments to Article Five of the Indenture (Events of Default). Article Five of
the Indenture is hereby amended in respect of, and applicable to, the Notes and only in respect of,
and applicable to, the Notes by
(a) amending and restating in their entirety clauses (4), (5) and
(6) as set forth below.
(4) default in the performance or breach of any covenant of the Company or of the Guarantor in
this Indenture (other than a covenant a default in whose performance or whose breach is elsewhere
in this Section 501 specifically dealt with or that has expressly been included in this Indenture
solely for the benefit of one or more series of Securities other than the Notes), and continuance
of such default or breach for a period of 90 days after there has been given, by registered or
certified mail, to the Company or the Guarantor, as the case may be, by the Trustee or to the
Company or the Guarantor, as the case may be, and the Trustee by the Holders of at least 25% in
principal amount of all Outstanding Notes a written notice specifying such default or breach and
requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or
(5) the entry by a court having jurisdiction in the premises of (A) a decree or order for
relief in respect of the Company or the Guarantor in an involuntary case or proceeding under any
applicable federal or state bankruptcy, insolvency, reorganization or other similar law or (B) a
decree or order adjudging the Company or the Guarantor a bankrupt or insolvent, or approving as properly filed a
petition seeking reorganization, arrangement, adjustment or composition of or in respect of the
Company or the Guarantor under any applicable federal or state law, or appointing a custodian,
12
receiver, liquidator, assignee, trustee, sequestration or other similar official of the Company or
the Guarantor or of any substantial part of their respective property, or ordering the winding up or liquidation
of their respective affairs, and the continuance of any such decree or order for relief or any such other decree
or order unstayed and in effect for a period of 90 consecutive days; or
(6) the commencement by the Company or the Guarantor of a voluntary case or proceeding under
any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or of
any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by the Company or the Guarantor to the
entry of a decree or order for relief in respect of the Company or the Guarantor in an involuntary
case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or
other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against
the Company or the Guarantor, or the filing by the Company or the Guarantor, of a petition or answer or consent seeking reorganization or relief under
any applicable federal or state law, or the consent by the Company or the Guarantor to the filing of such petition or to the
appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee,
sequestrator or similar official of the Company or the Guarantor or of any substantial part of its
property, or the making by the Company or the Guarantor of an assignment for the benefit of creditors, or the admission by the Company or the Guarantor
in writing of its inability to pay its debts generally as they become
due; or
and (b) adding immediately after clause (7) the following new clauses (8) and (9),
which shall constitute additional Events of Default with
respect to the Notes as contemplated by clause (7) of Article Five:
(8) the Guarantee ceases to be in full force and effect (except in accordance with the terms
of Section 804), or the Guarantor denies or disaffirms its obligations under
the Guarantee; or
(9) default under any bond, debenture, note or other evidence of Indebtedness (other than
Non-Recourse Indebtedness) by either the Guarantor or any Subsidiary of the Guarantor or under any
mortgage, indenture or instrument under which there may be issued or by which there may be secured
or evidenced any Indebtedness (other than Non-Recourse Indebtedness) of either of the Guarantor or
any Subsidiary of the Guarantor resulting in the acceleration of such Indebtedness (other than
Non-Recourse Indebtedness), or any default in payment of such Indebtedness (other than Non-Recourse
Indebtedness) (after expiration of any applicable grace periods and presentation of any debt
instruments, if required), if the aggregate amount of all such Indebtedness (other than
Non-Recourse Indebtedness) that has been so accelerated and with respect to which there has been
such a default in payment shall exceed $25,000,000 and there has been a failure to obtain
rescission or annulment of all such accelerations or to discharge all such defaulted indebtedness
within 20 days after there has been given, by registered or certified mail, to the Guarantor by the
Trustee or to the Guarantor and the Trustee by the Holders of at least 25% in principal amount of
all Outstanding Notes a written notice specifying such default or breach and requiring it to be
remedied and stating that such notice is a “Notice of Default” under the Indenture; or
2.7
Amendments to Article Eleven of the Indenture (Redemption of
Securities). The Notes shall be redeemable at the option of the
Company as specified in the form of Note included in Exhibit A
hereto. Article
Eleven of the Indenture is hereby amended in respect of, and applicable to, the Notes and only in
respect of, and applicable to, the Notes by amending and restating in their entirety Sections 1105 and 1106 as set forth below:
13
SECTION 1105. Deposit of Redemption Price.
On or before 10:00 a.m., New York City time, on any Redemption Date, the Company shall deposit
with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent,
segregate and hold in a trust as provided in Section 1003) an amount of money sufficient to pay the
Redemption Price of all the Notes that are to be redeemed on that date.
SECTION 1106. Notes Payable on Redemption Date.
Notice of redemption having been given as aforesaid, the Notes so to be redeemed shall, on the
Redemption Date, become due and payable at the Redemption Price therein specified, and from and
after such date (unless the Company shall default in the payment of the Redemption Price) such
Notes shall cease to accrue interest. Upon surrender of any such Note for redemption in accordance
with said notice, such Notes shall be paid by the Company at the Redemption Price.
If any Notes called for redemption shall not be so paid upon surrender thereof for redemption,
the Redemption Price thereof shall accrue interest at the rate of 5.875% per annum.
2.8
Amendments to Section 902 of
the Indenture. Section 902 of the Indenture is amended by adding thereto, in respect of the
Notes only, the following new clause (4):
(4) release the Guarantor from
its obligations under the Guarantee or the Indenture, except in
accordance with the terms of the Indenture.
Section 3.
Agreement to Guarantee. In addition to the other covenants and
agreements of Guarantor in this First Supplemental Indenture, the Guarantor hereby agrees as follows:
(a) Subject to Subsection 3(b) below, the Guarantor (or any successor person pursuant to the
applicable provisions of this First Supplemental Indenture) hereby irrevocably and unconditionally
guarantees (such guarantee being the “Guarantee”) to each Holder of a Note authenticated
and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the
validity and enforceability of the Indenture and the Notes thereunder, that: (i) the principal of,
premium, if any, and interest on the Notes promptly will be paid in full when due, whether at the
Maturity, by acceleration, call for redemption or otherwise, and interest on the overdue principal,
premium, if any, and interest, if any, on the Notes, if lawful, and all other payment obligations
of the Company to the Holders and the Trustee under the Indenture and the Notes thereunder will be
promptly paid in full, all in accordance with the terms of the Indenture and the Notes thereunder,
and (ii) in case of any extension of time of payment or renewal of any Notes or any of such other
payment obligations, the same will be promptly paid in full when due in accordance with the terms
of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise. Failing
payment when due by the Company of any amount so guaranteed for whatever reason, the Guarantor
shall be obligated to pay the same immediately. The Guarantor hereby agrees that its obligations
hereunder shall be full and unconditional, irrespective of
14
the validity, regularity or enforceability of the Indenture or the Notes thereunder, the absence of
any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to
any provisions of the Indenture or the Notes thereunder, the recovery of any judgment against the
Company, or any action to enforce the same or any other circumstance that might otherwise
constitute a legal or equitable discharge or defense of a guarantor. The Guarantor hereby waives
presentment, demand of payment, protest, notice and all demands whatsoever and covenants that this
Guarantee shall not be discharged except by complete performance of the obligations contained in
the Notes and the Indenture.
(b) The Guarantor shall be subrogated to all rights of the Holders against the Company in
respect of any amounts paid by the Guarantor pursuant to the provisions of the Guarantee or the
Indenture; provided, however, that the Guarantor shall not be entitled to enforce
or to receive any payments arising out of, or based upon, such right of subrogation until the
principal of, premium, if any, and interest on all Notes issued under the Indenture shall have been
paid in full.
(c) The Guarantor will,
with respect to the Guarantee, pay Tax Additional Amounts, subject to the requirements and limitations in
Section 312, with respect to any Withholding Tax imposed by or for the account of any Taxing Jurisdiction
with respect to any payments made under the Guarantee.
Section 4. Execution and Delivery of Guarantee. To evidence the Guarantee set forth in
Section 3, the Company and the Guarantor hereby agree that a notation of such Guarantee shall be
endorsed on each Note authenticated and delivered by the Trustee, that such notation of such
Guarantee shall be in the form attached hereto as Exhibit B, and shall be executed on behalf of the
Guarantor by an officer thereof.
The Guarantor hereby agrees that the Guarantee set forth in Section 3 shall remain in full
force and effect notwithstanding any failure to endorse on each Note a notation of the Guarantee.
Section 5. Limitation on Individual Liability. No recourse under or upon any
obligation, covenant or agreement contained in this First Supplemental Indenture or the Guarantee,
or for any claim based thereon or otherwise in respect thereof, shall be had against any
incorporator, member, shareholder, officer or director, as such, past, present or future, of the
Guarantor, the Company or any successor Person, either directly or through the Guarantor or the
Company, whether by virtue of any constitution, statute or rule of law, or by the enforcement of
any assessment or penalty or otherwise; it being expressly understood that this First Supplemental
Indenture and the obligations issued hereunder are solely corporate obligations, and that no such
personal liability whatever shall attach to, or is or shall be incurred by, the incorporators,
members, shareholders, officers or directors, as such, of the Guarantor, the Company or any
successor Person, or any of them, because of the creation of the indebtedness hereby authorized, or
under or by reason of the obligations, covenants or agreements contained in this First Supplemental
Indenture or in the Guarantee or implied therefrom; and that any and all such personal liability of
every name and nature, either at common law or in equity or by constitution or statute, of, and any
and all such rights and claims against, every such incorporator, member, shareholder, officer or
director, as such, because of the creation of the indebtedness hereby authorized, or under or by
reason of the obligations, covenants or agreements contained in this First Supplemental Indenture
or in the Guarantee or implied therefrom, are hereby expressly waived and released as a condition
of, and as a consideration for, the execution of this First Supplemental Indenture and the issuance
of the Guarantee.
15
Section 6. Miscellaneous.
6.1 The Trustee. The recitals contained herein shall be taken as the statements of the
Company and the Trustee shall not assume responsibility for, or be liable in respect of, the
correctness thereof. The Trustee makes no representation as to, and shall not be liable or
responsible for, the validity or sufficiency of this First Supplemental Indenture.
6.2 Limited Effect. Except as expressly amended hereby, all of the provisions,
covenants, terms and conditions of the Indenture are ratified and confirmed, and shall remain in
full force.
6.3 Counterparts. This First Supplemental Indenture may be executed by one or more
parties hereto on any number of separate counterparts, and all of said counterparts taken together
shall be deemed to constitute one and the same instrument.
6.4
Designation of Agent for Service. The Company hereby designates the Guarantor as
its agent for service of process in the United States and agrees that service of process with
respect to any legal claim arising under the Indenture or the Notes may be effected by service
upon the Corporate Secretary or other officer of the Guarantor at its principal office in the United
States. The Company will at all times keep such a designated agent for service in the United
States and will notify the trustee of any change thereof.
6.5 Governing Law. THIS FIRST SUPPLEMENTAL INDENTURE SHALL BE DEEMED TO BE A CONTRACT
UNDER THE LAWS OF THE STATE OF NEW YORK AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF SUCH STATE.
[Signature
Page Follows]
16
IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be
duly executed and their respective corporate seals to be hereunto affixed and attested, all as of
the day and year first above written.
| NOBLE HOLDING INTERNATIONAL LIMITED | ||||||
| By: | ||||||
| Title: Director | ||||||
| NOBLE CORPORATION | ||||||
| By: | ||||||
| Title: Chairman of the Board, Chief | ||||||
| Executive Officer and President | ||||||
| THE BANK OF NEW YORK MELLON TRUST | ||||||
| COMPANY, N.A. | ||||||
| By: | ||||||
| Title: Assistant Treasurer | ||||||
17
EXHIBIT A
[FORM OF NOTE]
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
NOBLE HOLDING INTERNATIONAL LIMITED
7.375% SENIOR NOTE DUE 2014
7.375% SENIOR NOTE DUE 2014
CUSIP
No. 65504L AA5
$
Issue Date: ________
Issue Date: ________
Noble Holding International Limited, a Cayman Islands exempted company limited by shares (the
“Company”), promises to pay to
or its registered assigns, the principal amount of
($ ) on March 15, 2014. This Note shall bear interest
as specified on the reverse side of this Note. Additional provisions of this Note are set
forth on the reverse side of this Note.
1
IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal.
| NOBLE HOLDING INTERNATIONAL LIMITED | ||||||
| By: | ||||||
| Title: | ||||||
2
TRUSTEE’S CERTIFICATE OF AUTHENTICATION
This is one of the Securities of the series designated herein referred to in the
within-mentioned Indenture.
Dated:
| THE BANK OF NEW YORK MELLON TRUST | ||||||
| COMPANY, N.A. | ||||||
| By: | ||||||
| Name: | ||||||
| Title: | ||||||
3
[FORM OF REVERSE SIDE OF THE NOTE]
7.375% SENIOR NOTE DUE 2014
1. Interest. Commencing November 21, 2008, interest on this Note will accrue at the
rate of 7.375% per annum and will be payable in cash semiannually on March 15 and September 15 of
each year, commencing March 15, 2009, to Holders of record on the close of business on the
immediately preceding March 1 and September 1.
2. Method of Payment. Subject to the terms and conditions of the Indenture, payments
in respect of the Notes shall be made at the office or agency of the Company maintained for that
purpose in the City and State of New York. The Company will pay cash amounts in money of the United
States that at the time of payment is legal tender for payment of public and private debts.
3. Paying Agent and Security Registrar. Initially, The Bank of New York Mellon Trust
Company, N.A., as Trustee (the “Trustee”), will act as Paying Agent and Security Registrar.
The Company may appoint and change any paying agent or security registrar without notice, other
than notice to the Trustee. The Company or any of its Subsidiaries or any of their Affiliates may
act as Paying Agent or Security Registrar.
4. Indenture. The Company issued the Notes under an Indenture, dated as of November
21, 2008, between the Company and the Trustee, as supplemented by a First Supplemental Indenture,
dated as of November 21, 2008, between the Company, the Trustee and Noble Corporation, as Guarantor
(collectively, the “Indenture”). The terms of the Notes include those stated in the
Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as
amended (the “Trust Indenture Act of 1939”). Capitalized terms used herein and not defined
herein have the meanings ascribed thereto in the Indenture. The Notes are subject to all such
terms, and Holders are referred to the Indenture and the Trust Indenture Act of 1939 for a
statement of those terms.
The Notes
are general unsecured obligations of the Company, initially limited to $250,000,000 aggregate
principal amount, subject to the Company’s ability to issue additional Notes as provided in the Indenture.
5. Redemption at the Option of the Company. No sinking fund is provided for the Notes.
The Notes will be subject to redemption at the option of the Company, in whole or in part, at any
time and from time to time, upon not less than 30 nor more than 60 days’ notice to the Holders
prior to the Redemption Date, at the Redemption Price (as defined in the Indenture).
If notice of redemption has been given as provided in Article Eleven of the Indenture and
funds for the redemption of any Notes called for redemption shall have been made available on the
Redemption Date referred to in such notice, such Notes will cease to bear interest on the date
fixed for such redemption specified in such notice and the only right of the Holders of the Notes
from and after the Redemption Date will be to receive payment of the Redemption Price upon
surrender of such Notes in accordance with such notice.
4
6. Tax Additional Amounts. The Company
and the Guarantor shall pay Tax Withholding Amounts, if any, as provided in the Indenture.
7. Denominations; Transfer; Exchange. The Notes are in registered form, without
coupons, in denominations of $1,000 of principal amount and integral multiples of $1,000. A Holder
may register the transfer of or exchange Notes in accordance with the Indenture. The Security
Registrar may require a Holder, among other things, to furnish appropriate endorsements and
transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The
Company shall not be required to exchange or register a transfer of (a) any Notes for a period of
15 days next preceding the first mailing or publication of notice of redemption of Notes to be
redeemed or (b) any Notes selected, called or being called for redemption, in whole or in part,
except, in the case of any Note to be redeemed in part, the portion thereof not so to be redeemed.
8. Persons Deemed Owners. The registered Holder of this Note may be treated as the
owner of this Note for all purposes.
9. Unclaimed Money. The Trustee and each Paying Agent shall each return to the Company
upon written request any money held by them for the payment of any amount with respect to the Notes
that remains unclaimed for three years. After return to the Company, Holders entitled to the money
must look to the Company for payment as general creditors unless an applicable abandoned property
law designates another person.
10. Amendment; Waiver. Subject to certain exceptions set forth in the Indenture, (i)
the Indenture or the Notes may be amended with the written consent of the Holders of a majority in
aggregate principal amount of the Notes at the time Outstanding and (ii) certain defaults or
noncompliance with certain provisions may be waived with the written consent of the Holders of a
majority in aggregate principal amount of the Notes at the time Outstanding. Subject to certain
exceptions set forth in the Indenture, without the consent of any Holder, the Company and the
Trustee may amend the Indenture or the Notes to cure any ambiguity, defect or inconsistency, or to
comply with Article Nine of the Indenture, or to make any change that does not adversely affect the
rights of any Holder of Notes in any material respect.
11. Defaults and Remedies. If an Event of Default occurs relating to certain bankruptcy events as provided in the Indenture,
the principal amount of and accrued interest on the Notes shall automatically become due and
payable without any action of the Trustee or the Holders of Notes. Except as provided in the
Indenture, if any other Event of Default shall occur and be continuing, the Trustee or the Holders
of not less than 25% in aggregate principal amount of the Notes then Outstanding, by notice in
writing to the Company (and to the Trustee, if given by the Holders), may declare the principal
of and accrued interest on all of the Notes and the interest, if any, accrued thereon to be due and
payable immediately.
The Company is required to furnish to the Trustee annually a certificate as to compliance by
the Company with all conditions and covenants under the Indenture.
5
12. Trustee Dealings With the Company. Subject to certain limitations imposed by the
Trust Indenture Act of 1939 and the Indenture, the Trustee under the Indenture, in its individual
or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with and
collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the
Company or its Affiliates with the same rights it would have if it were not Trustee.
13. No Recourse Against Others. A director, officer, employee, member or stockholder,
as such, of the Company or the Guarantor shall not have any liability for any obligations of the
Company or the payment obligations of the Guarantor under the Notes or the Indenture or for any
claim based on, in respect of or by reason of such obligations or their creation. By accepting a
Note, each Holder waives and releases all such liability. The waiver and release are part of the
consideration for the issue of the Notes and the Guarantee.
14. Authentication. This Note shall not be valid until an authorized signatory of the
Trustee manually signs the Trustee’s Certificate of Authentication on the other side of this Note.
15. Defeasance, Covenant Defeasance. The Notes are subject to defeasance and covenant
defeasance as provided in the Indenture.
16. Abbreviations. Customary abbreviations may be used in the name of a Holder of
Notes or an assignee, such as TEN COM (= tenants in common), TEN ENT (= tenants by the entireties),
JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (=
custodian), and U/G/M/A (= Uniform Gift to Minors Act).
17. Governing Law. THIS NOTE AND THE INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED
WITHIN THE STATE OF NEW YORK.
The Company will furnish to any Holder of Notes upon written request and without charge a copy
of the Indenture. Requests may be made to: Noble Corporation, 00000 Xxxxx Xxxxx Xxxxxxx, Xxxxx 000,
Xxxxx Xxxx, Xxxxx 00000, Attention: Corporate Secretary.
6
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
(Please insert Name, Social Security Number or other Identifying Number of Assignee)
at the following address:
at the following address:
(Please print or typewrite name and address, including postal zip code, of assignee)
this Note and all rights hereunder, hereby irrevocably constituting and appointing
Attorney to transfer this Note on the books of the Trustee, with full power of substitution in the
premises.
Dated: |
||||
| Notice: The signature(s) on this | ||||
| Assignment must correspond with the
name(s) as written upon the face of this Note in every particular, without alteration or enlargement or any change whatsoever. |
||||
7
EXHIBIT B
[FORM OF NOTATION OF GUARANTEE]
NOTATION OF PAYMENT GUARANTEE OF NOBLE CORPORATION
For value received, the undersigned, Noble Corporation, a Cayman Islands exempted company
limited by shares (the “Guarantor,” which term includes any successor person under the
indenture referred to below), has unconditionally guaranteed, to the extent set forth in, and
subject to the provisions of, the First Supplemental Indenture, dated as of November 21, 2008 (the
“First Supplemental Indenture”), among Noble Holding International Limited, a Cayman
Islands exempted company limited by shares (the “Company”), the Guarantor and The Bank of
New York Mellon Trust Company, N.A., as trustee (the “Trustee”), (a) the due and punctual
payment of the principal of, premium, if any, and interest on the Notes (as defined in the First
Supplemental Indenture), whether at maturity, by acceleration, redemption or otherwise, the due and
punctual payment of interest on overdue principal of and interest on the Notes, if any, if lawful,
and the due and punctual performance of all other payment obligations of the Company to the holders
of the Notes or the Trustee all in accordance with the terms of the Indenture, dated as of November
21, 2008, between the Company and the Trustee, with respect to the Company’s 7.375% Senior Notes
due 2014 and the First Supplemental Indenture, and (b) in case of any extension of time of payment
or renewal of any Notes or any of such other payment obligations, that the same will be promptly
paid in full when due in accordance with the terms of the extension or renewal, whether at stated
maturity, by acceleration or otherwise. The payment obligations of the Guarantor to the holders of
the Notes and to the Trustee pursuant to this guarantee are expressly set forth in Sections 3
through 5 of the First Supplemental Indenture, and reference is hereby made to the First
Supplemental Indenture for the precise terms of this payment guarantee.
8
IN WITNESS WHEREOF, Noble Corporation has caused this Notation of Payment Guarantee to be duly
executed as of the day and year first above written.
| NOBLE CORPORATION, | ||||||
| as Guarantor | ||||||
| By: | ||||||
| Name: | ||||||
| Title: | ||||||
9
