NOBLE DRILLING CORPORATION,
as Issuer,
NOBLE DRILLING HOLDING LLC,
as Co-Issuer,
NOBLE DRILLING SERVICES 6 LLC,
as Co-Issuer,
NOBLE HOLDING (U.S.)
CORPORATION,
as Guarantor,
and
NOBLE CORPORATION,
as Guarantor,
and
THE BANK OF NEW YORK MELLON TRUST
COMPANY, N.A.,
as Trustee
FIFTH SUPPLEMENTAL
INDENTURE
Dated as of October 1,
2009
INDENTURE
Dated as of March 1, 1999, as previously amended and
supplemented
7.50% SENIOR NOTES DUE
2019
FIFTH
SUPPLEMENTAL INDENTURE dated as of October 1, 2009, among
NOBLE DRILLING CORPORATION, a corporation duly organized and
existing under the laws of the State of Delaware (“ Noble
Drilling ”), NOBLE DRILLING HOLDING LLC, a limited
liability company duly organized and existing under the laws of the
State of Delaware (“ Drilling Holding ,” and
collectively with Noble Drilling, the “ Company
” or “ Companies ”), NOBLE DRILLING
SERVICES 6 LLC, a limited liability company duly organized and
existing under the laws of the State of Delaware (“
NDS6 ”), NOBLE HOLDING (U.S.) CORPORATION, a
corporation duly organized and existing under the laws of the State
of Delaware (“ Holding ”), and NOBLE
CORPORATION, a Cayman Islands exempted company limited by shares
(collectively with Holding, the “ Guarantors ”),
and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national
banking association, successor by merger to JPMorgan Chase Bank,
National Association (formerly Chase Bank of Texas, National
Association), as trustee (the “ Trustee
”).
WHEREAS,
Noble Drilling has previously executed and delivered to the Trustee
an indenture dated as of March 1, 1999 (as supplemented by the
First Supplemental Indenture thereto dated as of March 16,
1999, the Second Supplemental Indenture thereto dated as of
April 30, 2002, the Third Supplemental Indenture thereto dated
as of December 20, 2005 and the Fourth Supplemental Indenture
thereto dated as of September 25, 2009, the “
Supplemented Indenture ”), providing for the issuance
by Noble Drilling from time to time of its unsecured senior debt
securities (the “ Securities ”), issuable in one
or more series;
WHEREAS,
Noble Drilling has issued, and the Trustee has authenticated and
delivered, a series of Securities designated “7.50% Senior
Notes due 2019” (the “ Notes
”);
WHEREAS,
Noble Drilling Services 1 LLC, a limited liability company duly
organized and existing under the laws of the State of Delaware
(“ NDS1 ”) and successor to certain properties
and assets of Noble Drilling, has assumed, by the Fourth
Supplemental Indenture entered into on September 25, 2009, the
due and punctual payment of the principal of, premium, if any, and
interest on, and any Additional Amounts with respect to, the
Securities and the performance of Noble Drilling’s covenants
and obligations under the Supplemented Indenture and the
Securities;
WHEREAS,
NDS1 and the Companies are the obligors with respect to the Notes
and the Guarantors have guaranteed the due and punctual payment of
the principal of, premium, if any, interest on, and all other
amounts due under, the Notes;
WHEREAS,
as part of an internal reorganization, NDS1 and NDS6 intend to
merge (the “ Merger ”), with NDS6 to be the
surviving entity;
WHEREAS,
pursuant to Section 801 of the Supplemented Indenture, NDS6,
as the successor by merger to NDS1, is required to expressly
assume, by an indenture supplemental to the Supplemented Indenture,
the due and punctual payment of the principal of, premium, if any,
and interest on, and any Additional Amounts with respect to, the
Securities and the
1
performance of
Noble Drilling’s covenants and obligations under the
Supplemented Indenture and the Securities;
WHEREAS,
Section 802 of the Supplemented Indenture provides that upon
any merger by NDS1 into any other Person in accordance with
Section 801, the successor Person into which NDS1 is merged
shall succeed to, and be substituted for, and may exercise every
right and power of, NDS1 under the Supplemented Indenture with the
same effect as if such successor Person had been named as the
Company in the Supplemented Indenture, and thereafter, NDS1 shall
be relieved of all covenants and obligations under the Supplemented
Indenture and the Securities;
WHEREAS,
Section 901 of the Supplemented Indenture provides that,
without the consent of any Holders, NDS1, when authorized by a
Board Resolution, and the Trustee, at any time and from time to
time, may enter into one or more indentures supplemental to the
Supplemented Indenture to evidence the succession of another Person
to NDS1 and the assumption by any such successor of the covenants
of NDS1 in the Supplemented Indenture and in the
Securities;
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