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6 February 2017
ERIN ENERGY CORPORATION
as Parent
and
ERIN PETROLEUM NIGERIA LIMITED
as Company
and
THE MAURITIUS COMMERCIAL BANK LIMITED
as Mandated Lead Arranger
and
THE MAURITIUS COMMERCIAL BANK LIMITED
as Agent
and
THE MAURITIUS COMMERCIAL BANK LIMITED
as Security Agent
and
THE ENTITIES LISTED IN SCHEDULE 1
as Original Lender
USD 100,000,000
PRE-EXPORT FINANCE FACILITY AGREEMENT
Herbert Smith Freehills LLP
07/12851328_37
TABLE OF CONTENTS
Clause
Headings
Page
1.
DEFINITIONS AND INTERPRETATION
1
2.
THE FACILITY
25
3.
PURPOSE
26
4.
CONDITIONS OF UTILISATION
26
5.
UTILISATION - LOANS
27
6.
UTILISATION - LETTERS OF CREDIT
28
7.
LETTERS OF CREDIT
31
8.
REPAYMENT
35
9.
VOLUNTARY PREPAYMENT AND CANCELLATION
36
10.
MANDATORY PREPAYMENT AND CANCELLATION
36
11.
RESTRICTIONS
37
12.
INTEREST
38
13.
INTEREST PERIODS
39
14.
CHANGES TO THE CALCULATION OF INTEREST
40
15.
FEES
41
16.
TAX GROSS UP AND INDEMNITIES
42
17.
INCREASED COSTS
44
18.
OTHER INDEMNITIES
46
19.
MITIGATION BY THE LENDERS
48
20.
COSTS AND EXPENSES
48
21.
GUARANTEE AND INDEMNITY
49
22.
REPRESENTATIONS
51
23.
INFORMATION UNDERTAKINGS
61
24.
COVER RATIOS
65
25.
GENERAL UNDERTAKINGS
66
26.
SALES CONTRACTS UNDERTAKINGS
73
27.
BANK ACCOUNTS
76
28.
EVENTS OF DEFAULT
78
29.
CHANGES TO THE LENDERS
83
30.
PROHIBITION ON DEBT PURCHASE TRANSACTIONS BY THE GROUP
87
31.
CHANGES TO THE OBLIGORS
88
32.
ROLE OF THE AGENT AND THE ARRANGER
88
33.
THE SECURITY AGENT
96
34.
CONDUCT OF BUSINESS BY THE FINANCE PARTIES
107
35.
SHARING AMONG THE FINANCE PARTIES
107
36.
PAYMENT MECHANICS
108
37.
SET-OFF
112
38.
NOTICES
112
39.
CALCULATIONS AND CERTIFICATES
115
40.
PARTIAL INVALIDITY
115
41.
REMEDIES AND WAIVERS
115
07/12851328_37
42.
AMENDMENTS AND WAIVERS
115
43.
CONFIDENTIALITY
116
44.
CONFIDENTIALITY OF FUNDING RATES
120
45.
COUNTERPARTS
121
46.
GOVERNING LAW
121
47.
ENFORCEMENT
121
48.
WAIVER OF IMMUNITY
122
SCHEDULE 1 THE ORIGINAL LENDER
123
SCHEDULE 2 CONDITIONS PRECEDENT TO INITIAL UTILISATION
124
SCHEDULE 3 UTILISATION REQUESTS
127
SCHEDULE 4 FORM OF TRANSFER CERTIFICATE
130
SCHEDULE 5 FORM OF ASSIGNMENT AGREEMENT
132
SCHEDULE 6 COVER RATIOS CERTIFICATE
135
SCHEDULE 7 LMA FORM OF CONFIDENTIALITY UNDERTAKING
136
SCHEDULE 8 TIMETABLES
140
SCHEDULE 9 ZENITH SECURITY DOCUMENTS
141
SCHEDULE 10 SHAREHOLDER DEBT INSTRUMENTS
142
SCHEDULE 11 FORM OF LETTER OF CREDIT
143
SCHEDULE 12
145
FORM OF DEMAND
145
SCHEDULE 13 EXISTING FINANCIAL INDEBTEDNESS
146
SCHEDULE 14 EXISTING GUARANTEES
147
SCHEDULE 15 EXISTING SECURITY
148
SCHEDULE 16 EXISTING LOANS
149
SCHEDULE 17 DISCLOSURE TABLE
150
SCHEDULE 18 FORM OF OVERRIDE DEED
151
07/12851328_37
THIS AGREEMENT is dated 6 February 2017 and made
BETWEEN
(1)
ERIN ENERGY CORPORATION, having its registered office at 1330 Post Oak Blvd.,
Suite 2250, Houston, TX 77056, with registration number 30-0349798 (the "Parent"
or the "Guarantor");
(2)
ERIN PETROLEUM NIGERIA LIMITED (formerly known as Camac Petroleum Limited),
having its registered office at Camac House, Plot 1649, Olosa Street, Victoria
Island, Lagos, Nigeria, with registration number 860957 (the "Borrower" or the
"Company");
(3)
THE MAURITIUS COMMERCIAL BANK LIMITED