Document:

Exhibit 10.2

Exhibit 10.2

	 	 	 
	Wells Fargo Bank, N.A.
	 	
	Financial Products

	 
	
Telephone: (415) 222-2216
	 

SECOND
AMENDED AND RESTATED
 ISDA CONFIRMATION

	 	 	 
	To:

	 	American Reprographics Company, L.L.C. and American Reprographics Company
	 

	 	700 North Central Avenue — Suite 550
	 

	 	Glendale, CA 91203
	 

	 	Attention: Steve Biernbaum
	 

	 	Telephone: (818) 500-0225
	 

	 	Fax: (818) 500-0195
	 
	 	 
	From:

	 	Wells Fargo Bank, N.A.
	 

	 	550 California Street
	 

	 	MAC A0112-121 
	 

	 	San Francisco, CA 94104
	 

	 	Telephone: (415) 222-2216
	 

	 	Fax: (415) 986-2604
	 
	 	 
	Re:

	 	USD 271,562,500.00 Interest Rate Swap Transaction (251987)
	 
	 	 
	Date:

	 	October 2, 2009

Ladies and Gentlemen:

This Confirmation amends, supersedes and otherwise replaces in its entirety that certain
Confirmation executed by Wells Fargo Bank, N.A. and sent to you with respect to the
Transaction between Wells Fargo Bank, N.A. and American Reprographics Company, L.L.C. and
American Reprographics Company dated October 2, 2009, as referenced by Trade ID Number 251987.
The Schedule I field has been changed.

The purpose of this letter agreement is to confirm the terms and conditions of the transaction
(“Transaction”) entered into between Wells Fargo Bank, N.A. (“Party A”) and American
Reprographics Company, L.L.C., a California limited liability company and American
Reprographics Company, a Delaware limited liability company (jointly and severally, “Party B”).
This Transaction is effective at, and as of 12:01 a.m., California time, on the Trade Date
specified below.

The definitions and provisions contained in the 2000 ISDA Definitions (as published by the
International Swaps and Derivatives Association, Inc. (“ISDA”)), including the Annex to the
2000 ISDA Definitions (the “Definitions”), are incorporated into this Confirmation. In the
event of any inconsistency between those definitions and provisions and this Confirmation, this
Confirmation will govern.

1. This confirmation supplements, forms part of, and is subject to, the ISDA Master Agreement
dated as of December 19, 2007, (as the same may be amended, modified or supplemented from time
to time, the “Agreement”) between Party A and Party B. This communication itself constitutes a
binding agreement setting forth the essential terms of the Transaction described herein. All
provisions contained in the Agreement shall govern this Confirmation except as expressly
modified below.

2. The terms of the particular Transaction to which this Confirmation relates are as follows:

	 	 	 
	Notional Amount:

	 	USD 271,562,500.00 (Initial Notional Amount —  please refer to the attached Schedule I).
	 
	Trade Date:

	 	December 19, 2007.
	 
	Effective Date:

	 	March 31, 2008.
	 
	Termination Date:

	 	December 6, 2012, subject to adjustment in accordance with the Modified Following
Business Day Convention.
	 
	Fixed Amounts

	 	 
	 
	Fixed Rate Payer:

	 	Party B

Wells
Fargo [251987]-[1374412]-[914977] page
1 of 5

 

 

 

	 	 	 
	Wells Fargo Bank, N.A.
	 	
	Financial Products

	 
	
Telephone: (415) 222-2216
	 

	 	 	 
	Fixed Rate Payer
Payment Dates:

	 	

 The last day of each March, June, September, and December, beginning with June 30,
2008, continuing up to and including the Termination Date, subject to adjustment
in accordance with the designated Business Day Convention.
	 
	 	 
	Calculation Period:

	 	From the last day of each March, June, September, and December, up to the last
day of the following quarter, continuing until the Termination Date, subject to
adjustment in accordance with the designated Business Day Convention. The first
Calculation Period will be March 31, 2008 to June 30, 2008.
	 
	 	 
	Fixed Rate:

	 	4.1375%
	 
	 	 
	Fixed Rate Day
Count Fraction:

	 	Actual/360
	 
	 	 
	Business Day
Convention:

	 	Modified Following

	 	 	 	 	 	 	 	 
	 Fees:
	 	 	 	 	 	 

	 	 	 	 	 	 	 
	Fixed Amount Payer	 	Fixed Amount Payer Payment Date	 	Fixed Amount
	 

	Party B
	 	10/05/2009
	 	USD	 795,200.00

	 	 	 
	Floating Amounts
	 	 
	 
	 	 
	Floating Rate
Payer:
	 	Party A
	 
	 	 
	Floating Rate Payer Payments Dates:
	 	
 The last day of each March, June, September, and December, beginning with June 30,
2008, continuing up to and including the Termination Date, subject to adjustment in accordance with the designated Business Day Convention.
	 
	 	 
	Calculation Period:
	 	From the last day of each March, June, September, and December, up to the last
 day of the following quarter, continuing until the Termination Date, subject to adjustment in accordance with the designated Business Day Convention. The first
Calculation Period will be March 31, 2008 to June 30, 2008. 
	 
	 	 
	Floating Rate
Option:
	 	USD-LIBOR-BBA
	 
	 	 
	Rounding:
	 	The Floating Rate in effect for each Calculation Period shall be rounded up, if necessary, to the nearest 16th of one percent.
	 
	 	 
	Designated
Maturity:
	 	3 Month
	 
	 	 
	Spread:
	 	None
	 
	 	 
	Floating Rate Day
Count Fraction:
	 	Actual/360
	 
	 	 
	Floating Rate for
Initial Calculation
Period:
	 	To be determined.
	 
	 	 
	Reset Dates:
	 	The last day of each March, June, September, and December, subject to adjustment in accordance with the designated Business Day Convention. The first Reset Date is March 31, 2008.
	 
	 	 
	Rate Cut-off Date:
	 	Not Applicable.
	 
	 	 
	Method of
Averaging:
	 	Not Applicable.
	 
	 	 
	Compounding:
	 	Not Applicable.
	 
	 	 
	Business Day
Convention:
	 	Modified Following
	 
	 	 
	Business Days:
	 	London and New York City
	 
	 	 
	Credit Support
Document:
	 	As set forth in and pursuant to the Agreement.
	 
	 	 
	Credit Support Provider
for 

Party B:
	 	As set forth in and pursuant to the Agreement.

Wells Fargo [251987]-[1374412]-[914977] page 2 of 5

 

 

 

	 	 	 
	Wells Fargo Bank, N.A.
	 	
	Financial Products

	 
	
Telephone: (415) 222-2216
	 

	 	 	 
	Account Details:
	 	 
	 
	Payments due to Party A:
	 	Party A will debit payment(s) to the following DDA account:
	 
	 	ABA Number: 121000248
	 
	 	DDA Number: 4038174405
	 
	 	 
	Payments due to Party B:
	 	Party A will credit payment(s) to the following DDA account:
	 
	 	ABA Number: 121000248
	 
	 	DDA Number: 4038174405
	 
	 	 
	Calculation Agent:
	 	Party A

3. Please confirm that the foregoing correctly sets forth the terms of our agreement by having
an authorized officer sign one copy of this telecopy Confirmation and returning it to us by
telecopier to:

Wells Fargo Bank, N.A.

Attention: Documentation
Group 

Fax: (415) 986-2604

4. Each party represents to the other party hereto that (i) it is not acting as a fiduciary or
a financial or investment advisor for the other party; (ii) it is not relying upon any advice,
counsel or representations (whether written or oral) of the other party other than the
representations expressly set forth in the Master Agreement, any Credit Support Document and
herein; (iii) the other party hereto has not given to it any advice or counsel as to the
expected or projected success, return, performance, result, consequence or benefit (either
legal, regulatory, tax, financial, accounting, or otherwise) of this Transaction; (iv) it has
consulted with its own legal, regulatory, tax, business, investment financial and accounting
advisors to the extent it has deemed necessary and has made its own investment, hedging, and
trading decisions (including decisions regarding the suitability of this Transaction) based
upon its own judgment and upon any advice from such advisors as it has deemed necessary and not
upon any view expressed by the other party hereto; (v) it has determined that the rates,
prices, or amounts and other terms of this Transaction in the indicative quotations (if any)
provided by the other party hereto reflect those in the relevant market for similar
transactions, and all trading decisions have been the result of arms length negotiations
between the parties; (vi) it is entering into this Transaction with a full understanding of all
of the terms, conditions and risks thereof (economic and otherwise), and it is capable of
assuming and willing to assume (financially and otherwise) those risks; and (vii) it is a
sophisticated investor.

Wells Fargo [251987]-[1374412]-[914977] page 3 of 5

 

 

 

	 	 	 
	Wells Fargo Bank, N.A.
	 	
	Financial
Products

	 
	 

	 
	Telephone: (415) 222-2216
	 

Yours sincerely,

	 	 	 	 	 
	 

	 	 	 	 
	Wells Fargo Bank, N.A.	 	 
	 
	 	 	 	 
	By: 

	/s/ Mark Khalil	 	 
	 

	 	 	 
	 

	Name: 	Mark Khalil	 	 
	 

	Its:	Authorized Signatory	 	 
	 
	 	 	 	 
	Accepted and confirmed as of the Trade Date:	 	 
	 
	 	 	 	 
	American Reprographics Company, L.L.C.,

a California limited liability company	 	 
	 
	 	 	 	 
	By: 

	/s/ Jonathan Mather	 	 
	 

	 	 	 
	 

	Name: 	Jonathan Mather	 	 
	

	Its:	CFO	 	 
	 
	 	 	 	 
	American Reprographics Company, 
a Delaware limited liability company	 	 
	 
	 	 	 	 
	By: 

	/s/ Jonathan Mather	 	 
	 

	 	 	 
	 

	Name: 	Jonathan Mather	 	 
	

	Its: 	CFO	 	 

Wells Fargo [251987]-[1374412]-[914977] page 4 of 5

 

 

 

	 	 	 
	Wells Fargo Bank, N.A.
	 	
	Financial Products

	 
	
Telephone: (415) 222-2216
	 

Schedule I for Transaction 251987:

Net Cash Flows

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Start Date	 	End Date	 	 	Rate Fix Date	 	 	Payment Date	 	 	Notional	 	Notional Change
	03/31/2008
	 	 	06/30/2008	 	 	 	03/27/2008	 	 	 	06/30/2008	 	 	USD	 271,562,500.00	 	 
	06/30/2008
	 	 	09/30/2008	 	 	 	06/26/2008	 	 	 	09/30/2008	 	 	USD	 268,125,000.00	 	USD	 3,437,500.00
	09/30/2008
	 	 	12/31/2008	 	 	 	09/26/2008	 	 	 	12/31/2008	 	 	USD	 264,687,500.00	 	USD	 3,437,500.00
	12/31/2008
	 	 	03/31/2009	 	 	 	12/29/2008	 	 	 	03/31/2009	 	 	USD	 261,250,000.00	 	USD	 3,437,500.00
	03/31/2009
	 	 	06/30/2009	 	 	 	03/27/2009	 	 	 	06/30/2009	 	 	USD	 256,093,750.00	 	USD	 5,156,250.00
	06/30/2009
	 	 	09/30/2009	 	 	 	06/26/2009	 	 	 	09/30/2009	 	 	USD	 250,937,500.00	 	USD	 5,156,250.00
	09/30/2009
	 	 	12/31/2009	 	 	 	09/28/2009	 	 	 	12/31/2009	 	 	USD	 210,781,250.00	 	USD	 40,156,250.00
	12/31/2009
	 	 	03/31/2010	 	 	 	12/29/2009	 	 	 	03/31/2010	 	 	USD	 205,625,000.00	 	USD	 5,156,250.00
	03/31/2010
	 	 	06/30/2010	 	 	 	03/29/2010	 	 	 	06/30/2010	 	 	USD	 203,541,666.00	 	USD	 2,083,334.00
	06/30/2010
	 	 	09/30/2010	 	 	 	06/28/2010	 	 	 	09/30/2010	 	 	USD	 201,458,332.00	 	USD	 2,083,334.00
	09/30/2010
	 	 	12/31/2010	 	 	 	09/28/2010	 	 	 	12/31/2010	 	 	USD	 199,374,998.00	 	USD	 2,083,334.00
	12/31/2010
	 	 	03/31/2011	 	 	 	12/29/2010	 	 	 	03/31/2011	 	 	USD	 185,625,000.00	 	USD	 13,749,998.00
	03/31/2011
	 	 	06/30/2011	 	 	 	03/29/2011	 	 	 	06/30/2011	 	 	USD	 177,455,357.00	 	USD	 8,169,643.00
	06/30/2011
	 	 	09/30/2011	 	 	 	06/28/2011	 	 	 	09/30/2011	 	 	USD	 169,285,714.00	 	USD	 8,169,643.00
	09/30/2011
	 	 	12/30/2011	 	 	 	09/28/2011	 	 	 	12/30/2011	 	 	USD	 161,116,071.00	 	USD	 8,169,643.00
	12/30/2011
	 	 	03/30/2012	 	 	 	12/28/2011	 	 	 	03/30/2012	 	 	USD	 152,946,428.00	 	USD	 8,169,643.00
	03/30/2012
	 	 	06/29/2012	 	 	 	03/28/2012	 	 	 	06/29/2012	 	 	USD	 123,727,678.00	 	USD	 29,218,750.00
	06/29/2012
	 	 	09/28/2012	 	 	 	06/27/2012	 	 	 	09/28/2012	 	 	USD	 94,508,928.00	 	USD	 29,218,750.00
	09/28/2012
	 	 	12/06/2012	 	 	 	09/26/2012	 	 	 	12/06/2012	 	 	USD	 65,290,178.00	 	USD	 29,218,750.00

Wells Fargo [251987]-[1374412]-[914977] page 5 of 5Exhibit 10.1

Exhibit 10.1

EXECUTION COPY

 

AMENDED AND RESTATED CREDIT AGREEMENT

among

TRICO SHIPPING AS

and

TRICO SUBSEA AS,

as Borrowers,

TRICO SUPPLY AS

and

TRICO SUBSEA HOLDING AS,

as Guarantors,

VARIOUS LENDERS,

NORDEA BANK FINLAND PLC, NEW YORK BRANCH,

as Administrative Agent and Book Runner

and

NORDEA BANK FINLAND PLC, NEW YORK BRANCH and BAYERISCHE

HYPO- UND VEREINSBANK AG,

as Joint Lead Arrangers

 

Dated as of September 30, 2009

 

 

 

 

 

Table of Contents

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	Section 1. Defined Terms
	 	 	1	 
	 
	 	 	 	 
	Section 2. Amount and Terms of Credit Facility
	 	 	18	 
	 
	 	 	 	 
	2.01 Loan Commitments
	 	 	18	 
	2.02 Minimum Amount of Each Borrowing; Limitation on Number of Borrowings
	 	 	19	 
	2.03 Notice of Borrowing
	 	 	19	 
	2.04 Disbursement of Funds
	 	 	19	 
	2.05 Notes
	 	 	20	 
	2.06 Pro Rata Borrowings
	 	 	21	 
	2.07 Interest
	 	 	21	 
	2.08 Interest Periods
	 	 	22	 
	2.09 Increased Costs, Illegality, etc.
	 	 	23	 
	2.10 Compensation
	 	 	25	 
	2.11 Change of Lending Office
	 	 	26	 
	2.12 Replacement of Lenders
	 	 	26	 
	 
	 	 	 	 
	Section 3. Commitment Commission; Reductions of Commitment
	 	 	27	 
	 
	 	 	 	 
	3.01 Commitment Commission
	 	 	27	 
	3.02 Voluntary Termination of Unutilized Commitments
	 	 	27	 
	3.03 Mandatory Reduction of Commitments
	 	 	27	 
	 
	 	 	 	 
	Section 4. Prepayments; Payments; Taxes; Voluntary Prepayments
	 	 	29	 
	 
	 	 	 	 
	4.01 Voluntary Prepayments
	 	 	29	 
	4.02 Mandatory Repayments
	 	 	30	 
	4.03 Method and Place of Payment
	 	 	31	 
	4.04 Net Payments; Taxes
	 	 	31	 
	 
	 	 	 	 
	Section 5. Conditions Precedent to the Restatement Effective Date
	 	 	32	 
	 
	 	 	 	 
	5.01 Execution of Agreement; Notes
	 	 	32	 
	5.02 Officer’s Certificate
	 	 	33	 
	5.03 Fees, etc.
	 	 	33	 
	5.04 Opinions of Counsel
	 	 	33	 
	5.05 Corporate Documents; Proceedings; etc.
	 	 	34	 
	5.06 Indebtedness
	 	 	34	 
	5.07 Amended and Restated Pledge and Security Agreement
	 	 	34	 
	5.08 Vessel Acquisition Agreements
	 	 	35	 
	5.09 Solvency Certificate
	 	 	35	 
	5.10 Approvals
	 	 	35	 
	5.11 Assignments of Earnings, Insurances and Charter
	 	 	36	 
	5.12 Vessel Mortgages
	 	 	36	 
	5.13 Certificates of Ownership; Searches; Class Certificates; Appraisal Reports
	 	 	37	 
	5.14 Amended and Restated Subsidiaries Guaranty
	 	 	37	 

 

(i)

 

Table of Contents
(continued)

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	5.15 Litigation
	 	 	37	 
	5.16 Environmental Laws
	 	 	38	 
	5.17 Material Adverse Effect
	 	 	38	 
	5.18 No Conflicts; Margin Regulations
	 	 	38	 
	5.19 Factoring Agreements
	 	 	38	 
	5.20 No Default; Representations and Warranties
	 	 	38	 
	5.21 TMS Guaranty
	 	 	38	 
	 
	 	 	 	 
	Section 6. Conditions Precedent to each Borrowing Date
	 	 	39	 
	 
	 	 	 	 
	6.01 No Default; Representations and Warranties
	 	 	39	 
	6.02 Notice of Borrowing
	 	 	39	 
	 
	 	 	 	 
	Section 7. Representations, Warranties and Agreements
	 	 	39	 
	 
	 	 	 	 
	7.01 Corporate/Limited Liability Company/Limited Partnership Status
	 	 	39	 
	7.02 Corporate Power and Authority
	 	 	40	 
	7.03 No Violation
	 	 	40	 
	7.04 Governmental Approvals
	 	 	40	 
	7.05 Financial Statements; Financial Condition; Undisclosed Liabilities;
Projections; etc.
	 	 	40	 
	7.06 Litigation
	 	 	41	 
	7.07 True and Complete Disclosure
	 	 	41	 
	7.08 Use of Proceeds; Margin Regulations
	 	 	42	 
	7.09 Tax Returns and Payments
	 	 	42	 
	7.10 Compliance with ERISA
	 	 	43	 
	7.11 The Security Documents
	 	 	44	 
	7.12 Subsidiaries
	 	 	44	 
	7.13 Compliance with Statutes, etc.
	 	 	44	 
	7.14 Investment Company Act
	 	 	44	 
	7.15 Environmental Matters
	 	 	44	 
	7.16 Labor Relations
	 	 	45	 
	7.17 Patents, Licenses, Franchises and Formulas
	 	 	45	 
	7.18 Indebtedness
	 	 	45	 
	7.19 Insurance
	 	 	46	 
	7.20 Properties
	 	 	46	 
	7.21 Legal Names; Type of Organization (and Whether a Registered Organization);
Jurisdiction of Organization; etc.
	 	 	46	 
	7.22 Concerning the Mortgaged Vessels
	 	 	46	 
	7.23 Citizenship
	 	 	46	 
	7.24 Vessel Classification
	 	 	46	 
	7.25 No Immunity
	 	 	46	 
	7.26 Fees and Enforcement
	 	 	47	 
	7.27 Form of Documentation
	 	 	47	 
	7.28 Vessel Acquisition
	 	 	47	 

 

(ii)

 

Table of Contents
(continued)

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	Section 8. Affirmative Covenants
	 	 	47	 
	 
	 	 	 	 
	8.01 Information Covenants
	 	 	48	 
	8.02 Books, Records and Inspections
	 	 	51	 
	8.03 Maintenance of Property; Insurance
	 	 	51	 
	8.04 Existence; Franchises
	 	 	51	 
	8.05 Compliance with Statutes, etc.
	 	 	51	 
	8.06 Compliance with Environmental Laws
	 	 	52	 
	8.07 ERISA
	 	 	52	 
	8.08 End of Fiscal Years
	 	 	53	 
	8.09 Performance of Obligations
	 	 	53	 
	8.10 Payment of Taxes
	 	 	53	 
	8.11 Additional Security; Additional Guarantors; Further Assurances
	 	 	53	 
	8.12 Deposit of Earnings
	 	 	55	 
	8.13 Ownership of Credit Parties
	 	 	55	 
	8.14 Use of Proceeds
	 	 	55	 
	8.15 Flag of Mortgaged Vessels; Vessel Classifications; Management
	 	 	56	 
	8.16 Vessel Acquisitions
	 	 	56	 
	 
	 	 	 	 
	Section 9. Negative Covenants
	 	 	56	 
	 
	 	 	 	 
	9.01 Liens
	 	 	56	 
	9.02 Sale of Collateral, etc.
	 	 	57	 
	9.03 Dividends
	 	 	59	 
	9.04 Indebtedness
	 	 	59	 
	9.05 Transactions with Affiliates
	 	 	60	 
	9.06 Consolidated Leverage Ratio
	 	 	61	 
	9.07 Consolidated Net Worth
	 	 	61	 
	9.08 Free Liquidity
	 	 	61	 
	9.09 Collateral Coverage
	 	 	61	 
	9.10 Limitations on Investments
	 	 	61	 
	9.11
Limitation on Modifications of Certificate of Incorporation and By-Laws; etc.
	 	 	62	 
	9.12 Limitation on Certain Restrictions on Subsidiaries
	 	 	62	 
	9.13 Business
	 	 	62	 
	9.14 ERISA
	 	 	62	 
	 
	 	 	 	 
	Section 10. Events of Default
	 	 	62	 
	 
	 	 	 	 
	10.01 Payments
	 	 	62	 
	10.02 Representations, etc.
	 	 	63	 
	10.03 Covenants
	 	 	63	 
	10.04 Default Under Other Agreements
	 	 	63	 
	10.05 Bankruptcy, etc.
	 	 	63	 
	10.06 ERISA
	 	 	64	 
	10.07 Security Documents
	 	 	64	 

 

(iii)

 

Table of Contents
(continued)

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	10.08 Guaranties
	 	 	64	 
	10.09 Judgments
	 	 	64	 
	10.10 Change of Control
	 	 	64	 
	10.11 Parent Credit Agreement
	 	 	64	 
	 
	 	 	 	 
	Section 11. Administrative Agent
	 	 	65	 
	 
	 	 	 	 
	11.01 Appointment
	 	 	65	 
	11.02 Nature of Duties
	 	 	66	 
	11.03 Lack of Reliance on the Administrative Agent
	 	 	66	 
	11.04 Certain Rights of the Administrative Agent
	 	 	66	 
	11.05 Reliance
	 	 	67	 
	11.06 Indemnification
	 	 	67	 
	11.07 The Administrative Agent in its Individual Capacity
	 	 	67	 
	11.08 Holders
	 	 	67	 
	11.09 Resignation by the Administrative Agent
	 	 	68	 
	11.10 No Other Duties, etc.
	 	 	68	 
	 
	 	 	 	 
	Section 12. Parent Companies Guaranty
	 	 	68	 
	 
	 	 	 	 
	12.01 Parent Companies Guaranty
	 	 	68	 
	12.02 Bankruptcy
	 	 	69	 
	12.03 Nature of Liability
	 	 	69	 
	12.04 Independent Obligation
	 	 	69	 
	12.05 Authorization
	 	 	70	 
	12.06 Reliance
	 	 	70	 
	12.07 Subordination
	 	 	71	 
	12.08 Waiver
	 	 	71	 
	 
	 	 	 	 
	Section 13. Miscellaneous
	 	 	72	 
	 
	 	 	 	 
	13.01 Payment of Expenses
	 	 	72	 
	13.02 Right of Setoff
	 	 	73	 
	13.03 Notices
	 	 	74	 
	13.04 Benefit of Agreement; Assignments and Participations
	 	 	74	 
	13.05 No Waiver; Remedies Cumulative
	 	 	76	 
	13.06 Payments Pro Rata
	 	 	76	 
	13.07 Calculations; Computations
	 	 	77	 
	13.08 GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL;
APPOINTMENT OF PROCESS AGENT
	 	 	78	 
	13.09 Counterparts
	 	 	78	 
	13.10 Restatement Effective Date
	 	 	79	 
	13.11 Headings Descriptive
	 	 	79	 
	13.12 Amendment or Waiver; etc.
	 	 	80	 
	13.13 Survival
	 	 	81	 
	13.14 Domicile of Loans
	 	 	81	 
	13.15 Limitation on Additional Amounts, etc.
	 	 	81	 

 

(iv)

 

Table of Contents
(continued)

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	13.16 Confidentiality
	 	 	82	 
	13.17 Register
	 	 	82	 
	13.18 Judgment Currency
	 	 	83	 
	13.19 Language
	 	 	83	 
	13.20 Waiver of Immunity
	 	 	83	 
	13.21 USA PATRIOT Act Notice
	 	 	84	 
	13.22 Lender Consent
	 	 	84	 
	13.23 Trico Shipping as Agent for Borrowers
	 	 	84	 
	13.24 Post-Closing Actions
	 	 	84	 

 

(v)

 

Table of Contents
(continued)

	 	 	 	 	 
	SCHEDULES	 	 	 	 
	 	 	 	 
	SCHEDULE I

	 	—
	 	Revolving Loan Commitments
	SCHEDULE II

	 	—
	 	Lender Addresses
	SCHEDULE III

	 	—
	 	Collateral Vessels
	SCHEDULE IV

	 	—
	 	Vessel Acquisition Agreements
	SCHEDULE V

	 	—
	 	Approved Classification Societies
	SCHEDULE VI

	 	—
	 	ERISA
	SCHEDULE VII

	 	—
	 	Subsidiaries
	SCHEDULE VIII

	 	—
	 	Existing Indebtedness
	SCHEDULE IX

	 	—
	 	Insurance
	SCHEDULE X

	 	—
	 	Legal Name; Type of Organization and whether a Registered Organization; Jurisdiction of Organization; Etc.
	SCHEDULE XI

	 	—
	 	Transactions with Affiliates
	SCHEDULE XII

	 	—
	 	Required Insurance

	 	 	 	 	 
	EXHIBITS	 	 	 	 
	 	 	 	 
	EXHIBIT A

	 	—
	 	Amended and Restated Notice of Borrowing
	EXHIBIT B

	 	—
	 	Amended and Restated Note
	EXHIBIT C

	 	—
	 	Form of Assignment and Assumption Agreement
	EXHIBIT D

	 	—
	 	Form of Amended and Restated Vessel Mortgage
	EXHIBIT E

	 	—
	 	Refund Guarantee Assignment
	EXHIBIT F-1

	 	—
	 	Opinion of Vinson & Elkins L.L.P, special New York counsel to the Parent and the Credit Parties
	EXHIBIT F-2

	 	—
	 	Opinion of Thommessen Krefting Greve Lund AS, Norwegian counsel to the Credit Parties
	EXHIBIT F-3

	 	—
	 	Opinion of Higgs & Johnson, Bahamian counsel to the Credit Parties
	EXHIBIT F-4

	 	—
	 	Opinion of Seward & Kissel LLP, Vanuatuan counsel to the Credit Parties
	EXHIBIT F-5

	 	—
	 	Opinion of White & Case LLP, English counsel to the Administrative Agent
	EXHIBIT F-6

	 	—
	 	Opinion of Rishi Varma, General Counsel of the Parent
	EXHIBIT G

	 	—
	 	Officer’s Certificate
	EXHIBIT H

	 	—
	 	Form of Amended and Restated Subsidiaries Guaranty
	EXHIBIT I

	 	—
	 	Amended and Restated Pledge and Security Agreement
	EXHIBIT J

	 	—
	 	Vessel Acquisition Agreements Assignment
	EXHIBIT K

	 	—
	 	Solvency Certificate
	EXHIBIT L-1

	 	—
	 	Amended and Restated Assignment of Earnings
	EXHIBIT L-2

	 	—
	 	Amended and Restated Assignment of Insurance
	EXHIBIT M

	 	—
	 	Form of Factoring Agreement
	EXHIBIT N

	 	—
	 	Form of Intercompany Subordination Provisions
	EXHIBIT O

	 	—
	 	Form of TMS Guaranty

 

-vi-

 

AMENDED AND RESTATED CREDIT AGREEMENT, dated as of September 30, 2009, among TRICO SUPPLY AS,
a limited company organized under the laws of Norway (“Holdings”), TRICO SUBSEA HOLDING AS,
a limited company organized under the laws of Norway (“Trico Subsea Holding”), TRICO SUBSEA
AS, a limited company organized under the laws of Norway and a wholly-owned Subsidiary of Trico
Subsea Holding (“Trico Subsea”), TRICO SHIPPING AS, a limited company organized under the
laws of Norway and a wholly-owned Subsidiary of Holdings (“Trico Shipping”, and together
with Trico Subsea each individually a “Borrower” and collectively the “Borrowers”),
the Lenders party hereto from time to time, NORDEA BANK FINLAND PLC, NEW YORK BRANCH
(“Nordea”), as Administrative Agent (in such capacity, the “Administrative Agent”)
and as Collateral Agent under the Security Documents (in such capacity, the “Collateral
Agent”). All capitalized terms used herein and defined in Section 1 are used herein as
therein defined.

W I T N E S S E T H:

WHEREAS, Trico Shipping, as borrower, Holdings, Trico Subsea Holding, Trico Subsea, certain
Lenders and the Administrative Agent are party to a Credit Agreement, dated as of May 14, 2008 (as
the same has been amended, modified and/or supplemented to, but not including, the Restatement
Effective Date, the “Original Shipping Credit Agreement”);

WHEREAS, Trico Subsea, as borrower, Holdings, Trico Subsea Holding, Trico Shipping, certain
Lenders and the Administrative Agent are party to a Credit Agreement, dated as of April 24, 2008
(as the same has been amended, modified and/or supplemented to, but not including, the Restatement
Effective Date, the “Original Subsea Credit Agreement” and, together with the Original
Shipping Credit Agreement, the “Original Credit Agreements”);

WHEREAS, the parties hereto wish to amend and restate the Original Credit Agreements in the
form of this Agreement, and it is the intent of the parties hereto that (a) this Agreement not
constitute a novation of the obligations and liabilities existing under the Original Credit
Agreements or evidence payment or discharge of all or any obligations and liabilities thereunder
and (b) this Agreement amends and restates the Original Credit Agreements in their entirety; and

WHEREAS, Trico Marine Services, Inc., a Delaware corporation (the “Parent”), Holdings,
Trico Subsea Holding and the Subsidiaries Guarantors will guarantee the obligations of the
Borrowers hereunder;

NOW, THEREFORE, the parties hereto agree that, effective as of the Restatement Effective Date,
the Original Credit Agreements shall be, and hereby are, amended and restated in their entirety as
follows:

Section 1. Defined Terms As used in this Agreement, the following terms shall have
the meanings specified below:

“Administrative Agent” shall have the meaning provided in the first paragraph of this
Agreement, and shall include any successor thereto.

 

 

 

“Affiliate” shall mean, with respect to any Person, any other Person (including, for
purposes of Section 9.05 only, all directors, officers and partners of such Person)
directly or indirectly controlling, controlled by, or under direct or indirect common control with,
such Person; provided, however, that for purposes of Section 9.05, an
Affiliate of Holdings shall include any Person that directly or indirectly owns more than 5% of any
class of the capital stock of Holdings and any officer or director of any Credit Party. A Person
shall be deemed to control another Person if such Person possesses, directly or indirectly, the
power to direct or cause the direction of the management and policies of such other Person, whether
through the ownership of voting securities, by contract or otherwise. Notwithstanding anything to
the contrary contained above, for purposes of Section 9.05, neither the Administrative
Agent, nor the Collateral Agent, nor any Lender (or any of their respective affiliates) shall be
deemed to constitute an Affiliate of Holdings or any other Credit Party in connection with the
Credit Documents or its dealings or arrangements relating thereto.

“Agents” shall mean, collectively, the Administrative Agent and the Collateral Agent.

“Aggregate Appraised Value” shall mean at any time, the sum of the Appraised Value of
all Mortgaged Vessels at such time.

“Aggregate Exposure” at any time shall mean the aggregate principal amount of Loans
then outstanding.

“Agreement” shall mean this Amended and Restated Credit Agreement, as modified,
supplemented, amended or restated from time to time.

“Applicable Margin” shall mean 3.25% per annum.

“Appraisal” shall mean, with respect to a Mortgaged Vessel, an “as built,” “desktop,”
written appraisal by an Approved Appraiser of the fair market value of such Vessel on an individual
charter free basis.

“Appraised Value” of any Mortgaged Vessel at any time shall mean the average of the
fair market value of such Vessel on an individual charter free basis as set forth on the Appraisals
most recently delivered to, or obtained by, the Administrative Agent prior to such time pursuant to
Sections 5.13 and 8.01(h).

“Approved Appraiser” shall mean R.S. Platou, Fearnleys A.S. and ODS Petrodata or such
other independent appraisal firm as may be reasonably acceptable to the Administrative Agent.

“Assignment and Assumption Agreement” shall mean each Assignment and Assumption
Agreement substantially in the form of Exhibit C (appropriately completed).

“Assignments of Charters” shall mean an Amended and Restated Assignment of Charters
(existing or future) substantially in the form of Exhibit B to the Assignment of Earnings,
as modified, supplemented, amended or restated from time to time.

 

-2-

 

“Assignment of Earnings” shall mean an Amended and Restated Assignment of Earnings
substantially in the form of Exhibit L-1 as modified, supplemented, amended or restated
from time to time.

“Assignment of Insurances” shall mean an Amended and Restated Assignment of Insurances
substantially in the form of Exhibit L-2 as modified, supplemented, amended or restated
from time to time.

“Authorized Officer” shall mean, with respect to (i) the delivery of Notices of
Borrowing, the chairman of the board, managing director, director, any president, vice president,
or treasurer of the Borrower Representative, or any other officer of the Borrower Representative
designated in writing to the Administrative Agent by the chief executive officer, president or
treasurer of the Borrower Representative as being authorized to give notices under this Agreement,
(ii) delivery of financial documents and officer’s certificates pursuant to this Agreement, the
chairman of the board, managing director, director, the president, any vice president, the
treasurer, any other financial officer or an authorized manager of any Credit Party and (iii) any
other matter in connection with this Agreement or any other Credit Document, any officer (or a
Person or Persons so designated by any two officers) of any Credit Party, in each case to the
extent reasonably acceptable to the Administrative Agent.

“Available Commitment” shall mean (a) the sum of (x) $172,561,246 plus (y) the
product of $9,375,000 and the number of Construction Vessels that have been delivered and become
Mortgaged Vessels at or before such time minus (b) the aggregate amount of mandatory
reductions to the Available Commitment required to be made pursuant to Section 3.03(b) or 3.03(c)
at or prior to such time.

“Bankruptcy Code” shall have the meaning provided in Section 10.05.

“Borrower” or “Borrowers” shall have the meaning provided in the first
paragraph of this Agreement.

“Borrower Representative” shall have the meaning provided in Section 13.23.

“Borrowing” shall mean the borrowing of Loans from all the Lenders (other than any
Lender which has not funded its share of a Borrowing in accordance with this Agreement) having
Revolving Loan Commitments on a given date, and which have the same Interest Period.

“Borrowing Date” shall mean each date on which Loans are incurred by either of the
Borrowers.

“Business Day” shall mean any day excluding Saturday, Sunday and any day which shall
be in the City of New York or London or Frankfurt a legal holiday or a day on which banking
institutions are authorized by law or other governmental actions to close.

“Capitalized Lease Obligations” shall mean, with respect to any Person, 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 GAAP and, for purposes hereof, the amount of such obligations at any time shall be the
capitalized amount thereof at such time determined in accordance with GAAP.

 

-3-

 

“CERCLA” shall mean the Comprehensive Environmental Response, Compensation, and
Liability Act of 1980, as the same may be amended from time to time,
42 U.S.C. § 9601 et
seq.

“Change of Control” shall mean (i) any “person” or “group” (as such terms are used in
Sections 13(d) and 14(d) under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)), shall become, or obtain rights (whether by means of warrants, options or otherwise) to
become, the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act),
directly or indirectly, of more than 35% of the outstanding common stock of the Parent, (ii) the
board of directors of the Parent shall cease to consist of a majority of Continuing Directors,
(iii) the Parent shall cease to own, directly or indirectly, 100% of the voting and/or economic
interests in the capital stock or other Equity Interests of Holdings and the Borrowers, (iv)
Holdings shall cease to own, directly or indirectly, 100% of the voting and/or economic interests
in the capital stock or other Equity Interests of the Borrowers, (v) Trico Shipping shall cease to
own, directly or indirectly, 100% of the voting and/or economic interests in the capital stock or
other Equity Interests of Trico Subsea, or (vi) the Borrowers shall cease to own, directly or
indirectly, 100% of the voting and/or economic interests of each Person which owns a Mortgaged
Vessel.

“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and
the regulations promulgated and rulings issued thereunder. Section references to the Code are to
the Code as in effect at the date of this Agreement and any subsequent provisions of the Code,
amendatory thereof, supplemental thereto or substituted therefor.

“Collateral” shall mean all property (whether real or personal) with respect to which
any security interests have been granted (or purported to be granted) pursuant to any Security
Document, including, without limitation, all Pledge Agreement Collateral, all Earnings and
Insurance Collateral, all Mortgaged Vessels, and all cash and cash equivalents at any time
delivered as collateral hereunder.

“Collateral Agent” shall mean the Administrative Agent acting as mortgagee, security
trustee or collateral agent for the Secured Creditors pursuant to the Security Documents.

“Collateral Disposition” shall mean (i) the sale, lease, transfer or other disposition
of any Mortgaged Vessel other than pursuant to a charter by the Parent or any of its Subsidiaries
to any Person other than a Borrower or a Subsidiaries Guarantor or (ii) any Event of Loss of any
Mortgaged Vessel.

“Collateral Disposition Amount” shall have the meaning provided in Section
3.03(c).

“Collateral Vessels” shall mean, collectively, the 15 Vessels owned by the Borrowers
and/or the Subsidiaries Guarantors and listed on Schedule III, and, individually, any of
such Vessels.

 

-4-

 

“Commitment Commission” shall have the meaning provided in Section 3.01(a).

“Consolidated EBITDA” shall mean, for any period, Consolidated Net Income for such
period, before deducting therefrom (i) consolidated interest expense of Holdings and its
Subsidiaries for such period, (ii) provision for taxes based on income that were included in
arriving at Consolidated Net Income for such period and (iii) the amount of all amortization of
intangibles and depreciation to the extent that same was deducted in arriving at Consolidated Net
Income for such period and without giving effect (x) to any extraordinary gains or extraordinary
non-cash losses (except to the extent that any such extraordinary non-cash losses require a cash
payment in a future period) and (y) to any gains or losses from sales of assets other than from
sales of inventory in the ordinary course of business; provided that, for purposes of
Section 9.06 only, pro forma adjustments satisfactory to the Administrative
Agent shall be made for any Vessels acquired by or delivered to the Borrowers or any Subsidiary of
the Borrowers prior to December 31, 2009 as if such Vessels were acquired or delivered on the first
day of the relevant Test Period.

“Consolidated Indebtedness” shall mean, as at any date of determination, the aggregate
stated balance sheet amount of all Indebtedness (but including, in any event, without limitation,
the then outstanding principal amount of all Loans, all Capitalized Lease Obligations but excluding
Indebtedness of a type described in clause (vi) of the definition thereof and excluding the
Existing Intercompany Indebtedness) of Holdings and its Subsidiaries on a consolidated basis as
determined in accordance with GAAP.

“Consolidated Leverage Ratio” shall mean, as at any date of determination, the ratio
of Consolidated Net Indebtedness as at such date to Consolidated EBITDA for the Test Period most
recently ended on or prior to such date.

“Consolidated Net Income” shall mean, for any period, the net income (or loss) of
Holdings and its Subsidiaries for such period, determined on a consolidated basis (after any
deduction for minority interests), provided that (i) the net income of any Subsidiary of
Holdings shall be excluded to the extent that the declaration or payment of cash dividends or
similar cash distributions by that Subsidiary of that net income is not at the date of
determination permitted by operation of its charter or any agreement, instrument or law applicable
to such Subsidiary and (ii) the net income (or loss) of any other Person acquired by Holdings or a
Subsidiary of Holdings in a pooling of interests transaction for any period prior to the date of
such acquisition shall be excluded.

“Consolidated Net Indebtedness” shall mean, on any date, (i) Consolidated Indebtedness
on such date minus (ii) unrestricted cash and cash equivalents of Holdings and its Subsidiaries on
such date.

“Consolidated Net Worth” shall mean, the Net Worth of Holdings and its Subsidiaries
determined on a consolidated basis after appropriate deduction for any minority interests in
Subsidiaries.

 

-5-

 

“Construction Vessel” shall mean each of the three Vessels listed in rows 13 through
15 on Schedule III hereto prior to such Vessel’s respective Construction Vessel Delivery
Date.

“Construction Vessel Delivery Date” shall mean each date on which a Construction
Vessel (i) has been delivered to a Borrower or a Subsidiaries Guarantor, (ii) has become a
Mortgaged Vessel and (iii) the applicable requirements set forth in Section 8.11 with
respect thereto have been satisfied.

“Contingent Obligation” shall mean, as to any Person, any obligation of such Person
guaranteeing or intended to guarantee any Indebtedness, leases, dividends or other obligations
(“primary obligations”) of any other Person (the “primary obligor”) in any manner,
whether directly or indirectly, including, without limitation, any obligation of such Person,
whether or not contingent, (i) to purchase any such primary obligation or any property constituting
direct or indirect security therefor, (ii) to advance or supply funds (x) for the purchase or
payment of any such primary obligation or (y) to maintain working capital or equity capital of the
primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to
purchase property, securities or services primarily for the purpose of assuring the owner of any
such primary obligation of the ability of the primary obligor to make payment of such primary
obligation or (iv) otherwise to assure or hold harmless the holder of such primary obligation
against loss in respect thereof; provided, however, that the term Contingent
Obligation shall not include (w) endorsements of instruments for deposit or collection in the
ordinary course of business, (x) customary and reasonable indemnity obligations in effect on the
Restatement Effective Date or entered into in connection with any acquisition or disposition of
assets permitted by this Agreement, (y) any products warranties extended in the ordinary course of
business and (z) guarantees made by Holdings or any of its Subsidiaries in respect of the
obligations of any Subsidiaries of Holdings or DeepOcean under operating leases entered into in the
ordinary course of business. The amount of any Contingent Obligation shall be deemed to be an
amount equal to the stated or determinable amount of the primary obligation in respect of which
such Contingent Obligation is made (or, if the less, the maximum amount of such primary obligation
for which such Person may be liable pursuant to the terms of the instrument evidencing such
Contingent Obligation) or, if not stated or determinable, the maximum reasonably anticipated
liability in respect thereof (assuming such Person is required to perform thereunder) as determined
by such Person in good faith.

“Continuing Directors” means the directors of the Parent on the Restatement Effective
Date, and each other director, if, in each case, such other director’s nomination for election to
the board of directors of the Parent is recommended by at least a majority of the then Continuing
Directors.

“Credit Documents” shall mean this Agreement, each Note, each Security Document, the
Subsidiaries Guaranty and each additional guaranty or additional security document executed
pursuant to Section 8.11.

“Credit Party” shall mean Holdings, Trico Subsea Holding, each Borrower, each
Subsidiaries Guarantor and, at any time, any other Subsidiary of the Parent which is a party to any
Credit Document at such time.

 

-6-

 

“DeepOcean” shall mean, collectively or individually as the context may require,
DeepOcean Shipping, DeepOcean AS and their respective Subsidiaries.

“DeepOcean AS” shall mean DeepOcean AS, a limited company organized under the laws of
Norway.

“DeepOcean Indebtedness” shall mean (i) any Indebtedness of DeepOcean that is
outstanding on the Restatement Effective Date and (ii) Indebtedness secured solely by assets owned
by DeepOcean on the Restatement Effective Date.

“DeepOcean Shipping” shall mean, collectively or individually as the context may
require, DeepOcean Shipping AS, DeepOcean Shipping II AS and DeepOcean Shipping III AS and their
respective Subsidiaries.

“Default” shall mean any event, act or condition which with notice or lapse of time,
or both, would constitute an Event of Default.

“Defaulting Lender” shall mean any Lender with respect to which a Lender Default is in
effect.

“Dividend” with respect to any Person shall mean that such Person has declared or paid
a dividend, distribution or returned any equity capital to its stockholders, partners or members or
authorized or made any other distribution, payment or delivery of property (other than common
equity of such Person) or cash to its stockholders, partners or members as such, or redeemed,
retired, purchased or otherwise acquired, directly or indirectly, for a consideration (other than
common equity of such Person) any shares of any class of its capital stock partnership or
membership interests outstanding on or after the Restatement Effective Date (or any options or
warrants issued by such Person with respect to its capital stock), or set aside any funds for any
of the foregoing purposes, or shall have permitted any of its Subsidiaries to purchase or otherwise
acquire for a consideration (other than common equity of such Person) any shares of any class of
the capital stock of, or equity interests in, such Person outstanding on or after the Restatement
Effective Date (or any options or warrants issued by such Person with respect to its capital stock
or other equity interests). Without limiting the foregoing, “Dividends” with respect to
any Person shall also include all payments made or required to be made (other than common equity of
such Person) by such Person with respect to any stock appreciation rights, plans, equity incentive
or achievement plans or any similar plans or setting aside of any funds for the foregoing purposes.

“Documents” shall mean the Credit Documents and the Vessel Acquisition Agreements.

“Dollars” and the sign “$” shall each mean lawful money of the United States.

“Earnings and Insurance Collateral” shall mean all “Earnings Collateral” and
“Insurance Collateral”, as the case may be, as defined in the respective Assignment of Earnings and
Assignment of Insurances.

 

-7-

 

“Eligible Transferee” shall mean and include a commercial bank, insurance company,
financial institution, fund or other Person which regularly purchases interests in loans or
extensions of credit of the types made pursuant to this Agreement, any other Person which would
constitute a “qualified institutional buyer” within the meaning of Rule 144A under the Securities
Act as in effect on the Restatement Effective Date or other “accredited investor” (as defined in
Regulation D of the Securities Act).

“Environmental Claim” shall mean any written claim, action, suit, cause of action or
notice by any person or entity alleging potential liability arising out of, based on or resulting
from (a) the Release into the environment, of any Hazardous Material or (b) circumstances forming
the basis of any violation, or alleged violation, of any Environmental Law.

“Environmental Law” shall mean all applicable foreign, federal, state and local laws
and regulations having the force and effect of law relating to the protection of the natural
environment or imposing liability or standards of conduct concerning the use, handling, storage, or
management of any Hazardous Material.

“Equity Interests” of any Person means any and all shares, equity interests, rights to
purchase, warrants, options, participations or other equivalents of or interests in (however
designated) equity of such Person, including any preferred stock, any limited or general
partnership interest and any limited liability company membership interest.

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended
from time to time, and the regulations promulgated and rulings issued thereunder. Section
references to ERISA are to ERISA, as in effect at the date of this Agreement and any subsequent
provisions of ERISA, amendatory thereof, supplemental thereto or substituted therefor.

“ERISA Affiliate” shall mean each person (as defined in Section 3(9) of ERISA) which
together with Holdings or any other Credit Party would be deemed to be a “single employer” within
the meaning of Section 414(b), (c), (m) or (o) of the Code.

“Eurodollar Rate” shall mean with respect to each Interest Period for a Loan, (a) the
offered rate (rounded upward to the nearest 1/100 of one percent) for deposits of Dollars for a
period equivalent to such period at or about 11:00 A.M. (London time) on the second Business Day
before the first day of such period as is displayed on Reuters LIBOR 01 Page (or such other page as
may replace such page on such service for the purpose of displaying the rates at which dollar
deposits are offered by leading banks in the London interbank deposit market) (the “Screen
Rate”); provided that if on such Interest Determination Date no such rate is so
displayed, the Eurodollar Rate for such period shall be (a) the arithmetic average of the rates
quoted to the Administrative Agent as the offered rate for deposits of Dollars in an amount
approximately equal to the amount in relation to which the Eurodollar Rate is to be determined for
a period equivalent to such applicable Interest Period by the Reference Banks in the London
interbank Eurodollar market at or about 11:00 A.M. (London time) on such Interest Determination
Date, in each case divided (and rounded upward to the nearest 1/100 of 1%) by (b) a percentage
equal to 100% minus the then stated maximum rate of all reserve requirements (including, without
limitation, any marginal, emergency, supplemental, special or other reserves
required by applicable law) applicable to any member bank of the Federal Reserve System in
respect of Eurodollar funding or liabilities as defined in Regulation D (or any successor category
of liabilities under Regulation D).

 

-8-

 

“Event of Default” shall have the meaning provided in Section 10.

“Event of Loss” shall mean any of the following events: (x) the actual or
constructive total loss of a Mortgaged Vessel or the agreed or compromised total loss of a
Mortgaged Vessel; or (y) the capture, condemnation, confiscation, requisition, seizure or
forfeiture of (in each case, other than temporary seizure for customs lasting no more than
90 days), or any taking of title to (other than by way of a purchase), a Mortgaged Vessel. An
Event of Loss shall be deemed to have occurred: (i) in the event of an actual loss of a Mortgaged
Vessel, at the time and on the date of such loss or if that is not known at noon Greenwich Mean
Time on the date which such Mortgaged Vessel was last heard from; (ii) in the event of damage which
results in a constructive or compromised or arranged total loss of a Mortgaged Vessel, at the time
and on the date of the event giving rise to such damage; or (iii) in the case of an event referred
to in clause (y) above, at the time and on the date on which such event is expressed to take effect
by the Person making the same. Notwithstanding the foregoing, if such Mortgaged Vessel shall have
been returned to any Credit Party following any event referred to in clause (y) above prior to the
date upon which a commitment reduction is required to be made under Section 3.03 hereof, no
Event of Loss shall be deemed to have occurred by reason of such event.

“Excluded Taxes” shall have the meaning provided in Section 4.04(a).

“Existing Indebtedness” shall have the meaning provided in Section 7.18.

“Existing Intercompany Indebtedness” shall mean the TMS Intercompany Indebtedness, the
Trico Marine Cayman Intercompany Indebtedness and the Trico Supply Intercompany Indebtedness.

“Existing Lenders” shall mean the Persons party to the Original Subsea Credit
Agreement and/or the Original Shipping Credit Agreement, as applicable, as lenders on the
Restatement Effective Date (immediately prior to giving effect thereto).

“Existing Loans” shall mean (i) the Loans made by the Existing Lenders to Trico
Shipping pursuant to the Original Shipping Credit Agreement, of which an aggregate principal amount
of $136,061,246 is outstanding on the Restatement Effective Date (immediately prior to giving
effect thereto) and (ii) the Loans made by the Existing Lenders to Trico Subsea pursuant to the
Original Subsea Credit Agreement, of which an aggregate principal amount of $36,500,000 is
outstanding on the Restatement Effective Date (immediately prior to giving effect thereto).

“Factoring Agreement” shall have the meaning provided in Section 5.19.

“Federal Funds Rate” shall mean, for any day, an interest rate per annum equal to the
weighted average of the rates on overnight Federal funds transactions with members of the Federal
Reserve System arranged by Federal funds brokers on such day, as published for such day (or, if
such day is not a Business Day, for the immediately preceding Business Day) by the
Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a
Business Day, the average of the quotations at approximately 11:00 A.M. (New York time) on such day
on such transactions received by the Administrative Agent from three Federal funds brokers of
recognized standing selected by the Administrative Agent in its sole discretion.

 

-9-

 

“First Post-Closing Date” shall have the meaning provided in Section 13.24(a).

“Foreign Lender” shall mean any Lender that is not a United States person (as such
term is defined in Section 7701(a)(30) of the Code.

“Foreign Pension Plan” shall mean any plan, fund (including, without limitation, any
superannuation fund) or other similar program established or maintained outside the United States
of America by Holdings or any one or more of its Subsidiaries primarily for the benefit of
employees of Holdings or such Subsidiaries residing outside the United States of America, which
plan, fund or other similar program provides, or results in, retirement income, a deferral of
income in contemplation of retirement or payments to be made upon termination of employment, and
which plan is not subject to ERISA or the Code.

“Free Liquidity” shall mean at any time the sum of the unrestricted cash and cash
equivalents held by Holdings and its Subsidiaries (other than DeepOcean AS and its Subsidiaries) at
such time, which unrestricted cash and cash equivalents are not subject to a Lien other than a Lien
in favor of the Collateral Agent or the Permitted Liens.

“GAAP” shall have the meaning provided in Section 13.07(a).

“Guaranteed Creditors” shall mean and include each of the Administrative Agent, the
Collateral Agent, the Lenders and each party (other than any Credit Party) party to an Interest
Rate Protection Agreement or an Other Hedging Agreement to the extent such party constitutes a
Secured Creditor under the Security Documents.

“Guaranteed Obligations” shall mean (i) the full and prompt payment when due (whether
at the stated maturity, by acceleration or otherwise) of each Obligation of each of the Borrowers
(including Obligations which, but for the automatic stay under Section 362(a) of the Bankruptcy
Code, would become due and any interest accruing after the commencement of any bankruptcy,
insolvency, receivership or similar proceeding at the rate provided for herein, whether or not such
interest is an allowed claim in any such proceeding) to the Lenders and the Agents now existing or
hereafter incurred under, arising out of or in connection with this Agreement and each other Credit
Document to which a Borrower is party and (ii) the full and prompt payment when due (whether at the
stated maturity, by acceleration or otherwise) of all obligations (including obligations which, but
for the automatic stay under Section 362(a) of the Bankruptcy Code, would become due), liabilities
and indebtedness (including any interest accruing after the commencement of any bankruptcy,
insolvency, receivership or similar proceeding at the rate provided for herein, whether or not such
interest is an allowed claim in any such proceeding) of either of the Borrowers owing under each
Interest Rate Protection Agreement and Other Hedging Agreement entered into by either of the
Borrowers with any Lender or any affiliate thereof (even if such Lender subsequently ceases to be a
Lender under this Agreement for any reason) so long as such Lender or affiliate participates in
such Interest
Rate Protection Agreement or Other Hedging Agreement and their subsequent assigns party to any
such Interest Rate Protection Agreement or Other Hedging Agreement, if any, whether now in
existence or hereafter arising.

 

-10-

 

“Guarantors” shall mean the Parent, Holdings, Trico Subsea Holding and each
Subsidiaries Guarantor.

“Guaranty” shall mean each of the Parent Company Guarantees and each Subsidiaries
Guaranty.

“Hazardous Materials” shall mean (a) any petroleum or petroleum products, radioactive
materials, asbestos in any form that is or could become friable, urea formaldehyde foam insulation,
transformers or other equipment that contain dielectric fluid containing levels of polychlorinated
biphenyls, and radon gas; (b) any chemicals, materials or substances defined as or included in the
definition of “hazardous substances,” “hazardous waste,” “hazardous materials,” “extremely
hazardous substances,” “restricted hazardous waste,” “toxic substances,” “toxic pollutants,”
“contaminants,” or “pollutants,” or words of similar import, under any applicable Environmental
Law; and (c) any other chemical, material or substance, exposure to which is prohibited, limited or
regulated by any governmental authority under Environmental Laws.

“Holdings” shall have the meaning provided in the first paragraph of this Agreement.

“Indebtedness” shall mean, as to any Person, without duplication, (i) all indebtedness
(including principal, interest, fees and charges) of such Person for borrowed money or for the
deferred purchase price of property or services, (ii) all Indebtedness of the types described in
clause (i), (iii), (iv), (v) or (vi) of this definition secured by any Lien on any property owned
by such Person, whether or not such Indebtedness has been assumed by such Person (provided
that, if the Person has not assumed or otherwise become liable in respect of such Indebtedness,
such Indebtedness shall be deemed to be in an amount equal to the fair market value of the property
to which such Lien relates as determined in good faith by such Person), (iii) the aggregate amount
of all Capitalized Lease Obligations of such Person, (iv) all obligations of such person to pay a
specified purchase price for goods or services, whether or not
delivered or accepted, i.e.,
take-or-pay and similar obligations, (v) all Contingent Obligations of such Person with respect to
Indebtedness of another Person and (vi) all obligations under any Interest Rate Protection
Agreement or Other Hedging Agreement or under any similar type of agreement; provided that
Indebtedness shall in any event not include (x) trade payables and expenses accrued in the ordinary
course of business or (y) milestone payments and similar obligations incurred by any Person under
any vessel purchase contract.

“Indemnitees” shall have the meaning provided in Section 13.01.

“Individual Exposure” of any Lender shall mean at any time, the aggregate principal
amount of Loans of such Lender then outstanding.

“Initial Borrowing Dates” shall mean the Initial Shipping Borrowing Date and the
Initial Subsea Borrowing Date.

 

-11-

 

“Initial Shipping Borrowing Date” shall mean May 29, 2008.

“Initial Subsea Borrowing Date” shall mean June 24, 2008.

“Interest Determination Date” shall mean, with respect to any Loan, the second
Business Day prior to the commencement of any Interest Period relating to such Loan.

“Interest Period” shall have the meaning provided in Section 2.08.

“Interest Rate Protection Agreement” shall mean any interest rate swap agreement,
interest rate cap agreement, interest collar agreement, interest rate hedging agreement, interest
rate floor agreement or other similar agreement or arrangement.

“Investments” shall have the meaning provided in Section 9.10.

“Joint Lead Arrangers” shall mean Nordea Bank Finland plc, New York Branch and
Bayerische Hypo- und Vereinsbank AG.

“Lender” shall mean each financial institution listed on Schedule I, as well
as any Person which becomes a “Lender” hereunder pursuant to Section 2.12 or Section
13.04(b).

“Lender Default” shall mean (i) the refusal (which has not been retracted) or the
failing of a Lender to make available its portion of any Borrowing required to be made by it
pursuant to the terms of this Agreement or (ii) a Lender having notified the Borrowers and/or the
Administrative Agent that such Lender does not intend to comply with its obligations under
Sections 2.01 or 2.04.

“Lien” shall mean any mortgage, pledge, hypothecation, collateral assignment, deposit
arrangement, encumbrance, lien (statutory or other) or other security agreement of any kind or
nature whatsoever (including, without limitation, any conditional sale or other title retention
agreement, any financing or similar statement or notice filed under the UCC or any other similar
recording or notice statute, and any lease having substantially the same effect as any of the
foregoing).

“Loan” shall have the meaning provided in Section 2.01.

“Margin Stock” shall have the meaning provided in Regulation U.

“Market Disruption Event” shall mean:

(i) at or about noon New York City time on the Interest Determination Date for the
relevant Interest Period the Screen Rate is not available and none or only one of the
Reference Banks supplies a rate to the Administrative Agent to determine the Eurodollar Rate
for the relevant Interest Period; or

(ii) before close of business in New York on the Interest Determination Date for the
relevant Interest Period, the Administrative Agent receives notifications from Lenders the
sum of whose Revolving Loan Commitments at such time equals at least
40% of the Total Commitment that (i) the cost to such Lenders of obtaining matching
deposits in the applicable interbank market for the relevant Interest Period would be in
excess of the Eurodollar Rate for such Interest Period or (ii) such Lenders are unable to
obtain funding in the applicable interbank market.

 

-12-

 

“Material Adverse Effect” shall mean a material adverse effect (w) on the rights or
remedies of the Lenders under the Credit Documents, taken as a whole, (x) or the ability of the
Credit Parties and the Parent, taken as a whole, to perform its or their obligations to the Lenders
or (y) on the property, assets, operations, liabilities or financial condition of the Credit
Parties and the Parent, taken as a whole.

“Maturity Date” shall mean May 14, 2013.

“Mortgaged Vessels” shall mean, at any time, each Collateral Vessel which is subject
to a first priority perfected Vessel Mortgage at such time.

“Net Cash Proceeds” shall mean, with respect to any Collateral Disposition, the
aggregate cash payments (including any cash received by way of deferred payment pursuant to a note
receivable issued in connection with such Collateral Disposition, other than the portion of such
deferred payment constituting interest or fees, but only as and when received) received by any
Credit Party from such Collateral Disposition or equity issuance, net of (i) reasonable transaction
costs (including, without limitation, reasonable attorney’s fees) and sales commissions and (ii)
the estimated marginal increase in income taxes and any stamp tax payable by any Credit Party as a
result of such Collateral Disposition.

“Net Worth” shall mean, as to any Person, the sum of its capital stock, capital in
excess of par or stated value of shares of its capital stock, retained earnings and any other
account which, in accordance with GAAP, constitutes stockholders’ equity, but excluding any
treasury stock, cumulative foreign translation adjustments and write-downs of goodwill and/or
non-amortizing intangible assets.

“NOK” shall mean lawful money of the Kingdom of Norway.

“Non-Defaulting Lender” shall mean each Lender that is not a Defaulting Lender.

“Nordea” shall have the meaning given to such term in the first paragraph of this
Agreement.

“Note” shall have the meaning provided in Section 2.05(a).

“Notice of Borrowing” shall have the meaning provided in Section 2.03.

“Notice Office” shall mean the office of the Administrative Agent located at
437 Madison Avenue, 21st Floor, New York, NY 10022, or such other office as the Administrative
Agent may hereafter designate in writing as such to the other parties hereto.

 

-13-

 

“Obligations” shall mean all amounts owing to the Administrative Agent, the Collateral
Agent or any Lender pursuant to the terms of this Agreement or any other Credit Document.

“OPA” shall mean the Oil Pollution Act of 1990, as amended, 33 U.S.C. § 2701
et seq.

“Original Credit Agreements” shall have the meaning set forth in the second recital
hereto.

“Original Effective Dates” shall mean the Original Shipping Effective Date and the
Original Subsea Effective Date.

“Original Shipping Credit Agreement” shall have the meaning set forth in the first
recital hereto.

“Original Shipping Effective Date” shall mean May 14, 2008.

“Original Subsea Credit Agreement” shall have the meaning set forth in the second
recital hereto.

“Original Subsea Effective Date” shall mean April 24, 2008.

“Other Hedging Agreement” shall mean any foreign exchange contracts, currency swap
agreements, commodity agreements or other similar agreements or arrangements designed to protect
against the fluctuations in currency or commodity values.

“Parent” shall have the meaning provided in the fourth recital hereto.

“Parent Companies Guaranty” shall mean the guarantees of Holdings and Trico Subsea
Holding pursuant to Section 12.

“Parent Credit Agreement” shall mean the Credit Agreement, dated as of January 31,
2008, among the Parent, certain subsidiaries of the Parent, the financial institutions party
thereto from time to time as lenders, and Nordea, as administrative agent as amended, supplemented,
modified, amended and restated and/or refinanced in whole or in part from time to time.

“PATRIOT Act” shall have the meaning provided in Section 13.21.

“Payment Office” shall mean the office of the Administrative Agent located at 437
Madison Avenue, 21st Floor, New York, NY 10022, or such other office as the Administrative Agent
may hereafter designate in writing as such to the other parties hereto.

“Permitted Liens” shall have the meaning provided in Section 9.01.

 

-14-

 

“Person” shall mean any individual, partnership, joint venture, firm, corporation,
association, trust or other enterprise or any government or political subdivision or any agency,
department or instrumentality thereof.

“Plan” shall mean any pension plan as defined in Section 3(2) of ERISA, excluding any
pension plan that is not subject to Title I or Title IV of ERISA, which is maintained or
contributed to by (or to which there is an obligation to contribute of) Holdings or a Subsidiary of
Holdings or any ERISA Affiliate, and each such plan for the five-year period immediately following
the latest date on which Holdings or a Subsidiary of Holdings or any ERISA Affiliate maintained,
contributed to or had an obligation to contribute to such plan.

“Pledge Agreement” shall have the meaning provided in Section 5.07.

“Pledge Agreement Collateral” shall mean all “Collateral” as defined in the Pledge
Agreement.

“Pledged Securities” shall mean “Securities” as defined in the Pledge Agreement
pledged (or required to be pledged) pursuant thereto.

“Projections” shall have the meaning provided in Section 7.05(d).

“Quarterly Payment Date” shall mean the last Business Day of each March, June,
September and December.

“Real Property” of any Person shall mean all the right, title and interest of such
Person in and to land, improvements and fixtures, including leaseholds or licenses of land.

“Reference Banks” shall mean the Joint Lead Arrangers or such other Person that
becomes a Reference Bank pursuant to Section 2.09(f).

“Refund Guarantee” shall mean a refund guarantee issued for the benefit of either of
the Borrowers or any Subsidiary Guarantor pursuant to a Vessel Acquisition Agreement as credit
support for the shipbuilder’s obligations thereunder.

“Refund Guarantee Assignment” shall have the meaning provided in
Section 5.08(c).

“Register” shall have the meaning provided in Section 13.17.

“Regulation D” shall mean Regulation D of the Board of Governors of the Federal
Reserve System as from time to time in effect and any successor to all or a portion thereof
establishing reserve requirements.

“Regulation U” shall mean Regulation U of the Board of Governors of the Federal
Reserve System as from time to time in effect and any successor to all or a portion thereof.

 

-15-

 

“Regulation X” shall mean Regulation X of the Board of Governors of the Federal
Reserve System as from time to time in effect and any successor to all or a portion thereof.

“Release” shall mean actively or passively disposing, discharging, injecting,
spilling, pumping, leaking, leaching, dumping, emitting, escaping, emptying, pouring, seeping,
migrating or the like, into or upon any land or water or air, or otherwise entering into the
environment.

“Replaced Lender” shall have the meaning provided in Section 2.12.

“Replacement Lender” shall have the meaning provided in Section 2.12.

“Required Insurance” shall have the meaning provided in Section 5.13(iv).

“Required Lenders” shall mean (i) if there are two Non-Defaulting Lenders or less,
each Non-Defaulting Lender or (ii) if there are more than two Non-Defaulting Lenders,
Non-Defaulting Lenders the sum of whose outstanding Revolving Loan Commitments (or after the
termination thereof, outstanding Loans) represent an amount greater than 66-2/3% of the sum of the
Total Commitment less the Revolving Loan Commitments of all Defaulting Lenders (or after the
termination thereof, the total outstanding Loans of Non-Defaulting Lenders at such time).

“Restatement Effective Date” has the meaning specified in Section 13.10.

“Returns” shall have the meaning provided in Section 7.09.

“Revolving Loan Commitment” shall mean, for each Lender, the amount set forth opposite
such Lender’s name in Schedule I hereto directly below the column entitled “Revolving Loan
Commitment,” as the same may be (x) reduced from time to time pursuant to Sections 3.02 or
3.03, and/or, as a result of the acceleration of the Loans, Section 10 or (y)
adjusted from time to time as a result of assignments to or from such Lender pursuant to
Section 2.12 or 13.04(b).

“Scheduled Commitment Reduction” shall have the meaning provided in
Section 3.03(b).

“Screen Rate” shall have the meaning specified in the definition of Eurodollar Rate.

“Second Post-Closing Date” shall have the meaning provided in Section
13.24(d).

“Secured Creditors” shall mean the “Secured Creditors” as defined in the Security
Documents.

“Securities Act” shall mean the Securities Act of 1933, as amended.

“Security Documents” shall mean each Vessel Acquisition Agreements Assignment
(including each Refund Guarantee Assignment), the Pledge Agreement, each
Assignment of Earnings, each Assignment of Insurances, each Assignment of Charters, the
Factoring Agreement, each Vessel Mortgage and, after the execution and delivery thereof, each
additional security document executed pursuant to Section 8.11.

 

-16-

 

“Subsidiaries Guarantor” shall mean each Subsidiary of either of the Borrowers that
executes and delivers any Subsidiaries Guaranty, unless and until such time as the respective
Subsidiary is released from all of its obligations under any relevant Subsidiaries Guaranty in
accordance with the terms and provisions thereof.

“Subsidiaries Guaranty” shall have the meaning provided in Section 5.14.

“Subsidiary” shall mean, as to any Person, (i) any corporation more than 50% of whose
stock of any class or classes having by the terms thereof ordinary voting power to elect a majority
of the directors of such corporation (irrespective of whether or not at the time stock of any class
or classes of such corporation shall have or might have voting power by reason of the happening of
any contingency) is at the time owned by such Person and/or one or more Subsidiaries of such Person
and (ii) any partnership, limited liability company, association, joint venture or other entity in
which such Person and/or one or more Subsidiaries of such Person has more than a 50% equity
interest at the time.

“Taxes” shall have the meaning provided in Section 4.04(a).

“Test Period” shall mean each period of four consecutive fiscal quarters, in each case
taken as one accounting period.

“TMS Guaranty” shall have the meaning provided in Section 5.21.

“TMS Intercompany Indebtedness” shall mean the Indebtedness in the initial principal
amount of $395,000,000 incurred by Trico Shipping from the Parent pursuant to a loan agreement
dated May 15, 2008.

“Total Commitment” shall mean, at any time, (i) $172,561,246 minus (ii) the sum of the
aggregate amount of (x) any voluntary reductions to the Total Commitment made pursuant to Section
3.02 at or before such time and (y) mandatory reductions to the Total Commitment required to be
made pursuant to Section 3.03(b) or Section 3.03(c) at or before such time.

“Total Unutilized Loan Commitment” shall mean at any time, the Total Commitment at
such time less the Aggregate Exposure at such time.

“Transaction” shall mean, collectively, (i) the entering into of the Credit Documents
and the incurrence of Loans hereunder and (ii) the payment of fees and expenses in connection with
the foregoing.

“Trico Marine Cayman Intercompany Indebtedness” shall mean the Indebtedness in the
initial principal amount of $33,486,076.35 incurred by Holdings from Trico Marine Cayman, L.P.,
acting through its general partner, Trico Holdco LLC, pursuant to a loan agreement dated as of
November 8, 2007.

 

-17-

 

“Trico Shipping” shall have the meaning provided in the first paragraph of this
Agreement.

“Trico Subsea” shall have the meaning provided in the first paragraph of this
Agreement.

“Trico Subsea Holding” shall have the meaning provided in the first paragraph of this
Agreement.

“Trico Supply Intercompany Indebtedness” shall mean the Indebtedness in the initial
principal amount of $194,000,000 incurred by Holdings from Trico Marine Operators, Inc. pursuant to
a promissory note dated November 8, 2007.

“UCC” shall mean the Uniform Commercial Code as from time to time in effect in the
relevant jurisdiction.

“United States” and “U.S.” shall each mean the United States of America.

“Vessel” shall mean sea going vessels and tankers.

“Vessel Acquisition” shall mean the acquisition by Trico Subsea of any of the
Construction Vessels pursuant to the Vessel Acquisition Agreements.

“Vessel Acquisition Agreements” shall have the meaning provided in
Section 5.08(a).

“Vessel Acquisition Agreements Assignment” shall have the meaning provided in
Section 5.08(b).

“Vessel Mortgage” shall mean a first-priority preferred mortgage (and, in addition, a
second-priority mortgage in the case of the Mortgaged Vessels listed in rows 8 and 10 on
Schedule III) in substantially the form of Exhibit D, or such other form as may be
reasonably satisfactory to the Administrative Agent, as such mortgage may be amended, modified or
supplemented from time to time in accordance with the terms hereof and thereof.

Section 2. Amount and Terms of Credit Facility.

2.01 Loan Commitments. Subject to and upon the terms and conditions set forth herein,
(i) on the Restatement Effective Date, the Existing Loans shall be continued, and remain
outstanding, as Borrowings of Loans hereunder and (ii) each Lender severally agrees to make
revolving loans (each a “Loan” and, collectively and together with the Existing Loans, the
“Loans”) to the Borrowers from time to time as requested by the Borrower Representative in
the manner set forth in Section 2.03, which Loans (A) shall be made and maintained in
Dollars, (B) shall bear interest in accordance with Section 2.07, (C) may only be incurred
on a date occurring prior to the Maturity Date and (D) shall not be required to be made by any
Lender if after giving effect thereto, (x) the Individual Exposure of such Lender would exceed the
Revolving Loan Commitment of such Lender or (y) the Aggregate Exposure would exceed the lesser of
(i) the then applicable Total Commitment and (ii) the then applicable Available Commitment. Within
the foregoing limits and subject to the terms and conditions hereof, the Borrowers may borrow,
prepay and reborrow the Loans.

 

-18-

 

2.02 Minimum Amount of Each Borrowing; Limitation on Number of Borrowings. The
aggregate principal amount of each Borrowing shall not be less than $1,000,000. More than one
Borrowing may occur on the same date.

2.03 Notice of Borrowing. (a) Whenever a Borrower desires to request a Borrowing
hereunder, the Borrower Representative shall give the Administrative Agent at the Notice Office at
least three Business Days’ prior notice of each Loan to be incurred hereunder, provided
that (in each case) any such notice shall be deemed to have been given on a certain day only if
given before 11:00 A.M. (New York City time) on such day. Each such notice (each, a “Notice of
Borrowing”), except as otherwise expressly provided in Section 2.08, shall be
irrevocable and shall be given by the Borrower Representative substantially in the form of
Exhibit A, appropriately completed to specify: (i) the aggregate principal amount of the
Loans to be made pursuant to such Borrowing, (ii) the date of such Borrowing (which shall be a
Business Day), (iii) the initial Interest Period to be applicable thereto, (iv) to which account
the proceeds of such Loans are to be deposited and (v) by which Borrower the Loans will be
incurred. The Administrative Agent shall promptly give each Lender which is required to make
Loans, notice of such proposed Borrowing, of such Lender’s proportionate share thereof and of the
other matters required by the immediately preceding sentence to be specified in the Notice of
Borrowing.

(b) Without in any way limiting the obligation of the Borrower Representative to deliver a
written Notice of Borrowing in accordance with Section 2.03(a), the Administrative Agent
may act without liability upon the basis of telephonic notice of such Borrowing, believed by the
Administrative Agent in good faith to be from an Authorized Officer of the Borrower Representative
prior to receipt of the Notice of Borrowing. In each such case, the Borrowers hereby waive the
right to dispute the Administrative Agent’s record of the terms of such telephonic notice of such
Borrowing of Loans, absent manifest error.

2.04 Disbursement of Funds. Except as otherwise specifically provided in the
immediately succeeding sentence, no later than 12:00 Noon (New York time) on the date specified in
each Notice of Borrowing, each Lender will make available its
pro rata portion of each such
Borrowing requested to be made on such date. All such amounts shall be made available in Dollars
and in immediately available funds at the Payment Office and the Administrative Agent will make
available to the applicable Borrower (prior to 1:00 p.m. (New York time) on such day to the extent
of funds actually received by the Administrative Agent prior to 12:00 Noon (New York time) on such
day) at the Payment Office, in the account specified in the applicable Notice of Borrowing, the
aggregate of the amounts so made available by the Lenders. Unless the Administrative Agent shall
have been notified by any Lender prior to the date of Borrowing that such Lender does not intend to
make available to the Administrative Agent such Lender’s portion of any Borrowing to be made on
such date, the Administrative Agent may assume that such Lender has made such amount available to
the Administrative Agent on such date of Borrowing and the Administrative Agent may (but shall not
be obligated to), in reliance upon such assumption, make available to the applicable Borrower a
corresponding amount. If the Administrative Agent makes such corresponding amount available
to the applicable Borrower but such corresponding amount is not in fact made available to the
Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such
corresponding amount on demand from such Lender. If such Lender does not pay such corresponding
amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent shall
promptly notify the Borrower Representative and the Borrowers shall severally agree to immediately
pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be
entitled to recover on demand from such Lender or the Borrowers, as the case may be, interest on
such corresponding amount in respect of each day from the date such corresponding amount was made
available by the Administrative Agent to the applicable Borrower until the date such corresponding
amount is recovered by the Administrative Agent, at a rate per annum equal to (i) if recovered from
such Lender, at the overnight Federal Funds Rate for the first three days and at the interest rate
otherwise applicable to such Loans for each day thereafter and (ii) if recovered from the
Borrowers, at the rate of interest applicable to the respective Borrowing, as determined pursuant
to Section 2.07. Nothing in this Section 2.04 shall be deemed to relieve any
Lender of its obligation to make Loans hereunder or to prejudice any rights the Borrowers may have
against any Lender as a result of such Lender’s failure to make Loans hereunder.

 

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2.05 Notes. (a) The Borrowers’ obligation to pay the principal of, and interest on,
the Loans made by each Lender shall be evidenced in the Register maintained by the Administrative
Agent pursuant to Section 13.17 and shall, if requested by such Lender, be evidenced by a
promissory note duly executed and delivered by the Borrower Representative substantially in the
form of Exhibit B with blanks appropriately completed in conformity herewith (each a
“Note” and, collectively, the “Notes”).

(b) Each Note shall (i) be executed by the Borrower Representative, (ii) be payable to such
Lender and be dated the Restatement Effective Date (or, in the case of Notes issued after the
Restatement Effective Date, be dated the date of issuance thereof), (iii) be in a stated principal
amount equal to the Revolving Loan Commitment of such Lender on the Restatement Effective Date
before giving effect to any reductions thereto on such date (or, in the case of Notes issued after
the Restatement Effective Date, be in a stated principal amount equal to the Revolving Loan
Commitment of such Lender on the date of the issuance thereof) and be payable in the principal
amount of the Loans evidenced thereby, (iv) with respect to each Loan evidenced thereby, be payable
in Dollars, (v) mature on the Maturity Date, (vi) bear interest as provided in Section
2.07, (vii) be subject to voluntary prepayment and mandatory repayment as provided in
Sections 4.01 and 4.02 and (viii) be entitled to the benefits of this Agreement and
the other Credit Documents.

(c) Each Lender will note on its internal records the amount of each Loan made by it and each
payment in respect thereof and will, prior to any transfer of any of its Notes, endorse on the
reverse side thereof the outstanding principal amount of Loans evidenced thereby. Failure to make
any such notation or any error in any such notation or endorsement shall not affect the Borrowers’
obligations in respect of such Loans.

(d) Notwithstanding anything to the contrary contained above in this Section 2.05 or
elsewhere in this Agreement, Notes shall be delivered only to Lenders that at any time specifically
request the delivery of such Notes. No failure of any Lender to request or
obtain a Note evidencing its Loans to the Borrowers shall affect or in any manner impair the
obligations of the Borrowers to pay the Loans (and all related Obligations) incurred by Borrowers
that would otherwise be evidenced thereby in accordance with the requirements of this Agreement,
and shall not in any way affect the security or guaranties therefor provided pursuant to the Credit
Documents. Any Lender that does not have a Note evidencing its outstanding Loans shall in no event
be required to make the notations otherwise described in preceding clause (c). At any time
(including, without limitation, to replace any Note that has been destroyed or lost) when any
Lender requests the delivery of a Note to evidence any of its Loans, the Borrower Representative
shall promptly execute and deliver to such Lender the requested Note in the appropriate amount or
amounts to evidence such Loans; provided that, in the case of a substitute or replacement
Note, the Borrower Representative shall have received from such requesting Lender (i) an affidavit
of loss or destruction and (ii) a customary lost/destroyed Note indemnity, in each case in form and
substance reasonably acceptable to such Borrower Representative and such requesting Lender, and
duly executed by such requesting Lender.

 

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2.06
Pro Rata Borrowings. All Borrowings of Loans under this Agreement shall be
incurred from the Lenders pro rata on the basis of their Revolving Loan Commitments. It is
understood that no Lender shall be responsible for any default by any other Lender of its
obligation to make Loans hereunder and that each Lender shall be obligated to make the Loans
provided to be made by it hereunder, regardless of the failure of any other Lender to make its
Loans hereunder.

2.07 Interest. (a) Each Borrower agrees to pay interest in respect of the unpaid
principal amount of each Loan from the date of Borrowing thereof until the maturity thereof
(whether by acceleration, prepayment or otherwise) at a rate
per annum which shall, during each
Interest Period applicable thereto, be equal to the sum of the Applicable Margin as in effect from
time to time during such Interest Period plus the Eurodollar Rate for such Interest Period.

(b) Overdue principal and, to the extent permitted by law, overdue interest in respect of each
Loan and any other overdue amount payable hereunder shall, in each case, bear interest at a rate
per annum equal to 2% per annum in excess of the rate then borne by such Loans (or, if such overdue
amount is not interest or principal in respect of the Loan, 2%
per annum in excess of the rates
then applicable to Eurodollar Loans at such time). Interest that accrues under this Section
2.07(b) shall be payable on demand.

(c) Accrued (and theretofore unpaid) interest in respect of Loans shall be payable on the last
day of each Interest Period applicable thereto and, in the case of an Interest Period in excess of
three months, on each date occurring at three month intervals after the first day of such Interest
Period, on any repayment or prepayment (on the amount repaid or prepaid), at maturity (whether by
acceleration or otherwise) and, after such maturity, on demand.

(d) Upon each Interest Determination Date, the Administrative Agent shall determine the
Eurodollar Rate for each Interest Period applicable to the Loans to be made pursuant to the
applicable Borrowing and shall promptly notify the Borrowers and the Lenders thereof. Each such
determination shall, absent manifest error, be final and conclusive and binding on all parties
hereto.

(e) All calculations of interest shall be based on a 360-day year and actual days elapsed.

 

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2.08 Interest Periods. (a) At the time the Borrower Representative gives a Notice of
Borrowing in respect of the making of any Loan (in the case of the initial Interest Period
applicable thereto) or prior to 11:00 A.M. (New York time) on the third Business Day prior to the
expiration of an Interest Period applicable to such Loan (in the case of any subsequent Interest
Period), the Borrower Representative shall have the right to elect, by giving the Administrative
Agent notice thereof, the interest period (each an “Interest Period”) applicable to such
Loan, which Interest Period shall, at the option of the Borrower Representative, be a one, three or
six-month period (or such other period as may be agreed upon by all Lenders, it being understood,
however, that during the one-month period preceding the Maturity Date, such Borrower, with the
consent of the Administrative Agent, may select an Interest Period of less than one month so long
as such Interest Period ends no later than the Maturity Date); provided that:

(i) all Loans comprising a Borrowing shall at all times have the same Interest Period;

(ii) the initial Interest Period for any Loan shall commence on the date of Borrowing
of such Loan (if initially borrowed as a Loan), and each Interest Period occurring
thereafter in respect of such Loan shall commence on the day immediately following the day
on which the immediately preceding Interest Period applicable thereto expires;

(iii) if any Interest Period relating to a Loan begins on a day for which there is no
numerically corresponding day in the calendar month at the end of such Interest Period, such
Interest Period shall end on the last Business Day of such calendar month;

(iv) if any Interest Period would otherwise expire on a day which is not a Business
Day, such Interest Period shall expire on the first succeeding Business Day;
provided, however, that if any Interest Period for a Loan would otherwise
expire on a day which is not a Business Day but is a day of the month after which no further
Business Day occurs in such month, such Interest Period shall expire on the immediately
preceding Business Day;

(v) no Interest Period longer than one month may be selected at any time when an Event
of Default is then in existence;

(vi) no Interest Period in respect of any Borrowing shall be selected which extends
beyond the Maturity Date; and

(vii) the selection of Interest Periods shall be subject to the provisions of this
Section 2.08;

If by 11:00 A.M. (New York time) on the third Business Day preceding the expiration of any
Interest Period applicable to a Borrowing of Loans, the Borrower Representative has failed to elect
a new Interest Period to be applicable to such Loans as
provided above, such Borrower shall be deemed to have elected a one month Interest Period to
be applicable to such Loans effective as of the expiration date of such current Interest Period.

 

-22-

 

2.09 Increased Costs, Illegality, etc. (a) In the event that any Lender shall have
determined in good faith (which determination shall, absent manifest error, be final and conclusive
and binding upon all parties hereto):

(i) at any time, that such Lender shall incur increased costs or reductions in the
amounts received or receivable hereunder with respect to any Loan because of (x) any change
since the Restatement Effective Date in any applicable law or governmental rule, regulation,
order, guideline or request (whether or not having the force of law) or in the
interpretation or administration thereof and including the introduction of any new law or
governmental rule, regulation, order, guideline or request, such as but not limited to:
(A) a change in the basis of taxation of payment to any Lender of the principal of or
interest on such Loan or any other amounts payable hereunder (except for the imposition of,
or any change in, the rate of any Excluded Tax), but without duplication of any increased
costs with respect to Taxes which are addressed in Section 4.04, or (B) a change in
official reserve requirements but, in all events, excluding reserves required under
Regulation D to the extent included in the computation of the Eurodollar Rate, and/or
(y) other circumstances arising since the Restatement Effective Date affecting such Lender,
the applicable interbank market or the position of such Lender in such market (whether or
not such Lender was a Lender at the time of such occurrence); or

(ii) at any time after the Restatement Effective Date, that the making or continuance
of any Loan has been made unlawful by any law or governmental rule, regulation or order (or
would conflict with any governmental rule, regulation, guideline, request or order not
having the force of law but with which such Lender customarily complies even though the
failure to comply therewith would not be unlawful);

then, and in any such event, such Lender shall promptly give notice (by telephone confirmed in
writing) to the affected Borrower and to the Administrative Agent of such determination (which
notice the Administrative Agent shall promptly transmit to each of the other Lenders). Thereafter
(x) in the case of clause (ii) above, the Borrowers agree to pay to such Lender, upon written
demand therefor, such additional amounts (in the form of an increased rate of, or a different
method of calculating, interest or otherwise as such Lender in its sole discretion shall determine)
as shall be required to compensate such Lender for such increased costs or reductions in amounts
received or receivable hereunder (with the written notice as to the additional amounts owed to such
Lender, showing in reasonable detail the basis for the calculation thereof, submitted to the
Borrowers by such Lender in accordance with the foregoing to be, absent manifest error, final and
conclusive and binding on all the parties hereto, although the failure to give any such notice
shall not release or diminish any of the Borrowers’ obligations to pay additional amounts pursuant
to this Section 2.09(a) upon the subsequent receipt of such notice) and (y) in the case of
clause (ii) above, the Borrowers shall take one of the actions specified in Section 2.09(b)
as promptly as possible and, in any event, within the time period required by law.

 

-23-

 

(b) At any time that any Loan is affected by the circumstances described in Section
2.09(a)(i) or (ii), the Borrowers may (and in the case of a Loan affected by the
circumstances described in Section 2.09(a)(ii) shall) either (x) if the affected Loan
is then being made initially or pursuant to a conversion, cancel the respective Borrowing by giving
the Administrative Agent telephonic notice (confirmed in writing) on the same date that such
Borrowers were notified by the affected Lender or the Administrative Agent pursuant to
Section 2.09(a)(i) or (ii) or (y) if the affected Loan is then outstanding, upon at
least three Business Days’ written notice to the Administrative Agent, in the case of any Loan,
repay all outstanding Borrowings which include such affected Loans in full in accordance with the
applicable requirements of Section 4.01; provided that (i) if the circumstances
described in Section 2.09(a)(ii) apply to any Loan, the Borrowers may, in lieu of taking
the actions described above, maintain such Loan outstanding, in which case, the Eurodollar Rate
shall be determined on the basis provided in the proviso to the definition of Eurodollar Rate,
unless the maintenance of such Loan outstanding on such basis would not stop the conditions
described in Section 2.09(a)(ii) from existing (in which case the actions described above,
without giving effect to this proviso, shall be required to be taken) and (ii) if more than one
Lender is affected at any time, then all affected Lenders must be treated the same pursuant to this
Section 2.09(b).

(c) If any Lender shall have determined after the Restatement Effective Date that the adoption
or effectiveness after the Restatement Effective Date of any applicable law, rule or regulation
regarding capital adequacy, or any change therein, or any change after the Restatement Effective
Date in the interpretation or administration thereof by any governmental authority, central bank or
comparable agency charged with the interpretation or administration thereof, or compliance by such
Lender or any corporation controlling such Lender with any request or directive regarding capital
adequacy (whether or not having the force of law) of any such authority, central bank or comparable
agency, has or would have the effect of reducing the rate of return on such Lender’s or such other
corporation’s capital or assets as a consequence of such Lender’s Revolving Loan Commitments
hereunder or its obligations hereunder to the Borrowers to a level below that which such Lender or
such other corporation could have achieved but for such adoption, effectiveness, change or
compliance (taking into consideration such Lender’s or such other corporation’s policies with
respect to capital adequacy), then from time to time, upon written demand by such Lender (with a
copy to the Administrative Agent), accompanied by the notice referred to in the next succeeding
sentence of this clause (c), such Borrowers agree (to the extent applicable) to pay to such Lender
such additional amount or amounts as will compensate such Lender or such other corporation for such
reduction in the rate of return to such Lender or such other corporation. Each Lender, upon
determining in good faith (and using reasonable averaging and attribution methods) that any
additional amounts will be payable pursuant to this Section 2.09(c), will give prompt
written notice thereof to the Borrowers (a copy of which shall be sent by such Lender to the
Administrative Agent), which notice shall set forth such Lender’s basis for asserting its rights
under this Section 2.09(c) and the calculation, in reasonable detail, of such additional
amounts claimed hereunder, although the failure to give any such notice shall not release or
diminish the Borrowers obligations to pay additional amounts pursuant to this Section
2.09(c) upon the subsequent receipt of such notice. A Lender’s good faith determination of
compensation owing under this Section 2.09(c) shall, absent manifest error, be final and
conclusive and binding on all the parties hereto.

 

-24-

 

(d) If a Market Disruption Event occurs in relation to a Loan for any Interest Period, then
the rate of interest on each Lender’s share of that Loan for the Interest Period shall be the
percentage rate per annum which is the sum of:

(i) the Applicable Margin; and

(ii) the rate which is the arithmetic average of the rates (rounded upward to the
nearest 1/100 of one percent) determined by the Reference Banks on the Interest
Determination Date for such Interest Period to be that which expresses as a percentage rate
per annum the cost to each such Reference Bank of funding its participation in that Loan for
a period equivalent to such Interest Period from whatever source it may reasonably select;
provided that (x) in the event that none or only one of the Reference Banks supplies
a rate to the Administrative Agent as contemplated by this clause (ii), the rate for each
Lender for such Interest Period shall be the rate determined on the Interest Determination
Date for such Interest Period by such Lender to be that which expresses as a percentage rate
per annum the cost to such Lender of funding its participation in that Loan for a period
equivalent to such Interest Period from whatever source it may reasonably select, and (y)
the rate provided by a Reference Bank or Lender pursuant to this clause (ii) shall, absent
manifest error, be final and conclusive and binding on all the parties hereto and shall not
be disclosed to any other Lender and shall be held as confidential by the Administrative
Agent and the Borrowers.

(e) If a Market Disruption Event occurs and the Administrative Agent or the Borrowers so
require, the Administrative Agent and the Borrowers shall enter into negotiations (for a period of
not more than thirty days) with a view to agreeing to a substitute basis for determining the rate
of interest. Any alternative basis agreed pursuant to the immediately preceding sentence shall,
with the prior consent of all the Lenders and the Borrowers, be binding on all parties. If no
agreement is reached pursuant to this clause (e), the rate provided for in clause (d) above shall
apply for the entire Interest Period.

(f) If any Reference Bank ceases to be a Lender under this Agreement, (x) it shall cease to be
a Reference Bank and (y) the Administrative Agent shall, with the approval (which shall not be
unreasonably withheld) of the Parent, nominate as soon as reasonably practicable another Lender to
be a Reference Bank in place of such Reference Bank.

2.10 Compensation. The Borrowers jointly and severally agree to compensate each
Lender, upon its written request (which request shall set forth in reasonable detail the basis for
requesting such compensation), for all reasonable losses, expenses and liabilities (including,
without limitation, any such loss, expense or liability incurred by reason of the liquidation or
reemployment of deposits or other funds required by such Lender to fund its Loans but excluding
loss of anticipated profits) which such Lender may sustain in respect of Loans made to the
Borrower: (i) if for any reason (other than a default by such Lender or the Administrative Agent)
a Borrowing does not occur on a date specified therefor in a Notice of Borrowing (whether or not
withdrawn by either of the Borrowers or deemed withdrawn pursuant to Section 2.09(a)); (ii)
if any prepayment or repayment (including any prepayment or repayment made pursuant to
Section 2.09(a), Section 4.01, Section 4.02 or as a result of an
acceleration of the Loans pursuant to Section 10) of any of its Loans, or assignment of any
of its Loans pursuant to Section 2.12, occurs on a date which is not the last day of an
Interest Period with respect thereto; (iii) if any prepayment of any of its Loans is not made on
any date specified in a notice of prepayment given by either of the Borrowers; or (iv) as a
consequence of any other default by either of the
Borrowers to repay Loans or make payment on any Note held by such Lender when required by the
terms of this Agreement.

 

-25-

 

2.11 Change of Lending Office. Each Lender agrees that on the occurrence of any event
giving rise to the operation of Section 2.09(a)(i) or (ii), Section 2.09(b)
or Section 4.04 with respect to such Lender, it will, if requested by the Borrowers, use
reasonable good faith efforts (subject to overall policy considerations of such Lender) to
designate another lending office for any Loans affected by such event, provided that such
designation is made on such terms that such Lender and its lending office suffer no economic, legal
or regulatory disadvantage, with the object of avoiding the consequence of the event giving rise to
the operation of such Section. Nothing in this Section 2.11 shall affect or postpone any
of the obligations of the Borrowers or the rights of any Lender provided in Section 2.09
and Section 4.04.

2.12 Replacement of Lenders. (x) If any Lender becomes a Defaulting Lender or
otherwise defaults in its obligations to make Loans, (y) upon the occurrence of any event giving
rise to the operation of Section 2.09(a)(i) or (ii), Section 2.09(b) or
Section 4.04 with respect to any Lender which results in such Lender charging to the
Borrowers increased costs in excess of those being generally charged by the other Lenders, or (z)
as provided in Section 13.12(b) in the case of certain refusals by a Lender to consent to
certain proposed changes, waivers, discharges or terminations with respect to this Agreement which
have been approved by the Required Lenders, the Borrowers shall have the right to either replace
such Lender (the “Replaced Lender”) with one or more other Eligible Transferee or Eligible
Transferees, none of whom shall constitute a Defaulting Lender at the time of such replacement
(collectively, the “Replacement Lender”) and each of whom shall be required to be
reasonably acceptable to the Administrative Agent, provided that:

(i) at the time of any replacement pursuant to this Section 2.12, the
Replacement Lender shall enter into one or more Assignment and Assumption Agreements
pursuant to Section 13.04(b) (and with all fees payable pursuant to said Section
13.04(b) to be paid by the Replacement Lender) pursuant to which the Replacement Lender
shall acquire all of the Revolving Loan Commitments and outstanding Loans of the Replaced
Lender, and, in connection therewith, shall pay to the Replaced Lender in respect thereof an
amount equal to the sum (without duplication) of (I) an amount equal to the principal of,
and all accrued interest on, all outstanding Loans of the Replaced Lender and (II) an amount
equal to all accrued, but theretofore unpaid, fees owing to the Replaced Lender pursuant to
Section 3.01; and

(ii) all obligations of the Borrowers due and owing to the Replaced Lender at such time
(other than those specifically described in clause (i) above in respect of which the
assignment purchase price has been, or is concurrently being, paid) shall be paid in full to
such Replaced Lender concurrently with such replacement.

Upon the execution of the respective Assignment and Assumption Agreement, the payment of
amounts referred to in clauses (i) and (ii) above and, if so requested by the Replacement Lender,
delivery to the Replacement Lender of the appropriate Notes executed by the Borrowers, the
Replacement Lender shall become a Lender hereunder and the Replaced
Lender shall cease to constitute a Lender hereunder, except with respect to indemnification
provisions under this Agreement (including, without limitation, Sections 2.09,
2.10, 4.04, 11.06 and 13.01), which shall survive as to such
Replaced Lender.

 

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Section 3. Commitment Commission; Reductions of Commitment.

3.01 Commitment Commission. (a) The Borrowers agree to pay to the Administrative
Agent for distribution to each Lender which is a Non-Defaulting Lender a commitment commission (the
“Commitment Commission”), in Dollars, for the period from and including the Restatement
Effective Date to and including the Maturity Date (or such earlier date on which the Total
Commitment has been terminated) computed at a rate per annum equal to 40% of the Applicable Margin
then in effect on the daily undrawn portion of the Total Commitment. The accrued Commitment
Commission shall be due and payable quarterly in arrears on each Quarterly Payment Date and on the
date upon which the Total Commitment is terminated.

(b) The Borrowers shall pay to the Administrative Agent, for the Administrative Agent’s own
account, such other fees as have been agreed to in writing by the Borrowers and the Administrative
Agent.

3.02 Voluntary Termination of Unutilized Commitments. (a) Upon at least three
Business Days’ prior notice to the Administrative Agent at its Notice Office (which notice the
Administrative Agent shall promptly transmit to each of the Lenders), the Borrowers shall have the
right, at any time or from time to time, without premium or penalty, to terminate or reduce the
Total Unutilized Loan Commitment, in whole or in part, in integral multiples of $1,000,000 in the
case of partial reductions thereto, provided that each such reduction shall apply
proportionately to permanently reduce the Revolving Loan Commitment of each Lender.

(b) In the event of certain refusals by a Lender as provided in Section 13.12(b) to
consent to certain proposed changes, waivers, discharges or terminations with respect to this
Agreement which have been approved by the Required Lenders, the Borrowers may, subject to the
requirements of Section 13.12(b) and upon five Business Days’ written notice to the
Administrative Agent at its Notice Office (which notice the Administrative Agent shall promptly
transmit to each of the Lenders), terminate all of the Revolving Loan Commitment (if any) of such
Lender so long as all Loans, together with accrued and unpaid interest, Commitment Commission and
all other amounts, owing to such Lender are repaid concurrently with the effectiveness of such
termination (at which time Schedule I shall be deemed modified to reflect such changed
amounts), and at such time such Lender shall no longer constitute a “Lender” for purposes of this
Agreement, except with respect to indemnification provisions under this Agreement (including,
without limitation, Sections 2.09, 2.10, 4.04, 11.06 and
13.01), which shall survive as to such repaid Lender. For the avoidance of doubt, the
repayment of any Loans pursuant to this Section 3.02(b) shall not be subject to the
provisions of Section 13.06 hereof.

3.03 Mandatory Reduction of Commitments. (a) The Total Commitment (and the Revolving
Loan Commitment of each Lender) shall terminate in its entirety on the Maturity Date, after giving
effect to all Borrowings of Loans on such date.

 

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(b) On each Quarterly Payment Date, the Available Commitment and the Total Commitment, as
applicable, shall be reduced by an aggregate principal amount as is set forth opposite each such
Quarterly Payment Date below (each such reduction, as the same may be reduced as provided in
Sections 3.03(a) or (c), a “Scheduled Commitment Reduction”);
provided that the aggregate principal amount of the Scheduled Commitment Reductions set
forth in the “Available Commitment” column opposite the Quarterly Payment Dates for October 15,
2009 and October 30, 2009 shall be reduced by the amount by which the Net Cash Proceeds which are
applicable to the reduction of the Total Commitment and the Available Commitment made on or before
such date, if any, from the Collateral Disposition (other than a Collateral Disposition
constituting an Event of Loss) of the M/V Northern Clipper or M/V Northern Challenger exceeds the
relevant Collateral Disposition Amount (each, a “Collateral Disposition Reduction”);
provided, further, that each such Collateral Disposition Reduction shall be applied
in direct order of maturity first to reduce the Scheduled Commitment Reduction on October 15, 2009
and second to reduce the Scheduled Commitment Reduction on October 30, 2009:

	 	 	 	 	 	 	 	 	 
	 	 	Amount	 
	Quarterly Payment Date	 	Available Commitment	 	 	Total Commitment	 
	 
	 	 	 	 	 	 	 	 
	October 15, 2009
	 	$	4,535,375	 	 	$	0	 
	 
	 	 	 	 	 	 	 	 
	October 28, 2009
	 	$	4,535,375	 	 	$	0	 
	 
	 	 	 	 	 	 	 	 
	December 31, 2009
	 	$	9,070,750	 	 	$	7,561,246	 
	 
	 	 	 	 	 	 	 	 
	March 31, 2010
	 	$	9,070,750	 	 	$	0	 
	 
	 	 	 	 	 	 	 	 
	June 30, 2010
	 	$	9,070,750	 	 	$	0	 
	 
	 	 	 	 	 	 	 	 
	September 30, 2010
	 	$	7,442,450	 	 	$	7,500,000	 
	 
	 	 	 	 	 	 	 	 
	December 31, 2010
	 	$	7,442,450	 	 	$	7,500,000	 
	 
	 	 	 	 	 	 	 	 
	March 31, 2011
	 	$	7,442,450	 	 	$	7,500,000	 
	 
	 	 	 	 	 	 	 	 
	June 30, 2011
	 	$	7,442,450	 	 	$	7,500,000	 
	 
	 	 	 	 	 	 	 	 
	September 30, 2011
	 	$	7,442,450	 	 	$	7,500,000	 
	 
	 	 	 	 	 	 	 	 
	December 31, 2011
	 	$	7,442,450	 	 	$	7,500,000	 
	 
	 	 	 	 	 	 	 	 
	March 31, 2012
	 	$	7,442,450	 	 	$	7,500,000	 
	 
	 	 	 	 	 	 	 	 
	June 30, 2012
	 	$	7,442,450	 	 	$	7,500,000	 
	 
	 	 	 	 	 	 	 	 
	September 30, 2012
	 	$	7,442,450	 	 	$	7,500,000	 
	 
	 	 	 	 	 	 	 	 
	December 31, 2012
	 	$	7,442,450	 	 	$	7,500,000	 
	 
	 	 	 	 	 	 	 	 
	March 31, 2013
	 	$	7,442,450	 	 	$	7,500,000	 

 

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(c) In addition to, but without duplication of, any other mandatory repayments or commitment
reductions required pursuant to this Section 3.03, on (i) the Business Day of any
Collateral Disposition involving a Mortgaged Vessel (other than a Collateral Disposition
constituting an Event of Loss) and (ii) the earlier of (A) the date which is 180 days following any
Collateral Disposition constituting an Event of Loss involving a Mortgaged Vessel and (B) the date
of receipt by the Borrowers, any of their respective Subsidiaries or the Administrative Agent of
the insurance proceeds relating to such Event of Loss, the Total Commitment and the Available
Commitment shall be permanently reduced by (x) an amount equal to the Total Commitment, multiplied
by a percentage thereof, expressed as a fraction, the numerator of which is the Appraised Value
(determined on the basis of the most recently obtained Appraisals) of such Mortgaged Vessel subject
to such Collateral Disposition and the denominator of which is the Aggregate Appraised Value
(determined on the basis of the most recently obtained Appraisals) of all Mortgaged Vessels owned
by the Borrowers and the Subsidiaries Guarantors at such time (the “Collateral Disposition
Amount”), or (y) prior to the delivery of all the Construction Vessels, if greater, in the case
of M/V Northern Princess or M/V Northern Queen, 30% of the Net Cash Proceeds of such Collateral
Disposition, or (z) if greater, in the case of M/V Northern Clipper or M/V Northern Challenger,
100% of the Net Cash Proceeds of such Collateral Disposition.

(d) Each reduction to, or termination of, the Total Commitment and the Available Commitment
pursuant to Sections 3.02 or 3.03(c) shall be applied to reduce future Scheduled
Commitment Reductions on a pro rata basis (based upon the then applicable amounts of such Scheduled
Commitment Reductions).

(e) Each reduction to, or termination of, the Total Commitment pursuant to this Section
3.03 shall be applied to proportionately reduce or terminate, as the case may be, the Revolving
Loan Commitment of each Lender.

Section 4. Prepayments; Payments; Taxes; Voluntary Prepayments.

4.01 Voluntary Prepayments. (a) The Borrowers shall have the right to prepay the
Loans, without premium or penalty, in whole or in part at any time and from time to time on the
following terms and conditions:

(i) the Borrowers shall give the Administrative Agent prior to 12:00 Noon (New York
time) at the Notice Office at least three Business Days’ prior written notice (or telephonic
notice promptly confirmed in writing) of their intent to prepay such Loans, the amount of
such prepayment and the specific Borrowing or Borrowings pursuant to which such Loans were
made, and which notice the Administrative Agent shall promptly transmit to each of the
Lenders;

 

-29-

 

(ii) each prepayment shall be in an aggregate principal amount of at least $1,000,000
or such lesser amount as is reasonably acceptable to the Administrative Agent;

(iii) at the time of any prepayment of Loans pursuant to this Section 4.01 on
any date other than the last day of the Interest Period applicable thereto, the Borrowers
shall pay the amounts, if any, required to be paid pursuant to Section 2.10; and

(iv) each prepayment pursuant to this Section 4.01(a) in respect of any Loans
shall be applied pro rata among such Loans, provided that at the Borrowers’ election
in connection with any prepayment of Loans pursuant to this Section 4.01(a), such
prepayment shall not, so long as no Default or Event of Default then exists, be applied to
any Loan of a Defaulting Lender.

(b) In the event of a refusal by a Lender to consent to certain proposed changes, waivers,
discharges or terminations with respect to this Agreement which have been approved by the Required
Lenders as (and to the extent) provided in Section 13.12(b), the Borrowers may, upon five
Business Days’ prior written notice to the Administrative Agent at the Notice Office (which notice
the Administrative Agent shall promptly transmit to each of the Lenders), repay all Loans of such
Lender (including all amounts, if any, owing pursuant to Section 2.09), together with
accrued and unpaid interest, fees and all other amounts then owing to such Lender in accordance
with, and subject to the requirements of, said Section 13.12(b), so long as (A) the
Revolving Loan Commitment of such Lender is terminated concurrently with such prepayment (at which
time Schedule I shall be deemed modified to reflect the changed Revolving Loan Commitments)
and (B) the consents, if any, required under Section 13.12(b) in connection with the
prepayment pursuant to this clause (b) have been obtained. For the avoidance of doubt, the
repayment of any Loans pursuant to this Section 4.01(b) shall not be subject to the
provisions of Section 13.06 hereof.

4.02 Mandatory Repayments. (a) On any day on which the Aggregate Exposure (after
giving effect to all other repayments thereof on such date) exceeds the lesser of (i) the then
applicable Total Commitment and (ii) the then applicable Available Commitment due to any mandatory
reductions of Revolving Loan Commitments made pursuant to Section 3.03, and within two (2)
Business Days for any other event causing the Aggregate Exposure (after giving effect to all other
repayment thereof as such date) to exceed the lesser of (i) the then applicable Total Commitment
and (ii) the then applicable Available Commitment (including as a consequence of currency exchange
rate fluctuations), the Borrowers shall repay on such date the principal of Loans in an amount
equal to such excess.

(b) With respect to each repayment of Loans required by this Section 4.02, the
Borrowers may designate the specific Borrowing or Borrowings pursuant to which such Loans were
made, provided that (i) repayments of Loans pursuant to this Section 4.02 may only
be made on the last day of an Interest Period applicable thereto unless all Loans with Interest
Periods ending on such date of required repayment have been paid in full and (ii) each repayment of
any Loans comprising a Borrowing shall be applied pro rata among such Loans. In the absence of a
designation by the Borrowers as described in the preceding sentence, the Administrative Agent
shall, subject to the above, make such designation in its sole discretion.

 

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(c) Notwithstanding anything to the contrary contained elsewhere in this Agreement, all then
outstanding Loans shall be repaid in full on the Maturity Date.

4.03 Method and Place of Payment. Except as otherwise specifically provided herein,
(a) all Obligations under this Agreement and under any Note shall be the obligation of the
Borrowers and (b) all payments under this Agreement and under any Note shall be made to the
Administrative Agent for the account of the Lender or Lenders entitled thereto not later than 10:00
A.M. (New York time) on the date when due and shall be made in Dollars in immediately available
funds at the Payment Office. Any payments under this Agreement or under any Note which are made
later than 10:00 A.M. (New York time) on any day shall be deemed to have been made on the next
succeeding Business Day. Whenever any payment to be made hereunder or under any Note shall be
stated to be due on a day which is not a Business Day, the due date thereof shall be extended to
the next succeeding Business Day and, with respect to payments of principal, interest shall be
payable at the applicable rate during such extension.

4.04 Net Payments; Taxes. (a) All payments made by any Credit Party hereunder or
under any other Credit Document will be made without setoff, counterclaim or other defense. Except
as provided in Section 4.04(b), all such payments will be made free and clear of, and
without deduction or withholding for, any present or future taxes, levies, imposts, duties, fees,
assessments or other charges of whatever nature now or hereafter imposed by any jurisdiction or by
any political subdivision or taxing authority thereof or therein with respect to such payments (but
excluding, with respect to the Administrative Agent, any Lender or any other recipient of any
payment to be made by or on account of any obligation of the Borrowers hereunder, (i) taxes imposed
on or measured by its overall net income (however denominated), and
franchise taxes imposed (in
lieu of net income taxes), by the jurisdiction (or any political subdivision or taxing authority
thereof) under the laws of which such recipient is organized or in which its principal office is
located or, in the case of any Lender, in which its applicable lending office is located, (ii) any
branch profits taxes imposed by the United States of America or any similar tax imposed by any
other jurisdiction in which the principal office or applicable lending office of the Administrative
Agent or the Lender, as the case may be, is located, and (iii) in the case of a Foreign Lender, any
withholding tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign
Lender designates a new lending office or is attributable to such Foreign Lender’s failure to
comply with Section 4.04(b), except to the extent that such Foreign Lender was entitled at
the time of the designation of the new lending office to receive additional amounts from the
Borrowers with respect to such withholding tax pursuant to Section 4.04(a) (collectively,
the “Excluded Taxes”)), and all interest, penalties or similar liabilities with respect to
such non-Excluded Taxes, levies, imposts, duties, fees, assessments or other charges (all such
non-Excluded Taxes, levies, imposts, duties, fees, assessments or other charges being referred to
collectively as “Taxes”). If any Taxes are required to be deducted or withheld, the
Borrowers agree to pay the full amount of such Taxes, and such additional amounts as may be
necessary so that every payment under this Agreement or under any Note, after withholding or
deduction for or on account of any Taxes, will not be less than the amount provided for herein or
in such Note. The Borrowers will furnish to the Administrative Agent as soon as practicable after
the date the payment of any Taxes is due pursuant to applicable law certified copies of tax
receipts or other evidence of such payment reasonably acceptable to the Administrative Agent. The
Borrowers jointly and severally agree to indemnify and hold harmless each Lender, and reimburse
such Lender upon its written request, for the amount of any
Taxes so levied or imposed and paid by such Lender; provided that, no Lender shall be
indemnified for any Taxes hereunder unless such Lender shall make written demand on the Borrowers
for reimbursement hereunder no later than 180 days after the earlier of (i) the date on which such
Lender makes payment of such Taxes and (ii) the date on which the relevant jurisdiction or any
political subdivision or taxing authority thereof makes initial written demand upon such Lender for
payment of such Taxes.

 

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(b) Each Lender agrees to use reasonable efforts (consistent with the legal and regulatory
restrictions and subject to overall policy considerations of such Lender) to file any certificate
or document or to furnish to the Borrowers any information, in each case, as reasonably requested
by the Borrowers that may be necessary to establish any available exemption from, or reduction in
the amount of, any Taxes; provided, however, that nothing in this Section
4.04(b) shall require a Lender to disclose any confidential information (including, without
limitation, its tax returns or its calculations).

(c) If the Administrative Agent or a Lender determines, in its sole discretion, that it has
received a refund of any Taxes as to which it has been indemnified by the Borrowers or with respect
to which the Borrowers have paid additional amounts pursuant to this Section 4.04, it shall
pay to the Borrowers an amount equal to such refund (but only to the extent of indemnity payments
made, or additional amounts paid, by the Borrowers under this Section with respect to the Taxes
giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent or such
Lender, as the case may be, and without interest (other than any interest paid by the relevant
jurisdiction or any political subdivision or taxing authority thereof with respect to such refund),
provided, however, that (i) the Administrative Agent or Lender, as the case may be,
may determine, in its sole discretion consistent with the policies of the Administrative Agent or
Lender, as the case may be, whether to seek a refund; and (ii) the Borrowers, upon the request of
the Administrative Agent or such Lender, agree to repay the amount paid over to the Borrowers (plus
any penalties, interest or other charges imposed by the relevant jurisdiction or any political
subdivision or taxing authority thereof) to the Administrative Agent or such Lender in the event
the Administrative Agent or such Lender is required to repay such refund to such jurisdiction or
any political subdivision or taxing authority thereof. This paragraph shall not be construed to
require the Administrative Agent or any Lender to make available its tax returns (or any other
information that it deems confidential) to the Borrowers or any other Person.

Section 5. Conditions Precedent to the Restatement Effective Date. The occurrence of
the Restatement Effective Date pursuant to Section 13.10 and (i) the continuation of the
Existing Loans as Loans hereunder and (ii) the obligation of each Lender to make Loans on and after
the Restatement Effective Date are subject to the satisfaction or waiver of the following
conditions:

5.01 Execution of Agreement; Notes. On or prior to the Restatement Effective Date,
(x) this Agreement shall have been executed and delivered as provided in Section 13.10 and
(y) there shall have been delivered to the Administrative Agent, for the account of each of the
Lenders that has requested same, the appropriate Notes executed by the Borrower Representative, in
each case in the amount, maturity and as otherwise provided herein.

 

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5.02 Officer’s Certificate. On the Restatement Effective Date, the Administrative
Agent shall have received a certificate from an Authorized Officer of the Borrower Representative
certifying that the conditions set forth in Sections 5.03, 5.10, 5.15,
5.16, 5.17, 5.18 and 5.20 are satisfied on the Restatement
Effective Date (to the extent that, in each case, such conditions are not required to be acceptable
(reasonably or otherwise) to the Administrative Agent).

5.03 Fees, etc. On or prior to the Restatement Effective Date, the Borrowers shall
have paid to the Administrative Agent and the Lenders all costs, fees and expenses (including,
without limitation, reasonable legal fees and expenses of outside counsel to the Administrative
Agent) payable to the Administrative Agent and the Lenders to the extent then due.

5.04 Opinions of Counsel. On the Restatement Effective Date, the Administrative Agent
shall have received (i) from Vinson & Elkins L.L.P., special New York counsel to each Credit Party,
a favorable opinion reasonably satisfactory in form and substance to the Administrative Agent and
addressed to the Administrative Agent and each of the Lenders and dated the Restatement Effective
Date covering the matters set forth in Exhibit F-1 and such other matters incident to the
transactions contemplated herein as the Administrative Agent may reasonably request, (ii) subject
to Section 13.24, from Thommessen Krefting Greve Lund AS, Norwegian counsel to each Credit
Party, a favorable opinion reasonably satisfactory in form and substance to the Administrative
Agent and addressed to the Administrative Agent and each of the Lenders and dated the Restatement
Effective Date (or the First Post-Closing Date, as applicable) covering the matters set forth in
Exhibit F-2 and such other matters incident to the transactions contemplated herein as the
Administrative Agent may reasonably request, (iii) subject to Section 13.24, from Higgs &
Johnson, Bahamian counsel to each Credit Party, a favorable opinion reasonably satisfactory in form
and substance to the Administrative Agent and addressed to the Administrative Agent and each of the
Lenders and dated the Restatement Effective Date (or the First Post-Closing Date, as applicable)
covering the matters set forth in Exhibit F-3 and such other matters incident to the
transactions contemplated herein as the Administrative Agent may reasonably request, (iv) subject
to Section 13.24, from Seward & Kissel LLP, Vanuatu maritime counsel to each Credit Party,
a favorable opinion reasonably satisfactory in form and substance to the Administrative Agent and
addressed to the Administrative Agent and each of the Lenders and dated the Restatement Effective
Date (or the First Post-Closing Date, as applicable) covering the matters set forth in Exhibit
F-4 and such other matters incident to the transactions contemplated herein as the
Administrative Agent may reasonably request, (v) subject to Section 13.24, White & Case
LLP, London Office, English counsel to the Administrative Agent a favorable opinion reasonably
satisfactory in form and substance to the Administrative Agent and addressed to the Administrative
Agent and each of the Lenders and dated the Restatement Effective Date (or the First Post-Closing
Date, as applicable) covering the matters set forth in Exhibit F-5 and such other matters
incident to the transactions contemplated herein as the Administrative Agent may reasonably request
and (vi) Rishi Varma, General Counsel to the Parent a favorable opinion reasonably satisfactory in
form and substance to the Administrative Agent and addressed to the Administrative Agent and each
of the Lenders and dated the Restatement Effective Date covering the matters set forth in
Exhibit F-6 and such other matters incident to the transactions contemplated herein as the
Administrative Agent may reasonably request.

 

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5.05 Corporate Documents; Proceedings; etc. (a) On the Restatement Effective Date,
the Administrative Agent shall have received a certificate from the Parent and each Credit Party,
dated the Restatement Effective Date, signed by an Authorized Officer of such entity, and attested
to by the Secretary or any Assistant Secretary (or if such entity does not have a Secretary or
Assistant Secretary, any other officer or director of such entity) of such entity, substantially in
the form of Exhibit G, with appropriate insertions, together with copies of the Certificate
of Incorporation and By-Laws (or equivalent organizational documents) of such entity and the
resolutions of such entity referred to in such certificate, and the foregoing shall be reasonably
acceptable to the Administrative Agent; provided that each of the Borrowers, Holdings and
Trico Subsea Holding shall only be required to deliver to the Administrative Agent on the
Restatement Effective Date a certificate, dated the Restatement Effective Date, signed by an
Authorized Officer of such Credit Party confirming that there have been no changes to the
Certificate of Incorporation or By-laws (or equivalent organizational documents) since the
effective date of the Original Shipping Credit Agreement or the Original Subsea Credit Agreement,
as applicable, together with resolutions referred to in such certificate, and the foregoing shall
be reasonably acceptable to the Administrative Agent.

(b) On the Restatement Effective Date, all corporate, limited liability company, partnership
and legal proceedings, and all instruments and agreements in respect of the Parent in connection
with the transactions contemplated by this Agreement and the other Credit Documents, shall be
reasonably satisfactory in form and substance to the Administrative Agent, and the Administrative
Agent shall have received all information and copies of all documents and papers, including records
of corporate, limited liability company and partnership proceedings, governmental approvals, good
standing certificates and bring-down telegrams or facsimiles, if any, which the Administrative
Agent reasonably may have requested in connection therewith, such documents and papers, where
appropriate, to be certified by proper corporate or governmental authorities.

5.06 Indebtedness. Except for the Existing Indebtedness set forth on Schedule
VIII, on the Restatement Effective Date, neither Holdings nor any other Credit Party has any
outstanding preferred equity, Indebtedness or contingent liabilities, except for Indebtedness
incurred pursuant to this Agreement, and all equity interests of each Subsidiaries Guarantor shall
be owned directly or indirectly by the Borrowers, in each case free and clear of Liens (other than
Permitted Liens) and all equity interests of the Borrowers shall be owned directly or indirectly by
Holdings free and clear of Liens (other than Permitted Liens).

5.07 Amended and Restated Pledge and Security Agreement. On the Restatement Effective
Date, each Credit Party shall have (x) duly authorized, executed and delivered the Amended and
Restated Pledge and Security Agreement substantially in the form of Exhibit I (as modified,
supplemented or amended from time to time, the “Pledge Agreement”) and shall have (A)
delivered to the Collateral Agent, as pledgee, all the certificated Pledged Securities referred to
therein, together with executed and undated stock powers in the case of capital stock constituting
Pledged Securities, and (B) otherwise complied with all of the requirements set forth in the Pledge
Agreement and (y) duly authorized, executed and delivered any other related documentation necessary
or advisable to perfect the Lien on the Pledge Agreement Collateral referred to in the Pledge
Agreement in the respective jurisdictions of formation of the Credit Parties; provided,
however, that notwithstanding the foregoing, Holdings
shall only be required to pledge the equity interests it holds in Trico Shipping and its
Subsidiaries, with the exception of DeepOcean.

 

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5.08 Vessel Acquisition Agreements. (a) On or prior to the Restatement Effective
Date, the Administrative Agent shall have received copies of the material documentation in
existence on the date of this Agreement for the acquisition of the Construction Vessels (such
contracts and agreements listed on Schedule IV hereto, the “Vessel Acquisition
Agreements”), and all shall be in full force and effect.

(b) On or prior to the Restatement Effective Date, Trico Subsea shall have (i) duly
authorized, executed and delivered the Amended and Restated Vessel Acquisition Agreements
Assignment substantially in the form of Exhibit J hereto (as modified, supplemented or
amended from time to time, the “Vessel Acquisition Agreements Assignment”) (it being
understood that such assignments shall become effective only when the requisite consents thereto
shall have become effective), (ii) taken all actions necessary or advisable to perfect the Lien on
the collateral described therein and (iii) used its commercially reasonable efforts to obtain and
deliver the consents substantially in the form of Exhibit A to Exhibit J hereto (as
modified, supplemented or amended from time to time, each a “Consent to Assignment of Vessel
Acquisition Agreements Assignment”) required for the assignment of each of the Vessel
Acquisition Agreements to the Collateral Agent pursuant to a Vessel Acquisition Agreements
Assignment.

(c) On the Restatement Effective Date, Trico Subsea shall have (x) duly authorized, executed
and delivered the Amended and Restated Refund Guarantee Assignment substantially in the form of
Exhibit E hereto (as modified, supplemented or amended from time to time, the “Refund
Guarantee Assignments”) (it being understood that such assignments shall become effective only
when the requisite consents thereto shall have become effective), (y) take all actions necessary or
advisable to perfect the Lien on the collateral described therein and (z) subject to Section
13.24, obtained and delivered all necessary consents required for the assignment of each Refund
Guarantee to the Collateral Agent.

5.09 Solvency Certificate. On the Restatement Effective Date, the Administrative Agent
shall have received a solvency certificate from a senior executive officer of Holdings,
substantially in the form of Exhibit K, which shall be addressed to the Administrative
Agent and each of the Lenders and dated the Restatement Effective Date, setting forth the
conclusion that, after giving effect to the Borrowings, if any, on the Restatement Effective Date,
Holdings individually, and Holdings and its Subsidiaries taken as a whole, are not insolvent and
will not be rendered insolvent by the incurrence of such indebtedness, and will not be left with
unreasonably small capital with which to engage in their respective businesses and will not have
incurred debts beyond their ability to pay such debts as they mature.

5.10 Approvals. On or prior to the Restatement Effective Date, all necessary
governmental (domestic and foreign) and third party approvals and/or consents in connection with
the Loans, and the granting of Liens under the Credit Documents (other than the registration of the
Vessel Mortgages in respect of the Construction Vessels or as otherwise provided in Sections
5.08(b) and (c)) shall have been obtained and remain in effect, and all applicable
waiting periods with respect thereto shall have expired without any action being taken by any
competent authority which restrains, prevents or imposes materially adverse conditions upon
the making of the Loans and the performance by the Credit Parties of the Credit Documents. On the
Restatement Effective Date, there shall not exist any judgment, order, injunction or other
restraint issued or filed or a hearing seeking injunctive relief or other restraint pending or
notified, prohibiting or imposing materially adverse conditions upon the making of the Loans or the
performance by the Credit Parties of their obligations under the Credit Documents.

 

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5.11 Assignments of Earnings, Insurances and Charter. On the Restatement Effective
Date, Trico Subsea shall have duly authorized, executed and delivered, in respect of M/V Trico
Sabre, an Assignment of Earnings substantially in the form of Exhibit L-1, an Assignment of
Insurances substantially in the form of Exhibit L-2 and an Assignment of Charters (existing
or future) substantially in the form of Exhibit B to the Assignment of Earnings for any
charter or other similar contract that has as of the Restatement Effective Date a remaining term of
twelve (12) months or greater, including any extension option, granted by Trico Subsea, and shall
use commercially reasonable efforts to provide appropriate notices and consents relating thereto,
together covering all of Trico Subsea’s present and future Earnings and Insurance Collateral, in
each case together with:

(i) proper Financing Statements (Form UCC-1) fully executed for filing under the UCC or
in other appropriate filing offices of each jurisdiction as may be necessary to perfect the
security interests purported to be created by the Assignment of Earnings, Assignment of
Charters and the Assignment of Insurances;

(ii) certified copies of Requests for Information or Copies (Form UCC-11), or
equivalent reports, listing all effective financing statements that name Trico Subsea as
debtor and that are filed in Washington D.C., together with copies of such other financing
statements (none of which shall cover the Collateral, except to the extent evidencing
Permitted Liens, unless the Collateral Agent shall have received Form UCC-3 Termination
Statements (or such other termination statements as shall be required by local law) fully
executed for filing if required by applicable laws in respect thereof); and

(iii) evidence that all other actions necessary to perfect and protect the security
interests purported to be created by the Assignment of Earnings, the Assignment of
Insurances and the Assignment of Charters have been taken.

5.12 Vessel Mortgages. On the Restatement Effective Date, subject to Section
13.24, (i) Trico Shipping shall have duly authorized, executed and delivered, and caused to be
recorded in the appropriate vessel registry, Vessel Mortgages, amendments to the Vessel Mortgages
or amendments and restatements of the Vessel Mortgages, as applicable, (as the same have been
amended, modified and/or supplemented to, but not including, the Restatement Effective Date) with
respect to each of the Mortgaged Vessels listed in rows 1 through 12 on Schedule III in a
manner reasonably satisfactory to the Administrative Agent, (ii) Trico Subsea shall have duly
authorized, executed and delivered, and caused to be recorded in the appropriate vessel registry a
Vessel Mortgage with respect to each such Collateral Vessel that has been delivered to Trico Subsea
on the Restatement Effective Date, if any, and (iii) the Vessel Mortgages shall be effective to
create in favor of the Collateral Agent and/or the Lenders a legal, valid and enforceable first
priority security interest in, and lien upon, such Collateral Vessels,
subject only to Permitted Liens. Except as specifically provided above, all filings,
deliveries of instruments and other actions necessary or desirable in the reasonable opinion of the
Collateral Agent to perfect and preserve such security interests shall have been duly effected and
the Collateral Agent shall have received evidence thereof in form and substance reasonably
satisfactory to the Collateral Agent.

 

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5.13 Certificates of Ownership; Searches; Class Certificates; Appraisal Reports. On
the Restatement Effective Date, the Administrative Agent shall have received each of the following
with respect to each Mortgaged Vessel:

(i) certificates of ownership from appropriate authorities showing (or confirmation
updating previously reviewed certificates and indicating) the registered ownership of each
Mortgaged Vessel by the Borrowers or the relevant Subsidiaries Guarantor;

(ii) the results of maritime registry searches with respect to each Mortgaged Vessel,
indicating no record liens other than Liens in favor of the Collateral Agent and/or the
Lenders and Permitted Liens;

(iii) class certificates from a classification society listed on Schedule V
hereto or another classification society reasonably acceptable to the Collateral Agent,
indicating that each Mortgaged Vessel meets the criteria specified in Section 7.24;
and

(iv) a report, in form and scope reasonably satisfactory to the Administrative Agent,
from a firm of independent marine insurance brokers reasonably acceptable to the
Administrative Agent with respect to the insurance maintained by the Credit Parties (other
than the Parent) in respect of each Mortgaged Vessel, together with a certificate from such
broker certifying that such insurances, (i) are placed with such insurance companies and/or
underwriters and/or clubs, in such amounts, against such risks, and in such form, as are
customarily insured against by similarly situated insureds by similarly situated insurers
for the protection of the Administrative Agent and/or the Lenders as mortgagee, (ii) conform
with the insurance requirements of each respective Vessel Mortgage and (iii) include,
without limitation, hull and machinery, war risks, mortgagee additional peril, protection
and indemnity and reimbursement of costs of mortgagee interest insurance (the “Required
Insurance”).

5.14 Amended and Restated Subsidiaries Guaranty. On the Restatement Effective Date,
each Subsidiary of Trico Shipping (other than Trico Subsea Holding, Trico Subsea and DeepOcean
Shipping) and Trico Subsea shall have duly authorized, executed and delivered to the Administrative
Agent the Amended and Restated Subsidiaries Guaranty substantially in the form of Exhibit H
(as modified, supplemented or amended from time to time, the “Subsidiaries Guaranty”), and
the Subsidiaries Guaranty shall be in full force and effect.

5.15 Litigation. On the Restatement Effective Date, no actions, suits, investigations
or proceedings of any Credit Party by any entity (private or governmental) shall be pending or, to
the knowledge of any Credit Party, (x) threatened with respect to (i) any Collateral
Vessel or (ii) any Document, or (y) which could be reasonably to have a Material Adverse
Effect.

 

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5.16 Environmental Laws. On the Restatement Effective Date, there shall not exist any
condition or occurrence on or arising from any Collateral Vessel or any other property owned or
operated or occupied by either of the Borrowers or any of their respective Subsidiaries that (i)
results in noncompliance by either of the Borrowers or such Subsidiary with any applicable
Environmental Law that has had, or could reasonably be expected to have, a Material Adverse Effect
or (ii) could reasonably be expected to form the basis of an Environmental Claim against either of
the Borrowers or any of their respective Subsidiaries or any property of either of the Borrowers or
any of their respective Subsidiaries (including, without limitation, any Collateral Vessel) and
such Environmental Claim could reasonably be expected to have, a Material Adverse Effect.

5.17 Material Adverse Effect. On the Restatement Effective Date and after giving
effect to the related Borrowing, nothing shall have occurred that has had, or could reasonably be
expected to have, a Material Adverse Effect.

5.18 No Conflicts; Margin Regulations. (a) Neither the occurrence of Restatement
Effective Date nor the occurrence of any Vessel Acquisition on or before the Restatement Effective
Date shall have resulted in any material conflict with, and there shall be no material default on
the Restatement Effective Date under, any material agreement of Holdings or any Credit Party
(including, without limitation, the Vessel Acquisition Agreements).

(b) On the Restatement Effective Date, all Loans shall be in full compliance with all
applicable requirements of law including, but without limitation, the provisions of Regulations U
and X of the Board of Governors of the Federal Reserve System.

(c) On the Restatement Effective Date, Borrowers shall be in compliance with the requirements
of Section 9.09.

5.19 Factoring Agreements. On the Restatement Effective Date, subject to Section
13.24(c), each of the Borrowers shall have duly authorized, executed and delivered, and caused
to be recorded in the appropriate vessel registry a Factoring Agreement substantially in the form
of Exhibit M (as modified, supplemented or amended from time to time, the “Factoring
Agreement”).

5.20 No Default; Representations and Warranties. Both before and after giving effect
to the Restatement Effective Date (i) there shall exist no Default or Event of Default and (ii) all
representations and warranties of the Parent and the Credit Parties contained herein or in any
other Credit Document shall be true and correct in all material respects (it being understood and
agreed that any representation or warranty which by its terms is made as of a specified date shall
be required to be true and correct in all material respects only as of such specified date).

5.21 TMS Guaranty. On the Restatement Effective Date, the Parent shall have duly
authorized, executed and delivered the Guaranty in favor of the Administrative Agent substantially
in the form of Exhibit O (as modified, supplemented or amended from time to time, the
“TMS Guaranty”).

 

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Section 6. Conditions Precedent to each Borrowing Date. The obligation of each Lender
to make Loans on each Borrowing Date is subject at the time of the making of such Loans to the
satisfaction or waiver of the following conditions:

6.01 No Default; Representations and Warranties. At the time of each such Loan and
also after giving effect thereto (i) there shall exist no Default or Event of Default and (ii) all
representations and warranties of the Credit Parties and the Parent contained herein or in any
other Credit Document shall be true and correct in all material respects both before and after
giving effect to such Loan with the same effect as though such representations and warranties had
been made on the date of such Loan (it being understood and agreed that any representation or
warranty which by its terms is made as of a specified date shall be required to be true and correct
in all material respects only as of such specified date).

6.02 Notice of Borrowing. Prior to the making of each Loan, the Administrative Agent
shall have received a Notice of Borrowing required by Section 2.03(a).

The acceptance of the proceeds of each Loan shall constitute a representation and warranty by
the Borrowers to the Administrative Agent and each of the Lenders that all of the conditions
specified in Sections 5 and 6 applicable to such Borrowing have been satisfied or
waived as of that time. All of the applicable Notes, certificates, legal opinions and other
documents and papers referred to in Sections 5 and 6 unless otherwise specified,
shall be delivered to the Administrative Agent at the Notice Office for the account of each of the
Lenders and shall be in form and substance reasonably satisfactory to the Administrative Agent.

Section 7. Representations, Warranties and Agreements. In order to induce the Lenders
to enter into this Agreement and to make the Loans, each of Holdings and the Borrowers makes the
following representations, warranties and agreements on the Restatement Effective Date, all of
which shall survive the execution and delivery of this Agreement and the Notes and the making of
the Loans, with each Borrowing on or after the Restatement Effective Date being deemed to
constitute a representation and warranty that the matters specified in this Section 7 are
true and correct in all material respects on and as of the Restatement Effective Date and on the
date of such Borrowing (it being understood and agreed that any representation or warranty which by
its terms is made as of a specified date shall be required to be true and correct in all material
respects only as of such specified date):

7.01 Corporate/Limited Liability Company/Limited Partnership Status. Each Credit
Party (i) is duly organized and validly existing, as the case may be, in good standing under the
laws of the jurisdiction of its incorporation or formation, (ii) has the corporate or other
applicable power and authority to own its property and assets and to transact the business in which
it is currently engaged and presently proposes to engage and (iii) is duly qualified and is
authorized to do business and is in good standing in each jurisdiction where the conduct of its
business as currently conducted requires such qualifications, except for failures to be so
qualified which, individually or in the aggregate, could not reasonably be expected to have a
Material Adverse Effect.

 

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7.02 Corporate Power and Authority. Each Credit Party has the corporate or other
applicable power and authority to execute, deliver and perform the terms and provisions of
each of the Credit Documents to which it is party and has taken all necessary corporate or
other applicable action to authorize the execution, delivery and performance by it of each of such
Credit Documents. Each Credit Party has duly executed and delivered each of the Credit Documents
to which it is party, and each of such Credit Documents constitutes its legal, valid and binding
obligation enforceable in accordance with its terms, except to the extent that the enforceability
thereof may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium or other similar laws generally affecting creditors’ rights and by equitable principles
(regardless of whether enforcement is sought in equity or at law).

7.03 No Violation. Neither the execution, delivery or performance by any Credit Party
of the Credit Documents to which it is a party, nor compliance by it with the terms and provisions
thereof, (i) will contravene any provision of any law, statute, rule or regulation or any order,
writ, injunction or decree of any court or governmental instrumentality, (ii) will conflict with or
result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a
default under, or result in the creation or imposition of (or the obligation to create or impose)
any Lien (except pursuant to the Security Documents) upon any of the properties or assets of
Holdings or its Subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust,
credit agreement or loan agreement, or any other material agreement, contract or instrument, in
each case to which Holdings or its Subsidiaries is a party or by which it or any material portion
of its property or assets is bound or to which it may be subject or (iii) will violate any
provision of the certificate or articles of incorporation or by-laws (or equivalent organizational
documents) of Holdings or its Subsidiaries.

7.04 Governmental Approvals. No order, consent, approval, license, authorization or
validation of, or filing, recording or registration with (except for those that have otherwise been
obtained or made on or prior to the Restatement Effective Date), or exemption by, any governmental
or public body or authority, or any subdivision thereof, is required to be obtained or made by, or
on behalf of, Holdings or its Subsidiaries to authorize, or is required to be obtained or made by,
or on behalf of, Holdings or its Subsidiaries in connection with, (i) the execution, delivery and
performance of any Credit Document (other than such filings, recordations or registrations as may
be required to perfect a Lien in the Collateral granted pursuant to the Credit Documents) or (ii)
the legality, validity, binding effect or enforceability of any Credit Document.

7.05 Financial Statements; Financial Condition; Undisclosed Liabilities; Projections;
etc. (a) The unaudited consolidated balance sheet of Holdings and its Subsidiaries for the
fiscal year ended on December 31, 2008, and the related consolidated statements of income, cash
flows and shareholders’ equity of Holdings and its Subsidiaries for such fiscal year or fiscal
quarter ended on such dates, as the case may be, copies of which have been furnished to the
Administrative Agent and the Lenders prior to the Restatement Effective Date, present fairly in all
material respects the consolidated financial position of Holdings and its Subsidiaries at the dates
of such balance sheets and the consolidated results of the operations of Holdings and its
Subsidiaries for the periods covered thereby. All of the foregoing historical financial statements
have been prepared in accordance with GAAP consistently applied.

 

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(b) On and as of the Restatement Effective Date, and after giving effect to the Transaction
and to all Indebtedness (including the Loans) being incurred or assumed and Liens to be created by
the Credit Parties in connection therewith pursuant to the Security Documents, Holdings and its
Subsidiaries, taken as a whole, are not insolvent and will not be rendered insolvent by the
incurrence of such Indebtedness, and will not be left with unreasonably small capital with which to
engage in their respective businesses and will not have incurred debts beyond their ability to pay
such debts as they mature; provided that it is understood that certain of the agreements
pursuant to which the outstanding DeepOcean Indebtedness was issued will mature in January, 2010
and, as of the Restatement Effective Date, the borrowers thereunder may not be able to arrange
refinancings of such DeepOcean Indebtedness.

(c) Except as fully disclosed in the balance sheets delivered pursuant to Section
7.05(a), there were as of the Restatement Effective Date no liabilities or obligations with
respect to Holdings or any of its Subsidiaries of any nature whatsoever (whether absolute, accrued,
contingent or otherwise and whether or not due) which, either individually or in the aggregate,
would be materially adverse to the Credit Parties taken as a whole. As of the Restatement
Effective Date neither Holdings nor either of the Borrowers know of any reasonable basis for the
assertion against any Credit Party of any liability or obligation of any nature that is not fully
disclosed (including, without limitation, as to the amount thereof) in the balance sheets delivered
pursuant to Section 7.05(a) which, either individually or in the aggregate, could
reasonably be expected to have a Material Adverse Effect.

(d) On and as of the Restatement Effective Date, detailed projected consolidated financial
statements of each of the Borrowers for the five fiscal years ended after January 1, 2009 (the
“Projections”) which have been delivered to the Administrative Agent and the Lenders prior
to the Restatement Effective Date were prepared in good faith and are based on reasonable
assumptions, and there are no statements or conclusions in any of the Projections which are based
upon or include information known to Holdings to be misleading in any material respect or which
fail to take into account material information known to Holdings regarding the matters reported
therein; it being recognized by the Lenders, however, that projections as to future events are not
to be viewed as facts and that actual results during the period or periods covered by the
Projections may differ from the projected results.

(e) Since December 31, 2008, no event has occurred or other circumstances arisen that has had,
or could reasonably be expected to have, a Material Adverse Effect.

7.06 Litigation. There are no actions, suits or proceedings pending or, to the
knowledge of Holdings or the Borrowers, threatened (A) with respect to the (i) Vessel Acquisitions,
(ii) any Mortgaged Vessel or (iii) any Document, or (B) that could reasonably be expected to have,
either individually or in the aggregate, a Material Adverse Effect.

7.07 True and Complete Disclosure. All factual information (taken as a whole)
furnished by or on behalf of the Credit Parties in writing to the Administrative Agent or any
Lender (including, without limitation, all information contained in the Credit Documents but
excluding all Projections) for purposes of or in connection with this Agreement, the other Credit
Documents or any transaction contemplated herein or therein is, and all other such factual
information (taken as a whole) hereafter furnished by or on behalf of any Credit Party in writing
to the Administrative Agent or any Lender will be, true and accurate in all material respects
on the date as of which such information is dated or certified and not incomplete by omitting to
state any fact necessary to make such information (taken as a whole) not misleading in any material
respect at such time in light of the circumstances under which such information was provided.

 

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7.08 Use of Proceeds; Margin Regulations. (a) All proceeds of the Loans shall be
used (i) to pay fees and expenses with respect to the entering into of the Credit Documents and the
incurrence of Loans hereunder, (ii) to continue the Existing Loans as Loans hereunder, (iii) to
finance a portion of the purchase price for the Construction Vessels upon the delivery thereof and
(iv) for the general corporate and working capital purposes of the Borrowers and their respective
Subsidiaries.

(b) No proceeds of any Borrowing will be used to purchase or carry any Margin Stock or to
extend credit for the purpose of purchasing or carrying any Margin Stock. Neither the making of
any Loan nor the use of the proceeds thereof will violate or be inconsistent with the provisions of
Regulation U or X of the Board of Governors of the Federal Reserve System.

7.09 Tax Returns and Payments. Holdings and each of its Subsidiaries have timely
filed or caused to be timely filed with the appropriate taxing authority all returns, statements,
forms and reports for taxes (the “Returns”) required to be filed by, or with respect to the
income, properties or operations of, Holdings and/or any of its Subsidiaries. The Returns
accurately reflect in all material respects all liability for taxes of Holdings and its
Subsidiaries as a whole for the periods covered thereby. Holdings and each of its Subsidiaries
have paid all taxes and assessments payable by them, other than those that are being contested in
good faith and adequately disclosed and fully provided for on the financial statements of the
Parent and its Subsidiaries in accordance with GAAP. There is no action, suit, proceeding,
investigation, audit or claim now pending or, to the best knowledge of Holdings and its
Subsidiaries, threatened by any authority regarding any taxes relating to Holdings or any of its
Subsidiaries that, either individually or in the aggregate, could reasonably be expected to result
in a Material Adverse Effect. Except as set forth on Schedule VI, neither Holdings nor any
of its Subsidiaries has entered into an agreement or waiver or been requested to enter into an
agreement or waiver extending any statute of limitations relating to the payment or collection of
taxes of Holdings or any of its Subsidiaries, or is aware of any circumstances that would cause the
taxable years or other taxable periods of Holdings or any of its Subsidiaries not to be subject to
the normally applicable statute of limitations. Neither Holdings nor any of its Subsidiaries has
incurred, or will incur, any material tax liability in connection with the Transaction or any other
transactions contemplated hereby (it being understood that the representation contained in this
sentence does not cover any future tax liabilities of Holdings or any of its Subsidiaries arising
as a result of the operation of their businesses in the ordinary course of business).

 

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7.10 Compliance with ERISA. (a) Schedule VI sets forth, as of the
Restatement Effective Date, the name of each Plan and Foreign Pension Plan. Neither Holdings nor
any of its Subsidiaries nor any ERISA Affiliate has ever sponsored, maintained, made any
contributions to or has any liability in respect of any Plan which is subject to Title IV of ERISA
or Section 302 of ERISA or Section 412 of the Code; each Plan has been maintained and operated in
compliance with the provisions of ERISA and, to the extent applicable, the Code,
except as would not reasonably be expected to result in a Material Adverse Effect, including
but not limited to the provisions thereunder respecting prohibited transactions. Each Plan (and
each related trust, if any) which is intended to be qualified under Section 401(a) of the Code has
received a favorable determination letter from the IRS to the effect that it meets the requirements
of Sections 401(a) and 501(a) of the Code covering all tax law changes prior to the Economic Growth
and Tax Relief Reconciliation Act of 2001 or is comprised of a master or prototype plan that has
received a favorable opinion letter from the IRS. All material contributions required to be made
with respect to a Plan have been timely made or have been reflected on the most recent consolidated
balance sheet filed prior to the date hereof or accrued in the accounting records of Holdings and
its Subsidiaries. Neither Holdings nor any Subsidiary of Holdings nor any ERISA Affiliate has
pending, or is considering filing, an application under the IRS Employee Plans Compliance
Resolution System or the Department of Labor’s Voluntary Fiduciary Correction Program with respect
to any Plan. No action, suit, proceeding, hearing, audit or investigation with respect to the
administration, operation or the investment of assets of any Plan (other than routine claims for
benefits) is pending, expected or threatened. Except as would not result in a Material Adverse
Effect, each group health plan (as defined in Section 607(1) of ERISA or Section 4980B(g)(2) of the
Code) which covers or has covered employees or former employees of Holdings, any Subsidiary of
Holdings, or any ERISA Affiliate has at all times been operated in compliance with the provisions
of Part 6 of subtitle B of Title I of ERISA and Section 4980B of the Code. Each group health plan
(as defined in 45 Code of Federal Regulations Section 160.103) which covers or has covered
employees or former employees of Holdings, any of its Subsidiaries, or any ERISA Affiliate has at
all times been operated in compliance with the provisions of the Health Insurance Portability and
Accountability Act of 1996 and the regulations promulgated thereunder, except as would not
reasonably be expected to result in a Material Adverse Effect. Holdings, any Subsidiary of
Holdings or any ERISA Affiliate, as appropriate, may terminate each such Plan at any time (or at
any time subsequent to the expiration of any applicable bargaining agreement) in the discretion of
such Person without liability to any Person other than for benefits accrued prior to the date of
such termination. Holdings and each of its Subsidiaries may cease contributions to or terminate
any employee benefit plan maintained by any of them without incurring any liability that would
result in a Material Adverse Effect.

(b) Each Foreign Pension Plan has been maintained in compliance with its terms and with the
requirements of any and all applicable laws, statutes, rules, regulations and orders, except as
would not result in a Material Adverse Effect, and has been maintained, where required, in good
standing with applicable regulatory authorities. All material contributions required to be made
with respect to a Foreign Pension Plan have been timely made. Neither Holdings nor any of its
Subsidiaries has incurred any obligation in connection with the termination of, or withdrawal from,
any Foreign Pension Plan that would reasonably be expected to result in a Material Adverse Effect.
The present value of the accrued benefit liabilities (whether or not vested) under each Foreign
Pension Plan, determined as of the end of Holdings’ most recently ended fiscal year on the basis of
then current actuarial assumptions, each of which is reasonable, did not exceed the current value
of the assets of such Foreign Pension Plan allocable to such benefit liabilities by an amount that
could reasonably be expected to have a Material Adverse Effect.

 

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7.11 The Security Documents. Each Security Document shall, upon the execution and
delivery of such Security Document to the Administrative Agent, create in favor of the Collateral
Agent for the benefit of the Secured Creditors a legal, valid and enforceable security interest in
and Lien on all right, title and interest of the Credit Parties party thereto in the Collateral
described therein, subject to no other Liens other than Permitted Liens. No filings or recordings
are required in order to perfect the security interests created under any Security Document except
for UCC financing statements, certain filings and recordings required to be made pursuant to
Norwegian law and certain filings and recordings of mortgages and related documents required to be
made in the relevant mortgage registries and upon the filing of such UCC financing statements, and
such other filings and recordings in respect of mortgages and related documents and as may be
required under Norwegian law, each in the appropriate office or registry therefore, the Collateral
Agent shall have a perfected, first-priority security interest in and Lien on the collateral
described therein to the extent such security interest and Lien may be perfected thereby;
provided that, in addition to having a perfected, first-priority mortgage, the Collateral
Agent shall also have a second-priority security interest in the Mortgaged Vessels listed in rows 8
and 10 on Schedule III.

7.12 Subsidiaries. On the Restatement Effective Date, Holdings will have no
Subsidiaries other than those Subsidiaries listed on Schedule VII (which Schedule
identifies the correct legal name, direct owner, percentage ownership and jurisdiction of
organization of each such Subsidiary on the Restatement Effective Date).

7.13 Compliance with Statutes, etc. Holdings and each of its Subsidiaries is in
compliance with all applicable statutes, regulations and orders of, and all applicable restrictions
imposed by, all governmental bodies, domestic or foreign, in respect of the conduct of its business
and the ownership of its property (including, without limitation, Environmental Laws), except such
noncompliances as could not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect.

7.14 Investment Company Act. Neither Holdings nor any of its Subsidiaries is an
“investment company” or a company “controlled” by an “investment company,” within the meaning of
the Investment Company Act of 1940, as amended.

7.15 Environmental Matters. (a) Holdings and each of its Subsidiaries is in
compliance with all applicable Environmental Laws and the requirements of any permits issued under
such Environmental Laws. There are no pending or, to the knowledge of Holdings and its
Subsidiaries, threatened Environmental Claims against Holdings or any of its Subsidiaries or any
Mortgaged Vessel, Real Property or other facility owned, leased or operated by Holdings or any of
its Subsidiaries (including any such claim arising out of the ownership, lease or operation by
Holdings or any of its Subsidiaries of any Mortgaged Vessel formerly owned, leased or operated by
Holdings or any of its Subsidiaries but no longer owned, leased or operated by Holdings or any of
its Subsidiaries). All licenses, permits, registrations or approvals required for the business of
Holdings and each of its Subsidiaries under any Environmental Law have been secured and each Credit
Party is in compliance therewith. To the knowledge of Holdings, there are no facts, circumstances,
conditions or occurrences in respect of any Mortgaged Vessel, Real Property or other facility owned
or operated by Holdings or any of its Subsidiaries that is reasonably likely (i) to form the basis
of an Environmental Claim against Holdings, any of its Subsidiaries or any
Mortgaged Vessel, Real Property or other facility owned by Holdings or any of its
Subsidiaries, or (ii) to cause such Mortgaged Vessel, Real Property or other facility to be subject
to any restrictions on its ownership, occupancy, use or transferability under any Environmental
Law.

 

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(b) Hazardous Materials have not at any time been generated, used, treated or stored on, or
transported to or from, or Released on or from, any Mortgaged Vessel, Real Property or other
facility owned, leased or operated by Holdings or any of its Subsidiaries or, to the knowledge of
Holdings, any property adjoining or adjacent to any Real Property or other facility, where such
generation, use, treatment, storage, transportation or Release has violated or could be reasonably
expected to violate any applicable Environmental Law or give rise to an Environmental Claim.

(c) Notwithstanding anything to the contrary in this Section 7.15, the representations
and warranties made in this Section 7.15 shall be untrue only if the effect of any or all
conditions, violations, claims, restrictions, failures and noncompliances of the types described
above could, either individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.

7.16 Labor Relations. Neither Holdings nor any of its Subsidiaries is engaged in any
unfair labor practice that, either individually or in the aggregate, could reasonably be expected
to have a Material Adverse Effect. There is (i) no unfair labor practice complaint pending against
Holdings or any of its Subsidiaries or, to Holdings’ knowledge, threatened against any of them
before the National Labor Relations Board, and no grievance or arbitration proceeding arising out
of or under any collective bargaining agreement is so pending against Holdings or any of its
Subsidiaries or, to Holdings’ knowledge, threatened against any of them, (ii) no strike, labor
dispute, slowdown or stoppage pending against Holdings or any of its Subsidiaries or, to Holdings’
knowledge, threatened against Holdings or any of its Subsidiaries and (iii) no union representation
proceeding pending with respect to the employees of Holdings or any of its Subsidiaries, except
(with respect to the matters specified in clauses (i), (ii) and (iii) above) as could not, either
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

7.17 Patents, Licenses, Franchises and Formulas. Each Credit Party owns, or has the
right to use, all material patents, trademarks, permits, service marks, trade names, copyrights,
licenses, franchises and formulas, and has obtained assignments of all leases and other rights of
whatever nature, necessary for the present conduct of its business, without any known conflict with
the rights of others, except for such failures and conflicts which could not, either individually
or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

7.18 Indebtedness. Schedule VIII sets forth a list of all Indebtedness
(excluding the Obligations and other items of Indebtedness that are permitted by Section
9.04 (other than under clause (iii) thereof)) of the Credit Parties as of the Restatement
Effective Date and which is to remain outstanding after giving effect to the Transaction (the
“Existing Indebtedness”), in each case showing the approximate aggregate principal amount
thereof and the name of the borrower and any other entity which directly or indirectly guarantees
such debt.

 

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7.19 Insurance. Schedule IX sets forth a list of all insurance maintained by
each Credit Party as of the Restatement Effective Date, with the amounts insured (and any
deductibles) set forth therein.

7.20 Properties. The Credit Parties have good and marketable title to all Collateral
owned by them, including all property reflected in the balance sheets referred to in Section
7.05(a) (except as sold or otherwise disposed of since the date of such balance sheet in the
ordinary course of business or as permitted by the terms of this Agreement or otherwise with the
consent of the Required Lenders), free and clear of all Liens, other than Permitted Liens.

7.21 Legal Names; Type of Organization (and Whether a Registered Organization);
Jurisdiction of Organization; etc. Schedule X sets forth, as of the Restatement
Effective Date, the legal name, the type of organization, the jurisdiction of organization and the
organizational identification number (if any) of each Credit Party and whether or not such Credit
Party is a registered organization.

7.22 Concerning the Mortgaged Vessels. The name (after giving effect to the Vessel
Acquisitions in the case of the Construction Vessels), registered owner, official number, and
jurisdiction of registration and flag of each Mortgaged Vessel (after giving effect to such Vessel
Acquisition) are set forth on Schedule III. Each Mortgaged Vessel (other than those in
lay-up) is operated in compliance with all applicable law, rules and regulations (except where the
failure to so comply could not reasonably be expected to have a Material Adverse Effect). Each
Mortgaged Vessel is owned by a Borrower or a Subsidiaries Guarantor.

7.23 Citizenship. Each Credit Party which owns or operates one or more Mortgaged
Vessels is, or will be, qualified to own and operate such Mortgaged Vessels under the laws of
Norway, England, Bahamas, Malta or Cyprus, as may be applicable, or such other jurisdiction in
which any such Mortgaged Vessels are permitted, or will be permitted, to be flagged in accordance
with the terms of the respective Vessel Mortgages; provided that the Credit Party which
owns or operates M/V Northern Princess is, or will be, qualified to own and operate such Mortgaged
Vessel under the laws of the Republic of Vanuatu.

7.24 Vessel Classification. Each Mortgaged Vessel is classified with a classification
society listed on Schedule V hereto or another internationally recognized classification
society reasonably acceptable to the Administrative Agent, free of any conditions or
recommendations, other than as permitted, or will be permitted, under the Vessel Mortgages.

7.25 No Immunity. Holdings does not, nor does any other Credit Party or any of their
respective properties, have any right of immunity on the grounds of sovereignty or otherwise from
the jurisdiction of any court or from setoff or any legal process (whether through service or
notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) under
the laws of any jurisdiction. The execution and delivery of the Credit Documents by the Credit
Parties and the performance by them of their respective obligations thereunder constitute
commercial transactions.

 

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7.26 Fees and Enforcement. No fees or taxes, including, without limitation, stamp,
transaction, registration or similar taxes, are required to be paid to ensure the legality,
validity, or enforceability of this Agreement or any of the other Credit Documents other than
recording taxes which have been, or will be, paid as and to the extent due. The choice of the laws
of the State of New York as set forth in the Credit Documents which are stated to be governed by
the laws of the State of New York is a valid choice of law, and the irrevocable submission by each
Credit Party to jurisdiction and consent to service of process and, where necessary, appointment by
such Credit Party of an agent for service of process, in each case as set forth in such Credit
Documents, is legal, valid, binding and effective.

7.27 Form of Documentation. Each of the Credit Documents is in proper legal form
under the laws of the applicable flag jurisdiction for the enforcement thereof under such laws,
subject only to such matters which may affect enforceability arising under the law of the State of
New York. To ensure the legality, validity, enforceability or admissibility in evidence of each
such Credit Document in the applicable flag jurisdiction, it is not necessary that any Credit
Document or any other document be filed or recorded with any court or other authority in the
applicable flag jurisdiction, except as have been made, or will be made, in accordance with
Sections 5.12, 8.11(c) or (d).

7.28 Vessel Acquisition. At the time of the consummation thereof, each Vessel
Acquisition will have been consummated in all material respects in accordance with the terms of the
applicable Vessel Acquisition Agreements and all applicable laws. At the time of consummation of
each Vessel Acquisition, all necessary material consents and approvals of, and filings and
registrations with, and all other actions in respect of, all governmental agencies, authorities or
instrumentalities required in order to make or consummate such Vessel Acquisition will have been
obtained, given, filed or taken and are or will be in full force and effect (or effective judicial
relief with respect thereto has been obtained). All applicable waiting periods with respect
thereto have or, prior to the time when required, will have, expired without, in all such cases,
any action being taken by any competent authority which restrains, prevents, or imposes material
adverse conditions upon any Vessel Acquisition. Additionally, there does not exist any judgment,
order or injunction prohibiting or imposing material adverse conditions upon any Vessel
Acquisition, or the incurrence of any Loan or the performance by any Credit Party of its respective
obligations under the respective Credit Documents. At the time of the consummation thereof, all
actions taken by the Credit Parties pursuant to or in furtherance of the Vessel Acquisitions have
been taken in all material respects in compliance with the respective Vessel Acquisition Agreements
and all applicable laws.

Section 8. Affirmative Covenants. Holdings and each of the Borrowers hereby covenant
and agree that on and after the Restatement Effective Date and until the Total Commitment has been
terminated and no Notes are outstanding and all Loans, together with interest, fees and all other
Obligations (other than indemnities described in Section 13.13 which are not then due and
payable) incurred hereunder and thereunder, are paid in full:

 

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8.01 Information Covenants. Holdings will furnish to the Administrative Agent:

(a) Quarterly Financial Statements. Within 45 days after the close of the first
three quarterly accounting periods in each fiscal year of Holdings (i) the consolidated and
consolidating balance sheet of the Parent and its Subsidiaries and Holdings and its Subsidiaries
as at the end of such quarterly accounting period and the related consolidated and
consolidating statements of income and retained earnings and statement of cash flows for such
quarterly accounting period and for the elapsed portion of the fiscal year ended with the last day
of such quarterly accounting period, in each case setting forth comparative figures for the
corresponding quarterly accounting period in the prior fiscal year and comparable budgeted figures
for such quarterly accounting period as set forth in the respective budget delivered pursuant to
Section 8.01(d), all of which shall be certified by the chief financial officer of the
Parent or Holdings, as the case may be, that they fairly present in all material respects in
accordance with GAAP the financial condition of the Parent and its Subsidiaries and Holdings and
its Subsidiaries, as the case may be, as of the dates indicated and the results of their operations
for the periods indicated, subject to normal year-end audit adjustments and the absence of
footnotes, and (ii) management’s discussion and analysis of the important operational and financial
developments during such quarterly accounting period.

(b) Annual Financial Statements. Within 90 days after the close of each fiscal year
of Holdings (i) the consolidated balance sheets of the Parent and its Subsidiaries as at the end of
such fiscal year and the related consolidated statements of income and retained earnings and cash
flows for such fiscal year setting forth comparative figures for the preceding fiscal year and, in
the case of the balance sheets of the Parent and related statements of income and refund earnings
and cash flows, certified on an unqualified basis (whether as to scope of audit, going concern or
otherwise) by PricewaterhouseCoopers or other independent certified public accountants of
recognized national standing reasonably acceptable to the Administrative Agent, and, so long as not
contrary to the then current recommendations of the American Institute of Certified Public
Accountants, accompanied by a report of such accounting firm stating that in connection with its
regular audit of the financial statements of the Parent and its Subsidiaries, which audit was
conducted in accordance with generally accepted auditing standards, no Default or Event of Default
relating to financial or accounting matters which has occurred and is continuing has come to the
attention of such accounting firm or, if in the opinion of such accounting firm such a Default or
Event of Default has occurred and is continuing, a statement as to the nature thereof (it being
understood that such accounting firm shall not be liable directly or indirectly to any Person for
any failure to obtain knowledge of any such violations), (ii) the unaudited consolidated balance
sheets of Holdings and its Subsidiaries as at the end of such fiscal year and the related
consolidated statements of income and retained earnings and cash flows for such fiscal year setting
forth comparative figures for the preceding fiscal year, and (iii) management’s discussion and
analysis of the important operational and financial developments during such fiscal year.

(c) Management Letters. Promptly after any Credit Party’s receipt thereof, a copy of
any “management letter” received from its certified public accountants and management’s response
thereto.

(d) Budgets. No later than 30 days following the first day of each fiscal year of
Holdings (beginning with Holdings’ fiscal year commencing on January 1, 2010), a budget in form
reasonably satisfactory to the Administrative Agent (including budgeted statements of income for
Holdings and its Subsidiaries on a consolidated basis) (i) for each of the four quarters of such
fiscal year prepared in detail and (ii) for the three immediately succeeding fiscal years
prepared in summary form, in each case setting forth, with appropriate discussion, the
principal assumptions upon which such budget is based.

 

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(e) Officer’s Certificates. At the time of the delivery of the financial statements
provided for in Sections 8.01(a) and (b), a compliance certificate from the chief
financial officer of Holdings substantially in the form of Exhibit G certifying on behalf
of Holdings that, to such officer’s knowledge, no Default or Event of Default has occurred and is
continuing or, if any Default or Event of Default has occurred and is continuing, specifying the
nature and extent thereof, which certificate shall (x) set forth in reasonable detail the
calculations required to establish whether Holdings was in compliance with the provisions of
Sections 9.06 through 9.09, inclusive, at the end of such fiscal quarter or year,
as the case may be and (y) certify that there have been no changes to any of Schedule X and
Annexes A through F of the Pledge Agreement since the Restatement Effective Date
or, if later, since the date of the most recent certificate delivered pursuant to this Section
8.01(e), or if there have been any such changes, a list in reasonable detail of such changes
(but, in each case with respect to this clause (y), only to the extent that such changes are
required to be reported to the Collateral Agent pursuant to the terms of such Security Documents)
and whether the Borrowers and the other Credit Parties have otherwise taken all actions required to
be taken by them pursuant to such Security Documents in connection with any such changes.

(f) Notice of Default, Litigation or Event of Loss. Promptly, and in any event within
three Business Days after Holdings or any of its Subsidiaries obtains knowledge thereof, notice of
(i) the occurrence of any event which constitutes a Default or Event of Default, which notice shall
specify the nature thereof, the period of existence thereof and what action the Borrowers propose
to take with respect thereto, (ii) any litigation or governmental investigation or proceeding
pending or threatened (x) against Holdings or any of its Subsidiaries which, either individually or
in the aggregate, could reasonably be expected to have a Material Adverse Effect or (y) with
respect to a Vessel Acquisition or any Document, (iii) any Event of Loss in respect of any
Mortgaged Vessel and (iv) any other event, change or circumstance that has had, or could reasonably
be expected to have, a Material Adverse Effect.

(g) Environmental Matters. As soon as possible, and in any event within ten Business
Days after, Holdings obtains knowledge thereof, written notice of any of the following
environmental matters occurring after the Restatement Effective Date, except to the extent that
such environmental matters could not, individually or in the aggregate, be reasonably expected to
have a Material Adverse Effect:

(i) any Environmental Claim pending or threatened in writing against Holdings or any of
its Subsidiaries or any Mortgaged Vessel owned, operated or occupied by either of the
Borrowers or any of their Subsidiaries;

(ii) any condition or occurrence on or arising from any Vessel owned, operated or
occupied by Holdings or any of its Subsidiaries that (a) results in noncompliance by
Holdings or such Subsidiary with any applicable Environmental Law or (b) could reasonably be
expected to form the basis of an Environmental Claim in excess of $5,000,000 against
Holdings or any of its Subsidiaries or any Mortgaged Vessel;

 

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(iii) any condition or occurrence on any Mortgaged Vessel owned, operated or occupied
by Holdings or any other Credit Party that could reasonably be expected to cause such
Mortgaged Vessel to be subject to any restrictions on the ownership, occupancy, use or
transferability by Holdings or such Subsidiary of such Mortgaged Vessel under any
Environmental Law; and

(iv) the taking of any removal or remedial action in response to the Release of any
Hazardous Material on any Mortgaged Vessel owned, operated or occupied by either of the
Borrowers or any of their Subsidiaries as required by any Environmental Law or any
governmental or other administrative agency; provided that in any event the
Borrowers shall deliver to the Administrative Agent all notices received by Holdings or any
of its Subsidiaries from any government or governmental agency under, or pursuant to, CERCLA
or OPA which identify Holdings or any of its Subsidiaries as potentially responsible parties
for remediation costs or otherwise notify Holdings or any of its Subsidiaries of potential
liability under CERCLA or OPA, as the case may be.

All such notices shall describe in reasonable detail the nature of the claim, investigation,
condition, occurrence or removal or remedial action and Holdings’ or such Subsidiary’s response
thereto. In addition, the Borrowers will provide the Administrative Agent such reasonable
additional information as may be requested by the Administrative Agent or the Required Lenders.

(h) Appraisal Reports. Together with the balance sheets delivered pursuant to
Section 8.01(b), and at any other time within 30 days of the written request of the
Administrative Agent, Appraisals for each Mortgaged Vessel of recent date from two Approved
Appraisers and in form and substance reasonably satisfactory to the Administrative Agent. All such
Appraisals shall be conducted by, and made at the expense of, the Borrowers (it being understood
that the Administrative Agent may and, at the request of the Required Lenders, shall, upon notice
to the Borrowers, obtain such Appraisals and that the cost of all such Appraisals will be for the
account of the Borrowers); provided that unless an Event of Default has occurred and is
continuing, in no event shall the Borrowers be required to pay for Appraisals obtained pursuant to
this Section 8.01(h) on more than two occasions in any single fiscal year of the Borrowers,
with the cost of any such reports in excess thereof to be paid by the
Lenders on a pro rata basis.

(i) Other Information. Promptly after the filing or delivery thereof, copies of any
filings and registrations with, and reports to, the SEC by the Borrowers or any of their
Subsidiaries which are Credit Parties and copies of all financial statements, proxy statements,
notices and reports as the Borrowers or any of their Subsidiaries which are Credit Parties shall
send generally to holders of their capital stock or of any of their Indebtedness, in their capacity
as such holders (to the extent not theretofore delivered to the Lenders pursuant to this Agreement)
and, with reasonable promptness, such other information or documents (financial or otherwise) as
the Administrative Agent on its own behalf or on behalf of the Required Lenders may reasonably
request from time to time.

 

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8.02 Books, Records and Inspections. Holdings will, and will cause each other Credit
Party to, keep proper books of record and account in which full, true and correct entries, in
conformity in all material respects with GAAP and all requirements of law, shall be made of
all dealings and transactions in relation to its business. Holdings will, and will cause each
other Credit Party to, permit officers and designated representatives of the Administrative Agent
and the Lenders as a group to visit and inspect, under guidance of officers of Holdings or any
Credit Party, any of the properties of the Credit Parties, and to examine the books of account of
the Credit Parties and discuss the affairs, finances and accounts of the Credit Parties with, and
be advised as to the same by, its and their officers and independent accountants, all upon
reasonable advance notice and at such reasonable times and intervals and to such reasonable extent
as the Administrative Agent or such Lender may request; provided that, so long as no Event
of Default has occurred and is continuing, such visits, inspections and examination shall occur no
more frequently that once per calendar year.

8.03 Maintenance of Property; Insurance. Holdings will, and will cause each other
Credit Party to, (i) keep all material property necessary in its business in good working order and
condition (ordinary wear and tear and loss or damage by casualty or condemnation excepted), (ii)
maintain insurance on the Mortgaged Vessels in at least such amounts and against at least such
risks as are in accordance with normal industry practice for similarly situated insureds and (iii)
furnish to the Administrative Agent, at the written request of the Administrative Agent or any
Lender, a complete description of the material terms of insurance carried. In addition to the
requirements of the immediately preceding sentence, the Borrowers will at all times cause insurance
of the types described in Schedule XII (capitalized terms used therein shall be used as
defined in the Vessel Mortgages) to (x) be maintained (with the same scope of coverage as that
described in Schedule XII) at levels which are at least as great as the respective amount
described on Schedule XII and (y) comply with the insurance requirements of the Vessel
Mortgages.

8.04 Existence; Franchises. Holdings will, and will cause each other Credit Party, to
do, or cause to be done, all things necessary to preserve and keep in full force and effect its
existence and its material rights, franchises, licenses and patents (if any) used in its business;
provided, however, that nothing in this Section 8.04 shall prevent (i)
sales or other dispositions of assets, consolidations, mergers, dissolutions or liquidations by or
involving Holdings or any other Credit Party which are permitted in accordance with Section
9.02 or (ii) the withdrawal by Holdings or any other Credit Party of its qualification as a
foreign corporation, partnership, or limited liability company, as the case may be, in any
jurisdiction if such withdrawal could not, either individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect.

8.05 Compliance with Statutes, etc. Holdings will, and will cause each of its
Subsidiaries to, comply with all applicable statutes, regulations and orders of, and all applicable
restrictions imposed by, all governmental bodies, domestic or foreign, in respect of the conduct of
its business and the ownership of its property (including applicable statutes, regulations, orders
and restrictions relating to environmental standards and controls), except such non-compliances as
could not, either individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.

 

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8.06 Compliance with Environmental Laws. Holdings will, and will cause each of its
Subsidiaries to, comply with all applicable Environmental Laws, except such non-compliances as
could not, either individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect, comply in all material respects with all Mortgaged Vessel permits
issued pursuant to Environmental Laws applicable to, or required by, the ownership or use of
any Mortgaged Vessel now or hereafter owned, operated or occupied by either of the Borrowers or any
of their Subsidiaries (except such non-compliances as could not, either individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect), and will pay or cause to be
paid all costs and expenses incurred in connection with maintaining such compliance (except to the
extent being contested in good faith), and will keep or cause to be kept each such Mortgaged Vessel
free and clear of any Liens imposed pursuant to such Environmental Laws (other than Liens arising
from any cost or other obligation arising under Environmental Law that Holdings or such Subsidiary
is contesting in good faith). Neither Holdings nor any of its Subsidiaries will generate, use,
treat, store, release or dispose of, or permit the generation, use, treatment, storage, release or
disposal of, Hazardous Materials on any Mortgaged Vessel now or hereafter owned or operated or
occupied by Holdings or any of its Subsidiaries, or transport or permit the transportation of
Hazardous Materials to or from any ports or Mortgaged Vessels except in compliance in all material
respects with all applicable Environmental Laws. The Borrowers will, and will cause each of their
Subsidiaries to, maintain insurance on the Mortgaged Vessels in at least such amounts as are in
accordance with normal industry practice for similarly situated insureds, against losses from oil
spills and other environmental pollution.

8.07 ERISA. As soon as possible and, in any event, within ten (10) days after either
of the Borrowers, any Subsidiary of the Borrowers or any ERISA Affiliate knows or has reason to
know of the occurrence of any of the following, the Borrowers will deliver to each of the Lenders a
certificate of the chief financial officer of the Borrowers setting forth the full details as to
such occurrence and the action, if any, that the Borrowers, such Subsidiary or such ERISA Affiliate
is required or proposes to take, together with any notices required or proposed to be given or
filed by the Borrowers, such Subsidiary or ERISA Affiliate to or with any government agency, or a
Plan participant and any notices received by such Credit Party or ERISA Affiliate from any
government agency, or a Plan participant with respect thereto: that any contribution required to
be made with respect to a Plan or Foreign Pension Plan has not been timely made; or that either of
the Borrowers or any Subsidiary of the Borrowers may incur any material liability pursuant to any
employee welfare benefit plan (as defined in Section 3(1) of ERISA) that provides benefits to
retired employees or other former employees (other than as required by Section 601 of ERISA) or any
Plan or any Foreign Pension Plan, or with respect to a group health plan (as defined in Section
607(1) of ERISA, Section 4980B(g)(2) of the Code or 45 Code of Federal Regulations Section 160.103)
under Section 4980B of the Code and/or the Health Insurance Portability and Accountability Act of
1996. Upon request by the Administrative Agent or any Lender, the Borrowers will deliver to the
Administrative Agent or each such Lender, as the case may be, a complete copy of the annual report
(on Internal Revenue Service Form 5500-series) of each Plan (including, to the extent required, the
related financial and actuarial statements and opinions and other supporting statements,
certifications, schedules and information) required to be filed with the Internal Revenue Service
and all communications received by the Borrowers, any Subsidiary of either of the Borrowers or any
ERISA Affiliate from the IRS or any other government agency with respect to each Plan of the
Borrowers, any Subsidiary of either of the Borrowers or any ERISA Affiliate. In addition to any
certificates or notices delivered to the Lenders pursuant to the first sentence hereof, copies of
any records, documents or other information required to be furnished to any government agency, and
any notices received by either of the Borrowers, any Subsidiary of the Borrowers or any ERISA
Affiliate with respect to any Plan or Foreign Pension Plan from any government or governmental
agency shall be delivered to the Lenders no later than ten (10) days after the date such
records, documents and/or information has been furnished to any government agency or such notice
has been received by either of the Borrowers, such Subsidiary or the ERISA Affiliate, as
applicable. The Borrowers and each of their applicable Subsidiaries shall ensure that all Foreign
Pension Plans administered by it obtain or retain (as applicable) registered status under and as
required by applicable law and are administered in a timely manner in all respects in compliance
with all applicable laws except where the failure to do any of the foregoing would not be
reasonably likely to result in a Material Adverse Effect.

 

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8.08 End of Fiscal Years. Holdings will cause each of its, and each of its
Subsidiaries’ (x) fiscal years to end on December 31st of each year and (y) fiscal quarters to end
on March 31, June 30, September 30, and December 31.

8.09 Performance of Obligations. Holdings will, and will cause each of its
Subsidiaries to, perform all of its obligations under the terms of each mortgage, indenture,
security agreement, loan agreement or credit agreement and each other agreement, contract or
instrument by which it is bound, except such non-performances as could not, either individually or
in the aggregate, reasonably be expected to have a Material Adverse Effect.

8.10 Payment of Taxes. Holdings will, and will cause each other Credit Party to, pay
and discharge, all taxes, assessments and governmental charges or levies imposed upon it or upon
its income or profits, or upon any properties belonging to it, in each case on a timely basis, and
all lawful claims which, if unpaid, might become a Lien or charge upon any properties of any Credit
Party not otherwise permitted under Section 9.01(i); provided that no Credit Party
shall be required to pay any such tax, assessment, charge, levy or claim which is being contested
in good faith and by proper proceedings if it has maintained adequate reserves with respect thereto
in accordance with GAAP.

8.11 Additional Security; Additional Guarantors; Further Assurances. (a) Holdings
will, and will cause each other Credit Party to, at any time and from time to time, at the expense
of the Borrowers or such other Credit Party, promptly execute and deliver all further instruments
and documents, and take all further action, that may be reasonably necessary, or that the
Administrative Agent may reasonably require, to perfect and protect any Lien granted or purported
to be granted under the Security Documents, or to enable the Collateral Agent to exercise and
enforce its rights and remedies with respect to any Collateral. Without limiting the generality of
the foregoing, each Credit Party will execute and file, or cause to be filed, such financing or
continuation statements under the UCC (or any non-U.S. equivalent thereto), or amendments thereto,
such amendments or supplements to the Vessel Mortgages (including any amendments required to
maintain Liens granted by such Vessel Mortgages), and such other instruments or notices, as may be
reasonably necessary, or that the Administrative Agent may reasonably require, to protect and
preserve the Liens granted or purported to be granted hereby and by the other Credit Documents.

(b) Each Credit Party hereby authorizes the Collateral Agent to file one or more financing or
continuation statements under the UCC (or any non-U.S. equivalent thereto), and amendments thereto,
relative to all or any part of the Collateral without the signature of such Credit Party, where
permitted by law. The Collateral Agent will promptly send such Credit
Party a copy of any financing or continuation statements which it may file without the
signature of such Credit Party and the filing or recordation information with respect thereto.

 

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(c) The Borrowers will cause each Subsidiary of either of the Borrowers (other than a
Subsidiary of DeepOcean) that is created or acquired after the Restatement Effective Date to
promptly execute and deliver a counterpart to the Subsidiaries Guaranty and the Pledge Agreement
and, in connection therewith, promptly execute and deliver all further instruments, and take all
further action, that the Administrative Agent may reasonably require (including, without
limitation, the provision of officers’ certificates, resolutions, good standing certificates and
opinions of counsel), in each case to the reasonable satisfaction of the Administrative Agent.

(d) To the extent that a Collateral Vessel is acquired by Trico Subsea or any Subsidiary of
Trico Subsea which is not a Credit Party at the time of such acquisition (and which has not
otherwise executed and delivered the documents described below in this Section 8.11(d)),
Trico Subsea will or will cause such Subsidiary (and any Subsidiary which directly owns the stock
of such Subsidiary to the extent not a Credit Party) to execute and deliver to the Administrative
Agent, as soon as possible after such Collateral Vessel is acquired, a counterpart of the Pledge
Agreement (including any supplemental agreement required to give effect to such security interests
purported to be created by the Pledge Agreement under applicable local law), the Subsidiaries
Guaranty, Assignment of Earnings, Assignment of Insurances, Assignment of Charters (if applicable)
and the appropriate Vessel Mortgage, together with all related documentation (including, without
limitation, opinions of counsel, corporate documents and proceedings and officer’s certificates) as
Trico Subsea or such Subsidiary would have been required to deliver pursuant to Sections 5
and 6 of this Agreement had (i) the Collateral Vessel been owned by Trico Subsea or such
Subsidiary on the Restatement Effective Date and/or (ii) such Subsidiary of Trico Subsea been a
Credit Party on the Restatement Effective Date.

(e) At such time as a Vessel Acquisition is made by Trico Subsea or a Subsidiary of Trico
Subsea, Trico Subsea will execute and deliver or will cause such Subsidiary to execute and deliver
to the Administrative Agent an Assignment of Earnings, Assignment of Insurances, Assignment of
Charters (if applicable) and the appropriate Vessel Mortgage, together with all related
documentation (including, without limitation, opinions of counsel, corporate documents and
proceedings, Appraisals, officer’s certificates and all necessary governmental and third party
approvals and/or consents) as such Subsidiary would have been required to deliver pursuant to
Sections 5 and 6 of this Agreement had such Subsidiary owned such Construction
Vessel on the Restatement Effective Date.

(f) In the event that a Mortgaged Vessel is subject to a charter or other similar contract or
enters into a charter or other similar contract with a term of twelve (12) months or greater,
including any extension option, the relevant Credit Party will execute and deliver an Assignment of
Charters and, to the extent required, the Borrowers will use their commercially reasonable efforts
to cause the relevant counterparty to the charter or other similar contract to execute and deliver
a consent thereto.

 

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(g) In the event that the consents to the assignments described in Sections 5.08(b) or
5.11 are not obtained and delivered on or prior to the Restatement Effective Date, the
Borrowers shall use their commercially reasonable efforts to obtain such consents as promptly as
practicable following the Restatement Effective Date.

(h) If requested by the Administrative Agent, the Borrowers shall cause any manager of a
Mortgaged Vessel to deliver a subordination agreement reasonably satisfactory in form and substance
to the Administrative Agent.

8.12 Deposit of Earnings. Each Credit Party will cause the earnings derived from each Mortgaged Vessel owned by such
Credit Party, to the extent constituting Earnings and Insurance Collateral, to be deposited by the
respective account debtor into one or more of the accounts maintained for such Credit Party or the
Borrowers from time to time by or on behalf of the Administrative Agent and over which the
Administrative Agent shall have a first priority security interest. Without limiting any Credit
Party’s obligations in respect of this Section 8.12, each Credit Party agrees that, in the
event it receives any earnings constituting Earnings and Insurance Collateral, or any such earnings
are deposited other than in one of the accounts, it shall promptly deposit all such proceeds into
one of the accounts maintained for such Credit Party or the Borrowers from time to time by or on
behalf of the Administrative Agent and over which the Administrative Agent shall have a first
priority security interest.

8.13 Ownership of Credit Parties. (a) The Parent shall directly or indirectly own 100% of the capital stock or other Equity
Interests of Holdings and shall directly or indirectly own 100% of the capital stock or other
Equity Interests of each other Credit Party.

(b) Holdings shall directly or indirectly own 100% of the capital stock or other Equity
Interests of the Borrowers and shall directly or indirectly own 100% of the capital stock or other
Equity Interests of each other Credit Party.

(c) A Borrower shall directly or indirectly own 100% of the capital stock or other Equity
Interests of each Subsidiary of the Borrowers which owns a Mortgaged Vessel.

(d) Holdings will cause each Subsidiary of Holdings that, at any time after the Restatement
Effective Date, owns an Equity Interest in either of the Borrowers or any Subsidiary Guarantor to
promptly execute and deliver a counterpart to the Pledge Agreement and the Subsidiaries Guaranty or
the Parent Companies Guaranty, as applicable, and, in connection therewith, promptly execute and
deliver all further instruments, and take all further action, that the Administrative Agent may
reasonably require (including, without limitation, the provision of officers’ certificates,
resolutions, good standing certificates and opinions of counsel), in each case to the reasonable
satisfaction of the Administrative Agent.

8.14
Use of Proceeds. The Borrowers will use the proceeds of the Loans only as provided in Section 7.08.

 

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8.15 Flag of Mortgaged Vessels; Vessel Classifications; Management. (a) The Borrowers will, and will cause each of their Subsidiaries to, cause each Mortgaged
Vessel to be registered under the laws and flag of (t) Norway, (u) England, (v) Bahamas, (w) with
respect to the M/V Northern Princess only, the Republic of Vanuatu, (x) Malta, (y) Cyprus or (z)
any other jurisdiction acceptable to the Required Lenders.

(b) The Borrowers will, and will cause each of their respective Subsidiaries to, insure that
the representation set forth in Section 7.24 is true and correct in all respects.

(c) Each Mortgaged Vessel shall be commercially and technically managed by Trico Supply (UK)
Limited or by such other manager as agreed to with the prior written consent of the Administrative
Agent.

8.16 Vessel Acquisitions. On or prior to the date that a Vessel Acquisition is consummated, the Credit Parties shall
have delivered to the Administrative Agent an updated Schedule III that includes the name,
registered owner, official number, and jurisdiction of registration and flag of the Mortgaged
Vessel acquired pursuant to such Vessel Acquisition.

Section 9. Negative Covenants. Holdings hereby covenants and agrees that on and after the Restatement Effective Date and
thereafter for so long as this Agreement is in effect and until all the Total Commitment has been
terminated, no Notes are outstanding and all Loans, together with interest, fees and all other
Obligations (other than any indemnities described in Section 13.13 which are not then due and
payable) incurred hereunder and thereunder, are paid in full:

9.01 Liens. Holdings will not, and will not permit any Credit Party to, create, incur, assume or suffer
to exist any Lien upon or with respect to any Collateral or the equity interests in DeepOcean AS or
sell any Collateral or the equity interests in DeepOcean AS subject to an understanding or
agreement, contingent or otherwise, to repurchase any Collateral or such equity interests;
provided that the provisions of this Section 9.01 shall not prevent the creation,
incurrence, assumption or existence of the following (Liens described below are herein referred to
as “Permitted Liens”):

(i) inchoate Liens for taxes, assessments or governmental charges or levies not yet due
or Liens for taxes, assessments or governmental charges or levies being contested in good
faith and by appropriate proceedings for which adequate reserves have been established in
accordance with GAAP;

(ii) Liens in respect of the Collateral imposed by law, such as maritime privileges,
carriers’, warehousemen’s, materialmen’s and mechanics’ liens and other similar Liens, which
were incurred in the ordinary course of business and do not secure Indebtedness for borrowed
money, which are in existence less than 120 days from the date of creation thereof, and (x)
which do not in the aggregate materially detract from the value of the Collateral or
materially impair the use thereof in the operation of the business of Holdings or such
Credit Party or (y) which are being contested in good faith by appropriate proceedings,
which proceedings have the effect of preventing the forfeiture or sale of the property or
assets subject to any such Lien;

(iii) Liens created pursuant to the Security Documents;

 

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(iv) Liens arising out of the existence of judgments or awards in respect of which
Holdings or any Credit Party shall in good faith be prosecuting an appeal or
proceedings for review and in respect of which there shall have been secured a
subsisting stay of execution pending such appeal or proceedings, provided that the aggregate
amount of all cash (including the stated amount of all letters of credit) and the fair
market value of all other property subject to such Liens does not exceed $5,000,000 at any
time outstanding;

(v) Liens for crew’s wages, for wages of stevedores or for general average, salvage
(including contract salvage) or collision; and

(vi) Liens in favor of customs and revenue authorities arising as a matter of law to
secure payment of customs duties in connection with the importation of goods.

9.02 Sale of Collateral, etc. Holdings will not, and will not permit any Credit Party to, wind up, liquidate or dissolve its
affairs or enter into any transaction of merger or consolidation, or convey, sell, lease, charter
or otherwise dispose of all or any part of the Collateral, except that:

(i) Holdings and each other Credit Party may sell, lease or otherwise dispose of any
Mortgaged Vessel, provided that (A) such sale is made at fair market value (it being
understood that, unless otherwise agreed by the Administrative Agent, such fair market value
must be equal to at least 90% of the value of such Mortgaged Vessel as determined in the
Appraisals most recently delivered to, or obtained by, the Administrative Agent pursuant to
Sections 5.13 or 8.01(h) or delivered at the time of such sale to the
Administrative Agent by the Credit Party that owns such Mortgaged Vessel), (B) 100% of the
consideration in respect of such sale shall consist of cash or cash equivalents received by
Holdings, the respective Borrower or the respective Subsidiaries Guarantor which owned such
Mortgaged Vessel, on the date of consummation of such sale, (C) the Total Commitment and the
Available Commitment shall be reduced at the time of such sale to the extent required
pursuant to Section 3.03(c), and any prepayments of the Loans required pursuant to
Section 4.02(a) as a consequence of such reduction shall have been made, and (D) the
respective Borrower shall have delivered to the Administrative Agent an officer’s
certificate, certified by the senior financial officer of such Borrower or the Parent,
demonstrating pro forma compliance (giving effect to such Collateral Disposition and, in the
case of calculations involving the Appraised Value of Mortgaged Vessels, using valuations
consistent with the Appraisals most recently delivered to the Administrative Agent (or
obtained by the Administrative Agent) pursuant to Sections 5.13 or 8.01(h)
or delivered at the time of such sale to the Administrative Agent by the Credit Party that
owns such Mortgaged Vessel) with each of the covenants set forth in Sections 9.06
through 9.09, inclusive, for the most recently ended Test Period (or at the time of
such sale, as applicable);

(ii) any Credit Party may sell or discount, in each case without recourse and in the
ordinary course of business, overdue accounts receivable arising in the ordinary course of
business, but only in connection with the compromise or collection thereof consistent with
customary industry practice (and not as part of any bulk sale of financing transaction);

 

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(iii) any Credit Party may transfer Collateral or lease to or acquire or lease
Collateral to or from either of the Borrowers or any other Credit Party, in each case so
long as all actions necessary or desirable to preserve, protect and maintain the security
interest and Lien of the Collateral Agent in any Collateral involved in any such transaction
are taken to the reasonable satisfaction of the Collateral Agent;

(iv) any Subsidiaries Guarantor may merge with and into, or be dissolved or liquidated
into, either of the Borrowers or any other Subsidiaries Guarantor and any Borrower may merge
with and into or be dissolved or liquidated into, the other Borrower, so long as (x) in the
case of any such merger, dissolution or liquidation involving either of the Borrowers, a
Borrower is the surviving entity of any such merger, dissolution or liquidation, and (y) in
all cases, the security interests granted to the Collateral Agent for the benefit of the
Secured Creditors pursuant to the Security Documents shall remain in full force and effect
and perfected (to at least the same extent as in effect immediately prior to such merger,
dissolution or liquidation);

(v) any Borrower or any Subsidiaries Guarantor may enter into demise, bareboat, time,
voyage and other charter or lease arrangements pursuant to which such Borrower or such
Subsidiaries Guarantor charters or leases out a Mortgaged Vessel to the Borrower or any
Subsidiaries Guarantor or to a third Person, in each case so long as (w) such arrangements
are entered into in the ordinary course of business, (x) such arrangements do not materially
impair the value of the Mortgaged Vessel (or Mortgaged Vessels) subject to such
arrangements, (y) the tenor of any bareboat charter arrangement is less than three years
unless otherwise consented to by the Administrative Agent (such consent not to be
unreasonably withheld) and (z) for any charter arrangement with a term of twelve (12) months
or greater, including any extension option, the Borrower or Subsidiary Guarantor executes
and delivers an Assignment of Charters and, to the extent required, the Borrowers shall use
their commercially reasonable efforts to cause the relevant counterparty to the charter or
other similar contract to execute and deliver a consent thereto;

(vi) any Borrower or any Subsidiary of either of the Borrowers may sell obsolete or
worn-out equipment or materials (other than Mortgaged Vessels) constituting Collateral in
the ordinary course of business;

(vii) each Credit Party may sell any Vessel Acquisition Agreement related to the
Construction Vessels; and

(viii) following a Collateral Disposition permitted by this Agreement or an Event of
Loss with respect to a Mortgaged Vessel, the Guarantor which owned the Mortgaged Vessel that
is the subject of such Collateral Disposition or Event of Loss, as the case may be, may
dissolve.

 

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To the extent the Required Lenders waive the provisions of this Section 9.02 with
respect to the sale of any Collateral, or any Collateral is sold as permitted by this Section
9.02, such Collateral (unless sold to the Borrowers or a Subsidiary of a Borrower) shall be
sold free and clear of the Liens created by the Security Documents, and the Administrative Agent
and the Collateral Agent shall be authorized to take any actions deemed appropriate in order to effect
the foregoing.

9.03 Dividends. Holdings shall not, and shall not permit any Credit Party to, authorize, declare or pay any
Dividends with respect to the Borrowers or any of their Subsidiaries, except that:

(i) any Subsidiary of either of the Borrowers may pay Dividends to its parent company
and any Subsidiary of Holdings; and

(ii) the Borrowers may pay Dividends to Holdings and Holdings may pay Dividends to its
parent company provided that in each case (x) no Default or Event of Default exists
at the time of such payment or after giving effect thereto and (y) Holdings and its
Subsidiaries shall be in pro forma compliance with the covenants set forth in Sections
9.06 through 9.09 at the time of the payment of such Dividend and immediately
after giving effect thereto.

9.04 Indebtedness. Holdings shall not, and shall not permit any of its Subsidiaries to, incur, assume or
suffer to exist any Indebtedness, except:

(i) Indebtedness incurred pursuant to this Agreement and the other Credit Documents;

(ii) Indebtedness pursuant to the Existing Intercompany Indebtedness, provided
that the obligations of Holdings thereunder are subordinated to the Obligations of Holdings
under this Agreement substantially on the terms set forth in Exhibit N;

(iii) subject to Section 9.10(a), intercompany loans or advances from Holdings
or any Subsidiary of Holdings to Holdings or any Subsidiary of Holdings so long as such
intercompany loans or advances owed by a Credit Party are subordinated to the Obligations
substantially on the terms set forth in Exhibit N;

(iv) subject to Section 9.10(a), Indebtedness of Holdings or any Subsidiary of
Holdings (other than a Subsidiary (including the Borrowers) which owns a Mortgaged Vessel or
which directly or indirectly owns an Equity Interest in either of the Borrowers) if
immediately after giving effect to the incurrence thereof, Holdings
would be in pro forma
compliance with the covenants set forth in Sections 9.06 through 9.09;
provided that neither Holdings nor any Subsidiary of Holdings shall guarantee or
otherwise become obligated in respect of any Indebtedness of the Parent or any Subsidiary of
the Parent (other than Holdings or any Subsidiary of Holdings);

(v) Indebtedness permitted under Section 9.10(a).

 

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(vi) Indebtedness of Holdings or any Subsidiary of Holdings with respect to performance
bonds, surety bonds, appeal bonds or customs bonds required in the ordinary
course of business or in connection with the enforcement of rights or claims of
Holdings Borrower or any of its Subsidiaries, provided that the aggregate
outstanding amount of all such performance bonds, surety bonds, appeal bonds and customs
bonds permitted by this subsection (ix) shall not at any time exceed $10,000,000;

(vii) Indebtedness under operating leases entered into in the ordinary course of
business;

(viii) Indebtedness consisting of the financing of insurance premiums;

(ix) Indebtedness consisting of performance guarantees made by Holdings or any of its
Subsidiaries in the ordinary course of business; and

(x) Indebtedness under (x) Interest Rate Protection Agreements which are nonspeculative
in nature and are entered into with respect to other Indebtedness permitted to remain
outstanding or be incurred, as the case may be, pursuant to this Section 9.04, and
(y) Indebtedness evidenced by Other Hedging Agreements entered into in the ordinary course
of business so long as each such Other Hedging Agreement is non-speculative in nature.

9.05 Transactions with Affiliates. Holdings will not, and will not permit any of its Subsidiaries to, enter into any
transaction or series of related transactions with any Affiliate of either of the Borrowers or any
of their Subsidiaries, other than in the ordinary course of business and on terms and conditions
substantially as favorable to Holdings or such Subsidiary as would reasonably be obtained by the
Borrowers or such Subsidiary at that time in a comparable arm’s-length transaction with a Person
other than an Affiliate, except that the following in any event shall be permitted:

(i) Dividends permitted by Section 9.03;

(ii) loans, including intercompany loans, may be made and other transactions (including
the incurrence of Contingent Obligations) may be entered into by Holdings and its
Subsidiaries to the extent permitted by Sections 9.02, 9.04 and Section
9.12;

(iii) customary fees may be paid to non-officer directors of Holdings and its
Subsidiaries;

(iv) Holdings and its Subsidiaries may enter into, and may make payments under,
employment agreements, employee benefits plans, stock option plans, indemnification
provisions and other similar compensatory arrangements (including arrangements made with
respect to bonuses) with officers, employees and directors of Holdings and its Subsidiaries
in the ordinary course of business;

 

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(v) Holdings and its Subsidiaries may enter into employment agreements or arrangements
with their respective officers and employees in the ordinary course of business;

(vi) Investments permitted by Section 9.10;

(vii) other transactions existing on the Restatement Effective Date and set forth on
Schedule XI;

(viii) transactions by and between the Credit Parties; and

(ix) transactions by and between Subsidiaries of Holdings that are not Credit Parties.

9.06 Consolidated Leverage Ratio. Holdings will not permit the Consolidated Leverage Ratio on the last day of any fiscal
quarter of Holdings to be greater than 3.50:1:00.

9.07 Consolidated Net Worth. Holdings will not permit its Consolidated Net Worth on the last day of any fiscal quarter
of Holdings to be less than (i) 80% of its Consolidated Net Worth as of the Restatement Effective
Date plus (ii) $50% of cumulative Consolidated Net Income (if positive) for the period
commencing on July 1, 2009 and ending on the last day of such fiscal quarter plus (iii)
100% of the face amount of any equity interests issued by Holdings after the Restatement Effective
Date.

9.08 Free Liquidity. Holdings and its Subsidiaries (other than DeepOcean AS and its Subsidiaries) shall maintain
at all times Free Liquidity of not less than the sum of (i) $10,500,000 and (ii) $500,000 for each
Construction Vessel that has become a Mortgaged Vessel.

9.09 Collateral Coverage. The Aggregate Appraised Value of the Mortgaged Vessels shall at all times be at least 150%
of the then applicable Total Commitment.

9.10 Limitations on Investments. (a) Holdings will not, and will not permit any of its Subsidiaries (other than DeepOcean)
to, directly or indirectly, lend money or credit or make advances to or guarantee the Obligations
of or purchase or acquire any stock, obligations or securities of, or any other Equity Interest in,
or make any capital contribution to (each of the foregoing an “Investment” and,
collectively, “Investments”) DeepOcean except (i) guarantees of indebtedness of DeepOcean
by Holdings in an aggregate principal amount not to exceed $300,000,000 and (ii) other additional
Investments not to exceed $5,000,000 in the aggregate.

(b) Holdings will not and will not permit any of its Subsidiaries to, make any Investments in
the Parent or any Subsidiary of the Parent (other than Holdings or any of its
Subsidiaries) if at the time such Investment is made the Borrowers would not be permitted to
pay a Dividend to Holdings pursuant to Section 9.03(ii).

 

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9.11 Limitation on Modifications of Certificate of Incorporation and By-Laws; etc. (a) The Borrowers will not, and will not permit any Subsidiaries Guarantor to amend,
modify or change its certificate of incorporation, certificate of formation (including, without
limitation, by the filing or modification of any certificate of designation), by-laws, limited
liability company agreement, partnership agreement (or equivalent organizational documents) or any
agreement entered into by it with respect to its capital stock or membership interests (or
equivalent equity interests), or enter into any new agreement with respect to its capital stock or
membership interests (or equivalent interests), other than any amendments, modifications or changes
or any such new agreements which are not materially adverse to the interests of the Lenders.

(b) The Borrowers will not, and will not permit any Subsidiary to, amend, modify, or waive any
provision of, the Vessel Acquisition Agreements unless such waiver or modification is not
materially adverse to the interests of the Lenders.

9.12 Limitation on Certain Restrictions on Subsidiaries. Holdings will not, and will not permit any of its Subsidiaries to, directly or indirectly,
create or otherwise cause or suffer to exist or become effective any encumbrance or restriction on
the ability of any such Subsidiary to (a) pay dividends or make any other distributions on its
capital stock or any other interest or participation in its profits owned by Holdings or any of its
Subsidiaries, or pay any Indebtedness owed to Holdings or any of its Subsidiaries, (b) make loans
or advances to Holdings or any of its Subsidiaries or (c) transfer any of its properties or assets
to Holdings or any of its Subsidiaries, except for such encumbrances or restrictions existing under
or by reason of (i) applicable law, (ii) this Agreement and the other Credit Documents, the Parent
Credit Agreement, and the Existing Intercompany Indebtedness, (iii) customary provisions
restricting subletting or assignment of any lease governing any leasehold interest of Holdings or
any of its Subsidiaries, (iv) customary provisions restricting assignment of any agreement entered
into by Holdings or any of its Subsidiaries in the ordinary course of business, (v) any holder of a
Lien may restrict the transfer of the asset or assets subject thereto and (vi) Indebtedness of
DeepOcean existing on the Restatement Effective Date and any refinancings thereof, provided
that such restrictions are no more burdensome than those set forth in the Indebtedness being
refinanced.

9.13 Business. Holdings will not, and will not permit any of its Subsidiaries to, engage in any business
other than any business conducted by the Credit Parties and their Subsidiaries on the Restatement
Effective Date and any other business or activities as may be substantially similar, incidental or
related thereto.

9.14 ERISA. Holdings will not and will not, permit any of its Subsidiaries, nor any ERISA Affiliate, to
(i) engage in any “prohibited transaction” within the meaning of Section 406 of ERISA or Section
4975 of the Code which could result in a material liability for the Borrowers or any of their
Subsidiaries; or (ii) sponsor, maintain, make contributions to or incur liabilities in respect of
any Plan which is subject to Title IV of ERISA or Section 302 of ERISA or Section 412 of the Code.

Section 10. Events of Default. Upon the occurrence of any of the following specified events (each an “Event of
Default”):

10.01 Payments. Either Borrower shall (i) default in the payment when due of any principal of any Loan or
any Note or (ii) default, and such default shall continue unremedied for three or more Business
Days, in the payment when due of any interest on any Loan or Note, or any fees or any other amounts
owing hereunder or thereunder; or

 

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10.02 Representations, etc. Any representation, warranty or statement made or deemed made by any Credit Party herein or in
any other Credit Document or in any certificate delivered pursuant hereto or thereto shall prove to
be untrue in any material respect on the date as of which made or deemed made; or

10.03 Covenants. Holdings or any of its Subsidiaries shall (i) default in the due performance or observance
by it of any term, covenant or agreement contained in Sections 8.01(a), 8.01(b),
8.01(e), 8.03 (other than clause (i) and (ii) thereof), 8.13 and
8.14, inclusive, or Section 9 or (ii) default in the due performance or observance
by it of any other term, covenant or agreement (other than those referred to in Section
10.01, 10.02 or clause (i) of this Section 10.03) contained in this Agreement
and, in the case of this clause (ii), such default shall continue unremedied for a period of 30
days after written notice to the defaulting party by the Administrative Agent or the Required
Lenders; or

10.04 Default Under Other Agreements. (i) The Parent, or Holdings or any of its Subsidiaries shall default in any payment of any
Indebtedness (other than the Obligations, the Existing Intercompany Indebtedness and any other
intercompany loans) beyond the period of grace, if any, provided in the instrument or agreement
under which such Indebtedness was created or (ii) the Parent, or Holdings or any of its
Subsidiaries shall default in the observance or performance of any agreement or condition relating
to any Indebtedness (other than the Obligations, the Existing Intercompany Indebtedness and any
other intercompany loans) or contained in any instrument or agreement evidencing, securing or
relating thereto, or any other event shall occur or condition exist, the effect of which default or
other event or condition is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders) to
cause (determined without regard to whether any notice is required), any such Indebtedness to
become due prior to its stated maturity, provided that it shall not be a Default or Event
of Default under this Section 10.04 unless the aggregate principal amount of all
Indebtedness as described in preceding clauses (i) through (ii), inclusive, is at least
$10,000,000; or

10.05 Bankruptcy, etc. (i) The Parent or Holdings or any of its Subsidiaries shall commence a voluntary case
concerning itself under Title 11 of the United States Code entitled “Bankruptcy,” as now or
hereafter in effect, or any successor thereto (the “Bankruptcy Code”); or an involuntary
case is commenced against the Parent or Holdings or any of its Subsidiaries and the petition is not
controverted within 10 days after service of summons, or is not dismissed within 60 days, after
commencement of the case; or (ii) a custodian (as defined in the Bankruptcy Code) is appointed for,
or takes charge of, all or substantially all of the property of the Parent or Holdings or any of
its Subsidiaries or (iii) the Parent or Holdings or any of its Subsidiaries commences any other
proceeding under any reorganization, arrangement, adjustment of debt, relief of debtors,
dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or hereafter
in effect relating to the Parent or Holdings or any of its Subsidiaries or there is commenced
against the Parent or Holdings or any of its Subsidiaries any such proceeding which remains
undismissed for a period of 60 days, or (iv) the Parent or Holdings or any of its Subsidiaries is
adjudicated insolvent or bankrupt; or (v) any order of relief or other order approving any such
case or proceeding is entered; or (vi) the Parent or Holdings or any of its Subsidiaries suffers
any appointment of any custodian or the like for it or any substantial part of its property to
continue undischarged or unstayed for a period of 60 days; or (vii) the Parent or Holdings or any
of its Subsidiaries makes a general assignment for the benefit of creditors; or (viii) any
corporate action is taken by the Parent or Holdings or any of its Subsidiaries for the purpose of
effecting any of the foregoing; or

 

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10.06 ERISA. (a) A contribution required to be made with respect to a Plan or a Foreign Pension Plan is
not timely made, or the Parent or any of its Subsidiaries has incurred or is reasonably likely to
incur liabilities pursuant to one or more employee welfare benefit plans (as defined in Section
3(1) of ERISA) that provide benefits to retired employees or other former employees (other than as
required by Section 601 of ERISA) or Plans or Foreign Pension Plans, or either of the Borrowers or
any of their Subsidiaries has incurred or is reasonably likely to incur any liability on account of
a group health plan (as defined in Section 607(1) of ERISA, Section 4980 B(g)(2) of the Code or 45
Code of Federal Regulations Sections 160.103) under Section 4980B of the Code and/or the Health
Insurance Portability and Accountability Act of 1996; (b) there shall result from any such event or
events the imposition of a lien, the granting of a security interest, or a liability or a material
risk of incurring a liability; and (c) such lien, security interest or liability, individually
and/or in the aggregate, in the opinion of the Required Lenders, has had, or could reasonably be
expected to have, a Material Adverse Effect; or

10.07 Security Documents. At any time after the execution and delivery thereof, any of the Security Documents shall
cease to be in full force and effect, or shall cease to give the Collateral Agent for the benefit
of the Secured Creditors the Liens, rights, powers and privileges purported to be created thereby
(including, without limitation, a perfected security interest in, and Lien on, all of the
Collateral), in favor of the Collateral Agent, superior to and prior to the rights of all third
Persons (except in connection with Permitted Liens), and subject to no other Liens (except
Permitted Liens); or

10.08 Guaranties. Any Guaranty or any provision thereof shall cease to be in full force and effect, or any
Guarantor or any Person acting by or on behalf of such Guarantor shall deny or disaffirm such
Guarantor’s obligations under the relevant Guaranty or any Guarantor shall default in the due
performance or observance of any term, covenant or agreement on its part to be performed or
observed pursuant to any Guaranty; or

10.09 Judgments. One or more judgments or decrees shall be entered against the Parent or Holdings or any of
its Subsidiaries involving in the aggregate for the Parent or Holdings and its Subsidiaries a
liability (not paid or fully covered by a reputable and solvent insurance company) and such
judgments and decrees either shall be final and non-appealable or shall not be vacated, discharged
or stayed or bonded pending appeal for any period of 60 consecutive days, and the aggregate amount
of all such judgments, to the extent not covered by insurance, equals or exceeds $5,000,000; or

10.10 Change of Control. A Change of Control shall occur; or

10.11 Parent Credit Agreement. An “Event of Default” under and as defined in the Parent Credit Agreement shall have
occurred and be continuing;

 

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then, and in any such event, and at any time thereafter, if any Event of Default shall then be
continuing, the Administrative Agent, upon the written request of the Required Lenders, shall by
written notice to the Borrowers, take any or all of the following actions, without prejudice to the
rights of the Administrative Agent, any Lender or the holder of any Note to enforce its claims
against any Credit Party (provided that, if an Event of Default specified in Section
10.05 shall occur, the result which would occur upon the giving of written notice by the
Administrative Agent to the Borrowers as specified in clauses (i) and (ii) below shall occur
automatically without the giving of any such notice): (i) declare the Revolving Loan Commitments
terminated, whereupon all Revolving Loan Commitments of each Lender shall forthwith terminate
immediately and any Commitment Commission shall forthwith become due and payable without any other
notice of any kind; (ii) declare the principal of and any accrued interest in respect of all Loans
and the Notes and all Obligations owing hereunder and thereunder to be, whereupon the same shall
become, forthwith due and payable without presentment, demand, protest or other
notice of any kind, all of which are hereby waived by each Credit Party; and (iii) enforce, as
Collateral Agent, all of the Liens and security interests created pursuant to the Security
Documents.

Section 11. Administrative Agent.

11.01 Appointment. (a) The Lenders hereby irrevocably designate and appoint Nordea Bank Finland plc, New York
Branch, as Administrative Agent (for purposes of this Section 11 and Section 12.01,
the term “Administrative Agent” also shall include Nordea Bank Finland plc, New York Branch
(and/or any of its affiliates) in its capacity as Collateral Agent pursuant to the Security
Documents and in its capacity as Joint Lead Arranger and Book Runner in connection with this
Agreement and the financings contemplated hereby) to act as specified herein and in the other
Credit Documents. Each Lender hereby irrevocably authorizes, and each holder of any Note by the
acceptance of such Note shall be deemed irrevocably to authorize, the Administrative Agent to take
such action on its behalf under the provisions of this Agreement, the other Credit Documents and
any other instruments and agreements referred to herein or therein and to exercise such powers and
to perform such duties hereunder and thereunder as are specifically delegated to or required of the
Administrative Agent by the terms hereof and thereof and such other powers as are reasonably
incidental thereto. The Administrative Agent may perform any of its respective duties hereunder by
or through its officers, directors, agents, employees or affiliates. Each Lender irrevocably
appoints the Administrative Agent as security trustee on its behalf with regard to (i) the
security, powers, rights, titles, benefits and interests (both present and future) constituted by
and conferred on the Lenders or any of them or for the benefit thereof under or pursuant to any
Credit Document (including, without limitation, the benefit of all covenants, undertakings,
representations, warranties and obligations given, made or undertaken to any Lender in any Credit
Document), (ii) all moneys, property and other assets paid or transferred to or vested in any
Lender or any agent of any Lender or received or recovered by any Lender or any agent of any Lender
pursuant to, or in connection with, any Credit Document whether from any Credit Party or any other
Person and (iii) all money, investments, property and other assets at any time representing or
deriving from any of the foregoing, including all interest, income and other sums at any time
received or receivable by any Lender or any agent of any Lender in respect of the same (or any part
thereof). The Administrative Agent hereby accepts such appointment.

 

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11.02 Nature of Duties. The Administrative Agent shall not have any duties or responsibilities except those
expressly set forth in this Agreement and in the other Credit Documents. Neither the
Administrative Agent nor any of its officers, directors, agents, employees or affiliates shall be
liable for any action taken or omitted by it or them hereunder or under any other Credit Document
or in connection herewith or therewith, unless caused by its or their gross negligence or willful
misconduct (as determined by a court of competent jurisdiction in final and non-appealable
decision). The duties of the Administrative Agent shall be mechanical and
administrative in nature; the Administrative Agent shall not have by reason of this Agreement
or any other Credit Document a fiduciary relationship in respect of any Lender or the holder of any
Note; and nothing in this Agreement or any other Credit Document, expressed or implied, is intended
to or shall be so construed as to impose upon the Administrative Agent any obligations in respect
of this Agreement or any other Credit Document except as expressly set forth herein or therein.

11.03 Lack of Reliance on the Administrative Agent. Independently and without reliance upon the Administrative Agent, each Lender and the
holder of each Note, to the extent it deems appropriate, has made and shall continue to make (i)
its own independent investigation of the financial condition and affairs of the Parent and its
Subsidiaries in connection with the making and the continuance of the Loans and the taking or not
taking of any action in connection herewith and (ii) its own appraisal of the creditworthiness of
the Parent and its Subsidiaries and, except as expressly provided in this Agreement, the
Administrative Agent shall not have any duty or responsibility, either initially or on a continuing
basis, to provide any Lender or the holder of any Note with any credit or other information with
respect thereto, whether coming into its possession before the making of the Loans or at any time
or times thereafter. The Administrative Agent shall not be responsible to any Lender or the holder
of any Note for any recitals, statements, information, representations or warranties herein or in
any document, certificate or other writing delivered in connection herewith or for the execution,
effectiveness, genuineness, validity, enforceability, perfection, collectibility, priority or
sufficiency of this Agreement or any other Credit Document or the financial condition of the Parent
and its Subsidiaries or be required to make any inquiry concerning either the performance or
observance of any of the terms, provisions or conditions of this Agreement or any other Credit
Document, or the financial condition of the Parent and its Subsidiaries or the existence or
possible existence of any Default or Event of Default.

11.04 Certain Rights of the Administrative Agent. If the Administrative Agent requests instructions from the Required Lenders with respect to
any act or action (including failure to act) in connection with this Agreement or any other Credit
Document, the Administrative Agent shall be entitled to refrain from such act or taking such action
unless and until the Administrative Agent shall have received instructions from the Required
Lenders; and the Administrative Agent shall not incur liability to any Lender by reason of so
refraining. Without limiting the foregoing, neither any Lender nor the holder of any Note shall
have any right of action whatsoever against the Administrative Agent as a result of the
Administrative Agent acting or refraining from acting hereunder or under any other Credit Document
in accordance with the instructions of the Required Lenders.

 

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11.05 Reliance. The Administrative Agent shall be entitled to reasonably rely, and shall be fully protected
in relying, upon any note, writing, resolution, notice, statement, certificate, telex, teletype or
telecopier message, cablegram, radiogram, order or other document or telephone message signed, sent
or made by any Person that the Administrative Agent reasonably believed to be the proper Person,
and, with respect to all legal matters pertaining to this Agreement and
any other Credit Document and its duties hereunder and thereunder, upon advice of counsel
selected by the Administrative Agent.

11.06 Indemnification. To the extent the Administrative Agent (or any affiliate thereof) is not reimbursed and
indemnified by the Borrowers, the Lenders will reimburse and indemnify the Administrative Agent
(and any affiliate thereof), in proportion to their respective “percentage” as used in determining
the Required Lenders determined as if there were no Defaulting Lenders), for and against any and
all liabilities, obligations, losses, damages, penalties, claims, actions, judgments, costs,
expenses or disbursements of whatsoever kind or nature which may be imposed on, asserted against or
incurred by the Administrative Agent (or any affiliate thereof) in performing its duties hereunder
or under any other Credit Document, or in any way relating to or arising out of this Agreement or
any other Credit Document; provided that no Lender shall be liable for any portion of such
liabilities, obligations, losses, damages, penalties, claims, actions, judgments, suits, costs,
expenses or disbursements resulting from the Administrative Agent’s (or such affiliate’s) gross
negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and
non-appealable decision).

11.07 The Administrative Agent in its Individual Capacity. With respect to its obligation to make Loans, under this Agreement, the Administrative
Agent shall have the rights and powers specified herein for a “Lender” and may exercise the same
rights and powers as though it were not performing the duties specified herein; and the term
“Lender,” “Required Lenders,” “holders of Notes” or any similar terms shall, unless the context
clearly indicates otherwise, include the Administrative Agent in its respective individual
capacities. The Administrative Agent and its affiliates may accept deposits from, lend money to,
and generally engage in any kind of banking, investment banking, trust or other business with, or
provide debt financing, equity capital or other services (including financial advisory services) to
any Credit Party or any Affiliate of any Credit Party (or any Person engaged in a similar business
with any Credit Party or any Affiliate thereof) as if they were not performing the duties specified
herein, and may accept fees and other consideration from any Credit Party or any Affiliate of any
Credit Party for services in connection with this Agreement and otherwise without having to account
for the same to the Lenders.

11.08 Holders. The Administrative Agent may deem and treat the payee of any Note as the owner thereof for
all purposes hereof unless and until a written notice of the assignment, transfer or endorsement
thereof, as the case may be, shall have been filed with the Administrative Agent. Any request,
authority or consent of any Person who, at the time of making such request or giving such authority
or consent, is the holder of any Note shall be conclusive and binding on any subsequent holder,
transferee, assignee or endorsee, as the case may be, of such Note or of any Note or Notes issued
in exchange therefor.

 

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11.09 Resignation by the Administrative Agent. (a) The Administrative Agent may resign from the performance of all its respective
functions and duties hereunder and/or under the other Credit Documents at any time by giving 15
Business Days’ prior written notice to the Lenders and, unless a Default or an Event of Default
under Section 10.05 then exists, the Borrowers.

(b) Upon any such notice of resignation by the Administrative Agent, the Required Lenders
shall appoint a successor Administrative Agent hereunder or thereunder who shall be a commercial
bank or trust company reasonably acceptable to the Borrowers, which acceptance shall not be
unreasonably withheld or delayed (provided that Borrowers’ approval shall not be required
if an Event of Default then exists).

(c) If a successor Administrative Agent shall not have been so appointed within such 15
Business Day period, the Administrative Agent, with the consent of the Borrowers (which consent
shall not be unreasonably withheld or delayed, provided that the Borrowers’ consent shall
not be required if an Event of Default then exists), shall then appoint a successor Administrative
Agent who shall serve as Administrative Agent hereunder or thereunder until such time, if any, as
the Required Lenders appoint a successor Administrative Agent as provided above.

(d) If no successor Administrative Agent has been appointed pursuant to clause (b) or (c)
above by the 30th Business Day after the date such notice of resignation was given by the
Administrative Agent, the Administrative Agent’s resignation shall become effective and the
Required Lenders shall thereafter perform all the duties of the Administrative Agent hereunder
and/or under any other Credit Document until such time, if any, as the Required Lenders appoint a
successor Administrative Agent as provided above.

11.10 No Other Duties, etc. Anything herein to the contrary notwithstanding, the Joint Lead Arrangers for the agents
listed on the cover page hereof shall have any powers, duties or responsibilities under this
Agreement or any of the other Credit Documents, except in their capacity, as applicable, as
Administrative Agent or Lender hereunder.

Section 12. Parent Companies Guaranty.

12.01 Parent Companies Guaranty. In order to induce the Administrative Agent and the Lenders to enter into this Agreement
and to extend credit hereunder, and in recognition of the direct benefits to be received by the
Borrowers from the proceeds of the Loans, each of Holdings and Trico Subsea Holding hereby agrees
with the Guaranteed Creditors as follows: Each of Holdings and Trico Subsea Holding hereby and
unconditionally and irrevocably guarantees to the Guaranteed Creditors, as primary obligor and not
merely as surety, the full and prompt payment when due, whether upon maturity, acceleration or
otherwise, of any and all of the Guaranteed Obligations to the Guaranteed Creditors. If any or all
of the Guaranteed Obligations becomes due and payable hereunder, each of Holdings and Trico Subsea
Holding, unconditionally and irrevocably, promises to pay such indebtedness to the Administrative Agent and/or the other Guaranteed
Creditors, or order, on demand, together with any and all reasonable documented out-of-pocket
expenses which may be incurred by the Administrative Agent and the other Guaranteed Creditors in
collecting any of the Guaranteed Obligations. If a claim is ever made upon any Guaranteed Creditor
for repayment or recovery of any amount or amounts received in payment or on account of any of the
Guaranteed Obligations and any of the aforesaid payees repays all or part of said amount by reason
of (i) any judgment, decree or order of any court or administrative body having jurisdiction over
such payee or any of its property or (ii) any settlement or compromise of any such claim effected
by such payee with any such claimant (including either of the Borrowers), then and in such event,
each of Holdings and Trico Subsea Holding agrees that any such judgment, decree, order, settlement
or compromise shall be binding upon Holdings or Trico Subsea Holding, as the case may be,
notwithstanding any revocation of this Parent Companies Guaranty or other instrument evidencing any
liability of the Borrowers, and Holdings or Trico Subsea Holding, as the case may be, shall be and
remain liable to the aforesaid payees hereunder for the amount so repaid or recovered to the same
extent as if such amount had never originally been received by any such payee.

 

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12.02 Bankruptcy. Additionally, each of Holdings and Trico Subsea Holding unconditionally and irrevocably
guarantees to the Guaranteed Creditors the payment of any and all of the Guaranteed Obligations
whether or not due or payable by the Borrowers upon the occurrence of any of the events specified
in Section 10.05, and unconditionally, irrevocably, jointly and severally promises to pay
such indebtedness to the Guaranteed Creditors, or order, on demand.

12.03 Nature of Liability. The liability of each of Holdings and Trico Subsea Holding hereunder is exclusive and
independent of any security for or other guaranty of the Guaranteed Obligations, whether executed
by Holdings, Trico Subsea Holding, any other guarantor or by any other party, and the liability of
each of Holdings and Trico Subsea Holding hereunder shall not be affected or impaired by (a) any
direction as to application of payment by the Borrowers or by any other party, or (b) any other
continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party
as to the Guaranteed Obligations, or (c) any payment on or in reduction of any such other guaranty
or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by
the Borrowers, or (e) any payment made to any Guaranteed Creditor on the Guaranteed Obligations
which any such Guaranteed Creditor repays to the Borrowers or any other Credit Party pursuant to
court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief
proceeding, and the Borrowers waive any right to the deferral or modification of its obligations
hereunder by reason of any such proceeding, or (f) any action or inaction of the type described in
Section 13.05.

12.04 Independent Obligation. The obligations of each of Holdings and Trico Subsea Holding hereunder are several and are
independent of the obligations of any other guarantor, any other party or either of the Borrowers,
and a separate action or actions may be brought and prosecuted against Holdings
or Trico Subsea Holding whether or not action is brought against any other guarantor, any
other party or either of the Borrowers and whether or not any other guarantor, any other party or
either of the Borrowers be joined in any such action or actions. Each of Holdings and Trico Subsea
Holding waive, to the fullest extent permitted by law, the benefit of any statute of limitations
affecting its liability hereunder or the enforcement thereof. Any payment by either of the
Borrowers or other circumstance which operates to toll any statute of limitations as to the
Borrowers shall operate to toll the statute of limitations as to Holdings and Trico Subsea Holding.

 

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12.05 Authorization. Each of Holdings and Trico Subsea Holding authorizes the Guaranteed Creditors without
notice or demand (except as shall be required by applicable statute or this Agreement and cannot be
waived), and without affecting or impairing its liability hereunder, from time to time to:

(a) in accordance with the terms and provisions of this Agreement and the other Credit
Documents, change the manner, place or terms of payment of, and/or change or extend the time
of payment of, renew, increase, accelerate or alter, any of the Guaranteed Obligations
(including any increase or decrease in the principal amount thereof or the rate of interest
or fees thereon), any security therefor, or any liability incurred directly or indirectly in
respect thereof, and this Parent Companies Guaranty made shall apply to such Guaranteed
Obligations as so changed, extended, renewed or altered;

(b) take and hold security for the payment of the Guaranteed Obligations and sell,
exchange, release, impair, surrender, realize upon or otherwise deal with in any manner and
in any order any property by whomsoever at any time pledged or mortgaged to secure, or
howsoever securing, the Guaranteed Obligations or any liabilities (including any of those
hereunder) incurred directly or indirectly in respect thereof or hereof, and/or any offset
thereagainst;

(c) exercise or refrain from exercising any rights against the Borrowers, any other
Credit Party or others or otherwise act or refrain from acting;

(d) release or substitute any one or more endorsers, guarantors, the Borrowers, other
Credit Parties or other obligors;

(e) settle or compromise any of the Guaranteed Obligations, any security therefor or
any liability (including any of those hereunder) incurred directly or indirectly in respect
thereof or hereof, and may subordinate the payment of all or any part thereof to the payment
of any liability (whether due or not) of the Borrowers to their respective creditors other
than the Guaranteed Creditors;

(f) apply any sums by whomsoever paid or howsoever realized to any liability or
liabilities of the Borrowers to the Guaranteed Creditors regardless of what liability or
liabilities of the Borrowers remain unpaid;

(g) consent to or waive any breach of, or any act, omission or default under, this
Agreement or any other Credit Document or any of the instruments or agreements referred to
herein or therein, or, pursuant to the terms of the Credit Documents, otherwise amend,
modify or supplement this Agreement or any other Credit Document or any of such other
instruments or agreements; and/or

(h) take any other action which would, under otherwise applicable principles of common
law, give rise to a legal or equitable discharge of Holdings or Trico Subsea Holding from
its liabilities under this Guaranty.

12.06 Reliance. It is not necessary for any Guaranteed Creditor to inquire into the capacity or powers of
each of Holdings and Trico Subsea Holding or any of their Subsidiaries or the officers, directors,
partners or agents acting or purporting to act on their behalf, and any Guaranteed Obligations made
or created in reliance upon the professed exercise of such powers shall be guaranteed hereunder.

 

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12.07 Subordination. Any indebtedness of either of the Borrowers now or hereafter owing to each of Holdings and
Trico Subsea Holding is hereby subordinated to the Guaranteed Obligations of the Borrowers owing to
the Guaranteed Creditors; and if the Administrative Agent so requests at a time when an Event of
Default exists, all such indebtedness of the Borrowers to each of Holdings and Trico Subsea Holding
shall be collected, enforced and received by Holdings or Trico Subsea Holding, as the case may be,
for the benefit of the Guaranteed Creditors and be paid over to the Administrative Agent on behalf
of the Guaranteed Creditors on account of the Guaranteed Obligations, but without affecting or
impairing in any manner the liability of Holdings or Trico Subsea Holding under the other
provisions of this Guaranty. Prior to the transfer by Holdings or Trico Subsea Holding of any note
or negotiable instrument evidencing any such indebtedness of the Borrowers to Holdings or Trico
Subsea Holding, as the case may be, shall mark such note or negotiable instrument with a legend
that the same is subject to this subordination. Without limiting the generality of the foregoing,
each of Holdings and Trico Subsea Holding hereby agrees with the Guaranteed Creditors that they
will not exercise any right of subrogation which they may at any time otherwise have as a result of
this Parent Companies Guaranty (whether contractual, under Section 509 of the Bankruptcy Code or
otherwise) until all Guaranteed Obligations have been paid in full in cash. If and to the extent
required in order for the Guaranteed Obligations of each of Holdings and Trico Subsea Holding to be
enforceable under applicable federal, state and other laws relating to the insolvency of debtors,
the maximum liability of Holdings or Trico Subsea Holding, as the case may be, hereunder shall be
limited to the greatest amount which can lawfully be guaranteed by Holdings or Trico Subsea
Holding, as the case may be, under such laws, after giving effect to any rights of contribution,
reimbursement and subrogation arising under this Section 12.07.

12.08 Waiver. (a) Each of Holdings and Trico Subsea Holding waives any right (except as shall be
required by applicable statute and cannot be waived) to require any Guaranteed Creditor to (i)
proceed against either of the Borrowers, any other guarantor or any other party, (ii) proceed
against or exhaust any security held from either of the Borrowers, any other guarantor or any other
party or (iii) pursue any other remedy in any Guaranteed Creditor’s power whatsoever. Each of
Holdings and Trico Subsea Holding waives any defense based on or arising out of any defense of the
Borrowers, any other guarantor or any other party, other than payment in full in cash of the
Guaranteed Obligations, based on or arising out of the disability of either of the Borrowers, any
other guarantor or any other party, or the validity, legality or unenforceability of the Guaranteed
Obligations or any part thereof from any cause, or the cessation from any cause of the liability of
either of the Borrowers other than payment in full in cash of the Guaranteed Obligations. The
Guaranteed Creditors may, at their election, foreclose on any security held by the Administrative
Agent or any other Guaranteed Creditor by one or more judicial or nonjudicial sales, whether or not
every aspect of any such sale is commercially reasonable (to the extent such sale is permitted by
applicable law), or exercise any other right or remedy the Guaranteed Creditors may have against
either of the Borrowers, or any other party, or any security, without affecting or impairing in any
way the liability of either Holdings or Trico Subsea Holding hereunder except to the extent the
Guaranteed Obligations have been paid in cash. Each of Holdings and Trico Subsea Holding waives
any defense arising out of any such election by the Guaranteed Creditors, even though such election
operates to impair or extinguish any right of reimbursement or subrogation or other right or remedy
of Holdings or Trico Subsea Holding against the Borrowers, or any other party or any security.

 

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(b) Each of Holdings and Trico Subsea Holding waives all presentments, demands for
performance, protests and notices, including, without limitation, notices of nonperformance,
notices of protest, notices of dishonor, notices of acceptance of this Guaranty, and notices of the
existence, creation or incurring of new or additional Guaranteed Obligations. Each of Holdings and
Trico Subsea Holding assumes all responsibility for being and keeping itself informed of the
Borrowers’ financial condition and assets, and of all other circumstances bearing upon the risk of
nonpayment of the Guaranteed Obligations and the nature, scope and extent of the risks which each
of Holdings and Trico Subsea Holding assumes and incurs hereunder, and agrees that neither the
Administrative Agent nor any of the other Guaranteed Creditors shall have any duty to advise either
Holdings or Trico Subsea Holding of information known to them regarding such circumstances or
risks.

Section 13. Miscellaneous.

13.01 Payment of Expenses. The Borrowers agree to: (i) whether or not the transactions herein contemplated are
consummated, pay all reasonable out-of-pocket costs and expenses of the Administrative Agent
(including, without limitation, the reasonable fees and disbursements of White & Case LLP and the
Administrative Agent’s local maritime counsel and the Administrative Agent’s consultants) in
connection with the preparation, execution and delivery of this Agreement and the other Credit
Documents and the documents and instruments referred to herein and therein
and any amendment, waiver or consent relating hereto or thereto, of the Administrative Agent
in connection with its syndication efforts with respect to this Agreement and of the Administrative
Agent and, after the occurrence of an Event of Default, each of the Lenders in connection with the
enforcement of this Agreement and the other Credit Documents and the documents and instruments
referred to herein and therein or in connection with any refinancing or restructuring of the credit
arrangements provided under this Agreement in the nature of a “work-out” or pursuant to any
insolvency or bankruptcy proceedings (including, in each case without limitation, the reasonable
fees and disbursements of counsel and consultants for the Administrative Agent and, after the
occurrence of an Event of Default, counsel for each of the Lenders); (ii) pay and hold the
Administrative Agent, each of the Lenders harmless from and against any and all present and future
stamp, documentary, transfer, sales and use, value added, excise and other similar taxes with
respect to the foregoing matters, the performance of any obligation under this Agreement or any
other Credit Document or any payment thereunder, and save the Administrative Agent, each of the
Lenders harmless from and against any and all liabilities with respect to or resulting from any
delay or omission (other than to the extent attributable to the Administrative Agent, such Lender)
to pay such taxes; and (iii) indemnify the Administrative Agent, the Collateral Agent, each Lender,
and each of their respective officers, directors, employees, representatives, agents, affiliates,
trustees and investment advisors (the “Indemnitees”) from and hold each of them harmless
against any and all liabilities, obligations (including removal or remedial actions), losses,
damages, penalties, claims, actions, judgments, suits, costs, expenses and disbursements (including
reasonable attorneys’ and consultants’ fees and disbursements) incurred by, imposed on or assessed
against any of them as a result of, or arising out of, or in any way related to,

 

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or by reason of,
(a) any investigation, litigation or other proceeding (whether or not the Administrative Agent, any
Lender is a party thereto and whether or not such investigation, litigation or other proceeding is
brought by or on behalf of any Credit Party) related to the entering into and/or performance of
this Agreement or any other Credit Document or the proceeds of any Loans hereunder or the
consummation of the Transaction or any other transactions contemplated herein or in any other
Credit Document or the exercise of any of their rights or remedies provided herein or in the other
Credit Documents, or (b) the Release of Hazardous Materials by either of the Borrowers or their
respective Subsidiaries in the air, surface water or groundwater or on the surface or subsurface of
any Mortgaged Vessel at any time owned, operated or occupied by the Borrowers, or any of the
Borrowers’ respective Subsidiaries, either of the generation, storage, transportation, handling,
disposal or Release of Hazardous Materials by the Borrowers or any of the Borrowers’ respective
Subsidiaries at any location, whether or not owned, leased or operated by either of the Borrowers
or any of the Borrowers’ respective Subsidiaries, the non-compliance of any Mortgaged Vessel with
Environmental Law (including applicable permits thereunder) applicable to any Mortgaged Vessel, or
any Environmental Claim asserted against the Borrower or any of the Borrowers’ respective
Subsidiaries, or any Mortgaged Vessel at any time owned, operated or occupied by the Borrowers or
any of the Borrowers’ respective Subsidiaries, including, in each case, without limitation, the
reasonable fees and disbursements of counsel and other consultants incurred in connection with any
such investigation, litigation or other proceeding (but excluding any losses, liabilities, claims,
damages or expenses to the extent incurred by reason of the gross negligence or willful misconduct
of the Person to be indemnified (as determined by a court of competent jurisdiction in a final and
non-appealable decision) or caused by the actions or inactions of the Person to be indemnified).
To the extent that the undertaking to indemnify, pay or hold harmless the Administrative Agent, any Lender set forth in the preceding sentence may be unenforceable
because it is violative of any law or public policy, the Borrowers shall make the maximum
contribution to the payment and satisfaction of each of the indemnified liabilities which is
permissible under applicable law.

13.02 Right of Setoff. In addition to any rights now or hereafter granted under applicable law or otherwise, and
not by way of limitation of any such rights, upon the occurrence and during the continuance of an
Event of Default, each Lender is hereby authorized at any time or from time to time, without
presentment, demand, protest or other notice of any kind to any Subsidiary or either of the
Borrowers or to any other Person, any such notice being hereby expressly waived, to set off and to
appropriate and apply any and all deposits (general or special) and any other Indebtedness at any
time held or owing by such Lender (including, without limitation, by branches and agencies of such
Lender wherever located) to or for the credit or the account of the Borrowers or any Credit Party
but in any event excluding assets held in trust for any such Person against and on account of the
Obligations and liabilities of the Borrowers or such Credit Party, as applicable, to such Lender
under this Agreement or under any of the other Credit Documents, including, without limitation, all
interests in Obligations purchased by such Lender pursuant to Section 13.06(b), and all
other claims of any nature or description arising out of or connected with this Agreement or any
other Credit Document, irrespective of whether or not such Lender shall have made any demand
hereunder and although said Obligations, liabilities or claims, or any of them, shall be contingent
or unmatured.

 

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13.03 Notices. Except as otherwise expressly provided herein, all notices and other communications
provided for hereunder shall be in writing (including telexed, telegraphic or telecopier
communication) and mailed, telexed, telecopied or delivered: if to any Credit Party, at the
address specified under its signature below; if to any Lender, at its address specified opposite
its name on Schedule II below; and if to the Administrative Agent, at its Notice Office;
or, as to any other Credit Party, at such other address as shall be designated by such party in a
written notice to the other parties hereto and, as to each Lender, at such other address as shall
be designated by such Lender in a written notice to the Borrowers and the Administrative Agent.
All such notices and communications shall when mailed, telegraphed, telexed, telecopied, or cabled
or sent by overnight courier, be effective when deposited in the mails, delivered to the telegraph
company, cable company or overnight courier as the case may be, or sent by telex or telecopier,
except that notices and communications to the Administrative Agent shall not be effective until
received by the Administrative Agent. 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 delivered by hand or overnight courier service, sent by telecopier or on the
date five Business Days after dispatch by certified or registered mail if mailed, in each case
delivered, sent or mailed (properly addressed) to such party as provided in this Section
13.03 or in accordance with the latest unrevoked direction from such party given in accordance
with this Section 13.03.

13.04 Benefit of Agreement; Assignments and Participations. (a) This Agreement shall be binding upon and inure to the benefit of and be enforceable by
the respective successors and assigns of the parties hereto; provided, however,
that (i) no Credit Party may assign or transfer any of its rights, obligations or interests
hereunder or under any other Credit Document without the prior written consent of the Lenders, (ii)
although any Lender may transfer, assign or grant participations in its rights hereunder, such
Lender shall remain a “Lender” for all purposes hereunder (and may not transfer or assign all or
any portion of its Revolving Loan Commitments hereunder except as provided in Sections 2.12
and 13.04(b)) and the transferee, assignee or participant, as the case may be, shall not
constitute a “Lender” hereunder and (iii) no Lender shall transfer or grant any participation under
which the participant shall have rights to approve any amendment to or waiver of this Agreement or
any other Credit Document except to the extent such amendment or waiver would (x) extend the final
scheduled maturity of any Loan or Note in which such participant is participating, or reduce the
rate or extend the time of payment of interest or Commitment Commission thereon (except (m) in
connection with a waiver of applicability of any post-default increase in interest rates and (n)
that any amendment or modification to the financial definitions in this Agreement shall not
constitute a reduction in the rate of interest for purposes of this clause (x)) or reduce the
principal amount thereof, or increase the amount of the participant’s participation over the amount
thereof then in effect (it being understood that a waiver of any Default or Event of Default or of
a mandatory reduction in the Total Commitment shall not constitute a change in the terms of such
participation, and that an increase in any Revolving Loan Commitment or Loan shall be permitted
without the consent of any participant if the participant’s participation is not increased as a
result thereof), (y) consent to the assignment or transfer by the Borrowers of any of their rights
and obligations under this Agreement or (z) release all or substantially all of the Collateral
under all of the Security Documents (except as expressly provided in the Credit Documents) securing
the Loans hereunder in which such participant is participating. In the case of any such
participation, the participant shall not have any rights under this Agreement or any of the other
Credit Documents (the participant’s rights against such Lender in respect of such participation to
be those set forth in the agreement executed by such Lender in favor of the participant relating
thereto) and all amounts payable by the Borrowers hereunder shall be determined as if such Lender
had not sold such participation.

 

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(b) Notwithstanding the foregoing, any Lender (or any Lender together with one or more other
Lenders) may (x) assign all or a portion of its Revolving Loan Commitment and/or its outstanding
Loans to its (i) parent company so long as such parent company is solvent and/or any affiliate of
such Lender which is at least 50% owned by such Lender or its parent company (so long as such
affiliate is solvent) or (ii) in the case of any Lender that is a fund that invests in bank loans,
any other fund that invests in bank loans and is managed or advised by the same investment advisor
of such Lender or by an Affiliate of such investment advisor (so long as such fund is solvent) or
(iii) to one or more Lenders or (y) assign with the consent of the Borrowers (which consent shall
not be unreasonably withheld or delayed and shall not be required if any Event of Default is then
in existence) all, or if less than all, a portion equal to at least $5,000,000 in the aggregate for
the assigning Lender or assigning Lenders, of such Revolving Loan Commitments and outstanding
principal amount of Loans hereunder to one or more Eligible Transferees (treating any fund that
invests in bank loans and any other fund that invests in bank loans and is managed or advised by
the same investment advisor of such fund or by an Affiliate of such investment advisor as a single
Eligible Transferee), each of which assignees shall become a party to this Agreement as a Lender by
execution of an Assignment and Assumption Agreement, provided that (i) at such time Schedule I shall be
deemed modified to reflect the Revolving Loan Commitments (and/or outstanding Loans, as the case
may be) of such new Lender and of the existing Lenders, (ii) upon the surrender of the relevant
Notes assigned by the Lender, new Notes will be issued, at the Borrowers’ expense, to such new
Lender and to the assigning Lender upon the request of such new Lender or assigning Lender, such
new Notes to be in conformity with the requirements of Section 2.05 (with appropriate
modifications) to the extent needed to reflect the revised Revolving Loan Commitments (and/or
outstanding Loans, as the case may be), (iii) the consent of the Administrative Agent shall be
required in connection with any assignment pursuant to preceding clause (y) (which consent shall
not be unreasonably withheld or delayed), and (iv) the Administrative Agent shall receive at the
time of each such assignment, from the assigning or assignee Lender, the payment of a
non-refundable assignment fee of $3,000. To the extent of any assignment pursuant to this
Section 13.04(b), the assigning Lender shall be relieved of its obligations hereunder with
respect to its assigned Revolving Loan Commitments and outstanding Loans. At the time of each
assignment pursuant to this Section 13.04(b) to a Person which is not already a Lender
hereunder, the respective assignee Lender shall, to the extent legally entitled to do so, comply
with Section 4.04(b). To the extent that an assignment of all or any portion of a Lender’s
Revolving Loan Commitments and related outstanding Obligations pursuant to Section 2.12 or
this Section 13.04(b) would, at the time of such assignment, result in increased costs
under Section 2.09 or 2.10 from those being charged by the respective assigning
Lender prior to such assignment, then the Borrowers shall not be obligated to pay such increased
costs (although the Borrowers, in accordance with and pursuant to the other provisions of this
Agreement, shall be obligated to pay any other increased costs of the type described above
resulting from changes after the date of the respective assignment).

(c) Nothing in this Agreement shall prevent or prohibit any Lender from pledging its Loans and
Notes hereunder to a Federal Reserve Bank in support of borrowings made by such Lender from such
Federal Reserve Bank and, with prior notification to the Administrative Agent (but without the
consent of the Administrative Agent or the Borrowers), any Lender which is a fund may pledge all or
any portion of its Loans and Notes to its trustee or to a collateral agent providing credit or
credit support to such Lender in support of its obligations to such trustee, such collateral agent
or a holder of such obligations, as the case may be. No pledge pursuant to this clause (c) shall
release the transferor Lender from any of its obligations hereunder.

 

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13.05 No Waiver; Remedies Cumulative. No failure or delay on the part of the Administrative Agent or any Lender or any holder of
any Note in exercising any right, power or privilege hereunder or under any other Credit Document
and no course of dealing between the Borrowers or any other Credit Party and the Administrative
Agent or any Lender or the holder of any Note shall operate as a waiver thereof; nor shall any
single or partial exercise of any right, power or privilege hereunder or under any other Credit
Document preclude any other or further exercise thereof or the exercise of any other right, power
or privilege hereunder or thereunder. The rights, powers and remedies herein or in any other
Credit Document expressly provided are cumulative and not exclusive of any rights, powers or
remedies which the Administrative Agent or any Lender or the holder of any Note would otherwise
have. No notice to or demand on any Credit Party in any case shall entitle any Credit Party to any
other or further notice or demand in similar or other circumstances
or constitute a waiver of the rights of the Administrative Agent or any Lender or the holder
of any Note to any other or further action in any circumstances without notice or demand.

13.06 Payments Pro Rata. (a) Except as otherwise provided in this Agreement, the Administrative Agent agrees that
promptly after its receipt of each payment from or on behalf of the Borrowers in respect of any
Obligations hereunder, it shall distribute such payment to the Lenders (other than any Lender that
has consented in writing to waive its pro rata share of any such
payment) pro rata based upon their
respective shares, if any, of the Obligations with respect to which such payment was received.

(b) Each of the Lenders agrees that, if it should receive any amount hereunder (whether by
voluntary payment, by realization upon security, by the exercise of the right of setoff or banker’s
lien, by counterclaim or cross action, by the enforcement of any right under the Credit Documents,
or otherwise), which is applicable to the payment of the principal of, or interest on, the Loans or
Commitment Commission, of a sum which with respect to the related sum or sums received by other
Lenders is in a greater proportion than the total of such Obligation then owed and due to such
Lender bears to the total of such Obligation then owed and due to all of the Lenders immediately
prior to such receipt, then such Lender receiving such excess payment shall purchase for cash
without recourse or warranty from the other Lenders an interest in the Obligations of the
respective Credit Party to such Lenders in such amount as shall result in a proportional
participation by all the Lenders in such amount; provided that if all or any portion of
such excess amount is thereafter recovered from such Lender, such purchase shall be rescinded and
the purchase price restored to the extent of such recovery, but without interest.

(c) Notwithstanding anything to the contrary contained herein, the provisions of the preceding
Sections 13.06(a) and (b) (i) shall be subject to the express provisions of this
Agreement which require, or permit, differing payments to be made to Non-Defaulting Lenders as
opposed to Defaulting Lenders and (ii) shall not be construed to apply to any payment obtained by a
Lender as consideration for the assignment of or sale of a participation in any of its Loans.

 

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13.07 Calculations; Computations. (a) The financial statements to be furnished to the Lenders pursuant hereto shall be made
and prepared in accordance with generally accepted accounting principles consistently applied
throughout the periods involved (except as set forth in the notes thereto or as otherwise disclosed
in writing by the Borrowers to the Lenders). In addition, all computations determining compliance
with Sections 9.06 through 9.09, inclusive, shall utilize generally accepted
accounting principles and policies in conformity with, and consistent with, those used to prepare
the historical audited consolidated financial statements of the Holdings and its Subsidiaries
referred to in Section 7.05(a). Unless otherwise noted, all references in this Agreement
to “GAAP” or “generally accepted accounting principles” shall mean generally accepted accounting
principles as in effect in the United States of America as may be modified from time to time.

(b) All computations of interest and Commitment Commission hereunder shall be made on the
basis of a year of 360 days for the actual number of days (including the first day but excluding
the last day) occurring in the period for which such interest or Commitment Commission are payable.

13.08 GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL; APPOINTMENT
OF PROCESS AGENT. (a) THIS AGREEMENT AND THE OTHER CREDIT DOCUMENTS AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER AND THEREUNDER SHALL, EXCEPT AS OTHERWISE PROVIDED IN CERTAIN OF THE VESSEL
MORTGAGES, BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK.
ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT MAY BE
BROUGHT IN THE COURTS OF THE STATE OF NEW YORK LOCATED IN THE COUNTY OF NEW YORK OR OF THE UNITED
STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT,
EACH PARTY HERETO HEREBY IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY
AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS. EACH PARTY HERETO FURTHER
IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT 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 SUCH PERSON AT ITS ADDRESS SET FORTH IN SECTION 13.03, SUCH SERVICE TO BECOME
EFFECTIVE 30 DAYS AFTER SUCH MAILING. NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO
SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE
PROCEED AGAINST ANY CREDIT PARTY IN ANY OTHER JURISDICTION. EACH CREDIT PARTY HEREBY IRREVOCABLY
DESIGNATES, APPOINTS, AUTHORIZES AND EMPOWERS CT CORPORATION SYSTEM, WITH OFFICES ON THE DATE
HEREOF AT 111 EIGHTH AVENUE, 13TH FLOOR, NEW YORK, NY 10011, AS ITS DESIGNEE, APPOINTEE AND AGENT
TO RECEIVE AND ACCEPT FOR AND ON ITS BEHALF, AND IN RESPECT OF ITS PROPERTY, SERVICE OF ANY AND ALL

 

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LEGAL
PROCESS,  SUMMONS, NOTICES AND DOCUMENTS WHICH MAY BE SERVED IN ANY SUCH ACTION OR PROCEEDING.
IF FOR ANY REASON SUCH DESIGNEE, APPOINTEE AND AGENT SHALL CEASE TO BE AVAILABLE TO ACT AS SUCH,
THE CREDIT PARTIES AGREE TO DESIGNATE A NEW DESIGNEE, APPOINTEE AND AGENT IN NEW YORK, NEW YORK ON
THE TERMS AND FOR THE PURPOSES OF THIS PROVISION REASONABLY SATISFACTORY TO THE COLLATERAL AGENT;
PROVIDED THAT ANY FAILURE ON THE PART OF THE CREDIT PARTIES TO COMPLY WITH THE FOREGOING
PROVISIONS OF THIS SENTENCE SHALL NOT IN ANY WAY PREJUDICE OR LIMIT THE SERVICE OF PROCESS OR
SUMMONS IN ANY OTHER MANNER DESCRIBED ABOVE IN THIS SECTION 13.08 OR OTHERWISE PERMITTED BY LAW.
IF AT ANY TIME DURING WHICH THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT REMAINS IN EFFECT, ANY
CREDIT PARTY DOES NOT MAINTAIN A REGULARLY FUNCTIONING OFFICE IN NEW YORK CITY, SUCH CREDIT PARTY
WILL DULY APPOINT, AND AT ALL TIMES MAINTAIN, AN AGENT IN NEW YORK CITY FOR THE SERVICE OF PROCESS OR
SUMMONS, AND WILL PROVIDE TO THE ADMINISTRATIVE AGENT AND THE LENDERS WRITTEN NOTICE OF THE
IDENTITY AND ADDRESS OF SUCH AGENT FOR SERVICE OF PROCESS OR SUMMONS; PROVIDED THAT ANY
FAILURE ON THE PART OF ANY CREDIT PARTY TO COMPLY WITH THE FOREGOING PROVISIONS OF THIS SENTENCE
SHALL NOT IN ANY WAY PREJUDICE OR LIMIT THE SERVICE OF PROCESS OR SUMMONS IN ANY OTHER MANNER
DESCRIBED ABOVE IN THIS SECTION 13.08 OR OTHERWISE PERMITTED BY LAW.

(b) EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER
HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN
CONNECTION WITH THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT BROUGHT IN THE COURTS REFERRED TO IN
CLAUSE (a) ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH
COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN
INCONVENIENT FORUM.

(c) EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY
JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE
OTHER CREDIT DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

13.09 Counterparts. This Agreement may be executed in any number of counterparts and by the different parties
hereto on separate counterparts, each of which when so executed and delivered shall be an original,
but all of which shall together constitute one and the same instrument. A set of counterparts
executed by all the parties hereto shall be lodged with the Borrowers and the Administrative Agent.

 

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13.10 Restatement Effective Date. (a) This Agreement shall become effective on the date (the “Restatement Effective
Date”) on which (i) Holdings, Trico Subsea Holding, the Borrowers, the Administrative Agent and
each of the Lenders party hereto shall have signed a counterpart hereof (whether the same or
different counterparts) and shall have delivered the same to the Administrative Agent or, in the
case of the Lenders, shall have given to the Administrative Agent telephonic (confirmed in
writing), written or facsimile notice (actually received) at such office that the same has been
signed and mailed to it and (ii) the conditions set forth in Section 5 are met (or waived)
to the reasonable satisfaction of the Administrative Agent and the Lenders. Unless the
Administrative Agent has received actual notice from any Lender that the conditions contained in
Section 5 have not been met (or waived) to such Lender’s reasonable satisfaction, upon the
satisfaction of the condition described in clause (i) of the immediately preceding sentence and
upon the Administrative Agent’s good faith determination that the conditions
described in clause (ii) of the immediately preceding sentence have been met, then the
Restatement Effective Date shall have been deemed to have occurred and all conditions contained in
Section 5 shall be deemed satisfied or waived by the Administrative Agent and each Lender.
The Administrative Agent will give the Borrower and each Lender prompt written notice of the
occurrence of the Restatement Effective Date. It is hereby acknowledged and agreed from and after
the Restatement Effective Date, all references in the Credit Agreement and each of the other Loan
Documents to the Original Shipping Credit Agreement and/or the Original Subsea Credit Agreement
shall be deemed to be references to the Original Shipping Credit Agreement and/or the Original
Subsea Credit Agreement, as applicable, as modified hereby on the Restatement Effective Date.

(b) Each of the Borrowers hereby ratifies and reaffirms all of its payment and performance
obligations, contingent or otherwise, with respect to each of the Existing Loans to which it is a
party. This Agreement represents an amendment and restatement of the Original Credit Agreements,
and not a novation of the obligations and liabilities under the Original Credit Agreements or
evidence of payment or discharge of all or any of the obligations or liabilities under the Original
Credit Agreements. The execution of this Agreement shall not operate as a novation, waiver of any
right, power, or remedy nor constitute a waiver of any provision of any of the Original Credit
Agreements, except as expressly set forth herein.

13.11 Headings Descriptive. The headings of the several sections and subsections of this Agreement are inserted for
convenience only and shall not in any way affect the meaning or construction of any provision of
this Agreement.

 

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13.12 Amendment or Waiver; etc. (a) Neither this Agreement nor any other Credit Document nor any terms hereof or thereof may
be changed, waived, discharged or terminated unless such change, waiver, discharge or termination
is in writing signed by the respective Credit Parties party thereto and the Required Lenders
(although additional parties may be added to (and annexes may be modified to reflect such
additions), and any of the Parent, Holdings, Trico Subsea Holding or the Subsidiaries Guarantors
may be released from its respective Guaranty and the Security Documents in accordance with the
provisions hereof and thereof without the consent of the other Credit Parties party thereto or the
Required Lenders), provided that no such change, waiver, discharge or termination shall,
without the consent of each Lender (other than a Defaulting Lender with Obligations being directly
affected in the case of following clause (i)) and in the case of the following clause (vi), to the
extent (in the case of the following clause (vi)) that any such Lender would be required to make a
Loan in excess of its pro rata portion provided for in this
Agreement or would receive a payment or
prepayment of Loans or a commitment reduction that (in any case) is
less than its pro rata portion
provided for in this Agreement, in each case, as a result of any such amendment, modification or
waiver referred to in the following clause (vi)), (i) extend the final scheduled maturity of any
Loan or Note, extend the timing for or reduce the principal amount of any Scheduled Commitment
Reduction, or reduce the rate or extend the time of payment of interest on any Loan or Note or
Commitment Commission (except (x) in connection with the waiver of applicability of any
post-default increase in interest rates and (y) any amendment or modification to the financial definitions in this Agreement shall not
constitute a reduction in the rate of interest for purposes of this clause (i)), or reduce the
principal amount thereof (except to the extent repaid in cash), (ii) release any Vessel Mortgage
(except as expressly provided in the Credit Documents), (iii) amend, modify or waive any provision
of this Section 13.12, (iv) reduce the percentage specified in the definition of Required
Lenders (it being understood that, with the consent of the Required Lenders, additional extensions
of credit pursuant to this Agreement may be included in the determination of the Required Lenders
on substantially the same basis as the extensions of Loans and Revolving Loan Commitments were
included on the Original Shipping Effective Date), (v) consent to the assignment or transfer by
either of the Borrowers of any of their respective rights and obligations under this Agreement,
(vi) amend, modify or waive Section 2.06 or amend, modify or waive any other provision in
this Agreement to the extent providing for payments or prepayments of Loans or reductions in
Revolving Loan Commitments, in each case, to be applied pro
rata among the Lenders entitled to such
payments or prepayments of Loans or reductions in Revolving Loan Commitments (it being understood
that the provision of additional extensions of credit pursuant to this Agreement, or the waiver of
any mandatory commitment reduction or any mandatory prepayment of Loans by the Required Lenders
shall not constitute an amendment, modification or waiver for purposes of this clause (vi), or
(vii) release any Subsidiaries Guarantor from a Subsidiaries Guaranty to the extent same owns a
Mortgaged Vessel); provided, further, that no such change, waiver, discharge or
termination shall (u) increase the Revolving Loan Commitments of any Lender over the amount thereof
then in effect without the consent of such Lender (it being understood that waivers or
modifications of conditions precedent, covenants, Defaults or Events of Default or of a mandatory
reduction in the Revolving Loan Commitments shall not constitute an increase of the Revolving Loan
Commitment of any Lender, and that an increase in the available portion of any Revolving Loan
Commitment of any Lender shall not constitute an increase in the Revolving Loan Commitment of such
Lender), (v) without the consent of each Agent, amend, modify or waive any provision of Section
11 as same applies to such Agent or any other provision as same relates to the rights or
obligations of such Agent or (w) without the consent of the Collateral Agent, amend, modify or
waive any provision relating to the rights or obligations of the Collateral Agent.

 

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(b) If, in connection with any proposed change, waiver, discharge or termination to any of the
provisions of this Agreement as contemplated by clauses (i) through (v), inclusive, of the first
proviso to Sections 13.12(a), the consent of the Required Lenders is obtained but the
consent of one or more of such other Lenders whose consent is required is not obtained, then the
Borrowers shall have the right, so long as all non-consenting Lenders whose individual consent is
required are treated as described in either clauses (A) or (B) below, to either (A) replace each
such non-consenting Lender or Lenders (or, at the option of the Borrowers if the respective
Lender’s consent is required with respect to less than all Loans (or related Revolving Loan
Commitments), to replace only the respective Revolving Loan Commitments and/or Loans of the
respective non-consenting Lender which gave rise to the need to obtain such Lender’s individual
consent) with one or more Replacement Lenders pursuant to Section 2.12 so long as at the
time of such replacement, each such Replacement Lender consents to the proposed change, waiver,
discharge or termination or (B) terminate such non-consenting Lender’s Revolving Loan Commitment
(if such Lender’s consent is required as a result of its Revolving Loan Commitment), and/or repay
outstanding Loans and terminate any outstanding Revolving Loan Commitments of such Lender which
gave rise to the need to obtain such Lender’s consent, in accordance with Sections 4.02(b) and/or 4.01(iv), provided that,
unless the Revolving Loan Commitments are terminated, and Loans repaid, pursuant to preceding
clause (B) are immediately replaced in full at such time through the addition of new Lenders or the
increase of the Revolving Loan Commitments and/or outstanding Loans of existing Lenders (who in
each case must specifically consent thereto), provided, further, that in any event
the Borrowers shall not have the right to replace a Lender, terminate its Revolving Loan Commitment
or repay its Loans solely as a result of the exercise of such Lender’s rights (and the withholding
of any required consent by such Lender) pursuant to the second proviso to Section 13.12(a).

13.13 Survival. All indemnities set forth herein including, without limitation, in Sections 2.09,
2.10, 4.04 and 13.01 shall, subject to Section 13.15 (to the extent
applicable), survive the execution, delivery and termination of this Agreement and the Notes and
the making and repayment of the Loans.

13.14 Domicile of Loans. Each Lender may transfer and carry its Loans at, to or for the account of any office,
Subsidiary or Affiliate of such Lender. Notwithstanding anything to the contrary contained herein,
to the extent that a transfer of Loans pursuant to this Section 13.14 would, at the time of
such transfer, result in increased costs under Section 2.09, 2.10 or 4.04
from those being charged by the respective Lender prior to such transfer, then the Borrowers shall
not be obligated to pay such increased costs (although the Borrowers shall be obligated to pay any
other increased costs of the type described above resulting from changes after the date of the
respective transfer).

13.15 Limitation on Additional Amounts, etc. Notwithstanding anything to the contrary contained in Sections 2.09, 2.10 or
4.04 of this Agreement, unless a Lender gives notice to the Borrowers that it is obligated
to pay an amount under any such Section within one year after the later of (x) the date the Lender
incurs the respective increased costs, Taxes, loss, expense or liability, reduction in amounts
received or receivable or reduction in return on capital or (y) the date such Lender has actual
knowledge of its incurrence of the respective increased costs, Taxes, loss, expense or liability,
reductions in amounts received or receivable or reduction in return on capital, then such Lender
shall only be entitled to be compensated for such amount by the Borrower pursuant to said
Sections 2.09, 2.10 or 4.04 as the case may be, to the extent the costs,
Taxes, loss, expense or liability, reduction in amounts received or receivable or reduction in
return on capital are incurred or suffered on or after the date which occurs one year prior to such
Lender giving notice to the Borrowers that it is obligated to pay the respective amounts pursuant
to said Sections 2.09, 2.10 or 4.04, as the case may be. This Section
13.15 shall have no applicability to any Section of this Agreement other than said Sections
2.09, 2.10 or 4.04.

 

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13.16 Confidentiality. (a) Subject to the provisions of clause (b) of this Section 13.16, each Lender
agrees that it will use its best efforts not to disclose without the prior consent of the Borrowers
(other than to its employees, auditors, advisors or counsel or to another Lender if the Lender
or such Lender’s holding or parent company or board of trustees in its sole discretion determines
that any such party should have access to such information, provided such Persons shall be subject
to the provisions of this Section 13.16 to the same extent as such Lender) any information
with respect to either of the Borrowers or any of their respective Subsidiaries which is now or in
the future furnished pursuant to this Agreement or any other Credit Document, provided that
any Lender may disclose any such information (a) as has become generally available to the public
other than by virtue of a breach of this Section 13.16(a) by the respective Lender, (b) as
may be required in any report, statement or testimony submitted to any municipal, state or Federal
regulatory body having or claiming to have jurisdiction over such Lender or to the Federal Reserve
Board or the Federal Deposit Insurance Corporation or similar organizations (whether in the United
States or elsewhere) or their successors, (c) as may be required in respect to any summons or
subpoena or in connection with any litigation, (d) in order to comply with any law, order,
regulation or ruling applicable to such Lender, (e) to the Administrative Agent or the Collateral
Agent and (f) to any prospective or actual transferee or participant in connection with any
contemplated transfer or participation of any of the Notes or Revolving Loan Commitments or any
interest therein by such Lender, provided that such prospective transferee expressly agrees
to be bound by the confidentiality provisions contained in this Section 13.16.

(b) The Borrowers hereby acknowledge and agree that each Lender may share with any of its
affiliates any information related to the Borrower or any of its Subsidiaries (including, without
limitation, any nonpublic customer information regarding the creditworthiness of the Borrowers or
their respective Subsidiaries), provided such Persons shall be subject to the provisions of this
Section 12.16 to the same extent as such Lender.

13.17 Register. The Borrowers hereby designate the Administrative Agent to serve as the Borrowers’ agent,
solely for purposes of this Section 13.17, to maintain a register (the “Register”)
on which it will record the Revolving Loan Commitments from time to time of each of the Lenders,
the Loans made by each of the Lenders and each repayment and prepayment in respect of the principal
amount of the Loans of each Lender. Failure to make any such recordation, or any error in such
recordation shall not affect the Borrowers’ obligations in respect of such Loans. With respect to
any Lender, the transfer of the Revolving Loan Commitments of such Lender and the rights to the
principal of, and interest on, any Loan made pursuant to such Revolving Loan Commitments shall not
be effective until such transfer is recorded on the Register maintained by the Administrative Agent
with respect to ownership of such Revolving Loan Commitments and Loans and prior to such
recordation all amounts owing to the transferor with respect to such Revolving Loan Commitments and
Loans shall remain owing to the transferor. The registration of an assignment or transfer of all
or part of any Revolving Loan Commitments and Loans shall be recorded by the Administrative Agent
on the Register only upon the acceptance by the Administrative Agent of a properly executed and
delivered Assignment and Assumption Agreement pursuant to Section 13.04(b). Coincident
with the delivery of such an Assignment and Assumption Agreement to the Administrative Agent for
acceptance and registration of assignment or transfer of all or part of a Loan, or as soon
thereafter as practicable, the assigning or transferor Lender shall surrender the Note evidencing
such Loan, and thereupon one or more new Notes in the same aggregate principal amount shall
be issued to the assigning or transferor Lender and/or the new Lender. The Borrowers agree to
indemnify the Administrative Agent from and against any and all losses, claims, damages and
liabilities of whatsoever nature which may be imposed on, asserted against or incurred by the
Administrative Agent in performing its duties under this Section 13.17, except to the
extent caused by the Administrative Agent’s own gross negligence or willful misconduct.

 

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13.18 Judgment Currency. If for the purposes of obtaining judgment in any court it is necessary to convert a sum due
from the Borrowers hereunder or under any of the Notes in the currency expressed to be payable
herein or under the Notes (the “specified currency”) into another currency, the parties hereto
agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall
be that at which in accordance with normal banking procedures the Administrative Agent could
purchase the specified currency with such other currency at the Administrative Agent’s New York
office on the Business Day preceding that on which final judgment is given. The obligations of the
Borrowers in respect of any sum due to any Lender or the Administrative Agent hereunder or under
any Note shall, notwithstanding any judgment in a currency other than the specified currency, be
discharged only to the extent that on the Business Day following receipt by such Lender or the
Administrative Agent (as the case may be) of any sum adjudged to be so due in such other currency
such Lender or the Administrative Agent (as the case may be) may in accordance with normal banking
procedures purchase the specified currency with such other currency; if the amount of the specified
currency so purchased is less than the sum originally due to such Lender or the Administrative
Agent, as the case may be, in the specified currency, the Borrowers agree, to the fullest extent
that it may effectively do so, as a separate obligation and notwithstanding any such judgment, to
indemnify such Lender or the Administrative Agent, as the case may be, against such loss, and if
the amount of the specified currency so purchased exceeds the sum originally due to any Lender or
the Administrative Agent, as the case may be, in the specified currency, such Lender or the
Administrative Agent, as the case may be, agrees to remit such excess to the Borrowers.

13.19 Language. All correspondence, including, without limitation, all notices, reports and/or
certificates, delivered by any Credit Party to the Administrative Agent, the Collateral Agent or
any Lender shall, unless otherwise agreed by the respective recipients thereof, be submitted in the
English language or, to the extent the original of such document is not in the English language,
such document shall be delivered with a certified English translation thereof.

13.20 Waiver of Immunity. Each Borrower, in respect of itself, each other Credit Party, its and their process agents,
and its and their properties and revenues, hereby irrevocably agrees that, to the extent that such
Borrower, any other Credit Party or any of its or their properties has or may hereafter acquire any
right of immunity from any legal proceedings, whether in the United States, Norway, Bahamas,
England, the Republic of Vanuatu, Malta, Cyprus or elsewhere, to enforce or collect upon the
Obligations of the Borrowers or any other Credit Party related to or arising from the transactions
contemplated by any of the Credit Documents, including, without limitation,
immunity from service of process, immunity from jurisdiction or judgment of any court or
tribunal, immunity from execution of a judgment, and immunity of any of its property from
attachment prior to any entry of judgment, or from attachment in aid of execution upon a judgment,
such Borrower, for itself and on behalf of the other Credit Parties, hereby expressly waives, to
the fullest extent permissible under applicable law, any such immunity, and agrees not to assert
any such right or claim in any such proceeding, whether in the United States or elsewhere.

 

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13.21 USA PATRIOT Act Notice. Each Lender hereby notifies each Credit Party that pursuant to the requirements of the USA
PATRIOT Act (Title III of Pub.: 107-56 (signed into law October 26, 2001)) (the “PATRIOT
Act”), it is required to obtain, verify, and record information that identifies each Credit
Party, which information includes the name of each Credit Party and other information that will
allow such Lender to identify each Credit Party in accordance with the PATRIOT Act, and each Credit
Party agrees to provide such information from time to time to any Lender.

13.22 Lender Consent. Each Lender on the Restatement Effective Date, which is a lender under the Parent Credit
Agreement consents to the execution, delivery and performance of each of the Credit Parties of this
Agreement.

13.23 Trico Shipping as Agent for Borrowers. Trico Subsea hereby irrevocably appoints Trico Shipping as the borrowing agent and
attorney-in-fact for itself (the “Borrower Representative”), which appointment shall remain
in full force and effect unless and until Administrative Agent shall have received prior written
notice signed by all of the Borrowers that such appointment has been revoked and that Trico Subsea
has been appointed Borrower Representative. Trico Subsea hereby irrevocably appoints and
authorizes Borrower Representative (i) to provide to Administrative Agent and receive from
Administrative Agent all notices with respect to Loans obtained for the benefit of any Borrower and
all other notices and instructions under the Credit Documents and (ii) to take such action on its
behalf as Borrower Representative deems appropriate to obtain Loans and to exercise such other
powers as are reasonably incidental thereto to carry out the purposes of this Agreement. None of
the Administrative Agent nor the Lenders shall incur liability to the Borrowers as a result of
relying on any instructions of Borrower Representative and each Borrower hereby jointly and
severally agrees to indemnify the Indemnitees and hold the Indemnitees harmless against any and all
liability, expense, loss or claim of damage or injury, made against such Indemnitee by any Borrower
or by any third party whosoever, arising from or incurred by reason of the Administrative Agent and
Lenders relying on any instructions of Borrower Representative; provided, however, that neither
Borrower shall be required to indemnify any Indemnitee to the extent any liability, expense loss,
or claim of damage arises from the gross negligence or willful misconduct of any Indemnitee.

13.24 Post-Closing Actions. Notwithstanding anything to the contrary contained in this Agreement or the other Credit
Documents, the parties hereto acknowledge and agree that:

(a) the Administrative Agent (i) shall not have received on the Restatement Effective
Date a favorable opinion from any of (w) Thommessen Krefting Greve Lund AS, Norwegian
counsel to each Credit Party, (x) Higgs & Johnson, Bahamian counsel to each Credit Party,
(y) Seward & Kissel LLP, Vanuatu maritime counsel to each Credit Party or (z) White & Case
LLP, London Office, English counsel to the Administrative Agent and (ii) shall have received
as promptly as practicable and in no event later than October 2, 2009 (or such later date as
shall be acceptable to the Administrative Agent (the “First Post-Closing Date”)),
each a favorable opinion from each of the counsel listed in clauses (w) through (z) above;

 

-84-

 

(b) Trico Shipping (i) shall not be required to have caused to be recorded in the
appropriate vessel registry on the Restatement Effective Date Vessel Mortgages, amendments
to the Vessel Mortgages or amendments and restatements of the Vessel Mortgages, as
applicable, with respect to each of the Mortgaged Vessels listed in rows 1 through 12 on
Schedule III and (ii) shall be required to have caused to be recorded in the
appropriate vessel registry, as promptly as practicable and in no event later than the First
Post-Closing Date, Vessel Mortgages, amendments to the Vessel Mortgages or amendments and
restatements of the Vessel Mortgages, as applicable, with respect to each of the Mortgaged
Vessels listed in rows 1 through 12 on Schedule III;

(c) (i) neither of the Borrowers shall be required to have caused to be recorded in the
appropriate vessel registry on the Restatement Effective Date a Factoring Agreement and (ii)
the Borrowers shall be required to have caused to be recorded in the appropriate vessel
registry, as promptly as practicable and in no event later than the First Post-Closing Date,
Factoring Agreements;

(d) Trico Subsea (i) shall not be required to have obtained or delivered on or prior to
the Restatement Effective Date all necessary consents required for the assignment of each
Refund Guarantee to the Collateral Agent and (ii) shall be required to obtain and deliver,
as promptly as practicable and in no event later than October 31, 2009 (or such later date
as shall be acceptable to the Administrative Agent (the “Second Post-Closing
Date”)), all necessary consents required for the assignment of each Refund Guarantee to
the Collateral Agent; and

(e) the Borrowers shall use their commercially reasonable efforts to provide consents
relating to the Assignment of Charters for any charter or other similar contract that has as
of the Restatement Effective Date a remaining term of twelve (12) months or greater,
including any extension option, granted by Trico Subsea.

 

-85-

 

All conditions precedent and representations contained in this Agreement and the other Credit
Documents shall be deemed modified to the extent necessary to effect the foregoing (and to permit
the taking of the actions described above within the time periods required above, rather than as
elsewhere provided in the Credit Documents), provided that (x) to the extent any
representation and warranty would not be true in all material respects because the foregoing
actions were not taken on the Restatement Effective Date, the respective representation and
warranty shall be required to be true and correct in all material respects at the time the
respective action is taken (or was required to be taken) in accordance with the foregoing
provisions of this Section 13.24 (except to the extent such representations and warranties
expressly relate to an earlier date) and (y) to the extent any representation and warranty would
not be true because the foregoing actions were not taken on the Restatement Effective Date, all
respective representations and warranties relating to the Security Documents shall be required to
be true in all material respects immediately after the actions required to be taken by Section
13.24 have been taken (or were required to be taken) (except to the extent such representations and
warranties expressly relate to an earlier date). The acceptance of the proceeds of each Loan
incurred after (I) the First Post-Closing Date shall constitute a representation, warranty and
covenant by each of Holdings and the Borrowers to each of the Lenders that the actions required
pursuant to Sections 13.24(a), (b) and (c) will be, or have been, taken within the relevant time
periods referred to in Sections 13.24(a), (b) and (c), and (II) the Second Post-Closing Date shall
constitute a representation, warranty and covenant by each of Holdings and the Borrowers to each of
the Lenders that the actions required pursuant to Section 13.24(d) will be, or have been, taken
within the relevant time periods referred to in Section 13.24(d), and that, at each such time, all
representations and warranties contained in this Agreement and the other Credit Documents shall
then be true and correct in all material respects (except to the extent such representations and
warranties expressly relate to an earlier date) without any modification pursuant to this Section
13.24 (except, prior to the Second Post-Closing Date, Section 13.24(d)), and the parties hereto
acknowledge and agree that the failure to take any of the actions required above, within the
relevant time periods required above, shall give rise to an immediate Event of Default pursuant to
this Agreement.

*     *     *

 

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IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to execute
and deliver this Agreement as of the date first above written.

	 	 	 	 	 	 	 	 	 
	Address: 10001 Woodloch Forest Dr.	 	 	 	TRICO SUPPLY AS,	 	 
	Suite 610
	 	 	 	as Holdings	 	 
	The Woodlands, Texas 77380
	 	 	 	 	 	 	 	 
	Telephone: (281) 203-5700

	 	 	 	By: 
	 	/s/ Siri Wennevik	 	 
	 Facsimile:
(281) 203-5701

	 	 	 	 	 	 

Name: Siri Wennevik
	 	 
	 

	 	 	 	 	 	Title: Attorney-in-fact	 	 
	 
	 	 	 	 	 	 	 	 
	Address: 10001 Woodloch Forest Dr.	 	 	 	TRICO SUBSEA HOLDING AS,	 	 
	Suite 610
	 	 	 	as Trico Subsea Holding	 	 
	The Woodlands, Texas 77380
	 	 	 	 	 	 	 	 
	Telephone: (281) 203-5700

	 	 	 	By:
	 	/s/ Siri Wennevik	 	 
	 Facsimile:
(281) 203-5701

	 	 	 	 	 	 

Name: Siri Wennevik
	 	 
	 

	 	 	 	 	 	Title: Attorney-in-fact	 	 
	 
	 	 	 	 	 	 	 	 
	Address: 10001 Woodloch Forest Dr.	 	 	 	TRICO SUBSEA AS,	 	 
	Suite 610
	 	 	 	as a Borrower	 	 
	The Woodlands, Texas 77380
	 	 	 	 	 	 	 	 
	Telephone: (281) 203-5700

	 	 	 	By:
	 	/s/ Siri Wennevik	 	 
	 Facsimile:
(281) 203-5701

	 	 	 	 	 	 

Name: Siri Wennevik
	 	 
	 

	 	 	 	 	 	Title: Attorney-in-fact	 	 
	 
	 	 	 	 	 	 	 	 
	Address: 10001 Woodloch Forest Dr.	 	 	 	TRICO SHIPPING AS,	 	 
	Suite 610
	 	 	 	as a Borrower	 	 
	The Woodlands, Texas 77380
	 	 	 	 	 	 	 	 
	Telephone: (281) 203-5700

	 	 	 	By:
	 	/s/ Siri Wennevik	 	 
	 Facsimile:
(281) 203-5701

	 	 	 	 	 	 

Name: Siri Wennevik
	 	 
	 

	 	 	 	 	 	Title: Attorney-in-fact	 	 

signature page to Trico $172,561,246 MM Facility A&R Credit Agreement

 

 

	 	 	 	 	 
	 	NORDEA BANK FINLAND PLC,

NEW YORK BRANCH, 

as Administrative Agent and Collateral Agent

 	 
	 	By:  	/s/ Martin  Lunder
 	 
	 	 	Name:  	Martin Lunder 	 
	 	 	Title:  	Senior Vice President 	 
	 	 	 
	 	By:  	      /s/ Martin  Kahm
 	 
	 	 	Name:  	Martin Kahm 	 
	 	 	Title:  	Vice President 	 

signature page to Trico $172,561,246 MM Facility A&R Credit Agreement

 

 

 

	 	 	 	 	 
	 	BAYERISCHE HYPO- UND VEREINSBANK AG,

as Lender

 	 
	 	By:  	/s/ Somitsch
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 	 	 
	 	By:  	/s/ Balz
 	 
	 	 	Name:  	Balz 	 
	 	 	Title:  	Associate 	 

signature page to Trico $172,561,246 MM Facility A&R Credit Agreement

 

 

 

SCHEDULE I

REVOLVING LOAN COMMITMENTS

	 	 	 	 	 
	Lender	 	Revolving Loan Commitment	 
	 
	 
	Nordea Bank Norge ASA, Grand Cayman Branch
	 	$	97,230,623.00	 
	 
	 
	Bayerische Hypo- und Vereinsbank AG
	 	$	75,330,623.00	 
	 
	 
	Total:
	 	$	172,561,246.00	 
	 
	 	 	 

signature page to Trico $172,561,246 MM Facility A&R Credit Agreement

 

 

 

SCHEDULE II

LENDER ADDRESSES

Nordea Bank Norge ASA, Grand Cayman Branch

437 Madison Avenue, 21st Floor

New York, New York 10022

USA

Attention: Loan Administration

Telephone: (212) 318-9632

Facsimile: (212) 421-4420

Bayerische Hypo- und Vereinsbank AG

Alter Wall 22

20457 Hamburg

Germany

Attention: Stephan Somitsch

Telephone: +49 (40) 3692-4625

Facsimile: +49 (4) 3692-2272

signature page to Trico $172,561,246 MM Facility A&R Credit Agreement

 

 

 

SCHEDULE III

COLLATERAL VESSELS

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Jurisdiction of
	 	 	 	 	Registered	 	 	 	 	 	Registration and
	#	 	Name	 	Owner	 	Number	 	Flag
	 
	 	 	 	 	 	 	 	 	 	 
	1.

	 	M/V Northern Canyon
	 	Trico Shipping AS
	 	 	8000711	 	 	Bahamian
	 
	 	 	 	 	 	 	 	 	 	 
	2.

	 	M/V Northern Challenger
	 	Trico Shipping AS
	 	 	9011765	 	 	Norwegian
	 
	 	 	 	 	 	 	 	 	 	 
	3.

	 	M/V Northern Clipper
	 	Trico Shipping AS
	 	 	9087312	 	 	Norwegian
	 
	 	 	 	 	 	 	 	 	 	 
	4.

	 	M/V Northern Commander
	 	Trico Shipping AS
	 	 	8501098	 	 	Norwegian
	 
	 	 	 	 	 	 	 	 	 	 
	5.

	 	M/V Northern Corona
	 	Trico Shipping AS
	 	 	9005352	 	 	Norwegian
	 
	 	 	 	 	 	 	 	 	 	 
	6.

	 	M/V Northern Crusader
	 	Trico Shipping AS
	 	 	9005364	 	 	Norwegian
	 
	 	 	 	 	 	 	 	 	 	 
	7.

	 	M/V Northern Princess
	 	Trico Shipping AS
	 	 	1576	 	 	Vanuatu
	 
	 	 	 	 	 	 	 	 	 	 
	8.

	 	M/V Northern Queen
	 	Trico Shipping AS
	 	 	705528	 	 	British
	 
	 	 	 	 	 	 	 	 	 	 
	9.

	 	M/V Northern River
	 	Trico Shipping AS
	 	 	9179323	 	 	Norwegian
	 
	 	 	 	 	 	 	 	 	 	 
	10.

	 	M/V Northern Supporter
	 	Trico Shipping AS
	 	 	728683	 	 	British
	 
	 	 	 	 	 	 	 	 	 	 
	11.

	 	M/V Northern Wave
	 	Trico Shipping AS
	 	 	9255141	 	 	Norwegian
	 
	 	 	 	 	 	 	 	 	 	 
	12.

	 	M/V Trico Sabre
	 	Trico Subsea AS
	 	 	8001643	 	 	Bahamian
	 
	 	 	 	 	 	 	 	 	 	 
	13.

	 	TBD
	 	Trico Subsea AS
	 	 	 	 	 	TBD
	 
	 	 	 	 	 	 	 	 	 	 
	14.

	 	TBD
	 	Trico Subsea AS
	 	 	 	 	 	TBD
	 
	 	 	 	 	 	 	 	 	 	 
	15.

	 	TBD
	 	Trico Subsea AS
	 	 	 	 	 	TBD

signature page to Trico $172,561,246 MM Facility A&R Credit Agreement

 

 

 

SCHEDULE IV

VESSEL ACQUISITION AGREEMENTS

1. Shipbuilding Contract for One VS 470 MPSV, Builder’s Hull No: 117, dated as of August 25,
2006 between J. Hagenæs Shipping AS and Temba Shipyards Limited, as modified by Novation Agreement
— Shaft Genset dated as of December 18, 2006 by and among Nordic Maritime Pte Ltd. as original
buyer, J. Hagenaes Shipping AS as original buyer in fact, Active Subsea AS as new buyer and East
Asia Energy Pte Ltd. as seller; and as modified by Novation Agreement dated as of December 18, 2006
by and among Nordic Maritime Pte Ltd. as original buyer, J. Hagenaes Shipping AS as original buyer
in fact, Active Subsea AS as new buyer and Kawasaki Heavy Industries Ltd. as seller; and as
modified by Novation Agreement — Deck Equipments dated as of December 15, 2006 by and among Nordic
Maritime Pte Ltd. as original buyer, J. Hagenaes Shipping AS as original buyer in fact, Active
Subsea AS as new buyer and Kawasaki Heavy Industries Ltd. as Seller (collectively the “Novations”).

2. Shipbuilding Contract for One VS 470 MPSV, Builder’s Hull No: 118, dated as of August 25,
2006 between J. Hagenæs Shipping AS and Temba Shipyards Limited, as modified by the Novations.

3. Shipbuilding Contract for One VS 470 MPSV, Builder’s Hull No: 119, dated as of August 25,
2006 between J. Hagenæs Shipping AS and Temba Shipyards Limited, as modified by the Novations.

4. Assignment Agreement dated as of November 22, 2007 by and among Active Subsea ASA, Active
Subsea AS, J. Hagenaes Shipping AS and Trico Marine Services Inc.

signature page to Trico $172,561,246 MM Facility A&R Credit Agreement

 

 

 

SCHEDULE V

APPROVED CLASSIFICATION SOCIETIES

American Bureau of Shipping

Det Norske Veritas

Lloyd’s Register

Bureau Veritas

Nippon Kaiji Kyokai

Germanischer Lloyd AG

or such other first-class vessel classification society which is a member of International
Association of Classification Societies Ltd. that the Administrative Agent has, with the consent of
the Required Lenders, approved in writing.

signature page to Trico $172,561,246 MM Facility A&R Credit Agreement

 

 

 

SCHEDULE VI

ERISA

1. Trico Supply AS Norwegian Pension Plan 8236

2. Trico Supply AS Norwegian Pension Plan 3740

signature page to Trico $172,561,246 MM Facility A&R Credit Agreement

 

 

 

SCHEDULE VII

SUBSIDIARIES

	 	 	 	 	 
	 	 	Direct Owner(s) &	 	Jurisdiction of
	Legal Name of Subsidiary	 	Percentage Ownership	 	Organization
	 
	 
	DeepOcean AS

	 	Trico Supply AS (100%)
	 	Norway
	Trico Supply (UK) Limited

	 	Trico Supply AS (100%)
	 	England and Wales
	Albyn Marine Limited

	 	Trico Supply (UK) Limited (100%)
	 	Scotland
	CTC Marine Projects Ltd.

	 	DeepOcean AS (100%)
	 	UK
	DeepOcean Brasil Servicios Ltda.

	 	DeepOcean AS (100%)
	 	Brazil
	DeepOcean Maritime AS

	 	DeepOcean AS (100%)
	 	Norway
	DeepOcean Management AS

	 	DeepOcean AS (100%)
	 	Norway
	DeepOcean de Mexico S. de R.L.
de C.V.

	 	DeepOcean AS (99%)

DeepOcean Management AS (1%)
	 	Mexico
	CTC Marine Projects Ltd.

	 	CTC Marine Projects Ltd. (100%)
	 	Australia
	CTC Marine Projects Ltd.

	 	CTC Marine Projects Ltd. (100%)
	 	Egypt
	CTC Marine Projects Ltd.

	 	CTC Marine Projects Ltd. (100%)
	 	Singapore
	CTC Marine Norway AS

	 	CTC Marine Projects Ltd. (100%)
	 	Norway
	CTC Guernsey Ltd.

	 	CTC Marine Projects Ltd. (100%)
	 	Guernsey
	DeepOcean Subsea Services Ltd.

	 	DeepOcean Maritime AS (100%)
	 	UK
	DeepOcean BV

	 	DeepOcean Maritime AS (100%)
	 	The Netherlands
	Servicios Especializado S. de
R.L. de C.V.

	 	DeepOcean de Mexico S. de R.L.
de C.V. (99%)

DeepOcean Management AS (1%)
	 	Mexico
	Servicios Administrativo S. de
R.L. de C.V.

	 	DeepOcean de Mexico S. de R.L.
de C.V. (99%)

DeepOcean Management AS (1%)
	 	Mexico
	DeepOcean UK Ltd.

	 	DeepOcean Subsea Services Ltd.
(100%)
	 	UK
	Trico Shipping AS

	 	Trico Supply AS (100%)
	 	Norway
	Trico Subsea Holding AS

	 	Trico Shipping AS (100%)
	 	Norway
	DeepOcean Shipping III AS

	 	Trico Shipping AS (100%)
	 	Norway
	DeepOcean Shipping II AS

	 	Trico Shipping AS (100%)
	 	Norway
	DeepOcean Shipping AS

	 	Trico Shipping AS (100%)
	 	Norway
	Trico Subsea AS

	 	Trico Subsea Holding AS (100%)
	 	Norway

signature page to Trico $172,561,246 MM Facility A&R Credit Agreement

 

 

 

SCHEDULE VIII

EXISTING INDEBTEDNESS

	 	 	 	 	 
	Indebtedness	 	Amounts	 
	 
	 	 	 	 
	Promissory Note, dated November 8, 2007, by Trico Supply
AS in favor of Trico Marine Operators, Inc.
	 	$	194,200,003.54	 
	 
	 	 	 	 
	Subordinated Loan Agreement, dated as of June 23, 2009, by
and between Trico Supply AS, as borrower, and DeepOcean
AS, as lender
	 	$	343,750,000.00	 
	 
	 	 	 	 
	Subordinated Loan Agreement, dated as of May 8, 2009, by
and between Trico Supply AS, as borrower, and DeepOcean
Maritime AS, as lender
	 	$	263,881,000.00	 
	 
	 	 	 	 
	Loan Agreement, dated as of November 8, 2007, by and
between Trico Supply AS, as borrower, and Trico Marine
Cayman, L.P., as lender
	 	$	33,486,076.35	 
	 
	 	 	 	 
	Subordinated Loan Agreement, dated as of May 15, 2008, by
and between Trico Shipping AS, as borrower, and Trico
Marine Services, Inc., as lender
	 	$	395,000,000.00	 
	 
	 	 	 	 
	Subordinated Loan Agreement, dated as of May 11, 2009, by
and between Trico Shipping AS, as borrower, and DeepOcean
AS, as lender
	 	$	5,000,000.00	 
	 
	 	 	 	 
	Subordinated Loan Agreement, dated as of May 8, 2009, by
and between Trico Shipping AS, as borrower, and DeepOcean
Maritime AS, as lender
	 	$	468,959,000.00	 
	 
	 	 	 	 
	Subordinated Revolving Loan Agreement, dated as of January
23, 2009, by and between Trico Shipping AS, as borrower,
and Trico Supply AS, as lender
	 	$	350,000,000.00	 
	 
	 	 	 	 
	Subordinated Revolving Loan Agreement, dated as of June
24, 2009, by and between Trico Shipping AS, as borrower,
and DeepOcean Shipping AS, as lender
	 	$	5,000,000.00	 
	 
	 	 	 	 
	Subordinated Revolving Loan Agreement, dated as of
November 19, 2008, by and between Trico Shipping AS, as
borrower, and Trico Subsea AS, as lender
	 	$	25,000,000.00	 

signature page to Trico $172,561,246 MM Facility A&R Credit Agreement

 

 

 

SCHEDULE IX

INSURANCE

	 	 	 	 	 	 	 	 	 
	Insured Party	 	Carrier	 	Policy Type	 	Amount	 	Deductible
	 
	 	 	 	 	 	 	 	 
	Trico Supply AS

	 	Lloyds and London
insurance companies
	 	Hull
	 	According to vessel value
	 	$100,000 per
occurrence
	 
	 	 	 	 	 	 	 	 
	Trico Supply AS

	 	P & I Gard
	 	P & I
	 	$6.25 billion per occurrence
	 	NOK 30,000
	 
	 	 	 	 	 	 	 	 
	Trico Supply AS

	 	P & I Gard
	 	Pollution
	 	$1 billion
	 	NOK 30,000
	 
	 	 	 	 	 	 	 	 
	Trico Supply AS

	 	P & I Gard
	 	General Liability
	 	$10 million
	 	NOK 30,000
	 
	 	 	 	 	 	 	 	 
	Trico Supply AS

	 	P & I Gard
	 	Corporate Excess
	 	$75 million

(in excess of the General Liability policy)
	 	NOK 30,000
	 
	 	 	 	 	 	 	 	 
	Trico Supply AS

	 	P & I Gard
	 	Norwegian War
Risk Pool
	 	$350 million
	 	None

signature page to Trico $172,561,246 MM Facility A&R Credit Agreement

 

 

 

SCHEDULE X

LEGAL NAME; TYPE OF ORGANIZATION AND

WHETHER A REGISTERED ORGANIZATION;

JURISDICTION OF ORGANIZATION; ETC.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Organizational	 
	 	 	 	 	Registered	 	 	 	Identification	 
	 	 	Type of	 	Organization	 	Jurisdiction of	 	Number (if	 
	Borrower/Guarantor	 	Organization	 	(Y/N)	 	Organization	 	applicable)	 
	 
	 	 	 	 	 	 	 	 	 	 
	Trico Subsea AS
	 	Limited Company	 	Yes	 	Norway	 	 	989 941 372	 
	Trico Supply AS
	 	Limited Company	 	Yes	 	Norway	 	 	976 853 938	 
	Trico Shipping AS
	 	Limited Company	 	Yes	 	Norway	 	 	976 854 020	 
	Trico Subsea Holding AS
	 	Limited Company	 	Yes	 	Norway	 	 	990 653 305	 

signature page to Trico $172,561,246 MM Facility A&R Credit Agreement

 

 

 

SCHEDULE XI

TRANSACTIONS WITH AFFILIATES

None.

signature page to Trico $172,561,246 MM Facility A&R Credit Agreement

 

 

 

SCHEDULE XII

REQUIRED INSURANCE

(a) The Shipowner, at its own expense, or with respect to part (a)(iii) of the Insurance
Provisions the Mortgagee at the expense of the Shipowner, will keep the Vessel insured with
insurers and protection and indemnity clubs or associations of internationally recognized
responsibility, and placed in such markets, on such terms and conditions, and through brokers, in
each case reasonably satisfactory to the Mortgagee and under forms of policies approved by the
Mortgagee against the risks indicated below and such other risks as the Mortgagee may specify from
time to time:

(i) Marine and war risk, including London Blocking and Trapping Addendum and Lost
Vessel Clause, hull and machinery insurance on an agreed value in an amount in U.S. dollars
equal to, except as otherwise approved or required in writing by the Mortgagee, the greater
of (x) the then full commercial value of the Vessel and (y) an amount which, when aggregated
with such insured value of the other Mortgaged Vessels (if the other Mortgaged Vessels are
then subject to a mortgage in favor of the Mortgagee under the Credit Agreement, and have
not suffered an Event of Loss), is equal to 110% of the then current Total Commitment.

(ii) Marine and war risk protection and indemnity insurance or equivalent insurance
(including coverage against liability for passengers, fines and penalties arising out of the
operation of the Vessel, insurance against liability arising out of pollution, spillage or
leakage, and workmen’s compensation or longshoremen’s and harbor workers’ insurance as shall
be required by applicable law) in such amounts approved by the Mortgagee; provided,
however that insurance against liability under law or international convention
arising out of pollution, spillage or leakage shall be in an amount not less than the
greater of:

(y) the maximum amount available of $1,000,000,000, as that amount may from
time to time change, from the International Group of Protection and Indemnity
Associations or alternatively such sources of pollution, spillage or leakage
coverage as are commercially available in any absence of such coverage by the
International Group as shall be carried by prudent shipowners for similar vessels
engaged in similar trades plus amounts available from customary excess insurers of
such risks as excess amounts shall be carried by prudent shipowners for similar
vessels engaged in similar trades; and

(z) the amounts required by the laws or regulations of the United States of
America or any applicable jurisdiction in which the Vessel may be trading from time
to time.

(iii) Mortgagee’s interest insurance (including extended mortgagee interest-additional
perils-pollution) coverage satisfactory to the Mortgagee in an amount which, when aggregated
with such insured value of the other Mortgaged Vessels (if the other Mortgaged Vessels are
then subject to a mortgage in favor of the Mortgagee under the Credit Agreement, and have
not suffered an Event of Loss), is equal to 110% of the then
applicable Total Commitment; all such mortgagee’s interest insurance cover shall in the
Mortgagee’s discretion be obtained directly by the Mortgagee and the Shipowner shall on
demand pay all costs of such cover.

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Schedule XII

Page 2

(iv) While the Vessel is idle or laid up, at the option of the Shipowner and in lieu of
the above-mentioned marine and war risk hull insurance, port risk insurance insuring the
Vessel against the usual risks encountered by like vessels under similar circumstances.

(b) The marine and commercial war-risk insurance required by the Insurance Provisions shall
have deductibles and franchises no higher than the following: (i) Hull and Machinery — U.S.
$115,000 for all hull claims and U.S. $150,000 for all machinery claims each accident or occurrence
and (ii) Protection and Indemnity — U.S. $50,000 for cargo claims, U.S. $35,000 for crew claims,
U.S. $10,000 passenger claims and U.S. $15,000 all other claims, in each case each accident or
occurrence.

All insurance maintained hereunder shall be primary insurance without right of contribution
against any other insurance maintained by the Mortgagee. Each policy of marine and war risk hull
and machinery insurance with respect to the Vessel shall provide that the Mortgagee shall be a
named insured and a loss payee. Each entry in a marine and war risk protection indemnity club with
respect to the Vessel shall note the interest of the Mortgagee. The Mortgagee and its successors
and assigns shall not be responsible for any premiums, club calls, assessments or any other
obligations or for the representations and warranties made therein by the Shipowner or any other
person.

(c) The Shipowner will furnish the Mortgagee from time to time on request, and in any event at
least annually, a detailed report signed by a firm of marine insurance brokers acceptable to the
Mortgagee with respect to P & I entry, the hull and machinery and war risk insurance carried and
maintained on the Vessel, together with their opinion as to the adequacy thereof and its compliance
with the provisions of this Mortgage. At the Shipowner’s expense the Shipowner will cause such
insurance broker and the P & I club or association providing P & I insurance referred to in part
(a)(ii) of the Insurance Provisions, to agree to advise the Mortgagee by telex or telecopier
confirmed by letter of any expiration, termination, alteration or cancellation of any policy, any
default in the payment of any premium and of any other act or omission on the part of the Shipowner
of which it has knowledge and which might invalidate or render unenforceable, in whole or in part,
any insurance on the Vessel, and to provide an opportunity of paying any such unpaid premium or
call, such right being exercisable by the Mortgagee on a vessel by vessel and not on a fleet basis.
In addition, the Shipowner shall promptly provide the Mortgagee with any information which the
Mortgagee reasonably requests for the purpose of obtaining or preparing any report from an
independent marine insurance consultant as to the adequacy of the insurances effected or proposed
to be effected in accordance with this Mortgage as of the date hereof or in connection with any
renewal thereof, and the Shipowner shall upon demand indemnify the Mortgagee in respect of all
reasonable fees and other expenses incurred by or for the account of the Mortgagee in connection
with any such report; provided the Mortgagee shall be entitled to such indemnity only for one such
report during any period of twelve months.

 

 

 

Schedule XII

Page 3

The underwriters or brokers shall furnish the Mortgagee with a letter or letters of
undertaking to the effect that:

(i) they will hold the instruments of insurance, and the benefit of the insurances
thereunder, to the order of the Mortgagee in accordance with the terms of the loss payable
clause referred to in the relevant Assignment of Insurances for the Vessel; and

(ii) they will have endorsed on each and every policy as and when the same is issued
the loss payable clause and the notice of assignment referred to in the relevant Assignment
of Insurances for the Vessel; and

(iii) they will not set off against any sum recoverable in respect of a claim against
the Vessel under the said underwriters or brokers or any other person in respect of any
other vessel nor cancel the said insurances by reason of non-payment of such premiums or
other amounts.

All policies of insurance required hereby shall provide for not less than 14 days prior
written notice to be received by the Mortgagee of the termination or cancellation of the insurance
evidenced thereby. All policies of insurance maintained pursuant to these Insurance Provisions for
risks covered by insurance other than that provided by a P & I Club shall contain provisions
waiving underwriters’ rights of subrogation thereunder against any assured named in such policy and
any assignee of said assured. The Shipowner has assigned to the Mortgagee its rights under any
policies of insurance in respect of the Vessel. The Shipowner agrees that, unless the insurances
by their terms provide that they cannot cease (by reason of nonrenewal or otherwise) without the
Mortgagee being informed and having the right to continue the insurance by paying any premiums not
paid by the Shipowner, receipts showing payment of premiums for required insurance and also of
demands from the Vessel’s P & I underwriters shall be in the hands of the Mortgagee at least two
(2) days before the risk in question commences.

(d) Unless the Mortgagee shall otherwise agree, all amounts of whatsoever nature payable under
any insurance must be payable to the Mortgagee for distribution first to itself and thereafter to
the Shipowner or others as their interests may appear. Nevertheless, until otherwise required by
the Mortgagee by notice to the underwriters upon the occurrence and continuance of an Event of
Default, (i) amounts payable under any insurance on the Vessel with respect to protection and
indemnity risks may be paid directly to the Shipowner to reimburse it for any loss, damage or
expense incurred by it and covered by such insurance or to the person to whom any liability covered
by such insurance has been incurred, and (ii) amounts payable under any insurance with respect to
the Vessel involving any damage to the Vessel, may be paid by underwriters directly for the repair,
salvage or other charges involved or, if the Shipowner shall have first fully repaired the damage
or paid all of the salvage or other charges, may be paid to the Shipowner as reimbursement
therefor; provided, however, that if such amounts (including any franchise or deductible) are in
excess of U.S. $1,000,000, the underwriters shall not make such payment without first obtaining the
written consent thereto of the Mortgagee.

 

 

 

Schedule XII

Page 4

(e) All amounts paid to the Mortgagee in respect of any insurance on the Vessel shall be
disposed of as follows (after deduction of the expenses of the Mortgagee in collecting such
amounts):

(i) any amount which might have been paid at the time, in accordance with the
provisions of paragraph (d) above, directly to the Shipowner or others shall be paid by the
Mortgagee to, or as directed by, the Shipowner;

(ii) all amounts paid to the Mortgagee in respect of an Event of Loss of the Vessel
shall be applied by the Mortgagee to the payment of the Indebtedness hereby secured pursuant
to Section 4.02(a) of the Credit Agreement;

(iii) all other amounts paid to the Mortgagee in respect of any insurance on the Vessel
may, in the Mortgagee’s sole discretion, be held and applied to the prepayment of the
Indebtedness hereby secured or to making of needed repairs or other work on the Vessel, or
to the payment of other claims incurred by the Shipowner relating to the Vessel, or may be
paid to the Shipowner or whosoever may be entitled thereto.

(f) In the event that any claim or lien is asserted against the Vessel for loss, damage or
expense which is covered by insurance required hereunder and it is necessary for the Shipowner to
obtain a bond or supply other security to prevent arrest of the Vessel or to release the Vessel
from arrest on account of such claim or lien, the Mortgagee, on request of the Shipowner, may, in
the sole discretion of the Mortgagee, assign to any person, firm or corporation executing a surety
or guarantee bond or other agreement to save or release the Vessel from such arrest, all right,
title and interest of the Mortgagee in and to said insurance covering said loss, damage or expense,
as collateral security to indemnify against liability under said bond or other agreement.

(g) The Shipowner shall deliver to the Mortgagee copies and, whenever so requested by the
Mortgagee, the originals of all certificates of entry, cover notes, binders, evidences of insurance
and policies and all endorsements and riders amendatory thereof in respect of insurance maintained
under this Vessel Mortgage for the purpose of inspection or safekeeping, or, alternatively,
satisfactory letters of undertaking from the broker holding the same. The Mortgagee shall be under
no duty or obligation to verify the adequacy or existence of any such insurance or any such
policies, endorsement or riders.

 

 

 

Schedule XII

Page 5

(h) The Shipowner agrees that it will not execute or permit or willingly allow to be done any
act by which any insurance may be suspended, impaired or cancelled, and that it will not permit or
allow the Vessel to undertake any voyage or run any risk or transport any cargo which may not be
permitted by the policies in force, without having previously notified the Mortgagee in writing and
insured the Vessel by additional coverage to extend to such voyages, risks, passengers or cargoes.

(i) In case any underwriter proposes to pay less on any claim than the amount thereof, the
Shipowner shall forthwith inform the Mortgagee, and if an Event of Default has
occurred and is continuing, the Mortgagee shall have the exclusive right to negotiate and
agree to any compromise.

(j) The Shipowner will comply with and satisfy all of the provisions of any applicable law,
convention, regulation, proclamation or order concerning financial responsibility for liabilities
imposed on the Shipowner or the Vessel with respect to pollution by any state or nation or
political subdivision thereof and will maintain all certificates or other evidence of financial
responsibility as may be required by any such law, convention, regulation, proclamation or order
with respect to the trade in which the Vessel is from time to time engaged and the cargo carried by
it except where its failure to comply with the foregoing could not, individually or in the
aggregate, be expected to have a Material Adverse Effect.

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