Document:

Exhibit 10.5

 

ASSET REPRESENTATIONS REVIEW AGREEMENT

 

among

 

HYUNDAI AUTO RECEIVABLES TRUST 2019-A,

as Issuer,

 

HYUNDAI CAPITAL AMERICA,

as Servicer

 

and

 

CLAYTON FIXED INCOME SERVICES LLC,

 

as Asset Representations Reviewer

 

Dated as of April 10, 2019

 

 

    	 	 	(2019-A Asset Representations Review Agreement)

     

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	ARTICLE I            USAGE AND DEFINITIONS	1
	 	 	 
	Section 1.1.	Usage and Definitions	1
	 	 	 
	Section 1.2.	Additional Definitions	1
	 	 	 
	ARTICLE II           ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER	2
	 	 	 
	Section 2.1.	Engagement; Acceptance	2
	 	 	 
	Section 2.2.	Confirmation of Scope	2
	 	 	 
	ARTICLE III         ASSET REPRESENTATIONS REVIEW PROCESS	2
	 	 	 
	Section 3.1.	Review Notices	2
	 	 	 
	Section 3.2.	Identification of Subject Receivables	2
	 	 	 
	Section 3.3.	Review Materials	3
	 	 	 
	Section 3.4.	Performance of Reviews	3
	 	 	 
	Section 3.5.	Review Reports	4
	 	 	 
	Section 3.6.	Limitations on Review Obligations	5
	 	 	 
	Section 3.7.	Dispute Resolution	5
	 	 	 
	ARTICLE IV         ASSET REPRESENTATIONS REVIEWER	5
	 	 	 
	Section 4.1.	Representations and Warranties	5
	 	 	 
	Section 4.2.	Covenants	6
	 	 	 
	Section 4.3.	Fees, Expenses and Indemnities	7
	 	 	 
	Section 4.4.	Limitation on Liability	8
	 	 	 
	Section 4.5.	Indemnification by Asset Representations Reviewer	8
	 	 	 
	Section 4.6.	Indemnification of Asset Representations Reviewer	8
	 	 	 
	Section 4.7.	Inspections of Asset Representations Reviewer	9
	 	 	 
	Section 4.8.	Delegation of Obligations	9
	 	 	 
	Section 4.9.	Confidential Information	10
	 	 	 
	Section 4.10.	Personally Identifiable Information	11
	 	 	 
	ARTICLE V          RESIGNATION AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS REVIEWER	13
	 	 	 
	Section 5.1.	Eligibility Requirements for Asset Representations Reviewer	13
	 	 	 
	Section 5.2.	Resignation and Removal of Asset Representations Reviewer	13
	 	 	 
	Section 5.3.	Successor Asset Representations Reviewer	14

 

    	 	i	(2019-A Asset Representations Review Agreement)

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Section 5.4.	Merger, Consolidation or Succession	14
	 	 	 
	ARTICLE VI         OTHER AGREEMENTS	14
	 	 	 
	Section 6.1.	Independence of Asset Representations Reviewer	14
	 	 	 
	Section 6.2.	No Petition	15
	 	 	 
	Section 6.3.	Limitation of Liability of Owner Trustee	15
	 	 	 
	Section 6.4.	Termination of Agreement	15
	 	 	 
	ARTICLE VII        MISCELLANEOUS PROVISIONS	15
	 	 	 
	Section 7.1.	Amendments	15
	 	 	 
	Section 7.2.	Assignment; Benefit of Agreement; Third Party Beneficiaries	16
	 	 	 
	Section 7.3.	Notices	16
	 	 	 
	Section 7.4.	Governing Law; Submission to Jurisdiction; Waiver of Jury Trial	17
	 	 	 
	Section 7.5.	No Waiver; Remedies	17
	 	 	 
	Section 7.6.	Severability	18
	 	 	 
	Section 7.7.	Headings	18
	 	 	 
	Section 7.8.	Counterparts	18
	 	 	 
	Schedule A	Representations and Warranties, Review Materials and Tests	A-1

 

    	 	ii	(2019-A Asset Representations Review Agreement)

     

    

 

ASSET REPRESENTATIONS REVIEW AGREEMENT, dated
as of April 10, 2019 (this “Agreement”), among HYUNDAI AUTO RECEIVABLES TRUST 2019-A, a Delaware statutory trust,
as issuer (the “Issuer”), HYUNDAI CAPITAL AMERICA, a California corporation (“HCA”), as servicer
(the “Servicer”), and CLAYTON FIXED INCOME SERVICES LLC , a Delaware limited liability company, as asset representations
reviewer (the “Asset Representations Reviewer”).

 

WHEREAS, the Issuer desires to engage the Asset
Representations Reviewer to perform reviews of certain Receivables for compliance with the representations and warranties made
by HCA, as seller, about the Receivables in the pool.

 

NOW, THEREFORE, in consideration of the foregoing,
other good and valuable consideration, and the mutual terms and conditions contained herein, the parties hereto agree as follows.

 

ARTICLE
I

USAGE
AND DEFINITIONS

 

Section 1.1.          Usage
and Definitions. (a) Except as otherwise specified herein or if the context may otherwise require, capitalized terms not defined
in this Agreement shall have the respective meanings assigned such terms set forth in Appendix A to the Sale and Servicing
Agreement, dated as of the date hereof (the “Sale and Servicing Agreement”), by and among the Depositor, HCA,
as seller and servicer, Hyundai Auto Receivables Trust 2019-A, as issuer and Citibank, N.A., as indenture trustee (the “Indenture
Trustee”).

 

(b)          With
respect to all terms in this Agreement, the singular includes the plural and the plural the singular; words importing any gender
include the other genders; references to “writing” include printing, typing, lithography and other means of reproducing
words in a visible form; references to agreements and other contractual instruments include all subsequent amendments, amendments
and restatements, and supplements thereto or changes therein entered into in accordance with their respective terms and not prohibited
by this Agreement; references to Persons include their permitted successors and assigns; references to laws include their amendments
and supplements, the rules and regulations thereunder and any successors thereto; the term “including” means “including
without limitation;” and the term “or” is not exclusive.

 

Section 1.2.          Additional
Definitions. The following terms have the meanings given below:

 

“Asset Representations Review”
means the performance by the Asset Representations Reviewer of the testing procedures for each Test and each Subject Receivable
according to Section 3.4.

 

“Confidential Information”
has the meaning stated in Section 4.9(b).

 

“Information Recipients”
has the meaning stated in Section 4.9(a).

 

“Issuer PII” has the meaning
stated in Section 4.10.

 

    	 	 	(2019-A Asset Representations Review Agreement)

     

    

 

“Personally Identifiable Information”
or “PII” has the meaning stated in Section 4.10(a).

 

“Review Fee” has the meaning
stated in Section 4.3(b).

 

“Review Materials” means,
for an Asset Representations Review and a Subject Receivable, the documents and other materials for each Test listed under “Review
Materials” in Schedule A.

 

“Review Report” means, for
an Asset Representations Review, the report of the Asset Representations Reviewer prepared according to Section 3.5.

 

“Test” has the meaning stated
in Section 3.4(a).

 

“Test Complete” has the meaning
stated in Section 3.4(c).

 

“Test Fail” has the meaning
stated in Section 3.4(a).

 

“Test Incomplete” has the
meaning stated in Section 3.4(a).

 

“Test Pass” has the meaning
stated in Section 3.4(a).

 

ARTICLE
II

ENGAGEMENT
OF ASSET REPRESENTATIONS REVIEWER

 

Section 2.1.          Engagement;
Acceptance. The Issuer engages Clayton Fixed Income Services LLC to act as the Asset Representations Reviewer for the Issuer.
Clayton Fixed Income Services LLC accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer
on the terms in this Agreement.

 

Section 2.2.          Confirmation
of Scope. The parties confirm that the Asset Representations Reviewer is not responsible for (a) reviewing the Receivables
for compliance with the representations and warranties under the Basic Documents, except as described in this Agreement or (b)
determining whether noncompliance with the representations or warranties constitutes a breach of the Basic Documents.

 

ARTICLE
III

ASSET
REPRESENTATIONS REVIEW PROCESS

 

Section 3.1.          Review
Notices. On receipt of a Review Notice in accordance with Section 7.05 of the Indenture, the Asset Representations Reviewer
will commence an Asset Representations Review. The Asset Representations Reviewer will have no obligation to start an Asset Representations
Review until a Review Notice is received.

 

Section 3.2.          Identification
of Subject Receivables. Within ten (10) Business Days after receipt of a Review Notice, the Servicer will deliver to the Asset
Representations Reviewer a list of the Subject Receivables.

 

    	 	2	(2019-A Asset Representations Review Agreement)

     

    

 

Section 3.3.          Review
Materials.

 

(a)          Access
to Review Materials. The Servicer will give the Asset Representations Reviewer access to the Review Materials for all of the
Subject Receivables within sixty (60) calendar days after receipt of the Review Notice in one or more of the following ways in
the Servicer’s reasonable discretion: (i) by electronic posting of Review Materials to a password-protected website to which
the Asset Representations Reviewer has access, (ii) by providing originals or photocopies of documents relating to the Subject
Receivables at one of the properties of the Servicer or (iii) in another manner agreed by the Servicer and the Asset Representations
Reviewer. The Servicer may redact or remove PII from the Review Materials so long as all information in the Review Materials necessary
for the Asset Representations Reviewer to complete the Asset Representations Review remains intact and unchanged.

 

(b)          Missing
or Insufficient Review Materials. The Asset Representations Reviewer will review the Review Materials to determine if any Review
Materials are missing or insufficient for the Asset Representations Reviewer to perform any Test. If the Asset Representations
Reviewer reasonably determines that any of the Review Materials are missing or insufficient for the Asset Representations Reviewer
to perform any Test, the Asset Representations Reviewer will notify the Servicer promptly, and in any event no less than twenty
(20) calendar days before completing the Review, and the Servicer will use reasonable efforts to provide the Asset Representations
Reviewer access to such missing Review Materials or other documents or information to correct the insufficiency within fifteen
(15) calendar days. If the missing or insufficient Review Materials have not been provided by the Servicer within sixty (60) calendar
days, the parties agree that the Subject Receivable will have a Test Incomplete for the related Test(s) and the Review Report will
indicate the reason for the Test Incomplete.

 

Section 3.4.          Performance
of Reviews.

 

(a)          Test
Procedures. For an Asset Representations Review, the Asset Representations Reviewer will perform for each Subject Receivable
the procedures listed under “Tests” in Schedule A for each representation and warranty (each, a “Test”),
using the Review Materials listed for each such Test in Schedule A. For each Test and Subject Receivable, the Asset Representations
Reviewer will determine in its reasonable judgment if the Test has been satisfied (a “Test Pass”), if the Test
has not been satisfied (a “Test Fail”) or if the Test could not be concluded as a result of missing or incomplete
Review Materials (a “Test Incomplete”). The Asset Representations Reviewer will use such determination for all
Subject Receivables that are subject to the same Test.

 

(b)          Review
Period. The Asset Representations Reviewer will complete the Asset Representations Review of all of the Subject Receivables
within sixty (60) calendar days after receiving access to the Review Materials under Section 3.3(a). However, if missing
or additional Review Materials are provided to the Asset Representations Reviewer under Section 3.3(b), the review period
will be extended for an additional thirty (30) calendar days.

 

    	 	3	(2019-A Asset Representations Review Agreement)

     

    

 

(c)          Completion
of Review for Certain Subject Receivables. Following the delivery of the list of the Subject Receivables and before the delivery
of the Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if a Subject
Receivable is paid in full by the Obligor or purchased from the Issuer by the Seller or the Servicer according to the applicable
Basic Document. On receipt of notice, the Asset Representations Reviewer will immediately terminate all Tests of such Receivables
and the Review of such Receivables will be considered complete (a “Test Complete”). In this case, the Review
Report will indicate a Test Complete for the Receivables and the related reason.

 

(d)          Previously
Reviewed Receivable. If a Subject Receivable was included in a prior Asset Representations Review, the Asset Representations
Reviewer will not conduct additional Tests on any such duplicate Subject Receivable unless such Subject Receivable was deemed a
Test Incomplete as a result of the failure of the Servicer to provide missing Review Material for such Subject Receivable and the
Servicer elects to have such Subject Receivable included in the current Asset Representations Review. The Asset Representations
Reviewer will include the previously reported Test results for any such duplicate Subject Receivable within the Review Report for
the current Asset Representations Review.

 

(e)          Duplicative
Tests. If the same Test is required for more than one representation or warranty listed on Schedule A, the Asset Representations
Reviewer will only perform the Test once for each Subject Receivable but will report the results of the Test for each applicable
representation or warranty on the Review Report.

 

(f)     
    Termination of Review. If an Asset Representations Review is in process and all of the Notes
will be paid in full on the next Payment Date, the Servicer will notify the Asset Representations Reviewer and the Indenture
Trustee no less than ten days before that Payment Date. On receipt of notice, the Asset Representations Reviewer will
terminate the Asset Representations Review immediately and will have no obligation to deliver a Review Report.

 

Section 3.5.          Review
Reports. (a) Within ten (10) calendar days after the end of the Asset Representations Review period under Section 3.4(b),
the Asset Representations Reviewer will deliver to the Issuer, the Servicer and the Indenture Trustee a Review Report indicating
for each Subject Receivable whether there was a Test Pass, a Test Incomplete or a Test Fail for each Test, or whether the Subject
Receivable was a Test Complete and the related reason. The Review Report will contain a summary of the findings and conclusions
of the Asset Representations Reviewer with respect to the Asset Representations Review to be included in the Issuer’s Form
10-D report for the Collection Period in which the Review Report is received. The Asset Representations Reviewer will ensure that
the Review Report does not contain any Issuer PII. On the reasonable request of the Servicer, the Asset Representations Reviewer
will provide additional details on the Test results.

 

(b)          Questions
About Review. The Asset Representations Reviewer will make appropriate personnel available to respond in writing to written
questions or requests for clarification of any Review Report from the Servicer until payment of the Notes in full. The Asset Representations
Reviewer will have no obligation to respond to questions or requests for clarification from Noteholders or any Person other than
the Servicer and will direct such Persons to submit written questions or requests to the Servicer.

 

    	 	4	(2019-A Asset Representations Review Agreement)

     

    

 

Section 3.6.          Limitations
on Review Obligations. The Asset Representations Reviewer may rely on the information in any Review Notice, the list(s) of
the Subject Receivables provided by the Servicer, and the accuracy and completeness of the Review Materials. The Asset Representations
Reviewer will have no obligation:

 

(a)          to
determine whether a Delinquency Trigger has occurred or whether the required percentage of Noteholders has voted to direct an Asset
Representations Review under the Indenture;

 

(b)          to
determine which Receivables are Subject Receivables;

 

(c)          to
confirm the validity of the Review Materials; or

 

(d)          to
take any action or cause any other party to take any action under any of the Basic Documents or otherwise to enforce any remedies
against any Person for breaches of representations or warranties about the Subject Receivables.

 

Section 3.7.          Dispute
Resolution. The Asset Representations Reviewer acknowledges and agrees that any Review Report may be used by the Issuer, the
Seller or the Servicer in any dispute resolution proceeding related to the Subject Receivables. No additional fees or reimbursement
of expenses shall be paid to the Asset Representations Reviewer regarding the Issuer’s, the Seller’s or the Servicer’s
use of any Review Report; provided that the Asset Representations Reviewer will be reimbursed for its out-of-pocket expenses
incurred in its participation in any dispute resolution proceeding.

 

ARTICLE
IV

ASSET
REPRESENTATIONS REVIEWER

 

Section 4.1.          Representations
and Warranties. The Asset Representations Reviewer represents and warrants as of the Closing Date:

 

(a)          Organization
and Qualification. The Asset Representations Reviewer is duly organized and validly existing as a limited liability company
in good standing under the laws of the State of Delaware. The Asset Representations Reviewer is qualified as a foreign limited
liability company in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership
or lease of its properties or the conduct of its activities requires the qualification, license or approval, unless the failure
to obtain the qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on the Asset
Representations Reviewer’s ability to perform its obligations under this Agreement.

 

(b)          Power,
Authority and Enforceability. The Asset Representations Reviewer has the power and authority to execute, deliver and perform
its obligations under this Agreement. The Asset Representations Reviewer has authorized the execution, delivery and performance
of this Agreement. This Agreement is the legal, valid and binding obligation of the Asset Representations Reviewer enforceable
against the Asset Representations Reviewer, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating
to the enforcement of creditors’ rights or by general equitable principles.

 

    	 	5	(2019-A Asset Representations Review Agreement)

     

    

 

(c)          No
Conflicts and No Violation. The execution, delivery and performance by the Asset Representations Reviewer of the transactions
contemplated by this Agreement and the performance of the Asset Representations Reviewer’s obligations under this Agreement
will not (A) conflict with, or be a breach or default under, any indenture, mortgage, deed of trust, loan agreement, guarantee
or other agreement or instrument under which the Asset Representations Reviewer is a party, (B) result in the creation or imposition
of any Lien on any of the properties or assets of the Asset Representations Reviewer under the terms of any indenture, mortgage,
deed of trust, loan agreement, guarantee or other agreement or instrument, (C) violate the organizational documents of the Asset
Representations Reviewer or (D) violate any law or any order, rule or regulation of a federal or state court, regulatory body,
administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its
properties that applies to the Asset Representations Reviewer, which, in each case, would reasonably be expected to have a material
adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement.

 

(d)          No
Consent Required. No approval or authorization by, or filing with, any Governmental Authority is required in connection with
the execution, delivery and performance by the Asset Representations Reviewer of this Agreement other than (i) approvals and authorizations
that have previously been obtained and filings that have previously been made and (ii) approvals, authorizations or filings which,
if not obtained or made, would not have a material adverse effect on the ability of the Asset Representations Reviewer to perform
its obligations under this Agreement.

 

(e)          No
Proceedings. There are no proceedings or investigations pending or, to the knowledge of the Asset Representations Reviewer,
threatened in writing before a federal or state court, regulatory body, administrative agency or other governmental instrumentality
having jurisdiction over the Asset Representations Reviewer or its properties (A) asserting the invalidity of this Agreement, (B)
seeking to prevent the completion of the transactions contemplated by this Agreement or (C) seeking any determination or ruling
that would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform
its obligations under, or the validity or enforceability of, this Agreement.

 

(f)       
   Eligibility. The Asset Representations Reviewer meets the eligibility requirements in Section
5.1 and will notify the Issuer and the Servicer promptly if it no longer meets, or reasonably expects that it will no
longer meet, the eligibility requirements in Section 5.1.

 

Section 4.2.          Covenants.
The Asset Representations Reviewer covenants and agrees that:

 

(a)     
     Eligibility. It will notify the Issuer and the Servicer promptly if it no longer meets
the eligibility requirements in Section 5.1.

 

(b)            Review
Systems; Personnel. It will maintain business process management and/or other systems necessary to ensure that it can perform
each Test and, on execution of this Agreement, will load each Test into these systems. The Asset Representations Reviewer will
ensure that these systems allow for each Subject Receivable and the related Review Materials to be individually tracked and stored
as contemplated by this Agreement. The Asset Representations Reviewer will maintain adequate staff that is properly trained to
conduct Asset Representations Reviews as required by this Agreement.

 

    	 	6	(2019-A Asset Representations Review Agreement)

     

    

 

(c)          Maintenance
of Review Materials. It will maintain copies of any Review Materials, Review Reports and other documents relating to an Asset
Representations Review, including internal correspondence and work papers, for a period of two years after the termination of this
Agreement or repayment of the Notes in full, whichever comes first.

 

Section 4.3.          Fees,
Expenses and Indemnities.

 

(a)          Annual
Fee. The Servicer will pay the Asset Representations Reviewer, as compensation for agreeing to act as the Asset Representations
Reviewer under this Agreement, an annual fee of $5,000.00. The annual fee will be payable by the Servicer on the Closing Date and
on each anniversary thereof until this Agreement is terminated, provided, that in the year in which all public Notes are
paid in full, the annual fee shall be reduced pro rata by an amount equal to the days of the year in which the public Notes are
no longer outstanding.

 

(b)          Review
Fee. Following the completion of an Asset Representations Review and the delivery to the Indenture Trustee, the Issuer and
the Servicer of the Review Report, or the termination of an Asset Representations Review in accordance with Section 3.4(f),
and the delivery to the Servicer of a detailed invoice, the Asset Representations Reviewer will be entitled to a fee of $200 for
each Subject Receivable for which the Asset Representations Review was started (the “Review Fee”), to be paid
as agreed in Section 4.3(e). However, no Review Fee will be charged for any Tests that were performed in a prior Asset Representations
Review or for any Asset Representations Review in which no Tests were completed prior to the Asset Representations Reviewer being
notified of a termination of the Asset Representations Review in accordance with Section 3.4(f). The Servicer will pay the
Review Fee to the Asset Representations Reviewer in accordance with the terms of the detailed invoice from the Asset Representations
Reviewer. If an Asset Representations Review is terminated in accordance with Section 3.4(f), the Asset Representations
Reviewer must submit its invoice for the Review Fee for the terminated Asset Representations Review no later than five Business
Days before the final Payment Date in order to be reimbursed no later than the final Payment Date.

 

(c)          Reimbursement
of Travel Expenses. If the Servicer provides access to the Review Materials at one of its properties, the Asset Representations
Reviewer will be reimbursed for its reasonable travel expenses incurred in connection with the Review in accordance with Section
4.3(e).

 

(d)          Dispute
Resolution Expenses. If the Asset Representations Reviewer participates in a dispute resolution proceeding and its reasonable
expenses for participating in the proceeding are not paid by a party to the dispute resolution within ninety (90) days after the
end of the proceeding, the Servicer will reimburse the Asset Representations Reviewer for such expenses in accordance with Section
4.3(e).

 

    	 	7	(2019-A Asset Representations Review Agreement)

     

    

 

(e)          Payment
of Fees, Expenses and Indemnities. The Asset Representations Reviewer shall submit reasonably detailed invoices to the Servicer
for any amounts owed to it under this Agreement. To the extent not paid by the Servicer within sixty (60) calendar days following
the receipt of a detailed invoice on the due date therefor hereunder, the fees provided for in this Section 4.3 and the
indemnities provided for in Section 4.6(a) shall be paid by the Issuer pursuant to the priority of payments set forth in
Section 5.05(b) of the Sale and Servicing Agreement; provided, that prior to any such payment pursuant to the Sale and Servicing
Agreement, the Asset Representations Reviewer shall notify the Servicer in writing that such payments have been outstanding for
at least sixty (60) calendar days. For the avoidance of doubt, to the extent that such owed amounts are not paid in full by the
Servicer or any other party, upon receipt of a detailed invoice, the Asset Representations Reviewer shall be entitled to payment
by the Servicer of incurred but otherwise unpaid amounts.

 

Section 4.4.          Limitation
on Liability. The Asset Representations Reviewer will not be liable to any Person for any action taken, or not taken, in good
faith under this Agreement, including without limitation such actions that are based upon the exercise of judgment or discretion.
Subject to the foregoing, the Asset Representations Reviewer will be liable for its willful misconduct, bad faith, breach of this
Agreement or negligence in performing its obligations under this Agreement. In no event will the Asset Representations Reviewer
be liable for special, indirect or consequential losses or damages (including lost profit), even if the Asset Representations Reviewer
has been advised of the likelihood of the loss or damage and regardless of the form of action.

 

Section 4.5.          Indemnification
by Asset Representations Reviewer. The Asset Representations Reviewer will indemnify each of the Issuer, the Servicer, the
Depositor, the Seller, the Sponsor, the Owner Trustee and the Indenture Trustee and their respective directors, officers, employees
and agents for all costs, expenses, losses, damages and liabilities (including any reasonable legal fees and expenses incurred
by an Indemnified Party in connection with the enforcement of any indemnification or other obligation of the Asset Representations
Reviewer) resulting from (a) the willful misconduct, bad faith or negligence of the Asset Representations Reviewer in performing
its obligations under this Agreement, (b) the Asset Representations Reviewer’s failure to comply with the requirements of
applicable federal, state or local laws and regulations in the performance of its duties hereunder or (c) the Asset Representations
Reviewer’s breach of any of its representations, warranties, covenants or other obligations in this Agreement. The Asset
Representations Reviewer’s obligations under this Section 4.5 will survive the termination of this Agreement, the
termination of the Issuer and the permitted resignation or removal of the Asset Representations Reviewer.

 

Section 4.6.          Indemnification
of Asset Representations Reviewer.

 

(a)       
   Indemnification. The Servicer will indemnify the Asset Representations Reviewer and its officers,
directors, employees and agents (each, an “Indemnified Person”), for all costs, expenses, losses, damages
and liabilities resulting from the performance of its obligations under this Agreement (including the costs and expenses of
defending itself against any loss, damage or liability), but excluding any cost, expense, loss, damage or liability resulting
from (i) the Asset Representations Reviewer’s willful misconduct, bad faith or negligence, (ii) the Asset
Representations Reviewer’s failure to comply with the requirements of applicable federal, state and local laws and
regulations in the performance of its duties hereunder or (iii) the Asset Representations Reviewer’s breach of any of
its representations, warranties, covenants or other obligations in this Agreement.

 

    	 	8	(2019-A Asset Representations Review Agreement)

     

    

 

(b)          Proceedings.
Promptly on receipt by an Indemnified Person of notice of a Proceeding against it, the Indemnified Person will, if a claim is to
be made under Section 4.6(a), notify the Servicer of the Proceeding. The Servicer may participate in and assume the defense
and settlement of a Proceeding at its expense. If the Servicer notifies the Indemnified Person of its intention to assume the defense
of the Proceeding with counsel reasonably satisfactory to the Indemnified Person, the Servicer will not be liable for legal expenses
of counsel to the Indemnified Person unless there is a conflict between the interests of the Servicer, and an Indemnified Person.
If there is a conflict, the Servicer will pay for the reasonable fees and expenses of separate counsel to the Indemnified Person.
No settlement of a Proceeding may be made without the approval of the Servicer and the Indemnified Person, which approval will
not be unreasonably withheld.

 

(c)          Survival
of Obligations. The Servicer’s obligations under this Section 4.6 will survive the permitted resignation or removal
of the Asset Representations Reviewer and the termination of this Agreement.

 

(d)          Repayment.
If the Servicer makes any payment under this Section 4.6 and the Indemnified Person later collects any of the amounts for
which the payments were made to it from others, the Indemnified Person will promptly repay the amounts to the Servicer.

 

Section 4.7.          Inspections
of Asset Representations Reviewer. The Asset Representations Reviewer agrees that, with reasonable prior notice not more than
once during any year, it will permit authorized representatives of the Issuer or the Servicer, during the Asset Representations
Reviewer’s normal business hours, to examine and review the books of account, records, reports and other documents and materials
of the Asset Representations Reviewer relating to (a) the performance of the Asset Representations Reviewer’s obligations
under this Agreement, (b) payments of fees and expenses of the Asset Representations Reviewer for its performance and (c) any claim
made by the Asset Representations Reviewer under this Agreement. In addition, the Asset Representations Reviewer will permit the
Issuer’s or the Servicer’s representatives to make copies and extracts of any of those documents and to discuss them
with the Asset Representations Reviewer’s officers and employees. Each of the Issuer and the Servicer will, and will cause
its authorized representatives to, hold in confidence the information except if disclosure may be required by law or if the Issuer
or the Servicer reasonably determines that it is required to make the disclosure under this Agreement or the other Basic Documents.
The Asset Representations Reviewer will maintain all relevant books, records, reports and other documents and materials for a period
of at least two years after the termination of its obligations under this Agreement.

 

Section 4.8.          Delegation
of Obligations. The Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to
any Person without the consent of the parties to this Agreement.

 

    	 	9	(2019-A Asset Representations Review Agreement)

     

    

 

Section 4.9.          Confidential
Information.

 

(a)          Treatment.
The Asset Representations Reviewer agrees to hold and treat Confidential Information given to it under this Agreement in confidence
and under the terms and conditions of this Section 4.9, and will implement and maintain safeguards to further assure the
confidentiality of the Confidential Information. The Confidential Information will not, without the prior consent of the Servicer,
be disclosed or used by the Asset Representations Reviewer, or its officers, directors, employees, agents, representatives or affiliates,
including legal counsel (collectively, the “Information Recipients”) other than for the purposes of performing
Asset Representations Reviews of Subject Receivables or performing its obligations under this Agreement. The Asset Representations
Reviewer agrees that it will not, and will cause its Affiliates to not (i) purchase or sell securities issued by the Sponsor or
its affiliates or special purpose entities on the basis of Confidential Information or (ii) use the Confidential Information for
the preparation of research reports, newsletters or other publications or similar communications.

 

(b)          Definition.
“Confidential Information” means oral, written and electronic materials (irrespective of its source or form
of communication) furnished before, on or after the date of this Agreement to the Asset Representations Reviewer, including:

 

(i)          lists
of Subject Receivables and any related Review Materials;

 

(ii)         origination
and servicing guidelines, policies and procedures and form contracts; and

 

(iii)        notes,
analyses, compilations, studies or other documents or records prepared by the Servicer, which contain information supplied by or
on behalf of the Servicer or its representatives.

 

However, Confidential Information will not include information that
(A) is or becomes generally available to the public other than as a result of disclosure by the Information Recipients, (B) was
available to, or becomes available to, the Information Recipients on a non-confidential basis from a Person or entity other than
the Issuer or the Servicer before its disclosure to the Information Recipients who, to the knowledge of the Information Recipient
is not bound by a confidentiality agreement with the Issuer or the Servicer and is not prohibited from transmitting the information
to the Information Recipients, (C) is independently developed by the Information Recipients without the use of the Confidential
Information, as shown by the Information Recipients’ files and records or other evidence in the Information Recipients’
possession or (D) the Issuer or the Servicer provides permission to the applicable Information Recipients to release.

 

(c)          Protection.
The Asset Representations Reviewer will use best efforts to protect the secrecy of and avoid disclosure and unauthorized use of
Confidential Information, including those measures that it takes to protect its own confidential information and not less than
a reasonable standard of care. The Asset Representations Reviewer acknowledges that Personally Identifiable Information is also
subject to the additional requirements in Section 4.10.

 

(d)          Disclosure.
If the Asset Representations Reviewer is required by applicable law, regulation, rule or order issued by an administrative, governmental,
regulatory or judicial authority to disclose part of the Confidential Information, it may disclose the Confidential Information.
However, before a required disclosure, the Asset Representations Reviewer, if permitted by law, regulation, rule or order, will
use its reasonable efforts to provide the Issuer and the Servicer with notice of the requirement and will cooperate, at the Servicer’s
expense, in the Issuer’s and the Servicer’s pursuit of a proper protective order or other relief for the disclosure
of the Confidential Information. If the Issuer or the Servicer is unable to obtain a protective order or other proper remedy by
the date that the information is required to be disclosed, the Asset Representations Reviewer will disclose only that part of the
Confidential Information that it is advised by its legal counsel it is legally required to disclose.

 

    	 	10	(2019-A Asset Representations Review Agreement)

     

    

 

(e)          Responsibility
for Information Recipients. The Asset Representations Reviewer will be responsible for a breach of this Section 4.9
by its Information Recipients.

 

(f)           Violation.
The Asset Representations Reviewer agrees that a violation of this Agreement may cause irreparable injury to the Issuer and the
Servicer and the Issuer, the Issuer and the Servicer may seek injunctive relief in addition to legal remedies. If an action is
initiated by the Issuer or the Servicer to enforce this Section 4.9, the prevailing party will be entitled to reimbursement
of costs and expenses, including reasonable attorney’s fees, incurred by it for the enforcement.

 

Section 4.10.        Personally
Identifiable Information.

 

(a)          Definitions.
“Personally Identifiable Information” or “PII” means information in any format about an identifiable
individual, including, name, address, phone number, e-mail address, account number(s), identification number(s), vehicle identification
number or “VIN”, any other actual or assigned attribute associated with or identifiable to an individual and any information
that when used separately or in combination with other information could identify an individual. “Issuer PII”
means PII furnished by the Issuer, the Servicer or their Affiliates to the Asset Representations Reviewer and PII developed or
otherwise collected or acquired by the Asset Representations Reviewer in performing its obligations under this Agreement.

 

(b)          Use
of Issuer PII. The Issuer does not grant the Asset Representations Reviewer any rights to Issuer PII. The Asset Representations
Reviewer will use Issuer PII only to perform its obligations under this Agreement or as specifically directed in writing by the
Issuer and will only reproduce Issuer PII to the extent necessary for these purposes. The Asset Representations Reviewer must comply
with all laws applicable to PII, Issuer PII and the Asset Representations Reviewer’s business, including any legally required
codes of conduct, including those relating to privacy, security and data protection. The Asset Representations Reviewer will protect
and secure Issuer PII. The Asset Representations Reviewer will implement privacy or data protection policies and procedures that
comply with applicable laws and regulations and this Agreement. The Asset Representations Reviewer will implement and maintain
reasonable and appropriate practices, procedures and systems, including administrative, technical and physical safeguards to (i)
protect the security, confidentiality and integrity of Issuer PII, (ii) ensure against anticipated threats or hazards to the security
or integrity of Issuer PII, (iii) protect against unauthorized access to or use of Issuer PII and (iv) otherwise comply with its
obligations under this Agreement. These safeguards include a written data security plan, employee training, information access
controls, restricted disclosures, systems protections (e.g., intrusion protection, data storage protection and data transmission
protection) and physical security measures.

 

    	 	11	(2019-A Asset Representations Review Agreement)

     

    

 

(c)          Additional
Limitations. In addition to the use and protection requirements described in Section 4.10(b), the Asset Representations
Reviewer’s disclosure of Issuer PII is also subject to the following requirements:

 

(i)          The
Asset Representations Reviewer will not disclose Issuer PII to its personnel or allow its personnel access to Issuer PII except
(A) for the Asset Representations Reviewer personnel who require Issuer PII to perform an Asset Representations Review, (B) with
the prior consent of the Issuer or (C) as required by applicable law. When permitted, the disclosure of or access to Issuer PII
will be limited to the specific information necessary for the individual to complete the assigned task. The Asset Representations
Reviewer will inform personnel with access to Issuer PII of the confidentiality requirements in this Agreement and train its personnel
with access to Issuer PII on the proper use and protection of Issuer PII.

 

(ii)         The
Asset Representations Reviewer will not sell, disclose, provide or exchange Issuer PII with or to any third party without the prior
consent of the Issuer.

 

(d)          Notice
of Breach. The Asset Representations Reviewer will notify the Issuer promptly in the event of an actual or reasonably suspected
security breach, unauthorized access, misappropriation or other compromise of the security, confidentiality or integrity of Issuer
PII and, where applicable, immediately take action to prevent any further breach.

 

(e)          Return
or Disposal of Issuer PII. Except where return or disposal is prohibited by applicable law, promptly on the earlier of the
completion of the Asset Representations Review or the request of the Issuer, all Issuer PII in any medium in the Asset Representations
Reviewer’s possession or under its control will be (i) destroyed in a manner that prevents its recovery or restoration or
(ii) if so directed by the Issuer, returned to the Issuer without the Asset Representations Reviewer retaining any actual or recoverable
copies, in both cases, without charge to the Issuer. Where the Asset Representations Reviewer retains Issuer PII, the Asset Representations
Reviewer will limit the Asset Representations Reviewer’s further use or disclosure of Issuer PII to that required by applicable
law.

 

(f)           Compliance;
Modification. The Asset Representations Reviewer will cooperate with and provide information to the Issuer regarding the Asset
Representations Reviewer’s compliance with this Section 4.10. The Asset Representations Reviewer and the Issuer agree
to modify this Section 4.10 as necessary from time to time for either party to comply with applicable law.

 

(g)          Audit
of Asset Representations Reviewer. The Asset Representations Reviewer will permit the Issuer and its authorized representatives
to audit the Asset Representations Reviewer’s compliance with this Section 4.10 during the Asset Representations Reviewer’s
normal business hours on reasonable advance notice to the Asset Representations Reviewer, and not more than once during any year
unless circumstances necessitate additional audits. The Issuer agrees to make reasonable efforts to schedule any audit described
in this Section 4.10(g) with the inspections described in Section 4.7. The Asset Representations Reviewer will also
permit the Issuer and its authorized representatives during normal business hours on reasonable advance written notice to audit
any service providers used by the Asset Representations Reviewer to fulfill the Asset Representations Reviewer’s obligations
under this Agreement.

 

    	 	12	(2019-A Asset Representations Review Agreement)

     

    

 

(h)          Affiliates
and Third Parties. If the Asset Representations Reviewer processes the PII of the Issuer’s Affiliates or a third party
when performing an Asset Representations Review, and if such Affiliate or third party is identified to the Asset Representations
Reviewer, such Affiliate or third party is an intended third-party beneficiary of this Section 4.10, and this Agreement
is intended to benefit the Affiliate or third party. The Affiliate or third party will be entitled to enforce the PII related terms
of this Section 4.10 against the Asset Representations Reviewer as if each were a signatory to this Agreement.

 

ARTICLE
V

RESIGNATION
AND REMOVAL;

SUCCESSOR
ASSET REPRESENTATIONS REVIEWER

 

Section 5.1.          Eligibility
Requirements for Asset Representations Reviewer. The Asset Representations Reviewer must be a Person who (a) is not Affiliated
with the Sponsor, the Depositor, the Servicer, the Indenture Trustee, the Owner Trustee or any of their Affiliates and (b) was
not, and is not Affiliated with a Person that was, engaged by the Sponsor or any underwriter to perform any due diligence on the
Receivables prior to the Closing Date.

 

Section 5.2.          Resignation
and Removal of Asset Representations Reviewer.

 

(a)          No
Resignation of Asset Representations Reviewer. The Asset Representations Reviewer will not resign as Asset Representations
Reviewer unless the Asset Representations Reviewer no longer meets the eligibility requirements in Section 5.1. The Asset
Representations Reviewer will notify the Issuer and the Servicer of its resignation as soon as practicable after it determines
it is required to resign and stating the resignation date and including an Opinion of Counsel supporting its determination.

 

(b)          Removal
of Asset Representations Reviewer. If any of the following events occur, the Issuer, by notice to the Asset Representations
Reviewer, may, and in the case of clause (i) below, shall, remove the Asset Representations Reviewer and terminate its rights and
obligations under this Agreement:

 

(i)          the
Asset Representations Reviewer no longer meets the eligibility requirements in Section 5.1;

 

(ii)         the
Asset Representations Reviewer breaches of any of its representations, warranties, covenants or obligations in this Agreement;
or

 

(iii)        an
Insolvency Event of the Asset Representations Reviewer occurs.

 

(c)          Notice
of Resignation or Removal. The Issuer will notify the Servicer and the Indenture Trustee of any resignation or removal of the
Asset Representations Reviewer.

 

(d)          Continue
to Perform After Resignation or Removal. No resignation or removal of the Asset Representations Reviewer will be effective,
and the Asset Representations Reviewer will continue to perform its obligations under this Agreement, until a successor Asset Representations
Reviewer has accepted its engagement according to Section 5.3(b).

 

    	 	13	(2019-A Asset Representations Review Agreement)

     

    

 

Section 5.3.          Successor
Asset Representations Reviewer.

 

(a)          Engagement
of Successor Asset Representations Reviewer. Following the resignation or removal of the Asset Representations Reviewer, the
Issuer will appoint a successor Asset Representations Reviewer who meets the eligibility requirements of Section 5.1.

 

(b)          Effectiveness
of Resignation or Removal. No resignation or removal of the Asset Representations Reviewer will be effective until the successor
Asset Representations Reviewer has executed and delivered to the Issuer and the Servicer an agreement accepting its engagement
and agreeing to perform the obligations of the Asset Representations Reviewer under this Agreement or entered into a new agreement
with the Issuer on substantially the same terms as this Agreement.

 

(c)          Transition
and Expenses. If the Asset Representations Reviewer resigns or is removed, the Asset Representations Reviewer will cooperate
with the Issuer and take all actions reasonably requested to assist the Issuer in making an orderly transition of the Asset Representations
Reviewer’s rights and obligations under this Agreement to the successor Asset Representations Reviewer. The Asset Representations
Reviewer will pay the reasonable expenses (including the fees and expenses of counsel) of transitioning the Asset Representations
Reviewer’s obligations under this Agreement and preparing the successor Asset Representations Reviewer to take on such obligations
on receipt of an invoice with reasonable detail of the expenses from the Issuer or the successor Asset Representations Reviewer.

 

Section 5.4.          Merger,
Consolidation or Succession. Any Person (a) into which the Asset Representations Reviewer is merged or consolidated, (b) resulting
from any merger or consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the business of the
Asset Representations Reviewer, if that Person meets the eligibility requirements in Section 5.1, will be the successor
to the Asset Representations Reviewer under this Agreement. Such Person will execute and deliver to the Issuer and the Servicer
an agreement to assume the Asset Representations Reviewer’s obligations under this Agreement (unless the assumption happens
by operation of law).

 

ARTICLE
VI

OTHER
AGREEMENTS

 

Section 6.1.          Independence
of Asset Representations Reviewer. The Asset Representations Reviewer will be an independent contractor and will not be subject
to the supervision of the Issuer, the Indenture Trustee or the Owner Trustee for the manner in which it accomplishes the performance
of its obligations under this Agreement. Nothing in this Agreement will make the Asset Representations Reviewer and the Issuer
members of any partnership, joint venture or other separate entity or impose any liability as such on any of them.

 

    	 	14	(2019-A Asset Representations Review Agreement)

     

    

 

Section 6.2.         No
Petition. Each of the parties, by entering into this Agreement, agrees that, before the date that is one year and one day (or,
if longer, any applicable preference period) after payment in full of (a) all securities issued by the Depositor or by a trust
for which the Depositor was a depositor (including, without limitation, the Issuer) or (b) the Notes, it will not start or pursue
against, or join any other Person in starting or pursuing against (i) the Depositor or (ii) the Issuer, respectively, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law. This
Section 6.2 will survive the termination of this Agreement.

 

Section 6.3.          Limitation
of Liability of Owner Trustee. Notwithstanding anything contained herein to the contrary, (a) this instrument is executed and
delivered by U.S. Bank Trust National Association, not individually or personally but solely as Owner Trustee of Hyundai Auto Receivables
Trust 2019-A, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings
and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements
by U.S. Bank Trust National Association but is made and intended for the purpose for binding only the Issuer, (c) nothing herein
contained shall be construed as creating any liability on U.S. Bank Trust National Association individually or personally, to perform
any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto
and by any Person claiming by, through or under the parties hereto, (d) U.S. Bank Trust National Association has made no investigation
as to the accuracy or completeness of any representations or warranties made by the Issuer in this instrument and (e) under no
circumstances shall U.S. Bank Trust National Association be personally liable for the payment of any indebtedness or expenses of
the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by
the Issuer under this instrument or any other related documents. In no event will U.S. Bank Trust National Association in its individual
capacity or a beneficial owner of the Issuer be liable for the Issuer’s obligations under this Agreement. For all purposes
under this Agreement, the Owner Trustee will be subject to, and entitled to the benefits of, the Trust Agreement.

 

Section 6.4.          Termination
of Agreement. This Agreement will terminate, except for the obligations under Section 4.5 or as otherwise stated in
this Agreement, on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge of the Indenture
and (b) the date the Issuer is terminated under the Trust Agreement.

 

ARTICLE
VII

MISCELLANEOUS
PROVISIONS

 

Section 7.1.          Amendments.

 

(a)          This
Agreement may be amended by the parties hereto, but without the consent of the Depositor, the Indenture Trustee, the Owner Trustee,
any of the Noteholders or the Certificateholders, to cure any ambiguity, to correct or supplement any provisions in this Agreement,
or for the purpose of correcting any inconsistency with the Prospectus or for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions in this Agreement or of modifying in any manner the rights of the Noteholders
or the Certificateholders, subject to one of the following conditions:

 

(i)           the
Servicer delivers an Opinion of Counsel or an Officer’s Certificate to the Indenture Trustee to the effect that such amendment
will not materially and adversely affect the interests of the Noteholders (and, if the Certificates are then held by anyone other
than the Depositor or a U.S. Affiliate of the Depositor, the Certificateholders); or

 

    	 	15	(2019-A Asset Representations Review Agreement)

     

    

 

(ii)         
the Rating Agency Condition is satisfied (other than with respect to S&P, but with satisfaction of the Rating Agency Notification
with respect to S&P if S&P is rating any Outstanding Class of Notes) with respect to such action.

 

(b)          With
respect to any amendment for which clauses (a)(i) or (a)(ii) above cannot be satisfied, this Agreement can be amended with the
consent of the Noteholders holding not less than a majority of the Outstanding Amount of the Controlling Class of Notes. It shall
not be necessary for the consent of Noteholders pursuant to this Section to approve the particular form of any proposed amendment,
but it shall be sufficient if such approval shall be with respect to the substance thereof.

 

(c)          Promptly
after the execution of any amendment, the Administrator shall furnish written notification of the substance of such amendment to
each Noteholder and each Rating Agency.

 

Section 7.2.          Assignment;
Benefit of Agreement; Third Party Beneficiaries.

 

(a)          Assignment.
Except as stated in Section 5.4, this Agreement may not be assigned by the Asset Representations Reviewer without the consent
of the Servicer.

 

(b)          Benefit
of Agreement; Third-Party Beneficiaries. This Agreement is for the benefit of and will be binding on the parties and their
permitted successors and assigns. The Indenture Trustee, for the benefit of the Noteholders, will be a third-party beneficiary
of this Agreement and entitled to enforce this Agreement against the Asset Representations Reviewer. No other Person will have
any right or obligation under this Agreement.

 

Section 7.3.          Notices.

 

(a)          Delivery
of Notices. All notices, requests, demands, consents, waivers or other communications to or from the parties must be in writing
and will be considered given:

 

(i)          For
overnight mail, on delivery or, for a letter mailed by registered first class mail, postage prepaid, three days after deposit in
the mail;

 

(ii)         for
a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

 

(iii)        for
an email, when receipt is confirmed by telephone or reply email from the recipient; and

 

(iv)        for
an electronic posting to a password-protected website to which the recipient has access, on delivery (without the requirement of
confirmation of receipt) of an email to that recipient stating that the electronic posting has occurred.

 

    	 	16	(2019-A Asset Representations Review Agreement)

     

    

 

(b)          Notice
Addresses. Any notice, request, demand, consent, waiver or other communication will be delivered or addressed to: (i) (a) in
the case of the Servicer, to Hyundai Capital America, 3161 Michelson Drive, Suite 1900, Irvine, California 92612, Attention: Treasurer,
(b) in the case of the Issuer, to Hyundai Auto Receivables Trust 2019-A, c/o Hyundai Capital America, 3161 Michelson Drive, Suite
1900, Irvine, California 92612, Attention: Treasurer, (d) in the case of the Indenture Trustee, to Citibank, N.A., 388 Greenwich
Street, New York, New York, 10013, Attention: Agency & Trust – HART 2019-A, and (e) in the case of the Asset Representations
Reviewer, to Clayton Fixed Income Services LLC, 2638 South Falkenburg Road, Riverview, FL 33578, Email: ARRNotices@clayton.com;
with a copy to Clayton Fixed Income Services LLC, c/o Clayton Holdings LLC, 1500 Market Street, West Tower Suite 2050, Philadelphia,
PA 19102 or, (ii) as to each party, at such other address or email as shall be designated by such party in a written notice to
each other party.

 

Section 7.4.          Governing
Law; Submission to Jurisdiction; Waiver of Jury Trial. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

EACH OF THE PARTIES HERETO HEREBY SUBMITS
TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE
COURT SITTING IN NEW YORK CITY FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY. EACH OF THE PARTIES HERETO HEREBY FURTHER IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH COURTS LACK JURISDICTION
OVER SUCH PARTY, AND AGREES NOT TO PLEAD OR CLAIM, IN ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT IN ANY OF THE
AFORESAID COURTS, THAT ANY SUCH COURT LACKS JURISDICTION OVER SUCH PARTY. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH PROCEEDING
BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY
ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT.

 

Section 7.5.          No
Waiver; Remedies. No party’s failure or delay in exercising a power, right or remedy under this Agreement will operate
as a waiver. No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power,
right or remedy or the exercise of any other power, right or remedy. The powers, rights and remedies under this Agreement are in
addition to any powers, rights and remedies under law.

 

    	 	17	(2019-A Asset Representations Review Agreement)

     

    

 

Section 7.6.         Severability.
If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement
and will not affect the validity, legality or enforceability of the remaining Agreement.

 

Section 7.7.         Headings.
The headings in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement.

 

Section 7.8.          Counterparts.
This Agreement may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together
be one document.

 

[Remainder of Page Left Blank]

 

    	 	18	(2019-A Asset Representations Review Agreement)

     

    

 

EXECUTED BY:

 

	 	HYUNDAI AUTO RECEIVABLES TRUST
	 	2019-A,
	 	 	as Issuer
	 	 	 
	 	By:	U.S. Bank Trust National Association, not in
	 	 	its individual capacity, but solely as
	 	 	Owner Trustee
	 	 	 
	 	By:	/s/ Matthew M. Smith
	 	 	Name: Matthew M. Smith
	 	 	Title: Vice President
	 	 
	 	HYUNDAI CAPITAL AMERICA,
	 	 	as Servicer
	 	 	 
	 	By:	/s/ Hyung Seok Lee
	 	 	Name:  Hyung Seok Lee
	 	 	Title: Chief Financial Officer
	 	 
	 	CLAYTON FIXED INCOME SERVICES LLC,
	 	 	as Asset Representations Reviewer
	 	 	 
	 	By:	/s/ Robert Harris
	 	 	Name: Robert Harris
	 	 	Title: Secretary

 

    	 	S-1	(2019-A Asset Representations Review Agreement)

     

    

 

Schedule A

 

Representations and Warranties, Review Materials
and Tests

 

Review Materials

 

		·	Retail Installment Contract

 

		·	Any assignment if not included in Contract

 

		·	Documents which evidence the security interest in the Financed Vehicle (Certificate of Title, E-Title, Application for Title,
etc) (the “Title Documents’)

 

		·	List of Approved Contracts form numbers and revision dates

 

		·	Servicing System screen prints or data fields within the Data Tape (As of the Cutoff Date) showing (the “Cutoff Date
Data File”)

 

		o	Receivable Active/Satisfied

 

		o	Scheduled Monthly Payment amount

 

		o	Annual Percentage Rate

 

		o	Original Balance

 

		o	Unpaid Balance

 

		o	Maturity Date

 

		o	Days Delinquent

 

		o	Bankruptcy Flag

 

		o	Litigation/Attorney Involvement Flag

 

		o	Vehicle Repossessed Flag

 

		o	Days Delinquent

 

    	 	A-1	(2019-A Asset Representations Review Agreement)

     

    

 

		·	Applicable Dealer Agreement

 

		·	List of Seller Affiliates

 

		·	Schedule of Receivables to Receivables Purchase Agreement and Sale and Servicing Agreement

 

		·	Receivable File

 

	 	Representation 	Method of Testing
	(i)(a)	
        (i)          Characteristics
        of Receivables. Each Receivable:

         

        (a)         was
        originated by a Dealer located in the United States of America for the retail sale of a Financed Vehicle, is payable in United
        States dollars, has been signed or electronically authenticated by the Obligor and the Dealer thereto, has been purchased by the
        Seller from such Dealer under an existing Dealer Agreement and has been validly assigned by such Dealer to the Seller,

         
	
        1. Confirm
        that Dealer’s location, indicated in the Receivable File, is in United States.

         

        2. Confirm
        that the Receivable is payable in US Dollars.

         

        3. Confirm
        that the Receivable has been signed by the Obligor and the Dealer.

         

        4. Confirm
        that there is a Dealer Agreement between the applicable Dealer and the Seller.

         

        5. Confirm
        the assignment section of the Receivable is signed by the Dealer and the Seller is listed as the assignee.

 

    	 	A-2	(2019-A Asset Representations Review Agreement)

     

    

 

	 	Representation 	Method of Testing
	(i)(b)	
        (b)         has
        created or shall create a first priority security interest in favor of the Seller in the Financed Vehicle, which security interest
        has been assigned by the Seller to the Depositor and by the Depositor to the Issuer,

         
	
        1. Confirm
        that the Receivable contains security interest language in favor of the Seller in the Financed Vehicle.

         

        2. Confirm
        that a Certificate of Title or other suitable documentation lists Seller as lienholder or that an application for a Certificate
        of Title or other suitable documentation has been filed in the applicable state listing the Seller as lienholder.

         

        3. Confirm
        that the Receivable is listed on Schedules of Receivables to the Receivables Purchase Agreement and the Sale and Servicing Agreement.

	(i)(c)	(c)          contains provisions that permit the repossession and sale of the Financed Vehicle upon a default under the Receivable by the Obligor,	1. Review the Receivable to confirm that its
                                                                                            terms permit repossession and sale of the Financed Vehicle upon default by Obligor.

	(i)(d)	(d)          provides for fixed level monthly payments (provided that the first and last payments may be different from but in no event more than three times the level payments) that fully amortize the Amount Financed over the original term,	
        1. Review the Receivable in order to confirm
        all         payments are fixed monthly payments, with the possible exception of the first and last payments, which may be
        three times the level         payment.

         

        2. Using the Truth in Lending section of the
        Receivable,         confirm that payment schedule fully amortizes the Amount Financed over the original term at the
        applicable APR.

	(i)(e)	
        (e)          amortizes
        using the simple interest method,

	1. Confirm the Receivable employs a simple
                                                                                            interest method of amortization.

	(i)(f)	(f)          has an Obligor which is not an affiliate of the Seller,	1. Confirm that the Obligor’s name does
                                                                                            not appear on a list provided by the Seller of the Seller’s affiliates.

 

    	 	A-3	(2019-A Asset Representations Review Agreement)

     

    

 

	 	Representation 	Method of Testing
	(i)(g)	(g)         has an Obligor which is not listed on Seller’s electronic records related to receivables as a government or governmental subdivision or agency, and	1. Confirm the Cutoff Date Data File does not
                                                                                                              indicate the Obligor was a government entity.

	(i)(h)	(h)         has an Obligor which is not shown on the Servicer’s electronic records related to receivables as a debtor in pending bankruptcy proceeding,	1. Confirm the Cutoff Date Data File does not
                                                                                                              indicate the Obligor was in bankruptcy.

	(ii)	(ii)         Compliance with Law.  Each Receivable complied at the time it was originated or made in all material respects with all requirements of law in effect at that time and applicable to such Receivable.	1. Confirm that the contract form number and
                                                                                                              revision date are on a list of approved contract forms provided by the Seller.

	(iii)	(iii)        Binding Obligation.  Each Receivable represents the legal and binding payment obligation of the Obligor, enforceable in all material respects by the holder of the Receivable, except as may be limited by bankruptcy, insolvency, reorganization or other laws relating to the enforcement of creditors’ rights or by general equitable principles, consumer protection laws and the Servicemembers Civil Relief Act.	
        1. Confirm that the contract form number and
        revision         date are on a list of approved contract forms provided by the Seller.

         

        2. Confirm that the buyer and co-buyer, if
        applicable,         have signed the Contract.

	(iv)	(iv)        Chattel Paper.  Each Receivable constitutes either “tangible chattel paper” or “electronic chattel paper” within the meaning of the UCC as in effect in the state of origination.	
        1. Confirm that the contract form number and
        revision         date are on a list of approved contract forms provided by the Seller.

         

        2. Confirm that there is a signature under
        the         appropriate buyer, co-buyer, if applicable, and Seller signature lines within the contract.

         

        3. Confirm the Receivable contains security
        interest         language in favor of the Seller in the Financed Vehicle?

 

    	 	A-4	(2019-A Asset Representations Review Agreement)

     

    

 

	 	Representation 	Method of Testing
	(v)	(v)          One Original.  There is only one executed original, electronically authenticated original or authoritative copy of the “contract” (within the meaning of the UCC) related to each Receivable.	1. Confirm the Contract was signed by the buyer and co-buyer, if applicable.
	(vi)	(vi)        Receivables in Force.  As of the Cutoff Date, the Servicer’s electronic records related to receivables do not indicate that any Receivable was satisfied, subordinated or rescinded, or that any Financed Vehicle was released from the Lien of the related Receivable.  As of the Cutoff Date, none of the material terms of any Receivable has been expressly waived, altered or modified in any material respect since its origination, except by instruments or documents identified in the Seller’s receivable system.	
        1. Review the Cutoff Data File and confirm
        there is no evidence that the Receivable was satisfied, subordinated or rescinded or that the Financed Vehicle was released from
        the lien prior to the Cutoff Date.

         

        2. Review Receivable File and the records in Seller’s receivable
        system for evidence of express waivers prior to the Cutoff Date that were neither identified in the Receivable File nor identified
        in the receivable system as of that date.

	(vii)	(vii)       Lawful Assignment.  The terms of the Receivable do not prohibit the sale, transfer and assignment of such Receivable under this Agreement, the Sale and Servicing Agreement or the pledge of such Receivable under the Indenture.	
        1. Confirm that the contract form number and revision
        date are on a list of approved contract forms provided by the Seller.

	(viii)	(viii)      Title.  Immediately prior to the transfers and assignments herein contemplated, the Seller has good and marketable title to each Receivable free and clear of all Liens (except Permitted Liens and any Lien that will be released prior to the assignment of such Receivable hereunder), and, immediately upon the transfer thereof, the Depositor shall have good and marketable title to each Receivable, free and clear of all Liens except Permitted Liens.	
        1. Confirm there is an assignment of the Receivable
        from the Dealer to the Seller.

         

        2. Review the Title Documents and confirm that
        the Seller is listed as a first priority lien holder for the Financed Vehicle.

         

        3. Confirm there is one original authenticated
        copy of the Receivable

 

    	 	A-5	(2019-A Asset Representations Review Agreement)

     

    

 

	 	Representation 	Method of Testing
	(ix)	(ix)        No Defenses.  The Servicer’s electronic records related to receivables do not reflect any right of rescission, setoff, counterclaim or defense asserted or threatened by any Obligor for any Receivable indicated in the Seller’s receivable system.	1. Confirm the Cutoff Date Data File does not contain any indication of any right of rescission, counterclaim or defense asserted or threatened by any Obligor as of the Cutoff Date.
	(x)	(x)         No Default.  As of the Cutoff Date, the Servicer’s receivable system did not disclose that there was any payment default under the terms of any Receivable (other than payment delinquencies of not more than 30 days).	1. Review the records in Seller’s receivable system to confirm that Receivable was not more than 30 days past due as of Cutoff Date.
	(xi)	(xi)        Insurance.  Under the terms of each Receivable, the Obligor is required to maintain physical damage insurance covering the related Financed Vehicle.	1. Confirm the Receivable contains language that requires the Obligor to obtain and maintain insurance against physical damage to the Financed Vehicle.
	(xii)(a)	
        (xii)       Individual
        Characteristics. Each Receivable has the following individual characteristics as of the Cutoff Date:

         

        (a)        each
        Receivable had an original maturity of not less than 12 months or more than 75 months,
	1. Review the Receivable, as amended by documents in the Receivable File and notations in the records in Seller’s receivable system, had an original maturity date within the allowable limits as of the Cutoff Date.
	(xii)(b)	(b)        no Receivable was more than 30 days past due as of the Cutoff Date,	1. Review the records in Seller’s receivable system to confirm the Receivable was not more than the maximum allowable days past due as of the Cutoff Date.
	(xii)(c)	(c)         no Receivable has a final scheduled payment date after April 21, 2025,	1. Confirm that the final scheduled payment date specified in the Receivable, as amended by documents in the Receivable File and notations in the records in Seller’s receivable system, was not later than latest allowable final scheduled payment date as of the Cutoff Date.

 

    	 	A-6	(2019-A Asset Representations Review Agreement)

     

    

 

	 	Representation 	Method of Testing
	(xii)(d)	(d)        no Receivable has a Contract Rate of less than 0.00%,	1. Review the records in Seller’s receivable system to confirm the Receivable did not have a Contract Rate less than the minimum allowable percentage rate as of the Cutoff Date.
	(xii)(e)	(e)        each Receivable has a remaining term of at least 8 months and no more than 74 months,	1. Review the records in Seller’s receivable system to confirm the Receivable had a remaining term within the allowable limits as of the Cutoff Date.
	(xii)(f)	(f)         each Receivable has a remaining balance of at least $5,000.00 and not greater than $70,000.00, and	1. Review the records in Seller’s receivable system to confirm the Receivable had a remaining balance within the allowable limits as of the Cutoff date.
	(xii)(g)	(g)        each Receivable is secured by a new or used automobile, light-duty truck or minivan.	1. Confirm that the Receivable’s terms indicate the Receivable is secured by a new or used automobile, light-duty truck or minivan.

 

    	 	A-7	(2019-A Asset Representations Review Agreement)Exhibit 10.1

 

Execution Version

 

COMMITMENT INCREASE AGREEMENT AND SIXTH AMENDMENT TO

FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

THIS COMMITMENT INCREASE AGREEMENT AND SIXTH AMENDMENT TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT (this “Sixth Amendment”) is dated as of April 9, 2019, by and among Ensco plc, an English public limited company (the “Parent”), Pride International LLC, a Delaware limited liability company and indirect wholly-owned Subsidiary of the Parent (collectively, the “Borrowers”), the Guarantors, the Banks party hereto, the Affected Banks, Citibank, N.A., as administrative agent (the “Administrative Agent”), and the Issuing Banks.

 

PRELIMINARY STATEMENTS

 

WHEREAS, the Borrowers, the Banks, the Administrative Agent and the Issuing Banks are parties to that certain Fourth Amended and Restated Credit Agreement dated as of May 7, 2013 (as amended by the First Amendment dated as of September 30, 2014, the Second Amendment dated as of March 9, 2015, the Third Amendment dated as of July 1, 2016, the Extension Agreement dated as of October 4, 2016, the Fourth Amendment dated as of December 15, 2016, and the Commitment Agreement and Fifth Amendment dated as of October 3, 2017 and effective as of October 6, 2017, and as the same may be further amended, restated, increased and extended, the “Credit Agreement”; capitalized terms used herein that are not defined herein and are defined in the Credit Agreement are used herein as defined in the Credit Agreement);

 

WHEREAS, the Borrowers intend to, pursuant to Section 2.19 of the Credit Agreement and subject to the terms and conditions thereof, increase the aggregate Commitments by an aggregate amount equal to $337,928,571.40 by (a) adding each of Citicorp North America, Inc., Barclays Bank plc, and M&T Bank as a Bank under the Credit Agreement (each, a “New Bank”, and, collectively, the “New Banks”) and (b) requesting that certain existing Banks (each an “Increasing Bank”, and collectively, the “Increasing Banks” and, together with the New Banks, the “Affected Banks”) increase their respective Commitments as described in Section 1(a) and Section 1(b) hereof, such that after giving effect to the increase of the aggregate Commitments as set forth in clauses (a) and (b) above, the amounts of the Commitments of the existing Banks and each New Bank shall be as set forth on the Commitment Schedule attached as Annex I-A, as modified with respect to the Specified Increasing Bank pursuant to Annex I-B hereto, as applicable; and

 

WHEREAS, the Borrowers have requested that the Banks, the Administrative Agent and the Issuing Banks modify the Credit Agreement as provided herein, and the Administrative Agent, the Issuing Banks, and the Banks party hereto, which constitute the Majority Banks, have agreed to do so subject to the terms and conditions of this Sixth Amendment; and

 

WHEREAS, the Borrowers, the Administrative Agent, the Banks party hereto, and the Issuing Banks wish to execute this Sixth Amendment to evidence such agreement.

 

NOW, THEREFORE, in consideration of the mutual covenants herein contained and for other good and valuable consideration, the receipt and adequacy of which are hereby

 

 

acknowledged, the Borrowers, the Administrative Agent, the Banks, and the Issuing Banks party hereto hereby agree as follows:

 

Section 1.              Commitment Increase; New Banks.

 

(a)                                 Pursuant to Section 2.19 of the Credit Agreement and on the Effective Date, the aggregate Commitments of the Banks are hereby increased from $2,002,500,000 to $2,340,428,571.40.  Each Affected Bank (other than the Specified Increasing Bank (as defined below)) agrees and acknowledges that its Commitment shall, automatically and without further action, upon satisfaction of the conditions precedent set forth in Sections 6 and 7, be in the amount, and have the Termination Date, in each case set forth next to its name on the Commitment Schedule attached as Annex I-A hereto.  The Specified Increasing Bank agrees and acknowledges that its Commitment, as of the Effective Date, shall be as set forth next to its name on the Commitment Schedule attached as Annex 1-A hereto.

 

(b)                                 Pursuant to Section 2.19 of the Credit Agreement and subject to the occurrence of the Effective Date, on the Termination Date applicable to Goldman Sachs Bank USA (the “Specified Increasing Bank”, and such Termination Date, the “Specified Increase Effective Date”), the Specified Increasing Bank hereby agrees and acknowledges that its Commitment shall, automatically on the Specified Increase Effective Date and without further action, be in the amount, and have the Termination Date, in each case set forth next to its name on the schedule attached as Annex I-B hereto.

 

(c)                                  The parties to this Sixth Amendment hereby waive all notices required in connection with such increase to the aggregate Commitments pursuant to Section 2.19 of the Credit Agreement as described in this Section 1.

 

(d)                                 Each New Bank is hereby added to the Credit Agreement as a Bank, and it agrees to be bound by all the terms and provisions of the Credit Agreement and the other Loan Documents binding on a Bank.  Each New Bank (i) confirms that it has received a copy of the Credit Agreement and the other Loan Documents, together with copies of the financial statements referred to in Section 4.04 of the Credit Agreement and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Sixth Amendment and become party to the Credit Agreement; (ii) agrees that it will, independently and without reliance upon the Administrative Agent, the Issuing Banks, or any other Bank and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement, any of the other Loan Documents or any other instrument or document; (iii) appoints and authorizes the Administrative Agent to take such action as Administrative Agent on its behalf and to exercise such powers and discretion under the Loan Documents under the Credit Agreement and the other Loan Documents as are delegated to the Administrative Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto; and (iv) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Bank.  By their execution of this Sixth Amendment, the Parent, the Issuing Banks, and the Administrative Agent hereby consent to the addition of each New Bank, as and to the extent required under the Credit Agreement, including without limitation Section 2.19(a) of the Credit Agreement.

 

2

 

Section 2.                                           Effective Date Amendments to Credit Agreement.  On the Effective Date (but after giving effect to the increase of aggregate Commitments in Section 1(a) above), the Credit Agreement is hereby amended as follows:

 

(a)                                 Section 1.01 of the Credit Agreement is hereby amended by adding the following definitions in appropriate alphabetical order:

 

“Beneficial Ownership Certification” means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation, which certification shall be substantially similar in form and substance to the form of Certification Regarding Beneficial Owners of Legal Entity Customers published jointly, in May 2018, by the Loan Syndications and Trading Association and Security Industry and Financial Markets Association.

 

“Beneficial Ownership Regulation” mean 31 C.F.R. § 1010.230.

 

“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code, or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.

 

“Ensco Reference Rig” means, with respect to any Rowan Adjusted Rig, each Rig listed as an “Ensco Reference Rig” for such Rowan Adjusted Rig on Schedule III.

 

“PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

 

“Purchase Price Adjustment” means, with respect any Rowan Adjusted Rig, the amount of any writedown in the net book value of such Rowan Adjusted Rig caused by the application of GAAP purchase price accounting methods in connection with the Rowan Transaction.

 

“Rowan Adjusted Rig” means each Rig listed as a “Rowan Rig” on Schedule III.

 

“Rowan Parent” means Rowan Companies plc, an English public limited company.

 

“Rowan Transaction” means the acquisition of the entire issued and to be issued ordinary share capital of the Rowan Parent by the Parent or its nominee pursuant to the terms and conditions set forth in that certain Transaction Agreement dated

 

3

 

as of October 7, 2018 (as amended by that certain Deed of Amendment No. 1 to Transaction Agreement dated as of January 28, 2019 and as may be further amended, the “Rowan Transaction Agreement”), as in effect on the Sixth Amendment Effective Date and the Scheme of Arrangement (as defined in and in substantially the form attached to the Rowan Transaction Agreement as in effect on the Sixth Amendment Effective Date).

 

“Sixth Amendment” means that certain Commitment Increase Agreement and Sixth Amendment to Fourth Amended and Restated Credit Agreement dated as of April 9, 2019 but effective as of the Sixth Amendment Effective Date, by and among the Borrowers, the Guarantors party thereto, the Banks party thereto, the Administrative Agent, and the Issuing Banks.

 

“Sixth Amendment Effective Date” means the “Effective Date” as defined in the Sixth Amendment.

 

(b)                                 The definition of “Commitment Schedule” in Section 1.01 of the Credit Agreement is hereby amended by replacing the text reading “the Fifth Amendment Effective Date” with text reading “the Sixth Amendment Effective Date”.

 

(c)                                  The definition of “Hedge Counterparty” in Section 1.01 of the Credit Agreement is hereby amended by replacing the text reading “any Loan Party” with text reading “the Parent or any of its Subsidiaries”.

 

(d)                                 The definition of “Loan Documents” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

“Loan Documents” means this Agreement, each Note (if any), each Guaranty (if any), each L/C Related Document, the Fee Letters, each subordination agreement referenced in clause (d) of “Permitted Debt”, and all other documents or instruments executed and delivered in connection with this Agreement which the Administrative Agent and the Borrowers designate in writing as a “Loan Document.”

 

(e)                                  The definition of “Permitted Debt” in Section 1.01 of the Credit Agreement is hereby amended by restating clauses (d) and (n) thereof to read as follows:

 

(d)                                 Debt owing to the Parent or any Restricted Subsidiary; provided that, any such Debt owing by a Loan Party to a non-Loan Party Restricted Subsidiary shall be subordinated to the Obligations pursuant to a Guaranty or other written agreement, as applicable, executed by such Loan Party and such non-Loan Party Restricted Subsidiary on terms reasonably satisfactory to the Administrative Agent;

 

(n)                                 any other Debt of the Restricted Subsidiaries, provided (i) the Parent has demonstrated Pro Forma Compliance upon the incurrence of any such Debt if such incurrence would constitute a Pro Forma Compliance Event, (ii) no Default or Event of Default exists at the

 

4

 

time of the incurrence of such Debt, nor would such result therefrom and (iii) the aggregate principal amount of such Debt of the Restricted Subsidiaries (excluding all such Debt permitted under clauses (a) through (m) above) outstanding shall not exceed, at the time of any incurrence thereof, (A) the lesser of (1) $1,000,000,000 and (2) 10% of Consolidated Tangible Net Worth as of the last day of the most recently ended fiscal quarter for which financial statements are available, minus (B) the aggregate amount of all obligations (other than Debt incurred pursuant to this clause (n)) secured by Liens incurred and outstanding pursuant to clause (p) of the definition of “Permitted Liens”.

 

(f)                                   The definition of “Permitted Liens” in Section 1.01 of the Credit Agreement is hereby amended by restating clause (p) thereof to read as follows:

 

(p)                                 Any Liens on the Property of the Parent and the Restricted Subsidiaries not permitted in clauses (a) through (o) above; provided that (i) the Parent has demonstrated Pro Forma Compliance upon the incurrence of any such Lien if such incurrence would constitute a Pro Forma Compliance Event, (ii) the aggregate outstanding principal amount of Debt secured by all such Liens does not exceed, at the time of incurrence thereof, (A) the lesser of (1) $1,000,000,000 and (2) 10% of Consolidated Tangible Net Worth as of the last day of the most recently ended fiscal quarter for which financial statements are available, minus (B) the aggregate outstanding amount of unsecured Debt incurred pursuant to clause (n) of the definition of “Permitted Debt”.

 

(g)                                  The definition of “Responsible Person” in Section 1.01 of the Credit Agreement is hereby amended to read as follows:

 

“Responsible Person” means any of the president, any vice president, any senior vice president, any executive vice president, the chief executive officer, the chief financial officer, or controller, as the case may be, of a Borrower and any other representatives of a Borrower as may be designated by any one of the foregoing Persons with the consent of the Administrative Agent.

 

(h)                                 The definition of “Rig Value” in Section 1.01 of the Credit Agreement is hereby amended to read as follows:

 

“Rig Value” means (a) with respect to any Rig (other than the Atwood Archer, the Atwood Admiral, the Atwood Achiever, and the Atwood Advantage), the net book value (determined in accordance with GAAP) of such Rig, as reflected in the Parent’s balance sheet and (b) with respect to each of the Atwood Archer, the Atwood Admiral, the Atwood Achiever, and the Atwood Advantage, the average of the net book values (determined in accordance with GAAP) of the DS-9 Rig and the DS-10 Rig, as reflected in the Parent’s balance sheet; provided that, with respect

 

5

 

to the determination of the Rig Value of any Rig acquired after the last day of the most recently ended fiscal quarter for which financial statements have been delivered pursuant to Section 5.01(a) or (b), the Rig Value of such Rig shall be as reasonably agreed by the Parent and the Administrative Agent; and provided further that, with respect to any measurement date on or after the Sixth Amendment Effective Date, (x) the Rig Value for any Rowan Adjusted Rig shall be calculated as the net book value (determined in accordance with GAAP) of such Rowan Adjusted Rig, as reflected in the Parent’s balance sheet plus the Purchase Price Adjustment and (y) the Rig Value of each Rowan Adjusted Rig shall be reduced by (i) an amount (not to exceed the amount of the Purchase Price Adjustment) equal to any impairment or other reduction to the Rig Value for the Ensco Reference Rig for such Rowan Adjusted Rig (or if such Rowan Adjusted Rig has more than one Ensco Reference Rig, by an amount (not to exceed the amount of the Purchase Price Adjustment) equal to the average of the impairments or other reductions to the Rig Values for all of the Ensco Reference Rigs for such Rowan Adjusted Rig), in each case, since the last determination of Rig Value for such Rowan Adjusted Rig and (ii) the applicable cumulative amortization of the Purchase Price Adjustment, determined by applying the applicable useful life for each Rowan Adjusted Rig.  If at any time following the Sixth Amendment Effective Date, a Rowan Adjusted Rig shall incur an impairment which is reflected in the Parent’s balance sheet, the Rig Value for such Rowan Adjusted Rig shall be calculated as the net book value (determined in accordance with GAAP) of such Rig, as reflected in the Parent’s balance sheet without further adjustment.

 

(i)                                     Section 1.03 of the Credit Agreement is hereby amended by adding the following sentence to the end of such Section 1.03:

 

Notwithstanding the foregoing or any other provision contained herein or any other Loan Document, any lease (or similar arrangement) that would have been characterized, classified or reclassified as an operating lease in accordance with GAAP prior to the date of the Parent’s adoption of Accounting Standards Codification 842 (or any other Accounting Standards Codification having a similar result or effect) (and related interpretations) (whether or not such lease was in effect on such date) shall be deemed not to constitute a capital lease, and any such lease shall be, for all purposes of this Agreement, treated as though it were reflected on the Parent’s consolidated financial statements in the same manner as an operating lease would have been reflected prior to the Parent’s adoption of Accounting Standards Codification 842.

 

6

 

(j)                                    Article I of the Credit Agreement is hereby amended by adding the following new Section 1.05:

 

SECTION 1.05                Divisions.  For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its Equity Interests at such time.

 

(k)                                 Section 2.02(a) of the Credit Agreement is hereby amended by replacing the text reading “whether, after giving effect to such Borrowing, the aggregate amount of Available Cash would exceed $150,000,000” with text reading “whether, after giving effect to such Borrowing, the aggregate amount of Available Cash would exceed $200,000,000”.

 

(l)                                     Section 2.09(b)(ii) of the Credit Agreement is hereby amended by replacing each reference to “$150,000,000” with “$200,000,000”.

 

(m)                             Section 2.19(a) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

(a)                                 Request for Increase; Additional Banks.  After the Sixth Amendment Effective Date, provided that (i) there has been no Material Adverse Effect since the date of the most recently delivered financial statements under Section 5.01(b), (ii) no Event of Default then exists, and (iii) no Event of Default would result therefrom, upon notice to the Administrative Agent, the Parent may from time to time request and effectuate increases in the aggregate Commitments that terminate on the latest Termination Date by an amount not to exceed $250,000,000 in the aggregate over the term of this Agreement, without the consent of any Bank (other than a Bank that is increasing its Commitment in connection with such request) by adding to this Agreement one or more financial institutions as Banks or by allowing one or more existing Banks to increase their respective Commitments; provided that (w) any such increase shall be in a minimum amount of, and in increments of, $10,000,000, (x) no Bank shall have any obligation to increase its Commitment, (y) each new Bank providing a Commitment as part of any increase shall be satisfactory to the Administrative Agent and the Issuing Banks, which approval shall not be unreasonably withheld, delayed or conditioned, and (z) any incremental Commitments provided pursuant to this Section 2.19 must have a maturity that is not earlier than the latest Termination Date.

 

7

 

(n)                                 Section 3.02 of the Credit Agreement is hereby amended by restating clauses (c) and (d) thereof to read as follows:

 

(c)                                  After giving pro forma effect to such Advance and any transactions anticipated to occur in the period of five Business Days following the date thereof, the aggregate amount of Available Cash shall not exceed $200,000,000;

 

(d)                                 If the aggregate amount of Available Cash would exceed $200,000,000 after giving effect to such Advance, excluding the effect of any other transactions that have not occurred prior to or simultaneously with such Advance, then the Administrative Agent shall have received a Use of Proceeds Certificate from the relevant Borrower with respect to such Advance;

 

(o)                                 Section 4.17(a) of the Credit Agreement is hereby amended by restating the first sentence thereof to read as follows:

 

As of the Sixth Amendment Effective Date, Schedule 4.17 contains an accurate list of all Rigs owned or leased by the Parent or any of its Subsidiaries.  As of the Sixth Amendment Effective Date, the Loan Parties and each of the Material Subsidiaries are qualified to own each Rig as being owned by such Person under the laws of the jurisdiction where such Rig is flagged as of the Sixth Amendment Effective Date.

 

(p)                                 Article IV of the Credit Agreement is hereby amended by adding the following new Section 4.21:

 

SECTION 4.21                Beneficial Ownership Certification.  As of the Sixth Amendment Effective Date, the information included in any Beneficial Ownership Certification delivered by or on behalf of any Borrower to a Bank on or before the Sixth Amendment Effective Date is true and correct in all respects.

 

(q)                                 Section 5.13 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

SECTION 5.13                Post-Closing Covenant.

 

(a)                                 Within 60 days following the Sixth Amendment Effective Date (or such later date as the Administrative Agent may agree in its sole discretion), the Borrowers shall deliver, or cause to be delivered, the following:

 

(i)                                    Guaranties duly executed and delivered by a Responsible Person of Subsidiaries of the Parent and Eligible Local Content Entities, as applicable, to the extent necessary to ensure that the Borrowers are in compliance with the requirements

 

8

 

set forth in Section 5.11 and pro forma compliance with each Guarantee Ratio Covenant as of the last day of the most recently ended fiscal quarter for which financial statements have been delivered (or are required to have been delivered) pursuant to Section 5.01(a) or (b), after giving pro forma effect to the Rowan Transaction;

 

(ii)                                a certificate of the Secretary or an Assistant Secretary (or other officer or manager reasonably acceptable to the Administrative Agent) of each Guarantor executing a Guaranty in connection with this Section 5.13 certifying (i) the resolutions of the governing body of such Guarantor approving the Loan Documents to which it is a party, and the transactions contemplated thereby, in each case evidencing any necessary company action, (ii) the name and true signature of an agent or agents of such Guarantor authorized to sign each Loan Document to which such Guarantor is a party and the other documents to be delivered hereunder or thereunder, and (iii) attached true and correct copies of the Certificate of Formation and Limited Liability Company Agreement (or corresponding organizational documents) of such Guarantor;

 

(iii)                            with respect to each Guarantor executing a Guaranty in connection with this Section 5.13, certificates of existence, good standing and qualification or such corresponding certificates or other documents from officials or agencies of such Guarantor’s jurisdiction of organization or incorporation as the Administrative Agent reasonably requests;

 

(iv)                              favorable opinions of counsel for each Guarantor executing a Guaranty in connection with this Section 5.13, in form and substance, and covering such matters as are, reasonably satisfactory to the Administrative Agent;

 

(v)                                  if any Guarantor delivering a Guaranty in connection with this Section 5.13 is not organized under the laws of a State of the United States of America, evidence of appointment by such Guarantor of the Process Agent as its domestic process agent in accordance with Section 9.14;

 

(vi)                              a compliance certificate signed by the chief financial officer or chief executive officer (or its equivalent) (or other duly authorized financial officer of the Parent as agreed by the Administrative Agent) of the Parent dated as of the date of such Guaranties with respect to the Guarantee Ratio Covenants, in substantially the form of Exhibit D reflecting pro forma compliance with the Guarantee Ratio Covenants, determined as of

 

9

 

the last day of the most recently ended fiscal quarter for which financial statements have been delivered (or are required to have been delivered) pursuant to Section 5.01(a) or (b); and

 

(viii)                      such other documentation or information as is reasonably requested by the Administrative Agent.

 

(b)                                 Within 30 days following the Sixth Amendment Effective Date (or such later date as the Administrative Agent may agree in its sole discretion), the Borrowers shall deliver, or cause to be delivered, a certificate of the Parent signed by a Responsible Person of the Parent attaching, and certifying as to the accuracy as of the date thereof of, an updated report in form and substance reasonably acceptable to the Administrative Agent, setting forth, with respect to each Rowan Adjusted Rig, (A) the Purchase Price Adjustment applicable to such Rig, (B) the net book value of such Rig, (C) the remaining useful life of such Rig, and (D) the amortization schedule for such Purchase Price Adjustment, in each case as of such date of delivery.

 

(c)                                  Together with the compliance certificate delivered pursuant to Section 5.01(a) for the first fiscal quarter ended after the Rowan Transaction, the Borrowers shall deliver, or shall cause to be delivered, a certificate of the Parent signed by a Responsible Person of the Parent attaching, and certifying as to the accuracy of, an updated Schedule 4.20 as of as of the last day of such fiscal quarter giving pro forma effect to the Rowan Transaction and otherwise in form and substance reasonably acceptable to the Administrative Agent.  Such updated Schedule 4.20 shall be deemed to replace the Schedule 4.20 in effect immediately prior to delivery of the certificate described herein.

 

(r)                                    Article V of the Credit Agreement is hereby amended by adding the following new Section 5.14:

 

SECTION 5.14                KYC and Beneficial Ownership Regulation.  Promptly following any request therefor, provide information and documentation reasonably requested by the Administrative Agent or any Bank for purposes of compliance with applicable “know your customer” requirements under the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), the Beneficial Ownership Regulation, or other applicable anti-money laundering laws.

 

(s)                                   Section 6.01(b)(i) of the Credit Agreement is hereby amended by replacing the text reading “less than 3.00 to 1.00” therein with text reading “less than 3.25 to 1.00”.

 

(t)                                    Section 6.01(b)(ii) of the Credit Agreement is hereby amended by replacing the text reading “less than 85%” therein with text reading “less than 80%”.

 

10

 

(u)                                 Section 6.12(a) of the Credit Agreement is hereby amended by removing the “and” at the end of clause (ii) thereof, renumbering the existing clause (iii) as clause (iv) and adding a new clause (iii) thereto as follows:

 

(iii)                            the Parent may pay cash in lieu of fractional shares in connection with any transaction permitted hereunder, in an aggregate amount not to exceed $1,500,000 over the term of this Agreement; and

 

(v)                                 Article VIII of the Credit Agreement is hereby amended by adding the following new Section 8.16:

 

SECTION 8.16                Certain ERISA Matters.

 

(a)                                 Each Bank (x) represents and warrants, as of the date such Person became a Bank party hereto, to, and (y) covenants, from the date such Person became a Bank party hereto to the date such Person ceases being a Bank party hereto, for the benefit of, the Administrative Agent, the Joint Lead Arrangers and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrowers or any other Loan Party, that at least one of the following is and will be true:

 

(i)                                    such Bank is not using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Advances, the Letters of Credit or the Commitments,

 

(ii)                                the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Bank’s entrance into, participation in, administration of and performance of the Advances, the Letters of Credit, the Commitments and this Agreement,

 

(iii)                            (A) such Bank is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Bank to enter into, participate in, administer and perform the Advances, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Advances, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-

 

11

 

sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Bank, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Bank’s entrance into, participation in, administration of and performance of the Advances, the Letters of Credit, the Commitments and this Agreement, or

 

(iv)                              such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Bank.

 

(b)                                 In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Bank or (2) a Bank has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Bank further (x) represents and warrants, as of the date such Person became a Bank party hereto, to, and (y) covenants, from the date such Person became a Bank party hereto to the date such Person ceases being a Bank party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrowers or any other Loan Party, that the Administrative Agent is not a fiduciary with respect to the assets of such Bank involved in such Bank’s entrance into, participation in, administration of and performance of the Advances, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto).

 

(w)                               Section 9.02(a) of the Credit Agreement is hereby amended by restating the third block of notice information therein to read as follows:

 

With a copy to:

 

Citibank, N.A.

811 Main Street, Suite 4000

Houston,  Texas 77002

Attention:  Derrick Lenz

Telephone:  (713) 821-4832

Facsimile:  (281) 274-9369

Email:  derrick.lenz@citi.com

 

(x)                                 The Commitment Schedule to the Credit Agreement is hereby replaced in its entirety with Annex I-A hereto, which such Commitment Schedule will be deemed to be automatically updated to reflect the Commitment of the Specified Increasing Bank as described on Annex I-B hereto, on and after giving effect to the Specified Increase Effective Date.

 

(y)                                 Schedule II (Closing Date Rigs) to the Credit Agreement is hereby replaced in its entirety with Schedule II hereto.

 

12

 

(z)                                  The attached Schedule III (Reference Rigs for Rowan Adjusted Rigs) is hereby added as Schedule III to the Credit Agreement.

 

(aa)                          Schedule 4.17 (Rigs) to the Credit Agreement is hereby replaced in its entirety with Schedule 4.17 hereto.

 

(bb)                          Exhibit A (Notice of Borrowing) to the Credit Agreement is hereby replaced in its entirety with Exhibit A hereto.

 

(cc)                            Exhibit D (Compliance Certificate) to the Credit Agreement is hereby replaced in its entirety with Exhibit D hereto.

 

Section 3.                                           Specified Increase Effective Date Amendments to Credit Agreement.  On the Specified Increase Effective Date (after giving effect to the increase of aggregate Commitments described in Section 1(b) above), the Credit Agreement shall be amended as follows:

 

(a)                                 The definition of “Commitment Schedule” in Section 1.01 of the Credit Agreement shall be hereby amended by replacing the text reading “the Sixth Amendment Effective Date” with text reading “September 30, 2019”.

 

(b)                                 The Commitment Schedule to the Credit Agreement shall be automatically amended to reflect (i) the Commitment of the Specified Increasing Bank as described on Annex I-B and (ii) for the avoidance of doubt, any other modifications to the Commitments that have occurred in accordance with the terms of the Credit Agreement since the Effective Date.

 

Section 4.                                           Reaffirmation of Guaranty.  Each Guarantor hereby ratifies, confirms, acknowledges and agrees that its Obligations under the Guaranty to which it is a party are in full force and effect and that such Guarantor continues to unconditionally and irrevocably guarantee the full and punctual payment, when due, whether at stated maturity or earlier by acceleration or otherwise, all of the Obligations (as such term may have been amended by this Sixth Amendment) in accordance with the terms of such Guaranty, and its execution and delivery of this Sixth Amendment does not indicate or establish an approval or consent requirement by such Guarantor under such Guaranty in connection with the execution and delivery of amendments, consents or waivers to the Credit Agreement, the Notes or any of the other Loan Documents.

 

Section 5.                                           Representations True; No Default.  Each of the Loan Parties represents and warrants that:

 

(a)                                 this Sixth Amendment has been duly authorized, executed and delivered on its behalf, and the Credit Agreement, as amended by this Sixth Amendment, and the other Loan Documents to which it is a party, constitute the legal, valid and binding obligations of such Loan Party, enforceable against such Loan Party in accordance with their terms, except as such enforceability may be limited by any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally and by general principles of equity;

 

13

 

(b)                                 the representations and warranties of such Loan Party contained in Article IV of the Credit Agreement and in the other Loan Documents to which it is a party are true and correct in all material respects on and as of the date hereof as though made on and as of the date hereof (other than (i) those representations and warranties that expressly relate to a specific earlier date, which representations and warranties were true and correct in all material respects as of such earlier date and (ii) those representations and warranties that are by their terms subject to a materiality qualifier, which representations and warranties are true and correct in all respects); and

 

(c)                                  before and after giving effect to this Sixth Amendment, no Default or Event of Default under the Credit Agreement has occurred and is continuing.

 

Section 6.                                           Signing.  The date that each of the conditions precedent set forth in this Section 6 is satisfied shall be the “Signing Date” as such term is used in this Sixth Amendment:

 

(a)                                 the Administrative Agent (or its counsel) has received the following:

 

(i)                                     counterparts of this Sixth Amendment duly and validly executed and delivered by duly authorized officers of:

 

A.                                    each Loan Party;

 

B.                                    the Administrative Agent;

 

C.                                    each Issuing Bank;

 

D.                                    the Majority Banks; and

 

E.                                     each Affected Bank;

 

(ii)                                  Affected Banks agreeing, by executing and delivering their signature pages to this Sixth Amendment, to increase their Commitments by an aggregate amount of at least $200,000,000 and all of such increased Commitments shall have a Termination Date of September 30, 2022 (in each case, after giving effect to this Sixth Amendment and pro forma effect to the Specified Increase Effective Date);

 

(iii)                               a certificate of each Loan Party dated as of the Signing Date signed by a director or Responsible Person of such Loan Party certifying (A) resolutions adopted by the governing body of such Loan Party attached thereto approving or consenting to this Sixth Amendment and the transactions contemplated hereby, in each case evidencing any necessary company action, (B) the name and true signature of an agent or agents of such Loan Party authorized to sign each Loan Document to which such Loan Party is a party and any other documents to be delivered under the Loan Documents, (C) attached true, correct and complete copies of the Bylaws and Articles of Incorporation (or corresponding organizational documents) of such Loan Party and (D) copies of all governmental approvals, if any, necessary for each Borrower to enter into this Sixth Amendment;

 

14

 

(iv)                              a certificate of the Parent dated as of the Signing Date signed by a Responsible Person of the Parent certifying that, before and after giving effect to this Sixth Amendment, (A) the representations and warranties contained in Article IV of the Credit Agreement and the other Loan Documents are true and correct in all material respects (other than those representations and warranties that are subject to a materiality qualifier, which shall be true and correct in all respects) on and as of the Signing Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they were true and correct in all material respects (other than those representations and warranties that are subject to a materiality qualifier, which shall be true and correct in all respects) as of such earlier date, and except that, for purposes of this Sixth Amendment, the representations and warranties contained in clauses (a) and (b) of Section 4.04 of the Credit Agreement shall be deemed to refer to the most recent financial statements furnished pursuant to clauses (b) and (a), respectively, of Section 5.01 of the Credit Agreement, (B) there has been no Material Adverse Effect since December 31, 2018, and (C) no Default or Event of Default exists;

 

(b)                                 the Borrowers shall have delivered a report in form and substance reasonably acceptable to the Administrative Agent, setting forth, with respect to each Rowan Adjusted Rig, (A) the estimated Purchase Price Adjustment applicable to such Rig, (B) the estimated net book value of such Rig, (C) the estimated remaining useful life of such Rig, and (D) the estimated amortization schedule for such Purchase Price Adjustment, in each case as of such date of delivery;

 

(c)                                  at least five Business Days prior to the Signing Date, each Borrower, if it qualifies as a “legal entity customer” under the Beneficial Ownership Regulation (as defined in Section 2 above), shall deliver to each Bank that so requests, a Beneficial Ownership Certification (as defined in Section 2 above) in relation to such Borrower; and

 

(d)                                 the Borrowers shall have paid (i) all reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent which are payable pursuant to Section 9.04 of the Credit Agreement to the extent invoiced one Business Day prior to the Signing Date and (ii) all fees, costs and expenses which are payable on the Signing Date pursuant to any fee letter or other written agreement executed in connection with this Sixth Amendment;

 

Section 7.                                           Effectiveness.  Subject to the last paragraph of this Section 7, this Sixth Amendment shall become effective, the Commitments shall be increased as set forth in Section 1(a) above (understanding that, for the avoidance of doubt, the Commitments of the Specified Increasing Bank shall be modified after the Effective Date as set forth in Section 1(b) above), and the Credit Agreement shall be amended as provided in Section 2 above, in each case on the date upon which all of the following conditions precedent have been satisfied:

 

(a)                                 the occurrence of the Signing Date;

 

(b)                                 the Administrative Agent (or its counsel) has received the following:

 

15

 

(i)                                     a favorable legal opinion from Gibson, Dunn & Crutcher LLP, as U.S. and U.K. counsel to the Loan Parties, in such form and covering such matters as the Administrative Agent may reasonably request;

 

(ii)                                  a Note (or in the case of any existing Bank, an amended and restated Note) payable to each requesting Bank in the amount of its Commitment (after giving effect to the increase of Commitments in Section 1(a) above);

 

(iii)                               a certificate of each Loan Party dated as of the Effective Date (but immediately before giving effect to the Rowan Transaction) signed by a director or Responsible Person of such Loan Party certifying (A) resolutions adopted by the governing body of such Loan Party attached thereto approving or consenting to this Sixth Amendment and the transactions contemplated hereby, in each case evidencing any necessary company action (or a certification that such resolutions approving or consenting to this Sixth Amendment have not been modified, rescinded or amended since the Signing Date and are in full force and effect), (B) the name and true signature of an agent or agents of such Loan Party authorized to sign each Loan Document to which such Loan Party is a party and any other documents to be delivered under the Loan Documents, (C) attached true, correct and complete copies of the Bylaws and Articles of Incorporation (or corresponding organizational documents) of such Loan Party (or a certification that there have been no amendments to such organizational documents of such Loan Party since the Signing Date), and (D) copies of all governmental approvals, if any, necessary for each Borrower to enter into this Sixth Amendment (or a certification that there have been no changes to such governmental approvals since the Signing Date);

 

(iv)                              a certificate of the Parent dated as of the Effective Date signed by a Responsible Person of the Parent certifying that, (A) before and after giving effect to this Sixth Amendment, (1) the representations and warranties contained in Article IV of the Credit Agreement and the other Loan Documents are true and correct in all material respects (other than those representations and warranties that are subject to a materiality qualifier, which shall be true and correct in all respects) on and as of the Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they were true and correct in all material respects (other than those representations and warranties that are subject to a materiality qualifier, which shall be true and correct in all respects) as of such earlier date, and except that, for purposes of this Sixth Amendment, the representations and warranties contained in clauses (a) and (b) of Section 4.04 of the Credit Agreement shall be deemed to refer to the most recent financial statements furnished pursuant to clauses (b) and (a), respectively, of Section 5.01 of the Credit Agreement, (2) there has been no Material Adverse Effect since December 31, 2018, and (3) no Default or Event of Default exists, (B) based on estimated, unaudited, pro forma financial statements, the Borrowers are in pro forma compliance with the financial covenant set forth in Section 6.01(a) of the Credit Agreement after giving effect to the Rowan Transaction, and (C) the Rowan Transaction (as defined in Section 2 above) has been consummated in all material respects on or prior to July 31, 2019 in accordance with the terms and conditions of the Rowan Transaction Agreement (as defined in Section 2 above), as such Transaction Agreement was publicly filed on October 7, 2018 and amended by that certain Deed of Amendment No. 1 to

 

16

 

Transaction Agreement dated as of January 28, 2019, and as otherwise amended in any manner not materially adverse to the Banks;

 

(v)                                 the Rowan Transaction shall have been consummated on or prior to July 31, 2019 in accordance with the terms and conditions of the Rowan Transaction Agreement and the Scheme of Arrangement;

 

(vi)                              evidence reasonably satisfactory to the Administrative Agent that the payoff and termination of the Credit Agreement dated as of May 22, 2018, among RDC Holdings Luxembourg S.à r.l., as borrower, the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent, has been consummated such that all amounts outstanding thereunder have been paid, all commitments thereunder have been terminated, all letters of credit issued thereunder have been terminated, expired, cash collateralized or other arrangements acceptable to the applicable issuing bank with respect thereto have been made, as applicable, and any liens granted in connection therewith have been released;

 

(vii)                           evidence reasonably satisfactory to the Administrative Agent that the payoff and termination of the Amended and Restated Credit Agreement dated as of January 23, 2014, among Rowan Companies, Inc., as borrower, the lenders party thereto and Wilmington Trust, National Association, as administrative agent, has been consummated such that all amounts outstanding thereunder have been paid, all commitments thereunder have been terminated, all letters of credit issued thereunder have been terminated, expired, cash collateralized or other arrangements acceptable to the applicable issuing bank with respect thereto have been made, as applicable, and any liens granted in connection therewith have been released; and

 

(viii)                        certificates of existence, good standing and qualification from appropriate state officials, or corresponding certificates or other documents from relevant officials or agencies, as the Administrative Agent reasonably requests with respect to each Loan Party;

 

(c)                                  at least five Business Days prior to the Effective Date, each Borrower, if it qualifies as a “legal entity customer” under the Beneficial Ownership Regulation (as defined in Section 2 above), shall deliver to each Bank that so requests, a Beneficial Ownership Certification (as defined in Section 2 above) in relation to such Borrower; and

 

(d)                                 the Borrowers shall have paid all fees, costs and expenses which are payable pursuant to Section 9.04 of the Credit Agreement (including all reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent) or any other provision of a Loan Document to the extent invoiced one Business Day prior to the Effective Date, or any fee letter or other written agreement executed in connection with this Sixth Amendment.

 

The “Effective Date” shall be the date on which all of the conditions precedent set forth in this Section 7 have been satisfied, but only to the extent such conditions have been satisfied by 5:00 p.m. (Eastern Time) on July 31, 2019 (the “Amendment Termination Date”).  If the Effective Date has not occurred by the Amendment Termination Date, then on the

 

17

 

Amendment Termination Date, each of (a) the amendments to the Credit Agreement set forth in Section 2 above, (b) the increase of Commitments in Section 1(a) above, (c) the modification in Commitments in Section 1(b) above, and (d) all other provisions of this Sixth Amendment (including without limitation the modification of Commitments in Section 1(b) above) shall be null and void and of no force and effect.

 

Section 8.                                           Miscellaneous Provisions.

 

(a)                                 From and after the execution, delivery, and effectiveness of this Sixth Amendment as set forth in Sections 6 and 7 above, the Credit Agreement shall be deemed to be amended and modified as herein provided, and except as so amended and modified the Credit Agreement shall continue in full force and effect.  Each Loan Party hereby agrees and acknowledges that the Administrative Agent, the Issuing Banks, and the Banks require and will require strict performance by such Loan Party of all of its respective obligations, agreements and covenants contained in the Credit Agreement, as amended hereby, and the other Loan Documents to which it is a party (including any action or circumstance which is prohibited or limited during the existence of a Default or Event of Default), and no inaction or action by the Administrative Agent, any Issuing Bank, or any Bank regarding any Default or Event of Default is intended to be or shall be a waiver thereof.  Each Loan Party hereby also agrees and acknowledges that no course of dealing and no delay in exercising any right, power, or remedy conferred to the Administrative Agent, any Issuing Bank, or any Bank in the Credit Agreement or in any other Loan Documents or now or hereafter existing at law, in equity, by statute, or otherwise shall operate as a waiver of or otherwise prejudice any such right, power, or remedy.

 

(b)                                 The Administrative Agent, the Issuing Banks, and the Banks hereby expressly reserve all of their rights, remedies, and claims under the Loan Documents.  Nothing in this Sixth Amendment shall constitute a waiver or relinquishment of (i) any Default or Event of Default under any of the Loan Documents, (ii) any of the agreements, terms or conditions contained in any of the Loan Documents, (iii) any rights or remedies of the Administrative Agent, any Issuing Bank, or any Bank with respect to the Loan Documents, or (iv) the rights of the Administrative Agent, any Issuing Bank, or any Bank to collect the full amounts owing to them under the Loan Documents.

 

(c)                                  The Credit Agreement and this Sixth Amendment shall be read and construed as one and the same instrument; provided that no provision of this Sixth Amendment may be waived or modified without the consent of all parties hereto.

 

(d)                                 Any reference in any of the Loan Documents to the Credit Agreement shall be a reference to the Credit Agreement as amended by this Sixth Amendment.

 

(e)                                  This Sixth Amendment is a Loan Document for purposes of the provisions of the other Loan Documents.  Without limiting the foregoing, any breach of the representations, warranties, and covenants under this Sixth Amendment may be a Default or an Event of Default under the Loan Documents.

 

(f)                                   This Sixth Amendment shall be construed in accordance with and governed by the laws of the State of New York.

 

18

 

(g)                                  This Sixth Amendment may be signed in any number of counterparts and by different parties in separate counterparts and may be in original or facsimile form, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

 

(h)                                 The headings herein shall be accorded no significance in interpreting this Sixth Amendment.

 

Section 9.                                           Binding Effect.  This Sixth Amendment shall be binding upon and inure to the benefit of the Loan Parties, the Banks, the Issuing Banks and the Administrative Agent and their respective successors and assigns, except that the Loan Parties shall not have the right to assign their rights hereunder or any interest herein.

 

[Signature Pages Follow.]

 

19

 

IN WITNESS WHEREOF, the parties hereto have caused this Sixth Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written.

 

 

	
 
    	
BORROWERS:
    
	
 
    	
 
    
	
 
    	
ENSCO   PLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Evelyn Nordin
    
	
 
    	
Name:
    	
Evelyn   Nordin
    
	
 
    	
Title:
    	
Vice   President and Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
PRIDE   INTERNATIONAL LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Derek Sample
    
	
 
    	
Name:
    	
Derek   Sample
    
	
 
    	
Title:
    	
President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
GUARANTORS:  
    
	
 
    	
 
    	
 
    
	
 
    	
ENSCO   JERSEY FINANCE LIMITED
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jonathan H. Baksht
    
	
 
    	
Name:
    	
Jonathan   H. Baksht
    
	
 
    	
Title:
    	
Director
    

 

Signature Page to Commitment Increase Agreement and Sixth Amendment (Ensco)

 

 

	
 
    	
ALPHA   ACHIEVER COMPANY 
    
	
 
    	
ENSCO   OCEAN 2 COMPANY 
    
	
 
    	
ENSCO   OFFSHORE INTERNATIONAL COMPANY 
    
	
 
    	
ENSCO   OVERSEAS LIMITED 
    
	
 
    	
ENSCO   MANAGEMENT CORP.
    
	
 
    	
PRIDE   GLOBAL II LTD.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Each   By:
    	
/s/   Derek A. Sangster
    
	
 
    	
Name:
    	
Derek   A. Sangster
    
	
 
    	
Title:
    	
Director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
ENSCO   GLOBAL GMBH 
    
	
 
    	
ENSCO   INTERCONTINENTAL GMBH 
    
	
 
    	
ENSCO   WORLDWIDE GMBH
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Each   By:
    	
/s/   Derek A. Sangster
    
	
 
    	
Name:
    	
Derek   A. Sangster
    
	
 
    	
Title:
    	
Chairman
    

 

Signature Page to Commitment Increase Agreement and Sixth Amendment (Ensco)

 

 

	
 
    	
ADMINISTRATIVE AGENT:
    
	
 
    	
 
    
	
 
    	
CITIBANK,   N.A., as Administrative Agent
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Maureen P. Maroney
    
	
 
    	
Name:
    	
Maureen   P. Maroney
    
	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
BANKS AND ISSUING BANKS:
    
	
 
    	
 
    
	
 
    	
CITIBANK,   N.A., as a Bank and an Issuing Bank
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Maureen P. Maroney
    
	
 
    	
Name:
    	
Maureen   P. Maroney
    
	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    	
 
    
	
 
    	
CITICORP   NORTH AMERICA, INC., as an Affected Bank
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Maureen P. Maroney
    
	
 
    	
Name:
    	
Maureen   P. Maroney
    
	
 
    	
Title:
    	
Vice   President
    

 

Signature Page to Commitment Increase Agreement and Sixth Amendment (Ensco)

 

 

	
 
    	
DNB   CAPITAL LLC, as an Affected Bank
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Philippe Wulfers
    
	
 
    	
Name:
    	
Philippe   Wulfers
    
	
 
    	
Title:
    	
First   Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jessika Larsson
    
	
 
    	
Name:
    	
Jessika   Larsson
    
	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
DNB   BANK ASA, NEW YORK BRANCH, as an Issuing Bank
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Philippe Wulfers
    
	
 
    	
Name:
    	
Philippe   Wulfers
    
	
 
    	
Title:
    	
First   Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jessika Larsson
    
	
 
    	
Name:
    	
Jessika   Larsson
    
	
 
    	
Title:
    	
Vice   President
    

 

Signature Page to Commitment Increase Agreement and Sixth Amendment (Ensco)

 

 

	
 
    	
WELLS   FARGO BANK, NATIONAL ASSOCIATION, as an Affected Bank and an Issuing Bank
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

Signature Page to Commitment Increase Agreement and Sixth Amendment (Ensco)

 

 

	
 
    	
DEUTSCHE   BANK AG NEW YORK BRANCH, as an Affected Bank and an Issuing Bank
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Ming K. Chu
    
	
 
    	
Name:
    	
Ming   K. Chu
    
	
 
    	
Title:
    	
Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Virginia Cosenza
    
	
 
    	
Name:
    	
Virginia   Cosenza
    
	
 
    	
Title:
    	
Vice   President
    

 

Signature Page to Commitment Increase Agreement and Sixth Amendment (Ensco)

 

 

	
 
    	
HSBC   BANK USA, N.A., as an Affected Bank and an Issuing Bank
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Balaji Rajgopal
    
	
 
    	
Name:
    	
Balaji   Rajgopal
    
	
 
    	
Title:
    	
Director
    

 

Signature Page to Commitment Increase Agreement and Sixth Amendment (Ensco)

 

 

	
 
    	
BANK   OF AMERICA, N.A., as an Affected Bank
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Christopher DiBiase
    
	
 
    	
Name:
    	
Christopher   DiBiase
    
	
 
    	
Title:
    	
Director
    

 

Signature Page to Commitment Increase Agreement and Sixth Amendment (Ensco)

 

 

	
 
    	
MUFG   BANK, LTD., as a Bank
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

Signature Page to Commitment Increase Agreement and Sixth Amendment (Ensco)

 

 

	
 
    	
MIZUHO   BANK, LTD., as a Bank
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

Signature Page to Commitment Increase Agreement and Sixth Amendment (Ensco)

 

 

	
 
    	
BNP   PARIBAS, as a Bank
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Sriram Chandrasekaran
    
	
 
    	
Name:
    	
Sriram   Chandrasekaran
    
	
 
    	
Title:
    	
Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Joseph Onischuk
    
	
 
    	
Name:
    	
Joseph   Onischuk
    
	
 
    	
Title:
    	
Managing   Director
    

 

Signature Page to Commitment Increase Agreement and Sixth Amendment (Ensco)

 

 

	
 
    	
GOLDMAN   SACHS BANK USA, a Specified Increasing Bank
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Ryan Durkin
    
	
 
    	
Name:
    	
Ryan   Durkin
    
	
 
    	
Title:
    	
Authorized   Signatory
    

 

Signature Page to Commitment Increase Agreement and Sixth Amendment (Ensco)

 

 

	
 
    	
AUSTRALIA   AND NEW ZEALAND BANKING GROUP LIMITED, as a Bank
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

Signature Page to Commitment Increase Agreement and Sixth Amendment (Ensco)

 

 

	
 
    	
MORGAN   STANLEY SENIOR FUNDING, INC., as a Bank
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   John Kuhns
    
	
 
    	
Name:
    	
John   Kuhns
    
	
 
    	
Title:
    	
Vice   President
    

 

Signature Page to Commitment Increase Agreement and Sixth Amendment (Ensco)

 

 

	
 
    	
STANDARD   CHARTERED BANK, as a Bank
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

Signature Page to Commitment Increase Agreement and Sixth Amendment (Ensco)

 

 

	
 
    	
BANK   OF CHINA, NEW YORK BRANCH, as a Bank
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

Signature Page to Commitment Increase Agreement and Sixth Amendment (Ensco)

 

 

	
 
    	
SKANDINAVISKA ENSKILDA BANKEN AB (PUBL), as a Bank
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Elisabeth Vesseler, Per Olav Butcher-Johannessen
    
	
 
    	
Name:
    	
Elisabeth   Vesseler
    
	
 
    	
Title:
    	
Attorney-at-law
    

 

Signature Page to Commitment Increase Agreement and Sixth Amendment (Ensco)

 

 

	
 
    	
NIBC BANK N.V., as a Bank
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Aitlde Ridder
    
	
 
    	
Name:
    	
Aitlde   Ridder
    
	
 
    	
Title:
    	
Associate   Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Sven de Veij
    
	
 
    	
Name:
    	
Sven   de Veij
    
	
 
    	
Title:
    	
Managing   Director
    

 

Signature Page to Commitment Increase Agreement and Sixth Amendment (Ensco)

 

 

	
 
    	
BARCLAYS BANK PLC, as a New Bank
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Sydney G. Dennis
    
	
 
    	
Name:
    	
Sydney   G. Dennis
    
	
 
    	
Title:
    	
Director
    

 

Signature Page to Commitment Increase Agreement and Sixth Amendment (Ensco)

 

 

	
 
    	
M&T BANK, as a New Bank
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Edward Tierney
    
	
 
    	
Name:
    	
Edward   Tierney
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

Signature Page to Commitment Increase Agreement and Sixth Amendment (Ensco)

 

 

	
 
    	
BANC OF AMERICA CREDIT PRODUCTS INC., as a Bank
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

Signature Page to Commitment Increase Agreement and Sixth Amendment (Ensco)

 

 

ANNEX I-A

 

COMMITMENTS

(As of the Sixth Amendment Effective Date)

 

	
Bank
    	
 
    	
Commitment
    	
 
    	
Termination Date
    	
 
    
	
Citibank, N.A.
    	
 
    	
$
    	
191,250,000.00
    	
 
    	
September 30, 2022
    	
 
    
	
Citicorp North   America, Inc.
    	
 
    	
$
    	
43,750,000.00
    	
 
    	
September 30, 2022
    	
 
    
	
DNB Capital LLC
    	
 
    	
$
    	
241,250,000.00
    	
 
    	
September 30, 2022
    	
 
    
	
HSBC Bank USA,   N.A.
    	
 
    	
$
    	
220,000,000.00
    	
 
    	
September 30, 2022
    	
 
    
	
Deutsche Bank AG   New York Branch
    	
 
    	
$
    	
216,250,000.00
    	
 
    	
September 30, 2022
    	
 
    
	
Bank of America,   N.A.
    	
 
    	
$
    	
178,000,000.00
    	
 
    	
September 30, 2022
    	
 
    
	
BNP Paribas
    	
 
    	
$
    	
153,000,000.00
    	
 
    	
September 30, 2022
    	
 
    
	
Barclays Bank   PLC
    	
 
    	
$
    	
90,428,571.40
    	
 
    	
September 30, 2022
    	
 
    
	
Morgan Stanley   Senior Funding, Inc.
    	
 
    	
$
    	
80,750,000.00
    	
 
    	
September 30, 2022
    	
 
    
	
M&T Bank
    	
 
    	
$
    	
75,000,000.00
    	
 
    	
September 30, 2022
    	
 
    
	
Skandinaviska   Enskilda Banken AB (publ)
    	
 
    	
$
    	
50,000,000.00
    	
 
    	
September 30, 2022
    	
 
    
	
NIBC Bank N.V.
    	
 
    	
$
    	
40,000,000.00
    	
 
    	
September 30, 2022
    	
 
    
	
Bank of China,   New York Branch
    	
 
    	
$
    	
42,500,000.00
    	
 
    	
September 30, 2020
    	
 
    
	
Wells Fargo   Bank, National Association
    	
 
    	
$
    	
191,250,000.00
    	
 
    	
September 30, 2019
    	
 
    
	
Mizuho   Bank, Ltd.
    	
 
    	
$
    	
153,000,000.00
    	
 
    	
September 30, 2019
    	
 
    
	
MUFG Bank, Ltd.
    	
 
    	
$
    	
153,000,000.00
    	
 
    	
September 30, 2019
    	
 
    
	
Goldman Sachs   Bank USA
    	
 
    	
$
    	
80,750,000.00
    	
 
    	
September 30, 2019
    	
 
    
	
Standard   Chartered Bank
    	
 
    	
$
    	
72,250,000.00
    	
 
    	
September 30, 2019
    	
 
    
	
Australia and   New Zealand Banking Group Limited
    	
 
    	
$
    	
42,500,000.00
    	
 
    	
September 30, 2019
    	
 
    
	
Banc of America   Credit Products Inc.
    	
 
    	
$
    	
25,500,000.00
    	
 
    	
September 30, 2019
    	
 
    
	
Total:
    	
 
    	
$
    	
2,340,428,571.40
    	
 
    	
—
    	
 
    

 

Annex I-A to Commitment Increase Agreement and Sixth Amendment (Ensco)

 

 

ANNEX I-B

 

COMMITMENTS OF SPECIFIED INCREASING BANK

(As of the Specified Increase Effective Date)

 

	
Bank
    	
 
    	
Commitment
    	
 
    	
Termination Date
    	
 
    
	
Goldman Sachs   Bank USA
    	
 
    	
$
    	
75,000,000
    	
 
    	
September 30, 2022
    	
 
    
	
Total:
    	
 
    	
$
    	
75,000,000
    	
 
    	
—
    	
 
    

 

Annex I-B to Commitment Increase Agreement and Sixth Amendment (Ensco)

 

 

SCHEDULE II

 

CLOSING DATE RIGS

 

	
Owner
    	
 
    	
Rig Name
    
	
Ensco Global IV Ltd.
    	
 
    	
ENSCO 5004
    
	
Ensco Deepwater USA LLC
    	
 
    	
ENSCO 5006
    
	
Ensco Management Corp.
    	
 
    	
ENSCO 6002
    
	
ENSCO Global GmbH
    	
 
    	
ENSCO 8500
    
	
ENSCO Worldwide GmbH
    	
 
    	
ENSCO 8501
    
	
ENSCO Worldwide GmbH
    	
 
    	
ENSCO 8502
    
	
ENSCO Worldwide GmbH
    	
 
    	
ENSCO 8503
    
	
ENSCO Global GmbH
    	
 
    	
ENSCO 8504
    
	
ENSCO Worldwide GmbH
    	
 
    	
ENSCO 8505
    
	
ENSCO Worldwide GmbH
    	
 
    	
ENSCO 8506
    
	
Ensco Intercontinental GmbH
    	
 
    	
ENSCO DS-3
    
	
Ensco Ocean 1 Company
    	
 
    	
ENSCO DS-4
    
	
Ensco Intercontinental GmbH
    	
 
    	
ENSCO DS-5
    
	
Ensco Intercontinental GmbH
    	
 
    	
ENSCO DS-6
    
	
Pride Global II Ltd.
    	
 
    	
ENSCO DS-7
    
	
Ensco Intercontinental GmbH
    	
 
    	
ENSCO DS-8
    
	
ENSCO Global GmbH
    	
 
    	
ENSCO 72
    
	
ENSCO Global GmbH
    	
 
    	
ENSCO 71
    
	
ENSCO Offshore U.K. Limited
    	
 
    	
ENSCO 92
    
	
ENSCO Global GmbH
    	
 
    	
ENSCO 84
    
	
ENSCO Offshore International   Company
    	
 
    	
ENSCO 88
    
	
ENSCO Offshore International   Company
    	
 
    	
ENSCO 96
    
	
ENSCO Global GmbH
    	
 
    	
ENSCO 70
    
	
ENSCO Maritime Limited
    	
 
    	
ENSCO 54
    
	
ENSCO Global GmbH
    	
 
    	
ENSCO 87
    
	
ENSCO Offshore U.K. Limited
    	
 
    	
ENSCO 100
    
	
ENSCO Offshore International   Company
    	
 
    	
ENSCO 76
    
	
ENSCO Overseas Limited
    	
 
    	
ENSCO 109
    
	
P.T. ENSCO Sarida Offshore
    	
 
    	
ENSCO 67
    
	
ENSCO Global GmbH
    	
 
    	
ENSCO 68
    
	
ENSCO Global GmbH
    	
 
    	
ENSCO 75
    
	
ENSCO Overseas Limited
    	
 
    	
ENSCO 101
    
	
ENSCO Global GmbH
    	
 
    	
ENSCO 102
    
	
ENSCO Offshore International Inc.
    	
 
    	
ENSCO 104
    
	
ENSCO (Barbados) Limited.
    	
 
    	
ENSCO 105
    
	
P.T. ENSCO Sarida Offshore
    	
 
    	
ENSCO 106
    
	
ENSCO Global GmbH
    	
 
    	
ENSCO 107
    
	
ENSCO Overseas Limited
    	
 
    	
ENSCO 108
    
	
ENSCO Global GmbH
    	
 
    	
ENSCO 120
    
	
ENSCO Global GmbH
    	
 
    	
ENSCO 121
    
	
ENSCO Global GmbH
    	
 
    	
ENSCO 122
    
	
Ensco Intercontinental GmbH
    	
 
    	
ENSCO 110
    
	
Ensco Intercontinental GmbH
    	
 
    	
ENSCO 140
    
	
Ensco Intercontinental GmbH
    	
 
    	
ENSCO DS-9
    
	
Ensco Ocean 2 Company
    	
 
    	
ENSCO DS-10
    
	
Ensco Intercontinental GmbH
    	
 
    	
ENSCO 141
    

 

 

	
ENSCO Global GmbH
    	
 
    	
ENSCO 123
    
	
Alpha Achiever Company
    	
 
    	
ENSCO DS-12
    
	
Alpha Archer Company
    	
 
    	
ENSCO DS-14
    
	
Alpha Admiral Company
    	
 
    	
ENSCO DS-13
    
	
Alpha Achiever Company
    	
 
    	
ENSCO DS-11
    
	
Ensco Intercontinental GmbH
    	
 
    	
ENSCO DPS-1
    
	
Ensco Intercontinental GmbH
    	
 
    	
ENSCO MS-1
    
	
Alpha Aurora Company
    	
 
    	
ENSCO 112
    
	
Alpha Achiever Company
    	
 
    	
ENSCO 111
    
	
Alpha Mako Company
    	
 
    	
ENSCO 113
    
	
Alpha Manta Company
    	
 
    	
ENSCO 114
    
	
Alpha Orca Company
    	
 
    	
ENSCO 115
    
	
Rowan Rigs S.a.r.l.
    	
 
    	
Rowan Renaissance
    
	
Rowan Rigs S.a.r.l.
    	
 
    	
Rowan Resolute
    
	
Rowan Rigs S.a.r.l.
    	
 
    	
Rowan Reliance
    
	
Rowan Rigs S.a.r.l.
    	
 
    	
Rowan Relentless
    
	
Green Turtle Limited
    	
 
    	
Rowan Middletown
    
	
Great White Shark Limited
    	
 
    	
Charles Rowan
    
	
Great White Shark Limited
    	
 
    	
Arch Rowan
    
	
Rowan California S.A.R.L.
    	
 
    	
Rowan California
    
	
Atlantic Maritime Services LLC
    	
 
    	
Rowan Gorilla IV
    
	
Ralph Coffman Luxembourg S.a.r.l
    	
 
    	
Rowan Gorilla V
    
	
Rowan Offshore Luxembourg (Dubai   Branch)
    	
 
    	
Rowan Gorilla VI
    
	
Ralph Coffman Luxembourg S.a.r.l
    	
 
    	
Rowan Gorilla VII
    
	
Green Turtle Limited
    	
 
    	
Bob Palmer
    
	
Rowan Offshore(Gibraltar) Limited
    	
 
    	
Rowan Mississippi
    
	
Rowan Rigs S.a.r.l.
    	
 
    	
Ralph Coffman
    
	
Rowan Offshore Luxembourg (Dubai   Branch)
    	
 
    	
Joe Douglas
    
	
Rowan Drilling (Gibraltar)   Limited
    	
 
    	
Rowan EXL I
    
	
Rowan Drilling (Trinidad) Limited   (Trinidad Branch)
    	
 
    	
Rowan EXL II
    
	
Rowan Offshore Luxembourg (Dubai   Branch)
    	
 
    	
Rowan EXL III
    
	
Rowan Offshore Luxembourg (Dubai   Branch)
    	
 
    	
Rowan EXL IV
    
	
Green Turtle Limited
    	
 
    	
Bess Brants
    
	
Green Turtle Limited
    	
 
    	
Earnest Dees
    
	
Rowan N-Class (Gibraltar)   Limited
    	
 
    	
Rowan Viking
    
	
Rowan N-Class (Gibraltar)   Limited
    	
 
    	
Rowan Stavanger
    
	
Rowan Rigs S.a.r.l.
    	
 
    	
Rowan Norway
    

 

Schedule II to Commitment Increase Agreement and Sixth Amendment (Ensco)

 

 

SCHEDULE III

 

REFERENCE RIGS FOR ROWAN ADJUSTED RIGS

 

	
Rowan Rig
    	
 
    	
Ensco Reference Rig
    
	
Rowan Renaissance
    	
 
    	
DS-9 & DS -10
    
	
Rowan Resolute
    	
 
    	
DS-9 & DS -10
    
	
Rowan Reliance
    	
 
    	
DS-9 & DS -10
    
	
Rowan Relentless
    	
 
    	
DS-9 & DS -10
    
	
Ralph Coffman
    	
 
    	
Ensco 120,   121 & 122
    
	
Joe Douglas
    	
 
    	
Ensco 120,   121 & 122
    
	
Rowan Mississippi
    	
 
    	
Ensco 120,   121 & 122
    
	
Rowan EXL III
    	
 
    	
E108, 109, &   110
    
	
Rowan EXL II
    	
 
    	
E108, 109, &   110
    
	
Rowan EXL I
    	
 
    	
E108, 109, &   110
    
	
Rowan EXL IV
    	
 
    	
E108, 109, &   110
    
	
Rowan Gorilla VI
    	
 
    	
Ensco 120,   121 & 122
    
	
Rowan Gorilla VII
    	
 
    	
Ensco 120,   121 & 122
    
	
Rowan Gorilla V
    	
 
    	
Ensco 120,   121 & 122
    
	
Bob Palmer
    	
 
    	
Ensco 120,   121 & 122
    

 

Schedule III to Commitment Increase Agreement and Sixth Amendment (Ensco)

 

 

SCHEDULE 4.17

 

RIGS

 

	
Owner
    	
 
    	
Rig Name
    
	
Ensco Global IV Ltd.
    	
 
    	
ENSCO 5004
    
	
Ensco Deepwater USA LLC
    	
 
    	
ENSCO 5006
    
	
Ensco Management Corp.
    	
 
    	
ENSCO 6002
    
	
ENSCO Global GmbH
    	
 
    	
ENSCO 8500
    
	
ENSCO Worldwide GmbH
    	
 
    	
ENSCO 8501
    
	
ENSCO Worldwide GmbH
    	
 
    	
ENSCO 8502
    
	
ENSCO Worldwide GmbH
    	
 
    	
ENSCO 8503
    
	
ENSCO Global GmbH
    	
 
    	
ENSCO 8504
    
	
ENSCO Worldwide GmbH
    	
 
    	
ENSCO 8505
    
	
ENSCO Worldwide GmbH
    	
 
    	
ENSCO 8506
    
	
Ensco Intercontinental GmbH
    	
 
    	
ENSCO DS-3
    
	
Ensco Ocean 1 Company
    	
 
    	
ENSCO DS-4
    
	
Ensco Intercontinental GmbH
    	
 
    	
ENSCO DS-5
    
	
Ensco Intercontinental GmbH
    	
 
    	
ENSCO DS-6
    
	
Pride Global II Ltd.
    	
 
    	
ENSCO DS-7
    
	
Ensco Intercontinental GmbH
    	
 
    	
ENSCO DS-8
    
	
ENSCO Global GmbH
    	
 
    	
ENSCO 72
    
	
ENSCO Global GmbH
    	
 
    	
ENSCO 71
    
	
ENSCO Offshore U.K. Limited
    	
 
    	
ENSCO 92
    
	
ENSCO Global GmbH
    	
 
    	
ENSCO 84
    
	
ENSCO Offshore International   Company
    	
 
    	
ENSCO 88
    
	
ENSCO Offshore International   Company
    	
 
    	
ENSCO 96
    
	
ENSCO Global GmbH
    	
 
    	
ENSCO 70
    
	
ENSCO Maritime Limited
    	
 
    	
ENSCO 54
    
	
ENSCO Global GmbH
    	
 
    	
ENSCO 87
    
	
ENSCO Offshore U.K. Limited
    	
 
    	
ENSCO 100
    
	
ENSCO Offshore International   Company
    	
 
    	
ENSCO 76
    
	
ENSCO Overseas Limited
    	
 
    	
ENSCO 109
    
	
P.T. ENSCO Sarida Offshore
    	
 
    	
ENSCO 67
    
	
ENSCO Global GmbH
    	
 
    	
ENSCO 68
    
	
ENSCO Global GmbH
    	
 
    	
ENSCO 75
    
	
ENSCO Overseas Limited
    	
 
    	
ENSCO 101
    
	
ENSCO Global GmbH
    	
 
    	
ENSCO 102
    
	
ENSCO Offshore International Inc.
    	
 
    	
ENSCO 104
    
	
ENSCO (Barbados) Limited.
    	
 
    	
ENSCO 105
    
	
P.T. ENSCO Sarida Offshore
    	
 
    	
ENSCO 106
    
	
ENSCO Global GmbH
    	
 
    	
ENSCO 107
    
	
ENSCO Overseas Limited
    	
 
    	
ENSCO 108
    
	
ENSCO Global GmbH
    	
 
    	
ENSCO 120
    
	
ENSCO Global GmbH
    	
 
    	
ENSCO 121
    
	
ENSCO Global GmbH
    	
 
    	
ENSCO 122
    
	
Ensco Intercontinental GmbH
    	
 
    	
ENSCO 110
    
	
Ensco Intercontinental GmbH
    	
 
    	
ENSCO 140
    
	
Ensco Intercontinental GmbH
    	
 
    	
ENSCO DS-9
    
	
Ensco Ocean 2 Company
    	
 
    	
ENSCO DS-10
    
	
Ensco Intercontinental GmbH
    	
 
    	
ENSCO 141
    

 

 

	
ENSCO Global GmbH
    	
 
    	
ENSCO 123
    
	
Alpha Achiever Company
    	
 
    	
ENSCO DS-12
    
	
Alpha Archer Company
    	
 
    	
ENSCO DS-14
    
	
Alpha Admiral Company
    	
 
    	
ENSCO DS-13
    
	
Alpha Achiever Company
    	
 
    	
ENSCO DS-11
    
	
Ensco Intercontinental GmbH
    	
 
    	
ENSCO DPS-1
    
	
Ensco Intercontinental GmbH
    	
 
    	
ENSCO MS-1
    
	
Alpha Aurora Company
    	
 
    	
ENSCO 112
    
	
Alpha Achiever Company
    	
 
    	
ENSCO 111
    
	
Alpha Mako Company
    	
 
    	
ENSCO 113
    
	
Alpha Manta Company
    	
 
    	
ENSCO 114
    
	
Alpha Orca Company
    	
 
    	
ENSCO 115
    
	
Rowan Rigs S.a.r.l.
    	
 
    	
Rowan Renaissance
    
	
Rowan Rigs S.a.r.l.
    	
 
    	
Rowan Resolute
    
	
Rowan Rigs S.a.r.l.
    	
 
    	
Rowan Reliance
    
	
Rowan Rigs S.a.r.l.
    	
 
    	
Rowan Relentless
    
	
Green Turtle Limited
    	
 
    	
Rowan Middletown
    
	
Great White Shark Limited
    	
 
    	
Charles Rowan
    
	
Great White Shark Limited
    	
 
    	
Arch Rowan
    
	
Rowan California S.A.R.L.
    	
 
    	
Rowan California
    
	
Atlantic Maritime Services LLC
    	
 
    	
Rowan Gorilla IV
    
	
Ralph Coffman Luxembourg S.a.r.l
    	
 
    	
Rowan Gorilla V
    
	
Rowan Offshore Luxembourg (Dubai   Branch)
    	
 
    	
Rowan Gorilla VI
    
	
Ralph Coffman Luxembourg S.a.r.l
    	
 
    	
Rowan Gorilla VII
    
	
Green Turtle Limited
    	
 
    	
Bob Palmer
    
	
Rowan Offshore(Gibraltar) Limited
    	
 
    	
Rowan Mississippi
    
	
Rowan Rigs S.a.r.l.
    	
 
    	
Ralph Coffman
    
	
Rowan Offshore Luxembourg (Dubai   Branch)
    	
 
    	
Joe Douglas
    
	
Rowan Drilling (Gibraltar)   Limited
    	
 
    	
Rowan EXL I
    
	
Rowan Drilling (Trinidad) Limited   (Trinidad Branch)
    	
 
    	
Rowan EXL II
    
	
Rowan Offshore Luxembourg (Dubai   Branch)
    	
 
    	
Rowan EXL III
    
	
Rowan Offshore Luxembourg (Dubai   Branch)
    	
 
    	
Rowan EXL IV
    
	
Green Turtle Limited
    	
 
    	
Bess Brants
    
	
Green Turtle Limited
    	
 
    	
Earnest Dees
    
	
Rowan N-Class (Gibraltar)   Limited
    	
 
    	
Rowan Viking
    
	
Rowan N-Class (Gibraltar)   Limited
    	
 
    	
Rowan Stavanger
    
	
Rowan Rigs S.a.r.l.
    	
 
    	
Rowan Norway
    

 

Schedule 4.17 to Commitment Increase Agreement and Sixth Amendment (Ensco)

 

 

EXHIBIT A

 

NOTICE OF BORROWING

 

[See attached.]

 

Exhibit A to Commitment Increase Agreement and Sixth Amendment (Ensco)

 

 

EXHIBIT D

 

COMPLIANCE CERTIFICATE

 

[See attached.]

 

Exhibit D to Commitment Increase Agreement and Sixth Amendment (Ensco)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00294-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00294-of-00352.parquet"}]]