Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

Dated    18 August 2020 
  

	 	(1)	 BRISTOW HOLDINGS U.S. INC. (f/k/a BRISTOW GROUP INC.) as Resigning Parent 

 

	 	(2)	 THE ENTITIES LISTED IN SCHEDULE 1 PART 1 as Borrowers 

 

	 	(3)	 THE ENTITIES LISTED IN SCHEDULE 1, PART 2 as Guarantors 

 

	 	(4)	 THE ENTITIES LISTED IN SCHEDULE 1, PART 3 as Security Obligors 

 

	 	(5)	 BRISTOW GROUP INC. (f/k/a/ ERA GROUP INC.). as Acceding Party 

 

	 	(6)	 BARCLAYS BANK PLC as Agent 

 

	 	(7)	 BARCLAYS BANK PLC as Security Agent 

 
  

DEED OF AMENDMENT AND RESTATEMENT, 

ACCESSION, TRANSFER, RESIGNATION AND 

CONFIRMATION 
 relating to 

an ABL facilities agreement originally dated 17 April 

2018 
  

 
  

 
 LONDON 

 CONTENTS 
  

							
	Clause	 	 	  	Page	 
	 1.
	 	 Definitions and interpretation
	  	 	2	 
	 2.
	 	 Effective Date
	  	 	3	 
	 3.
	 	 Amendment and restatement
	  	 	3	 
	 4.
	 	 Accession by the Acceding Party
	  	 	3	 
	 5.
	 	 Transfer of Role of Parent
	  	 	4	 
	 6.
	 	 Resignation of Resigning Parent
	  	 	5	 
	 7.
	 	 Confirmations
	  	 	6	 
	 8.
	 	 Further assurance
	  	 	7	 
	 9.
	 	 Representations
	  	 	7	 
	 10.
	 	 Relationship with other Finance Documents
	  	 	7	 
	 11.
	 	 Miscellaneous
	  	 	8	 
	 12.
	 	 Law and jurisdiction
	  	 	8	 

 Schedules 
  

							
	 1.      
	 	 Borrowers, Guarantors and Security Obligors
	  	 	9	 
		 	 Part 1 Guarantors
	  	 	9	 
		 	 Part 2 Security Obligors
	  	 	9	 
	 2.
	 	 Conditions Precedent
	  	 	10	 
	 3.
	 	 The Amended Agreement
	  	 	12	 

  
 i 

 THIS DEED OF AMENDMENT AND RESTATEMENT, ACCESSION, TRANSFER, RESIGNATION AND CONFIRMATION is dated
18 August 2020 and made between: 
  

	(1)	 BRISTOW HOLDINGS U.S. INC. (f/k/a BRISTOW GROUP INC.) (the “Resigning Parent”);

  

	(2)	 THE PERSONS LISTED IN SCHEDULE 1, PART 1 (The Borrowers) (the “Borrowers”);

  

	(3)	 THE PERSONS LISTED IN SCHEDULE 1, PART 2 (The Guarantors) (the “Guarantors”);

  

	(4)	 THE PERSONS LISTED IN SCHEDULE 1, PART 3 (The Security Obligors) (the “Security
Obligors”); 

  

	(5)	 BRISTOW GROUP INC. (f/k/a ERA GROUP INC.) a company incorporated in Delaware (the
“Acceding Party”); 

  

	(6)	 BARCLAYS BANK PLC as agent of the other Finance Parties (the “Agent”); and

  

	(7)	 BARCLAYS BANK PLC as security trustee for the Secured Parties (the “Security Agent”).

 BACKGROUND: 
  

	(A)	 The Resigning Parent and the Agent, amongst others, entered into a facilities agreement dated 17 April
2018 (as amended from time to time up to the date of this Deed, the “Agreement”). 

  

	(B)	 The Resigning Parent and the Acceding Party have consummated a merger pursuant to The Agreement and Plan of
Merger, dated as of January 23, 2020, by and among the Acceding Party, Ruby Redux Merger Sub, Inc. and the Resigning Parent which has resulted in the Resigning Parent becoming a wholly owned Subsidiary of the Acceding Party (the
“Merger”). 

  

	(C)	 This Deed: 

  

	 	(a)	 puts into effect, by way of amendment and restatement, certain amendments to the Agreement, which have been
agreed between the Resigning Parent, the Borrowers, the Guarantors and the Agent; 

  

	 	(b)	 contains confirmations in relation to guarantees given by the Guarantors; 

 

	 	(c)	 contains confirmations in relation to security interests granted by the Security Obligors;

  

	 	(d)	 provides for the accession of the Acceding Party as a party to the Agreement as a Guarantor;

  

	 	(e)	 provides for the transfer of the rights and obligations of the Resigning Parent in its role as Parent and
Obligors’ Agent under the Finance Documents to the Acceding Party; 

  
 1 

	 	(f)	 provides for the resignation of the Resigning Parent from its role as a Guarantor under the Agreement; and

  

	 	(g)	 deals with related matters. 

THIS DEED WITNESSES that: 
  

	1.	 DEFINITIONS AND INTERPRETATION 

 

	1.1	 Definitions 

In this Deed: 

“Agreement” has the meaning given to it in Recital (A). 

“Effective Date” has the meaning given to it in Clause 2 (Effective Date). 

“Amended Agreement” means the Agreement in the form attached as Schedule 3 (The Amended Agreement),
reflecting the amendment and restatement of the Agreement effected or proposed to be effected pursuant to this Deed. 

“Long-stop Date” means 31 August 2020 or such later date as the Agent and the Resigning Parent may agree in
writing from time to time. 
 “Merger” has the meaning given to it in Recital (B). 

“New Finance Documents” means this Deed and any other Finance Document entered into, or to be entered into, on or about
the date of this Deed or otherwise in connection with the transactions contemplated by this Deed (including the amendment and restatement of the Agreement) and “New Finance Document” means any of them. 

“Obligor Party” means each Party which is an Obligor. 

“Parties” means the parties to this Deed. 

“Security Documents” means: 
  

	 	(a)	 the English law security agreement dated 17 April 2018 made between (1) Bristow Helicopters Limited
as the chargor and (2) the Security Agent; 

  

	 	(b)	 the English law charge over bank accounts dated 17 April 2018 made between (1) Bristow Norway AS as the
chargor and (2) the Security Agent; 

  

	 	(c)	 the Norwegian law security agreement dated 17 April 2018 made between (1) Bristow Norway AS as the
chargor and (2) the Security Agent; 

  

	 	(d)	 the New York law security agreement dated 26 June 2020 made between (1) Bristow U.S. LLC as the
grantor and (2) the Security Agent as the collateral agent; and 

  

	 	(e)	 the English law charge over receivables dated 26 June 2020 made between (1) Bristow U.S. LLC as the
chargor and (2) the Security Agent. 

  
 2 

	1.2	 Terms defined in the Amended Agreement 

Terms defined in the Amended Agreement but not in this Deed shall have the same meaning in this Deed as in the Amended Agreement. 

 

	1.3	 Construction 

Clause 1.2 (Construction) of the Amended Agreement (other than paragraph (n) thereof) shall apply as if set out in full again here,
with such changes as are appropriate to fit this context. 
  

	2.	 EFFECTIVE DATE 

 

	2.1	 Conditions precedent 

The provisions of this Deed expressed to take effect from the Effective Date shall not come into effect until the date (the “Effective
Date”) on which the Agent confirms that it has received all of the documents and other items listed in Schedule 2 (Conditions precedent) in form and substance satisfactory to it (other than any which it has waived). The
Agent shall notify the other Parties promptly upon being so satisfied. 
  

	2.2	 Long-stop Date 

This Deed shall lapse and cease to have force and effect if, after the Long-stop Date but before the Effective Date has occurred, either the
Agent or the Resigning Parent notifies the other in writing to that effect. 
  

	3.	 AMENDMENT AND RESTATEMENT 

 

	3.1	 Amendment and restatement 

The Resigning Parent, the Acceding Party, the Borrowers, the Guarantors and the Agent agree that with effect from the Effective Date, the
Agreement shall be amended and restated to read as set out in Schedule 3 (The Amended Agreement). 
  

	3.2	 Consents 

The Agent confirms that the consent of all Lenders has been obtained for the amendment and restatement of the Agreement effected by Clause 3.1,
as required by Clause 42 (Amendments and waivers) of the Agreement. 
  

	4.	 ACCESSION BY THE ACCEDING PARTY 

 

	 	(a)	 With effect from the Effective Date, the Acceding Party shall automatically accede and become party to the
Agreement as the Parent, a Guarantor and the Obligors’ Agent. 

  

	 	(b)	 The Acceding Party acknowledges and confirms that: 

 

	 	(i)	 by its accession it becomes a Guarantor for the purposes of clause 23 (Guarantee and indemnity) of the
Amended Agreement; and 

  
 3 

	 	(ii)	 by entering into this Deed it irrevocably appoints Bristow Helicopters Limited as its agent for service of
process pursuant to clause 50.2 (Service of process) of the Amended Agreement. 

  

	 	(c)	 The Acceding Party is a corporation incorporated in the state of Delaware. 

 

	 	(d)	 The Acceding Party confirms that it has received a true and up-to-date copy of each of the Finance Documents. 

  

	 	(e)	 The Acceding Party confirms that no Default is continuing or would occur as a result of it becoming the Parent.

  

	 	(f)	 The address and fax number of the Acceding Party for the purpose of clause 38.3 (Addresses) of the
Amended Agreement are as follows: 

 Address: Bristow Group Inc. 

3151 Briarpark Drive, Suite 700 

7th Floor 
 Houston, Texas 77042

 Attn: General Counsel 
 Fax
number: +1 (713) 267-7670 
  

	5.	 TRANSFER OF ROLES 

 

	5.1	 Transfer 

  

	 	(a)	 On the Effective Date the Resigning Parent, in its capacity as Parent and the Obligors’ Agent under the
Agreement, irrevocably transfers by way of novation its rights and obligations under the Agreement and the other Finance Documents to the Acceding Party and the Acceding Party irrevocably assumes such rights and obligations. 

 

	 	(b)	 The Acceding Party undertakes, from the Effective Date, to perform all obligations expressed to be undertaken
in the Finance Documents by the Parent, a Guarantor and the Obligors’ Agent and agrees that it shall be bound by the terms of the Agreement, the Amended Agreement and the other Finance Documents as the Parent, a Guarantor and the Obligors’
Agent in all respects as if it had been an original party to the Agreement as the Parent, a Guarantor and the Obligors’ Agent. For the avoidance of doubt the Acceding Party agrees to bear any liabilities (whether actual or contingent) of the
Resigning Parent, in its capacity as the Parent, a Guarantor and the Obligors’ Agent arising or relating to the period prior to the Effective Date. 

  

	 	(c)	 With effect from the Effective Date, each of the Agent (on behalf of the Finance Parties), the Borrowers and
the Guarantors irrevocably releases, waives and discharges the Resigning Parent from all obligations liabilities, claims, warranties and demands of any kind (whether actual or contingent) which may be owing to the Finance Parties, the Borrowers or
the Guarantors by the Resigning Parent in its capacity as the Parent, a Guarantor and the Obligors’ Agent under or in connection with the Finance Documents. From the Effective Date each of the Agent (acting upon the instructions of all the
Lenders and on behalf of the Finance Parties), the Borrowers and the Guarantors accepts, in place of those obligations, liabilities, claims, warranties and demands, the undertaking of the Acceding Party set out in Clause 5.1(b) above.

  
 4 

	 	(d)	 Each of the Agent (on behalf of the Finance Parties), the Borrowers and the Guarantors agrees that, with effect
from the Effective Date, the Acceding Party will be entitled to all its rights, powers, interests and benefits of the Parent, a Guarantor and the Obligors’ Agent under the Finance Documents as if it had been the Parent, a Guarantor and the
Obligors’ Agent under the Agreement in lieu of the Resigning Parent on the date on which it was made. 

  

	 	(e)	 Each Borrower and Guarantor acknowledges that, from the Effective Date, the Acceding Party will be entitled to
act on its behalf as its agent in relation to the Finance Documents in accordance with clause 2.4(a) (Obligors’ Agent) of the Amended Agreement. 

  

	5.2	 Consent 

The Agent confirms that all Lenders have consented to the transfer referred to in Clause 4.1 (Transfer) above. 

 

	6.	 RESIGNATION OF RESIGNING PARENT 

 

	6.1	 Resignation 

  

	 	(a)	 With effect from the Effective Date: 

 

	 	(i)	 the Resigning Parent resigns from its capacity as a Guarantor under the Agreement; 

 

	 	(ii)	 the Agent (on behalf of the Finance Parties) releases, waives and discharges the Resigning Parent from all
obligations, liabilities, claims, warranties and demands of any kind (whether actual or contingent) which may be owing to the Finance Parties by the Resigning Parent in its capacity as a Guarantor, under or in connection with clause 23 (Guarantee
and indemnity) for the Agreement and all and any liability in respect of any breach or non-performance of such obligations; and 

 

	 	(iii)	 the Resigning Parent shall cease to be party to the Agreement. 

 

	 	(b)	 The Resigning Parent confirms that: 

 

	 	(i)	 no Default is continuing or would occur as a result of it resigning as a Guarantor under the Agreement; and

  

	 	(ii)	 no payment is due from it under clause 23.1 (Guarantee and indemnity) of the Agreement.

  
 5 

	6.2	 Consent 

The Agent confirms that all Lenders have consented to the resignation of the Resigning Parent in its capacity as a Guarantor under the
Agreement as required by clause 42 (Amendments and waivers) of the Agreement. 
  

	7.	 CONFIRMATIONS 

 

	7.1	 Guarantee confirmations 

Each of the Guarantors: 
  

	 	(a)	 consents to the amendment and restatement of the Agreement effected by Clause 3 (Amendment and
restatement); 

  

	 	(b)	 confirms for the benefit of the Finance Parties that: 

 

	 	(i)	 its obligations as a Guarantor under Clause 23 (Guarantee and indemnity) of the Agreement (the
“Guaranteed Obligations”) are not discharged or (except as set out in Clause 7.1(b)(ii)) otherwise affected by those amendments or the other provisions of this Deed and shall accordingly continue in full force and effect;
and 

  

	 	(ii)	 the Guaranteed Obligations shall after the Effective Date extend to the obligations of each Obligor under the
Amended Agreement and under any other Finance Documents, including the New Finance Documents. 

  

	 	(c)	 as an independent obligation, with effect from the Effective Date undertakes to each Finance Party to be bound
by Clause 23 (Guarantee and indemnity) of the Amended Agreement as if it had been set out in full again here with such changes as are appropriate to fit this context, for the avoidance of doubt with references to the Finance Documents
including the Amended Agreement and any New Finance Documents and references to the Obligors including the Acceding Guarantor; provided that a Guarantor shall automatically cease to be bound by this clause when it ceases to be an Obligor under the
Amended Agreement, any demands or payments under this guarantee and indemnity shall be made in accordance with the terms of the Amended Agreement and no Obligor shall be required to make a payment in respect of the same liability under both this
clause and the Amended Agreement. 

  

	7.2	 Security Interest confirmations 

Each of the Security Obligors: 
  

	 	(a)	 consents to the amendment and restatement of the Agreement effected by Clause 3 (Amendment and
restatement); and 

  

	 	(b)	 confirms to the Security Agent for the benefit of the Secured Parties that: 

  
 6 

	 	(i)	 its obligations under, and the Security Interests granted by it in and pursuant to, the Security Document(s) to
which it is a party are not discharged or (except as set out in Clause 7.2(b)(ii)) otherwise affected by those amendments or the other provisions of this Deed and shall accordingly remain in full force and effect; and 

 

	 	(ii)	 the Secured Obligations, including for the purposes of the Security Documents, shall after the Effective Date
extend to the obligations of each Obligor under the Amended Agreement and under any other Finance Documents, including the New Finance Documents. 

  

	8.	 FURTHER ASSURANCE 

Each Guarantor and Security Obligor shall at the request of the Agent or the Security Agent and at its own expense promptly execute (in such
form as the Agent or Security Agent may reasonably require) and do any document, act or thing which the Agent or Security Agent, acting reasonably, considers necessary or appropriate to preserve, perfect, protect or give effect to the consents,
confirmations and undertakings provided for in this Deed. 
  

	9.	 REPRESENTATIONS 

 

	 	(a)	 Each Obligor Party (excluding the Acceding Party and on the Effective Date excluding the Resigning Party) makes
the Repeating Representations: 

  

	 	(i)	 on the date of this Deed; and 

 

	 	(ii)	 on the Effective Date, immediately after the amendment and restatement of the Agreement pursuant to Clause 3
(Amendment and restatement) has taken effect. 

  

	 	(b)	 The Acceding Party (by reference to the facts and circumstances then existing and in relation to itself and its
Subsidiaries) makes each of the Repeating Representations and the representations in clauses 24.9 (Solvency), 24.11 (Deduction of Tax), paragraphs (a) and (d) of Clause 24.14 (Financial Statements), 24.15 (No
proceedings), 24.16 (No breach of laws) and 24.18 (Taxation) of the Amended Agreement on the Effective Date , immediately after the amendment and restatement of the Agreement pursuant to Clause 3 (Amendment and
restatement) has taken effect. 

  

	10.	 RELATIONSHIP WITH OTHER FINANCE DOCUMENTS 

 

	10.1	 Status 

This Deed is designated by the Agent and the Resigning Parent (in its capacity as the Obligors’ Agent) as a Finance Document. 

 

	10.2	 Continuing effect 

Except to the extent of the amendments effected by Clause 3 (Amendment and restatement) the Agreement shall continue in full
force and effect. 

  
 7 

	10.3	 No waiver 

Except as expressly set forth in Clauses 5.1(c) (Transfer) and 6.1(a)(ii) (Resignation), this Deed is not to be construed as
waiving any right or remedy of any Finance Party. The Agent, on behalf of each Finance Party, reserves any other rights and remedies which any Finance Party may have from time to time under any Finance Document. 

 

	11.	 MISCELLANEOUS 

The provisions of Clauses 1.4 (Third Party Rights), 38 (Notices), 40 (Partial invalidity), 41 (Remedies and
waivers) and 48 (Counterparts) of the Amended Agreement shall apply to this Deed as if set out in full again here, with such changes as are appropriate to fit this context. 

 

	12.	 LAW AND JURISDICTION 

 

	12.1	 Governing law 

This Deed and any non-contractual obligations arising out of or in connection with it are governed by,
and shall be construed in accordance with, English law. 
  

	12.2	 Jurisdiction 

  

	 	(a)	 The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with
this Deed (including a dispute relating to the existence, validity or termination of this Deed or any non-contractual obligation arising out of or in connection with this Deed) (a “Dispute”).

  

	 	(b)	 The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes
and accordingly no Party will argue to the contrary. 

  

	 	(c)	 This Clause 12.2 is for the benefit of the Finance Parties and Secured Parties only. As a result, no Finance
Party or Secured Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Finance Parties and Secured Parties may take concurrent proceedings in any number of
jurisdictions. 

 EXECUTION: 
 The
parties have shown their acceptance of the terms of this Deed by executing it at the end of the Schedules. 

  
 8 

 SCHEDULE 1 

BORROWERS, GUARANTORS AND SECURITY OBLIGORS 

[Omitted] 

  
 9 

 SCHEDULE 2 

CONDITIONS PRECEDENT 
 Authorisations
and legal opinions 
  

	1.	 A copy of the constitutional documents of Bristow Norway AS (No: vedtekter, firmaattest) and a
copy of the constitutional documents of each of the other Borrowers and Guarantors or confirmation that there have been no changes to its constitutional documents from those last delivered by it to the Agent. 

 

	2.	 A copy of the constitutional documents (the certificate of incorporation and the bylaws) of the Acceding Party
as in effect on the date of this Deed, certified as of a date reasonably near to the Effective Date as being a true and complete copy thereof by the Secretary of State of the State of Delaware. 

 

	3.	 A copy of a certificate of good standing of the Acceding Party, dated on or around the Effective Date from the
Secretary of State of the State of Delaware. 

  

	4.	 A copy of a resolution of the board of directors of each of the Borrowers, the Guarantors (other than the
Resigning Parent) and the Acceding Party: 

  

	 	(a)	 approving the terms of, and the transactions contemplated by, the New Finance Documents to which it is a party
and resolving that it execute, deliver and perform those documents to which it is a party; 

  

	 	(b)	 authorising a specified person or persons to execute those documents on its behalf; and 

 

	 	(c)	 authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices
(including, in relation to the Acceding Party, any Utilisation Request) to be signed and/or despatched by it under or in connection with the New Finance Documents. 

 

	5.	 A copy of a resolution signed by all the holders of the issued shares in Bristow Helicopter Limited, approving
the terms of, and the transactions contemplated by the New Finance Documents to which Bristow Helicopters Limited is a party. 

  

	6.	 A specimen of the signature of each person authorised by the resolution referred to in Paragraph 4 which has
signed a New Finance Document or a certificate referred to in paragraph 7 below. 

  

	7.	 A certificate of a director or authorised signatory of each of the Borrowers, the Resigning Parent and the
Acceding Party that each copy document relating to it specified in this Schedule 2 is correct, complete and in full force and effect as at a date no earlier than the date of this Deed. 

 

	8.	 A certificate of the Acceding Party (signed by a director or equivalent officer or an authorised signatory)
confirming that, subject to applicable local law qualifications, guaranteeing the Total Commitments would not cause any guarantee or similar limit binding on the Acceding Party to be exceeded. 

  
 10 

 Finance Document 
  

	9.	 A copy of this Deed executed by each Obligor Party. 

Legal Opinions 
  

	10.	 The following legal opinions, each addressed to the Agent, the Security Agent, the Arrangers, the Bookrunners,
the Issuing Banks, the Swingline Lender and the Lenders and in the form provided prior to the date of this Agreement: 

  

	 	(a)	 a legal opinion of Mayer Brown International LLP, legal advisors to the Agent as to matters of English law;

  

	 	(b)	 a legal opinion of Advokatfirmaet BAHR AS, legal advisors to the Agent, as to matters of Norwegian law;

  

	 	(c)	 a legal opinion of Phelps Dunbar, L.L.P, as legal advisors to the Obligor Parties, as to matters of the law of
the State of Louisiana; and 

  

	 	(d)	 a legal opinion of Baker Botts L.L.P., legal advisors to the Obligor Parties, as to matters of Delaware general
corporate law. 

 Other documents and evidence 
  

	11.	 If available, the latest audited financial statements of the Acceding Party. 

 

	12.	 A Certificate of Merger confirming the Merger has been completed. 

 

	13.	 In respect of the Acceding Party, the Agent and the Lenders shall have received all documentation and other
information required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations including the US PATRIOT Act. 

 

	14.	 To the extent the Acceding Party qualifies as a “legal entity customer” under the Beneficial
Ownership Regulation, a Beneficial Ownership Certification in relation to the Acceding Party. 

  
 11 

 SCHEDULE 3 

THE AMENDED AGREEMENT 

  
 12 

 Dated 17 April 2018 

(as amended and restated by an amendment and restatement, confirmation and waiver 

agreement dated 31 October 2019 and a deed amendment and restatement, accession, transfer 

and confirmation dated 18 August 2020) 

ABL FACILITIES AGREEMENT 
 in
respect of 
 USD 75,000,000 

for 
 BRISTOW NORWAY AS and
BRISTOW HELICOPTERS LIMITED 
 as Original Borrowers 

arranged by 
 BARCLAYS BANK PLC
and CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH 
 as Arrangers and Bookrunners 

with 
 BARCLAYS BANK PLC 

acting as Agent 
 BARCLAYS BANK PLC

 acting as Issuing Bank 

BARCLAYS BANK PLC 
 acting as
Security Agent 
 and 
 BARCLAYS
BANK PLC 
 acting as Swingline Lender 
  

 
  

 CONTENTS 
  

							
	Clause	 	 	  	Page	 
	 1.
	 	 Definitions and interpretation
	  	 	1	 
	 2.
	 	 The Facilities
	  	 	70	 
	 3.
	 	 Purpose
	  	 	76	 
	 4.
	 	 Conditions of Utilisation
	  	 	76	 
	 5.
	 	 Utilisation - Loans
	  	 	79	 
	 6.
	 	 Utilisation – Letters of Credit
	  	 	84	 
	 7.
	 	 Letters of Credit
	  	 	89	 
	 8.
	 	 Swingline Loans
	  	 	94	 
	 9.
	 	 Agreed Currencies
	  	 	95	 
	 10.
	 	 Repayment
	  	 	97	 
	 11.
	 	 Illegality, voluntary prepayment and cancellation
	  	 	105	 
	 12.
	 	 Mandatory prepayment and cancellation
	  	 	107	 
	 13.
	 	 Restrictions
	  	 	108	 
	 14.
	 	 Interest
	  	 	110	 
	 15.
	 	 Interest Periods
	  	 	112	 
	 16.
	 	 Changes to the calculation of interest
	  	 	112	 
	 17.
	 	 Fees
	  	 	115	 
	 18.
	 	 Tax gross up and indemnities
	  	 	117	 
	 19.
	 	 Increased costs
	  	 	128	 
	 20.
	 	 Other indemnities
	  	 	130	 
	 21.
	 	 Mitigation by the Lenders
	  	 	133	 
	 22.
	 	 Costs and expenses
	  	 	133	 
	 23.
	 	 Guarantee and indemnity
	  	 	135	 
	 24.
	 	 Representations
	  	 	143	 
	 25.
	 	 Information undertakings
	  	 	153	 
	 26.
	 	 Financial Covenants
	  	 	158	 
	 27.
	 	 General undertakings
	  	 	169	 
	 28.
	 	 Events of Default
	  	 	181	 
	 29.
	 	 Changes to the Lenders
	  	 	189	 
	 30.
	 	 Restriction on Debt Purchase Transactions
	  	 	195	 
	 31.
	 	 Changes to the Obligors
	  	 	197	 
	 32.
	 	 Role of the Agent, the Arrangers, the Issuing Bank and others
	  	 	201	 
	 33.
	 	 The Security Agent
	  	 	212	 
	 34.
	 	 Conduct of business by the Finance Parties
	  	 	223	 
	 35.
	 	 Sharing among the Finance Parties
	  	 	224	 
	 36.
	 	 Payment mechanics
	  	 	226	 
	 37.
	 	 Set-off
	  	 	231	 
	 38.
	 	 Notices
	  	 	231	 

 CONTENTS 
  

							
	Clause	 	 	  	Page	 
	 39.
	 	 Calculations and certificates
	  	 	236	 
	 40.
	 	 Partial invalidity
	  	 	236	 
	 41.
	 	 Remedies and waivers
	  	 	236	 
	 42.
	 	 Amendments and waivers
	  	 	237	 
	 43.
	 	 Confidential Information
	  	 	244	 
	 44.
	 	 Confidentiality of Funding Rates
	  	 	248	 
	 45.
	 	 Disclosure of Lender details by Agent
	  	 	250	 
	 46.
	 	 USA Patriot Act
	  	 	250	 
	 47.
	 	 Contractual recognition of bail-in
	  	 	250	 
	 48.
	 	 Acknowledgement regarding any supported QFCs
	  	 	251	 
	 49.
	 	 Counterparts
	  	 	252	 
	 50.
	 	 Governing law
	  	 	253	 
	 51.
	 	 Enforcement
	  	 	253	 

 Schedules 
  

					
	 1.
	 	 The Original Parties
	  	      
	 2.
	 	 Conditions precedent
	  	
	 3.
	 	 Requests and notices
	  	
	 4.
	 	 Form of Transfer Certificate
	  	
	 5.
	 	 Form of Assignment Agreement
	  	
	 6.
	 	 Form of Accession Deed
	  	
	 7.
	 	 Form of Resignation Letter
	  	
	 8.
	 	 Form of Substitute Affiliate Lender Designation Notice
	  	
	 9.
	 	 Form of Compliance Certificate
	  	
	 10.
	 	 LMA Form of Confidentiality Undertaking
	  	
	 11.
	 	 Timetables
	  	
	 12.
	 	 Form of Increase Confirmation
	  	
	 13.
	 	 Forms of Notifiable Debt Purchase Transaction Notice
	  	
	 14.
	 	 Form of Aggregate Borrowing Base Certificate
	  	
	 15.
	 	 Existing Financial Indebtedness
	  	
	 16.
	 	 Initial Collection Accounts
	  	
	 17.
	 	 Eligible Account Debtors
	  	

 THIS AGREEMENT (the “Agreement”) is dated 17 April 2018 (as amended and
restated by an amendment and restatement, confirmation and waiver agreement dated 31 October 2019 and a deed of amendment and restatement, accession, transfer, resignation and confirmation dated 18 August 2020 (the “Second
Amendment Agreement Date”) and made between: 
  

	(1)	 BRISTOW GROUP INC. (FORMERLY KNOWN AS ERA GROUP INC.) (the “New Parent”);

  

	(2)	 THE COMPANIES listed in Schedule 1, Part 1 (The Original Parties) as original borrowers
(the “Original Borrowers”); 

  

	(3)	 THE COMPANIES listed in Schedule 1, Part 1 (The Original Parties) as original guarantors
(together with the Parent, the “Original Guarantors”); 

  

	(4)	 BARCLAYS BANK PLC and CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH (the “Arrangers”
and “Bookrunners”); 

  

	(5)	 THE FINANCIAL INSTITUTIONS listed in Schedule 1, Part 2 (The Original Lenders) as
lenders (the “Original Lenders”); 

  

	(6)	 BARCLAYS BANK PLC as agent of the other Finance Parties (the “Agent”);

  

	(7)	 BARCLAYS BANK PLC as security trustee for the Secured Parties (the “Security Agent”);

  

	(8)	 BARCLAYS BANK PLC (the “Original Issuing Bank”); and 

 

	(9)	 BARCLAYS BANK PLC as swingline lender (the “Swingline Lender”). 

IT IS AGREED as follows: 
 SECTION 1

 INTERPRETATION 
  

	1.	 DEFINITIONS AND INTERPRETATION 

 

	1.1	 Definitions 

In this Agreement: 

“ABR” means, in relation to any Loan denominated in US dollars, the higher of: 

 

	 	(a)	 the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the US;

  

	 	(b)	 US federal funds effective rate from time to time plus 0.50 percent; and 

 

	 	(c)	 LIBOR for a one month interest period (to be initially determined two Business Days prior to the requested
Utilisation) plus 1.00 percent, 

 in each case changing as and when the applicable rate changes; 

  
 1 

 “ABR Rate Loan” means a Loan, requested to be made as an ABR Rate Loan in
the relevant Utilisation Request; 
 “Acceptable Bank” means the Original Lenders and each of their Affiliates and:

  

	 	(a)	 a bank or financial institution which has a rating for its long-term unsecured and non credit-enhanced debt
obligations of BBB or higher by Standard & Poor’s Rating Services or Fitch Ratings Ltd or Baa2 or higher by Moody’s Investors Service Limited or a comparable rating from an internationally recognised credit rating agency or an
Affiliate of such a bank or financial institution; or 

  

	 	(b)	 any other bank or financial institution approved by the Agent; 

“Accession Deed” means a document substantially in the form set out in Schedule 6 (Form of Accession Deed); 

“Account Debtor” means any person (other than a member of the Group) who is obliged to discharge a payment obligation
to a Borrower arising under a Contract of Services in relation to a Receivable; 
 “Accounting Principles” means generally
accepted accounting principles in the United States of America; 
 “Accounting Reference Date” means the last day of
the Parent’s Financial Year, being as of the Second Amendment Date, 31 March; 
 “Additional Borrower” means a
company which becomes an Additional Borrower in accordance with Clause 31 (Changes to the Obligors); 
 “Additional
Guarantor” means a company which becomes an Additional Guarantor in accordance with Clause 31 (Changes to the Obligors) or pursuant to the Second Amendment and Restatement Agreement; 

“Additional Obligor” means an Additional Borrower or an Additional Guarantor; 

“Affiliate” means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any
other Subsidiary of that Holding Company; 
 “Agent Spot Rate of Exchange” means: 

 

	 	(a)	 the Agent’s spot rate of exchange; or 

 

	 	(b)	 (if the Agent does not have an available spot rate of exchange) any other publicly available spot rate of
exchange selected by the Agent (acting reasonably), 

 for the purchase of the relevant currency with the Base Currency in
the New York foreign exchange market at or about 11.00 a.m. on a particular day; 
 “Aggregate Availability” means, with
respect to the Borrowers, at any time, an amount equal to the sum of: 

  
 2 

	 	(a)	 the Aggregate First Out Availability; and 

 

	 	(b)	 the Aggregate LILO Availability; 

“Aggregate Borrowing Base” means the aggregate of the First Out Borrowing Bases and the LILO Borrowing Bases of the English
Borrower, the Norwegian Borrower and the US Borrowers; 
 “Aggregate Borrowing Base Certificate” means a certificate,
signed and certified as accurate and complete by an authorised signatory of the Obligors’ Agent, in substantially the form agreed scheduled to this Agreement at Schedule 14 (Form of Aggregate Borrowing Base Certificate) or
another form which is acceptable to the Agent in its reasonable discretion; 
 “Aggregate First Out Availability”
means, with respect to the Borrowers, at any time, an amount equal to: 
  

	 	(a)	 the lesser of: 

  

	 	(i)	 the US/UK Tranche Commitments plus the Norwegian Tranche Commitments; and 

 

	 	(ii)	 the Aggregate First Out Borrowing Base; 

minus 
  

	 	(b)	 the Aggregate First Out Revolving Exposure in respect of all the Borrowers, provided that, in relation to any
proposed Utilisation, any First Out Loans that are due to be repaid by any Borrower at the end of their Interest Period (in accordance with Clause 10.1(a)(Repayment of Loans and Letters of Credit)) and any First Out Letters of Credit the Term
of which are due to expire (or in relation to which the Issuing Bank is otherwise satisfied that it will have no further liability), in each case on or before the proposed Utilisation Date (unless and to the extent that such Utilisation due to be
repaid is a Rollover Loan in relation to which a Utilisation Request has been submitted prior to the date on which the calculation as to Aggregate First Out Availability is made) shall be deducted from the Aggregate First Out Revolving Exposure (in
the case of a First Out Letter of Credit to the extent it would otherwise be included) for the purposes of determining Aggregate First Out Availability in relation to that Utilisation; 

“Aggregate First Out Borrowing Base” means the aggregate of the First Out Borrowing Bases of the English Borrower, the
Norwegian Borrower and the US Borrowers; 
 “Aggregate First Out Revolving Exposure” means, at any time, the aggregate
Base Currency Amount of the First Out Revolving Facility Exposure of all the First Out Lenders at such time; 

  
 3 

 “Aggregate Individual Borrowing Base” means: 

 

	 	(a)	 in relation to the English Borrower, the aggregate of its First Out Borrowing Base and its LILO Borrowing Base;

  

	 	(b)	 in relation to the Norwegian Borrower, the aggregate of its First Out Borrowing Base and its LILO Borrowing
Base; and 

  

	 	(c)	 in relation to the US Borrowers, the aggregate of the US Borrowers’ First Out Borrowing Base and their
LILO Borrowing Base; 

 “Aggregate LILO Availability” means, with respect to the Borrowers, at any
time, an amount equal to: 
  

	 	(a)	 the lesser of: 

  

	 	(i)	 the LILO Tranche Commitments; and 

 

	 	(ii)	 the Aggregate LILO Borrowing Base; 

minus 
  

	 	(b)	 the Aggregate LILO Revolving Exposure in respect of all the Borrowers, provided that, in relation to any
proposed Utilisation, any LILO Loans that are due to be repaid by any Borrower at the end of their Interest Period (in accordance with Clause 10.1(a) (Repayment of Loans and Letters of Credit)) and any LILO Letters of Credit the Term of which are
due to expire (or in relation to which the Issuing Bank is otherwise satisfied that it will have no further liability), in each case on or before the proposed Utilisation Date (unless and to the extent that such Utilisation due to be repaid is a
Rollover Loan in relation to which a Utilisation Request has been submitted prior to the date on which the calculation as to Aggregate LILO Availability is made) shall be deducted from the LILO Revolving Exposure (in the case of a LILO Letter of
Credit to the extent it would otherwise be included) for the purposes of determining Aggregate LILO Availability in relation to that Utilisation; 

“Aggregate LILO Revolving Exposure” means, at any time, the aggregate Base Currency Amount of the LILO Revolving
Facility Exposure of all the LILO Lenders at such time; 
 “Aggregate Revolving Exposure” means, at any time, the aggregate
Base Currency Amount of the Revolving Facility Exposure of all the Lenders at such time; 
 “Agreed Currency” means
each of sterling, euro and Norwegian Kroner; 
 “Annual Financial Statements” has the meaning given to that term in Clause
25 (Information undertakings); 
 “Anti-Corruption Laws” means all laws, rules, and regulations of any
jurisdiction applicable to any Borrower or any of its Affiliates from time to time concerning or relating to bribery or corruption including the Bribery Act 2010 and the United States Foreign Corrupt Practices Act of 1977; 

“Applicable Governmental Percentage” means 25 percent; 

  
 4 

 “Applicable Non-Governmental
Percentage” means 20 percent; 
 “Applicable Percentage” means, with respect to any Lender, a percentage equal
to a fraction the numerator of which is such Lender’s US/UK Tranche Commitment, Norwegian Tranche Commitment and/or the LILO Tranche Commitment (as applicable) and the denominator of which is the aggregate US/UK Tranche Commitments, the
aggregate Norwegian Tranche Commitments and/or the aggregate LILO Tranche Commitment (as applicable) (provided that, if the Revolving Facility Commitments have terminated or expired, the Applicable Percentage shall be determined based upon such
Lender’s share of the applicable Aggregate Revolving Exposure at that time), provided that so long as any Lender is a Defaulting Lender, such Defaulting Lender’s Revolving Facility Commitment shall be disregarded in the calculations above;

 “Article 55 BRRD” means Article 55 of Directive 2014/59/EU establishing a framework for the recovery and
resolution of credit institutions and investment firms; 
 “Assignment Agreement” means an agreement substantially in the
form set out in Schedule 5 (Form of Assignment Agreement) or any other form agreed between the relevant assignor and assignee; 

“Audit Laws” means the EU Regulation (537/2014) on specific requirements regarding statutory audit of public-interest
entities and repealing Commission Decision 2005/909/EC and the EU Directive (2014/56/EU) amending Directive 2006/43/EC on statutory audits of annual accounts and consolidated accounts and any law or regulation which implements that EU Directive
(2014/56/EU); 
 “Authorisation” means an authorisation, consent, approval, resolution, licence, exemption, filing,
notarisation or registration; 
 “Availability” means: 

 

	 	(a)	 in relation to the English Borrower, the aggregate of its First Out Availability and its LILO Availability;

  

	 	(b)	 in relation to the Norwegian Borrower, the aggregate of its First Out Availability and its LILO Availability;
and 

  

	 	(c)	 in relation to each US Borrower, the aggregate of the US Borrowers’ First Out Availability and the US
Borrowers’ LILO Availability; 

 “Availability Block” means an amount of USD 15,000,000; 

“Availability Period” means the period from and including the date of this Agreement to and including the Termination
Date; 

  
 5 

 “Availability Shortfall” means a breach of any of the Utilisation Limits;

 “Available Commitment” means a Lender’s US/UK Tranche Commitments, Norwegian Tranche Commitments and/or LILO
Tranche Commitments (as applicable) minus (subject as set out below): 
  

	 	(a)	 the Base Currency Amount of its participation in any outstanding Utilisations under the US/UK Tranche, the
Norwegian Tranche and/or the LILO Tranche (as applicable); and 

  

	 	(b)	 in relation to any proposed Utilisation, the Base Currency Amount of its participation in any other
Utilisations under the US/UK Tranche, the Norwegian Tranche and/or the LILO Tranche (as applicable) that are due to be made on or before the proposed Utilisation Date, 

provided that for the purposes of calculating a Lender’s Available Commitment in relation to any proposed Utilisation that Lender’s
participation in any relevant Loans that are due to be repaid by a Borrower at the end of their Interest Period (in accordance with Clause 10.1(a) (Repayment of Loans and Letters of Credit)) and any relevant Letters of Credit the Term of
which are due to expire (or in relation to which the Issuing Bank is otherwise satisfied that it will have no further liability), in each case on or before the proposed Utilisation Date shall not be deducted from that Lender’s Revolving
Facility Commitment; 
 “Available Facility” means the aggregate of each Lender’s Available Commitment; 

“Average Quarterly First Out Availability” means, for any Financial Quarter of the Parent, an amount equal to the
average daily (calculated as at the end of each Business Day by reference to the then most recent Aggregate Borrowing Base Certificate) Aggregate First Out Availability during such Financial Quarter; 

“Bail-In Action” means the exercise of any Write-down and Conversion Powers; 

“Bail-In Legislation” means: 

 

	 	(a)	 in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55 BRRD,
the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time; and 

 

	 	(b)	 in relation to any state other than such an EEA Member Country or (to the extent that the United Kingdom is not
such an EEA Member Country) the United Kingdom, any analogous law or regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law or regulation; 

“Banking Services” means each and any of the following bank services provided to any Borrower by any Lender or any of
its Affiliates: (a) credit cards for commercial customers (including “commercial credit cards” and purchasing cards), (b) stored value cards, (c) merchant processing services, and (d) treasury management services (including
controlled disbursement, automated clearinghouse transactions, return items, any direct debit scheme or arrangement, overdrafts and interstate depository network services); 

  
 6 

 “Banking Services Obligations” means any and all obligations of the
Borrowers, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor) in connection with Banking Services; 

“Base Currency” means US dollars; 

“Base Currency Amount” means, in relation to a Utilisation, the amount specified in the Utilisation Request delivered
by a Borrower for that Utilisation (or, if the amount requested is not denominated in the Base Currency, that amount converted into the Base Currency at the Agent’s Spot Rate of Exchange on the date which is three Business Days before the
Utilisation Date or, if later, on the date the Agent receives the Utilisation Request in accordance with the terms of this Agreement) and, in the case of a Letter of Credit, as adjusted under Clause 6.8 (Revaluation of Letters of
Credit) and in the case of a Loan denominated in an Agreed Currency as adjusted under Clause 5.8 (Revaluation of Loans), in each case as adjusted to reflect any subsequent repayment, prepayment, consolidation or division of a
Utilisation; 
 “Benchmark Replacement” means the sum of: 

 

	 	(a)	 the alternate benchmark rate (which may be a SOFR-Based Rate) that has been selected by the Agent and the
Obligors’ Agent giving due consideration to: 

  

	 	(i)	 any selection or recommendation of a replacement rate or the mechanism for determining such a rate by a
Governmental Authority; or 

  

	 	(ii)	 any evolving or then-prevailing market convention for determining a rate of interest as a replacement to LIBOR
or NIBOR for syndicated loans in the US; and 

  

	 	(b)	 the Benchmark Replacement Adjustment, 

provided that, if the Benchmark Replacement as so determined would be less than zero, the Benchmark Replacement will be deemed to be zero for
the purposes of this Agreement; provided further that any such Benchmark Replacement shall be administratively feasible as determined by the Agent in its reasonable discretion; 

“Benchmark Replacement Adjustment” means with respect to any replacement of LIBOR or NIBOR with an Unadjusted Benchmark
Replacement for each applicable Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero) that has been selected by the Agent and the Obligors’
Agent giving due consideration to: 
  

	 	(a)	 any selection or recommendation of a spread adjustment, or method for calculating or determining such spread
adjustment, for the replacement of LIBOR or NIBOR with the applicable Unadjusted Benchmark Replacement by a Governmental Authority; or 

  
 7 

	 	(b)	 any evolving or then-prevailing market convention for determining a spread adjustment, or method for
calculating or determining such spread adjustment, for the replacement of LIBOR with the applicable Unadjusted Benchmark Replacement for syndicated loans in the US at such time; 

“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical,
administrative or operational changes (including changes to the definition of “ABR,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest and other administrative matters)
that the Agent and the Obligors’ Agent decide may be appropriate to reflect the technical adoption and operational implementation of such Benchmark Replacement and to permit the administration thereof by the Agent in a manner substantially
consistent with market practice (or, if the Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Agent determines that no market practice for the administration of the Benchmark Replacement
exists, in such other manner of administration as the Agent and the Obligors’ Agent decide is reasonably necessary in connection with the administration of this Agreement); 

“Benchmark Replacement Date” means the earlier to occur of the following events with respect to LIBOR or NIBOR (as
applicable): 
  

	 	(a)	 in the case of paragraph (a) or (b) of the definition of “Benchmark Transition Event” the later
of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of LIBOR or NIBOR or a Governmental Authority permanently or indefinitely ceases to provide LIBOR or
NIBOR; or 

  

	 	(b)	 in the case of paragraph (c) of the definition of “Benchmark Transition Event” the date of the
public statement or publication of information referenced therein; 

 “Benchmark Transition Event” means
the occurrence of one or more of the following events with respect to LIBOR or, as applicable, NIBOR: 
  

	 	(a)	 a public statement or publication of information by or on behalf of the administrator of LIBOR or NIBOR
announcing that such administrator has ceased or will cease to provide LIBOR or NIBOR, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide LIBOR
or NIBOR; 

  

	 	(b)	 a public statement or publication of information by the regulatory supervisor for the administrator of LIBOR or
NIBOR, a Governmental Authority, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator for LIBOR or NIBOR, a resolution authority with jurisdiction over the administrator for LIBOR or NIBOR or a court or an
entity with similar insolvency or resolution authority over the administrator for LIBOR or NIBOR, which states that the administrator of LIBOR or NIBOR has ceased or will cease to provide LIBOR or NIBOR permanently or indefinitely, provided that, at
the time of such statement or publication, there is no successor administrator that will continue to provide LIBOR or NIBOR; or 

  
 8 

	 	(c)	 a public statement or publication of information by the regulatory supervisor for the administrator of LIBOR or
NIBOR announcing that LIBOR or NIBOR is no longer representative; 

 “Benchmark Transition Start Date”
means, in the case of: 
  

	 	(a)	 a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and
(ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the date falling 90 days prior to the expected date of such event as of such public statement or publication of information (or
if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication); and 

  

	 	(b)	 in the case of an Early Opt-in Election, the date specified by the
Agent or the Majority Lenders, as applicable, by notice to the Obligors’ Agent, the Agent (in the case of such notice by the Majority Lenders) and the Lenders; 

“Benchmark Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date
have occurred with respect to LIBOR or NIBOR and solely to the extent that LIBOR or NIBOR (as applicable) has not been replaced with a Benchmark Replacement, the period (a) beginning at the time that such Benchmark Replacement Date has occurred
if, at such time, no Benchmark Replacement has replaced LIBOR or NIBOR for all purposes hereunder in accordance with Clause 16 (Unavailability of Screen Rate) and (b) ending at the time that a Benchmark Replacement has replaced LIBOR for
all purposes hereunder pursuant to Clause 16 (Unavailability of Screen Rate); 
 “Beneficial Ownership Certification”
means a certification regarding beneficial ownership or control as required by the Beneficial Ownership Regulation; 
 “Beneficial
Ownership Regulation” means 31 C.F.R. § 1010.230; 
 “Borrower” means an Original Borrower or an Additional
Borrower unless it has ceased to be a Borrower in accordance with Clause 31 (Changes to the Obligors); 
 “Borrowing
Base” means, with respect to (i) the English Borrower, (ii) the Norwegian Borrower, and (iii) the US Borrowers, the First Out Borrowing Base and/or the LILO Borrowing Base of such Borrower (or in the case of the US
Borrowers, the US Borrowers) (as applicable); 
 “Borrowing Base Data Failure” shall mean the Borrowers (or the
Obligors’ Agent (as applicable)) failing to provide any of the information required to be provided pursuant to Clause 25.5 (Borrowing Base Certificate and related information) on the due date for the provision of such information;

 “Break Costs” means the amount (if any) by which: 

 

	 	(a)	 the interest (excluding the First Out Applicable Margin or the LILO Applicable Margin (as applicable)) which a
Lender should have received for the period from the date of receipt of all or any part of its participation in a Loan or Unpaid Sum to the last day of the current Interest Period in respect of that Loan or Unpaid Sum, had the principal amount or
Unpaid Sum received been paid on the last day of that Interest Period; 

  
 9 

 exceeds: 
  

	 	(b)	 the amount which that Lender would be able to obtain by placing an amount equal to the principal amount or
Unpaid Sum received by it on deposit with a leading bank for a period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period; 

“Budget” means any annual budget for the Group substantially in the form provided to the Arrangers prior to the date of
this Agreement or, after the date of this Agreement, any other form agreed by the Parent and the Agent, each acting reasonably, and delivered by the Parent to the Agent pursuant to Clause 25.4 (Budget); 

“BUS LLC Accession Deed” means the accession deed dated 26 June 2020 made between (1) Bristow US LLC,
(2) the Old Parent, (3) the Agent and (4) the Security Agent; 
 “Business Day” means a day (other than a
Saturday or Sunday) on which banks are open for general business in London, New York, Oslo and: 
  

	 	(a)	 (in relation to any date for payment or purchase of euro) any TARGET Day; and 

 

	 	(b)	 (in relation to any date for payment or purchase of a currency other than US dollars, euro, Norwegian Kroner or
sterling) the principal financial centre of the country of that currency; 

 “Capital Expenditure” has the
meaning given to that term in Clause 26.1 (Financial definitions); 
 “Cash Dominion Period” shall mean
the period from the occurrence of a Cash Dominion Triggering Event until the date of a subsequent Cash Dominion Rescission Triggering Event; 

“Cash Dominion Rescission Triggering Event” shall mean the occurrence of both of the following: 

 

	 	(a)	 no Event of Default exists; and 

 

	 	(b)	 Aggregate Availability being (for thirty consecutive days) equal to or greater than the greater of (i) USD
10,000,000 and (ii) 15 percent of the lesser of the (A) Aggregate Borrowing Base and (B) Total Commitments less the aggregate Availability Block; 

“Cash Dominion Triggering Event” shall mean the occurrence of either of the following: 

 

	 	(a)	 an Event of Default, which is continuing; or 

  
 10 

	 	(b)	 Aggregate Availability being less than the greater of (i) USD 10,000,000 and (ii) 15 percent of the
lesser of the (A) Aggregate Borrowing Base and (B) Total Commitments less the aggregate Availability Block; 

“Cash Equivalent Investments” means at any time: 
  

	 	(a)	 certificates of deposit maturing within one year after the relevant date of calculation and issued by an
Acceptable Bank; 

  

	 	(b)	 any investment in marketable debt obligations issued or guaranteed by the government of the United States of
America, the United Kingdom, any member state of the European Economic Area or any Participating Member State or by an instrumentality or agency of any of them having an equivalent credit rating, maturing within one year after the relevant date of
calculation and not convertible or exchangeable to any other security; 

  

	 	(c)	 commercial paper not convertible or exchangeable to any other security: 

 

	 	(i)	 for which a recognised trading market exists; 

 

	 	(ii)	 issued by an issuer incorporated in the United States of America, the United Kingdom, any member state of the
European Economic Area or any Participating Member State; 

  

	 	(iii)	 which matures within one year after the relevant date of calculation; and 

 

	 	(iv)	 which has a credit rating of either A-1 or higher by
Standard & Poor’s Rating Services or F1 or higher by Fitch Ratings Ltd or P-1 or higher by Moody’s Investors Service Limited, or, if no rating is available in respect of the commercial
paper, the issuer of which has, in respect of its long-term unsecured and non-credit enhanced debt obligations, an equivalent rating; 

 

	 	(d)	 sterling bills of exchange eligible for rediscount at the Bank of England and accepted by an Acceptable Bank
(or their dematerialised equivalent); 

  

	 	(e)	 any investment in money market funds which: 

 

	 	(i)	 have a credit rating of either A-1 or higher by Standard &
Poor’s Rating Services or F1 or higher by Fitch Ratings Ltd or P-1 or higher by Moody’s Investors Service Limited; and 

 

	 	(ii)	 invest substantially all their assets in securities of the types described in paragraphs (a) to (d) above
to the extent that investment can be turned into cash on not more than 30 days’ notice; or 

  

	 	(f)	 any other debt security approved by the Majority Lenders, 

in each case, denominated in US dollars, sterling, euro or Norwegian Kroner and to which any Obligor is alone (or together with other Obligors
beneficially entitled at that time and which is not issued or guaranteed by any member of the Group or subject to any Security (other than Security arising under the Transaction Security Documents)); 

  
 11 

 “Change of Control” means: 

 

	 	(a)	 the Parent ceases to own, directly or indirectly, legal and beneficial title to at least 49 percent of the
issued share capital of any Borrower; 

  

	 	(b)	 any sale, lease, exchange or other transfer (in a single transaction or a series of related transactions) of
all or substantially all of the assets of the Parent and its Subsidiaries, taken as a whole, to any “person” or “group” (each within the meaning of the Exchange Act and the rules of the Commission thereunder in effect on the date
hereof); 

  

	 	(c)	 the acquisition of ownership, directly or indirectly, beneficially or of record, by any “person” or
“group” (within the meaning of the Exchange Act and the rules of the Commission thereunder as in effect on the date hereof), other than a Permitted Holder, of 50% or more of the outstanding shares of the voting stock of the Parent; or

  

	 	(d)	 occupation of a majority of the seats (other than vacant seats) on the board of directors of the Parent by
persons who were neither: (i) members of the board of directors immediately following consummation of the Merger (as defined in the Second Amendment and Restatement Agreement), (ii) nominated, appointed or approved by the board of directors nor
(iii) appointed by directors so nominated, appointed or approved, 

 provided, however, that, with respect to clause
(c) above a transaction in which the Parent becomes a Subsidiary of another person (other than a person that is an individual) shall not constitute a Change in Control if: 

 

	 	(i)	 the stockholders of the Parent immediately prior to such transaction “beneficially own” (as such term
is defined in Rule 13d-3 and Rule 13d-5 under the Exchange Act), directly or indirectly through one or more intermediaries, at least a majority of the voting power of
the outstanding voting stock of the Parent immediately following the consummation of such transaction; and 

  

	 	(ii)	 immediately following the consummation of such transaction, no “person” (as such term is defined
above), other than such other person (but including the holders of the equity interests of such other person), “beneficially owns” (as such term is defined above), directly or indirectly through one or more intermediaries, more than 50% of
the voting power of the outstanding voting stock of the Parent; 

 “Charged Property” means all of the
assets of the Obligors which from time to time are, or are expressed to be, the subject of the Transaction Security; 

“Closing Date” means 17 April 2018; 

“Code” means the United States Internal Revenue Code of 1986, as amended; 

  
 12 

 “Collection Account” means the Initial Collection Accounts and any other
bank accounts that may be maintained by any Borrower into which Receivables of any Eligible Account Debtor are, or are to be, paid or credited from time to time and which have been designated in writing as “Collection Accounts” by
the Obligors’ Agent; 
 “Commission” means the Securities and Exchange Commission; 

“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time,
and any successor statute; 
 “Compliance Certificate” means a certificate substantially in the form set out in
Schedule 9 (Form of Compliance Certificate); 
 “Compounded SOFR” means the compounded average of SOFRs for the
applicable Corresponding Tenor, with the rate, or methodology for this rate, and conventions for this rate (which may include compounding in arrears with a lookback and/or suspension period as a mechanism to determine the interest amount payable
prior to the end of each Interest Period) being established by the Agent in accordance with: 
  

	 	(a)	 the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant
Governmental Body for determining compounded SOFR; or 

  

	 	(b)	 if, and to the extent that, the Agent determines that Compounded SOFR cannot be determined in accordance with
paragraph (a) above, then the rate, or methodology for this rate, and conventions for this rate that the Agent determines in its reasonable discretion are substantially consistent with any evolving or then-prevailing market convention for
determining compounded SOFR for U.S. dollar-denominated syndicated loans at such time, 

 provided that if the Agent
decides that any such rate, methodology or convention determined in accordance with paragraphs (a) or (b) above is not administratively feasible for the Agent, then Compounded SOFR will be deemed unable to be determined for purposes of the
definition of “Benchmark Replacement”; 
 “Confidential Information” means all information relating to the Parent,
any Obligor, the Group, any Receivables, any Contract of Services, the Finance Documents and/or the Facility which is provided to a Finance Party in relation to the Finance Documents or a Facility from any member of the Group or any of its
advisers (a “Providing Party”) in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording information which contains or is derived or copied from such
information but excludes: 
  

	 	(a)	 information that: 

  

	 	(i)	 is or becomes public information other than as a direct or indirect result of any breach by the Finance Party
of a confidentiality agreement to which that Finance Party is party or Clause 43 (Confidential Information); or 

  
 13 

	 	(ii)	 is identified in writing at the time of delivery as non-confidential by
the relevant Providing Party; or 

  

	 	(iii)	 is known by the Finance Party before the date the information is disclosed to the Finance Party by any
Providing Party or is lawfully obtained by the Finance Party after that date, from a source which is, as far as the Finance Party is aware, unconnected with the Group and which, in either case, as far as the Finance Party is aware, has not been
obtained in breach of, and is not otherwise subject to, any obligation of confidentiality; and 

  

	 	(b)	 any Funding Rate; 

“Confidentiality Undertaking” means a confidentiality undertaking substantially in a recommended form of the LMA as set
out in Schedule 10 (LMA form of Confidentiality Undertaking) or in any other form agreed between the Obligors’ Agent and the Agent; 

“Confirmation Order” means that certain Order (I) Approving the Disclosure Statement, (II) Confirming the
Amended Joint Chapter 11 Plan of Reorganization of Bristow Group Inc. and Its Debtor Affiliates as Further Modified and (III) Granting Related Relief, entered by the Bankruptcy Court on 8 October 2019 as Docket No. 825 in Case No. 19-32713 (DRJ); 
 “Constitutional Documents” means: 

 

	 	(i)	 in relation to the English Borrower, the certificate of incorporation, certificate of incorporation on change
of name and articles of association of the English Borrower; 

  

	 	(ii)	 in relation to the Norwegian Borrower, the certificate of incorporation (in Norwegian: firmaattest) and
articles of association (in Norwegian: vedtekter) of the Norwegian Borrower; and 

  

	 	(iii)	 in relation to a US Borrower, the articles of organisation, certificate of formation or incorporation or
equivalent and (if applicable) the operating agreement of that US Borrower, 

 and any other constitutional document
applicable to any of them; 
 “Contract of Services” means a contract for the provision of, or including the
provision of, aircraft transportation services and any lease or similar agreement for one or more aircraft where a Borrower retains operational control of the relevant aircraft; 

“Contribution Notice” means a contribution notice issued by the Pensions Regulator under s38 or s47 Pensions Act 2004;

 “Corresponding Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having approximately
the same length (disregarding business day adjustment) as the applicable tenor for the applicable Interest Period; 

  
 14 

 “CTA” means the Corporation Tax Act 2009; 

“Debt Purchase Transaction” means, in relation to a person, a transaction where such person: 

 

	 	(a)	 purchases by way of assignment or transfer; 

 

	 	(b)	 enters into any sub-participation in respect of; or

  

	 	(c)	 enters into any other agreement or arrangement having an economic effect substantially similar to a sub-participation in respect of, 

 any Revolving Facility Commitment or amount
outstanding under this Agreement; 
 “Default” means: 

 

	 	(a)	 an Event of Default or any event or circumstance specified in Clause 28 (Events of Default) which would
(with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default; and 

 

	 	(b)	 a Borrowing Base Data Failure; 

“Defaulting Lender” means any Lender: 
  

	 	(a)	 which has failed to make its participation in a Loan available (or has notified the Agent or the Parent (which
has notified the Agent) that it will not make its participation in a Loan available) by the Utilisation Date of that Loan in accordance with Clause 5.4 (Lenders’ participation) or which has failed to provide cash collateral (or has
notified the Issuing Bank or the Parent (which has notified the Agent) that it will not provide cash collateral) in accordance with Clause 7.4 (Cash collateral by Non-Acceptable L/C Lender and
Borrower’s option to provide cash cover); 

  

	 	(b)	 which has otherwise rescinded or repudiated a Finance Document; 

 

	 	(c)	 which is an Issuing Bank which has failed to issue a Letter of Credit (or has notified the Agent or the Parent
(which has notified the Agent) that it will not issue a Letter of Credit) in accordance with Clause 6.5 (Issue of Letters of Credit) or which has failed to pay a claim (or has notified the Agent or the Parent (which has notified
the Agent) that it will not pay a claim) in accordance with (and as defined in) Clause 7.2 (Claims under a Letter of Credit); or 

(d) with respect to which an Insolvency Event has occurred and is continuing, unless, in the case of paragraphs (a) and (c) above: 

 

	 	(i)	 its failure to pay, or to issue a Letter of Credit is caused by: 

 

	 	(A)	 administrative or technical error; or 

  
 15 

	 	(B)	 a Disruption Event; and 

payment is made within five Business Days of its due date; or 
  

	 	(ii)	 the Lender is disputing in good faith whether it is contractually obliged to make the payment in question;

 “Delegate” means any delegate, agent, attorney or co-trustee
appointed by the Security Agent in respect of the Charged Property pursuant to the Finance Documents; 
 “Deposit Account
Control Agreement” means any agreement or other documentation (including a notice and acknowledgement in substantially the form (if any) scheduled to any applicable Transaction Security Document) entered into between the Security
Agent, any Borrower and the relevant account holding bank, necessary to perfect the Security of the Security Agent in relation to the Collection Accounts and, in the case of bank accounts of the English Borrower, to effect control over bank
accounts; 
 “Discontinued Indebtedness” means any Financial Indebtedness which is repaid, prepaid, converted or
otherwise discharged pursuant to the Plan of Reorganization; 
 “Disruption Event” means either or both of: 

 

	 	(a)	 a material disruption to those payment or communications systems or to those financial markets which are, in
each case, required to operate in order for payments to be made in connection with the Facility (or otherwise in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the
control of, any of the Parties; or 

  

	 	(b)	 the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to
the treasury or payments operations of a Party preventing that, or any other Party: 

  

	 	(i)	 from performing its payment obligations under the Finance Documents; or 

 

	 	(ii)	 from communicating with other Parties in accordance with the terms of the Finance Documents,

 and which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are
disrupted; 
 “Divided Person” means, any limited liability company, limited partnership or other entity which has
been formed upon the consummation of a Division; 
 “Division” means the statutory division of any limited liability
company, limited partnership or other entity into two or more limited liability companies, limited partnerships or other applicable entities pursuant to Section 18-217 of the Delaware Limited
Liability Company Act or similar statute in Delaware or any other US state; 

  
 16 

	 	“Early	 Opt-in Election” means the occurrence of:

  

	 	(a)	 (i) a determination by the Agent or (ii) a notification by the Majority Lenders to the Agent (with a copy
to the Obligors’ Agent) that the Majority Lenders have determined that syndicated loans in the US being executed at such time, or that include language similar to that contained in Clause 16.1 (Unavailability of Screen Rate), are being
executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace LIBOR or NIBOR, and 

  

	 	(b)	 (i) the election by the Agent or (ii) the election by the Majority Lenders to declare that an Early Opt-in Election has occurred and the provision, as applicable, by the Agent of written notice of such election to the Obligors’ Agent and the Lenders or by the Majority Lenders of written notice of such
election to the Agent; 

 “ECP” means an “eligible contract participant” as defined in
Section 1(a)(18) of the Commodity Exchange Act or any regulations promulgated thereunder and the applicable rules issued by the Commodity Futures Trading Commission and/or the Securities and Exchange Commission of the US; 

“EEA Member Country” means any member state of the European Union, Iceland, Liechtenstein and Norway; 

“Eligible Account Debtor” means the Account Debtors listed in Schedule 17 (Eligible Account Debtors) and any
other Account Debtor designated as such from time to time in writing by the Obligors’ Agent or whose Receivables are included as Eligible Receivables in an Aggregate Borrowing Base Certificate provided the Obligors’ Agent informs the Agent
that such Receivables have been included on the same day as that Aggregate Borrowing Base Certificate is delivered; 
 “Eligible
Investment Grade Receivables” means Eligible Receivables of an Investment Grade Account Debtor; 
 “Eligible Non
Investment Grade Receivables” means Eligible Receivables of Account Debtors which are not Investment Grade Account Debtors; 

“Eligible Receivables” means, unless otherwise agreed between the Agent and the Obligors’ Agent, any Receivable
owed to a Borrower which the Agent determines in its Permitted Discretion is eligible as the basis for the extension of Revolving Facility Loans and Swingline Loans and the issuance of Letters of Credit and provided that any Receivable previously
agreed to be eligible (or arising under a Contract of Services in respect of which Receivables have been previously agreed to be eligible) by the Agent in its Permitted Discretion (and which is not otherwise ineligible pursuant to the provisions set
out in paragraphs (a) to (w) below) may be assumed to remain eligible for the purposes of any Aggregate Borrowing Base Certificate and Borrowing Base unless advised otherwise by the Agent in its Permitted Discretion to the Obligors’ Agent
in writing with at least three Business Days prior notice (with any such change taking effect as and from the delivery of the next Aggregate Borrowing Base Certificate following expiry of such notice). Without limiting the Agent’s 

  
 17 

 Permitted Discretion, Eligible Receivables shall not, unless otherwise agreed by the Agent
in its Permitted Discretion, include any Receivable of a Borrower: 
  

	 	(a)	 which is not subject to a first priority perfected (other than with respect to the need to serve notices on
Account Debtors, unless such service is required under the terms of the Finance Documents) Security in favour of the Security Agent; 

  

	 	(b)	 which is not owed by an Eligible Account Debtor; 

 

	 	(c)	 which is subject to any Security other than (i) Security in favour of the Security Agent and
(ii) Permitted Security which does not have priority over the Security in favour of the Security Agent; 

  

	 	(d)	 which is unpaid more than 90 days after the date of the original invoice therefor or more than 60 days after
the original due date therefor; 

  

	 	(e)	 which is owing by an Account Debtor for which more than 50 percent in aggregate of the Receivables owing
from such Account Debtor and its Affiliates are ineligible under paragraph (d); 

  

	 	(f)	 which is owing by an Account Debtor to the extent the aggregate amount of Eligible Receivables owing from such
Account Debtor and its Affiliates to all Borrowers exceeds the Applicable Non-Governmental Percentage (or the Applicable Governmental Percentage in the case of Receivables owing from the UK’s Department
of Transport (and its Affiliates and any other Governmental Authority of the UK) and Equinor Energy AS (formerly known as Statoil Petroleum AS) (and its Affiliates and any other Governmental Authority of Norway)) of the aggregate amount of Eligible
Receivables of all Borrowers; 

  

	 	(g)	 with respect to which any covenant, representation or warranty contained in this Agreement or in any
Transaction Security Document has been breached (in the case of a covenant) or is not true (in the case of a representation or warranty) in each case in any material respect (except that such materiality qualifier shall not be applicable to any such
covenant, representation or warranty that are already qualified or modified by materiality in the text thereof) unless and until no Default or Event of Default is continuing in respect of such breach or incorrect representation or warranty;

  

	 	(h)	 which (i) is not evidenced by an invoice (or other documentation satisfactory to the Agent) which has been
sent to the Account Debtor, (ii) represents a progress billing or retainage, (iii) is contingent upon such Borrower’s completion of any further performance, (iv) relates to services for which a performance, surety or completion
bond or similar assurance has been issued by or on behalf of a Borrower and which remains outstanding, (but only to the extent of the amount of such performance surety or completion bond or similar assurance), (v) relates to payments of interest,
fees or late charges (but only to the extent of such interest, fees or late charges), or (vi) which constitutes customer prepayments or unearned revenue; 

  
 18 

	 	(i)	 for which the services giving rise to such Receivable have not been performed by such Borrower or if such
Receivable is invoiced having been previously invoiced without a valid credit note having subsequently been raised in relation to the earlier invoice; 

  

	 	(j)	 which is owed by an Account Debtor which has (i) sold all or substantially all of its assets,
(ii) applied for, suffered, or consented to the appointment of any receiver, custodian, trustee, administrator, monitor, or liquidator of its assets, (iii) had possession of all or a material part of its property taken by any receiver,
custodian, trustee or liquidator, (iv) obtained, ordered, filed, or had filed against it, any request or petition for administration, moratorium, liquidation, reorganization, arrangement, adjustment of debts, adjudication as bankrupt, winding-up, or voluntary or involuntary case under any national, state or federal bankruptcy laws, (v) admitted in writing its inability, or is generally unable to, pay its debts as they become due,
(vi) become insolvent under the laws of its jurisdiction of incorporation, or (vii) ceased operation of its business (in each case for so long as such circumstances are continuing); 

 

	 	(k)	 which is owed by an Account Debtor which is not incorporated in the United Kingdom, any state of the United
States of America or the District of Columbia, Australia, Norway, the Falkland Islands or any member state of the European Union as at the date of this Agreement unless, in any such case (unless the Agent otherwise agrees in its Permitted
Discretion), such Receivable is backed by (a) a letter of credit acceptable to the Agent, acting reasonably, which is in the possession of (which includes letters of credit delivered by electronic means), and is directly drawable by, the Agent
or (b) credit insurance in form and substance acceptable in all respects to the Agent, acting reasonably, provided always that Receivables, up to a maximum amount of USD 7,500,000, owed to Bristow U.S. LLC by members of the Exxon group of
companies incorporated, established and/or carrying out business in the Co-operative Republic of Guyana (or any other jurisdiction the Agent may agree to in its Permitted Discretion) shall be permitted to be
eligible pursuant to this paragraph (k) (but subject to the other paragraphs of this definition) without the requirement for a letter of credit or credit insurance provided that (A) the contract underlying any such Receivable is governed by the
laws of a State of the US and (B) to the extent that (and for so long as) Exxon Mobil Corporation has and maintains a credit rating of BBB or higher by Standard & Poor Rating Services and Baa2 or higher by Moody’s Investors
Service Limited; 

  

	 	(l)	 which is owed by an Account Debtor (i) located in any jurisdiction which requires filing of a “Notice
of Business Activities Report” or other similar report in order to permit such Borrower to seek judicial enforcement in such jurisdiction of payment of such Receivable, unless such Borrower has filed such report or qualified to do business in
such jurisdiction or (ii) which is a Sanctioned Person; 

  

	 	(m)	 as to which the contract or agreement underlying such Receivable is governed by (or, if no governing law is
expressed therein, is deemed to be governed by) the laws of any jurisdiction other than the United Kingdom, any state of the United States of America or the District of Columbia, Australia, Norway, the Falkland Islands or any member state of the
European Union as at the date of this Agreement; 

  
 19 

	 	(n)	 which is owed in any currency other than US dollars, sterling, euro or Norwegian Kroner; 

 

	 	(o)	 which is owed by any Governmental Authority of any country (other than the United Kingdom, any state of the
United States of America or the District of Columbia (or any department, agency, public corporation, or instrumentality thereof), Australia, Norway, the Falkland Islands or any member state of the European Union as at the date of this Agreement;
provided that that all steps necessary to perfect the security interest of the Security Agent in such Receivable (and with respect to the United States of America, also the Federal Assignment of Claims Act of 1940, as amended (31 U.S.C.
§ 3727 et seq. and 41 U.S.C. § 15 et seq.)) has been complied with to the Agent’s reasonable satisfaction); 

  

	 	(p)	 which is owed by any member of the Group or any employee, officer or director of any member of the Group;

  

	 	(q)	 which is subject to any counterclaim, deduction, defence, setoff, rejection by the relevant Account Debtor or
dispute but only to the extent of any such counterclaim, deduction, defence, setoff, rejection or dispute; 

  

	 	(r)	 which is evidenced by any promissory note, chattel paper or analogous instrument unless all necessary steps to
perfect the security interest of the Security Agent in such Receivable have been taken to the satisfaction of the Agent, acting reasonably; 

  

	 	(s)	 with respect to which such Borrower has made any agreement with the Account Debtor for any reduction thereof
(other than discounts and adjustments given in the ordinary course of business) but only to the extent of any such reduction, any Receivable in relation to which the payment terms have been extended beyond the dates for payment required pursuant to
paragraph (d) above or any Receivable which represents the unpaid portion of a previously invoiced Receivable (to the extent it so represents); 

  

	 	(t)	 which does not comply in all material respects with the requirements of all applicable laws and regulations;

  

	 	(u)	 which constitutes rent or revenue from leases of aircraft where a Borrower retains operational control of the
relevant aircraft but only to the extent that such Receivables constitute more than 15% of the Aggregate Borrowing Base; 

  

	 	(v)	 which is subject to any limitation on charging or assignment or other restriction (whether arising by operation
of law, by agreement or otherwise) which would, under the local governing law of the contract creating such Receivable, have the effect of prohibiting or restricting the creation of security and/or a trust over such Receivable in the manner required
under the applicable Transaction Security Documents, in each case unless any required permission or consent to enable such creation of security or trust has been obtained to the satisfaction of the Agent, acting reasonably; or 

  
 20 

	 	(w)	 which is excluded from the scope of any Transaction Security Document by virtue of the definition of
“Excluded Property” (or equivalent terminology in any such Transaction Security Document). 

 Subject to the
requirement for the consent of the Super Majority Lenders set out in Clause 42.3 (Other exceptions), the Agent and the Obligors’ Agent shall enter into good faith negotiations as requested by the respective other party to adjust the
definition of Eligible Receivables if, in any jurisdiction, the legal or factual circumstances in relation to the Eligible Receivables have changed. 

In the case of the acquisition of a new business or undertaking by a Borrower as permitted under this Agreement (“New
Assets”), the Agent shall have the right to require in its Permitted Discretion, at the cost of the relevant Borrower, a field examination of the Receivables acquired as a result of such acquisition of New Assets, from an appraiser selected
and engaged by the Agent, acting reasonably, and until such time as the field examination shall have been completed (which the Agent shall use reasonable endeavours to effect within 90 days of being informed about the relevant New Assets by a
Borrower or the Obligors’ Agent) the New Assets shall only be included as Eligible Receivables to the extent that the value of the New Assets does not exceed 10 percent of the Aggregate Borrowing Base (subject to all the other eligibility
criteria set out in this definition) 
 Following any field examination in connection with the New Assets, the Agent may, in its Permitted
Discretion, request additional or amended eligibility criteria to apply to such New Assets, based on the results of such field examination provided that, until such time as the Agent may request adjusted eligibility criteria, the New Assets will be
subject to the same eligibility criteria for Eligible Receivables as currently applied by the Agent to the other Receivables; 

“Eligible Unbilled Receivables” means any Eligible Receivables to which all of paragraphs (a) to (w) of that
definition apply, save for paragraph (h)(i) and any other requirement of the eligibility criteria that requires such amounts to be invoiced to an Account Debtor provided that any such Receivable is billed to the Account Debtor no later than the end
of the calendar month following the calendar month in which (a) the relevant service was provided to such Account Debtor or (b) the relevant rental or leasing period (in relation to which the relevant Eligible Receivable has accrued) has
ended; 
 “English Borrower” means Bristow Helicopters Limited and each other Borrower resident for tax purposes in
England and Wales; 
 “English Designated Amount” means the amount of the First Out Borrowing Base of the US
Borrowers which has been designated in writing by the Obligors’ Agent to the Agent from time to time (or specified in the then most recent Aggregate Borrowing Base Certificate) as being available for utilisation by the English Borrower
(provided always that the sum of the English Designated Amount and the Norwegian Designated Amount may not exceed the amount of the First Out Borrowing Base of the US Borrowers); 

  
 21 

 “English Obligor” means the English Borrower and any other Obligor
incorporated and existing in England and Wales; 
 “English Qualifying Lender” means: 

 

	 	(a)	 a Lender which is beneficially entitled to interest payable to that Lender in respect of an advance under a
Finance Document and is: 

  

	 	(i)	 a Lender: 

  

	 	(A)	 which is a bank (as defined for the purpose of s879 ITA) making an advance under a Finance Document and is
within the charge to United Kingdom corporation tax as respects any payments of interest made in respect of that advance or would be within such charge as respects such payments apart from s18A CTA; or 

 

	 	(B)	 in respect of an advance made under a Finance Document by a person that was a bank (as defined for the purpose
of s879 ITA) at the time that that advance was made and within the charge to United Kingdom corporation tax as respects any payments of interest made in respect of that advance; or 

 

	 	(ii)	 a Lender which is: 

  

	 	(A)	 a company resident in the United Kingdom for United Kingdom tax purposes; 

 

	 	(B)	 a partnership each member of which is: 

 

	 	(1)	 a company so resident in the United Kingdom; or 

 

	 	(2)	 a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a
permanent establishment and which brings into account in computing its chargeable profits (within the meaning of s19 CTA) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 CTA;

  

	 	(C)	 a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a
permanent establishment and which brings into account interest payable in respect of that advance in computing the chargeable profits (within the meaning of s19 CTA) of that company; or 

 

	 	(iii)	 an English Treaty Lender; or 

 

	 	(b)	 a Lender which is a building society (as defined for the purposes of s880 ITA) making an advance under a
Finance Document; 

  
 22 

 “English Treaty Lender” means a Lender which: 

 

	 	(a)	 is treated as resident of an English Treaty State for the purposes of the English Treaty; and

  

	 	(b)	 does not carry on business in the United Kingdom through a permanent establishment with which that
Lender’s participation in the Loan is effectively connected; 

 “English Treaty State” means a
jurisdiction having a double taxation agreement with the United Kingdom (an “English Treaty”) which makes provision for full exemption from tax imposed by the United Kingdom on interest; 

“Environment” means humans, animals, plants and all other living organisms including the ecological systems of which
they form part and the following media: 
  

	 	(a)	 air (including air within natural or man-made structures, whether above
or below ground); 

  

	 	(b)	 water (including territorial, coastal and inland waters, water under or within land and water in drains and
sewers); and 

  

	 	(c)	 land (including land under water); 

“Environmental Claim” means any claim, proceeding, formal notice or investigation by any person in respect of any
Environmental Law; 
 “Environmental Law” means any applicable law or regulation which relates to: 

 

	 	(a)	 the pollution or protection of the Environment; 

 

	 	(b)	 the conditions of the workplace; or 

 

	 	(c)	 the generation, handling, storage, use, release or spillage of any substance which, alone or in combination
with any other, is capable of causing harm to the Environment, including any waste; 

 “Environmental Permits”
means any permit and other Authorisation and the filing of any notification, report or assessment required under any Environmental Law for the operation of the business of any member of the Group conducted on or from the properties owned
or used by any member of the Group; 
 “Era Helicopters” means Era Helicopters, LLC, a Delaware limited liability
company; 
 “ERISA” means the United States Employee Retirement Income Security Act of 1974, as amended from time
to time, and the regulations promulgated and the rulings issued thereunder; 
 “ERISA Affiliate” means any person treated as
a single employer with any Obligor for the purpose of ss414(b), (c), (m) and (o) of the Code; 

  
 23 

 “ERISA Event” means: 

 

	 	(a)	 a reportable event specified as such in s4043 of ERISA and the regulations issued thereunder with respect to
any Plan, other than an event in relation to which the requirement to give notice of that event is waived by any regulation; 

  

	 	(b)	 the failure to meet the minimum funding standard under ss412 of the Code with respect to any Plan, whether or
not waived in accordance with s412(c) of the Code; 

  

	 	(c)	 the provision by the administrator of any Plan pursuant to s4041(a)(2) of ERISA of a notice of intent to
terminate such Plan; 

  

	 	(d)	 the institution of proceedings under s4042 of ERISA by the PBGC for the termination of, or the appointment of a
trustee to administer, any Plan; 

  

	 	(e)	 the incurrence by any Obligor or any ERISA Affiliate of any liability under Title IV of ERISA with respect to
the termination of any Plan or Multiemployer Plan or withdrawal from any Plan (other than premiums due and not delinquent under s4007 of ERISA); 

  

	 	(f)	 the incurrence by any Obligor or any ERISA Affiliate of any liability with respect to the withdrawal or partial
withdrawal from any Multiemployer Plan, or the withdrawal from a Plan subject to s4063 of ERISA during a plan year in which such entity was a substantial employer (as defined in s4001(a)(2) of ERISA) or the cessation of operations by such Obligor or
ERISA Affiliate that would be treated as a withdrawal from a Plan under s4062(e) of ERISA; 

  

	 	(g)	 the receipt by any Obligor or any ERISA Affiliate of any notice that a Multiemployer Plan is insolvent, within
the meaning of Title IV of ERISA; or 

  

	 	(h)	 the determination that any Plan is in “at risk status” or that a Multiemployer Plan is
“endangered” or is in “critical status” (within the meaning of ss430 or 432 of the Code and ss303 or 305 of ERISA); 

  

	 	(i)	 the requirement that a Plan provide security pursuant to s436(f) of the Code; 

 

	 	(j)	 engagement in a non-exempt “prohibited transaction”
within the meaning of Section 406 of ERISA and s4975 of the Code with respect to any Plan; or 

  

	 	(k)	 the institution of a proceeding by a fiduciary of any Multiemployer Plan to enforce s515 of ERISA which
proceeding is not dismissed within 30 days; 

 “EU Bail-In Legislation
Schedule” means the document described as such and published by the Loan Market Association (or any successor person) from time to time; 

“Event of Default” means any event or circumstance specified as such in Clause 28 (Events of Default); 

“Exchange Act” means the US Securities Exchange Act of 1934, as amended; 

  
 24 

 “Excluded Receivables” means any Receivable in respect of which the
relevant security contemplated in the relevant Transaction Security Document is prohibited (except to the extent any such prohibition is ineffective under applicable law or the relevant consent for the granting of the applicable security
under the relevant Transaction Security Document has been granted and such security can be effectively created as contemplated therein without causing a breach of the relevant Contract of Services); 

“Excluded Swap Obligation” means, with respect to any Obligor, any Swap Obligation if, and to the extent that, all or a
portion of any guarantee of such Obligor of, or the grant by such Obligor of a security interest to secure, such Swap Obligation (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of
the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Obligor’s failure for any reason to constitute an ECP at the time of any guarantee of such Obligor or the grant of such
security interest becomes or would become effective with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that
is attributable to swaps for which any such guarantee or security interest is or becomes illegal; 
 “Existing Financial
Indebtedness” means any agreement providing for or making available (i) any Financial Indebtedness of any Borrower or Subsidiary of any Borrower as set out in Part 1 of Schedule 15 (Existing Financial Indebtedness) and
existing as at the date of this Agreement and (ii) any Financial Indebtedness of a US Borrower or a Subsidiary of that US Borrower (other than the Original Borrowers and their Subsidiaries) existing as of the applicable US Borrower Accession
Date as set out in Part 2 of Schedule 15 (Existing Financial Indebtedness) in the case of Bristow U.S. LLC and in the case of any other US Borrower as set out in a list (in the same form as the lists set out in Schedule 15 (Existing
Financial Indebtedness)) provided to the Agent on (or immediately prior to) the applicable US Borrower Accession Date and existing as at that date; 

“Expiry Date” means, for a Letter of Credit, the last day of its Term; 

“Facility” means the Revolving Facility; 

“Facility Office” means: 
  

	 	(a)	 in respect of a Lender or Issuing Bank, the office or offices notified by that Lender or Issuing Bank to the
Agent in writing on or before the date it becomes a Lender or the Issuing Bank (or, following that date, by not less than five Business Days’ written notice) as the office or offices through which it will perform its obligations under this
Agreement; or 

  

	 	(b)	 in respect of any other Finance Party, the office in the jurisdiction in which it is resident for tax purposes;

 “FATCA” means: 
  

	 	(a)	 sections 1471 to 1474 of the Code or any associated regulations; 

  
 25 

	 	(b)	 any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between
the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to in paragraph (a) above; or 

  

	 	(c)	 any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs
(a) or (b) above with the IRS, the US government or any governmental or taxation authority in any other jurisdiction; 

“FATCA Application Date” means: 
  

	 	(a)	 in relation to a “withholdable payment” described in s1473(1)(A)(i) Code (which relates to payments
of interest and certain other payments from sources within the US), 1 July 2014; or 

  

	 	(b)	 in relation to a “passthru payment” described in s1471(d)(7) Code not falling within paragraph
(a) above, the first date from which such payment may become subject to a deduction or withholding required by FATCA; 

“FATCA Deduction” means a deduction or withholding from a payment under a Finance Document required by FATCA; 

“FATCA Exempt Party” means a Party that is entitled to receive payments free from any FATCA Deduction; 

“Federal Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at
http://www.newyorkfed.org, or any successor source; 
 “Fee Letter” means: 

 

	 	(a)	 a fee letter dated 17 April 2018 signed by Barclays Bank PLC and accepted by the Old Parent, Bristow
Helicopters Limited and Bristow Norway AS; 

  

	 	(b)	 any other letter or letters (including letters dated on or about the date of this Agreement and/or on or about
the date of the First Amendment Date) between the Arrangers and the Parent or any other Obligor (or the Agent and the Parent or any other Obligor or the Security Agent and the Parent or any other Obligor) setting out any of the fees referred to in
Clause 17 (Fees); and 

  

	 	(c)	 any agreement between an Obligor and a Finance Party setting out fees payable to a Finance Party referred to in
Clause 2.2(h) (Increase) or Clause 17.3 (Fees payable in respect of Letters of Credit) of this Agreement or under any other Finance Document; 

“Finance Document” means this Agreement, any Accession Deed, any Compliance Certificate, any Fee Letter, any
Resignation Letter, any Transaction Security Document, any Utilisation Request and any other document designated as a “Finance Document” by the Agent and the Obligors’ Agent; 

“Finance Lease” has the meaning given to the term in Clause 26.1 (Financial definitions); 

  
 26 

 “Finance Party” means the Agent, the Arrangers, the Security Agent, a
Lender, an Issuing Bank and the Swingline Lender; 
 “Financial Officer” means the chief financial officer, principal
accounting officer, treasurer or controller of an entity or any person performing similar duties as the foregoing persons (including director acting in such capacity); 

“Financial Indebtedness” means any indebtedness for or in respect of: 

 

	 	(a)	 moneys borrowed and debit balances at banks or other financial institutions; 

 

	 	(b)	 any acceptance under any acceptance credit or bill discounting facility (or dematerialised equivalent);

  

	 	(c)	 any note purchase facility or the issue of bonds (but not Trade Instruments), notes, debentures, loan stock or
any similar instrument; 

  

	 	(d)	 the amount of any liability in respect of Finance Leases; 

 

	 	(e)	 receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis and meet any requirement for de-recognition under the Accounting Principles); 

 

	 	(f)	 any Treasury Transaction (and, when calculating the value of that Treasury Transaction, only the marked to
market value (or, if any actual amount is due as a result of the termination or close-out of that Treasury Transaction, that amount) shall be taken into account); 

 

	 	(g)	 any counter-indemnity obligation in respect of a guarantee, bond, standby or documentary letter of credit or
any other instrument issued by a bank or financial institution in respect of (i) an underlying liability (but not, in any case, Trade Instruments) of an entity which is not a member of the Group which liability would fall within one of the
other paragraphs of this definition or (ii) any liabilities of any member of the Group relating to any post-retirement benefit scheme; 

  

	 	(h)	 any amount raised by the issue of shares which are redeemable (other than at the option of the issuer) before
the Termination Date or are otherwise classified as borrowings under the Accounting Principles; 

  

	 	(i)	 any amount of any liability under an advance or deferred purchase agreement if (i) one of the primary
reasons behind entering into the agreement is to raise finance or to finance the acquisition or construction of the asset or service in question or (ii) the agreement is in respect of the supply of assets or services and payment is due more
than 180 days after the date of supply; 

  

	 	(j)	 any amount raised under any other transaction (including any forward sale or purchase, sale and sale back or
sale and leaseback agreement) having the commercial effect of a borrowing or otherwise classified as borrowings under the Accounting Principles; and 

  
 27 

	 	(k)	 the amount of any liability in respect of any guarantee for any of the items referred to in paragraphs
(a) to (j) above; 

 “Financial Quarter” has the meaning given to that term in Clause 26.1
(Financial definitions); 
 “Financial Support Direction” means a financial support direction issued by
the Pensions Regulator under s43 Pensions Act 2004; 
 “Financial Year” has the meaning given to that term in Clause
26.1 (Financial definitions); 
 “First Amendment and Restatement Agreement” means the amendment and
restatement, confirmation and waiver agreement dated 31 October 2019 between the Old Parent, Bristow Helicopters Limited, Bristow Norway AS, the Agent and the Security Agent in respect of this Agreement; 

“First Amendment Date” has the meaning given to the term “Effective Date” in the First Amendment and
Restatement Agreement; 
 “First Out Applicable Margin” means, in relation to any ABR Rate Loan or Swingline Loan
that is a First Out Loan, 1.25 percent per annum or, in relation to any LIBOR Rate Loan, NIBOR Rate Loan or Foreign Base Rate Loan that is a First Out Loan and any Unpaid Sum (other than any such Unpaid Sum which is an ABR Rate Loan or part
thereof or a Swingline Loan or part thereof) owed to a First Out Lender in its capacity as such, 2.25 percent per annum, but, from the end of the first full Financial Quarter following the Closing Date, if Average Quarterly First Out
Availability in respect of the most recently completed Financial Quarter is within a range set out below, then the First Out Applicable Margin for each First Out Loan will be the percentage per annum set out below in the applicable column opposite
that range: 
  

									
	 Average Quarterly First Out Availability
	  	LIBOR Rate Loans, NIBOR
Rate Loans and Foreign
Base Rate Loans (percent p.a.).	 	  	ABR Rate Loans
and Swingline
Loans (percent
p.a.)	 
	 Greater than
662⁄3 percent
	  	 	2.00	 	  	 	1.00	 
	 Greater than
332⁄3 percent but less than or equal to 662⁄3 percent
	  	 	2.25	 	  	 	1.25	 
	 Less than or equal to 332⁄3 percent
	  	 	2.50	 	  	 	1.50	 

  
 28 

 However: 
  

	 	(i)	 any increase or decrease in the First Out Applicable Margin for a First Out Loan shall take effect on the date
(the “reset date”) which is the first Business Day of the first month of each Financial Quarter (or, if paragraph (ii) below applies, the first Business Day of the calendar month following the calendar month in which the
relevant Aggregate Borrowing Base Certificate is received), by reference to the relevant Aggregate Borrowing Base Certificates; and 

  

	 	(ii)	 in the event that the Agent is not able to calculate the First Out Applicable Margin on the first Business Day
of any month as a result of the Borrowers failing to provide an Aggregate Borrowing Base Certificate at the applicable time, then if required by the Agent (acting on the instructions of the Majority First Out Lenders) the First Out Applicable Margin
for each First Out Loan shall be the highest percentage per annum set out in the table above for the relevant First Out Loan until the first day of the calendar month following the calendar month in which the relevant Aggregate Borrowing Base
Certificate is received; 

 “First Out Availability” means, with respect to (i) the English Borrower,
(ii) the Norwegian Borrower; and (iii) the US Borrowers, at any time, an amount equal to: 
  

	 	(a)	 the lesser of: 

  

	 	(i)	 the US/UK Tranche Commitments (in the case of the English Borrower and the US Borrowers) or the Norwegian
Tranche Commitments (in the case of the Norwegian Borrower); and 

  

	 	(ii)	 in the case of; 

  

	 	1.	 the English Borrower the sum of (x) the First Out Borrowing Base of the English Borrower and (y) the
English Designated Amount from time to time; 

  

	 	2.	 the Norwegian Borrower, the sum of (x) the First Out Borrowing Base of the Norwegian Borrower and
(y) the Norwegian Designated Amount from time to time; or 

  

	 	3.	 the US Borrowers, the First Out Borrowing Base of the US Borrowers, less the English Designated Amount and the
Norwegian Designated Amount from time to time, minus 

  

	 	(b)	 the Aggregate First Out Revolving Exposure in respect of such Borrower, provided that, in relation to any
proposed Utilisation, any First Out Loans that are due to be repaid by that Borrower at the end of their Interest Period (in accordance with Clause 10.1(a) (Repayment of Loans and Letters of Credit)) and any First Out Letters of Credit the
Term of which are due to expire (or in relation to which the Issuing Bank is otherwise satisfied that it will have no further liability), in each case on or before the proposed Utilisation Date (unless and to the extent that such Utilisation due to
be repaid is a Rollover 

  
 29 

	 	Loan in relation to which a Utilisation Request has been submitted prior to the date on which the calculation as to First Out Availability is made) shall be deducted from the Aggregate First Out Revolving Exposure (in
the case of a First Out Letter of Credit to the extent it would otherwise be included) in respect of such Borrower for the purposes of determining First Out Availability in relation to that Utilisation; 

“First Out Borrowing Base” means, at any time, with respect to each of (i) the English Borrower, (ii) the Norwegian
Borrower and (iii) the US Borrowers: 
  

	 	(a)	 the sum of: 

  

	 	(i)	 90 percent (the “First Out Investment Grade Receivables Advance Rate”) of that
Borrower’s (or in the case of the US Borrowers, the US Borrowers’) Eligible Investment Grade Receivables; plus 

  

	 	(ii)	 85 percent (the “First Out Non-Investment Grade
Receivables Advance Rate”) of that Borrower’s (or in the case of the US Borrowers, the US Borrowers’) Eligible Non-Investment Grade Receivables; plus

  

	 	(iii)	 the lesser of (A) USD 10,000,000 and (B) 75 percent (the “First Out Unbilled
Receivables Advance Rate”) of that Borrower’s (or in the case of the US Borrowers, the US Borrowers’) Eligible Unbilled Receivables; minus 

 

	 	(b)	 Reserves (if any) related to such Borrower (or in the case of the US Borrowers, the US Borrowers) or its (or
their, as applicable) assets as advised to the Obligors’ Agent by the Agent in its Permitted Discretion in accordance with this Agreement with at least five Business Days’ prior written notice (with any changes taking effect from the
expiry of such notice period) to the extent not already deducted in the calculation of the amounts in paragraph (a) in the manner provided in the Aggregate Borrowing Base Certificate delivered pursuant to Schedule 2 (Conditions
precedent) or as otherwise agreed by the Obligors’ Agent and the Agent; minus 

  

	 	(c)	 the Availability Block applicable to such Borrower (or in the case of the US Borrowers, the US Borrowers),

 (without double counting in relation to any Reserves or portion of the Availability Block deducted from the LILO
Borrowing Base) and provided always that the First Out Borrowing Base shall be zero upon the occurrence of a Borrowing Base Data Failure for so long as such Borrowing Base Data Failure is continuing and provided further that, until the completion of
field examinations and appraisals in relation to a US Borrower satisfactory to the Agent (acting reasonably and which the Agent shall promptly notify to the Obligors’ Agent on completion of such examinations and appraisals), no assets of that
US Borrower shall be included in the First Out Borrowing Base; 

  
 30 

 “First Out Lender” means: 

 

	 	(a)	 any Original First Out Lender; 

 

	 	(b)	 any bank or financial institution, trust, fund or other entity which has become a Party as a First Out Lender
in accordance with Clause 2.2 (Increase) or Clause 29 (Changes to the Lenders); and 

  

	 	(c)	 any relevant Substitute Affiliate Lender, 

which in each case has not ceased to be a Party as such in accordance with the terms of this Agreement; 

“First Out Letter of Credit” means a Letter of Credit (wholly or in part) issued pursuant to a First Out Tranche; 

“First Out Loan” means a First Out Revolving Facility Loan and where the context requires a Swingline Loan advanced
pursuant to a First Out Tranche; 
 “First Out Revolving Facility Commitment” means with respect to any Lender at any
time, the sum of such Lender’s US/UK Tranche Commitments and Norwegian Tranche Commitments; 
 “First Out Revolving Facility
Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s US/UK Tranche Exposure and Norwegian Tranche Exposure at such time; 

“First Out Revolving Facility Loan” means a US/UK Tranche Loan and/or a Norwegian Tranche Loan or the principal amount
outstanding for the time being of that loan (and shall not include any Swingline Loan); 
 “First Out Tranche” means either
or both of the Norwegian Tranche and the US/US Tranche as the context may require; 
 “First Out Utilisation” means a
First Out Letter of Credit or a First Out Loan; 
 “Foreign Base Rate” means, in relation to any Loan denominated in
sterling, euro or Norwegian Kroner, LIBOR or in the case of Norwegian Kroner, NIBOR for a one-month interest period (as in effect on the first day of the then-current calendar month) for the applicable
currency, calculated daily, provided that if that rate is less than zero for any currency, the Foreign Base Rate shall be deemed to be zero; 

“Foreign Base Rate Loan” means a Loan requested to be made as a Foreign Base Rate Loan in the relevant Utilisation
Request; 
 “Funding Rate” means any individual rate notified by a Lender to the Agent pursuant to Clause 16.3(a)(ii)
(Cost of funds); 
 “Governmental Authority” means the government of any nation or any political subdivision
thereof, whether state or local, the European Central Bank, the Council of Ministers of the European Union, the Federal Reserve Board and/or the Federal Reserve Bank of New York, a committee officially endorsed or convened by the 

  
 31 

 Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto,
and any agency, authority, instrumentality, regulatory body, court, central bank or other entity (including any European supranational body) exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government; 
 “Group” means the Parent, each of its Subsidiaries and any other corporation,
partnership, joint venture, limited liability company, trust, association or other entity, the accounts of which would be consolidated with those of the Parent in the Parent’s consolidated financial statements if such financial statements
were prepared in accordance with the Accounting Principles applicable to the Parent as of such date; 
 “Group Structure Chart”
means the group structure chart delivered to the Agent pursuant to Schedule 2, Part 1 (Conditions precedent to signing of the Agreement and initial Utilisation); 

“Guarantor” means an Original Guarantor, the Parent or an Additional Guarantor, unless it has ceased to be a Guarantor
in accordance with Clause 31 (Changes to the Obligors) or in accordance with the Second Amendment and Restatement Agreement; 

“Holding Company” means, in relation to a person, any other person in respect of which it is a Subsidiary; 

“IFRS” means international accounting standards within the meaning of IAS Regulation 1606/2002 to the extent applicable
to the relevant financial statements; 
 “Impaired Agent” means the Agent at any time when: 

 

	 	(a)	 it has failed to make (or has notified a Party that it will not make) a payment required to be made by it under
the Finance Documents by the due date for payment; 

  

	 	(b)	 the Agent otherwise rescinds or repudiates a Finance Document; 

 

	 	(c)	 (if the Agent is also a Lender) it is a Defaulting Lender under paragraph (a), (b) or (c) of the
definition of “Defaulting Lender”; or 

  

	 	(d)	 an Insolvency Event has occurred and is continuing with respect to the Agent; unless, in the case of paragraph
(a) above: 

  

	 	(i)	 its failure to pay is caused by: 

 

	 	(A)	 administrative or technical error; or 

 

	 	(B)	 a Disruption Event; and 

payment is made within ten Business Days of its due date; or 
  

	 	(ii)	 the Agent is disputing in good faith whether it is contractually obliged to make the payment in question;

  
 32 

 “Increase Confirmation” means a confirmation substantially in the form set
out in Schedule 12 (Form of Increase Confirmation); 
 “Increase Lender” has the meaning given to that term in
Clause 2.2 (Increase); 
 “Information Package” means all written information (other than any Contracts of
Services or information or statements contained therein) provided by the Obligors’ Agent or any other Obligor to the Agent in connection with the Facility prior to the date of this Agreement and/or uploaded prior to the date of this
Agreement to a virtual dataroom to which the Agent and the Lenders have been provided access; 
 “Initial Collection Accounts”
means those bank accounts set out in Schedule 16 (Initial Collection Accounts); 
 “Insolvency Event” in
relation to an entity means that the entity: 
  

	 	(a)	 is dissolved (other than pursuant to a consolidation, amalgamation or merger); 

 

	 	(b)	 becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay
its debts as they become due; 

  

	 	(c)	 makes a general assignment, arrangement or composition with or for the benefit of its creditors;

  

	 	(d)	 institutes or has instituted against it, by a regulator, supervisor or any similar official with primary
insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or organisation or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief
under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation by it or such regulator, supervisor or similar
official; 

  

	 	(e)	 has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under
any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation, and, in the case of any such proceeding or petition
instituted or presented against it, such proceeding or petition is instituted or presented by a person or entity not described in paragraph (d) above and: 

 

	 	(i)	 results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order
for its winding-up or liquidation; or 

  

	 	(ii)	 is not dismissed, discharged, stayed or restrained in each case within 14 days of the institution or
presentation thereof; 

  

	 	(f)	 has exercised in respect of it one or more of the stabilisation powers pursuant to Part 1, Banking Act 2009
and/or has instituted against it a bank insolvency proceeding pursuant to Part 2, Banking Act 2009 or a bank administration proceeding pursuant to Part 3, Banking Act 2009; 

  
 33 

	 	(g)	 has a resolution passed for its winding-up, official management or
liquidation (other than pursuant to a consolidation, amalgamation or merger); 

  

	 	(h)	 seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver,
trustee, custodian, monitor or other similar official for it or for all or substantially all its assets (other than, for so long as it is required by law or regulation not to be publicly disclosed, any such appointment which is to be made, or is
made, by a person or entity described in paragraph (d) above); 

  

	 	(i)	 has a secured party take possession of all or substantially all its assets or has a distress, execution,
attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each
case within 30 days thereafter; 

  

	 	(j)	 causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has
an analogous effect to any of the events specified in paragraphs (a) to (i) above; or 

  

	 	(k)	 takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the
foregoing acts; 

 “Intellectual Property” means: 

 

	 	(a)	 any patents, trade marks, service marks, designs, business names, copyrights, database rights, design rights,
domain names, moral rights, inventions, confidential information, knowhow and other intellectual property rights and interests (which may now or in the future subsist), whether registered or unregistered; and 

 

	 	(b)	 the benefit of all applications and rights to use such assets of each Obligor (which may now or in the future
subsist); 

 “Interest Period” means, in relation to a Loan, each period determined in accordance
with Clause 15 (Interest Periods) and, in relation to an Unpaid Sum, each period determined in accordance with Clause 14.3 (Default interest); 

“Interpolated Screen Rate” means, in relation to any Loan, the rate (rounded to the same number of decimal places as
the two relevant Screen Rates) which results from interpolating on a linear basis between: 
  

	 	(a)	 the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than
the Interest Period of that Loan; and 

  

	 	(b)	 the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the
Interest Period of that Loan, 

  
 34 

 each as of the Specified Time for the currency of that Loan; 

“Investment Grade Account Debtor” means any Account Debtor which is, or is a Subsidiary of an entity which is, rated BBB- or higher by Standard & Poor’s or Baa3 or higher by Moody’s; 
 “Issuing
Bank” means: 
  

	 	(a)	 the Original Issuing Bank; and 

 

	 	(b)	 any Lender which has become a Party as an “Issuing Bank” pursuant to Clause 6.10 (Appointment of
additional Issuing Banks), 

 (and if there is more than one such Issuing Bank, such Issuing Banks shall be referred
to, whether acting individually or together, as the “Issuing Bank”), provided that: 
  

	 	(w)	 in respect of a Letter of Credit issued or to be issued pursuant to the terms of this Agreement, the
“Issuing Bank” shall be the Issuing Bank which has issued or, subject to paragraphs (y) and (z) below is designated by the Obligor’s Agent or relevant Borrower to issue, that Letter of Credit; 

 

	 	(x)	 Barclays Bank PLC as Issuing Bank will only issue standby Letters of Credit; 

 

	 	(y)	 each Original Issuing Bank shall only issue Letters of Credit up to the maximum amount listed next to their
name in Schedule 1, Part 2 (The Original Lenders); and 

  

	 	(z)	 only Barclays Bank PLC or another LILO Lender may be an Issuing Bank in relation to Letters of Credit pursuant
to the LILO Tranche; 

 “IRS” means the United States Internal Revenue Service; 

“ITA” means the Income Tax Act 2007; 

“Joint Venture” means any joint venture entity that is not a member of the Group, whether a company, unincorporated
firm, undertaking, association, joint venture or partnership or any other entity; 
 “L/C Proportion” means in relation to a
Lender in respect of any Letter of Credit, the proportion (expressed as a percentage) borne by that Lender’s relevant Available Commitment to the relevant Available Facility immediately prior to the issue of that Letter of Credit,
adjusted to reflect any assignment or transfer under this Agreement to or by that Lender; 
 “Legal Opinion” means any legal
opinion delivered to the Agent under Clause 4.1 (Initial conditions precedent) or Clause 31 (Changes to the Obligors); 

“Legal Reservations” means: 
  

	 	(a)	 the principle that equitable remedies may be granted or refused at the discretion of a court and the limitation
of enforcement by laws relating to insolvency, reorganisation and other laws generally affecting the rights of creditors; 

  
 35 

	 	(b)	 the time barring of claims under the Limitation Acts the possibility that an undertaking to assume liability
for or indemnify a person against non-payment of UK stamp duty may be void and defences of set-off or counterclaim; 

 

	 	(c)	 the principle that security expressed to be fixed may nevertheless be held to be floating depending on factual
circumstances; 

  

	 	(d)	 the principle that assignments of rights which are prohibited to be assigned may not be effective;

  

	 	(e)	 similar principles, rights and defences under the laws of any Relevant Jurisdiction; and 

 

	 	(f)	 any other matters which are set out as qualifications or reservations as to matters of law of general
application in any Legal Opinion; 

 “Lender” means the First Out Lenders and the LILO Lenders. Where the
context requires, the term “Lenders” includes the Swingline Lender; 
 “Letter of Credit” means:

  

	 	(a)	 a letter of credit in any form requested by the Obligors’ Agent and agreed by the Agent with the prior
consent of the Majority Lenders and the Issuing Bank, each acting reasonably; or 

  

	 	(b)	 any guarantee, indemnity or other instrument in a form requested by a Borrower (or the Obligors’ Agent on
its behalf) and agreed by the Agent with the prior consent of the Majority Lenders and the Issuing Bank, each acting reasonably; 

“LIBOR” means, in relation to any Loan denominated in US dollars, sterling or euro: 

 

	 	(a)	 the applicable Screen Rate (rounded up to the nearest
1/8th of 1 percent) as of the Specified Time for the currency of that Loan and for a period equal in length to the Interest Period of that Loan; or 

 

	 	(b)	 as otherwise determined pursuant to Clause 16.1 (Unavailability of Screen Rate),

 and if, in either case, that rate is less than zero, LIBOR shall be deemed to be zero; 

“LIBOR Rate Loan” means a Loan requested to be made as a LIBOR Rate Loan in the relevant Utilisation Request; 

“LILO Advance Rate” means: 
  

	 	(a)	 in respect of Eligible Investment Grade Receivables, 95 percent minus the First Out Investment
Grade Receivables Advance Rate; 

  

	 	(b)	 in respect of Eligble Non-Investment Grade Receivables, 95 percent
minus the First Out Non-Investment Grade Receivables Advance Rate; and 

  
 36 

	 	(c)	 in respect of Eligible Unbilled Receivables, 95 percent minus the First Out Unbilled Receivables
Advance Rate; 

 “LILO Applicable Margin” means, in relation to any ABR Rate Loan or Swingline Loan
that is a LILO Loan, 2.50 percent per annum or, in relation to any LIBOR Rate Loan, NIBOR Rate Loan or Foreign Base Rate Loan that is a LILO Loan and any Unpaid Sum owed to a LILO Lender in its capacity as such (other than any such Unpaid Sum
which is an ABR Rate Loan or part thereof or a Swingline Loan or part thereof), 3.50 percent per annum; 
 “LILO
Availability” means, with respect to each Borrower, at any time, an amount equal to: 
  

	 	(a)	 the lesser of: 

  

	 	(i)	 the LILO Tranche Commitments; and 

 

	 	(ii)	 in the case of: 

  

	 	1.	 the English Borrower, the LILO Borrowing Base of the English Borrower plus the LILO English Designated Amount
from time to time; 

  

	 	2.	 the Norwegian Borrower, the LILO Borrowing Base of the Norwegian Borrower plus the LILO Norwegian Designated
Amount from time to time; or 

  

	 	3.	 the US Borrowers, the LILO Borrowing Base of the US Borrowers less the LILO English Designated Amount and the
LILO Norwegian Designated Amount from time to time, minus 

  

	 	(b)	 the Aggregate LILO Revolving Exposure in respect of such Borrower, provided that, in relation to any proposed
Utilisation, any LILO Loans that are due to be repaid by that Borrower at the end of their Interest Period (in accordance with Clause 10.1(a) (Repayment of Loans and Letters of Credit)) and any LILO Letters of Credit the Term of which are due
to expire (or in relation to which the Issuing Bank is otherwise satisfied that it will have no further liability), in each case on or before the proposed Utilisation Date (unless and to the extent that such Utilisation due to be repaid is a
Rollover Loan in relation to which a Utilisation Request has been submitted prior to the date on which the calculation as to LILO Availability is made) shall be deducted (in the case of a LILO Letter of Credit to the extent it would otherwise be
included) from the Aggregate LILO Revolving Exposure in respect of such Borrower for the purposes of determining LILO Availability in relation to that Utilisation; 

  
 37 

 “LILO Borrowing Base” means, at any time, with respect to each of
(i) the English Borrower, (ii) the Norwegian Borrower and (iii) the US Borrowers: 
  

	 	(a)	 the sum of: 

  

	 	(i)	 the LILO Advance Rate of that Borrower’s (or in the case of the US Borrowers, the US Borrowers’)
Eligible Investment Grade Receivables; plus 

  

	 	(ii)	 the LILO Advance Rate of that Borrower’s (or in the case of the US Borrowers, the US Borrowers’)
Eligible Non-Investment Grade Receivables; plus 

  

	 	(iii)	 the lesser of (A) USD 1,000,000 and (B) the LILO Advance Rate of that Borrower’s (or in the case
of the US Borrowers, the US Borrowers’) Eligible Unbilled Receivables; minus 

  

	 	(b)	 Reserves (if any) related to such Borrower (or in the case of the US Borrowers, the US Borrowers) or its (or
their, as applicable) assets as advised to the Obligors’ Agent by the Agent in its Permitted Discretion in accordance with this Agreement with at least five Business Days’ prior written notice (with any changes taking effect from the
expiry of such notice period) to the extent not already deducted in the calculation of the amounts in paragraph (a) in the manner provided in the Aggregate Borrowing Base Certificate delivered pursuant to Schedule 2 (Conditions
precedent) or as otherwise agreed by the Obligors’ Agent and the Agent to the extent they are to be applied to the LILO Borrowing Base of that Borrower (or in the case of the US Borrowers, the US Borrowers) in accordance with Clause 4.6;
minus 

  

	 	(c)	 the Availability Block applicable to such Borrower (or in the case of the US Borrowers, the US Borrowers) to
the extent it is to be applied to the LILO Borrowing Base of that Borrower (or in the case of the US Borrowers, the US Borrowers) pursuant to Clause 4.5, 

(without double counting in relation to any Reserves or portion of the Availability Block deducted from the First Out Borrowing Base) and
provided always that the LILO Borrowing Base shall be zero upon the occurrence of a Borrowing Base Data Failure for so long as such Borrowing Base Data Failure is continuing and provided further that, until the completion of field examinations and
appraisals in relation to a US Borrower satisfactory to the Agent (acting reasonably and which the Agent shall promptly notify to the Obligors’ Agent on completion of such examinations and appraisals), no assets of that US Borrower shall be
included in the LILO Borrowing Base; 
 “LILO English Designated Amount” means the amount of the LILO Borrowing Base of the
US Borrowers which has been designated in writing by the Obligors’ Agent to the Agent from time to time (or specified in the then most recent Aggregate Borrowing Base Certificate) as being available for utilisation by the English Borrower
(provided always that the sum of the LILO English Designated Amount and the LILO Norwegian Designated Amount may not exceed the amount of the LILO Borrowing Base of the US Borrowers); 

“LILO Lender” means: 
  

	 	(a)	 the Original LILO Lender; 

  
 38 

	 	(b)	 any bank or financial institution, trust, fund or other entity which has become a Party as a LILO Lender in
accordance with Clause 2.2 (Increase) or Clause 29 (Changes to the Lenders); and 

  

	 	(c)	 any relevant Substitute Affiliate Lender, 

which in each case has not ceased to be a Party as such in accordance with the terms of this Agreement; 

“LILO Letter of Credit” means a Letter of Credit issued (wholly or in part) pursuant to the LILO Tranche; 

“LILO Loan” means a LILO Revolving Facility Loan and where the context applies a Swingline Loan advanced by a LILO
Lender under the LILO Tranche; 
 “LILO Norwegian Designated Amount” means the amount of the LILO Borrowing Base of
the US Borrowers which has been designated in writing by the Obligors’ Agent to the Agent from time to time (or specified in the then most recent Aggregate Borrowing Base Certificate) as being available for utilisation by the Norwegian Borrower
(provided always that the sum of the LILO Norwegian Designated Amount and the LILO English Designated Amount may not exceed the amount of the LILO Borrowing Base of the US Borrowers); 

“LILO Revolving Facility Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal
amount of such Lender’s participations in LILO Tranche Loans, LILO Letters of Credit and Swingline Exposure in relation to the LILO Tranche at such time; 

“LILO Revolving Facility Loan” means a LILO Tranche Loan or the principal amount outstanding for the time being of that
loan (and shall not include any Swingline Loan); 
 “LILO Tranche” means the revolving credit facility made available under
this Agreement as described in Clause 2.1(a)(ii) (The Facilities); 
 “LILO Tranche Commitments” means: 

 

	 	(a)	 in relation to an Original LILO Lender, the amount in the Base Currency set opposite its name under the heading
“LILO Tranche Commitment” in Schedule 2, Part 2 (The Original Lenders) and the amount of any other LILO Tranche Commitment transferred to it under this Agreement or assumed by it pursuant to the terms of Clause 2.2
(Increase); and 

  

	 	(b)	 in relation to any other Lender, the amount in the Base Currency of any LILO Tranche Commitment transferred to
it under this Agreement or assumed by it in accordance with Clause 2.2 (Increase), 

 to the extent not cancelled,
reduced or transferred by it under this Agreement; 
 “LILO Tranche Loan” means a loan made or to be made under the LILO
Tranche or the principal amount outstanding for the time being of that loan (and shall not include any Swingline Loan); 

  
 39 

 “LILO Utilisation” means a LILO Letter of Credit or a LILO Loan; 

“Limitation Acts” means the Limitation Act 1980 and the Foreign Limitation Periods Act 1984; 

“LMA” means the Loan Market Association; 

“Loan” means a First Out Loan or a LILO Loan; 

“Majority First Out Lenders” means: 
  

	 	(a)	 if at any time there are three or more First Out Lenders, a First Out Lender or First Out Lenders whose First
Out Tranche Commitments aggregate more than 50 percent of the Total First Out Commitments (or, if the Total First Out Commitments have been reduced to zero, aggregated more than 50 percent of the Total First Out Commitments immediately
prior to that reduction); or 

  

	 	(b)	 if at any time there are two or fewer First Out Lenders, a First Out Lender or First Out Lenders whose First
Out Tranche Commitments aggregate 100 percent of the Total First Out Commitments (or, if the Total First Out Commitments have been reduced to zero, aggregated 100 percent of the Total First Out Commitments immediately prior to that
reduction). 

 “Majority Lenders” means: 

 

	 	(a)	 if at any time there are three or more Lenders, a Lender or Lenders whose Revolving Facility Commitments
aggregate more than 50 percent of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 50 percent of the Total Commitments immediately prior to that reduction); or 

 

	 	(b)	 if at any time there are two or fewer Lenders, a Lender or Lenders whose Revolving Facility Commitments
aggregate 100 percent of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated 100 percent of the Total Commitments immediately prior to that reduction). 

“Majority LILO Lenders” means: 
  

	 	(a)	 if at any time there are three or more LILO Lenders, a LILO Lender or LILO Lenders whose LILO Tranche
Commitments aggregate more than 50 percent of the Total LILO Commitments (or, if the Total LILO Commitments have been reduced to zero, aggregated more than 50 percent of the Total LILO Commitments immediately prior to that reduction); and

  

	 	(b)	 if at any time there are two or fewer LILO Lenders, a LILO Lender or LILO Lenders whose LILO Tranche
Commitments aggregate 100 percent of the Total LILO Commitments (or, if the Total LILO Commitments have been reduced to zero, aggregated 100 percent of the Total LILO Commitments immediately prior to that reduction). 

  
 40 

 “Material Adverse Effect” means a material adverse effect on: 

 

	 	(a)	 the business, operations, property or financial condition of (i) the Parent, (ii) each Obligor
individually and/or (iii) the Parent and the Restricted Subsidiaries taken as a whole; or 

  

	 	(b)	 the ability of an Obligor to perform its obligations pursuant to Clause 10.2(a) (Restrictions on Receivables
and Cash Dominion), Clause 25.5 (Borrowing Base Certificate and related information), Clause 27.28(a) (Access, Maintenance of records and field examinations) and its payment obligations under the Finance Documents; or

  

	 	(c)	 the validity or enforceability of, or the effectiveness or ranking of any Security granted or purporting to be
granted pursuant to any of, the Finance Documents or the rights or remedies of any Finance Party under any of the Finance Documents (not including any recategorisation of any fixed charge over Collection Accounts of a Borrower other than the English
Borrower as a floating charge); 

 “Material Indebtedness” means: 

 

	 	(a)	 the term loan credit agreement dated as of 1 February 2017 among Bristow U.S. LLC, the lenders party
thereto and Macquarie Bank Limited, as agent; 

  

	 	(b)	 the credit agreement dated as of 17 July 2017 among Bristow Equipment Leasing, the financial institutions
named therein and PK AirFinance S.à r.l., as agent; 

  

	 	(c)	 any indebtedness of the Borrowers and their consolidated Subsidiaries in excess of USD 50,000,000; and

  

	 	(d)	 any indenture or other agreement governing Financial Indebtedness of the Parent or any Restricted Subsidiary
under which an aggregate principal amount in excess of USD 50,000,000 is outstanding at such time; 

 “Month”
means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month, except that: 
  

	 	(a)	 (subject to paragraph (c) below) if the numerically corresponding day is not a Business Day, that period
shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately preceding Business Day; 

 

	 	(b)	 if there is no numerically corresponding day in the calendar month in which that period is to end, that period
shall end on the last Business Day in that calendar month; and 

  

	 	(c)	 if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on
the last Business Day in the calendar month in which that Interest Period is to end. 

 The above rules will only apply to
the last Month of any period; 

  
 41 

 “Multiemployer Plan” means a “multiemployer plan” within
the meaning of s4001(a)(3) of ERISA which is covered by Title IV of ERISA and which is contributed to (or to which there is an obligation to contribute) by any Obligor or ERISA Affiliate; 

“New Lender” has the meaning given to that term in Clause 29 (Changes to the Lenders); 

“NIBOR” means, in relation to any Loan denominated in Norwegian Kroner: 

 

	 	(a)	 the applicable Screen Rate (rounded upwards to five decimal places) as of the Specified Time for the currency
of that Loan and for a period equal in length to the Interest Period of that Loan; or 

  

	 	(b)	 as otherwise determined pursuant to Clause 16.1 (Unavailability of Screen Rate),

 and if, in either case, that rate is less than zero, NIBOR shall be deemed to be zero; 

“NIBOR Rate Loan” means a Loan requested to be made as a NIBOR Rate Loan in the relevant Utilisation Request; 

“Non-Acceptable L/C Lender” means a Lender under the Revolving Facility which: 

 

	 	(a)	 is not an Acceptable Bank; 

 

	 	(b)	 is a Defaulting Lender; or 

 

	 	(c)	 has failed to make (or has notified the Agent that it will not make) a payment to be made by it under Clause
7.3 (Indemnities) or Clause 32.11 (Lenders’ indemnity to the Agent) or any other payment to be made by it under the Finance Documents to or for the account of any other Finance Party in its capacity as Lender by the
due date for payment unless the failure to pay falls within the description of any of those items set out at paragraphs (i) and (ii) of the definition of “Defaulting Lender”; 

“Non-Consenting Lender” has the meaning given to that term in Clause 42.6
(Replacement of Lender); 
 “Non-US Subsidiary” means any direct or
indirect Subsidiary that is not organised or formed under the laws of the United States or any state or territory thereof or the District of Columbia; 

“Norway” means the Kingdom of Norway; 

“Norwegian Borrower” means Bristow Norway AS and each other Borrower resident for tax purposes in Norway; 

“Norwegian Designated Amount” means the amount of the First Out Borrowing Base of the US Borrowers which has been
designated in writing by the Obligors’ Agent to the Agent from time to time (or specified in the then most recent Aggregate Borrowing Base Certificate) as being available for utilisation by the Norwegian Borrower (provided always that the sum
of the Norwegian Designated Amount and the English Designated Amount may not exceed the amount of the First Out Borrowing Base of the US Borrowers); 

  
 42 

 “Norwegian Obligor” means the Norwegian Borrower and any other Obligor
incorporated and existing in Norway; 
 “Norwegian Qualifying Lender” means a Lender which is beneficially entitled
to interest payable to that Lender in respect of an advance under a Finance Document and which is: 
  

	 	(a)	 a Lender which is: 

  

	 	(i)	 a company resident in Norway for Norwegian tax purposes; or 

 

	 	(ii)	 a company not so resident in Norway which carries on a trade in Norway through a permanent establishment and
which brings into account interest payable in respect of that advance in computing its taxable income in Norway; or 

  

	 	(b)	 a Norwegian Treaty Lender; 

“Norwegian Tranche” means the revolving credit facility made available under this Agreement as described in Clause
2.1(a)(i)(B) (The Facilities); 
 “Norwegian Tranche Commitments” means: 

 

	 	(a)	 in relation to an Original Lender, the amount in the Base Currency set opposite its name under the heading
“Norwegian Tranche Commitment” in Schedule 2, Part 2 (The Original Lenders) and the amount of any of its US/UK Tranche Commitment reallocated as a Norwegian Tranche Commitment pursuant to Clause 5.7 (Adjustment of Tranches) and the amount
of any other Norwegian Tranche Commitment transferred to it under this Agreement or assumed by it pursuant to the terms of Clause 2.2 (Increase); and 

  

	 	(b)	 in relation to any other Lender, the amount in the Base Currency of any Norwegian Tranche Commitment
transferred to it under this Agreement or assumed by it in accordance with Clause 2.2 (Increase) and the amount of any of its US/UK Tranche Commitment reallocated as a Norwegian Tranche Commitment pursuant to Clause 5.7 (Adjustment of
Tranches), 

 to the extent not cancelled, reduced or transferred by it under this Agreement or reallocated as a US/UK
Tranche Commitment pursuant to Clause 5.7 (Adjustment of Tranches); 
 “Norwegian Tranche Exposure” means,
with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s participations in Norwegian Tranche Loans, Swingline Exposure and Letters of Credit in relation to the Norwegian Tranche at such time;

  
 43 

 “Norwegian Tranche Loan” means a loan made or to be made under the
Norwegian Tranche or the principal amount outstanding for the time being of that loan (and shall not include any Swingline Loan); 

“Norwegian Treaty Lender” means a Lender which: 
  

	 	(a)	 is treated as resident of a Norwegian Treaty State for the purposes of the Norwegian Treaty; and

  

	 	(b)	 does not carry on business in Norway through a permanent establishment with which that Lender’s
participation in the Loan is effectively connected; 

 “Norwegian Treaty State” means a jurisdiction
having a double taxation agreement with Norway (a “Norwegian Treaty”) which makes provision for full exemption from tax imposed by Norway on interest; 

“Notifiable Debt Purchase Transaction” has the meaning given to that term in Clause 30.2(b) (Disenfranchisement on
Debt Purchase Transactions entered into by Group Companies); 
 “Obligor” means a Borrower or a Guarantor; 

“Obligors’ Agent” means the Parent, appointed to act on behalf of each Obligor in relation to the Finance
Documents pursuant to Clause 2.4 (Obligors’ Agent); 
 “OFAC” means the Office of Foreign Assets Control of the
United States Department of the Treasury; 
 “Old Parent” means Bristow Holdings U.S. Inc. (formerly known as Bristow
Group Inc.); 
 “Original Financial Statements” means: 

 

	 	(a)	 in relation to the Old Parent, its audited financial statements for its Financial Year ended 31 March
2017; 

  

	 	(b)	 in relation to each Original Obligor other than the Old Parent, its unaudited financial statements for its
Financial Quarter ended 31 December 2017; and 

  

	 	(c)	 in relation to any other Obligor: 

 

	 	(i)	 its audited financial statements (if available, in the case of an Obligor which has been acquired by the Group
after the date of this Agreement); or 

  

	 	(ii)	 its unaudited financial statements (in the case of any other member of the Group or any Obligor acquired by the
Group after the date of this Agreement which does not have audited financial statements), 

 in each case delivered to the
Agent as required by Clause 31 (Changes to the Obligors) or the Second Amendment and Restatement Agreement; 

  
 44 

 “Original Jurisdiction” means, in relation to an Obligor, the jurisdiction
under whose laws that Obligor is incorporated as at the date of this Agreement or, in the case of an Additional Obligor, as at the date on which that Additional Obligor becomes Party as a Borrower or a Guarantor (as the case may be); 

“Original First Out Lender” means Barclays Bank PLC or Credit Suisse AG, Cayman Islands Branch; 

“Original LILO Lender” means Barclays Bank PLC; 

“Original Obligor” means an Original Borrower or an Original Guarantor; 

“Parent” means (i) at all times up to the Second Amendment Date, the Old Parent; and (ii) at all times from
and including the Second Amendment Date, the New Parent; 
 “Parent’s Auditors” means such nationally or
internationally recognised firm appointed by the Parent to act as its independent auditors from time to time; 

“Participating Member State” means any member state of the European Union that has the euro as its lawful currency in
accordance with legislation of the European Union relating to Economic and Monetary Union; 
 “Party” means a party to this
Agreement; 
 “PBGC” means the United States Pension Benefit Guaranty Corporation or any successor to it; 

“Pensions Regulator” means the body corporate called the Pensions Regulator established under Part I Pensions Act 2004;

 “Permitted Acquisition” means: 
  

	 	(a)	 an acquisition by a Borrower or Subsidiary of a Borrower of an asset sold, leased, transferred or otherwise
disposed of by a member of the Group if such acquisition is made: (i) at a time when no Default is continuing or (ii) in circumstances otherwise constituting a Permitted Disposal (other than pursuant to paragraph (a) of the definition
thereof); 

  

	 	(b)	 an acquisition of shares or securities pursuant to a Permitted Share Issue; 

 

	 	(c)	 an acquisition of securities which are Cash Equivalent Investments or an acquisition of other securities in the
ordinary course of business; 

  

	 	(d)	 any acquisition of shares or securities in satisfaction of trade payables pursuant to any reorganisation of or
any bankruptcy or insolvency proceedings in relation to any debtor; 

  

	 	(e)	 the incorporation of a company which on incorporation becomes a member of the Group; 

 

	 	(f)	 an acquisition, of issued share capital of a limited liability company or partnership but only if:

  
 45 

	 	(i)	 no Default is continuing on the closing date for the acquisition or would occur as a result of the acquisition;

  

	 	(ii)	 the acquired company, business or undertaking is engaged in a business substantially the same as that carried
on by the Borrowers or other members of the Group; and 

  

	 	(g)	 any acquisition to which has been consented to by the Majority Lenders; 

“Permitted Discretion” means a commercially reasonable determination made in good faith in accordance with customary
business practice (from the perspective of a secured asset based lender in a comparable transaction) and any exercise or non-exercise of any right or any determination or any similar action expressed in the
Finance Documents to be exercisable, made, or taken in the Agent’s Permitted Discretion shall not require any consent or discretion from any other Finance Party; 

“Permitted Disposal” means any sale, lease, licence, transfer or other disposal (including by way of merger or any
disposition of property to a Divided Person pursuant to a Division) which, except in the case of paragraphs (a), (c) or (d), is on arm’s length terms: 
  

	 	(a)	 of any asset (other than the Charged Property) by a Borrower or Subsidiary of a Borrower to a member of the
Group if such disposal is made at a time when no Default is continuing; 

  

	 	(b)	 of aircraft, engines, parts, equipment, trading stock or other assets (other than the Charged Property) or
cash, made by a member of the Group in the ordinary course of business of the disposing entity; 

  

	 	(c)	 of any asset by a Borrower to another Borrower including a Permitted Intra-Borrower Transfer;

  

	 	(d)	 of any asset by a Subsidiary of a Borrower to a Borrower or another Subsidiary of a Borrower;

  

	 	(e)	 of assets in exchange for other assets comparable or superior as to type, value and quality (other than an
exchange of a non-cash asset for cash); 

  

	 	(f)	 of obsolete or redundant aircraft, parts, vehicles, plant and equipment and other assets;

  

	 	(g)	 of Cash Equivalent Investments for cash or in exchange for other Cash Equivalent Investments;

  

	 	(h)	 constituted by a licence of intellectual property rights permitted by Clause 27.29 (Intellectual
Property); 

  

	 	(i)	 to a Joint Venture, to the extent permitted by Clause 27.12 (Joint ventures); 

 

	 	(j)	 arising as a result of any Permitted Security or arising as a result of any security or Quasi Security granted
in connection with any Permitted Financial Indebtedness; 

  
 46 

	 	(k)	 of real estate for cash on arm’s length terms; 

 

	 	(l)	 of aircraft, engines, parts or equipment to another member of the Group which is not otherwise permitted
pursuant to any other paragraph of this definition of “Permitted Disposal” and is made in exchange for cash, intercompany loans and/or notes and/or Stock in a member of the Group equal to the approximate value of such aircraft, engines,
parts or equipment provided that any such disposal by either the English Borrower or the Norwegian Borrower does not exceed (A) USD 15,000,000 (or its equivalent) in total during the term of this Agreement and/or (B) USD 5,000,000
(or its equivalent) in any Financial Year of the Parent; 

  

	 	(m)	 has been consented to by the Majority Lenders; and 

 

	 	(n)	 of assets for cash where the higher of the market value and net consideration receivable (when aggregated with
the higher of the market value and net consideration receivable for any other sale, lease, licence, transfer or other disposal by any Borrower or Subsidiary of any Borrower not allowed under the preceding paragraphs) does not exceed USD 15,000,000
(or its equivalent) in total during the term of this Agreement and does not exceed USD 10,000,000 (or its equivalent) in any Financial Year of the Parent provided that if any such assets are, immediately prior to their
disposal, Charged Property, in the event that any such disposal exceeds an aggregate amount of USD 5,000,000 (or its equivalent) during the term of this Agreement the Obligors’ Agent shall, promptly following such disposal,
provide the Agent with an updated Aggregate Borrowing Base Certificate taking account of such disposal; 

“Permitted Financial Indebtedness”means Financial Indebtedness: 

 

	 	(a)	 owed by any Borrower or Subsidiary of a Borrower to another member of the Group as of the First Amendment Date
(or in the case of a US Borrower and its Subsidiaries (other than the Original Borrowers and their Subsidiaries), as of the applicable US Borrower Accession Date), or incurred by any Borrower or Subsidiary of a Borrower from any other member of the
Group on or after the First Amendment Date (or in the case of a US Borrower and its Affiliates (other than the Original Borrowers and their Subsidiaries), after the applicable US Borrower Accession Date) at a time when no Default is continuing, and
any premiums, expenses, interest or fees accrued thereon (for the avoidance of doubt, this excludes the Discontinued Indebtednesss to the extent that it is not repaid, prepaid, converted or otherwise discharged in accordance with the Plan of
Reorganization); 

  

	 	(b)	 arising under Existing Financial Indebtedness including any further borrowings thereunder up to the maximum
amount permitted to be available to be borrowed under such Existing Financial Indebtedness as of the First Amendment Date in the case of Existing Financial Indebtedness of the Original Borrowers and their Subsidiaries and as of the applicable US
Borrower Accession Date in the case of the Existing Financial Indebtedness of the relevant US Borrower acceding on that date and its Subsidaries (other than the Original Borrowers and their Subsidiaries and any US Borrower which is

  
 47 

	 	already party to this Agreement at such time) and any Financial Indebtedness incurred or applied to refinance or otherwise repay or prepay any such Existing Financial Indebtedness to the extent so applied and not
exceeding the principal amount of such refinanced or repaid Existing Financial Indebtedness and any premiums, expenses, interest or fees accrued on any of the foregoing; 

 

	 	(c)	 to the extent covered by a Letter of Credit; 

 

	 	(d)	 arising under a foreign exchange transaction for spot or forward delivery entered into in connection with
protection against fluctuation in currency rates where that foreign exchange exposure arises in the ordinary course of trade or in respect of Utilisations made in Agreed Currencies, but not a foreign exchange transaction for investment or
speculative purposes; 

  

	 	(e)	 arising under a Permitted Loan or a Permitted Guarantee or as permitted by Clause 27.32 (Treasury
Transactions); 

  

	 	(f)	 of any person acquired by a Borrower or Subsidiary of a Borrower after the First Amendment Date which is
incurred under arrangements in existence at the date of acquisition, but not incurred or increased or having its maturity date extended in contemplation of, or since, that acquisition, and outstanding only for a period of three months following the
date of acquisition; 

  

	 	(g)	 under Finance Leases of aircraft, parts, engines, vehicles, plant, equipment or computers, provided that the
aggregate capital value of all such items so leased under outstanding leases by the Borrowers does not exceed USD 100,000,000 (or its equivalent in other currencies) at any time; 

 

	 	(h)	 arising under the Finance Documents; 

 

	 	(i)	 which are Banking Services Obligations or Swap Agreement Obligations; 

 

	 	(j)	 the incurrence of which has been consented to by the Majority Lenders; and 

 

	 	(k)	 not permitted by the preceding paragraphs and the outstanding principal amount of which does not exceed USD
100,000,000 (or its equivalent) in aggregate for the Borrowers and their Subsidiaries at any time; 

 “Permitted
Guarantee” means: 
  

	 	(a)	 any guarantee of the obligations of any member of the Group existing on the date of this Agreement (or in the
case of a US Borrower and its Affiliates (other than the Original Borrowers and their Subsidiaries), as of the applicable US Borrower Accession Date) or given or otherwise entered into for or on behalf of any member of the Group after the date of
this Agreement (or in the case of a US Borrower and its Affiliates (other than the Original Borrowers and their Subsidiaries), after the applicable US Borrower Accession Date) at a time when no Default is continuing; 

 

	 	(b)	 the endorsement of negotiable instruments in the ordinary course of trade; 

  
 48 

	 	(c)	 any performance or similar bond guaranteeing performance by a member of the Group under any contract entered
into in the ordinary course of trade; 

  

	 	(d)	 any guarantee of a Joint Venture to the extent permitted by Clause 27.12 (Joint ventures);

  

	 	(e)	 any guarantee permitted under Clause 27.24 (Financial Indebtedness); 

 

	 	(f)	 any guarantee given in respect of the netting or set-off arrangements
permitted pursuant to paragraph (b) of the definition of “Permitted Security”; 

  

	 	(g)	 any indemnity given in the ordinary course of the documentation of an acquisition or disposal transaction which
is a Permitted Acquisition or Permitted Disposal which indemnity is in a customary form and subject to customary limitations; 

  

	 	(h)	 any indemnity given in favour of a person who is not a member of the Group in the ordinary course of business;

  

	 	(i)	 any guarantee under the Finance Documents; 

 

	 	(j)	 any guarantee of Banking Services Obligations or Swap Agreement Obligations; and 

 

	 	(k)	 any guarantee which has been consented to by the Majority Lenders; 

“Permitted Holder” means each of (a) Solus Alternative Asset Management, LP, South Dakota Investment Council,
Empyrean Capital Partners, LP, Bain Capital, LP, Cove Key Management LP, Mill Hill Capital, LLC, Oak Hill Capital Management, LLC, Highbridge Capital Management, LLC, Whitebox Advisors, LLC, DW Partners, LP and Blackrock, Inc., or any of their
Affiliates (other than any Affiliate that is an operating company) and (b) any funds or managed accounts advised or managed by any of the entities listed in the preceding clause (a); 

“Permitted Intra-Borrower Transfer” means a sale, transfer or other disposal of Receivables or Charged Property from
Bristow U.S. LLC to Era Helicopters; 
 “Permitted Joint Venture” means any investment in any Joint Venture where: 

 

	 	(a)	 the Joint Venture is a limited liability company, limited liability corporation or partnership or any other
entity consented to by the Majority Lenders; 

  

	 	(b)	 the Joint Venture is engaged in a business substantially the same as that carried on by the Borrowers or any of
their Subsidiaries or any other business consented to by the Majority Lenders; and 

  

	 	(c)	 in any financial year of the Parent, the aggregate of: 

 

	 	(i)	 all amounts subscribed for shares in, lent to, or invested in all such Joint Ventures by any Borrower or
Subsidiary of a Borrower; 

  
 49 

	 	(ii)	 the contingent liabilities of any Borrower or Subsidiary of a Borrower under any guarantee given in respect of
the liabilities of any such Joint Venture; and 

  

	 	(iii)	 the book value of any assets transferred by any Borrower or Subsidiary of a Borrower to any such Joint Venture,

 does not exceed USD 25,000,000 (or its equivalent in other currencies or such other amounts as may be approved by the
Majority Lenders); 
 “Permitted Loan” means: 
  

	 	(a)	 any Financial Indebtedness owed to any Borrower or Subsidiary of a Borrower by another member of the Group as
of the date of this Agreement (or in the case of a US Borrower and its Affiliates (other than the Original Borrowers and their Subsidiaries), as of the applicable US Borrower Accession Date) or granted by any Borrower or Subsidiary of a Borrower to
any member of the Group after the date of this Agreement (or in the case of a US Borrower and its Affiliates (other than the Original Borrowers and their Subsidiaries), after the applicable US Borrower Accession Date) if no Default is continuing at
the time of such grant, and any interest or fees accrued thereon; 

  

	 	(b)	 any trade credit extended by any Borrower or Subsidiary of a Borrower to its customers on normal commercial
terms and in the ordinary course of its trading activities and any interest or fees accrued thereon; 

  

	 	(c)	 Financial Indebtedness which is referred to in the definition of, or otherwise constitutes, Permitted Financial
Indebtedness (except under paragraph (e) of that definition) and any interest or fees accrued thereon; 

  

	 	(d)	 any loan made to a Joint Venture to the extent permitted under Clause 27.12 (Joint ventures) and any
interest or fees accrued thereon; 

  

	 	(e)	 any loan made by a Borrower or Subsidiary of a Borrower to another Borrower or a Subsidiary of a Borrower and
any interest or fees accrued thereon; 

  

	 	(f)	 any loan made by a Borrower or Subsidiary of a Borrower to an employee or director of any Borrower or
Subsidiary of a Borrower and any interest or fees accrued thereon if the principal amount of that loan when aggregated with the amount of all loans to employees and directors by Borrowers and their Subsidiaries does not exceed USD 1,000,000 (or its
equivalent) at any time; 

  

	 	(g)	 any Financial Indebtedness consented to by the Majority Lenders; and 

 

	 	(h)	 any loan made by a Borrower or Subsidiary of a Borrower and any interest or fees accrued thereon so long as the
aggregate principal amount of the Financial Indebtedness owed to the Borrowers and their Subsidiaries under any such loans does not exceed USD 25,000,000 (or its equivalent) at any time; 

  
 50 

 “Permitted Security” means: 

 

	 	(a)	 any lien arising by operation of law and in the ordinary course of trading and not as a result of any default
or omission by any Borrower; 

  

	 	(b)	 any netting or set-off arrangement entered into by any Borrower or
Subsidiary of a Borrower in the ordinary course of its banking arrangements for the purpose of netting debit and credit balances but only so long as (i) such arrangement does not permit either (x) credit balances of any Borrower on
Collection Accounts or (y) the proceeds of Receivables of Eligible Account Debtors (other than Excluded Receivables) to be netted or set off against debit balances of members of the Group which are not Borrowers and (ii) such arrangement
does not give rise to other Security over the Charged Property of Borrowers; 

  

	 	(c)	 any payment or close out netting or set-off arrangement pursuant to any
Treasury Transaction or foreign exchange transaction entered into by a Borrower which constitutes Permitted Financial Indebtedness, excluding any Security or Quasi-Security under a credit support arrangement; 

 

	 	(d)	 any Security or Quasi-Security over or affecting any asset of any Borrower or Subsidiary of a Borrower other
than Charged Property of the Borrowers; and 

  

	 	(e)	 any Security or Quasi-Security created or expressed to be created pursuant to the Finance Documents;

 “Permitted Share Issue” means an issue of shares by a Borrower or Subsidiary of a Borrower to
another member of the Group or any of their Affiliates or any other person provided it does not cause a Change of Control; 

“Plan” means an employee pension benefit plan, as defined in s3(2) of ERISA (other than a Multiemployer Plan), subject
to the provisions of Title IV of ERISA or s412 of the Code that is maintained or contributed to, or required to be contributed to, by any Obligor or any ERISA Affiliate, or with respect to which any Obligor or any ERISA Affiliate may have any
liability; 
 “Plan of Reorganization” means the Amended Joint Chapter 11 Plan of Reorganization of Bristow Group
Inc. and Its Debtor Affiliates as Further Modified, dated 30 September 2019, as annexed as Exhibit A to the Confirmation Order; 

“Priority Banking Services Obligations” means any Banking Services Obligations designated as such for the purposes of
this Agreement by the Obligors’ Agent to the Agent in writing from time to time and in relation to which, the Agent has established an appropriate Reserve in its Permitted Discretion; 

“Priority Swap Agreement Obligations” means any Swap Agreement Obligations designated as such for the purposes of this
Agreement by the Obligors’ Agent to the Agent in writing from time to time and in relation to which, the Agent has established an appropriate Reserve in its Permitted Discretion; 

  
 51 

 “Qualifying Lender” has the meaning given to that term in Clause 18 (Tax
gross up and indemnities); 
 “Quasi Security” has the meaning given to that term in Clause 27.15
(Negative pledge); 
 “Quotation Day” means, in relation to any period for which an interest rate is to
be determined two Business Days (or, if the currency is euro, two TARGET Days) before the first day of that period, (unless market practice differs in the Relevant Market for that currency, in which case the Quotation Day for that currency
will be determined by the Agent in accordance with market practice in the Relevant Market (and if quotations would normally be given on more than one day, the Quotation Day will be the last of those days)); 

“Receivable” means all book debts, both present and future, due or owing or which may become due or owing to any
Borrower arising under any Contract of Services from any person who is not a member of the Group for the provision or sale of aircraft transportation services (including the proceeds thereof) and the benefit of all related rights, documents and
remedies (including under negotiable or non-negotiable instruments, guarantees, indemnities, legal or equitable charges, reservation of proprietary rights, rights of tracing and liens) and all payments and
proceeds representing or made in respect of the same but not including any termination payments, amounts for the purchase of any equipment or aircraft, any indemnity or damages payments, any insurance proceeds or payments in respect of insurances.
In relation to a Borrower, “its Receivables” means all Receivables in which it has any rights or which are owed to it; 

“Receiver” means a receiver or receiver and manager or administrative receiver of the whole or any part of the Charged
Property appointed in accordance with the Finance Documents; 
 “Related Fund” in relation to a fund (the “first
fund”), means a fund which is managed or advised by the same investment manager or investment adviser as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment manager or
investment adviser is an Affiliate of the investment manager or investment adviser of the first fund; 
 “Relevant Governmental
Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto; 

“Relevant Jurisdiction” means, in relation to an Obligor: 

 

	 	(a)	 its Original Jurisdiction; 

 

	 	(b)	 the jurisdiction whose laws govern the perfection of any of the Transaction Security Documents entered into by
it; and 

  

	 	(c)	 in the case of a US Obligor the jurisdiction where it maintains its principal place of business;

  
 52 

 “Relevant Market” means the London interbank market; 

“Relevant Period” has the meaning given to that term in Clause 26.1 (Financial definitions); 

“Renewal Request” means a written notice delivered to the Agent in accordance with Clause 6.6 (Renewal of a Letter
of Credit); 
 “Repeating Representations” means each of the representations set out in Clause 24.2
(Status) to Clause 24.7 (Governing law and enforcement), Clause 24.12 (No default), paragraphs (e) and (f) of Clause 24.13 (No misleading information), paragraphs (e) and (f) of Clause 24.14
(Financial Statements), Clause 24.19 (Anti Corruption Laws and Sanctions), Clause 24.21 (Ranking) to Clause 24.24 (Legal and beneficial ownership) (other than paragraph (b) of Clause 24.24), Clause 24.28
(Centre of main interests and establishments) and Clause 24.31 (ERISA Plans) to 24.33 (Margin Stock); 

“Representative” means any delegate, agent, manager, administrator, nominee, attorney, trustee, custodian or monitor;

 “Reserves” means any and all reserves which the Agent deems necessary, in its Permitted Discretion (including
(i) reserves for FX volatility, (ii) reserves for dilution of Receivables in excess of 2 percent, (iii) reserves for value added taxes with respect to the Charged Property and payroll withholding taxes for English Borrowers
(including PAYE), (iv) reserves required to provide for the statutory lien as set out in the Norwegian Mortgage Act, Section 6-4 and (v) reserves in relation to any Priority Banking Services
Obligations and any Priority Swap Agreement Obligations, if applicable; 
 “Restricted Subsidiary” of a person means any
Subsidiary of such person that is not an Unrestricted Subsidiary. Unless the context otherwise requires, references to a Restricted Subsidiary shall be to a Restricted Subsidiary of the Parent; 

“Resignation Letter” means a letter substantially in the form set out in Schedule 7 (Form of Resignation
Letter); 
 “Resolution Authority” means any body which has authority to exercise any Write-down and Conversion Powers;

 “Revolving Facility” means the revolving credit facilities made available under this Agreement as described in
Clause 2.1(a)(i) (The Facilities); 
 “Revolving Facility Commitment” means the US/UK Tranche Commitments, the
Norwegian Tranche Commitments and the LILO Tranche Commitments; 
 “Revolving Facility Exposure” means with respect to
any Lender at any time, the sum of such Lender’s First Out Revolving Facility Exposure and its LILO Revolving Facility Exposure at such time; 

“Revolving Facility Loan” means a First Out Revolving Facility Loan and a LILO Revolving Facility Loan; 

  
 53 

 “Rollover Loan” means one or more Revolving Facility Loans: 

 

	 	(a)	 made or to be made on the same day that: 

 

	 	(i)	 a maturing Revolving Facility Loan is due to be repaid; or 

 

	 	(ii)	 a demand by the Agent pursuant to a drawing in respect of a Letter of Credit is due to be met;

  

	 	(b)	 the aggregate amount of which is equal to or less than the amount of the maturing Revolving Facility Loan or
the relevant claim in respect of that Letter of Credit as of the date of the relevant Utilisation Request before giving effect to any prepayments on such date; 

 

	 	(c)	 in the same currency as the maturing Revolving Facility Loan (unless it arose as a result of the operation of
Clause 9.2 (Unavailability of a currency)) or the relevant claim in respect of that Letter of Credit; 

  

	 	(d)	 made or to be made under the same Tranche under which the maturing Revolving Facility Loan was made; and

  

	 	(e)	 made or to be made to the same Borrower for the purpose of: 

 

	 	(i)	 refinancing in whole or in part that maturing Revolving Facility Loan; or 

 

	 	(ii)	 satisfying the relevant claim in respect of that Letter of Credit; 

“Sanctioned Country” means, at any time, a country or territory which is itself the subject or target of any
comprehensive Sanctions (including, as of the date of this Agreement, Cuba, Iran, North Korea and Syria but which does not include, as of the date of this Agreement, the Russian Federation); 

“Sanctioned Person” means, at any time, (a) any person listed in any Sanctions-related list of designated persons
maintained by the OFAC, the U.S. Department of State or by the United Nations Security Council, the European Union or any European Union member state, Her Majesty’s Treasury of the United Kingdom or other relevant sanctions authority (including
designation on OFAC’s Specially designated Nationals and Blocked Persons List), (b) any person located, operating, organized or resident in a Sanctioned Country, (c) any person that is the subject or target of any Sanctions, or (d) any
person owned or controlled by any such person or persons described in the foregoing paragraphs (a), (b) or (c); 
 “Sanctions”
means any economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State, or (b) the United
Nations Security Council, the European Union, any European Union member state, Her Majesty’s Treasury of the United Kingdom or other relevant sanctions authority of the U.S.A., the United Kingdom or any European Union member state; 

  
 54 

 “Screen Rate” means: 

 

	 	(a)	 in relation to LIBOR, the London interbank offered rate administered by ICE Benchmark Administration Limited
(or any other person which takes over the administration of that rate) for the relevant currency and period displayed (before any correction, recalculation or republication by the administrator) on pages LIBOR01 or LIBOR02 of the Thomson Reuters
screen (or any replacement Thomson Reuters page which displays that rate); and 

  

	 	(b)	 in relation to NIBOR, the displayed rates for the relevant period appearing under the heading page
“NIBOR” on the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate) administered by Norske Finansielle Referanser AS and calculated in cooperation with Oslo Stock Exchange acting as calculation agent
(or any other person which takes over the administration and/or calculation of that rate); 

 “Second Amendment and
Restatement Agreement” means the deed of amendment and restatement, accession, transfer, resignation and confirmation dated the Second Amendment Agreement Date between, Bristow Group Inc., Bristow Helicopters Limited, Bristow Norway
AS, Bristow U.S. LLC, Bristow Holdings U.S. Inc., the Agent and the Security Agent in respect of this Agreement; 
 “Second Amendment
Date” has the meaning given to the term “Effective Date” in the Second Amendment and Restatement Agreement; 

“Secured Finance Document Obligations” means all unpaid principal of and accrued and unpaid interest on the Loans, all
amounts outstanding under Letters of Credit, all accrued and unpaid fees owed by the Obligors under the Finance Documents and all expenses, reimbursements, indemnities and other obligations and indebtedness of the Obligors under the Finance
Documents (including interest and fees accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), obligations and liabilities under the
Finance Documents of any of the Obligors to any of the Lenders, the Agent, the Issuing Bank or any indemnified party, individually or collectively, existing on the Closing Date or arising thereafter, direct or indirect, joint or several, absolute or
contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation of law or otherwise, arising or incurred under this Agreement or any of the other Finance Documents or in respect of any of the Loans
made or reimbursement under the Finance Documents or other obligations under the Finance Documents incurred or any of the Letters of Credit or other instruments at any time evidencing any thereof; 

“Secured Obligations” means: 
  

	 	(a)	 all Secured Finance Document Obligations, together with all (i) Banking Services Obligations and
(ii) Swap Agreement Obligations in each case owing to one or more Lenders or (in the case of (i) and (ii)) their respective Affiliates; and 

  
 55 

	 	(b)	 (for the purposes of the US Transaction Security only) also includes all (i) Third Party Banking Services
Obligations and (ii) Third Party Swap Agreement Obligations, provided however that the maximum aggregate amount of such Third Party Banking Services Obligations and/or Third Party Swap Agreement Obligations (as applicable) that shall constitute
Secured Obligations and benefit from the US Transaction Security shall not exceed USD 10,000,000, 

 provided, however,
(i) that the definition of “Secured Obligations” shall not create any guarantee by any Guarantor of (or grant of security interest by any Guarantor to support, as applicable) any Excluded Swap Obligations of such Guarantor for
purposes of determining any obligations of any Guarantor and (ii) the limitation in paragraph (b) above shall operate to limit the aggregate amount of the Third Party Banking Services Obligations and Third Party Swap Obligations that may
benefit from the US Transaction Security but shall not prevent such Third Party Banking Services Obligations and Third Party Swap Obligations exceeding USD 10,000,000 provided that to the extent they do exceed USD 10,000,000 any proceeds of the US
Transaction Security up to such USD 10,000,000 limit that are to be applied to Third Party Banking Services Obligations and Third Party Swap Obligations shall be applied pro rata to such Third Party Banking Services Obligations and Third Party Swap
Obligations; 
 “Secured Parties” means each Finance Party from time to time party to this Agreement, each provider
of Banking Services, to the extent the Banking Services Obligations constitute Secured Obligations, each counterparty to any Swap Agreement, to the extent the obligations thereunder constitute Secured Obligations, each provider of Third Party
Banking Services, to the extent the obligations thereunder constitute Secured Obligations, each counterparty to any Third Party Swap Agreement, to the extent the obligations thereunder constitute Secured Obligations and any Receiver or Delegate;

 “Security” means a mortgage, land charge, charge, pledge, assignment by way of security, lien, transfer of title,
retention of title arrangement, or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect; 

“Separate Loan” has the meaning given to that term in Clause 10.1 (Repayment of Loans); 

“Settlement” has the meaning given to that term in Clause 8(g) (Swingline Loans); 

“Settlement Date” has the meaning given to that term in Clause 8(g) (Swingline Loans); 

“SOFR” with respect to any day means the secured overnight financing rate published for such day by the Federal Reserve
Bank of New York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website; 

“SOFR-Based Rate” means SOFR, Compounded SOFR or Term SOFR; 

“Specified Time” means a day or time determined in accordance with Schedule 11 (Timetables); 

  
 56 

 “Stock” shall mean shares of capital stock or shares in the capital, as the
case may be (whether denominated as common stock or preferred stock or ordinary shares or preferred shares, as the case may be), beneficial, partnership or membership interests, participations or other equivalents (regardless of how
designated) of or in a corporation, partnership, limited liability company, unlimited liability company or equivalent entity, whether voting or non-voting; 

“Structural Intra-Group Loans” means a loan by the Parent to any of its Subsidiaries, and loans made by one member of
the Group to another member of the Group; 
 “Subsidiary” means an entity over which a person has direct or indirect
control or owns directly or indirectly more than 50 percent of the voting capital or similar right of ownership and “control” for the purpose of this Agreement means the power to direct the management and the
policies of the entity whether through the ownership of voting capital, by contract and include a subsidiary undertaking within the meaning of s1162 Companies Act 2006 and a subsidiary within the meaning of s1159 Companies Act 2006 or the Norwegian
Private Limited Liability Companies Act of 13 June 1997 No. 44 as applicable provided that for the purposes of determining the Subsidiaries of any Obligor or other member of the Group, Turkmenistan Helicopters Limited shall be
deemed not to be a “Subsidiary” of an Obligor or other member of the Group unless its accounts have been consolidated with those of the Parent in the most recent consolidated financial statements of the Parent delivered to the Agent
pursuant to Clause 25.1 (Financial statements); 
 “Super Majority First Out Lenders” means: 

 

	 	(a)	 if at any time there are three or more First Out Lenders, a First Out Lender or First Out Lenders whose First
Out Revolving Commitments aggregate more than 662/3 percent of the Total First Out Commitments (or, if the Total First Out Commitments have been reduced to zero, aggregated more than 662/3 percent of the Total First Out Commitments immediately prior to that reduction); or 

  

	 	(b)	 if at any time there are two or fewer First Out Lenders, a First Out Lender or First Out Lenders whose First
Out Revolving Commitments aggregate 100 percent of the Total First Out Commitments (or, if the Total First Out Commitments have been reduced to zero, aggregated 100 percent of the Total First Out Commitments immediately prior to that
reduction) 

 “Super Majority Lenders” means: 

 

	 	(a)	 if at any time there are three or more Lenders, a Lender or Lenders whose Revolving Facility Commitments
aggregate more than 662/3 percent of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than
662/3 percent of the Total Commitments immediately prior to that reduction); or 

  

	 	(b)	 if at any time there are two or fewer Lenders, a Lender or Lenders whose Revolving Facility Commitments
aggregate 100 percent of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated 100 percent of the Total Commitments immediately prior to that reduction). 

  
 57 

 “Super Majority LILO Lenders” means: 

 

	 	(a)	 if at any time there are three or more LILO Lenders, a LILO Lender or LILO Lenders whose LILO Tranche
Commitments aggregate more than 662/3 percent of the Total LILO Commitments (or, if the Total LILO Commitments have been reduced to zero, aggregated more than 662/3 percent of the Total LILO Commitments immediately prior to that reduction); or 

  

	 	(b)	 if at any time there are two or fewer LILO Lenders, a LILO Lender or LILO Lenders whose LILO Tranche
Commitments aggregate 100 percent of the Total LILO Commitments (or, if the Total LILO Commitments have been reduced to zero, aggregated 100 percent of the Total LILO Commitments immediately prior to that reduction). 

“Swap Agreement” means any agreement with respect to any swap, forward, spot, future, credit default or derivative
transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or
pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers,
employees or consultants of the Borrowers or their Subsidiaries shall be a Swap Agreement; 
 “Swap Agreement Obligations”
means any and all obligations of the Borrowers, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor),
under (a) any and all Swap Agreements permitted hereunder with a Lender or an Affiliate of a Lender, and (b) any and all cancellations, buy backs, reversals, terminations or assignments of any such Swap Agreement transaction; 

“Swap Obligation” means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract
or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act or any rules or regulations promulgated thereunder; 

“Swingline Exposure” means, at any time, the aggregate principal amount of all Swingline Loans outstanding at such
time. The Swingline Exposure of any Lender under the US/UK Tranche, Norwegian Tranche and/or the LILO Tranche (as applicable) at any time shall be its Applicable Percentage of the total Swingline Exposure under the relevant Tranche at such time;

 “Swingline Loan” has the meaning given to such term in Clause 8 (Swingline Loans); 

  
 58 

 “TARGET2” means the Trans-European Automated Real-time Gross Settlement
Express Transfer payment system which utilises a single shared platform and which was launched on 19 November 2007; 

“TARGET Day” means any day on which TARGET2 is open for settlement of payment in euro; 

“Tax” means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or
interest payable in connection with any failure to pay or any delay in paying any of the same); 
 “Term” means each period
determined under this Agreement for which the Issuing Bank is under a liability under a Letter of Credit; 
 “Term SOFR”
means, for the applicable Corresponding Tenor, the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body; 

“Termination Date” means the earlier of: 
  

	 	(a)	 17 April 2023; 

  

	 	(b)	 the date being 91 days prior to the then earliest scheduled final maturity of any Material Indebtedness (other
than any Discontinued Indebtedness) the principal amount of which exceeds USD 50,000,000 on such date; and 

  

	 	(c)	 the date on which more than an aggregate amount of USD 50,000,000 of Material Indebtedness (excluding any
Discontinued Indebtedness and any scheduled repayment installments, mandatory prepayments and/or any permitted voluntary prepayments (in each case as required and/or as permitted (as applicable) pursuant to the documentation evidencing the relevant
Material Indebtedness as at the date hereof (or if later, the date the relevant documentation is entered into) or as amended in a manner that does not accelerate or increase any such payments or has been approved by the Agent)) has become due and
payable; 

 “Third Party Banking Services” means each and any of the following bank services
provided to any Borrower by any person other than any Lender or an Affiliate of any Lender: (a) credit cards for commercial customers (including “commercial credit cards” and purchasing cards), (b) stored value cards,
(c) merchant processing services, and (d) treasury management services (including controlled disbursement, automated clearinghouse transactions, return items, any direct debit scheme or arrangement, overdrafts and interstate depository
network services); 
 “Third Party Banking Services Obligations” means any and all obligations of the Borrowers,
whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor) in connection with Third Party Banking Services which have
been designated by the Obligors’ Agent pursuant to Clause 2.5(b) (Banking Services, Third Party Banking Services, Swap Agreement and Third Party Swap Agreements) as being Third Party Banking Services Obligations for the
purposes of this Agreement and the Finance Documents; 

  
 59 

 “Third Party Disposal” means the disposal of a Guarantor (other than the
Parent) to a person which is not a member of the Group where that disposal is permitted under Clause 27.16 (Disposals) or made with the approval of the Majority Lenders (and the Obligors’ Agent has confirmed this is the case);

 “Third Party Swap Agreement” means a Swap Agreement permitted hereunder with any person other than any Lender or
an Affiliate of any Lender 
 “Third Party Swap Agreement Obligations” means any and all obligations of the
Borrowers, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under (a) any and all Third Party Swap
Agreements and (b) any and all cancellations, buy backs, reversals, terminations or assignments of any such Third Party Swap Agreement transaction which have, in each case, been designated by the Obligors’ Agent pursuant to Clause 2.5(b)
(Banking Services, Third Party Banking Services, Swap Agreement and Third Party Swap Agreements) as being Third Party Swap Agreement Obligations for the purposes of this Agreement and the Finance Documents; 

“Total Commitments” means the aggregate of the Revolving Facility Commitments from time to time; 

“Total First Out Commitments” means the aggregate of the First Out Revolving Facility Commitments from time to time;

 “Total LILO Commitments” means the aggregate of the LILO Tranche Commitments from time to time; 

“Trade Instruments” means any performance bonds, or advance payment bonds or documentary letters of credit issued in
respect of the obligations of any member of the Group arising in the ordinary course of business of that member of the Group; 

“Tranche” means a First Out Tranche or the LILO Tranche (as applicable); 

“Transaction Security” means the Security created or expressed to be created in favour of the Security Agent pursuant
to the Transaction Security Documents; 
 “Transaction Security Documents” means each of the documents listed as being a
Transaction Security Document in Schedule 2, Part 1, Paragraph 19 (Conditions precedent to signing of the Agreement and initial Utilisation) and any document required to be delivered to the Agent under Schedule 2, Part 2,
(Conditions precedent required to be delivered by Additional Obligors) together with any other document to be entered into on or after the date of this Agreement by any Obligor creating or expressed to create any Security over
all or any part of its assets in respect of the obligations of any of the Obligors under any of the Finance Documents; 

  
 60 

 “Transfer Certificate” means a certificate substantially in the form set
out in Schedule 4 (Form of Transfer Certificate) or any other form agreed between the Agent and the Obligors’ Agent; 

“Transfer Date” means, in relation to an assignment or a transfer, the later of: 

 

	 	(a)	 the proposed Transfer Date specified in the relevant Assignment Agreement or Transfer Certificate; and

  

	 	(b)	 the date on which the Agent executes the relevant Assignment Agreement or Transfer Certificate;

 “Treasury Transactions” means any derivative transaction entered into in connection with
protection against or benefit from fluctuation in any rate or price; 
 “UK Bail-In
Legislation” means (to the extent that the United Kingdom is not an EEA Member Country which has implemented, or implements, Article 55 BRRD) Part I of the United Kingdom Banking Act 2009 and any other law or regulation applicable in
the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings); 

“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment; 

“Unpaid Sum” means any sum due and payable but unpaid by an Obligor under the Finance Documents; 

“Unrestricted Cash” means, at any time, any Unrestricted Cash Equivalent Investment and any cash in hand or at bank and
(in the latter case) credited to an account in the name of a member of the Group with an Acceptable Bank and that a member of the Group is alone (or together with other members of the Group) beneficially entitled and for so long as: 

 

	 	(a)	 in respect of cash, that cash is repayable on demand and in respect of any Unrestricted Cash Equivalent
Investment, that Unrestricted Cash Equivalent Investment is readily convertible or able to be liquidated into cash that is repayable on demand; 

  

	 	(b)	 repayment of cash referred to in (a) is not contingent on the prior discharge of any other indebtedness of
any member of the Group or of any other person whatsoever or on the satisfaction of any other condition; 

  

	 	(c)	 there is no Security over that cash or that Unrestricted Cash Equivalent Investment except for Transaction
Security or any netting or set-off arrangement entered into by members of the Group in the ordinary course of their banking arrangements and which in the case of a Borrower or a Subsidiary of a Borrower is
Permitted Security; and 

  

	 	(d)	 cash referred to in (a) is freely and immediately available to be applied in repayment or prepayment of
the Facility; 

  
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 “Unrestricted Cash Equivalent Investment” means, a Cash Equivalent (as defined
in Clause 26.1) to which any member of the Group is alone (or together with other members of the Group) beneficially entitled at that time and which is not issued or guaranteed by any member of the Group; 

“Unrestricted Subsidiary” means a Subsidiary of the Parent that has been designated as an “Unrestricted Subsidiary”
pursuant to Clause 26.4 (Unrestricted Subsidiaries) and for the avoidance of doubt does not include any Subsidiary of the Parent which is or becomes a Borrower and/or a Guarantor; 

“US” means the United States of America; 

“USA PATRIOT Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001; 
 “US Bankruptcy Code” means Title 11 of The United States Code (entitled
“Bankruptcy”), as amended from time to time and as now or hereafter in effect, or any successor thereto; 
 “US
Borrower” means any Borrower organised or formed under the law of any state or territory of the US or the District of Columbia; 

“US Borrower Accession Date” means, in respect of each US Borrower, the date on which it accedes to this Agreement as
an Additional Borrower; 
 “US Debtor Relief Laws” means the US Bankruptcy Code and all other federal and state
liquidation, bankruptcy, assignment for the benefit of creditors, conservatorship, moratorium, receivership, insolvency, rearrangement, reorganisation or similar debtor relief laws in effect from time to time; 

“US FCCR Voluntary Prepayment Conditions” means the following conditions: 

 

	 	(a)	 no Event of Default exists; and 

 

	 	(b)	 Aggregate Availability is equal to or greater than the greater of (i) USD 12,500,000 and (ii)
15 percent of the lesser of the (A) Aggregate Borrowing Base and (B) Total Commitments less the aggregate Availability Block; and 

  

	 	(c)	 the Group is in compliance with the financial covenant set out in Clause 26.2 (Financial condition)
(ignoring the requirement for the financial covenant only to be tested during a Cash Dominion Period); 

 “US
Guarantor” means any Guarantor organised or formed under the laws of any state or territory of the United States of America or the District of Columbia; 

“US Non-FCCR Voluntary Prepayment Conditions” means the following conditions:

  

	 	(a)	 no Event of Default exists; 

 

	 	(b)	 Aggregate Availability is equal to or greater than USD 20,000,000; and 

  
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	 	(c)	 the sum of the aggregate Unrestricted Cash available to the Group and the Aggregate Availability is equal to or
greater than USD 100,000,000; 

 “US Obligor” means any US Borrower and any US Guarantor; 

“US Tax Obligor” means: 
  

	 	(a)	 a Borrower which is resident for tax purposes in the US; or 

 

	 	(b)	 an Obligor some or all of whose payments under the Finance Documents are from sources within the US for US
federal income tax purposes; 

 “US Transaction Security” means the Security created or expressed to be
created in favour of the Security Agent pursuant to the Transaction Security Documents governed by the laws of any state of the US; 

“US/UK Tranche” means the revolving credit facility made available under this Agreement as described in Clause
2.1(a)(i)(A) (The Facilities); 
 “US/UK Tranche Commitments” means: 

 

	 	(a)	 in relation to an Original Lender, the amount in the Base Currency set opposite its name under the heading
“US/UK Tranche Commitment” in Schedule 2, Part 2 (The Original Lenders) and the amount of any of its Norwegian Tranche Commitment reallocated as a US/UK Tranche Commitment to it pursuant to Clause 5.7 (Adjustment of Tranches) and
the amount of any other US/UK Tranche Commitment transferred by it under this Agreement or assumed by it pursuant to the terms of Clause 2.2 (Increase); and 

 

	 	(b)	 in relation to any other Lender, the amount in the Base Currency of any US/UK Tranche Commitment transferred to
it under this Agreement or assumed by it in accordance with Clause 2.2 (Increase) and the amount of any of its Norwegian Tranche Commitment reallocated as a US/UK Tranche Commitment pursuant to Clause 5.7 (Adjustment of Tranches),

 to the extent not cancelled, reduced or transferred by it under this Agreement or reallocated as a Norwegian Tranche
Commitment pursuant to Clause 5.7 (Adjustment of Tranches); 
 “US/UK Tranche Exposure” means, with respect to
any Lender at any time, the sum of the outstanding principal amount of such Lender’s participations in US/UK Tranche Loans, Swingline Exposure and Letters of Credit in relation to the US/UK Tranche at such time; 

“US/UK Tranche Loan” means a loan made or to be made under the US/UK Tranche or the principal amount outstanding for
the time being of that loan (and shall not include any Swingline Loan); 
 “Utilisation” means a Loan or a Letter of Credit
and includes, where applicable, any Swingline Loan; 

  
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 “Utilisation Date” means the date of a Utilisation, being the date on which
the relevant Loan is to be made or the relevant Letter of Credit is to be issued; 
 “Utilisation Limits” means, in
relation to: 
  

	 	(a)	 a Lender’s Revolving Facility Exposure, such Lender’s Revolving Facility Commitment; or

  

	 	(b)	 a Lender’s US/UK Tranche Exposure, such Lender’s US/UK Tranche Commitments; or 

 

	 	(c)	 a Lender’s Norwegian Tranche Exposure, such Lender’s Norwegian Tranche Commitments; or

  

	 	(d)	 a Lender’s LILO Revolving Facility Exposure, such Lender’s LILO Tranche Commitments;

  

	 	(e)	 the Aggregate Revolving Exposure, the lesser of (x) the Total Commitments and (y) the Aggregate
Borrowing Base; or 

  

	 	(f)	 the Lenders’ Revolving Facility Exposure, US/UK Tranche Exposure, Norwegian Tranche Exposure or the LILO
Revolving Facility Exposure (as applicable) relating to a Borrower, the lesser of: 

  

	 	(i)	 the US/UK Tranche Commitments, the Norwegian Tranche Commitments or the LILO Tranche Commitments (as
applicable); 

  

	 	(ii)	 in the case of a First Out Utilisation to: 

 

	 	(A)	 the English Borrower, the sum of (x) the First Out Borrowing Base of the English Borrower and (y) the
English Designated Amount at such time; 

  

	 	(B)	 the Norwegian Borrower, the sum of (x) the First Out Borrowing Base of the Norwegian Borrower and
(y) the Norwegian Designated Amount at such time; or 

  

	 	(C)	 the US Borrowers, the First Out Borrowing Base of the US Borrowers, less the English Designated Amount and the
Norwegian Designated Amount at such time; or 

  

	 	(iii)	 in the case of a LILO Utilisation to: 

 

	 	(A)	 the English Borrower, the sum of (x) the LILO Borrowing Base of the English Borrower and (y) the LILO
English Designated Amount at such time; 

  

	 	(B)	 the Norwegian Borrower, the sum of (x) the LILO Borrowing Base of the Norwegian Borrower and (y) the
LILO Norwegian Designated Amount at such time; or 

  
 64 

	 	(C)	 the US Borrowers, the LILO Borrowing Base of the US Borrowers less the LILO English Designated Amount and the
LILO Norwegian Designated Amount at such time; 

 “Utilisation Request” means a notice substantially in
the relevant form set out in Schedule 3 (Utilisation Request); 
 “VAT” means: 

 

	 	(a)	 any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value
added tax (EC Directive 2006/112); and 

  

	 	(b)	 any other tax of a similar nature, whether imposed in a member state of the European Union in substitution for,
or levied in addition to, such tax referred to in paragraph (a), or imposed elsewhere; and 

 “Write-down and
Conversion Powers” means: 
  

	 	(a)	 in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In
Legislation Schedule; 

  

	 	(b)	 in relation to any other applicable Bail-In Legislation:

  

	 	(i)	 any powers under that Bail-In Legislation to cancel, transfer or dilute
shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any
contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a
right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers; and

  

	 	(ii)	 any similar or analogous powers under that Bail-In Legislation; and

  

	 	(c)	 in relation to any UK Bail-In Legislation: 

 

	 	(i)	 any powers under that UK Bail-In Legislation to cancel, transfer or
dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or
any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if
a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that UK Bail-In Legislation that are related to or ancillary to any of those powers; and

  
 65 

	 	(ii)	 any similar or analogous powers under that UK Bail-In Legislation.

  

	1.2	 Construction 

  

	 	(a)	 Unless a contrary indication appears, a reference in this Agreement to: 

 

	 	(i)	 the “Agent”, the “Arrangers”, any “Finance Party”, any
“Issuing Bank”, any “Lender”, any “Obligor”, any “Party”, any “Secured Party”, the “Security Agent” or any other person shall be
construed so as to include its successors in title, permitted assigns and permitted transferees to, or of, its rights and/or obligations under the Finance Documents and, in the case of the Security Agent, any person for the time being
appointed as Security Agent or Security Agents in accordance with the Finance Documents; 

  

	 	(ii)	 the “Agent” includes Barclays Bank PLC acting through any branch as it may designate for the
purposes of this Agreement from time to time provided that unless the Parent otherwise agrees any such branch must be in the United Kingdom or the United States of America; 

 

	 	(iii)	 a document in “agreed form” is a document which is previously agreed in writing by or on
behalf of the Obligors’ Agent and the Agent or, if not so agreed, is in the form specified by the Agent; 

  

	 	(iv)	 “assets” includes present and future properties, revenues and rights of every
description; 

  

	 	(v)	 a “Finance Document” or any other agreement or instrument is a reference to that Finance
Document or other agreement or instrument as amended, novated, supplemented, extended or restated; 

  

	 	(vi)	 a “group of Lenders” includes all the Lenders; 

 

	 	(vii)	 “guarantee” means (other than in Clause 23 (Guarantee and indemnity)) any
guarantee, letter of credit, bond, indemnity or similar assurance against loss, or any obligation, direct or indirect, actual or contingent, to purchase or assume any indebtedness of any person or to make an investment in or loan to any
person or to purchase assets of any person where, in each case, such obligation is assumed in order to maintain or assist the ability of such person to meet its indebtedness; 

 

	 	(viii)	 “including” means including without limitation; 

 

	 	(ix)	 “indebtedness” includes any obligation (whether incurred as principal or as surety) for
the payment or repayment of money, whether present or future, actual or contingent; 

  

	 	(x)	 the “Interest Period” of a Letter of Credit shall be construed as a reference to the Term of
that Letter of Credit; 

  
 66 

	 	(xi)	 a Lender’s “participation” in relation to a Letter of Credit shall be construed as a
reference to the relevant amount that is or may be payable by a Lender in relation to that Letter of Credit; 

  

	 	(xii)	 a “person” includes any individual, firm, company, limited liability company, corporation,
government, state or agency of a state or any association, trust, joint venture, consortium, partnership or other enterprise (whether or not having separate legal personality) or any Governmental Authority; 

 

	 	(xiii)	 a “regulation” includes any regulation, rule, official directive, request or guideline
(whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or of any regulatory, self-regulatory or other authority or organisation; 

 

	 	(xiv)	 a Utilisation made and to be made to a Borrower includes a Letter of Credit issued on its behalf;

  

	 	(xv)	 a provision of law is a reference to that provision as amended or
re-enacted; 

  

	 	(xvi)	 unless otherwise stated, a time of day is a reference to New York time; 

 

	 	(xvii)	 a “limited liability company” includes a corporation whose shareholders have, in the absence of any
guarantee or surety, limited liability for such corporation’s obligations; 

  

	 	(xviii) “aircraft”	 includes fixed wing aircraft and helicopters; and 

 

	 	(xix)	 “aircraft transportation services” includes utility and search and rescue services.

  

	 	(b)	 The determination of the extent to which a rate is “for a period equal in length” to an
Interest Period shall disregard any inconsistency arising from the last day of that Interest Period being determined pursuant to the terms of this Agreement. 

 

	 	(c)	 Section, Clause and Schedule headings are for ease of reference only. 

 

	 	(d)	 Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under or
in connection with any Finance Document has the same meaning in that Finance Document or notice as in this Agreement. 

  

	 	(e)	 A Borrower providing “cash cover” for a Letter of Credit means a Borrower paying an amount in
the currency of the Letter of Credit to an interest-bearing account in the name of the Borrower and the following conditions being met: 

  

	 	(i)	 the account is with the Issuing Bank for which that cash cover is to be provided; 

  
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	 	(ii)	 subject to Clause 7.6(b) (Regulation and consequences of cash cover provided by Borrower), until
no amount is or may be outstanding under that Letter of Credit (at which time all of such cash cover may be withdrawn by the Borrower), withdrawals from the account may only be made to pay the relevant Finance Party amounts due and payable to
it under this Agreement in respect of that Letter of Credit; and 

  

	 	(iii)	 the Borrower has executed a security document over that account, in form and substance satisfactory to the
Finance Party with which that account is held, creating a first ranking security interest over that account. 

  

	 	(f)	 A Default or an Event of Default is “continuing” if it has not been remedied or waived.

  

	 	(g)	 Unless a contrary indication appears, a reference to an amount, threshold or limit expressed in US dollars
includes the equivalent of such amount, threshold or limit in other currencies at the Agent’s Spot Rate of Exchange. 

  

	 	(h)	 A Borrower “repaying” or “prepaying” a Letter of Credit means:

  

	 	(i)	 that Borrower providing cash cover for that Letter of Credit; 

 

	 	(ii)	 the maximum amount payable under the Letter of Credit being reduced or cancelled in accordance with its terms;
or 

  

	 	(iii)	 the Issuing Bank being satisfied that it has no further liability under that Letter of Credit,

 and the amount by which a Letter of Credit is repaid or prepaid under Clause 1.2(h)(i) and Clause 1.2(h)(ii) is the
amount of the relevant cash cover, reduction or cancellation. 
  

	 	(i)	 An amount borrowed includes any amount utilised by way of Letter of Credit. 

 

	 	(j)	 A Lender funding its participation in a Utilisation includes a Lender participating in a Letter of
Credit. 

  

	 	(k)	 Amounts outstanding under this Agreement include amounts outstanding under or in respect of any Letter of
Credit. 

  

	 	(l)	 An outstanding amount of a Letter of Credit at any time is the maximum amount that is or may be payable
by the relevant Borrower in respect of that Letter of Credit at that time. 

  

	 	(m)	 A Borrower’s obligation on Utilisations becoming “due and payable” includes the Borrower
repaying any Letter of Credit in accordance with Clause 1.2(g). 

  

	 	(n)	 References in this agreement to “the date of this Agreement” shall refer to 17 April
2018. 

  
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	1.3	 Currency symbols and definitions 

 

	 	(a)	 “$”, “USD” and “US dollars” denote the lawful currency of
the United States of America; 

  

	 	(b)	 “£”, “GBP” and “sterling” denote the
lawful currency of the United Kingdom; 

  

	 	(c)	 “€”, “EUR” and “euro” denote the single
currency of the Participating Member States; and 

  

	 	(d)	 “NOK” and “Norwegian Kroner” denote the lawful currency of Norway.

  

	1.4	 Third party rights 

 

	 	(a)	 Unless expressly provided to the contrary in a Finance Document a person who is not a Party has no right under
the Contracts (Rights of Third Parties) Act 1999 (the “Third Parties Act”) to enforce or enjoy the benefit of any term of this Agreement. 

  

	 	(b)	 Subject to paragraph (c) below, Secured Parties which are not Parties shall be entitled to enforce and
enjoy the benefit of this Agreement to the extent applicable to them as Secured Parties. 

  

	 	(c)	 Subject to Clause 42.3(a) (Other exceptions) but otherwise notwithstanding any term of any Finance
Document, the consent of any person who is not a Party is not required to rescind or vary this Agreement at any time. 

  

	1.5	 Division 

For all purposes under any Finance Document, in connection with any Division or plan of Division: (i) if any asset, right, obligation or
liability or 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 (ii) 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. 

  
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 SECTION 2 

THE FACILITIES 
  

	2.	 THE FACILITIES 

 

	2.1	 The Facilities 

 

	 	(a)	 Subject to the terms of this Agreement: 

 

	 	(i)	 the First Out Lenders make available: 

 

	 	(A)	 a multicurrency revolving credit facility in an aggregate amount the Base Currency Amount of which is equal to
the US/UK Tranche Commitments; and 

  

	 	(B)	 a multicurrency revolving credit facility in an aggregate amount the Base Currency Amount of which is equal to
the Norwegian Tranche Commitments; and 

  

	 	(ii)	 the LILO Lenders make available a multicurrency revolving credit facility in an aggregate amount the Base
Currency Amount of which is equal to the LILO Tranche Commitments. 

  

	 	(b)	 The Norwegian Tranche will be available to the Norwegian Borrower, the US/UK Tranche will be available to the
English Borrower and any US Borrower and the LILO Tranche will be available to all the Borrowers. 

  

	2.2	 Increase 

  

	 	(a)	 The Obligors’ Agent may, by giving prior written notice to the Agent: 

 

	 	(i)	 within forty-five Business Days after the effective date of a cancellation of: 

 

	 	(A)	 any Available Commitments of a Defaulting Lender in accordance with Clause 11.6 (Right of cancellation in
relation to a Defaulting Lender); or 

  

	 	(B)	 any Revolving Facility Commitments of a Lender in accordance with: 

 

	 	(1)	 Clause 11.1 (Illegality); or 

 

	 	(2)	 Clause 11.5 (Right of cancellation and repayment in relation to a single Lender or Issuing Bank);

 request that the Revolving Facility Commitments be increased (and the Revolving Facility Commitments shall be so
increased) in an aggregate amount in the Base Currency of up to the amount of the Available Commitments or Revolving Facility Commitments relating to that Facility so cancelled; and 

  
 70 

	 	(ii)	 from time to time, request that the Revolving Facility Commitments be increased (and the Revolving Facility
Commitments shall be so increased) in an aggregate amount not exceeding USD 35,000,000 over and above the amount of the Revolving Facility Commitments as at the Second Amendment Date (being USD 80,000,000) up to a maximum amount of USD 115,000,000.

 Any such increase pursuant to either paragraph (i) or paragraph (ii) above shall be effected as follows: 

 

	 	(A)	 the increased US/UK Tranche Commitments, Norwegian Tranche Commitments, LILO Tranche Commitments and/or
increased Total Commitments will be assumed by one or more relevant Lenders or other banks or financial institutions (each an “Increase Lender”) selected by the Obligors’ Agent (none of which shall be a member of the Group),
which shall (taking into account any Substitute Affiliate Lenders to be appointed at the time of such Increase Lender becoming a Lender) be legally able to comply with its obligations under this Agreement in respect of lending to the jurisdictions
in which the Borrowers are incorporated and which are acceptable to the Agent and each Issuing Bank (such consent not to be unreasonably withheld or delayed) and each of which confirms in writing (whether in the relevant Increase Confirmation or
otherwise) its willingness to assume and does assume all the obligations of a Lender corresponding to that part of the increased Revolving Facility Commitments which it is to assume (including in relation to the allocation of commitments between the
US/UK Tranche, the Norwegian Tranche and the LILO Tranche as specified by the Obligors’ Agent pursuant to Clause 2.2(b) (which proposed allocation shall be disclosed to all Lenders (including any Increase Lender) as part of the request to
increase the US/UK Tranche Commitments, the Norwegian Tranche Commitments, LILO Tranche Commitments and/or the Total Commitments (as applicable))), as if it had been an Original Lender in respect of those Revolving Facility Commitments;

  

	 	(B)	 each of the Obligors and any Increase Lender shall assume obligations towards one another and/or acquire rights
against one another as the Obligors and the Increase Lender would have assumed and/or acquired had the Increase Lender been an Original Lender in respect of that part of the increased Revolving Facility Commitments which it is to assume;

  

	 	(C)	 each Increase Lender shall become a Party as a “Lender” and any Increase Lender and each of
the other Finance Parties shall assume obligations towards one another and acquire rights against one another as that Increase Lender and those Finance Parties would have assumed and/or acquired had the Increase Lender been an Original Lender in
respect of that part of the increased Revolving Facility Commitments which it is to assume; 

  
 71 

	 	(D)	 the Revolving Facility Commitments of the other Lenders shall continue in full force and effect; and

  

	 	(E)	 any increase in the Revolving Facility Commitments shall take effect on the date specified by the
Obligors’ Agent in the notice referred to above or any later date on which the conditions set out in Clause 2.2(b) are satisfied. 

  

	 	(b)	 Any increase requested pursuant to the provision of Clause 2.2(a)(ii) shall be in a minimum amount of USD
5,000,000 and shall be allocated between the US/UK Tranche, the Norwegian Tranche and the LILO Tranche as specified by the Obligors’ Agent (which Tranches shall be increased accordingly), provided always that the Borrowers shall not increase
the aggregate Norwegian Tranche Commitments pursuant to this Clause 2.2 to an amount which would cause, at the time such increase takes effect, the aggregate Norwegian Tranche Commitments to exceed the greater of (i) USD 40,000,000 and (ii)
55 percent of the Total First Out Commitments, after giving effect to the proposed increase pursuant to this Clause 2.2. 

  

	 	(c)	 An increase in the Revolving Facility Commitments will only be effective on the Agent executing a duly
completed Increase Confirmation appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement which the Agent shall do as soon as practicable after receipt and it being satisfied,
acting reasonably, that the following conditions are satisfied; 

  

	 	(i)	 in relation to an Increase Lender which is not a Lender immediately prior to the relevant increase, the Agent
has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to the assumption of the increased Revolving Facility Commitments by that Increase Lender; and

  

	 	(ii)	 the execution of any deeds of extension, confirmation agreement or equivalent documentation with respect to
existing Transaction Security, reasonably required by the Agent or the Increase Lender, or required as a matter of applicable local law ensuring that the Increase Lender will benefit from all existing Transaction Security and any other documentation
reasonably requested by the Agent in connection with the increase; 

  

	 	(iii)	 no Default is existing or will occur immediately following or as a result of such increase;

  

	 	(iv)	 the Repeating Representations are true and correct in all material respects and will be so true and correct on
the date on which any such increase will become effective (or, if any Repeating Representation is expressed to be given as of an earlier date, on such earlier date); 

  
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	 	(v)	 receipt of all previously invoiced and documented reasonable out of pocket fees and expenses owing in respect
of such increase to the Agent and the agreed upon fees of the Increase Lender(s) (other than any fees which are only payable after such increase); and 

  

	 	(vi)	 the Agent has received evidence satisfactory to the Agent (acting reasonably) that any such increase of the
Total Commitments (if fully drawn) will not be in breach of the terms of any documentation evidencing the Material Indebtedness. 

  

	 	(d)	 The Agent may rely on any certification from an Obligor as to the matters referred to in paragraphs (iii), (iv)
and (vi) above unless it has actual knowledge or reasonable belief that any such certification is incorrect. 

  

	 	(e)	 Each Increase Lender, by executing the Increase Confirmation, confirms (for the avoidance of doubt) that the
Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the increase becomes effective in
accordance with this Agreement and that it is bound by that decision to the same extent as it would have been had it been an Original Lender. 

  

	 	(f)	 Bristow Helicopters Limited shall promptly on demand pay the Agent and the Security Agent the amount of all
costs and expenses (including legal fees) reasonably incurred by either of them and, in the case of the Security Agent, by any Receiver or Delegate in connection with any increase in Revolving Facility Commitments under this Clause 2.2.

  

	 	(g)	 The Increase Lender shall, on the date upon which the increase takes effect, pay to the Agent (for its own
account) a fee in an amount equal to the fee which would be payable under Clause 29.3 (Assignment or transfer fee) if the increase was a transfer pursuant to Clause 29.5 (Procedure for transfer) and if the Increase Lender was a New
Lender. 

  

	 	(h)	 The relevant Obligor(s) may pay to the Increase Lender a fee in the amount and at the times agreed to be paid
by such Obligor in a Fee Letter between the Obligors’ Agent (or the relevant Obligor(s)) and the Increase Lender. 

  

	 	(i)	 Neither the Agent nor any Lender shall have any obligation to find an Increase Lender and in no event shall any
Lender whose Revolving Facility Commitment is replaced by an Increase Lender be required to pay or surrender any of the fees received by such Lender pursuant to the Finance Documents. 

 

	 	(j)	 Clause 29.4 (Limitation of responsibility of Existing Lenders) shall apply mutatis mutandis in this
Clause 2.2 in relation to an Increase Lender as if references in that Clause to: 

  

	 	(i)	 an “Existing Lender” were references to all the Lenders immediately prior to the relevant
increase; 

  

	 	(ii)	 the “New Lender” were references to that “Increase Lender”; and

  
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	 	(iii)	 a “re-transfer” and
“re-assignment” were references to respectively a “transfer” and “assignment”. 

 

	2.3	 Finance Parties’ rights and obligations 

 

	 	(a)	 The obligations of each Finance Party under the Finance Documents are several. Failure by a Finance Party to
perform its obligations under the Finance Documents does not affect the obligations of any other Party under the Finance Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents.

  

	 	(b)	 The rights of each Finance Party under or in connection with the Finance Documents are separate and independent
rights and any debt arising under the Finance Documents to a Finance Party from an Obligor is a separate and independent debt in respect of which a Finance Party shall be entitled to enforce its rights in accordance with Clause 2.3(c). The rights of
each Finance Party include any debt owing to that Finance Party under the Finance Documents and, for the avoidance of doubt, any part of a Loan or any other amount owed by an Obligor which relates to a Finance Party’s participation in a
Facility or its role under a Finance Document (including any such amount payable to the Agent on its behalf) is a debt owing to that Finance Party by that Obligor. 

 

	 	(c)	 A Finance Party may, except as specifically provided in the Finance Documents, separately enforce its rights
under or in connection with the Finance Documents. 

  

	2.4	 Obligors’ Agent 

 

	 	(a)	 Each Obligor (other than the Parent) by its execution of this Agreement or an Accession Deed irrevocably
appoints the Parent to act on its behalf as its agent in relation to the Finance Documents and irrevocably authorises: 

  

	 	(i)	 the Parent on its behalf to supply all information concerning itself contemplated by this Agreement to the
Finance Parties and to give all notices and instructions (including, in the case of a Borrower, Utilisation Requests), to execute on its behalf any Accession Deed, to make such agreements and to effect the relevant amendments, supplements and
variations capable of being given, made or effected by any Obligor notwithstanding that they may affect the Obligor, without further reference to or the consent of that Obligor; and 

 

	 	(ii)	 each Finance Party to give any notice, demand or other communication to that Obligor pursuant to the Finance
Documents to the Parent, 

 and in each case the Obligor shall be bound as though the Obligor itself had given the notices
and instructions (including any Utilisation Requests) or executed or made the agreements or effected the amendments, supplements or variations, or received the relevant notice, demand or other communication. 

  
 74 

	 	(b)	 Every act, omission, agreement, undertaking, settlement, waiver, amendment, supplement, variation, notice or
other communication given or made by the Obligors’ Agent or given to the Obligors’ Agent under any Finance Document on behalf of another Obligor or in connection with any Finance Document (whether or not known to any other Obligor and
whether occurring before or after such other Obligor became an Obligor under any Finance Document) shall be binding for all purposes on that Obligor as if that Obligor had expressly made, given or concurred with it. In the event of any conflict
between any notices or other communications of the Obligors’ Agent and any other Obligor, those of the Obligors’ Agent shall prevail. 

  

	2.5	 Banking Services, Third Party Banking Services, Swap Agreements and Third Party Swap Agreements

  

	 	(a)	 Each Lender providing (or which has an Affiliate providing) Banking Services for, or having (or which has an
Affiliate having) Swap Agreements with, any Borrower shall deliver to the Agent and the Obligors’ Agent on the date of this Agreement and, promptly after entering into (or an Affiliate entering into) such Banking Services or Swap Agreements,
written notice setting out the aggregate amount of all Banking Services Obligations and Swap Agreement Obligations of such Borrower to such Lender and its Affiliates (whether matured or unmatured, absolute or contingent) and containing a
confirmation from the relevant Affiliate (if applicable) that it agrees to the Transaction Security being held on the terms set out in the Finance Documents. In addition, each such Lender shall deliver to the Agent and the Obligors’ Agent,
following the end of each calendar month, a summary of the amounts due or expected to become due in respect of such Banking Services Obligations and Swap Agreement Obligations to such Lender and its Affiliates. The most recent information provided
to the Agent shall be used in determining the amounts to be applied in respect of such Banking Services Obligations and/or Swap Agreement Obligations pursuant to Clause 36.6 (Partial payments). 

 

	 	(b)	 Promptly after or before a Borrower enters into arrangements in relation to Third Party Banking Services and/or
a Third Party Swap Agreement that the Parent wishes to comprise Third Party Banking Services Obligations and/or Third Party Swap Agreement Obligations for the purposes of this Agreement and the Finance Documents, the Obligors’ Agent shall
deliver to the Agent written notice setting out the aggregate amount of such Third Party Banking Services Obligations and/or Third Party Swap Agreement Obligations of such Borrower (whether absolute or contingent) and containing a confirmation that
the relevant provider of the Third Party Banking Services and/or counterparty to the Third Party Swap Agreement: (i) has agreed to the US Transaction Security being held on the terms set out in the relevant Finance Documents, (ii) has been
informed, and has acknowledged, its position in the payment waterfall set out in Clause 36.6 (Partial payments) and (iii) has been informed that only an aggregate amount of USD 10,000,000 of Third Party Banking Services Obligations and
Third Party Swap Agreement Obligations will be secured pursuant to the Transaction Security Documents. In addition, the Obligors’ Agent shall deliver to the Agent, following the end of each calendar month, a summary of the amounts due or
expected to become due in respect of 

  
 75 

	 	
such Third Party Banking Services Obligations and/or Third Party Swap Agreement Obligations to such provider and/or counterparty (as applicable). The most recent information provided to the Agent
shall be used in determining the amounts to be considered to be Secured Obligations and any amounts to be applied in respect of such Third Party Banking Services Obligations and/or Third Party Swap Agreement Obligations pursuant to Clause 36.6
(Partial payments). 

  

	3.	 PURPOSE 

  

	3.1	 Purpose 

  

	 	(a)	 Each Borrower shall apply all amounts borrowed by it towards the working capital needs and the general
corporate purposes of the Borrowers and their Subsidiaries. 

  

	 	(b)	 No Borrower (or the Obligors’ Agent) will request any Utilisation, and no Borrower shall use, and each
Borrower shall procure that its Subsidiaries, the other members of the Group and its and their respective directors, officers, employees and agents shall not use, the proceeds of any Revolving Facility Loan or Swingline Loan: 

 

	 	(i)	 in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or
anything else of value, to any person in violation of any Anti-Corruption Laws; 

  

	 	(ii)	 for the purpose of funding, financing or facilitating any activities, business or transaction of or with any
Sanctioned Person, or in any Sanctioned Country; or 

  

	 	(iii)	 in any manner that would result in the violation by any such person or entity or any party to this Agreement of
any Sanctions. 

  

	3.2	 Monitoring 

No Finance Party is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement. 

 

	4.	 CONDITIONS OF UTILISATION 

 

	4.1	 Initial conditions precedent 

 

	 	(a)	 The Lenders will only be obliged to comply with Clause 5.4 (Lenders’ participation) in
relation to any Utilisation if on or before the Utilisation Date for that Utilisation, the Agent has received all of the documents and other evidence listed in Schedule 2, Part 1 (Conditions precedent to signing of the Agreement and
initial Utilisation) in form and substance satisfactory to the Agent. The Agent shall notify the Obligors’ Agent and the Lenders promptly upon being so satisfied. 

  
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	 	(b)	 Other than to the extent that the Majority First Out Lenders notify the Agent in writing to the contrary before
the Agent gives the notification described in Clause 4.1(a), the Lenders authorise (but do not require) the Agent to give that notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such
notification. 

  

	4.2	 Further conditions precedent 

Subject to Clause 4.1, the Lenders will only be obliged to comply with Clause 5.4 (Lenders’ participation), if on the date of the
Utilisation Request and on the proposed Utilisation Date: 
  

	 	(a)	 in the case of a Rollover Loan, no Event of Default is continuing or would result from the proposed Loan and,
in the case of any other Utilisation, no Default or Event of Default is continuing or would result from the proposed Utilisation; 

  

	 	(b)	 after the making of the proposed Utilisation, the Facility would be in compliance with the limits set out in
Clause 5.3(b)(v) (Currency and amount) and/or Clause 6.4(b)(v) (Currency and amount); 

  

	 	(c)	 the Repeating Representations to be made by each Obligor are true and correct in all material respects (save
where such Repeating Representation already incorporates the concept of materially). 

  

	4.3	 Maximum number of Utilisations 

 

	 	(a)	 A Borrower (or the Obligors’ Agent) may not deliver a Utilisation Request if, as a result of the proposed
Utilisation, 12 or more Revolving Facility Loans or Swingline Loans would be outstanding or such higher number as the Agent may agree in its discretion. 

  

	 	(b)	 Any Separate Loan shall not be taken into account in this Clause 4.3. 

 

	4.4	 Limitations on LILO Loans 

A Borrower may only deliver a Utilisation Request for a LILO Loan if, on the proposed Utilisation Date (after giving effect to all Loans and
Letters of Credit scheduled to be made, issued, repaid or expired by such date as if so made, issued, repaid or expired): 
  

	 	(a)	 each First Out Tranche is or is scheduled to be on the proposed Utilisation Date to have been utilised in full;
or 

  

	 	(b)	 the Aggregate First Out Revolving Exposure is or is scheduled to be on the proposed Utilisation Date equal to
the Aggregate First Out Borrowing Base. 

  
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	4.5	 Availability Block 

The Availability Block shall: 
  

	 	(a)	 be apportioned pro rata between (i) the English Borrower, (ii) the Norwegian Borrower and
(iii) the US Borrowers from time to time, proportionate to their Aggregate Individual Borrowing Bases (adjusted, as applicable, to reflect any application of English Designated Amounts, Norwegian Designated Amounts, LILO English Designated
Amounts and LILO Norwegian Designated Amounts that is then applicable) as of the date of the then most recent Aggregate Borrowing Base Certificate or in such other proportion as the Agent may determine in its Permitted Discretion and notify to the
Borrowers, with any such reallocation taking effect from the date of the next Aggregate Borrowing Base Certificate issued on or after the date which is three Business Days after the date of such notice. In the event of an increase of the Facility
pursuant to Clause 2.2 (Increase), the Agent and the Obligors’ Agent shall discuss in good faith increasing the Availability Block proportionately to any such increase in the Total Commitments; and 

 

	 	(b)	 be deducted first from the relevant First Out Borrowing Base and only to the extent that the deduction of the
Availability Block from the relevant First Out Borrowing Bases would cause such Borrowing Base(s) to be less than zero (the amount by which such First Out Borrowing Bases would be less than zero being the “Excess Availability
Block”), the amount of the Excess Availability Block shall be deducted from the relevant LILO Borrowing Base(s) in the applicable proportions. 

  

	4.6	 Reserves 

Reserves in relation to a Borrower which, in accordance with this Agreement, are to be deducted from a Borrowing Base of a Borrower (or the US
Borrowers) shall be deducted first from the relevant First Out Borrowing Base and only to the extent such deduction would cause the relevant First Out Borrowing Base(s) to be less than zero (the amount by which such First Out Borrowing Bases would
be less than zero being the “Excess Reserve”), the amount of the Excess Reserve shall be deducted from the relevant LILO Borrowing Base(s) in the applicable proportions. 

  
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 SECTION 3 

UTILISATION 
  

	5.	 UTILISATION - LOANS 

 

	5.1	 Delivery of a Utilisation Request 

A Borrower (or the Obligors’ Agent on its behalf) may utilise the Facility by delivery to the Agent of a duly completed Utilisation
Request not later than the Specified Time. 
  

	5.2	 Completion of a Utilisation Request for Loans 

 

	 	(a)	 Each Utilisation Request for a Loan is irrevocable (except as otherwise provided in Clause 16.1) and will not
be regarded as having been duly completed unless: 

  

	 	(i)	 it identifies the Borrower and the Tranche; 

 

	 	(ii)	 it identifies whether requested Loan is to be a LIBOR Rate Loan, a NIBOR Rate Loan, an ABR Rate Loan or a
Foreign Base Rate Loan; 

  

	 	(iii)	 the proposed Utilisation Date is a Business Day within the Availability Period; 

 

	 	(iv)	 the currency and amount of the Utilisation comply with Clause 5.3; and 

 

	 	(v)	 the proposed Interest Period (if applicable) complies with Clause 15 (Interest Periods).

  

	 	(b)	 Only one Utilisation may be requested in each Utilisation Request. 

 

	5.3	 Currency and amount 

 

	 	(a)	 The currency specified in a Utilisation Request must be the Base Currency Amount or an Agreed Currency
(provided that loans denominated in Norwegian Kroner will not be available to the US Borrowers). LIBOR Rate Loans may be denominated in sterling, euro or US dollars, NIBOR Rate Loans must be denominated in Norwegian Kroner, ABR Rate Loans must be
denominated in US dollars, and Foreign Base Rate Loans may be denominated in sterling, euro or Norwegian Kroner. 

  

	 	(b)	 The amount of the proposed Utilisation must be: 

 

	 	(i)	 if the currency selected is the Base Currency, a minimum of USD 250,000 or, if less, the lesser of (A) the
Availability for the relevant Borrower and (B) the Aggregate Availability and (C) the maximum amount available to be borrowed by the relevant Borrower in compliance with paragraph (v) below; or 

 

	 	(ii)	 if the currency selected is sterling, a minimum of £250,000 or, if less, the lesser of (A) the
Availability for the relevant Borrower and (B) the Aggregate Availability and (C) the maximum amount available to be borrowed by the relevant Borrower in compliance with paragraph (v) below; 

  
 79 

	 	(iii)	 if the currency selected is euro, a minimum of €250,000 or, if less, the lesser of (A) the
Availability for the relevant Borrower and (B) the Aggregate Availability; or 

  

	 	(iv)	 if the currency selected is Norwegian Kroner, a minimum of NOK 2,000,000 or, if less, the lesser of
(A) the Availability for the relevant Borrower and (B) the Aggregate Availability and (C) the maximum amount available to be borrowed by the relevant Borrower in compliance with paragraph (v) below; and 

 

	 	(v)	 in an aggregate principal amount that will not result in a breach of any of the Utilisation Limits.

  

	5.4	 Lenders’ participation 

 

	 	(a)	 If the conditions set out in this Agreement have been met, and subject to Clause 10.1 (Repayment of
Loans), each relevant Lender shall make its participation in each Loan available by the Utilisation Date through its Facility Office. 

  

	 	(b)	 The amount of each relevant Lender’s participation in each Loan will be equal to its Applicable Percentage
of the US/UK Tranche Commitments in the case of a US/UK Tranche Loan, the Norwegian Tranche Commitments in the case of a Norwegian Tranche Loan or the LILO Tranche Commitments in the case of a LILO Tranche Loan, in each case, immediately prior to
making the Loan. 

  

	 	(c)	 The Agent shall determine the Base Currency Amount of each Revolving Facility Loan which is to be made in an
Agreed Currency and notify each relevant Lender of the amount, currency and the Base Currency Amount of each Loan, the amount of its participation in that Loan and, if different, the amount of that participation to be made available in accordance
with Clause 36.1 (Payments to the Agent) by the Specified Time. 

  

	5.5	 Lender Affiliates and Facility Office 

 

	 	(a)	 In respect of a Loan or Loans to a particular Borrower and/or in relation to a particular Tranche
(“Designated Loans”) a Lender (a “Designating Lender”) may at any time and from time to time, acting reasonably, designate (by three Business Days’ prior written notice to the Agent and the
Obligors’ Agent or such shorter period as they may agree): 

  

	 	(i)	 a substitute Facility Office from which it will make Designated Loans (a “Substitute Facility
Office”); or 

  

	 	(ii)	 nominate an Affiliate to act as the Lender of Designated Loans (a “Substitute Affiliate
Lender”), 

  
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 provided that a Designating Lender may only designate a Substitute Facility Office or
nominate a Substitute Affiliate Lender pursuant to this Clause to the extent that the relevant Substitute Facility Office or the Substitute Affiliate Lender is legally able to lend to the relevant Borrower. 

 

	 	(b)	 A notice to nominate a Substitute Affiliate Lender must be in the form set out in Schedule 8 (Form of
Substitute Affiliate Lender Designation Notice) and be countersigned by the relevant Substitute Affiliate Lender confirming it will be bound as a Lender under this Agreement in respect of the Designated Loans in respect of which it acts as
Lender. 

  

	 	(c)	 The Designating Lender will act as the representative of any Substitute Affiliate Lender it nominates for all
administrative purposes under this Agreement. The Obligors, the Agent and the other Finance Parties will be entitled to deal only with the Designating Lender, except that payments will be made (by the Agent, except as otherwise provided in this
Agreement) in respect of Designated Loans to the Facility Office of the Substitute Affiliate Lender. In particular the Revolving Facility Commitments of the Designating Lender will not be treated as reduced by the introduction of the Substitute
Affiliate Lender for voting purposes under this Agreement or the other Finance Documents nor will the participations of such Substitute Affiliate Lender in Designated Loans entitle it to any rights or otherwise be treated as Revolving Facility
Commitments for voting purposes under this Agreement or the other Finance Documents, provided that if the Substitute Affiliate Lender is a Defaulting Lender the Designating Lender shall be deemed to be a Defaulting Lender for voting purposes under
this Agreement. 

  

	 	(d)	 Save as mentioned in paragraph (c) above, a Substitute Affiliate Lender will be treated as a Lender for
all purposes under the Finance Documents and having a Revolving Facility Commitment equal to the principal amount of its outstanding participations in all Designated Loans in which it is participating if and for so long as it continues to be a
Substitute Affiliate Lender under this Agreement. 

  

	 	(e)	 A Designating Lender may revoke its designation of an Affiliate as a Substitute Affiliate Lender by notice in
writing to the Agent and the Obligors’ Agent provided that such notice may only take effect when there are no Designated Loans outstanding to the Substitute Affiliate Lender. Upon such Substitute Affiliate Lender ceasing to be a Substitute
Affiliate Lender the Designating Lender will automatically assume (and be deemed to assume without further action by any Party) all rights and obligations previously vested in the Substitute Affiliate Lender. 

 

	 	(f)	 If a Designating Lender designates a Substitute Facility Office or Substitute Affiliate Lender in accordance
with this clause: 

  

	 	(i)	 any Substitute Affiliate Lender shall be treated for the purposes of Clause 18.2(d)(i) (Tax gross-up) as having become a Lender on the date of this Agreement; 

  
 81 

	 	(ii)	 the Designating Lender shall ensure that the relevant Substitute Affiliate Lender funds its participations in
Loans to be funded by such Substitute Affiliate Lender and performs each obligation it would be required to perform if it was a Party; and 

  

	 	(iii)	 as a result of circumstances existing at the date the designation occurs, an Obligor would be obliged to make a
payment to the Substitute Affiliate Lender or Designating Lender acting through a Substitute Facility Office under Clause 19 (Increased costs), then, the Substitute Affiliate Lender or Designating Lender acting through a Substitute Facility
Office is only entitled to receive payment under those Clauses to the same extent as the Designating Lender would have been if the designation had not occurred. 

 

	5.6	 Cancellation of Commitment 

The Revolving Facility Commitments which, at that time, are unutilised shall be immediately cancelled at the end of the Availability Period.

  

	5.7	 Adjustment of Tranches 

 

	 	(a)	 The Agent may: 

  

	 	(i)	 in any Transfer Certificate or Assignment Agreement in relation to a New Lender; and/or 

 

	 	(ii)	 from time to time with three Business Days’ prior notice to the Obligors’ Agent,

 designate an amount of the Lenders’ US/UK Tranche Commitments as “Exclusive US/UK Tranche
Commitments” provided that the aggregate US/UK Tranche Commitments of all Lenders designated as Exclusive US/UK Tranche Commitments at the time it signs such Transfer Certificate or Assignment Agreement or the date it provides the relevant
notification (as applicable) does not exceed in aggregate one third of the Total First Out Commitments. The Agent shall, in any applicable Transfer Certificate or Assignment Agreement and/or in any notice delivered pursuant to this paragraph (a),
specify the Exclusive US/UK Tranche Commitments applicable to the relevant Lender(s). If reasonably requested by the Obligors’ Agent for the purposes of exercising a reallocation pursuant to this Clause 5.7, the Agent will confirm to the
Obligors’ Agent the Exclusive US/UK Tranche Commitments applicable to the relevant Lender(s). 
  

	 	(b)	 Once so designated, the Exclusive US/UK Tranche Commitments of a Lender may not be adjusted without the consent
of that Lender. Any cancellation of the US/UK Tranche Commitments of a Lender shall reduce pro rata the Exclusive US/UK Tranche Commitments of that Lender 

  
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	 	(c)	 Not more than once in any three month period (and provided that no Default or Event of Default is continuing or
would result therefrom), the Obligors’ Agent may make a request to the Agent in writing (an “Adjustment Request”) that an amount of the US/UK Tranche Commitments of the Lenders with US/UK Tranche Commitments be
reallocated as Norwegian Tranche Commitments of those Lenders or that an amount of the Norwegian Tranche Commitments of the Lenders with Norwegian Tranche Commitments be reallocated as US/UK Tranche Commitments of those Lenders (in each case a
“Tranche Adjustment”). Any such Tranche Adjustment shall specify the amount of each Lender’s US/UK Tranche Commitment or Norwegian Tranche Commitment (as applicable) that is to be reallocated as a Norwegian Tranche Commitment
or US/UK Tranche Commitment (as applicable) of that Lender (which amounts may be selected by the Obligors’ Agent and shall not be required to be pro rata amongst the relevant Lenders) provided always that: (i) the Obligors’ Agent may not
request any Tranche Adjustment that would result in any Lender’s US/UK Tranche Commitment being less than its Exclusive US/UK Tranche Commitments; (ii) the sum of the US/UK Tranche Commitments and the Norwegian Tranche Commitments shall
not exceed the Total First Out Commitments; and (iii) the Norwegian Tranche Commitments shall at no time exceed the greater of (i) USD 40,000,000 and (ii) 55 percent of the Total First Out Commitments 

 

	 	(d)	 For the avoidance of doubt any Tranche Adjustment that is made in accordance with paragraph (c) above may
not increase any Lender’s aggregate Revolving Facility Commitments. A Tranche Adjustment that is not made in accordance with paragraph (c) above or this paragraph (d) requires the consent of all the Lenders. A Tranche Adjustment that
is made in accordance with paragraph (c) above and this paragraph (d) shall not require the consent of any of the Lenders. 

  

	 	(e)	 Following the receipt of an Adjustment Request, the Agent shall inform the applicable Lenders accordingly and,
if required, request their consent to the relevant Tranche Adjustment. 

  

	 	(f)	 The applicable Lenders may, acting reasonably, request any information from the Obligors’ Agent in
relation to such Tranche Adjustment, which the Obligors’ Agent shall use reasonable endeavours to provide. 

  

	 	(g)	 If the consent of the Lenders is required pursuant to Clause 5.7(d) and has not been received within ten
Business Days of receipt by the Lenders from the Agent of the Adjustment Request, the Adjustment Request shall be deemed to be rejected by such Lender(s) and no such Tranche Adjustment shall be made in relation to such Lender(s).

  

	 	(h)	 If consent is required, the relevant Lenders may give their consent to any Adjustment Request subject to such
conditions as they may reasonably request but no such conditions shall be effective unless agreed by the Borrowers (provided always if the Obligors do not satisfy such conditions, the Lenders shall not be under any obligation to agree to the
Adjustment Request). 

  
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	 	(i)	 If the applicable Lenders give their consent to the Adjustment Request (or if no consent is required) then the
US/UK Tranche Commitments and the Norwegian Tranche Commitments of each applicable Lender shall be adjusted accordingly as requested with effect from the date set out in the Adjustment Request (or, if consent of the Lenders is required, the date
such consent is provided or, in any case, any later date agreed between the Agent and the Obligors’ Agent) and on such date, if applicable the Agent shall effect such changes (if any) to the outstanding First Out Loans which are necessary to
ensure compliance with the adjusted US/UK Tranche Commitments and Norwegian Tranche Commitments, and the Obligors’ Agent and the Borrowers shall be deemed to have made such prepayment requests and shall be deemed to have submitted such
Utilisation Requests as may be necessary to effect such changes. 

  

	5.8	 Revaluation of Loans 

If any Loans are denominated in an Agreed Currency, the Agent shall, at the end of each calendar month, recalculate the Base Currency Amount of
each such Loan by notionally converting into the Base Currency the outstanding amount of that Loan on the basis of the Agent’s Spot Rate of Exchange on the date of calculation and notify the Obligors’ Agent of such recalculation within
seven Business Days of the end of each calendar month. The Obligors’ Agent shall use the most recently notified amounts of such Loans for the purposes of the next Aggregate Borrowing Base Certificate following the date of such notification.

  

	6.	 UTILISATION – LETTERS OF CREDIT 

 

	6.1	 The Revolving Facility 

 

	 	(a)	 The Revolving Facility may be utilised by way of Letters of Credit. 

 

	 	(b)	 Clause 5 (Utilisation - Loans) does not apply to utilisations by way of Letters of Credit.

  

	 	(c)	 In determining the amount of the Available Facility and a Lender’s L/C Proportion of a proposed Letter of
Credit for the purposes of this Agreement the Available Commitment of a Lender will be calculated ignoring any cash cover provided for outstanding Letters of Credit. 

 

	6.2	 Delivery of a Utilisation Request for Letters of Credit 

A Borrower (or the Obligors’ Agent on its behalf) may request a Letter of Credit to be issued by delivery to the Agent of a duly completed
Utilisation Request not later than the Specified Time. A Letter of Credit may be requested to be issued on behalf of another member of the Group by a Borrower (or the Obligors’ Agent on behalf of a Borrower) and the requesting Borrower shall be
the Borrower of that Letter of Credit. 
  

	6.3	 Completion of a Utilisation Request for Letters of Credit 

Each Utilisation Request for a Letter of Credit is irrevocable and will not be regarded as having been duly completed unless: 

 

	 	(a)	 it specifies that it is for a Letter of Credit; 

 

	 	(b)	 it identifies the Borrower of the Letter of Credit and the relevant Tranche; 

  
 84 

	 	(c)	 it identifies the Issuing Bank which is to issue the Letter of Credit and such Issuing Bank is permitted to be
an Issuing Bank for the relevant Letter of Credit in accordance with this Agreement; 

  

	 	(d)	 the proposed Utilisation Date is a Business Day within the Availability Period applicable to the Revolving
Facility; 

  

	 	(e)	 the currency and amount of the Letter of Credit comply with Clause 6.4; 

 

	 	(f)	 the form of Letter of Credit is attached; 

 

	 	(g)	 the Expiry Date of the Letter of Credit falls on or before five Business Days prior to the then scheduled
Termination Date pursuant to paragraphs (a) and (b) of the definition thereof; 

  

	 	(h)	 the Term of the Letter of Credit is 12 months or less; 

 

	 	(i)	 the delivery instructions for the Letter of Credit are specified; and 

 

	 	(j)	 the identity of the beneficiary of the Letter of Credit is approved by the Issuing Bank acting reasonably.

 6.4 Currency and amount 
  

	 	(a)	 The currency specified in a Utilisation Request must be the Base Currency or an Agreed Currency.

  

	 	(b)	 The amount of the proposed Letter of Credit must be an amount whose Base Currency Amount is not more than the
Available Facility and which is: 

  

	 	(i)	 if the currency selected is the Base Currency, a minimum of USD 100,000 or, if less, the lesser of (a) the
Availability for the relevant Borrower and (b) the Aggregate Availability and (c) the maximum amount available to be utilised as a Letter of Credit by the relevant Borrower in compliance with paragraph (v) below; or

  

	 	(ii)	 if the currency selected is sterling, a minimum of £100,000 or, if less, the lesser of (a) the
Availability for the relevant Borrower and (b) the Aggregate Availability and (c) the maximum amount available to be utilised as a Letter of Credit by the relevant Borrower in compliance with paragraph (v) below; or

  

	 	(iii)	 if the currency selected is euro, a minimum of €100,000 or, if less, the lesser of (a) the
Availability for the relevant Borrower and (b) the Aggregate Availability and (c) the maximum amount available to be utilised as a Letter of Credit by the relevant Borrower in compliance with paragraph (v) below; or

  

	 	(iv)	 if the currency selected is Norwegian Kroner, a minimum of NOK 1,000,000 or, if less, the lesser of
(a) the Availability for the relevant Borrower and (b) the Aggregate Availability and (c) the maximum amount available to be utilised as a Letter of Credit by the relevant Borrower in compliance with paragraph (v) below;

  
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	 	(v)	 in an aggregate principal amount that will not result in a breach of any of the Utilisation Limits.

  

	 	(c)	 The maximum aggregate Base Currency Amount of all Letters of Credit shall not exceed USD 30,000,000 at any
time. 

  

	6.5	 Issue of Letters of Credit 

 

	 	(a)	 If the conditions set out in this Agreement have been met, the Issuing Bank shall issue the Letter of Credit on
the Utilisation Date. 

  

	 	(b)	 Subject to Clause 4.1 (Initial conditions precedent), the Issuing Bank will only be obliged to comply
with Clause 6.5(a), if on the date of the Utilisation Request or Renewal Request and on the proposed Utilisation Date: 

  

	 	(i)	 in the case of a Letter of Credit to be renewed in accordance with Clause 6.6 no Event of Default is continuing
or would result from the proposed Utilisation and, in the case of any other Utilisation, no Default is continuing or would result from the proposed Utilisation; and 

 

	 	(ii)	 the Repeating Representations to be made by each Obligor are true in all material respects.

  

	 	(c)	 The amount of each Lender’s participation in each Letter of Credit will be equal to its L/C Proportion
provided always, for the avoidance of doubt, that only the LILO Lenders will participate in a Letter of Credit wholly issued pursuant to the LILO Tranche. 

  

	 	(d)	 A Letter of Credit may be requested and issued using a First Out Tranche and the LILO Tranche in which case it
will be deemed to constitute separate Letters of Credit (in the relevant proportions) for the purposes of this Agreement notwithstanding issued in a single Letter of Credit. 

 

	 	(e)	 The Agent shall determine the Base Currency Amount of each Letter of Credit which is to be issued in an Agreed
Currency and shall notify the Issuing Bank and each Lender of the details of the requested Letter of Credit and its participation in that Letter of Credit by the Specified Time. 

 

	 	(f)	 The Issuing Bank has no duty to enquire of any person whether or not any of the conditions set out in Clause
6.5(b) have been met. The Issuing Bank may assume that those conditions have been met unless it is expressly notified to the contrary by the Agent. The Issuing Bank will have no liability to any person for issuing a Letter of Credit based on such
assumption. 

  

	 	(g)	 The Issuing Bank is solely responsible for the form of the Letter of Credit that it issues. The Agent has no
duty to monitor the form of that document. 

  
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	 	(h)	 Subject to Clause 32.7(i) (Rights and discretions), each of the Issuing Bank and the Agent shall provide
the other with any information reasonably requested by the other that relates to a Letter of Credit and its issue. 

  

	 	(i)	 The Issuing Bank may issue a Letter of Credit in the form of a SWIFT message or other form of communication
customary in the relevant market but has no obligation to do so. 

  

	6.6	 Renewal of a Letter of Credit 

 

	 	(a)	 A Borrower (or the Obligors’ Agent on its behalf) may request that any Letter of Credit issued at the
request of that Borrower be renewed by delivery to the Agent of a Renewal Request in substantially similar form to a Utilisation Request for a Letter of Credit by the Specified Time. 

 

	 	(b)	 The Finance Parties shall treat any Renewal Request in the same way as a Utilisation Request for a Letter of
Credit except that the condition set out in Clause 6.3(f) shall not apply. 

  

	 	(c)	 The terms of each renewed Letter of Credit shall be the same as those of the relevant Letter of Credit
immediately prior to its renewal, except that: 

  

	 	(i)	 its amount may be less than the amount of the Letter of Credit immediately prior to its renewal; and

  

	 	(ii)	 its Term shall start on the date which was the Expiry Date of the Letter of Credit immediately prior to its
renewal, and shall end on the proposed Expiry Date specified in the Renewal Request. 

  

	 	(d)	 Subject to Clause 6.6(e), if the conditions set out in this Agreement have been met, the Issuing Bank shall
amend and re-issue any Letter of Credit pursuant to a Renewal Request. 

  

	 	(e)	 Where a new Letter of Credit is to be issued to replace by way of renewal an existing Letter of Credit, the
Issuing Bank is not required to issue that new Letter of Credit until the Letter of Credit being replaced has been returned to the Issuing Bank or the Issuing Bank is satisfied, acting reasonably, either that it will be returned to it or otherwise
that no liability can arise under it. 

  

	6.7	 Reduction of a Letter of Credit 

 

	 	(a)	 If, on the proposed Utilisation Date of a Letter of Credit, any Lender under the Revolving Facility is a Non-Acceptable L/C Lender and: 

  

	 	(i)	 that Lender has failed to provide cash collateral to the Issuing Bank in accordance with Clause 7.4 (Cash
collateral by Non-Acceptable L/C Lender and Borrower’s option to provide cash cover); and 

  
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	 	(ii)	 the Borrower of that proposed Letter of Credit has not exercised its right to provide cash cover to the Issuing
Bank in accordance with Clause 7.4(g) (Cash collateral by Non-Acceptable L/C Lender and Borrower’s option to provide cash cover), the Issuing Bank may, subject to paragraph (d) below,
reduce the amount of that Letter of Credit by an amount equal to the amount of the participation of that Non-Acceptable L/C Lender in respect of that Letter of Credit and that
Non-Acceptable L/C Lender shall be deemed not to have any participation (or obligation to indemnify the Issuing Bank) in respect of that Letter of Credit for the purposes of the Finance Documents.

  

	 	(b)	 The Issuing Bank shall notify the Agent and the Obligors’ Agent of each reduction made pursuant to this
Clause 6.7. 

  

	 	(c)	 This Clause 6.7 shall not affect the participation of each other Lender in that Letter of Credit except for any
increase in their participation pursuant to paragraph (d) below. 

  

	 	(d)	 If paragraph (a) applies and there are sufficient applicable Available Commitments of other Lenders who
are not Non-Acceptable L/C Lenders the Issuing Bank shall not reduce a Letter of Credit but instead the relevant Non-Acceptable L/C Lender shall cease to have any
participation in respect of that Letter of Credit and its participations will be reallocated to such other Lenders pro rata to their applicable Available Commitments. 

 

	6.8	 Revaluation of Letters of Credit 

If any Letters of Credit are denominated in an Agreed Currency, the Agent shall, at the end of each calendar month, recalculate the Base
Currency Amount of each such Letter of Credit by notionally converting into the Base Currency the outstanding amount of that Letter of Credit on the basis of the Agent’s Spot Rate of Exchange on the date of calculation and notify the
Obligors’ Agent of such recalculation within seven Business Days of the end of each calendar month. The Obligors’ Agent shall use the most recently notified amounts of such Letters of Credit for the purposes of the next Aggregate Borrowing
Base Certificate following the date of such notification. 
  

	6.9	 Reduction or expiry of Letter of Credit 

If the amount of any Letter of Credit is wholly or partially reduced or it is repaid or prepaid or it expires prior to its Expiry Date, the
relevant Issuing Bank and the Borrower that requested (or on behalf of which the Obligors’ Agent requested) the issue of that Letter of Credit shall promptly notify the Agent of the details upon becoming aware of them. 

 

	6.10	 Appointment of additional Issuing Banks 

Any Lender which has agreed to the Obligors’ Agent’s request to be an Issuing Bank for the purposes of this Agreement shall become a
Party as an “Issuing Bank” upon notifying the Agent and the Obligors’ Agent that it has so agreed to be an Issuing Bank. 

  
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	7.	 LETTERS OF CREDIT 

 

	7.1	 Immediately payable 

If a Letter of Credit or any amount outstanding under a Letter of Credit is expressed to be immediately payable, the Borrower that requested
(or on behalf of which the Obligors’ Agent requested) the issue of that Letter of Credit shall repay or prepay that amount immediately. 
  

	7.2	 Claims under a Letter of Credit 

 

	 	(a)	 Each Borrower irrevocably and unconditionally authorises the Issuing Bank to pay any claim made or purported to
be made under a Letter of Credit requested by it (or requested by the Obligors’ Agent on its behalf) and which appears on its face to be in order (in this Clause 7, a “claim”). 

 

	 	(b)	 Each Borrower shall immediately on demand pay to the Agent for the Issuing Bank an amount equal to the amount
of any claim. 

  

	 	(c)	 Each Borrower acknowledges that the Issuing Bank: 

 

	 	(i)	 is not obliged to carry out any investigation or seek any confirmation from any other person before paying a
claim; and 

  

	 	(ii)	 deals in documents only and will not be concerned with the legality of a claim or any underlying transaction or
any available set-off, counterclaim or other defence of any person. 

  

	 	(d)	 The obligations of a Borrower under this Clause 7 will not be affected by: 

 

	 	(i)	 the sufficiency, accuracy or genuineness of any claim or any other document; or 

 

	 	(ii)	 any incapacity of, or limitation on the powers of, any person signing a claim or other document.

  

	7.3	 Indemnities 

  

	 	(a)	 Each Borrower shall immediately on demand indemnify the Issuing Bank against any cost, loss or liability
incurred by the Issuing Bank (otherwise than by reason of the Issuing Bank’s gross negligence or wilful misconduct) in acting as the Issuing Bank under any Letter of Credit requested by (or on behalf of) that Borrower. 

 

	 	(b)	 Each Lender shall (according to its L/C Proportion) immediately on demand indemnify the Issuing Bank against
any cost, loss or liability incurred by the Issuing Bank (otherwise than by reason of the Issuing Bank’s gross negligence or wilful misconduct) in acting as the Issuing Bank under any Letter of Credit (unless the Issuing Bank has been
reimbursed by an Obligor pursuant to a Finance Document). 

  
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	 	(c)	 The Borrower which requested (or on behalf of which the Obligors’ Agent requested) a Letter of Credit
shall immediately on demand reimburse any Lender for any payment it makes to the Issuing Bank under this Clause 7.3 in respect of that Letter of Credit. 

  

	 	(d)	 The obligations of each Lender or Borrower under this Clause are continuing obligations and will extend to the
ultimate balance of sums payable by that Lender or Borrower in respect of any Letter of Credit, regardless of any intermediate payment or discharge in whole or in part. 

 

	 	(e)	 If a Borrower has provided cash cover in respect of a Lender’s participation in a Letter of Credit, the
Issuing Bank shall seek reimbursement from that cash cover before making a demand of that Lender under Clause 7.3(b). Any recovery made by an Issuing Bank pursuant to that cash cover will reduce that Lender’s liability under Clause 7.3(b).

  

	 	(f)	 The obligations of any Lender or Borrower under this Clause will not be affected by any act, omission, matter
or thing which, but for this Clause, would reduce, release or prejudice any of its obligations under this Clause (without limitation and whether or not known to it or any other person) including: 

 

	 	(i)	 any time, waiver or consent granted to, or composition with, any Obligor, any beneficiary under a Letter of
Credit or any other person; 

  

	 	(ii)	 the release of any other Obligor or any other person under the terms of any composition or arrangement with any
creditor or any member of the Group; 

  

	 	(iii)	 the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up
or enforce, any rights against, or security over assets of, any Obligor, any beneficiary under a Letter of Credit or other person or any non-presentation or
non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security; 

 

	 	(iv)	 any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or
status of an Obligor, any beneficiary under a Letter of Credit or any other person; 

  

	 	(v)	 any amendment (however fundamental) or replacement of a Finance Document, any Letter of Credit or any other
document or security; 

  

	 	(vi)	 any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document, any
Letter of Credit or any other document or security; or 

  

	 	(vii)	 any insolvency or similar proceedings. 

  
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	7.4	 Cash collateral by Non-Acceptable L/C Lender and Borrower’s
option to provide cash cover 

  

	 	(a)	 If, at any time, a Lender under the Revolving Facility is a
Non-Acceptable L/C Lender, the Issuing Bank may, by notice to that Lender, request that Lender to pay and that Lender shall pay, on or prior to the date falling two Business Days after the request by the
Issuing Bank, an amount equal to that Lender’s L/C Proportion of: 

  

	 	(i)	 the outstanding amount of a Letter of Credit; or 

 

	 	(ii)	 in the case of a proposed Letter of Credit, the amount of that proposed Letter of Credit,

 and in the currency of that Letter of Credit to an interest-bearing account held in the name of that Lender with the
Issuing Bank. 
  

	 	(b)	 The Non-Acceptable L/C Lender to whom a request has been made in
accordance with Clause 7.4(a) shall enter into a security document or other form of collateral arrangement over the account, in form and substance satisfactory to the Issuing Bank, as collateral for any amounts due and payable under this Agreement
by that Lender to the Issuing Bank in respect of that Letter of Credit. 

  

	 	(c)	 Subject to Clause 7.4(f), withdrawals from such an account may only be made to pay the Issuing Bank amounts due
and payable to it under this Agreement by the Non-Acceptable L/C Lender in respect of that Letter of Credit until no amount is or may be outstanding under that Letter of Credit. 

 

	 	(d)	 Each Lender shall notify the Agent and the Obligors’ Agent: 

 

	 	(i)	 on the date of this Agreement or on any later date on which it becomes a Lender in accordance with Clause 2.2
(Increase) or Clause 29 (Changes to the Lenders) whether it is a Non-Acceptable L/C Lender; and 

  

	 	(ii)	 as soon as practicable upon becoming aware of the same, that it has become a
Non-Acceptable L/C Lender, 

 and an indication in Schedule 1 (The Original
Parties), in a Transfer Certificate, in an Assignment Agreement or in an Increase Confirmation to that effect will constitute a notice under Clause 7.4(d)(i) to the Agent and, upon delivery in accordance with Clause 29.7 (Copy of Transfer
Certificate, Assignment Agreement or Increase Confirmation to Obligors’ Agent), to the Obligors’ Agent. 
  

	 	(e)	 Any notice received by the Agent pursuant to Clause 7.4(d) shall constitute notice to the Issuing Bank of that
Lender’s status and the Agent shall, upon receiving each such notice, promptly notify the Issuing Bank of that Lender’s status as specified in that notice. 

  
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	 	(f)	 Notwithstanding Clause 7.4(c), a Lender which has provided cash collateral in accordance with this Clause 7.4
may, by notice to the Issuing Bank, request that an amount equal to the amount provided by it as collateral in respect of the relevant Letter of Credit (together with any accrued interest) be returned to it: 

 

	 	(i)	 to the extent that such cash collateral has not been applied in satisfaction of any amount due and payable
under this Agreement by that Lender to the Issuing Bank in respect of the relevant Letter of Credit; 

  

	 	(ii)	 if: 

  

	 	(A)	 it ceases to be a Non-Acceptable L/C Lender; 

 

	 	(B)	 its obligations in respect of the relevant Letter of Credit are transferred to a New Lender in accordance with
the terms of this Agreement; or 

  

	 	(C)	 an Increase Lender has agreed to undertake that Lender’s obligations in respect of the relevant Letter of
Credit in accordance with the terms of this Agreement; and 

  

	 	(iii)	 if no amount is due and payable by that Lender in respect of a Letter of Credit, 

and the Issuing Bank shall pay that amount to the Lender within three Business Days of that Lender’s request (and shall cooperate with the
Lender in order to procure that the relevant security or collateral arrangement is released and discharged). 
  

	 	(g)	 To the extent that a Non-Acceptable L/C Lender fails to provide cash
collateral (or notifies the Issuing Bank that it will not provide cash collateral) in accordance with this Clause 7.4 in respect of a proposed Letter of Credit, the Issuing Bank shall promptly notify the Obligors’ Agent (with a copy to the
Agent) and the Borrower of that proposed Letter of Credit may, at any time before the proposed Utilisation Date of that Letter of Credit, provide cash cover to an account with the Issuing Bank in an amount equal to that Lender’s L/C Proportion
of the amount of that proposed Letter of Credit. 

  

	7.5	 Requirement for cash cover from Borrower 

If: 
  

	 	(a)	 a Non-Acceptable L/C Lender fails to provide cash collateral (or
notifies the Issuing Bank that it will not provide cash collateral) in accordance with Clause 7.4 (Cash collateral by Non-Acceptable L/C Lender and Borrower’s option to provide cash cover)
in respect of a Letter of Credit that has been issued; 

  
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	 	(b)	 the Issuing Bank notifies the Obligors’ Agent (with a copy to the Agent) that it requires the Borrower of
the relevant Letter of Credit to provide cash cover to an account with the Issuing Bank in an amount equal to that Non-Acceptable L/C Lender’s L/C Proportion of the outstanding amount of that Letter of
Credit (or if less, the amount of cash cover the Non-Acceptable L/C Lender has failed to provide); 

  

	 	(c)	 that Borrower has not already provided such cash cover which is continuing to stand as collateral; and

  

	 	(d)	 a Cash Dominion Period is continuing, 

then that Borrower shall provide such cash cover within 10 Business Days of the notice referred to in Clause 7.5(b) (unless the relevant Non-Acceptable L/C Lender has been replaced as a Lender). 
  

	7.6	 Regulation and consequences of cash cover provided by Borrower 

 

	 	(a)	 Any cash cover provided by a Borrower pursuant to Clause 7.4 or Clause 7.5 may be funded out of a Revolving
Facility Loan. 

  

	 	(b)	 Notwithstanding Clause 1.2(e) (Construction), the relevant Borrower may request that an amount equal to
the cash cover (together with any accrued interest) provided by it pursuant to Clause 7.4 or Clause 7.5 be returned to it: 

  

	 	(i)	 to the extent that such cash cover has not been applied in satisfaction of any amount due and payable under
this Agreement by that Borrower to the Issuing Bank in respect of a Letter of Credit; 

  

	 	(ii)	 if: 

  

	 	(A)	 the relevant Lender ceases to be a Non-Acceptable L/C Lender;

  

	 	(B)	 the relevant Lender’s obligations in respect of the relevant Letter of Credit are transferred to a New
Lender in accordance with the terms of this Agreement; or 

  

	 	(C)	 an Increase Lender has agreed to undertake the relevant Lender’s obligations in respect of the relevant
Letter of Credit in accordance with the terms of this Agreement; and 

  

	 	(iii)	 if no amount is due and payable by the relevant Lender in respect of the relevant Letter of Credit,

 and the Issuing Bank shall pay that amount to that Borrower within 3 Business Days of that Borrower’s request. 

 

	 	(c)	 To the extent that a Borrower has provided cash cover pursuant to Clause 7.4 or Clause 7.5, the relevant
Lender’s L/C Proportion in respect of that Letter of Credit will remain (but that Lender’s obligations in relation to that Letter of Credit may be satisfied in accordance with Clause 1.2(e)(ii) (Construction)). However the relevant
Borrower’s obligation to pay any Letter of Credit fee in relation to the relevant Letter of Credit to the Agent (for the account of that Lender) in accordance with Clause 17.3(b) (Fees payable in respect of Letters of Credit) will
be reduced proportionately as from the date on which it provides that cash cover (and for so long as the relevant amount of cash cover continues to stand as collateral). 

  
 93 

	 	(d)	 The relevant Issuing Bank shall promptly notify the Agent of the extent to which a Borrower provides cash cover
pursuant to Clause 7.4 or Clause 7.5 and of any change in the amount of cash cover so provided. 

  

	7.7	 Rights of contribution 

No Obligor will be entitled to any right of contribution or indemnity from any Finance Party in respect of any payment it may make under this
Clause 7 (other than a Defaulting Lender which has failed to comply with this Clause 7, provided always that in no event shall any right of contribution or indemnity attach to, or adversely affect, any other Finance Party). 

 

	8.	 SWINGLINE LOANS 

 

	 	(a)	 The Agent, the Swingline Lender and the Lenders agree that a Borrower (or the Obligors’ Agent on behalf of
a Borrower) may request a Swingline Loan under either a First Out Tranche or the LILO Tranche by submitting a duly completed Utilisation Request by the Specified Time. Following such request, the terms of this Clause 8 apply and the Swingline Lender
will, on behalf of the relevant Lenders and in the amount requested, advance same day funds to the relevant Borrower, on the date of the applicable Utilisation to the bank account nominated by the relevant Borrower for the purpose of receiving such
amounts from time to time (each such loan made solely by the Swingline Lender pursuant to this Clause 8 is referred to in this Agreement as a “Swingline Loan”), with settlement among the relevant Lenders as to the Swingline
Loans to take place on a periodic basis as set out in this Clause 8. 

  

	 	(b)	 Except as otherwise provided in this Clause 8, each Swingline Loan shall be subject to all the terms and
conditions applicable to other Loans funded by the Lenders, except that all payments thereon shall be payable to the Swingline Lender solely for its own account. 

 

	 	(c)	 The aggregate amount of Swingline Loans outstanding at any time shall not exceed USD 7,500,000.

  

	 	(d)	 The Swingline Lender shall not make any Swingline Loan if the requested Swingline Loan exceeds:

  

	 	(i)	 Aggregate Availability; 

 

	 	(ii)	 First Out Availability (in the case of Swingline Loans under a First Out Tranche; 

 

	 	(iii)	 LILO Availability (in the case of Swingline Loans under the LILO Tranche); or 

 

	 	(iv)	 the relevant Borrower’s Availability, 

  
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 in each case before or after giving effect to such Swingline Loan. 

 

	 	(e)	 Upon the making of a Swingline Loan (whether before or after the occurrence of a Default and regardless of
whether a Settlement (as defined below) has been requested with respect to such Swingline Loan), each Lender under the relevant Tranche shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased
from the Swingline Lender, without recourse or warranty, an undivided interest and participation in such Swingline Loan in proportion to its Applicable Percentage of its US/UK Tranche Commitments, Norwegian Tranche Commitments or LILO Tranche
Commitments (as applicable). 

  

	 	(f)	 The Swingline Lender may, at any time, require the relevant Lenders to fund their participations referred to in
paragraph (e). From and after the date, if any, on which any Lender is required to fund its participation in any Swingline Loan purchased hereunder, the Agent shall promptly distribute to such Lender, such Lender’s Applicable Percentage of all
payments of principal and interest and all proceeds of Charged Property received by the Agent in respect of such Swingline Loan. 

  

	 	(g)	 The Agent, on behalf of the Swingline Lender, may request settlement (a “Settlement”) with the
Lenders on at least a weekly basis or on any date that the Agent elects, by notifying the relevant Lenders of such requested Settlement by facsimile, telephone, or e-mail no later than 11.00 a.m. London time
on the date of such requested Settlement (the “Settlement Date”). Each relevant Lender (other than the Swingline Lender, in the case of the Swingline Loans) shall transfer the amount of such Lender’s Applicable Percentage of
the outstanding principal amount of the applicable Swingline Loan with respect to which Settlement is requested to the Agent, to such account of the Agent as the Agent may designate, not later than 3.00 p.m., on such Settlement Date.

  

	 	(h)	 Settlements may occur during the existence of a Default and whether or not the applicable conditions precedent
set out in Clause 4.2 (Further conditions precedent) have then been satisfied. Such amounts transferred to the Agent shall be applied against the amounts of the Swingline Lender’s Swingline Loans and, together with the
Swingline Lender’s Applicable Percentage of such Swingline Loan, shall constitute ABR Rate Loans of such Lenders, respectively. If any such amount is not transferred to the Agent by any Lender on such Settlement Date, the Swingline Lender shall
be entitled to recover from such Lender on demand such amount, together with interest thereon. 

  

	 	(i)	 All Swingline Loans will be denominated in US dollars. 

 

	9.	 AGREED CURRENCIES 

 

	9.1	 Selection of currency 

A Borrower (or the Obligors’ Agent on its behalf) shall select the currency of a Utilisation in a Utilisation Request. 

  
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	9.2	 Unavailability of a currency 

If before the Specified Time on any Quotation Day: 
  

	 	(a)	 a Lender notifies the Agent that the Agreed Currency requested is not readily available to it in the amount
required; or 

  

	 	(b)	 a Lender notifies the Agent that compliance with its obligation to participate in a Loan in the proposed Agreed
Currency would contravene a law or regulation applicable to it, 

 the Agent will give notice to the relevant Borrower to
that effect by the Specified Time on that day. In this event, any Lender that gives notice pursuant to this Clause 9.2 will be required to participate in the Loan in the Base Currency (in an amount equal to that Lender’s proportion of the Base
Currency Amount, or in respect of a Rollover Loan, an amount equal to that Lender’s proportion of the Base Currency Amount of the Rollover Loan that is due to be made) and its participation will be treated as a separate Loan denominated in the
Base Currency during that Interest Period. 
  

	9.3	 Agent’s calculations 

Each Lender’s participation in a Loan will be determined in accordance with Clause 5.4(b) (Lenders’ participation). 

  
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 SECTION 4 

REPAYMENT, PREPAYMENT AND CANCELLATION 
  

	10.	 REPAYMENT 

  

	10.1	 Repayment of Loans and Letters of Credit 

 

	 	(a)	 Subject to Clause 10.1(d), each Borrower which has drawn a Revolving Facility Loan shall repay that Loan:

  

	 	(i)	 on the last day of its Interest Period (in the case of LIBOR Rate Loans and NIBOR Rate Loans); and

  

	 	(ii)	 on the Termination Date (in the case of ABR Rate Loans and Foreign Base Rate Loans). 

 

	 	(b)	 Notwithstanding the above, all Loans (including Swingline Loans) shall be repaid in full on the Termination
Date. 

  

	 	(c)	 Without prejudice to each Borrower’s obligation under Clause 10.1(a), if: 

 

	 	(i)	 one or more Revolving Facility Loans are to be made available to a Borrower: 

 

	 	(A)	 on the same day that a maturing Revolving Facility Loan is due to be repaid by that Borrower;

  

	 	(B)	 in the same currency as the maturing Revolving Facility Loan (unless it arose as a result of the operation of
Clause 9.2 (Unavailability of a currency)); 

  

	 	(C)	 under the same Tranche under which the maturing Revolving Facility Loan was made; and 

 

	 	(D)	 in whole or in part for the purpose of refinancing the maturing Revolving Facility Loan; and

  

	 	(ii)	 the proportion borne by each relevant Lender’s participation in the maturing Revolving Facility Loan to
the amount of that maturing Revolving Facility Loan is the same as the proportion borne by that Lender’s participation in the new Revolving Facility Loans to the aggregate amount of those new Revolving Facility Loans, 

the aggregate amount of the new Revolving Facility Loans shall, unless the relevant Borrower or the Obligors’ Agent notifies the Agent to
the contrary in the relevant Utilisation Request, be treated as if applied in or towards repayment of the maturing Revolving Facility Loan so that: 
  

	 	(A)	 if the amount of the maturing Revolving Facility Loan exceeds the aggregate amount of the new Revolving
Facility Loans: 

  
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	 	(1)	 the relevant Borrower will only be required to make a payment under Clause 36.1 (Payments to the Agent)
in an amount in the relevant currency equal to that excess; and 

  

	 	(2)	 each relevant Lender’s participation in the new Revolving Facility Loans shall be treated as having been
made available and applied by the Borrower in or towards repayment of that Lender’s participation in the maturing Revolving Facility Loan and that Lender will not be required to make a payment under Clause 36.1 (Payments to the Agent) in
respect of its participation in the new Revolving Facility Loans; and 

  

	 	(B)	 if the amount of the maturing Revolving Facility Loan is equal to or less than the aggregate amount of the new
Revolving Facility Loans: 

  

	 	(1)	 the relevant Borrower will not be required to make a payment under Clause 36.1 (Payments to the Agent);
and 

  

	 	(2)	 each relevant Lender will be required to make a payment under Clause 36.1 (Payments to the Agent) in
respect of its participation in the new Revolving Facility Loans only to the extent that its participation in the new Revolving Facility Loans exceeds that Lender’s participation in the maturing Revolving Facility Loan and the remainder of that
Lender’s participation in the new Revolving Facility Loans shall be treated as having been made available and applied by the Borrower in or towards repayment of that Lender’s participation in the maturing Revolving Facility Loan.

  

	 	(d)	 At any time when a Lender becomes a Defaulting Lender, the maturity date of each of the participations of that
Lender in the Revolving Facility Loans then outstanding will be automatically extended to the Termination Date and will be treated as separate Revolving Facility Loans (the “Separate Loans”) denominated in the currency in which the
relevant participations are outstanding. 

  

	 	(e)	 A Borrower may repay any Separate Loan by giving not less than three Business Days’ prior notice to the
Agent. The Agent will forward a copy of a prepayment notice received in accordance with this Clause 10.1(e) to the Defaulting Lender concerned as soon as practicable on receipt. 

 

	 	(f)	 Interest in respect of a Separate Loan will accrue on the same basis as the relevant Revolving Facility Loan
and if the relevant Revolving Facility Loan was a LIBOR Rate Loan or NIBOR Rate Loan for successive Interest Periods selected by the Borrower by the time and date specified by the Agent (acting reasonably) and will be payable by that Borrower to the
Agent (for the account of that Defaulting Lender) on the last day of each Interest Period of that Loan. 

  
 98 

	 	(g)	 The terms of this Agreement relating to Revolving Facility Loans generally shall continue to apply to Separate
Loans other than to the extent inconsistent with Clause 10.1(d) to (f) above, in which case those paragraphs shall prevail in respect of any Separate Loan. 

 

	 	(h)	 Each Borrower on whose behalf a Letter of Credit has been issued which is outstanding on the Termination Date
shall repay that Letter of Credit on the Termination Date. 

  

	10.2	 Restrictions on Receivables and Cash Dominion 

 

	 	(a)	 Each Borrower covenants with the Agent that it will: 

 

	 	(i)	 not (without the prior written consent of the Agent) create Security over (otherwise than pursuant to the
Transaction Security Documents), dispose of, release, set off, compound or otherwise deal with the Receivables of Eligible Account Debtors otherwise than by getting in and realising them in the ordinary and proper course of its business (and for
this purpose the realisation of the Receivables of Eligible Account Debtors by means of block discounting, factoring or the like shall not be regarded as dealing in the ordinary and proper course of its business) or a Permitted Intra-Borrower
Transfer; 

  

	 	(ii)	 pay or procure the payment of the proceeds of Receivables of Eligible Account Debtors (other than Excluded
Receivables) into a Collection Account governed by a mandate and/or other agreement in each case in form and substance satisfactory to the Agent (including a Deposit Account Control Agreement) and conferring control over such account on the Security
Agent in the use of any Collection Account of the English Borrower and each Borrower hereby declares itself trustee of proceeds of any such Receivables not from time to time so paid to hold the same upon trust (or, in jurisdictions where the concept
of trust is not recognised, as agent) for the Security Agent to pay the same to the Agent in or towards payment and discharge of the Secured Obligations in such order and manner as the Agent may in its absolute and unfettered discretion from time to
time conclusively determine, it being understood and agreed that if the proceeds of Receivables of Eligible Account Debtors invoiced as of the date of this Agreement (or in the case of a US Borrower, as of the applicable US Borrower Accession Date)
are paid into the accounts indicated on the relevant invoices and promptly transferred to the relevant Collection Account (and until such time as such amounts are so transferred, they shall be held on trust by the relevant Borrower for the Agent)
any such payment shall not be a breach of any provisions of any Finance Document or render any such Receivable as not being an Eligible Receivable and any prompt payment by a Borrower of an amount which should have been received in a Collection
Account into a Collection Account shall cure any Default arising from such receipt into another account; 

  
 99 

	 	(iii)	 provide any instruction or authorisation to the relevant account bank reasonably required by the Agent for the
Agent and Security Agent to ensure that the provisions of Clause 10.2(b) to Clause 10.2(e) are capable of being complied with; 

  

	 	(iv)	 promptly upon opening a Collection Account, enter into a Deposit Account Control Agreement duly executed by
such Borrower and the account bank with which the relevant account is maintained; and 

  

	 	(v)	 in the event that the Deposit Account Control Agreement takes the form of a notice and acknowledgement with the
applicable account bank, use its reasonable endeavours to procure that such account bank delivers to the Agent a written acknowledgement substantially in the form of the acknowledgement and agreement attached to the notice provided that such account
shall not be a Collection Account for the purposes of the Finance Documents unless a Deposit Account Control Agreement has been entered into or such acknowledgement received. 

 

	 	(b)	 Subject to Clause 10.2(e), on each Business Day all funds standing to the credit of each Collection Account of
the English Borrower shall be transferred by the Security Agent into a bank account of the Agent in the relevant currency nominated by the Agent for the purposes of this clause (each such bank account being an “English Payment
Account”) and the Agent shall apply all funds standing to the credit of each English Payment Account: 

  

	 	(i)	 first, to prepay the First Out Loans (including any Swingline Loans under any First Out Tranche) of Lenders
other than Defaulting Lenders then owed by the English Borrower (in such order as is selected by the English Borrower on the giving of not less than three Business Days’ prior written notice to the Agent or if not so selected, on a pro-rata basis); 

  

	 	(ii)	 second, to prepay the First Out Loans (including any Swingline Loans under any First Out Tranche) of Defaulting
Lenders then owed by the English Borrower (in such order as is selected by the English Borrower on the giving of not less than three Business Days’ prior written notice to the Agent or if not so selected, on a
pro-rata basis); 

  

	 	(iii)	 third, in and towards payment pro rata of any outstanding amounts of interest, fees, costs and expenses and any
other amounts due from and owing by the English Borrower under any First Out Tranche but unpaid under the Finance Documents; 

  

	 	(iv)	 fourth, to prepay the LILO Loans (including any Swingline Loans under the LILO Tranche) of Lenders other than
Defaulting Lenders then owed by the English Borrower (in such order as is selected by the English Borrower on the giving of not less than three Business Days’ prior written notice to the Agent or if not so selected, on a pro-rata basis); 

  
 100 

	 	(v)	 fifth, to prepay the LILO Loans (including any Swingline Loans under the LILO Tranche) of Defaulting Lenders
then owed by the English Borrower (in such order as is selected by the English Borrower on the giving of not less than three Business Days’ prior written notice to the Agent or if not so selected, on a
pro-rata basis); 

  

	 	(vi)	 sixth, in and towards payment pro rata of any outstanding amounts of interest, fees, costs and expenses and any
other amounts due from and owing by the English Borrower but unpaid under the Finance Documents; and 

  

	 	(vii)	 seventh, the balance, if any, in the Permitted Discretion of the Agent, to either be (A) returned by the
Agent to the relevant Collection Account of the English Borrower or (B) paid by the Agent to a bank account (not being a Collection Account) of the English Borrower. 

 

	 	(c)	 Subject to Clause 10.2(e), on each Business Day during a Cash Dominion Period all funds standing to the credit
of each Collection Account of the Norwegian Borrower shall be transferred by the Security Agent into a bank account of the Agent in the relevant currency nominated by the Agent for the purposes of this clause (each such bank account being a
“Norwegian Payment Account”) and the Agent shall apply all funds standing to the credit of each Norwegian Payment Account: 

  

	 	(i)	 first, to prepay the First Out Loans (including any Swingline Loans under any First Out Tranche) of Lenders
other than Defaulting Lenders then owed by the Norwegian Borrower (in such order as is selected by the Norwegian Borrower on the giving of not less than three Business Days’ prior written notice to the Agent or if not so selected on a pro-rata basis); 

  

	 	(ii)	 second, to prepay the First Out Loans (including any Swingline Loans under any First Out Tranche) of Defaulting
Lenders then owed by the Norwegian Borrower (in such order as is selected by the Norwegian Borrower on the giving of not less than three Business Days’ prior written notice to the Agent or if not so selected on a
pro-rata basis); 

  

	 	(iii)	 third, in and towards payment pro rata of any outstanding amounts of interest, fees, costs and expenses and any
other amounts due from and owing by the Norwegian Borrower under any First Out Tranche but unpaid under the Finance Documents; 

  

	 	(iv)	 fourth, to prepay the LILO Loans (including any Swingline Loans under the LILO Tranche) of Lenders other than
Defaulting Lenders then owed by the Norwegian Borrower (in such order as is selected by the Norwegian Borrower on the giving of not less than three Business Days’ prior written notice to the Agent or if not so selected on a pro-rata basis); 

  
 101 

	 	(v)	 fifth, to prepay the LILO Loans (including any Swingline Loans under the LILO Tranche) of Defaulting Lenders
then owed by the Norwegian Borrower (in such order as is selected by the Norwegian Borrower on the giving of not less than three Business Days’ prior written notice to the Agent or if not so selected on a
pro-rata basis); 

  

	 	(vi)	 sixth, in and towards payment pro rata of any outstanding amounts of interest, fees, costs and expenses and any
other amounts due from and owing by the Norwegian Borrower but unpaid under the Finance Documents; and 

  

	 	(vii)	 seventh, the balance, if any, to be paid by the Agent to a bank account (not being a Collection Account) of the
Norwegian Borrower. 

  

	 	(d)	 Subject to Clause 10.2(e), on each Business Day during a Cash Dominion Period all funds standing to the credit
of each Collection Account of each US Borrower shall be transferred by the Security Agent into a bank account of the Agent in the relevant currency nominated by the Agent for the purposes of this clause (each such bank account being a “US
Payment Account”) and the Agent shall apply all funds standing to the credit of each US Payment Account: 

  

	 	(i)	 first, to prepay the First Out Loans (including any Swingline Loans under any First Out Tranche) of Lenders
other than Defaulting Lenders then owed by the US Borrowers (in such order as is selected by the Parent on the giving of not less than three Business Days’ prior written notice to the Agent or if not so selected on a pro-rata basis); 

  

	 	(ii)	 second, to prepay the First Out Loans (including any Swingline Loans under any First Out Tranche) of Defaulting
Lenders then owed by the US Borrowers (in such order as is selected by the Parent on the giving of not less than three Business Days’ prior written notice to the Agent or if not so selected on a pro-rata
basis); 

  

	 	(iii)	 third, in and towards payment pro rata of any outstanding amounts of interest, fees, costs and expenses and any
other amounts due from and owing by the US Borrowers under any First Out Tranche but unpaid under the Finance Documents; 

  

	 	(iv)	 fourth; to prepay the First Out Loans (including any Swingline Loans under any First Out Tranche) of Lenders
then owed by the English Borrower and/or the Norwegian Borrower to the extent that such amounts have been advanced in reliance on the First Out Borrowing Base of the US Borrowers as part of the English Designated Amount and/or the Norwegian
Designated Amount (as applicable) (in such order as is selected by the Parent on the giving of not less than three Business Days’ prior written notice to the Agent or if not so selected on a pro-rata
basis); 

  

	 	(v)	 fifth, to prepay the LILO Loans (including any Swingline Loans under the LILO Tranche) of Lenders other than
Defaulting Lenders then owed by the US Borrowers (in such order as is selected by the Parent on the giving of not less than three Business Days’ prior written notice to the Agent or if not so selected on a
pro-rata basis); 

  
 102 

	 	(vi)	 sixth, to prepay the LILO Loans (including any Swingline Loans under the LILO Tranche) of Defaulting Lenders
then owed by the US Borrowers (in such order as is selected by the Parent on the giving of not less than three Business Days’ prior written notice to the Agent or if not so selected on a pro-rata basis);

  

	 	(vii)	 seventh in and towards payment pro rata of any outstanding amounts of interest, fees, costs and expenses and
any other amounts due from and owing by the US Borrowers but unpaid under the Finance Documents; and 

  

	 	(viii)	 eighth, the balance, if any, to be paid by the Agent to a bank account or bank accounts (not being a Collection
Account) of the US Borrowers (as notified and in the proportions notified the Parent). 

  

	 	(e)	 While an Event of Default is continuing all funds standing to the credit of each Collection Account, each
English Payment Account, each Norwegian Payment Account and each US Payment Account shall be applied by the Agent (and transferred to the Agent by the Security Agent for such purpose): 

 

	 	(i)	 first, to prepay the First Out Loans (including any Swingline Loans under any First Out Tranche) of Lenders
other than Defaulting Lenders then outstanding (on a pro-rata basis) and to provide cash cover of up to (A) 101 percent of the aggregate amount of any outstanding First Out Letters of Credit denominated
in Agreed Currencies and (B) 100 percent of the aggregate amount of any outstanding First Out Letters of Credit denominated in US dollars (in each case to the extent not already cash covered); 

 

	 	(ii)	 second, to prepay the First Out Loans (including any Swingline Loans under any First Out Tranche) of Defaulting
Lenders then outstanding (on a pro-rata basis); 

  

	 	(iii)	 third, in and towards payment pro rata of any outstanding amounts of interest, fees, costs and expenses and any
other amounts due and owing but unpaid under any First Out Tranche under the Finance Documents 

  

	 	(iv)	 fourth, to prepay the LILO Loans (including any Swingline Loans under the LILO Tranche) of Lenders other than
Defaulting Lenders then outstanding (on a pro-rata basis) and to provide cash cover of up to (A) 101 percent of the aggregate amount of any outstanding LILO Letters of Credit denominated in Agreed
Currencies and (B) 100 percent of the aggregate amount of any outstanding LILO Letters of Credit denominated in US dollars (in each case to the extent not already cash covered); 

  
 103 

	 	(v)	 fifth, to prepay the LILO Loans (including any Swingline Loans under the LILO Tranche) or Defaulting Lenders
then outstanding (on a pro-rata basis); 

  

	 	(vi)	 sixth, in and towards payment pro rata of any outstanding amounts of interest, fees, costs and expenses and any
other amounts due and owing but unpaid under the Finance Documents; and 

  

	 	(vii)	 seventh, the balance, if any, in the Permitted Discretion of the Agent, to either be (A) returned by the
Agent to the relevant Collection Account or (B) paid to a bank account (not being a Collection Account) of the relevant Borrower (as notified and in the proportions notified by the Parent). 

In connection with Clause 10.2(e)(i), (ii), (iii) and (iv), amounts standing to the credit of (A) any English Payment Account shall first
be used to prepay the Loans made to the English Borrower and provide cash cover in relation to Letters of Credit issued for the benefit of the English Borrower before being applied in relation to the Loans made to any other Borrower and provide cash
cover in relation to Letters of Credit issued for the benefit of any other Borrower, (B) any Norwegian Payment Account shall first be used to prepay the Loans made to the Norwegian Borrower and provide cash cover in relation to Letters of
Credit issued for the benefit of the Norwegian Borrower before being applied in relation to the Loans made to any other Borrower and provide cash cover in relation to Letters of Credit issued for the benefit of any other Borrower, and (C) any
US Payment Account shall first be used to prepay the Loans made to the US Borrowers and provide cash cover in relation to Letters of Credit issued for the benefit of the US Borrowers before being applied in relation to the Loans made to any other
Borrower and provide cash cover in relation to Letters of Credit issued for the benefit of any other Borrower . 
  

	 	(f)	 In the event and to the extent that any applicable Revolving Facility Loans and/or Swingline Loans remain
unpaid following the application set out in any of Clause 10.2(b)(i), (ii), (iv) and (v), Clause 10.2(c)(i), (ii), (iv) and (v), Clause 10.2(d)(i), (ii), (iv), (v) and (vi) and/or Clause 10.2(e)(i), (ii), (iv) and (v) as a result of a mismatch
between the currencies of the amounts in the relevant Collection Accounts and/or English Payment Account, Norwegian Payment Account or US Payment Account (as applicable) and the currencies in which the applicable outstanding Revolving Facility Loans
and/or Swingline Loans and/or Letters of Credit are denominated, the Borrowers shall be deemed to have requested the Agent to convert any such excess funds to the currency or currencies of the applicable outstanding Revolving Facility Loans,
Swingline Loans and/or Letters of Credit at the Agent’s Spot Rate of Exchange and apply such converted amounts to such applicable outstanding Revolving Facility Loans, Swingline Loans and/or Letters of Credit. 

  
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	11.	 ILLEGALITY, VOLUNTARY PREPAYMENT AND CANCELLATION 

 

	11.1	 Illegality 

If, in any applicable jurisdiction, it becomes unlawful for a Lender to perform any of its obligations as contemplated by this Agreement or to
fund, issue or maintain its participation in any Utilisation as required under this Agreement or it becomes unlawful for any Affiliate of a Lender for that Lender to do so: 
  

	 	(a)	 that Lender shall promptly notify the Agent upon becoming aware of that event; 

 

	 	(b)	 upon the Agent notifying the Obligors’ Agent, the Available Commitment of that Lender will be immediately
cancelled; and 

  

	 	(c)	 to the extent that the Lender’s participation has not been transferred pursuant to Clause 42.6
(Replacement of Lender), each Borrower shall repay that Lender’s participation in each Utilisation made to that Borrower on the last day of the Interest Period for that Utilisation occurring after the Agent has notified the
Obligors’ Agent or, if earlier, the date specified by the Lender in the notice delivered to the Agent (being no earlier than the last day of any applicable grace period permitted by law) and that Lender’s corresponding Revolving Facility
Commitment(s) shall be cancelled in the amount of the participations repaid. 

  

	11.2	 Illegality in relation to Issuing Bank 

If it becomes unlawful for an Issuing Bank to issue or leave outstanding any Letter of Credit or it becomes unlawful for any Affiliate of an
Issuing Bank for that Issuing Bank to do so then: 
  

	 	(a)	 that Issuing Bank shall promptly notify the Agent upon becoming aware of that event; 

 

	 	(b)	 upon the Agent notifying the Obligors’ Agent, the Issuing Bank shall not be obliged to issue any Letter of
Credit; 

  

	 	(c)	 the Obligors’ Agent shall procure that the relevant Borrower shall use its best endeavours to procure the
release of each Letter of Credit issued by that Issuing Bank and outstanding at such time on or before the date specified by the Issuing Bank in the notice delivered to the Agent (being no earlier than the last day of any applicable grace period
permitted by law); and 

  

	 	(d)	 unless any other Lender is or has become an Issuing Bank pursuant to the terms of this Agreement, the Revolving
Facility shall cease to be available for the issue of Letters of Credit. 

  
 105 

	11.3	 Voluntary cancellation 

The Obligors’ Agent may, if it gives the Agent not less than three Business Days’ (or such shorter period as (in the case of any
First Out Tranche) the Majority First Out Lenders and (in the case of the LILO Tranche) the Majority LILO Lenders may agree) 
 prior notice,
cancel the whole or any part (being a minimum aggregate amount of USD 5,000,000) of the Available Commitments in respect of the US/UK Tranche, the Norwegian Tranche and/or the LILO Tranche (as selected by the Obligors’ Agent). Any cancellation
under this Clause 11.3 shall reduce the US/UK Tranche Commitments, Norwegian Tranche Commitments and/or the LILO Tranche Commitments (as applicable) of the Lenders rateably. 

11.4 Voluntary prepayment of Utilisations 

A Borrower to which a Utilisation has been made may, if it or the Obligors’ Agent gives the Agent not less than three Business Days’
(or such shorter period as (in the case of any First Out Tranche) the Majority First Out Lenders and (in the case of the LILO Tranche) the Majority LILO Lenders may agree) prior notice, prepay the whole or any part of a Utilisation (but if in part,
being an amount that reduces the Base Currency Amount of the Utilisation by a minimum amount of USD 500,000), provided always that a Borrower may not voluntarily prepay a Utilisation in relation to the LILO Tranche in the event that any Utilisations
in relation to any First Out Tranche remain outstanding. However, a Borrower may voluntarily prepay a LILO Letter of Credit provided that if any First Out Loans are then outstanding the Aggregate Availability is equal to or greater than USD
20,000,000 immediately prior to and immediately following such voluntary prepayment. 
  

	11.5	 Right of cancellation and repayment in relation to a single Lender or Issuing Bank

  

	 	(a)	 If: 

  

	 	(i)	 any sum payable to any Lender by an Obligor is required to be increased under Clause 18.2(c) (Tax gross-up); or 

  

	 	(ii)	 any Lender or Issuing Bank claims indemnification from the Obligors’ Agent or an Obligor under Clause 18.3
(Tax indemnity) or Clause 19.1 (Increased costs), 

 the Obligors’ Agent may, whilst the circumstance
giving rise to the requirement for that increase or indemnification continues, give the Agent notice: 
  

	 	(iii)	 (if such circumstances relate to a Lender) of cancellation of the Revolving Facility Commitment(s) of that
Lender and its intention to procure the repayment of that Lender’s participation in the Utilisations; or 

  

	 	(iv)	 (if such circumstances relate to the Issuing Bank) of repayment of any outstanding Letter of Credit issued by
it and cancellation of its appointment as an Issuing Bank under this Agreement in relation to any Letters of Credit to be issued in the future. 

  

	 	(b)	 On receipt of a notice referred to in Clause 11.5(a) in relation to a Lender, the Revolving Facility
Commitment(s) of that Lender shall immediately be reduced to zero. 

  
 106 

	 	(c)	 On the last day of each Interest Period which ends after the Obligors’ Agent has given notice under Clause
11.5(a) in relation to a Lender (or, if earlier, the date specified by the Obligors’ Agent in that notice), each Borrower to which a Utilisation is outstanding shall repay that Lender’s participation in that Utilisation together with all
interest and other amounts accrued under the Finance Documents. 

  

	11.6	 Right of cancellation in relation to a Defaulting Lender 

 

	 	(a)	 If any Lender becomes a Defaulting Lender or Non-Acceptable L/C Lender,
the Obligors’ Agent may, at any time whilst the Lender continues to be a Defaulting Lender or Non-Acceptable L/C Lender, give the Agent five Business Days’ notice of cancellation of the Available
Commitment of that Lender. 

  

	 	(b)	 On the notice referred to in Clause 11.6(a) above becoming effective, the Available Commitment of the
Defaulting Lender or Non-Acceptable L/C Lender shall immediately be reduced to zero. 

  

	 	(c)	 The Agent shall as soon as practicable after receipt of a notice referred to in Clause 11.6(a), notify all the
Lenders. 

  

	12.	 MANDATORY PREPAYMENT AND CANCELLATION 

 

	12.1	 Availability Shortfall 

Upon the occurrence of an Availability Shortfall (other than one arising as a result of a Borrowing Base Data Failure), the Borrowers shall
(and the Obligors’ Agent shall ensure that the Borrowers shall) prepay a Base Currency Amount of the Loans in an aggregate amount equal to the Base Currency Amount required to be prepaid to ensure there is no Availability Shortfall (or if lower
the aggregate amount of the Loans) and if requested by the Agent (on the instructions of the relevant Issuing Banks) repay Letters of Credit in an aggregate amount equal to Base Currency Amount of the relevant Availability Shortfall less the Base
Currency Amount of the Loans prepaid pursuant to this Clause 12.1 required to be prepaid to ensure there is no Availability Shortfall (provided that if such calculation results in a negative number no such prepayment of Letters of Credit shall be
required) within one Business Day of the earlier of any Obligor becoming aware of the existence of an Availability Shortfall and receipt of written notice from the Agent in relation to the same (provided that unless and until a written notice is
received from the Agent, the requirement to prepay shall be in relation to outstanding Loans only and the Borrowers shall only be obliged to prepay Letters of Credit in the event that the Obligors’ Agent receives written notice from the Agent
in relation to the same (such notice to include details of the prepayment of Letters of Credit required)). 
  

	12.2	 Borrowing Base Data Failure 

If a Borrowing Base Data Failure is continuing, the Borrowers shall (and the Obligors’ Agent shall ensure that the Borrowers shall) prepay
all outstanding amounts under the Facility (including any outstanding amounts of interest, fees, costs and expenses), other than Letters of Credit, and prepay all outstanding Letters of Credit which the 

  
 107 

 Agent (on the instructions of the relevant Issuing Banks) notifies the Obligors’ Agent
are to be prepaid within three Business Days of the earlier of any Obligor becoming aware of the existence of a Borrowing Base Data Failure or receipt of written notice from the Agent in relation to the same (provided that unless and until a written
notice is received from the Agent, the requirement to prepay shall be in relation to outstanding Loans only and the Borrowers shall only be obliged to prepay Letters of Credit in the event that the Obligors’ Agent receives written notice from
the Agent in relation to the same (such notice to include details of the prepayment of Letters of Credit required)). 
  

	12.3	 Application of mandatory prepayments 

A prepayment of Utilisations made under Clause 12.1 shall be applied in the following order: 

 

	 	(a)	 first, in prepayment of any Swingline Loans under any First Out Tranche which are outstanding;

  

	 	(b)	 second, in prepayment of any Utilisations under any First Out Tranche whose Interest Period ends on the date of
prepayment; 

  

	 	(c)	 third, in prepayment of any other Utilisations under any First Out Tranche such that: (A) any such
outstanding First Out Revolving Facility Loans shall be prepaid on a pro rata basis; and (B) such outstanding First Out Revolving Facility Loans shall be prepaid before any outstanding First Out Letters of Credit (which shall then prepaid on a
pro rata basis); 

  

	 	(d)	 fourth, in prepayment of any Swingline Loans under the LILO Tranche which are outstanding;

  

	 	(e)	 fifth, in prepayment of any Utilisations under the LILO Tranche whose Interest Period ends on the date of
prepayment; and 

  

	 	(f)	 sixth, in prepayment of any other Utilisations under the LILO Tranche such that: (A) any such outstanding
LILO Revolving Facility Loans shall be prepaid on a pro rata basis; and (B) such outstanding LILO Revolving Facility Loans shall be prepaid before any outstanding LILO Letters of Credit (which shall then prepaid on a pro rata basis).

  

	13.	 RESTRICTIONS 

  

	13.1	 Notices of cancellation or prepayment 

Any notice of cancellation, prepayment, authorisation or other election given by any Party under Clause 11 (Illegality, voluntary prepayment
and cancellation) or Clause 12.3 (Application of mandatory prepayments and cancellations) shall (subject to the terms of those Clauses) be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the date or
dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment. 

  
 108 

	13.2	 Interest and other amounts 

Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and, subject to any Break Costs, without
premium or penalty, provided that no Break Costs shall be due in connection with any prepayment made pursuant to Clause 10.2 (Restrictions on Receivables and Cash Dominion) nor shall any Break Costs be due in connection with any prepayment of
a Separate Loan or any Loan that is not a LIBOR Rate Loan or NIBOR Rate Loan. 
  

	13.3	 Reborrowing of Revolving Facility 

Unless a contrary indication appears in this Agreement, any part of the Revolving Facility which is prepaid or repaid may be reborrowed in
accordance with the terms of this Agreement. 
  

	13.4	 Prepayment in accordance with Agreement 

No Borrower shall repay or prepay all or any part of the Utilisations or cancel all or any part of the Revolving Facility Commitments except at
the times and in the manner expressly provided for in this Agreement. 
  

	13.5	 No reinstatement of Commitments 

Subject to Clause 2.2 (Increase), no amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated. 

 

	13.6	 Agent’s receipt of notices 

If the Agent receives a notice under Clause 11 (Illegality, voluntary prepayment and cancellation) it shall promptly forward a
copy of that notice or election to either the Obligors’ Agent or the affected Lender, as appropriate. 
  

	13.7	 Application of prepayments 

Any prepayment of a Utilisation (other than a prepayment pursuant to Clause 11.1 (Illegality) or Clause 11.5 (Right of cancellation
and repayment in relation to a single Lender or Issuing Bank) or any other prepayment under this Agreement which is expressly stated as being due to a particular Lender or Lenders(s) (including the Swingline Lender)) shall be
applied pro rata to each Lender’s participation in that Utilisation. 

  
 109 

 SECTION 5 

COSTS OF UTILISATION 
  

	14.	 INTEREST 

  

	14.1	 Calculation of interest 

 

	 	(a)	 The rate of interest on each First Out Loan (other than a Swingline Loan) for each Interest Period is the
percentage rate per annum which is the aggregate of the relevant First Out Applicable Margin and: 

  

	 	(i)	 LIBOR (in the case of LIBOR Rate Loans); or 

 

	 	(ii)	 NIBOR (in the case of NIBOR Rate Loans); or 

 

	 	(iii)	 ABR (in the case of ABR Rate Loans); or 

 

	 	(iv)	 the Foreign Base Rate (in the case of Foreign Base Rate Loans). 

 

	 	(b)	 The rate of interest on each Swingline Loan under any First Out Tranche shall be the percentage rate per annum
which is the aggregate of: 

  

	 	(i)	 the relevant First Out Applicable Margin; and 

 

	 	(ii)	 ABR. 

  

	 	(c)	 The rate of interest on each LILO Loan (other than a Swingline Loan) for each Interest Period is the percentage
rate per annum which is the aggregate of the relevant LILO Applicable Margin and: 

  

	 	(i)	 LIBOR (in the case of LIBOR Rate Loans); or 

 

	 	(ii)	 NIBOR (in the case of NIBOR Rate Loans); or 

 

	 	(iii)	 ABR (in the case of ABR Rate Loans); or 

 

	 	(iv)	 the Foreign Base Rate (in the case of Foreign Base Rate Loans). 

 

	 	(d)	 The rate of interest on each Swingline Loan under the LILO Tranche shall be the percentage rate per annum which
is the aggregate of: 

  

	 	(i)	 the relevant LILO Applicable Margin; and 

 

	 	(ii)	 ABR. 

  

	 	(e)	 The rate of interest for each ABR Rate Loan, Swingline Loan and each Foreign Base Rate Loan shall be calculated
and applied on a daily basis. 

  

	14.2	 Payment of interest 

 

	 	(a)	 In the case of LIBOR Rate Loans and NIBOR Rate Loans, the Borrower to which such a Loan has been made shall pay
accrued interest on that Loan in arrears on the last day of each Interest Period (and, if the Interest Period is longer than three Months, on the dates falling at three Monthly intervals after the first day of the Interest Period) and on the
Termination Date. 

  
 110 

	 	(b)	 In the case of ABR Rate Loans, Swingline Loans and Foreign Base Rate Loans, the Borrower to which such a Loan
has been made shall pay accrued interest on that Loan in arrears on the first Business Day of each Financial Quarter and on the Termination Date. 

  

	14.3	 Default interest 

 

	 	(a)	 If an Obligor fails to pay any amount payable by it under a Finance Document on its due date (other than any
overdue amount which consists of all or part of a Loan), interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which is two percent per annum higher than the rate
which would have been payable if the overdue amount had, during the period of non-payment, constituted a LIBOR Rate Loan or NIBOR Rate Loan in the same currency of the overdue amount for successive Interest
Periods, each of a duration selected by the Agent (acting reasonably). 

  

	 	(b)	 If any overdue amount consists of all or part of a Loan, interest shall accrue on the overdue amount from the
due date up to the date of actual payment (both before and after judgment) at a rate which is two percent per annum higher than the rate which would otherwise have applied to that Loan. 

 

	 	(c)	 If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of
an Interest Period relating to that Loan: 

  

	 	(i)	 the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the
current Interest Period relating to that Loan; and 

  

	 	(ii)	 the rate of interest applying to the overdue amount during that first Interest Period shall be two percent per
annum higher than the rate which would have applied if the overdue amount had not become due. 

  

	 	(d)	 Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end
of each Interest Period applicable to that overdue amount but will remain immediately due and payable. 

  

	 	(e)	 Any interest accruing under this Clause 14.3 shall be immediately payable by the Obligor on demand by the
Agent. 

  

	14.4	 Notification of rates of interest 

 

	 	(a)	 The Agent shall promptly notify the relevant Lenders and the Obligors’ Agent of the determination of a
rate of interest under this Agreement. 

  

	 	(b)	 The Agent shall promptly notify the Obligors’ Agent of each Funding Rate relating to a Loan.

  
 111 

	15.	 INTEREST PERIODS 

 

	15.1	 Selection of Interest Periods 

 

	 	(a)	 A Borrower (or the Obligors’ Agent on behalf of a Borrower) may select an Interest Period for a Revolving
Facility Loan which is a LIBOR Rate Loan or a NIBOR Rate Loan in the Utilisation Request for that Loan. 

  

	 	(b)	 Subject to this Clause 15, a Borrower (or the Obligors’ Agent) may select an Interest Period of one, two
or three Months or of any other period agreed between the Obligors’ Agent, the Agent and all the Lenders in relation to the relevant Loan. 

  

	 	(c)	 An Interest Period for a Loan shall not extend beyond the Termination Date. 

 

	 	(d)	 A Revolving Facility Loan which is a LIBOR Rate Loan or a NIBOR Rate Loan has one Interest Period only.

  

	 	(e)	 An Interest Period for a Loan other than a LIBOR Rate Loan or NIBOR Rate Loan shall end on the Termination
Date. 

  

	15.2	 Non-Business Days 

If an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day
in that calendar month (if there is one) or the preceding Business Day (if there is not). 
  

	16.	 CHANGES TO THE CALCULATION OF INTEREST 

 

	16.1	 Unavailability of Screen Rate 

 

	 	(a)	 Interpolated Screen Rate: If no Screen Rate is available for LIBOR or, if applicable, NIBOR for
the Interest Period of a Loan, the applicable LIBOR or NIBOR shall be the Interpolated Screen Rate for a period equal in length to the Interest Period of that Loan. 

 

	 	(b)	 Effect of Benchmark Transition Event: 

 

	 	(i)	 Notwithstanding anything to the contrary herein or in any other Finance Document, upon the occurrence of a
Benchmark Transition Event or an Early Opt-in Election, as applicable, the Agent and the Obligors’ Agent may amend this Agreement to replace LIBOR and, if applicable, NIBOR with a Benchmark Replacement.
Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on the date falling five (5) Business Day after the Agent has posted such proposed amendment to all Lenders and the Obligors’ Agent so long
as the Agent has not received, by such time, written notice of objection to such amendment from the Majority Lenders; provided that, with respect to any proposed amendment containing any SOFR-Based Rate, the Lenders shall be entitled to object only
to the Benchmark Replacement Adjustment contained therein. Any such amendment with respect to an Early Opt-in Election 

  
 112 

	 	will become effective on the date that the Majority Lenders have delivered to the Agent written notice that such Majority Lenders accept such amendment. No replacement of LIBOR or, if applicable, NIBOR with a Benchmark
Replacement pursuant to this Clause 16.1(b) will occur prior to the applicable Benchmark Transition Start Date. 

  

	 	(ii)	 In connection with the implementation of a Benchmark Replacement, the Agent and the Obligors’ Agent
together will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Finance Document, any amendments implementing such Benchmark Replacement Conforming
Changes will become effective without any further action or consent of any other party to this Agreement. 

  

	 	(iii)	 The Agent will promptly notify the Obligors’ Agent and the Lenders of (i) any occurrence of a Benchmark
Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date and Benchmark Transition Start Date, (ii) the implementation of any Benchmark Replacement,
(iii) the effectiveness of any Benchmark Replacement Conforming Changes and (iv) the commencement or conclusion of any Benchmark Unavailability Period. 

 

	 	(iv)	 Any determination, decision or election that may be made by the Agent or Lenders pursuant to this Clause
16.1(b), including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any
action, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this Clause 16.1(b).

  

	 	(v)	 During any Benchmark Unavailability Period, the component of ABR based upon LIBOR will not be used in any
determination of ABR and the Obligors’ Agent may revoke any Utilisation Request for any Loan that is not an ABR Rate Loan and which Loan has not already been made. 

 

	 	(c)	 Cost of funds: In the event that Clause 16.1(b) applies but the Majority Lenders have objected to
the comparable or successor rate Clause 16.3 shall apply to that Loan for that Interest Period. 

  

	16.2	 Market disruption 

If, before close of business in London on the Quotation Day for the relevant Interest Period, the Agent receives notifications from a Lender or
Lenders (whose participations in a LIBOR Rate Loan or NIBOR Rate Loan exceed 50 percent of that Loan) that the cost to it of funding its participation in that Loan from whatever source it may reasonably select would be in excess of LIBOR in the
case of a LIBOR Rate Loan, or NIBOR in the case of a NIBOR Rate Loan (or if the Majority Lenders cannot agree a substitute rate in accordance with Clause 16.1(b)) then Clause 16.3 shall apply to that Loan for the relevant Interest Period. 

  
 113 

	16.3	 Cost of funds 

 

	 	(a)	 If this Clause 16.3 applies, the rate of interest on each Lender’s share of the relevant Loan for the
relevant Interest Period shall be the percentage rate per annum which is the sum of: 

  

	 	(i)	 in the case of: 

  

	 	(A)	 a First Out Loan, the relevant First Out Applicable Margin; or 

 

	 	(B)	 a LILO Loan, the relevant LILO Applicable Margin; and 

 

	 	(ii)	 the rate notified to the Agent by that Lender as soon as practicable and in any event within two Business Days
of the first day of that Interest Period (or, if earlier, on the date falling two Business Days before the date on which interest is due to be paid in respect of that Interest Period), to be that which expresses as a percentage rate per annum the
cost to the relevant Lender of funding its participation in that Loan from whatever source it may reasonably select. 

  

	 	(b)	 If this Clause 16.3 applies and the Agent or the Obligors’ Agent so requires, the Agent and the
Obligors’ Agent shall enter into negotiations (for a period of not more than thirty days) with a view to agreeing a substitute basis for determining the rate of interest. 

 

	 	(c)	 Any alternative basis agreed pursuant to Clause 16.3(b) shall, with the prior consent of all the Lenders and
the Obligors’ Agent, be binding on all Parties. 

  

	 	(d)	 If this Clause 16.3 applies pursuant to Clause 16.2 and: 

 

	 	(i)	 a Lender’s Funding Rate is less than LIBOR in the case of a LIBOR Rate Loan or, in relation to any NIBOR
Rate Loan, NIBOR; or 

  

	 	(ii)	 a Lender does not supply a quotation by the time specified in Clause 16.3(a)(ii), 

the cost to that Lender of funding its participation in that Loan for that Interest Period shall be deemed, for the purposes of Clause 16.3(a),
to be LIBOR or, in relation to a Loan in Norwegian Kroner, NIBOR. 
  

	16.4	 Notification to Obligors’ Agent 

If Clause 16.3 applies the Agent shall, as soon as is practicable, notify the Obligors’ Agent. 

 

	16.5	 Break Costs 

  

	 	(a)	 Each Borrower shall, within three Business Days of demand by a Finance Party, pay to that Finance Party its
Break Costs attributable to all or any part of a LIBOR Rate Loan or NIBOR Rate Loan (in each case other than a Separate Loan) or Unpaid Sum being paid by that Borrower on a day other than the last day of an Interest Period for that Loan or Unpaid
Sum provided that no Break Costs shall be due in connection with any prepayment pursuant to Clause 10.2 (Restrictions on Receivables and Cash Dominion). 

  
 114 

	 	(b)	 Each Lender shall, as soon as reasonably practicable after a demand by the Agent, provide a certificate
confirming the amount of its Break Costs for any Interest Period in which they accrue. 

  

	17.	 FEES 

  

	17.1	 Commitment fee 

 

	 	(a)	 Bristow Helicopters Limited shall pay to the Agent (for the account of each Lender in proportion to their
Available Commitments subject to Clause 17.1(c)) a fee in the Base Currency computed at the rate of: 

  

	 	(i)	 0.375 percent per annum at any time when the Aggregate Revolving Exposure exceeds 50 percent of the
lower of (x) Total Commitments minus the aggregate Availability Block and (y) the Aggregate Borrowing Base; and 

  

	 	(ii)	 0.50 percent per annum at all other times, 

in each case on the average daily Aggregate Availability for each relevant period. 

 

	 	(b)	 The accrued commitment fee as of the end of each Financial Quarter is payable quarterly in arrears on the day
falling five Business Days after the end of that Financial Quarter, and, if cancelled in full, on the cancelled amount of the relevant Lender’s Revolving Facility Commitment at the time the cancellation is effective. 

 

	 	(c)	 No commitment fee is payable to the Agent (for the account of a Lender) for any day on which that Lender is a
Defaulting Lender. The aggregate commitment fee otherwise payable to the Agent shall be reduced by the amount to which a Defaulting Lender is not entitled pursuant to this Clause 17.1(c) and provided that such reduction shall only reduce the
proportion of the fee that would otherwise have been payable for the account of the relevant Defaulting Lender. 

  

	17.2	 Fee Letter 

The relevant Obligors who have agreed to pay such fees shall pay to the Finance Parties any additional fees in the amount and at the times
agreed in a Fee Letter. 
  

	17.3	 Fees payable in respect of Letters of Credit 

 

	 	(a)	 The Borrower which has requested a Letter of Credit shall pay to the Issuing Bank a fronting fee at the rate of
0.125 percent per annum on the outstanding amount of each Letter of Credit for the period from the issue of that Letter of Credit until its Expiry Date. 

  
 115 

	 	(b)	 The relevant Borrower shall pay to the Agent (for the account of each Lender) a Letter of Credit fee in the
Base Currency (computed at the rate equal to (i) in the case of First Out Letters of Credit, the First Out Applicable Margin applicable to LIBOR Rate Loans that are First Out Loans and (ii) in the case of LILO Letters of Credit, the LILO
Applicable Margin applicable to LIBOR Rate Loans that are LILO Loans) on the outstanding amount of each Letter of Credit (or the relevant part of the outstanding amount of that Letter of Credit in the case of a Letter of Credit issued pursuant to
both a First Out Tranche and the LILO Tranche) (after taking into account any cash cover in accordance with paragraph (d)) requested by it for the period from the issue of that Letter of Credit until its Expiry Date. Subject to Clause 7.6(c)
(Regulation and consequences of cash cover provided by Borrower), this fee shall be distributed according to each Lender’s L/C Proportion of that Letter of Credit. 

 

	 	(c)	 The accrued fronting fee and Letter of Credit fee on a Letter of Credit shall be payable on the first Business
Day of each Financial Quarter (or such shorter period as shall end on the Expiry Date for that Letter of Credit) starting on the date of this Agreement. 

  

	 	(d)	 If a Borrower provides cash cover in respect of any Letter of Credit: 

 

	 	(i)	 the fronting fee payable to the Issuing Bank and (subject to Clause 7.6(c) (Regulation and consequences of
cash cover provided by Borrower)), the Letter of Credit fee payable for the account of each Lender shall continue to be payable until the expiry of the Letter of Credit but taking into account the cash cover provided; and

  

	 	(ii)	 each Borrower shall be entitled to withdraw interest accrued on the cash cover to pay the fees described in
Clause 17.3(d)(i) if applicable. 

  

	 	(e)	 The applicable Borrower that has requested a Letter of Credit shall pay to the Issuing Bank (for its own
account) an issuance/administration fee (i) in the case of Barclays Bank PLC in its capacity as Issuing Bank, in the amount and at the times specified in a Fee Letter and (ii) in the case of any other Issuing Bank, in the amount and at
such times as may be notifed to the relevant Borrower by the relevant Issuing Bank before the issuance of each Letter of Credit. 

  
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 SECTION 6 

ADDITIONAL PAYMENT OBLIGATIONS 
  

	18.	 TAX GROSS UP AND INDEMNITIES 

 

	18.1	 Definitions 

In this Agreement: 

“Borrower DTTP Filing” means an HM Revenue & Customs’ Form DTTP2 duly completed and filed by the relevant
English Borrower, which: 
  

	 	(i)	 where it relates to an English Treaty Lender that is an Original Lender, contains the scheme reference number
and jurisdiction of tax residence stated opposite that Lender’s name in Schedule 1, Part 2 (The Original Parties), and 

  

	 	(A)	 where the English Borrower is an Original Borrower, is filed with HM Revenue & Customs within 30 days
of the date of this Agreement; or 

  

	 	(B)	 where the English Borrower is an Additional Borrower, is filed with HM Revenue & Customs within 30
days of the date on which that Borrower becomes an Additional Borrower; or 

  

	 	(ii)	 where it relates to an English Treaty Lender that is not an Original Lender, contains the scheme reference
number and jurisdiction of tax residence stated in respect of that Lender in the documentation which it executes on becoming a Party as a Lender; and 

  

	 	(A)	 where the English Borrower is a Borrower as at the date on which that Treaty Lender becomes a Party as a
Lender, is filed with HM Revenue & Customs within 30 days of that date; or 

  

	 	(B)	 where the English Borrower is not a Borrower as at the date on which that Treaty Lender becomes a Party as a
Lender, is filed with HM Revenue & Customs within 30 days of the date on which that Borrower becomes an Additional Borrower. 

“Protected Party” means a Finance Party which is or will be subject to any liability, or required to make any payment,
for or on account of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Finance Document. 

“Qualifying Lender” means: 
  

	 	(a)	 in respect of amounts payable by the English Borrower, an English Qualifying Lender; and 

 

	 	(b)	 in respect of amounts payable by the Norwegian Borrower, a Norwegian Qualifying Lender. 

  
 117 

 “Tax Confirmation” means a confirmation by a Lender that the person
beneficially entitled to interest payable to that Lender in respect of an advance under a Finance Document is either: 
  

	 	(a)	 a company resident in the United Kingdom for United Kingdom tax purposes; 

 

	 	(b)	 a partnership each member of which is: 

 

	 	(i)	 a company so resident in the United Kingdom; or 

 

	 	(ii)	 a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a
permanent establishment and which brings into account in computing its chargeable profits (within the meaning of s19 CTA) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 CTA; or

  

	 	(c)	 a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a
permanent establishment and which brings into account interest payable in respect of that advance in computing the chargeable profits (within the meaning of s19 CTA) of that company. 

“Tax Credit” means a credit against, relief or remission for, or repayment of, any Tax. 

“Tax Deduction” means a deduction or withholding for or on account of Tax from a payment under a Finance Document,
other than a FATCA Deduction. 
 “Tax Payment” means either the increase in a payment made by an Obligor to a Finance
Party under Clause 18.2 (Tax gross-up) or a payment under Clause 18.3 (Tax indemnity). 

“Treaty” means: 
  

	 	(a)	 in respect of amounts payable by the English Borrower, an English Treaty; or 

 

	 	(b)	 in respect of amounts payable by the Norwegian Borrower, a Norwegian Treaty, 

or both as the context may require. 

“Treaty Lender” means: 
  

	 	(a)	 in respect of amounts payable by the English Borrower, an English Treaty Lender; and 

 

	 	(b)	 in respect of amounts payable by the Norwegian Borrower, a Norwegian Treaty Lender. 

or both as the context may require. 

  
 118 

 “Treaty State” means: 

 

	 	(a)	 in respect of amounts payable by the English Borrower, an English Treaty State; or 

 

	 	(b)	 in respect of amounts payable by the Norwegian Borrower, a Norwegian Treaty State, 

or both as the context may require. 

“UK Non-Bank Lender” means a Lender which is not an Original Lender and which
gives a Tax Confirmation in the documentation which it executes on becoming a Party as a Lender. 
 “U.S. Withholding Tax
Form” means whichever of the following is relevant (including, in each case, any successor form): 
  

	 	(a)	 IRS Form W-8BEN or W-8BEN-E; 

  

	 	(b)	 IRS Form W-8IMY (with appropriate attachments); 

 

	 	(c)	 IRS Form W-8ECI; 

 

	 	(d)	 IRS Form W-8EXP; 

 

	 	(e)	 IRS Form W-9; 

 

	 	(f)	 in the case of a Lender relying on the so-called “portfolio
interest exemption,” IRS Form W-8BEN or W-8BEN-E and a certificate to the effect that such Lender is not (1) a
“bank” within the meaning of s881(c)(3)(A) of the Code, (2) a “10 percent shareholder” of the relevant Obligor within the meaning of Section 881(c)(3)(B) of the Code, or (3) a “controlled foreign
corporation” described in s881(c)(3)(C) of the Code; or 

  

	 	(g)	 any other IRS form by which a person may claim complete exemption from, or reduction in the rate of,
withholding (including backup withholding) of U.S. federal income tax on interest and other payments to that person. 

Unless a contrary indication appears, in this Clause 18 a reference to “determines” or “determined” means a
determination made in the absolute discretion of the person making the determination. 
  

	18.2	 Tax gross-up 

 

	 	(a)	 Each Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is
required by law. 

  

	 	(b)	 The Obligors’ Agent shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that
there is any change in the rate or the basis of a Tax Deduction) notify the Agent accordingly. Similarly, a Lender or Issuing Bank shall notify the Agent on becoming so aware in respect of a payment payable to that Lender or Issuing Bank. If the
Agent receives such notification from a Lender or Issuing Bank it shall notify the Obligors’ Agent and that Obligor. 

  
 119 

	 	(c)	 If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from that Obligor
shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required. 

 

	 	(d)	 A payment shall not be increased under Clause 18.2(c) by reason of a Tax Deduction on account of Tax imposed by
the United Kingdom or Norway, if on the date on which the payment falls due: 

  

	 	(i)	 the payment could have been made to the relevant Lender without a Tax Deduction if the Lender had been a
Qualifying Lender, but on that date that Lender is not or has ceased to be a Qualifying Lender other than as a result of any change after the date it became a Lender under this Agreement in (or in the interpretation, administration, or application
of) any law or relevant Treaty, or any published practice or published concession of any relevant taxing authority; or 

  

	 	(ii)	 the relevant Lender is an English Qualifying Lender solely by virtue of paragraph (a)(ii) of the definition of
“English Qualifying Lender” and: 

  

	 	(A)	 an officer of H.M. Revenue & Customs has given (and not revoked) a direction (a
“Direction”) under s931 ITA which relates to the payment and that Lender has received from the Obligor making the payment or from the Obligors’ Agent a certified copy of that Direction; and 

 

	 	(B)	 the payment could have been made to the Lender without any Tax Deduction if that Direction had not been made;
or 

  

	 	(iii)	 the relevant Lender is an English Qualifying Lender solely by virtue of paragraph (a)(ii) of the definition of
“English Qualifying Lender” and: 

  

	 	(A)	 the relevant Lender has not given a Tax Confirmation to the Obligors’ Agent; and 

 

	 	(B)	 the payment could have been made to the Lender without any Tax Deduction if the Lender had given a Tax
Confirmation to the Obligors’ Agent, on the basis that the Tax Confirmation would have enabled the Obligors’ Agent to have formed a reasonable belief that the payment was an “excepted payment” for the purpose of
s930 ITA; or 

  

	 	(iv)	 the relevant Lender is a Treaty Lender and the Obligor making the payment is able to demonstrate that the
payment could have been made to the Lender without the Tax Deduction had that Lender complied with its obligations under Clause 18.2(g) or Clause 18.2(h) (as applicable) below. 

  
 120 

	 	(e)	 A payment shall not be increased under Clause 18.2(c) above by reason of a Tax Deduction on account of Tax
imposed by the United States, if on the date the payment falls due: 

  

	 	(i)	 the Tax Deduction is a U.S. federal withholding Tax imposed on an amount payable to or for the account of a
Lender with respect to an applicable interest in the Loan or Revolving Facility Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Revolving Facility Commitment (other than pursuant
to an assignment request by an Obligor) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Clause 18.2, amounts with respect to such Taxes were payable either to such Lenders immediately before
such Lender’s assignor became a party hereto or to such Lender immediately before it changed its lending office; or 

  

	 	(ii)	 that Lender has not complied with its obligations under Clause 18.2(f) below. 

 

	 	(f)	 With respect to a Loan extended to a US Tax Obligor, each Lender to that US Tax Obligor shall, to the extent
legally entitled to do so, on or prior to the date of the signing of this Agreement or the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable written request of a US Tax Obligor)
deliver to each US Tax Obligor executed copies of the applicable U.S. Withholding Tax Form. If any withholding certificate, withholding statement, document, authorisation or waiver provided to the Agent by a Lender pursuant to this Clause 18.2(f) is
or becomes materially inaccurate, obsolete or incomplete, that Lender shall promptly update it and provide such updated withholding certificate, withholding statement, document, authorisation or waiver to the Agent unless it is unlawful for the
Lender to do so (in which case the Lender shall promptly notify the Agent). The Agent shall provide any such updated withholding certificate, withholding statement, document, authorisation or waiver to the Obligors’ Agent.

  

	 	(g)	 If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any payment
required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law. 

  

	 	(h)	 Within 30 days of making either a Tax Deduction or any payment required in connection with that Tax Deduction,
the Obligor making that Tax Deduction shall deliver to the Agent for the Finance Party entitled to the payment a statement under s975 ITA (in the case of the English Borrower) or other evidence reasonably satisfactory to that Finance Party that the
Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority. 

  
 121 

	 	(i)	 

  

	 	(i)	 Subject to Clause 18.2(i)(ii), a Treaty Lender and each Obligor which makes a payment to which that Treaty
Lender is entitled shall co-operate in completing any procedural formalities necessary for that Obligor to obtain authorisation to make that payment without a Tax Deduction. 

 

	 	(ii)	 

  

	 	(A)	 a Treaty Lender which is an Original Lender and that holds a passport under the HMRC DT Treaty Passport scheme,
and which wishes that scheme to apply to this Agreement, shall confirm its scheme reference number and its jurisdiction of tax residence opposite its name in Schedule 1 (Part 2) (The Original Parties); and 

 

	 	(B)	 a Treaty Lender which is not an Original Lender and that holds a passport under the HMRC DT Treaty Passport
scheme, and which wishes that scheme to apply to this Agreement, shall confirm its scheme reference number and its jurisdiction of tax residence in the documentation which it executes on becoming a Party as a Lender, 

and, having done so, that Lender shall be under no obligation pursuant to Clause 18.2(i)(i). 

 

	 	(j)	 If a Lender has confirmed its scheme reference number and its jurisdiction of tax residence in accordance with
Clause 18.2(i)(ii) and: 

  

	 	(i)	 the English Borrower making a payment to that Lender has not made a Borrower DTTP Filing in respect of that
Lender; or 

  

	 	(ii)	 the English Borrower making a payment to that Lender has made a Borrower DTTP Filing in respect of that Lender
but: 

  

	 	(A)	 that Borrower DTTP Filing has been rejected by HM Revenue & Customs; or 

 

	 	(B)	 HM Revenue & Customs has not given the Borrower authority to make payments to that Lender without a
Tax Deduction within 60 days of the date of the Borrower DTTP Filing, 

 and in each case, the English Borrower has
notified that Lender in writing, that Lender and the Borrower shall co-operate in completing any additional procedural formalities necessary for that Borrower to obtain authorisation to make that payment
without a Tax Deduction. 
  

	 	(k)	 If a Lender has not confirmed its scheme reference number and jurisdiction of tax residence in accordance with
Clause 18.2(i)(ii), no Obligor shall make a Borrower DTTP Filing or file any other form relating to the HMRC DT Treaty Passport scheme in respect of that Lender’s Revolving Facility Commitment(s) or its participation in any Utilisation unless
the Lender otherwise agrees. 

  
 122 

	 	(l)	 The English Borrower shall, promptly on making a Borrower DTTP Filing, deliver a copy of that Borrower DTTP
Filing to the Agent for delivery to the relevant Lender. 

  

	 	(m)	 A UK Non-Bank Lender shall promptly notify the Obligors’ Agent and
the Agent if there is any change in the position from that set out in the Tax Confirmation. 

  

	18.3	 Tax indemnity 

 

	 	(a)	 Bristow Helicopters Limited shall (within three Business Days of demand by the Agent) pay to a Protected Party
an amount equal to the loss, liability or cost which that Protected Party determines will be or has been (directly or indirectly) suffered for or on account of Tax by that Protected Party in respect of a Finance Document. 

 

	 	(b)	 Clause 18.3(a) shall not apply: 

 

	 	(i)	 with respect to any Tax assessed on a Finance Party: 

 

	 	(A)	 under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the
jurisdiction (or jurisdictions) in which that Finance Party is treated as resident for tax purposes; or 

  

	 	(B)	 under the law of the jurisdiction in which that Finance Party’s Facility Office is located in respect of
amounts received or receivable in that jurisdiction, 

 if that Tax is imposed on or calculated by reference to the net
income received or receivable (but not any sum deemed to be received or receivable) by that Finance Party; or 
  

	 	(ii)	 to the extent a loss, liability or cost: 

 

	 	(A)	 is compensated for by an increased payment under Clause 18.2; or 

 

	 	(B)	 would have been compensated for by an increased payment under Clause 18.2 but was not so compensated solely
because one of the exclusions in Clause 18.2(d) applied; or 

  

	 	(C)	 relates to a FATCA Deduction required to be made by a Party. 

 

	 	(c)	 A Protected Party making, or intending to make a claim under Clause 18.3(a) shall promptly notify the Agent of
the event which will give, or has given, rise to the claim, following which the Agent shall notify the Obligors’ Agent. 

  
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	 	(d)	 A Protected Party shall, on receiving a payment from an Obligor under this Clause 18.3, notify the Agent.

  

	18.4	 Tax Credit 

If an Obligor makes a Tax Payment and the relevant Finance Party determines that: 

 

	 	(a)	 a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that Tax Payment
or to a Tax Deduction in consequence of which that Tax Payment was required; and 

  

	 	(b)	 that Finance Party has obtained and utilised that Tax Credit, 

the Finance Party shall pay an amount to the Obligor which that Finance Party determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been required to be made by the Obligor. 
  

	18.5	 Lender status confirmation 

Each Lender which is not an Original Lender shall indicate, in the documentation which it executes on becoming a Lender, and for the benefit of
the Agent and without liability to any Obligor, which of the following categories it falls in: 
  

	 	(a)	 with respect to the English Borrower: 

 

	 	(i)	 not an English Qualifying Lender; 

 

	 	(ii)	 an English Qualifying Lender (other than an English Treaty Lender); or 

 

	 	(iii)	 an English Treaty Lender; and 

 

	 	(b)	 with respect to the Norwegian Borrower: 

 

	 	(i)	 not a Norwegian Qualifying Lender; 

 

	 	(ii)	 a Norwegian Qualifying Lender (other than a Norwegian Treaty Lender); or 

 

	 	(iii)	 a Norwegian Treaty Lender. 

If such a Lender fails to indicate its status in accordance with this Clause 18.5 then that Lender shall be treated for the purposes of this
Agreement (including by each Obligor) as if it is not a Qualifying Lender until such time as it notifies the Agent which category applies (and the Agent, upon receipt of such notification, shall inform the Obligors’ Agent). For the avoidance of
doubt, the documentation which a Lender executes on becoming a Lender shall not be invalidated by any failure of a Lender to comply with this Clause 18.5. 
  

	18.6	 Stamp taxes 

Bristow Helicopters Limited shall pay and, within three Business Days of demand, indemnify each Secured Party against any cost, loss or
liability that Secured Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document. 

  
 124 

	18.7	 VAT 

  

	 	(a)	 All amounts expressed to be payable under a Finance Document by any Party to a Finance Party which (in whole or
in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which is chargeable on that supply, and accordingly, subject to Clause 18.7(b), if VAT is or becomes chargeable on any supply made by any
Finance Party to any Party under a Finance Document and such Finance Party is required to account to the relevant tax authority for the VAT, that Party must pay to such Finance Party (in addition to and at the same time as paying any other
consideration for such supply) an amount equal to the amount of the VAT (and such Finance Party must promptly provide an appropriate VAT invoice to that Party). 

 

	 	(b)	 If VAT is or becomes chargeable on any supply made by any Finance Party (the “Supplier”) to
any other Finance Party (the “Recipient”) under a Finance Document, and any Party other than the Recipient (the “Relevant Party”) is required by the terms of any Finance Document to pay an amount equal
to the consideration for that supply to the Supplier (rather than being required to reimburse or indemnify the Recipient in respect of that consideration): 

  

	 	(i)	 (where the Supplier is the person required to account to the relevant tax authority for the VAT) the Relevant
Party must also pay to the Supplier (at the same time as paying that amount) an additional amount equal to the amount of the VAT. The Recipient must (where this Clause 18.7(b)(i) applies) promptly pay to the Relevant Party an amount equal to any
credit or repayment the Recipient receives from the relevant tax authority which the Recipient reasonably determines relates to the VAT chargeable on that supply; and 

 

	 	(ii)	 (where the Recipient is the person required to account to the relevant tax authority for the VAT) the Relevant
Party must promptly, following demand from the Recipient, pay to the Recipient an amount equal to the VAT chargeable on that supply but only to the extent that the Recipient reasonably determines that it is not entitled to credit or repayment from
the relevant tax authority in respect of that VAT. 

  

	 	(c)	 Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any cost or expense,
that Party shall reimburse or indemnify (as the case may be) such Finance Party for the full amount of such cost or expense, including such part thereof as represents VAT, save to the extent that such Finance Party reasonably determines that it is
entitled to credit or repayment in respect of such VAT from the relevant tax authority. 

  
 125 

	 	(d)	 Any reference in this Clause 18.7 to any Party shall, at any time when such Party is treated as a member of a
group for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to the person who is treated as making a supply or, as appropriate, receiving the supply, under the grouping rules (as provided for in Article
11 of the Council Directive 2006/112/EC as implemented by the relevant state; or any other similar provision in any jurisdiction which is not a member state of the European Union). 

 

	 	(e)	 In relation to any supply made by a Finance Party to any Party under a Finance Document, if reasonably
requested by such Finance Party, that Party must promptly provide such Finance Party with details of that Party’s VAT registration and such other information as is reasonably requested in connection with such Finance Party’s VAT reporting
requirements in relation to such supply. 

  

	18.8	 FATCA information 

 

	 	(a)	 Subject to Clause 18.8(c), each Party (including, for the purpose of this clause, any Substitute Affiliate
Lender) shall, within ten Business Days of a reasonable request by another Party: 

  

	 	(i)	 confirm to that other Party whether it is: 

 

	 	(A)	 a FATCA Exempt Party; or 

 

	 	(B)	 not a FATCA Exempt Party; 

 

	 	(ii)	 supply to that other Party such forms, documentation and other information relating to its status under FATCA
as that other Party reasonably requests for the purposes of that other Party’s compliance with FATCA; and 

  

	 	(iii)	 supply to that other Party such forms, documentation and other information relating to its status as that other
Party reasonably requests for the purposes of that other Party’s compliance with any other law, regulation, or exchange of information regime. 

  

	 	(b)	 If a Party confirms to another Party pursuant to Clause 18.8(a)(i) that it is a FATCA Exempt Party and it
subsequently becomes aware that it is not or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly. 

  

	 	(c)	 Clause 18.8(a) shall not oblige any Finance Party to do anything, and Clause 18.8(a)(ii) shall not oblige any
other Party to do anything, which would or might in its reasonable opinion constitute a breach of: 

  

	 	(i)	 any law or regulation; 

 

	 	(ii)	 any fiduciary duty; or 

 

	 	(iii)	 any duty of confidentiality. 

  
 126 

	 	(d)	 If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or
other information requested in accordance with Clause 18.8(a)(i) or 18.8(a)(ii) (including, for the avoidance of doubt, where Clause 18.8(c) above applies), then such Party shall be treated for the purposes of the Finance Documents (and payments
under them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation, forms, documentation or other information. 

 

	 	(e)	 If a Borrower is a US Tax Obligor or the Agent reasonably believes that its obligations under FATCA or any
other applicable law or regulation require it, each Lender shall, within ten Business Days of: 

  

	 	(i)	 where an Original Borrower is a US Tax Obligor and the relevant Lender is an Original Lender, the date of this
Agreement; 

  

	 	(ii)	 where a Borrower is a US Tax Obligor on a date on which any other Lender becomes a Party as a Lender, that
date; 

  

	 	(iii)	 the date a new US Tax Obligor accedes as a Borrower; or 

 

	 	(iv)	 where a Borrower is not a US Tax Obligor, the date of a request from the Agent, 

supply to the Agent: 
  

	 	(A)	 a withholding certificate on the applicable U.S. Withholding Tax Form or any other relevant form; or

  

	 	(B)	 any withholding statement or other document, authorisation or waiver as the Agent may require to certify or
establish the status of such Lender under FATCA or that other law or regulation. 

  

	 	(f)	 The Agent shall provide any withholding certificate, withholding statement, document, authorisation or waiver
it receives from a Lender pursuant to Clause 18.8(e) to the relevant Borrower. 

  

	 	(g)	 If any withholding certificate, withholding statement, document, authorisation or waiver provided to the Agent
by a Lender pursuant to Clause 18.8(e) is or becomes materially inaccurate, obsolete or incomplete, that Lender shall promptly update it and provide such updated withholding certificate, withholding statement, document, authorisation or waiver to
the Agent unless it is unlawful for the Lender to do so (in which case the Lender shall promptly notify the Agent). The Agent shall provide any such updated withholding certificate, withholding statement, document, authorisation or waiver to the
relevant Borrower. 

  

	 	(h)	 The Agent may rely on any withholding certificate, withholding statement, document, authorisation or waiver it
receives from a Lender pursuant to Clause 18.8(e) or Clause 18.8(g) without further verification. The Agent shall not be liable for any action taken by it under or in connection with Clause 18.8(e), Clause 18.8(f) or Clause 18.8(g).

  
 127 

	18.9	 FATCA Deduction 

 

	 	(a)	 Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection
with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction. 

 

	 	(b)	 Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change
in the rate or the basis of such FATCA Deduction), notify the Party to whom it is making the payment and, in addition, shall notify the Obligors’ Agent and the Agent and the Agent shall notify the other Finance Parties. 

 

	19.	 INCREASED COSTS 

 

	19.1	 Increased costs 

 

	 	(a)	 Subject to Clause 19.3 Bristow Helicopters Limited shall, within three Business Days of a demand by the Agent,
pay for the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party or any of its Affiliates as a result of (i) the introduction of or any change in (or in the interpretation, administration or application
of) any law or regulation or treaty after the date of this Agreement (including, for the avoidance of doubt, changes to the Dodd-Frank Wall Street Reform and Consumer Protection Act and Basel III, CRD IV and CRR (and all requests, rules, guidelines
or directives relating to each of the foregoing or issued in connection therewith)) or (ii) compliance with any law or regulation made after the date of this Agreement. 

 

	 	(b)	 In this Agreement: 

  

	 	(i)	 “Basel III” means: 

 

	 	(A)	 the agreements on capital requirements, a leverage ratio and liquidity standards contained in “Basel III:
A global regulatory framework for more resilient banks and banking systems”, “Basel III: International framework for liquidity risk measurement, standards and monitoring” and “Guidance for national authorities operating the
countercyclical capital buffer” published by the Basel Committee on Banking Supervision in December 2010, each as amended, supplemented or restated; 

  

	 	(B)	 the rules for global systemically important banks contained in “Global systemically important banks:
assessment methodology and the additional loss absorbency requirement – Rules text” published by the Basel Committee on Banking Supervision in November 2011, as amended, supplemented or restated; and 

 

	 	(C)	 any further guidance or standards published by the Basel Committee on Banking Supervision relating to
“Basel III”. 

  
 128 

	 	(ii)	 “CDR IV” means Directive 2013/36/EU of the European Parliament and of the Council of
26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, as amended; 

  

	 	(iii)	 “CRR” means Regulation (EU) No 575/2013 of the European Parliament and of the Council
of 26 June 2013 on prudential requirements for credit institutions and investment firms, as amended; 

  

	 	(iv)	 “Increased Costs” means: 

 

	 	(A)	 a reduction in the rate of return from a Facility or on a Finance Party’s (or its Affiliate’s)
overall capital; 

  

	 	(B)	 an additional or increased cost; or 

 

	 	(C)	 a reduction of any amount due and payable under any Finance Document, 

which is incurred or suffered by a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having
entered into its Revolving Facility Commitment or funding or performing its obligations under any Finance Document or Letter of Credit. 
  

	19.2	 Increased cost claims 

 

	 	(a)	 A Finance Party intending to make a claim pursuant to Clause 19.1 shall notify the Agent of the event giving
rise to the claim, following which the Agent shall promptly notify the Obligors’ Agent. 

  

	 	(b)	 Each Finance Party shall, as soon as practicable after a demand by the Agent, provide a certificate confirming
the amount of its Increased Costs. 

  

	19.3	 Exceptions 

  

	 	(a)	 Clause 19.1 does not apply to the extent any Increased Cost is: 

 

	 	(i)	 attributable to a Tax Deduction required by law to be made by an Obligor; 

 

	 	(ii)	 attributable to a FATCA Deduction required to be made by a Party; 

 

	 	(iii)	 compensated for by Clause 18.3 (Tax indemnity) (or would have been compensated for under Clause 18.3
(Tax indemnity) but was not so compensated solely because any of the exclusions in Clause 18.3(b) (Tax indemnity) applied); or 

  

	 	(iv)	 attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation.

  

	 	(b)	 In this Clause 19.3 reference to a “Tax Deduction” has the same meaning given to the term in
Clause 18.1 (Definitions). 

  
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	20.	 OTHER INDEMNITIES 

 

	20.1	 Currency indemnity 

 

	 	(a)	 If any sum due from an Obligor under the Finance Documents (a “Sum”), or any order, judgment
or award given or made in relation to a Sum, has to be converted from the currency (the “First Currency”) in which that Sum is payable into another currency (the “Second Currency”) for the purpose of:

  

	 	(i)	 making or filing a claim or proof against that Obligor; or 

 

	 	(ii)	 obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings,

 that Obligor shall as an independent obligation, within three Business Days of demand, indemnify each Secured Party to
whom that Sum is due against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and
(B) the rate or rates of exchange available to that person at the time of its receipt of that Sum. 
  

	 	(b)	 Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in
a currency or currency unit other than that in which it is expressed to be payable. 

  

	20.2	 Other indemnities 

Bristow Helicopters Limited shall (or shall procure that an Obligor will), within five Business Days of demand, indemnify the Arrangers and
each other Secured Party (and each of their Affiliates and their respective officers, directors, employees, advisors and agents) (each, an “Indemnitee”) against any cost, loss or liability incurred by it (in the case of fees and
expenses of legal counsel limited to one in total per jurisdiction for all Indemnitees (with one additional counsel in each relevant jurisdiction to act in the event of an actual or perceived conflict of interest between the Indemnitees)) as a
result of: 
  

	 	(a)	 the occurrence of any Event of Default; 

 

	 	(b)	 a failure by an Obligor to pay any amount due under a Finance Document on its due date, including any cost,
loss or liability arising as a result of Clause 35 (Sharing among the Finance Parties); 

  

	 	(c)	 funding, or making arrangements to fund, its participation in a Utilisation requested by the Obligors’
Agent or a Borrower in a Utilisation Request but not made by reason of the operation of any one or more of the provisions of this Agreement (other than by reason of default or negligence by that Finance Party alone); 

 

	 	(d)	 issuing or making arrangements to issue a Letter of Credit requested by the Obligors’ Agent or a Borrower
in a Utilisation Request but not issued by reason of the operation of any one or more of the provisions of this Agreement (other than by reason of default or negligence by that Finance Party alone); or 

  
 130 

	 	(e)	 a Utilisation (or part of a Utilisation) not being prepaid in accordance with a notice of prepayment given by a
Borrower or the Obligors’ Agent, 

 provided that such indemnity shall not, as to any Indemnitee, be available or
apply to any costs, losses or liabilities to the extent that such costs, losses or liabilities are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from
(i) the gross negligence or willful misconduct of such Indemnitee, (b) a material breach by such Indemnitee (or in the case of an Indemnitee which is not a Finance Party, its related Finance Party) of its obligations under the Finance
Documents or (c) a dispute solely between any of the Indemnitees not arising out of any act or omission on the part of an Obligor or any of their Affiliates (other than claims brought against an Indemnified Party in its capacity as an Arranger,
Bookrunner, agent or similar role in connection with the Finance Documents). 
  

	20.3	 Indemnity to the Agent 

Bristow Helicopters Limited shall promptly indemnify the Agent against: 

 

	 	(a)	 any cost, loss or liability incurred by the Agent (acting reasonably and in the case of fees and expenses of
legal counsel limited to one in total per jurisdiction) as a result of: 

  

	 	(i)	 investigating any event which it reasonably believes is a Default; 

 

	 	(ii)	 acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and
appropriately authorised; or 

  

	 	(iii)	 instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as
permitted under this Agreement, 

 provided that such indemnity shall not be available or apply to any costs, losses or
liabilities to the extent that such costs, losses or liabilities are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from (a) the gross negligence or
willful misconduct of the Agent or (b) a material breach by the Agent of any of its obligations under the Finance Documents; and 
  

	 	(b)	 any cost, loss or liability (including for negligence or any other category of liability whatsoever) incurred
by the Agent (otherwise than by reason of the Agent’s gross negligence or wilful misconduct) (or, in the case of any cost, loss or liability pursuant to Clause 36.11 (Disruption to payment systems etc.) notwithstanding the Agent’s
negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Agent) in acting as Agent under the Finance Documents. 

 

	20.4	 Indemnity to the Security Agent 

 

	 	(a)	 Bristow Helicopters Limited shall promptly indemnify the Security Agent and every Receiver and Delegate against
any cost, loss or liability incurred by any of them (in the case of fees and expenses of legal counsel limited to one in total per jurisdiction) as a result of: 

  
 131 

	 	(i)	 any failure by the Obligors’ Agent to comply with its obligations under Clause 22 (Costs and
expenses); 

  

	 	(ii)	 acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and
appropriately authorised; 

  

	 	(iii)	 the taking, holding, protection or enforcement of the Transaction Security; 

 

	 	(iv)	 the exercise of any of the rights, powers, discretions, authorities and remedies vested in the Security Agent
and each Receiver and Delegate by the Finance Documents or by law; 

  

	 	(v)	 any default by any Obligor in the performance of any of the obligations expressed to be assumed by it in the
Finance Documents; or 

  

	 	(vi)	 acting as Security Agent, Receiver or Delegate under the Finance Documents or which otherwise relates to any of
the Charged Property (otherwise, in each case, than by reason of the relevant Security Agent’s, Receiver’s or Delegate’s gross negligence or wilful misconduct), 

provided that, otherwise than in relation to any Receiver or Delegate under Clause 20.4(a)(iv), such indemnity shall not be available or apply
to costs, losses or liabilities to the extent that such costs, losses or liabilities are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from (a) the
gross negligence or willful misconduct of the Security Agent, Receiver or Delegate, (b) a material breach by the Security Agent of any provision under the Finance Documents or (c) a dispute solely between the Security Agent, Receiver and
Delegate not arising out of any act or omission on the part of an Obligor or any of their Affiliates. 
  

	 	(b)	 The Security Agent and every Receiver and Delegate may, in priority to any payment to the Secured Parties,
indemnify itself out of the Charged Property in respect of, and pay and retain, all sums necessary to give effect to the indemnity in this Clause 20.4 (to the extent payable hereunder) and shall have a lien on the Transaction Security and the
proceeds of the enforcement of the Transaction Security for all moneys payable to it. 

  
 132 

	21.	 MITIGATION BY THE LENDERS 

 

	21.1	 Mitigation 

  

	 	(a)	 Each Finance Party shall, in consultation with the Obligors’ Agent, take all reasonable steps to mitigate
any circumstances which arise and which would result in the Facility ceasing to be available or any amount becoming payable (or being increased) under or pursuant to, or cancelled pursuant to, any of Clause 11.1 (Illegality), (or, in respect
of the Issuing Bank, Clause 11.2 (Illegality in relation to Issuing Bank)), Clause 18 (Tax gross up and indemnities) or Clause 19 (Increased costs) including (but not limited to) transferring its rights and
obligations under the Finance Documents to another Affiliate or Facility Office. 

  

	 	(b)	 Clause 21.1(a) does not in any way limit the obligations of any Obligor under the Finance Documents.

  

	21.2	 Limitation of liability 

 

	 	(a)	 Bristow Helicopters Limited shall promptly indemnify each Finance Party for all costs and expenses reasonably
incurred by that Finance Party as a result of steps taken by it under Clause 21.1. 

  

	 	(b)	 A Finance Party is not obliged to take any steps under Clause 21.1 if, in the opinion of that Finance Party
(acting reasonably), to do so might be prejudicial to it. 

  

	22.	 COSTS AND EXPENSES 

 

	22.1	 Transaction expenses 

Bristow Helicopters Limited shall, promptly on demand, pay the Agent, the Arrangers, the Issuing Bank and the Security Agent the amount of all
reasonable and documented costs and expenses (including the reasonable legal fees, costs and disbursements of one primary US counsel, one primary English counsel and one primary Norwegian counsel and, if necessary, one counsel in any other
applicable jurisdiction), incurred by any of them (and, in the case of the Security Agent, by any Receiver or Delegate) in connection with the negotiation, preparation, printing, execution, syndication and perfection of: 

 

	 	(a)	 this Agreement and any other documents referred to in this Agreement and the Transaction Security; and

  

	 	(b)	 any other Finance Documents executed after the date of this Agreement. 

 

	22.2	 Amendment costs 

If: 
  

	 	(a)	 an Obligor requests an amendment, waiver or consent; or 

 

	 	(b)	 an amendment is required pursuant to Clause 36.10 (Change of currency), 

Bristow Helicopters Limited shall, within three Business Days of demand, reimburse each of the Agent and the Security Agent for the amount of
all reasonable and documented costs and expenses (including the reasonable legal fees, costs and disbursements of one primary US counsel, one primary English counsel and one primary Norwegian counsel and, if necessary, one counsel in any other
applicable jurisdiction) reasonably incurred by the Agent and the Security Agent (and, in the case of the Security Agent, by any Receiver or Delegate) in responding to, evaluating, negotiating or complying with that request or requirement. 

  
 133 

	22.3	 Enforcement and preservation costs 

Bristow Helicopters Limited shall, within three Business Days of demand, pay to each Secured Party the amount of all costs and expenses
(including the legal fees, costs and disbursements of one primary US counsel, one primary English counsel and one primary Norwegian counsel and, if necessary, one counsel in any other applicable jurisdiction (and one additional counsel in each
relevant jurisdiction to act for the Lenders as a whole in the event of an actual or perceived conflict of interest and, while an Event of Default is continuing, other advisors and professionals engaged by the Agent or the Arrangers)) incurred by it
in connection with the enforcement of or the preservation of any rights under any Finance Document and the Transaction Security and any proceedings instituted by or against the Security Agent as a consequence of taking or holding the Transaction
Security or enforcing these rights. 
  

	22.4	 Monitoring Costs 

Bristow Helicopters Limited shall, within five Business Days of demand, pay to the Agent all reasonable fees and expenses incurred with respect
to each field examination conducted in accordance with Clause 27.28 (Access, Maintenance of records and field examinations) (including field examination fees at the examiners’ then-current rates, plus out of pocket
expenses, in each case reasonably incurred) based on the fees and expenses of advisers and professionals engaged by the Agent. 

  
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 SECTION 7 

GUARANTEE 
  

	23.	 GUARANTEE AND INDEMNITY 

 

	23.1	 Guarantee and indemnity 

Each Guarantor irrevocably and unconditionally jointly and severally: 
  

	 	(a)	 guarantees to each Finance Party punctual performance by each other Obligor of all that Obligor’s
obligations under the Finance Documents (including, without limitation): 

  

	 	(i)	 obligations of that Obligor which, but for the automatic stay under s362(a) of the US Bankruptcy Code, would
become due; and 

  

	 	(ii)	 any interest accruing after the commencement of any bankruptcy, insolvency, receivership or similar proceeding
in respect of that Obligor at the rate provided for in this Agreement, whether or not such interest is an allowed claim in any such proceeding; 

  

	 	(b)	 undertakes with each Finance Party that whenever another Obligor does not pay any amount when due under or in
connection with any Finance Document, that Guarantor shall immediately on demand pay that amount as if it was the principal obligor; and 

  

	 	(c)	 agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable, invalid or
illegal, it will, as an independent and primary obligation, indemnify that Finance Party immediately on demand against any cost, loss or liability it incurs as a result of an Obligor not paying any amount which would, but for such unenforceability,
invalidity or illegality, have been payable by it under any Finance Document on the date when it would have been due. The amount payable by a Guarantor under this indemnity will not exceed the amount it would have had to pay under this Clause 23 if
the amount claimed had been recoverable on the basis of a guarantee. 

  

	23.2	 Continuing Guarantee 

This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by any Obligor under the Finance Documents,
regardless of any intermediate payment or discharge in whole or in part. 
  

	23.3	 Reinstatement 

If any discharge, release or arrangement (whether in respect of the obligations of any Obligor or any security for those obligations or
otherwise) is made by a Finance Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability
of each Guarantor under this Clause 23 will continue or be reinstated as if the discharge, release or arrangement had not occurred. 

  
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	23.4	 Waiver of defences 

The obligations of each Guarantor under this Clause 23 will not be affected by an act, omission, matter or thing which, but for this Clause 23,
would reduce, release or prejudice any of its obligations under this Clause 23 (without limitation and whether or not known to it or any Finance Party) including: 
  

	 	(a)	 any time, waiver or consent granted to, or composition with, any Obligor or other person;

  

	 	(b)	 the release of any other Obligor or any other person under the terms of any composition or arrangement with any
creditor of any member of the Group; 

  

	 	(c)	 the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up
or enforce, any rights against, or security over assets of, any Obligor or other person or any non-presentation or non-observance of any formality or other requirement
in respect of any instrument or any failure to realise the full value of any security; 

  

	 	(d)	 any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or
status of an Obligor or any other person; 

  

	 	(e)	 any amendment, novation, supplement, extension restatement (however fundamental and whether or not more
onerous) or replacement of a Finance Document or any other document or security including any change in the purpose of, any extension of or increase in any facility or the addition of any new facility under any Finance Document or other document or
security; 

  

	 	(f)	 any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or
any other document or security; or 

  

	 	(g)	 any insolvency or similar proceedings. 

Each Guarantor agrees that any stay (including under the US Bankruptcy Code), injunction or other prohibition that prevents the Finance Parties
from declaring all outstanding amounts due and payable as to any Obligor other than the Guarantor shall not prevent the Finance Parties from declaring all amounts outstanding due and payable by the Guarantor (whether or not due and payable by any
such other Obligor) for purposes of this Clause 23 as and to the extent otherwise provided for in this Agreement. 
  

	23.5	 Guarantor intent 

Without prejudice to the generality of Clause 23.4, each Guarantor expressly confirms that it intends that this guarantee shall extend from
time to time to any (however fundamental) variation, increase, extension or addition of or to any of the Finance Documents and/or any facility or amount made available under any of the Finance Documents for the purposes of or in connection with any
of the following: business acquisitions of any nature; increasing working capital; enabling investor distributions to be made; carrying out restructurings; refinancing existing facilities; refinancing any other indebtedness; making facilities
available to new borrowers; any other variation or extension of the purposes for which any such facility or amount might be made available from time to time; and any fees, costs and/or expenses associated with any of the foregoing. 

  
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	23.6	 Immediate recourse 

Each Guarantor waives any right it may have of first requiring any Finance Party (or any trustee or agent on its behalf) to proceed against or
enforce any other rights or security or claim payment from any person before claiming from that Guarantor under this Clause 23. This waiver applies irrespective of any law or any provision of a Finance Document to the contrary. 

 

	23.7	 Appropriations 

Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid
in full, each Finance Party (or any trustee or agent on its behalf) may: 
  

	 	(a)	 refrain from applying or enforcing any other moneys, security or rights held or received by that Finance Party
(or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and no Guarantor shall be entitled to the benefit of the same;
and 

  

	 	(b)	 hold in an interest-bearing suspense account any moneys received from any Guarantor or on account of any
Guarantor’s liability under this Clause 23. 

  

	23.8	 Deferral of Guarantors’ rights 

Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid
in full and unless the Agent otherwise directs, no Guarantor will exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents or by reason of any amount being payable, or liability arising,
under this Clause 23: 
  

	 	(a)	 to be indemnified by an Obligor; 

 

	 	(b)	 to claim any contribution from any other guarantor of any Obligor’s obligations under the Finance
Documents; 

  

	 	(c)	 to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the
Finance Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in connection with, the Finance Documents by any Finance Party; 

 

	 	(d)	 to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any
obligation, in respect of which any Guarantor has given a guarantee, undertaking or indemnity under Clause 23.1; 

  

	 	(e)	 to exercise any right of set-off against any Obligor; and/or

  
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	 	(f)	 to claim or prove as a creditor of any Obligor in competition with any Finance Party. 

If a Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to
the extent necessary to enable all amounts which may be or become payable to the Finance Parties by the Obligors under or in connection with the Finance Documents to be repaid in full on trust for the Finance Parties and shall promptly pay or
transfer the same to the Agent or as the Agent may direct for application in accordance with Clause 36 (Payment mechanics). 
  

	23.9	 Contribution 

  

	 	(a)	 At any time a payment is made pursuant to this Clause 23 by a US Obligor, the right of contribution of each US
Guarantor against each other US Guarantor shall, subject to the other terms of this Clause 23, be determined as set out in Clause 23.9(b) with the right of contribution of each US Guarantor to be revised and restated each time a payment (a
“Relevant Payment”) is made in relation to the obligations guaranteed under the Finance Documents provided, however, that no such right of contribution shall exist against any direct or indirect
Non-US Subsidiary of such US Guarantor. 

  

	 	(b)	 If a Relevant Payment is made resulting in the aggregate payments made by such US Guarantor in respect of its
guarantee obligations under the Finance Documents to and including the date of the Relevant Payment exceeding such US Guarantor’s Contribution Percentage (as defined below) of the aggregate payments made by all US Guarantors in respect of the
obligations under the Finance Documents to and including the date of the Relevant Payment (such excess, the “Aggregate Excess Amount”), each such US Guarantor shall have a right of contribution against each other US Guarantor (other
than any direct or indirect Non-US Subsidiary of such US Guarantor) who has made payments in respect of the obligations under the Finance Documents to and including the date of the Relevant Payment in an
aggregate amount less than such other US Guarantor’s Contribution Percentage of the aggregate payments made to and including the date of the Relevant Payment by all US Guarantors in respect of the obligations under the Finance Documents (the
aggregate amount of such deficit, the “Aggregate Deficit Amount”) in an amount equal to: 

  

	 	(i)	 a fraction the numerator of which is the Aggregate Excess Amount of such US Guarantor and the denominator of
which is the Aggregate Excess Amount of all US Guarantors, 

 multiplied by: 

 

	 	(ii)	 the Aggregate Deficit Amount of such other US Guarantor (other than any direct or indirect Non-US Subsidiary of a US Guarantor). 

  
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	 	(c)	 A US Guarantor’s right of contribution under Clause 23.9(b) shall arise at the time of each computation,
subject to adjustment to the time of each computation, provided that no US Guarantor may take any action to enforce such right until the obligations under the Finance Documents have been irrevocably paid in full in cash and the commitments hereunder
(and thereunder) terminated or cancelled, it being expressly recognised and agreed by all Parties that any US Guarantor’s right of contribution arising pursuant to this Clause 23 against any other US Guarantor shall be expressly junior and
subordinate to such other US Guarantor’s obligations and liabilities in respect of the obligations under the Finance Documents and any other obligations owing under this Clause 23. 

 

	 	(d)	 As used in this Clause 23.9: 

“Adjusted Net Worth” of each US Guarantor (other than any direct or indirect
Non-US Subsidiary of a US Guarantor) shall mean the greater of (i) the Net Worth (as defined below) of such US Guarantor and (ii) zero; 

“Contribution Percentage” of a US Guarantor shall mean the percentage obtained by dividing (i) the Adjusted Net
Worth (as defined above) of such US Guarantor by (ii) the aggregate Adjusted Net Worth of all US Guarantors (other than any direct or indirect Non-US Subsidiary of a US Guarantor); and 

“Net Worth” of each US Guarantor (other than any direct or indirect Non-US
Subsidiary of a US Guarantor) shall mean the amount by which the fair saleable value of such US Guarantor’s assets on the date of any Relevant Payment exceeds its existing debts and other liabilities (including contingent liabilities), but
without giving effect to any obligations under the Finance Documents arising under this Clause 23 on such date. 
  

	 	(e)	 Notwithstanding anything to the contrary contained above, any US Guarantor that is released from this Clause 23
shall thereafter have no contribution obligations, or rights, pursuant to this Clause 23.9, and, at the time of any such release, if the released US Guarantor had an Aggregate Excess Amount or an Aggregate Deficit Amount, it shall be deemed reduced
to USD 0, and the contribution rights and obligations of the remaining US Guarantors shall be recalculated on the respective date of release (as otherwise provided above) based on the payments made hereunder by the remaining US Guarantors. All
Parties recognise and agree that, except for any right of contribution arising pursuant to this Clause 23, each US Guarantor who makes any payment in respect of the obligations under the Finance Documents shall have no right of contribution or
subrogation against any other US Guarantor in respect of such payment until all of the obligations under the Finance Documents have been irrevocably paid in full, in cash. Each of the US Guarantors recognises and acknowledges that the rights to
contribution arising hereunder shall constitute an asset in favour of the party entitled to such contribution. In this connection, each US Guarantor has the right to waive its contribution right against any US Guarantor to the extent that giving
effect to such waiver such US Guarantor would remain solvent. Notwithstanding anything to the contrary in this Clause 23, this Clause 23, will not be construed to limit the claim of any Finance Party under this Clause 23, the only such limitation
being set forth in Clause 23. 

  
 139 

	23.10	 Release of Guarantors’ right of contribution 

If any Guarantor (a “Retiring Guarantor”) ceases to be a Guarantor in accordance with the terms of the Finance Documents for
the purpose of any sale or other disposal of that Retiring Guarantor then on the date such Retiring Guarantor ceases to be a Guarantor: 
  

	 	(a)	 that Retiring Guarantor is released by each other Guarantor from any liability (whether past, present or future
and whether actual or contingent) to make a contribution to any other Guarantor arising by reason of the performance by any other Guarantor of its obligations under the Finance Documents; and 

 

	 	(b)	 each other Guarantor waives any rights it may have by reason of the performance of its obligations under the
Finance Documents to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Finance Parties under any Finance Document or of any other security taken pursuant to, or in connection with, any Finance
Document where such rights or security are granted by or in relation to the assets of the Retiring Guarantor. 

  

	23.11	 Additional security 

This guarantee is in addition to and is not in any way prejudiced by any other guarantee or security now or subsequently held by any Finance
Party. 
  

	23.12	 Norwegian Guarantee Limitations 

 

	 	(a)	 The obligations of a Guarantor incorporated in Norway (each a “Norwegian Guarantor”)
under this guarantee will be limited by such mandatory provisions of law applicable to that Norwegian Guarantor limiting the legal capacity or ability of a Norwegian Guarantor to grant or honour a guarantee as provided for under this Clause
23 including, but not limited to, the provisions of Sections 8-7 to 8-10 of the Norwegian Private Limited Liability Companies Act of 13 June 1997 No. 44 (as
from time to time amended). Consequently, the obligations of each Norwegian Guarantor under this Clause 23 shall only apply to the extent not so limited, it being understood, however, by each Norwegian Guarantor that if a limitation is no longer
applicable as a mandatory provision under Norwegian law, such limitations will no longer apply to the obligations of such Norwegian Obligor, and each Norwegian Obligor shall in such circumstances take any such actions and execute such additional
documents as the Agent may reasonably request to effectuate that such limitation is no longer applicable. 

  

	 	(b)	 The limitations set out in Clause 23.12(a) shall apply mutatis mutandis to any Transaction Security provided by
any Norwegian Guarantor under the Finance Documents and to any guarantee, undertaking, obligation, indemnity and payment, including but not limited to distributions, cash-sweeps, credits, loans and set-offs
(including under Clause 37 (Set-off)), pursuant to or permitted by the Finance Documents in relation to a Norwegian Guarantor. 

  
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	 	(c)	 To the extent permitted by applicable law, if a payment under this guarantee or the honouring of any
Transaction Security by a Norwegian Guarantor has been made in contravention of the limitations contained in this Clause 23.12, the Finance Parties shall not be liable for any damages in relation thereto, and the maximum amount repayable by the
Finance Parties as a consequence of such contravention shall be the amount received from that Norwegian Guarantor. 

  

	 	(d)	 The maximum liability of any Norwegian Guarantor under this Clause 23 (Guarantee and indemnity) shall in
all circumstances be limited to the aggregate of USD 125,000,000 plus any unpaid amount of interest, fees, liability, costs and expenses under the Finance Documents. 

 

	 	(e)	 If and to the extent the Norwegian Finance Agreement Act of 25 June 1999 no. 46 is applicable to this
Agreement, each Norwegian Guarantor irrevocably waive all rights under provision 62 to and including provision 74 thereof in respect of its obligations as Guarantor. 

 

	23.13	 US Guarantee Limitations 

 

	 	(a)	 Each US Guarantor acknowledges that it will receive valuable direct or indirect benefits as a result of the
transactions contemplated by the Finance Documents (including utilisations thereunder). 

  

	 	(b)	 Each US Guarantor represents, warrants and hereby agrees that: 

 

	 	(i)	 it has not incurred and does not intend to incur debts beyond its ability to pay as they mature; and

  

	 	(ii)	 it has not made a transfer or incurred any obligation under any Finance Document with the intent to hinder,
delay or defraud any of its present or future creditors. 

  

	 	(c)	 Notwithstanding anything to the contrary contained in any Finance Document: 

 

	 	(i)	 each Finance Party agrees that the maximum liability of each US Guarantor under this Clause 23 shall in no
event exceed an amount equal to the greatest amount that would not render such US Guarantor’s obligations under the other Finance Documents subject to avoidance under the US Bankruptcy Code or to being set aside, avoided or annulled under any
US Debtor Relief Laws, in each case after giving effect to: 

  

	 	(A)	 all other liabilities of such US Guarantor, contingent or otherwise, that are relevant under such US Debtor
Relief Laws, in respect of intercompany indebtedness to any Borrower to the extent that such Financial Indebtedness would be discharged in an amount equal to the amount paid by such US Guarantor under the Finance Documents; and

  
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	 	(B)	 the value as assets of the US Guarantor (as determined under the applicable provisions of such US Debtor Relief
Laws) of any rights to subrogation, contribution, reimbursement, indemnity or similar rights held by the US Guarantor pursuant to (i) applicable law or (ii) any other agreement providing for an equitable allocation among the US Guarantor
and the Borrowers and other Guarantors of obligations arising under the Finance Documents or other guarantees of such obligations by such parties; and 

  

	 	(ii)	 each party agrees that, in the event any payment or distribution is made on any date by a US Guarantor under
this Clause 23, each such US Guarantor shall be entitled to be indemnified from each other US Guarantor in an amount equal to such payment, in each case multiplied by a fraction of which the numerator shall be the net worth of the contributing US
Guarantor and the denominator shall be the aggregate net worth of all the US Guarantors. 

  
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 SECTION 8 

REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT 
  

	24.	 REPRESENTATIONS 

 

	24.1	 General 

Each Obligor makes the representations and warranties set out in this Clause 24 to each Finance Party. 

 

	24.2	 Status 

  

	 	(a)	 It is a limited liability corporation, or a limited liability company duly incorporated or organised (as
applicable) and validly existing under the law of its Original Jurisdiction. 

  

	 	(b)	 Each of the Obligors and each of the Borrowers’ Subsidiaries is a corporation, a limited liability
corporation or a limited liability company or partnership or other applicable business organisation, duly incorporated or organised (as applicable) and validly existing under the law of its jurisdiction of incorporation or organisation (as
applicable). 

  

	 	(c)	 It and each Restricted Subsidiary has the power to own its assets and carry on its business as it is being
conducted. 

  

	24.3	 Binding obligations 

Subject to the Legal Reservations: 
  

	 	(a)	 the obligations expressed to be assumed by it in each Finance Document to which it is a party are legal, valid,
binding and enforceable obligations subject to, in each case, necessary registrations; and 

  

	 	(b)	 (without limiting the generality of Clause 24.3(a)), each Transaction Security Document to which it is a party
creates the security interests which that Transaction Security Document purports to create and those security interests are valid and effective subject to, in each case, necessary registrations. 

 

	24.4	 Non-conflict with other obligations 

The entry into and performance by it of, and the transactions contemplated by, the Finance Documents and the granting of the Transaction
Security do not and will not conflict with: 
  

	 	(a)	 any law or regulation applicable to it in any material respect; 

 

	 	(b)	 its constitutional documents; or 

 

	 	(c)	 in any material respect any agreement or instrument binding upon it or any of its assets or constitute a
default or termination event (however described) under any such agreement or instrument. 

  
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	24.5	 Power and authority 

 

	 	(a)	 It has the power to enter into, perform and deliver, and has taken all necessary action to authorise its entry
into, performance and delivery of, the Finance Documents to which it is or will be a party and the transactions contemplated by those Finance Documents. 

  

	 	(b)	 No limit on its powers will be exceeded as a result of the borrowing, grant of security or giving of guarantees
or indemnities contemplated by the Transaction Documents to which it is a party. 

  

	24.6	 Validity and admissibility in evidence 

 

	 	(a)	 All Authorisations required: 

 

	 	(i)	 to enable it lawfully to enter into, exercise its rights and comply with its obligations in the Finance
Documents to which it is a party, and the transactions contemplated thereby; and 

  

	 	(ii)	 to make the Finance Documents to which it is a party admissible in evidence, valid and enforceable in its
Relevant Jurisdictions, 

 have been obtained or effected and are in full force and effect. 

 

	 	(b)	 All Authorisations necessary for the conduct of its and each of its Subsidiaries’ business, trade and
ordinary activities have been obtained or effected and are in full force and effect if failure to obtain or effect those Authorisations has or is reasonably likely to have a Material Adverse Effect. 

 

	24.7	 Governing law and enforcement 

 

	 	(a)	 The choice of governing law of the Finance Documents to which it is party will be recognised and enforced in
its Relevant Jurisdictions. 

  

	 	(b)	 Any judgment obtained in relation to a Finance Document to which it is party in the jurisdiction of the
governing law of that Finance Document will be recognised and enforced in its Relevant Jurisdictions. 

  

	24.8	 Insolvency 

No: 
  

	 	(a)	 corporate action, legal proceeding or other procedure or step described in Clause 28.8(a) (Insolvency
proceedings); or 

  

	 	(b)	 creditors’ process described in Clause 28.10 (Creditors’ process), 

has been taken or, to its knowledge, threatened in relation to (w) any Obligor on an individual basis or (x) the Group taken as a
whole; and none of the circumstances described in Clause 28.7 (Insolvency) applies to (y) any Obligor on an individual basis or (z) the Group taken as a whole. 

  
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	24.9	 Solvency 

On the date of this Agreement, the First Amendment Date and the Second Amendment Date (i) the fair value of the assets of each Borrower on
an individual basis and the Group taken as a whole, at a fair valuation, exceeds its or their debts and liabilities, subordinated, contingent or otherwise; (ii) the present fair saleable value of the property of each Borrower on an individual
basis and of the Group taken as a whole is greater than the amount that will be required to pay the probable liability of its or their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become
absolute and matured; (iii) each Borrower on an individual basis and the Group taken as a whole is able to pay its debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and
(iv) no Borrower individually has, and the Group taken as a whole does not have, unreasonably small capital with which to conduct the business in which it is engaged as such business is now conducted. 

 

	24.10	 No filing or stamp taxes 

Under the laws of its Relevant Jurisdiction, it is not necessary that the Finance Documents be filed, recorded or enrolled with any court or
other authority in that jurisdiction or that any stamp, registration, notarial or similar Taxes or fees be paid on or in relation to the Finance Documents or the transactions contemplated by the Finance Documents except for: 

 

	 	(a)	 registration of particulars of any Transaction Security Document entered into by Bristow Helicopters Limited at
Companies House in England and Wales under s859A Companies Act 2006 and payment of associated fees; and 

  

	 	(b)	 registration of any Transaction Security Document constituting a floating charge over receivables (No.:
factoringpant) subject to registration in the Norwegian Register of Mortgaged Movable Property and payment of associated fees, 

which registrations, filings, taxes and fees will be made and paid promptly after the date of the relevant Finance Document. 

 

	24.11	 Deduction of Tax 

It is not required to make any deduction for or on account of Tax from any payment it may make under any Finance Document to a Lender which is:

  

	 	(a)	 a Qualifying Lender; 

 

	 	(b)	 a Treaty Lender, subject to completion of all necessary filings and procedural steps; or 

 

	 	(c)	 in respect of amounts payable by a US Tax Obligor, a Lender which has provided to the relevant US Tax Obligor
an appropriate U.S. Withholding Tax Form valid as of the date of the relevant payment that provides for complete exemption from withholding (including backup withholding) of U.S. federal income tax on interest and other payments to that Lender.

  
 145 

	24.12	 No default 

  

	 	(a)	 No Event of Default and, on the date of this Agreement, no Default is continuing or is reasonably likely to
result from the making of any Utilisation or the entry into, the performance of any obligations under, any Finance Document. 

  

	 	(b)	 No other event or circumstance is outstanding which constitutes (or, with the expiry of a grace period, the
giving of notice, the making of any determination or any combination of any of the foregoing, would constitute) a default or termination event (however described) under any other agreement or instrument which is binding on it or any Restricted
Subsidiary or to which its (or any Restricted Subsidiary’s) assets are subject which has or is reasonably likely to have a Material Adverse Effect. 

  

	24.13	 No misleading information 

Save as disclosed in writing to the Agent and the Arrangers prior to the date of this Agreement or, if later, prior to the date such
information is provided: 
  

	 	(a)	 any factual information contained in the Information Package (as modified or supplemented by any other
information provided) was true and accurate in all material respects as at the date of the relevant report or document containing the information or (as the case may be) as at the date the information is expressed to be given or, if later, the date
of this Agreement; 

  

	 	(b)	 any financial projection or forecast contained in the Information Package has been prepared on the basis of
recent historical information and on assumptions reasonably believed by the Parent to be reasonable (as at the date the relevant projection or forecast was prepared) and arrived at after careful consideration; 

 

	 	(c)	 any expressions of opinion or intention provided by or on behalf of a member of the Group for the purposes of
the Information Package were made after careful consideration and (as at the date of the relevant report or document containing the expression of opinion or intention) were fair and based on reasonable grounds; 

 

	 	(d)	 no event or circumstance has occurred or arisen and no information has been omitted from the Information
Package (as modified or supplemented by any other information provided) and no information has been given or withheld that results in the information, opinions, intentions, forecasts or projections contained in the Information Package (as modified
or supplemented by any other information provided) being untrue or misleading in any material respect; 

  

	 	(e)	 all other written information provided by or on behalf of any member of the Group to a Finance Party (as
modified or supplemented by any other information provided) was true, complete and accurate in all material respects as at the date it was provided and not misleading in any material respect; and 

  
 146 

	 	(f)	 to the best of the knowledge and belief of the Obligors at the time of delivery of an Aggregate Borrowing Base
Certificate, none of the written factual information and written data in or provided in connection with each Aggregate Borrowing Base Certificate contained any untrue statement of fact or omitted to state any fact or other information necessary to
make such information and data not misleading at the time the relevant Aggregate Borrowing Base Certificate was provided to the Agent in light of the circumstances under which such information or data was furnished. 

 

	24.14	 Financial Statements 

 

	 	(a)	 Its Original Financial Statements were prepared in accordance with the Accounting Principles consistently
applied. 

  

	 	(b)	 Its unaudited Original Financial Statements (if any) fairly present its financial condition and its results of
operations for the relevant financial quarter. 

  

	 	(c)	 The Old Parent’s audited Original Financial Statements fairly presented its financial condition and its
results of operations during the relevant financial year. 

  

	 	(d)	 There has been no material adverse change in its assets, business or financial condition (or the assets,
business or consolidated financial condition of the Group, in the case of the Parent) since the date of its Original Financial Statements. 

  

	 	(e)	 Its most recent financial statements delivered pursuant to Clause 25.1 (Financial statements):

  

	 	(i)	 have been prepared in accordance with the Accounting Principles; and 

 

	 	(ii)	 fairly present its financial condition (consolidated in the case of the Old Parent and its financial statements
delivered prior to the Second Amendment Date and consolidated in the case of the New Parent and its financial statements delivered after the Second Amendment Date) as at the end of, and results of operations (consolidated in the case of the Old
Parent and its financial statements delivered prior to the Second Amendment Date and consolidated in the case of the New Parent and its financial statements delivered after the Second Amendment Date) for, the period to which they relate.

  

	 	(f)	 The budgets and forecasts supplied in connection with this Agreement were arrived at after careful
consideration and have been prepared in good faith on the basis of assumptions reasonably believed by the Old Parent (in the case of any such budgets and forecasts delivered prior to the Second Amendment Date) or the New Parent (in the case of any
such budgets and forecasts delivered prior to the Second Amendment Date), as applicable, to be reasonable at the date they were prepared and supplied. 

  
 147 

	24.15	 No proceedings 

 

	 	(a)	 No material litigation, arbitration or administrative proceedings or investigations of, or before, any court,
arbitral body or agency which, if adversely determined, are reasonably likely to have a Material Adverse Effect have (to the best of its knowledge and belief (having made due and careful enquiry)) been started or threatened against it or any of its
Subsidiaries. 

  

	 	(b)	 No judgment or order of a court, arbitral body or agency which is reasonably likely to have a Material Adverse
Effect has (to the best of its knowledge and belief (having made due and careful enquiry)) been made against it or any of its Subsidiaries. 

  

	24.16	 No breach of laws 

 

	 	(a)	 It has not (and none of its Subsidiaries has) breached any law or regulation which breach has or is reasonably
likely to have a Material Adverse Effect. 

  

	 	(b)	 No labour disputes are current or, to the best of its knowledge and belief (having made due and careful
enquiry), threatened against any member of the Group which have or are reasonably likely to have a Material Adverse Effect. 

  

	24.17	 Environmental laws 

 

	 	(a)	 Each member of the Group is in compliance with Clause 27.4 (Environmental compliance) and to the
best of its knowledge and belief (having made due and careful enquiry) no circumstances have occurred which would prevent such compliance in a manner or to an extent which has or is reasonably likely to have a Material Adverse Effect.

  

	 	(b)	 No Environmental Claim has been commenced or (to the best of its knowledge and belief (having made due and
careful enquiry)) is threatened against any member of the Group where that claim has or is reasonably likely, to have a Material Adverse Effect. 

  

	24.18	 Taxation 

  

	 	(a)	 It is not (and none of the Subsidiaries of the Borrowers are) materially overdue in the filing of any Tax
returns and it is not (and none of its Subsidiaries are) overdue in the payment of any amount in respect of Tax of USD 5,000,000 (or its equivalent in any other currency) or more. 

 

	 	(b)	 No claims or investigations are being, or are reasonably likely to be, made or conducted against it (or any of
its Subsidiaries) with respect to Taxes such that a liability of, or claim against, any member of the Group of USD 5,000,000 (or its equivalent in any other currency) or more is reasonably likely to arise. 

 

	 	(c)	 It is resident for Tax purposes only in its Original Jurisdiction. 

  
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	24.19	 Anti-Corruption Laws and Sanctions 

 

	 	(a)	 Each member of the Group has implemented and maintains in effect policies and procedures designed to ensure
compliance by such member of the Group and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and such member of the Group and its respective officers and employees and, to the knowledge
(after due and careful inquiry) of such member of the Group, its directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects and are not knowingly engaged in any activity that would reasonably
be expected to result in any member of the Group being designated as a Sanctioned Person. 

  

	 	(b)	 No (i) member of the Group or any of their respective directors, officers or employees, or (ii) to
the knowledge (after due and careful inquiry) of any such member of the Group, any agent of such member of the Group that will act in any capacity in connection with or benefit from the credit facility established hereby is: 

 

	 	(i)	 a Sanctioned Person; 

 

	 	(ii)	 otherwise the subject or target of any Sanctions; or 

 

	 	(iii)	 located, organised or resident in a Sanctioned Country. 

 

	 	(c)	 No Loan, use of proceeds, or other transaction contemplated by this Agreement or the other Finance Documents
will violate Anti-Corruption Laws or applicable Sanctions, subject to applicable restrictions by mandatory law. 

  

	24.20	 Security and Financial Indebtedness 

 

	 	(a)	 No Security or Quasi Security exists over all or any of the present or future assets of any Borrower or
Subsidiary of a Borrower other than as permitted by this Agreement. 

  

	 	(b)	 No Borrower or Subsidiary of a Borrower has any Financial Indebtedness outstanding other than as permitted by
this Agreement. 

  

	24.21	 Ranking 

The Transaction Security has (if the registration and payments of fees referred to in Clause 24.10 have been completed) or will have (once the
registration and payments of fees referred to in Clause 24.10 have been completed) first ranking priority and it is not subject to any prior ranking or pari passu ranking Security. 

 

	24.22	 No Immunity 

In any proceedings taken in any Relevant Jurisdiction in relation to and accordance with a Finance Document, no Obligor will be entitled to
claim for themselves or any of their Charged Property immunity from suit, execution, attachment or other legal process. 

  
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	24.23	 Good title to assets 

It and each Restricted Subsidiary has a good, valid and marketable title to, or valid leases or licences of, and all appropriate Authorisations
to use, the assets necessary to carry on its business as presently conducted but only to the extent that a failure to so have would have or would reasonably likely to have Material Adverse Effect. 

 

	24.24	 Legal and beneficial ownership 

 

	 	(a)	 Each Borrower is the sole legal and beneficial owner of the respective assets over which it purports to grant
Security. 

  

	 	(b)	 As of the Second Amendment Date (or in the case of a US Borrower (other than Bristow U.S. LLC), as of the
applicable US Borrower Accession Date), to the best of its knowledge, the information included in the Beneficial Ownership Certification provided on or prior to the Second Amendment Date (or in the case of a US Borrower (other than Bristow U.S.
LLC), provided on or prior to the applicable US Borrower Accession Date) to the Agent or any Lender in connection with this Agreement is true and correct in all respects. 

 

	 	(c)	 Each Borrower has good and valid rights in the Charged Property with respect to which it has purported to grant
Security and has full power and authority to grant to the Security Agent such Security free and clear of all other Security save for Permitted Security. 

  

	24.25	 Intellectual Property 

It and each of its Subsidiaries is the sole legal and beneficial owner of or has licensed to it on normal commercial terms all the Intellectual
Property which is material in the context of its business and which is required by it in order to carry on its business as it is being conducted, but only to the extent that a failure to own or licence any such Intellectual Property would have or
would be reasonably likely to have a Material Adverse Effect. 
  

	24.26	 Group Structure Chart 

The Group Structure Chart is true and accurate in all material respects. 

 

	24.27	 Accounting Reference Date 

The Accounting Reference Date of: 
  

	 	(a)	 the Old Parent is, as of the date of this Agreement, 31 March; and 

 

	 	(b)	 the New Parent is, as of the Second Amendment Date, 31 March. 

 

	24.28	 Centre of main interests and establishments 

In relation to any Obligor incorporated in a member state of the European Union, for the purposes of Regulation (EU) 2015/848 of 20 May
2015 on insolvency proceedings (recast) (the “Regulation”) or any other regulation replacing the Regulation: 

  
 150 

	 	(a)	 its centre of main interest (as that term is used in Article 3(1) of the Regulation) is situated in its
Original Jurisdiction; and 

  

	 	(b)	 save as may be disclosed to the Agent in writing from time to time, it has no “establishment” (as
that term is used in Article 2(10) of the Regulation) in any other jurisdiction other than, as at the date of this Agreement, Scotland, the Netherlands and the Falkland Islands. 

 

	24.29	 No adverse consequences 

 

	 	(a)	 It is not necessary under the laws of its Relevant Jurisdictions: 

 

	 	(i)	 in order to enable any Finance Party to enforce its rights under any Finance Document; or

  

	 	(ii)	 by reason of the execution of any Finance Document or the performance by it of its obligations under any
Finance Document, 

 that any Finance Party should be licensed, qualified or otherwise entitled to carry on business in any
of its Relevant Jurisdictions. 
  

	 	(b)	 No Finance Party is or will be deemed to be resident, domiciled or carrying on business in its Relevant
Jurisdictions by reason only of the execution, performance and/or enforcement of any Finance Document. 

  

	24.30	 Insurance 

Each member of the Group has insurance on and in relation to its business and assets against those risks and to the extent as is usual for
companies acting commercially reasonably and carrying on the same or substantially similar business. 
  

	24.31	 ERISA Plans 

Except as would not be reasonably expected to have a Material Adverse Effect: 

 

	 	(a)	 Each Plan complies in all respects with the applicable requirements of ERISA, the Code and all other applicable
laws and regulations. 

  

	 	(b)	 Each Plan which is intended to be qualified under s401(a) of the Code has been determined by the IRS to be so
qualified or is in the process of being submitted to the IRS for approval, and, to the knowledge of the Parent, nothing has occurred since the date of such determination that would reasonably be expected to adversely affect such determination (or in
the case of a Plan with no determination, to the knowledge of the Parent, nothing has occurred that would materially adversely affect such qualification). 

  

	 	(c)	 No ERISA Event has occurred or is reasonably likely to occur. 

 

	 	(d)	 There is no litigation, arbitration, administrative proceeding or claim pending or to the knowledge of the
Parent threatened against or with respect to any Plan (other than routine claims for benefits). 

  
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	 	(e)	 No Obligor has any existing liability to the PBGC or any Plan or Multiemployer Plan (other than to make PBGC
premium payments and Plan and Multiemployer Plan funding and contribution payments as they fall due). 

  

	 	(f)	 Each Obligor has made all contributions to each Plan and Multiemployer Plan as required by ERISA, the Code or
any other law within the applicable time limits prescribed by law, the terms of that Plan and any contract or agreement requiring contributions to the Plan. 

  

	24.32	 Investment Company Act 

No US Obligor is or is required to be registered as an “investment company” within the meaning of the US Investment Company Act of
1940, as amended. 
  

	24.33	 Margin Stock 

No proceeds of any Utilisation will be used to purchase or carry any “margin stock” (as defined in US Regulation U of the Board of
Governors of the Federal Reserve System as in effect from time to time (“Margin Stock”)) or to extend credit for the purpose of purchasing or carrying any Margin Stock, in each case, in a manner that violates or is inconsistent
with, or, to the knowledge of any Borrower or its Subsidiaries, causes any Lender to violate, the provisions of US Regulation T, U or X of the Board of Governors of the Federal Reserve System from time to time in effect or any successor to all or a
portion thereof. No member of the Group is engaged principally, or as one of its important activities, in the business whether immediate, incidental or ultimate, of buying or carrying Margin Stock or of extending credit to others for the purpose,
whether immediate, incidental or ultimate, of buying or carrying Margin Stock. 
  

	24.34	 Times when representations made 

 

	 	(a)	 All the representations and warranties in this Clause 24 are made by each Original Obligor on the date of this
Agreement. 

  

	 	(b)	 The Repeating Representations are deemed to be made by each Obligor on the First Amendment Date, the Second
Amendment Date, on the date of each Utilisation Request, on each Utilisation Date and on the first day of each Interest Period. 

  

	 	(c)	 The Repeating Representations and the representations in Clauses 24.9, 24.11, paragraphs (a), (b) and
(d) of Clause 24.14, 24.15, 24.16 and 24.18 and paragraph (b) of Clause 24.24 are deemed to be made by each Additional Obligor (in each case in relation only to itself and its Subsidiaries (if any)) on the day on which it becomes (or it is
proposed that it becomes) an Additional Obligor. 

  

	 	(d)	 Each representation or warranty deemed to be made after the date of this Agreement shall be deemed to be made
by reference to the facts and circumstances existing at the date the representation or warranty is deemed to be made. 

  
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	25.	 INFORMATION UNDERTAKINGS 

The undertakings in this Clause 25 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance
Documents or any Revolving Facility Commitment is in force. 
 In this Clause 25: 

“Annual Financial Statements” means the financial statements for a Financial Year delivered pursuant to Clause 25.1(a).

 “Monthly Financial Statements” means the financial statements delivered pursuant to Clause 25.1(c). 

“Quarterly Financial Statements” means the financial statements delivered pursuant to Clause 25.1(b). 

 

	25.1	 Financial statements 

The Parent shall supply to the Agent: 
  

	 	(a)	 within 90 days after the end of each of its Financial Years: 

 

	 	(i)	 the Parent’s audited consolidated financial statements for that Financial Year; 

 

	 	(ii)	 the unaudited balance sheet and statements of income of each other Obligor for that Financial Year; and

  

	 	(b)	 within 45 days after the end of each Financial Quarter (other than the last Financial Quarter) of each of its
Financial Years the Parent’s unaudited consolidated financial statements for that Financial Quarter; and 

  

	 	(c)	 if an Event of Default is continuing or during a Cash Dominion Period and so requested during any such period
by the Agent in its Permitted Discretion, within 10 Business Days of the later of the end of the relevant month and the request by the Agent, the unaudited balance sheet and unaudited statements of income of each Borrower for that month,

 provided that the Parent shall not be required to supply to the Agent any information or document pursuant to this
Clause which is freely available to be obtained by the Agent from the Parent’s public filings (including any filings with the S.E.C.) by the otherwise required due date. 
  

	25.2	 Provision and contents of Compliance Certificate 

 

	 	(a)	 The Parent shall supply a Compliance Certificate to the Agent with each set of its Annual Financial Statements
(other than any Annual Financial Statements delivered pursuant to the Second Amendment and Restatement Agreement) and each set of its Quarterly Financial Statements. 

  
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	 	(b)	 The Compliance Certificate shall, amongst other things, set out (in reasonable detail) computations as to the
Fixed Charge Coverage Ratio whether or not the Fixed Charge Coverage Ratio is being tested at that time; 

  

	 	(c)	 Each Compliance Certificate shall be signed by an authorised signatory of the Parent. 

 

	25.3	 Requirements as to financial statements 

 

	 	(a)	 The Parent shall procure that each set of Annual Financial Statements and Quarterly Financial Statements and
Monthly Financial Statements is in English and: 

  

	 	(i)	 each set of the Parent’s Annual Financial Statements shall be audited by the Parent’s Auditors and
shall not be subject to any “going concern” qualification or exception or any material qualification or exception as to the scope of such audit; and 

 

	 	(ii)	 each set of Quarterly Financial Statements includes an unaudited balance sheet and unaudited statement of
income for each Borrower. 

  

	 	(b)	 Each set of financial statements delivered pursuant to Clauses 25.1(a)(i) and 25.1(b) (Financial
statements) shall be certified by an authorised signatory of the Parent as giving a true and fair view of (in the case of Annual Financial Statements for any Financial Year), or fairly representing (in other cases), its financial condition and
operations as at the date as at which those financial statements were drawn up. 

  

	 	(c)	 The Parent shall procure that each set of financial statements of an Obligor delivered pursuant to Clause 25.1
(Financial statements) is prepared using the Accounting Principles. 

  

	 	(d)	 If the Agent, acting reasonably, wishes to discuss the financial position of any member of the Group with the
auditors of that member of the Group, the Agent may notify the Obligors’ Agent, stating the questions or issues which the Agent wishes to discuss with those auditors. In this event, the Obligors’ Agent must ensure that those auditors are
authorised (at the expense of the Obligors’ Agent): 

  

	 	(i)	 to discuss the financial position of the relevant member of the Group with the Agent on request from the Agent;
and 

  

	 	(ii)	 to disclose to the Agent for the Finance Parties any information which the Agent may reasonably request.

  

	 	(e)	 Notwithstanding any other term of this Agreement no Event of Default shall occur, or be deemed to occur, as a
result of any restriction on the identity of the Parent’s Auditors contained in this Agreement being prohibited, unlawful, ineffective, invalid or unenforceable pursuant to the Audit Laws. 

  
 154 

	25.4	 Budget 

  

	 	(a)	 The Parent shall supply to the Agent in sufficient copies for all the Lenders, as soon as the same become
available but in any event within 60 days after the start of each of its Financial Years, an annual Budget for that financial year. 

  

	 	(b)	 The Parent shall ensure that each Budget for a financial year (other than the Budget delivered pursuant to
Clause 4.1(a) (Initial conditions precedent)) includes a projected consolidated Group profit and loss, a consolidated Group balance sheet, a consolidated Group statement of cashflows, projected Aggregate Availability and a revenue forecast
for each Borrower. 

  

	25.5	 Borrowing Base Certificate and related information 

The Obligors’ Agent shall supply to the Agent within twenty Business Days of the end of each calendar month as of the period then ended
(provided that, during a Cash Dominion Period, such information shall be provided on a weekly basis, three Business Days after the end of each calendar week and prepared as of the last day of such calendar week): 

 

	 	(a)	 an Aggregate Borrowing Base Certificate, which sets out each Borrower’s Borrowing Base and supporting
information in connection therewith; 

  

	 	(b)	 a detailed aging of the Borrowers’ Receivables, including all invoices aged by invoice date and Account
Debtor; 

  

	 	(c)	 a worksheet of calculations prepared by the Borrowers to determine Eligible Receivables, such worksheets
detailing the Receivables excluded from Receivables and the reason for such exclusion; and 

  

	 	(d)	 if requested by the Agent acting in its Permitted Discretion prior to the end of the relevant period, a
reconciliation of the Borrowers’ Receivables: (A) the amounts shown in the Borrowers’ general ledger and financial statements and the reports delivered pursuant to paragraph (b) above and (B) the amounts and dates shown in
the reports delivered pursuant to paragraph (b) above and the Aggregate Borrowing Base Certificate delivered pursuant to Clause 25.5(a) as of such date. 

  

	25.6	 Year end 

The Parent shall not change its Accounting Reference Date without the consent of the Majority Lenders, acting reasonably, unless required by
applicable law. 
  

	25.7	 Information: miscellaneous 

The Parent shall supply to the Agent (in sufficient copies for all the Lenders, if the Agent so requests): 

 

	 	(a)	 promptly following any request therefor information and documentation reasonably requested by the Agent or any
Lender for purposes of compliance with applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act and the Beneficial Ownership Regulation; 

  
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	 	(b)	 promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings
which are current, threatened or pending against any member of the Group, and which are reasonably likely to have a Material Adverse Effect or are reasonably likely to be adversely determined and if adversely determined are reasonably likely to have
a Material Adverse Effect; 

  

	 	(c)	 promptly upon becoming aware of them, the details of any judgment or order of a court, arbitral body or agency
which is made against any member of the Group and which is reasonably likely to have a Material Adverse Effect; 

  

	 	(d)	 (subject to Clause 27.28(b) (Access, maintenance of records and field examination)) promptly,
such information as the Security Agent may reasonably require about the Charged Property and compliance of the Obligors with the terms of any Transaction Security Documents; 

 

	 	(e)	 (subject to Clause 27.28(b) (Access, maintenance of records and field examination)) promptly on
request, such further information regarding the financial condition, assets and operations of the Group and/or any Obligor as any Finance Party (through the Agent) may reasonably request, in particular if required under applicable banking
supervisory laws and regulations and/or in line with standard banking practice; 

  

	 	(f)	 as soon as available but in any event within 45 days after the end of each Financial Quarter and at such other
times as may be requested by the Agent in its Permitted Discretion, as of the Financial Quarter then ended, a schedule and aging of the Borrowers’ accounts payable, delivered electronically in a text format file acceptable to the Agent;

  

	 	(g)	 the English Borrower Annual Financial Statements promptly after filing with Companies House but in any event
within nine months after the end of the English Borrower’s financial year; 

  

	 	(h)	 the Norwegian Borrower Annual Financial Statements promptly after filing with the relevant Governmental
Authority but in any event within seven months after the end of the Norwegian Borrower’s financial year; 

  

	 	(i)	 in respect of each US Borrower, the relevant US Borrower Annual Financial Statements promptly after becoming
available but in any event within 90 days after the end of that US Borrower’s financial year; 

  

	 	(j)	 (subject to Clause 27.28(b) (Access, maintenance of records and field examination)) during any
Cash Dominion Period, promptly following request by the Agent an updated customer list for each Borrower, which list shall state the customer’s name, mailing address and phone number, delivered electronically in a text formatted file
acceptable to the Agent (in each case to be provided in accordance with and subject to applicable data protection laws); 

  
 156 

	 	(k)	 promptly upon the Agent’s request, acting reasonably, copies of invoices issued by the Borrowers in
connection with any Receivables owed by Eligible Account Debtors; and 

  

	 	(l)	 promptly upon the English Borrower taking any step to obtain or extend a moratorium, to appoint a monitor,
propose a restructuring plan under Part 26A of the UK Companies Act 2006, and/or request the permission of the court to dispose of any of its property which is subject to the Transaction Security, all relevant details relating to such moratorium,
appointment, plan and/or request. 

  

	25.8	 Notification of default 

 

	 	(a)	 The Obligors’ Agent shall notify the Agent (and shall ensure that each Obligor notifies) of any Default
(and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence (unless that Obligor is aware that a notification has already been provided by another Obligor). 

 

	 	(b)	 Promptly upon a request by the Agent, if the Agent considers in good faith that there may be a Default, the
Obligors’ Agent shall supply to the Agent a certificate signed by an authorised signatory on its behalf certifying that no Default is continuing (or if a Default is continuing, specifying the Default and the steps, if any, being taken to remedy
it). 

  

	25.9	 “Know your customer” checks 

 

	 	(a)	 If: 

  

	 	(i)	 the introduction of or any change in (or in the interpretation, administration or application of) any law or
regulation made after the date of this Agreement; 

  

	 	(ii)	 any change in the status of an Obligor or the composition of the shareholders of an Obligor after the date of
this Agreement; or 

  

	 	(iii)	 a proposed assignment or transfer by a Lender of any of its rights and/or obligations under this Agreement to a
party that is not a Lender prior to such assignment or transfer, 

 obliges the Agent or any Lender (or, in the case of
Clause 25.9(a)(iii), any prospective new Lender) to comply with “know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, each Obligor shall promptly
upon the request of the Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of the
event described in Clause 25.9(a)(iii), on behalf of any prospective new Lender) in order for the Agent, such Lender or, in the case of the event described in Clause 25.9(a)(iii), any prospective new Lender to carry out and be satisfied it has
complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. 

  
 157 

	 	(b)	 Each Lender shall promptly upon the request of the Agent supply, or procure the supply of, such documentation
and other evidence as is reasonably requested by the Agent (for itself) in order for the Agent to carry out and be satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws
and regulations pursuant to the transactions contemplated in the Finance Documents. 

  

	 	(c)	 The Parent shall, by not less than ten Business Days’ prior written notice to the Agent, notify the Agent
(which shall promptly notify the Lenders) of its intention to request that one of its Subsidiaries becomes an Additional Obligor pursuant to Clause 31 (Changes to the Obligors). 

 

	 	(d)	 Following the giving of any notice pursuant to Clause 25.9(c), if the accession of such Additional Obligor
obliges the Agent or any Lender to comply with “know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, the Parent shall promptly upon the
request of the Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or on behalf of any prospective new
Lender) in order for the Agent or such Lender or any prospective new Lender to carry out and be satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations
pursuant to the accession of such Subsidiary to this Agreement as an Additional Obligor. For the avoidance of doubt, no Subsidiary requested by the Parent to become an Additional Obligor shall become an Additional Obligor unless and until the Agent
and each Lender are satisfied that it has completed all necessary “know your customer” or other similar checks and that the Agent and Lenders are satisfied with the results of such checks. 

 

	26.	 FINANCIAL COVENANTS 

 

	26.1	 Financial definitions 

In this Clause 26 (other than Clause 26.4), the following terms have the following meanings: 

“Attributable Indebtedness” means in respect of a Sale/Leaseback Transaction, at the time of determination, the present
value (discounted at the rate of interest set forth or implicit in such transaction, determined in accordance with GAAP) of the obligation of the lessee for net rental payments during the remaining term of the lease included in such Sale/Leaseback
Transaction (including any period for which such lease has been extended). As used in the preceding sentence, the “net rental payments” under any lease for any such period shall mean the sum of rental and other
payments required to be paid with respect to such period by the lessee thereunder, excluding any amounts required to be paid by such lessee on account of maintenance and repairs, insurance, taxes, assessments, water rates or similar charges. In the
case of any lease that is terminable by the lessee upon payment of a penalty, such net amount shall be the lesser of the net amount determined assuming termination upon the first date such lease may be terminated (in which case the net amount shall
also include the amount of the penalty, but no rent shall be considered as required to be paid under such lease subsequent to the first date upon which it may be so terminated) or the net amount determined assuming no such termination. 

  
 158 

 “Board of Directors” means for any Person, the board of directors or
other governing body of such Person or, if such Person does not have such a board of directors or other governing body and is owned or managed by a single entity, the Board of Directors of such entity, or, in either case, any committee
thereof duly authorised to act on behalf of such Board of Directors. Unless otherwise provided, “Board of Directors” means the Board of Directors of the Parent. 

“Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Parent to
have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification and delivered to the Trustee. 

“Capital Expenditure” means any expenditure which, in accordance with the Accounting Principles, is treated as capital
expenditure excluding the capital element of any expenditure or obligation incurred in connection with a Finance Lease. 
 “Capital
Lease Obligations” means, at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP
in effect as of 7 December 2012, and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be prepaid by the lessee without payment
of a penalty. 
 “Capital Stock” means: 
  

	 	(a)	 in the case of a corporation, corporate stock; 

 

	 	(b)	 in the case of an association or business entity, any and all shares, interests, participations, rights or
other equivalents (however designated) of corporate stock; 

  

	 	(c)	 in the case of a partnership or limited liability company, partnership interests (whether general or limited)
or membership interests; and 

  

	 	(d)	 any other interest or participation that confers on a Person the right to receive a share of the profits and
losses of, or distribution of assets of, the issuing Person, 

 but in each case excluding any debt securities convertible
or exchangeable into such equity. 
 “Cash Equivalent” means, 

 

	 	(a)	 securities issued or directly and fully guaranteed or insured by the government of the United States or any
other country whose sovereign debt has a rating of at least A3 from Moody’s and at least “A” from S&P or any agency or instrumentality thereof having maturities of not more than twelve months from the date of acquisition;

  
 159 

	 	(b)	 certificates of deposit, demand deposits and time deposits with maturities of one year or less from the date of
acquisition, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case with any commercial bank organized under the laws of any country that is a member of the Organization for Economic Cooperation
and Development having capital and surplus in excess of USD 500,000,000 (or the equivalent thereof in any other currency or currency unit); 

  

	 	(c)	 marketable general obligations issued by any state of the United States or any political subdivision of any
such state or any public instrumentality thereof maturing within one year from the date of acquisition thereof and, at the time of acquisition thereof, having a credit rating of “A” or better from either S&P or Moody’s;

  

	 	(d)	 repurchase obligations with a term of not more than seven days for underlying securities of the types described
in paragraphs (a), (b) and (c) above entered into with any financial institution meeting the qualifications specified in paragraph (b) above 

  

	 	(e)	 commercial paper having one of the two highest ratings obtainable from Moody’s or S&P, or carrying an
equivalent rating by a nationally recognized rating agency, if both of the two named rating agencies cease publishing ratings or investments, and, in each case, maturing within one year after the date of acquisition; 

 

	 	(f)	 deposits available for withdrawal on demand with any commercial bank not meeting the qualifications specified
in paragraph (b) above, provided all such deposits do not exceed USD 3,000,000 (or the equivalent thereof in any other currency or currency unit) in the aggregate at any one time; 

 

	 	(g)	 money market mutual funds substantially all of the assets of which are of the type described in the foregoing
paragraphs (a) through (e) of this definition; and 

  

	 	(h)	 in the case of any Subsidiary of the Parent organized or having its principal place of business outside the
United States, investments denominated in the currency of the jurisdiction in which such Subsidiary is organized or has its principal place of business which are similar to the items specified in paragraphs (a) through (e) of this definition.

 “Cashflow” means, in respect of any Relevant Period, Consolidated Cash Flow for that Relevant
Period after: 
  

	 	(a)	 adding the amount of any cash receipts during that Relevant Period in respect of any Consolidated Income Taxes
rebates or credits and deducting the amount actually paid in respect of Consolidated Income Taxes during that Relevant Period by the Parent and any Restricted Subsidiary; and 

  
 160 

	 	(b)	 deducting the amount of any Capital Expenditure actually made in cash during that Relevant Period by the Parent
and any Restricted Subsidiary except (in each case) to the extent funded from or offset or subsequently refinanced, reimbursed or compensated by the proceeds of: 

 

	 	(i)	 any Indebtedness; 

  

	 	(ii)	 any issuance of shares or other securities; 

 

	 	(iii)	 insurances; 

  

	 	(iv)	 asset sales, or 

  

	 	(v)	 cash recoveries from litigation or settlements of litigation or other disputes; 

and so that no amount shall be added (or deducted) more than once. 

“Consolidated Cash Flow” means, with respect to any Person for any period, the Consolidated Net Income of such Person
for such period plus, to the extent deducted or excluded in calculating Consolidated Net Income for such period: 
  

	 	(a)	 Consolidated Income Taxes of such Person and its Restricted Subsidiaries; 

 

	 	(b)	 Consolidated Interest Expense of such Person and its Restricted Subsidiaries; 

 

	 	(c)	 depreciation and amortization expense (including amortization of goodwill and other intangibles but excluding
amortization of prepaid cash expenses that were paid in a prior period) of such Person and its Restricted Subsidiaries; and 

  

	 	(d)	 all other non-cash charges and
non-cash write offs, including minority interest, of such Person and its Restricted Subsidiaries reducing Consolidated Net Income (excluding any such non-cash charge or
write off to the extent that it represents an accrual of or reserve for cash expenditures in any future period or amortization of a prepaid cash expense that was paid in a prior period not included in the calculation), 

in each case, on a consolidated basis and determined in accordance with GAAP. Notwithstanding the preceding sentence, paragraphs (a), (b), (c)
and (d) relating to amounts of a Restricted Subsidiary of a Person will be added to Consolidated Net Income to compute Consolidated Cash Flow of such Person only to the extent (and in the same proportion) that the net income (loss) of such
Restricted Subsidiary was included in calculating the Consolidated Net Income of such Person. 
 “Consolidated Income Taxes”
means, with respect to any Person for any period, taxes imposed upon such Person or other payments required to be made by such Person by any governmental authority which taxes or other payments are calculated by reference to the income or
profits of such Person or such Person and its Restricted Subsidiaries (to the extent such income or profits were included in computing Consolidated Net Income for such period), regardless of whether such taxes or payments are required to be remitted
to any governmental authority. 

  
 161 

 “Consolidated Interest Expense” means, with respect to any Person for any
period, the sum, without duplication, of: 
  

	 	(a)	 the consolidated interest expense of such Person and its Restricted Subsidiaries for such period net of any
interest income of the Parent and its Subsidiaries, whether paid or accrued (including amortization of original issue discount, non-cash interest payments, the interest component of any deferred payment
obligations, the interest component of all payments associated with Capital Lease Obligations, commissions, discounts and other fees and charges incurred in respect of letters of credit securing financial obligations or bankers’ acceptance
financings, and net payments (if any) pursuant to interest rate Hedging Obligations, but excluding amortization of debt issuance costs and the cumulative effect of any change in accounting principles or policies) to the extent deducted in
calculating Consolidated Net Income, net of any interest income of the Parent and its Restricted Subsidiaries; and 

  

	 	(b)	 the consolidated interest expense of such Person and its Restricted Subsidiaries that was capitalized during
such period. 

 “Consolidated Net Income” means, with respect to any Person for any period, the
aggregate of the Net Income of such Person and its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP, provided that: 

 

	 	(a)	 the Net Income (but not loss) of any Person that is not a Restricted Subsidiary or that is accounted for by the
equity method of accounting shall be included only to the extent of the amount of dividends or distributions paid in cash to the referent Person or its Restricted Subsidiaries; 

 

	 	(b)	 the Net Income of any Restricted Subsidiary shall be excluded to the extent that the declaration or payment of
dividends or similar distributions by that Restricted Subsidiary of that Net Income is not at the date of determination permitted without any prior governmental approval (that has not been obtained) or, directly or indirectly, by operation of the
terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders, partners or members; 

 

	 	(c)	 the cumulative effect of a change in accounting principles shall be excluded; 

 

	 	(d)	 unrealised losses and gains with respect to Hedging Obligations shall be excluded; 

 

	 	(e)	 any charges relating to any premium or penalty paid, write off of deferred finance costs or other charges in
connection with redeeming or retiring any Indebtedness prior to its Stated Maturity will be excluded; 

  

	 	(f)	 non-cash gains and losses due solely to fluctuations in currency values
and the related tax effect shall be excluded; 

  

	 	(g)	 any non-cash compensation charge arising from any grant of stock, stock
options or other equity based awards shall be excluded; 

  
 162 

	 	(h)	 extraordinary, non-recurring or unusual gains or losses (other than
gains and losses from the sale of assets in the ordinary course of business and consistent with past practice) shall be excluded; and 

  

	 	(i)	 the effects of adjustments to the Parent’s consolidated financial statements pursuant to GAAP resulting
from the application of purchase accounting in relation to any consummated transaction or the amortization or write-off of any amounts thereof shall be excluded 

“Debt Service” means, in respect of any Relevant Period, the aggregate of: 

 

	 	(a)	 Consolidated Interest Expense for that Relevant Period; 

 

	 	(b)	 all scheduled repayments of Indebtedness falling due during that Relevant Period and paid in cash in the
Relevant Period but excluding: 

  

	 	(i)	 any amounts falling due under any overdraft or revolving facility (including the Revolving Facility) and which
were available for simultaneous redrawing according to the terms of that facility; 

  

	 	(ii)	 any such obligations owed to any member of the Group; 

 

	 	(iii)	 any prepayment of Indebtedness existing on the date of this Agreement which is required to be repaid under the
terms of this Agreement; and 

  

	 	(iv)	 any mandatory prepayment of Indebtedness; and 

 

	 	(c)	 the amount of any cash dividends paid by the Parent in respect of that Relevant Period, 

and so that no amount shall be included more than once. 

“Default” means any event that is, or with the passage of time or the giving of notice or both would be an Event of Default
(as such term is defined in section 7.01 of the Indenture). 
 “Equity Interest” means Capital Stock and all warrants,
options or other rights to acquire Capital Stock (but excluding debt security that is convertible into, or exchangeable for, Capital Stock). 

“Fair Market Value” means the price that would be negotiated in an arm’s length transaction for cash between a willing
seller and a willing and able buyer, neither of which is under any compulsion to complete the transaction, as such price is determined in good faith by an officer of the Parent (unless otherwise provided in the Indenture). 

“Finance Lease” means any lease or hire purchase contract, a liability under which would in accordance with the Accounting
Principles in effect as December 31, 2017 be required to be treated as a balance sheet liability. 
 “Financial Quarter”
means the period commencing on the day after one Quarter Date and ending on the next Quarter Date. 

  
 163 

 “Financial Year” means the annual accounting period of the Parent ending
on, as of the Second Amendment Date, 31 March in each year. 
 “Fixed Charge Coverage Ratio” means the ratio of
Cashflow to Debt Service in respect of any Relevant Period of the Parent and its Restricted Subsidaries on a consoldiated basis. 

“GAAP” means generally accepted accounting principles in the United States as in effect on 7 December 2012;
provided that if at any time the Commission permits or requires U.S. domiciled companies subject to the reporting requirements of the Exchange Act to use IFRS in lieu of GAAP for financial reporting purposes, the Parent may elect by written notice
to the Trustee to so use IFRS in lieu of GAAP and, upon any such notice, references herein to GAAP shall thereafter be construed to mean (a) for periods beginning on and after the date specified in such notice, IFRS as in effect on the date
specified in such notice (for purposes of the Fixed GAAP Terms) and as in effect from time to time (for all other purposes of the Indenture) and (b) for prior periods, GAAP as defined in the first sentence of this definition. All ratios and
computations based on GAAP contained in the Indenture shall be computed in conformity with GAAP. 
 “Hedging Obligations”
means with respect to any Person, the obligations of such Person under: 
  

	 	(a)	 interest rate swap agreements, interest rate cap agreements and interest rate collar agreements designed to
manage against fluctuations in interest rates, or to otherwise reduce the cost of borrowing, with respect to Indebtedness incurred; 

  

	 	(b)	 foreign exchange contracts and currency protection agreements designed to manage against fluctuations in
currency exchange rates; 

  

	 	(c)	 any commodity futures contract, commodity swap, commodity option, commodity forward sale or other similar
agreement or arrangement designed to manage against fluctuations in the price of commodities; and 

  

	 	(d)	 other agreements or arrangements designed to protect such Person against fluctuations in interest rates,
currency exchange rates or commodity prices. 

 “IFRS” means the International Financial Reporting
Standards. 
 “Indebtedness” means, with respect to any Person on any date of determination (without duplication):

  

	 	(a)	 the principal in respect of indebtedness of such Person for borrowed money; 

 

	 	(b)	 the principal in respect of obligations of such Person evidenced by bonds, debentures, notes or other similar
instruments; 

  

	 	(c)	 the principal component of all obligations of such Person in respect of letters of credit, bankers’
acceptances or other similar instruments (including reimbursement obligations with respect thereto except to the extent such reimbursement obligation relates to a trade payable and such obligation is satisfied within 30 days of incurrence);

  
 164 

	 	(d)	 the principal component of all obligations of such Person to pay the deferred and unpaid purchase price of
property (except trade payables and accrued expenses), which purchase price is due more than one year after the date of placing such property in service or taking delivery and title thereto; 

 

	 	(e)	 Capital Lease Obligations and all Attributable Indebtedness of such Person; 

 

	 	(f)	 the principal component of all Indebtedness of other Persons secured by a Lien on any asset of such Person,
whether or not such Indebtedness is assumed by such Person; provided, however, that the amount of such Indebtedness will be the lesser of: 

  

	 	(i)	 the Fair Market Value of such asset at such date of determination; and 

 

	 	(ii)	 the amount of such Indebtedness of such other Person; 

 

	 	(g)	 the principal component of Indebtedness of another Person to the extent guaranteed by such person; and

  

	 	(h)	 to the extent not otherwise included in this definition, Hedging Obligations of such Person (the amount of any
such obligations to be equal at any time to the termination value of the agreement or arrangement giving rise to such obligation that would be payable by such Person at such time), 

if and to the extent any of the preceding items (other than letters of credit, Attributable Indebtedness and Hedging Obligations) would appear
as a liability upon a balance sheet of the specified Person prepared in accordance with GAAP. 
 In addition, “Indebtedness” of any
Person shall include Indebtedness described in the preceding paragraph that would not appear as a liability on the balance sheet of such Person if: 
  

	 	(A)	 such Indebtedness is the obligation of a partnership or joint venture that is not a Restricted Subsidiary (a
“Joint Venture”); 

  

	 	(B)	 such Person or a Restricted Subsidiary of such Person is a general partner of the Joint Venture (a
“General Partner”); and 

  

	 	(C)	 there is recourse, by contract or operation of law, with respect to the payment of such Indebtedness to
properties or assets of such Person or a Restricted Subsidiary of such Person, and then such Indebtedness shall be included in an amount not to exceed the lesser of (i) the net assets of the General Partner and (ii) the amount of such
obligations to the extent that there is recourse, by contract or operation of law, to the properties or assets of such Person or a Restricted Subsidiary of such Person. 

  
 165 

 Furthermore, notwithstanding the foregoing, the following shall not constitute or be deemed
“Indebtedness”: 
  

	 	(1)	 any indebtedness which has been defeased in accordance with GAAP or defeased pursuant to the deposit of cash or
Cash Equivalent (in an amount sufficient to satisfy all such indebtedness obligations at maturity or redemption, as applicable, and all payments of interest and premium, if any) in a trust or account created or pledged for the sole benefit of the
holders of such indebtedness, and subject to no other Lien, and the other applicable terms of the instrument governing such indebtedness; and 

  

	 	(2)	 taxes, assessments or other similar governmental charges or claims. 

“Indenture” means the indenture dated 7 December 2012 between, amongst others Bristow Group Inc. (f/k/a Era Group
Inc.) and Wells Fargo Bank, National Association as trustee (for the purposes of this Clause 26, the “Trustee”) in relation to the issue of 7.750% senior notes due 2022, as at the Second Amendment Date. 

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any
kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or
give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction other than a precautionary financing statement respecting a lease not intended
as a security agreement). 
 “Moody’s” means Moody’s Investors Service, Inc. and its successors. 

“Net Income” means, with respect to any Person the net income (loss) of such Person, determined in accordance with GAAP
and before any reduction in respect of Preferred Stock dividends. 
 “Non-Recourse
Debt” means indebtedness: 
  

	 	(a)	 as to which neither the Parent nor any of its Restricted Subsidiaries (i) provides any guarantee and as to
which the lenders have been notified in writing that they will not have any recourse to the stock or assets of the Parent or any Restricted Subsidiary (other than the Equity Interests of an Unrestricted Subsidiary) or (ii) constitutes the
lender; and 

  

	 	(a)	 no default thereunder would, as such, constitute a default under any other Indebtedness of the Parent or any of
its Restricted Subsidiary; and 

  

	 	(b)	 to the extent incurred after the Initial Issuance Date, the express terms of which provide that there is no
recourse to the Parent or any Restricted Subsidiary of the Parent (other than pursuant to a pledge of the Equity Interests of any Unrestricted Subsidiary by the Parent or any of its Restricted Subsidiaries in order to secure such Indebtedness).

  
 166 

 “Officer’s Certificate” means a certificate signed on behalf of the
Parent or by any officer of the Parent that is delivered to the Trustee. 
 “Quarter Date” means the last day of each
quarter of a Financial Year of the Parent, being as of the date of this Agreement, each of 31 March, 30 June, 30 September and 31 December. 

“Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust,
unincorporate organisation, limited liability company, government or any agency or politicial subdivision thereof of any other entity. 

“Preferred Stock” as applied to the Capital Stock of any person, means Capital Stock of any class or classes (however
designated) which is preferred as to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such person, over shares of Capital Stock or any other class of such person. 

“Relevant Period” means each period of twelve months ending on the last day of the Financial Year and each period of
twelve months ending on the last day of each Financial Quarter. 
 “Restricted Subsidiary” of a Person means any Subsidiary
of such Persons that is not an Unrestricted Subsidiary. Unless context otherwise requires, references to a Restricted Subsidiary shall be to a Restricted Subsidiary of the Parent. 

“S&P” means Standard & Poor’s Global Ratings Services a division of The McGraw Hill Companies, Inc.,
and its successors. 
 “Sale/Leaseback Transactions” means an arrangement relating to property owed by the Parent or
a Restricted Subsidiary on 7 December 2012 or thereafter acquired by the Parent or a Restricted Subsidiary whereby the Parent or a Restricted Subsidiary transfers such property to a Person and the Parent or a Restricted Subsidiary leases it
from such Person. 
 “Stated Maturity” means, with respect to any installment of principal on any series of
Indebtedness, the date on which such payment of principal was scheduled to be paid in the original documentation governing such Indebtedness, and shall not include any contingent obligations to repay, redeem or repurchase any such principal prior to
the date originally scheduled for the payment thereof. 
 “Subsidiary” means, with respect to any Person: 

 

	 	(a)	 any corporation, association or other business entity of which more than 50% of the total voting power of
shares of its Voting Stock is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person (or a combination thereof); 

 

	 	(b)	 any partnership, joint venture, limited liability company or similar entity of which more than 50% of the
capital accounts, distribution rights, total equity and voting interests or general or limited partnership interests, as applicable, is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries
of that Person (or a combination thereof); and 

  
 167 

	 	(c)	 any other Person whose results for financial reporting purposes are consolidated with those of such Person in
accordance with GAAP. 

  

	 	(d)	 Unless the context otherwise requires, references to a Subsidiary shall be to a Subsidiary of the Parent.

 “Trustee” means the trustee under the Indenture. 

“Unrestricted Subsidiary” means any Subsidiary of the Parent that is designated by the Board of Directors as an Unrestricted
Subsidiary pursuant to a Board Resolution and any Subsidiary of an Unrestricted Subsidiary, but only to the extent that each of such Subsidiary and its Subsidiaries at the time of such designation: 

 

	 	(a)	 has no Indebtedness other than other than Non-Recourse Debt;

  

	 	(b)	 is not party to any agreement, contract, arrangement or understanding with the Parent or any Restricted
Subsidiary of the Parent unless such agreement, contract arrangement or understanding does not violate section 4.11 of the Indenture; 

  

	 	(c)	 in a Person with respect to which neither the Parent nor any of its Restricted Subsidiaries has any direct or
indirect obligation (a) to subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating results, in each case, except
to the extent otherwise permitted by the Indenture; and 

  

	 	(d)	 such Subsidiary, either alone or in the aggregate with all other Unrestricted Subsidiaries, does not operate,
directly or indirectly, all or substantially all of the business of the Parent and its Subsidiaries; 

 For so long as the
Indenture is in force, any such designation by the Board of Directors shall be evidenced to the Trustee by filing with the Trustee the Board Resolution giving effect to such designation and an Officer’s Certificate certifying that such
designation complied with the foregoing conditions and was permitted by section 4.07 of the Indenture. 
 “Voting Stock” of
a Person means all classes of Capital Stock of such Person then outstanding and normally entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees of such Person. 

 

	26.2	 Financial condition 

If the Agent by notice so requests during a Cash Dominion Period, the Parent shall ensure that at any time after such request during that Cash
Dominion Period, the Fixed Charge Coverage Ratio with respect to the Parent and its Restricted Subsidiaries on a consolidated basis in respect of any Relevant Period starting after the Agent’s request and ending during that Cash Dominion Period
shall not be less than 1:1. 

  
 168 

	26.3	 Financial testing 

The financial covenant set out in Clause 26.2 shall be calculated in accordance with the Accounting Principles applicable to the Parent and
tested (at any time when such covenant applies as provided for above) by reference to each of the relevant financial statements delivered pursuant to Clause 25.1(a)(i) and Clause 25.1(b) (Financial statements) and/or each Compliance
Certificate delivered pursuant to Clause 25.2 (Provision and contents of Compliance Certificate). 
  

	26.4	 Unrestricted Subsidiaries 

The Parent may at any time, by a notice delivered to the Agent, designate one or more of its Subsidiaries as an Unrestricted Subsidiary,
provided always that: 
  

	 	(a)	 the Parent may not at any time when the Indenture is in force designate any of its Subsidiaries as an
Unrestricted Subsidiary for the purposes of this Agreement unless it is also at such time an “Unrestricted Subsidiary” for the purposes of and as defined in the Indenture; 

 

	 	(b)	 an Unrestricted Subsidiary that ceases to be an Unrestricted Subsidiary for the purposes of and as defined in
the Indenture shall cease to be an Unrestricted Subsidiary for the purposes of this Agreement with effect from the same date that it ceases to be an Unrestricted Subsidiary under the Indenture; 

 

	 	(c)	 the Parent may not designate any Borrower and/or a Guarantor as an Unrestricted Subsidiary; or

  

	 	(d)	 the Parent may not designate a Subsidiary of a Borrower or a Guarantor as an Unrestricted Subsidiary at any
time while an Event of Default is continuing or during a Cash Dominion Period. 

  

	27.	 GENERAL UNDERTAKINGS 

The undertakings in this Clause 27 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance
Documents or any Revolving Facility Commitment is in force. 
 Authorisations and compliance with laws 

 

	27.1	 Authorisations 

Each Borrower shall (and shall ensure that each of its Subsidiaries will) promptly: 

 

	 	(a)	 obtain, comply with and do all that is necessary to maintain in full force and effect; and

  

	 	(b)	 supply, on request, certified copies to the Agent of: 

any Authorisation required under any law or regulation of a Relevant Jurisdiction: 

 

	 	(i)	 for the performance of its obligations under the Finance Documents; 

  
 169 

	 	(ii)	 to ensure the legality, validity, enforceability or admissibility in evidence of any Finance Document; and

  

	 	(iii)	 to carry on its business where failure to do so has or is reasonably likely to have a Material Adverse Effect.

  

	27.2	 Compliance with laws 

Each Borrower shall (and shall ensure that each of its Subsidiaries will) comply in all respects with all laws to which it may be subject
(including all laws in connection with the operation or use of its helicopters), if failure so to comply has or is reasonably likely to have a Material Adverse Effect. 
  

	27.3	 Existence; Conduct of Business 

Each Obligor will, and will cause each Subsidiary of each Borrower to: 

 

	 	(a)	 do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal
existence and the rights, qualifications, licenses, permits, franchises, governmental authorizations, intellectual property rights, licenses and permits material to the conduct of its business, and maintain all requisite authority to conduct its
business in each jurisdiction in which its business is conducted, provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Clause 27.8; and 

 

	 	(b)	 carry on and conduct its business in substantially the same manner and in substantially the same fields of
enterprise as it is presently conducted, where failure to do so has or is reasonably likely to have a Material Adverse Effect. 

  

	27.4	 Environmental compliance 

Each Borrower shall (and shall ensure that each of its Subsidiaries will): 

 

	 	(a)	 comply with all Environmental Law; 

 

	 	(b)	 obtain, maintain and ensure compliance with all requisite Environmental Permits; 

 

	 	(c)	 implement procedures to monitor compliance with and to prevent liability under any Environmental Law,

 where failure to do so has or is reasonably likely to have a Material Adverse Effect. 

 

	27.5	 Environmental claims 

Each Borrower shall (and shall ensure that each of its Subsidiaries will), promptly upon becoming aware of the same, inform the Agent in
writing of: 
  

	 	(a)	 any Environmental Claim against it which is current, pending or threatened; and 

  
 170 

	 	(b)	 any facts or circumstances which are reasonably likely to result in any Environmental Claim being commenced or
threatened against it, 

 where the claim, if determined against it, has or is reasonably likely to have a Material Adverse
Effect. 
  

	27.6	 Anti-corruption law 

 

	 	(a)	 No Borrower shall (and shall ensure that none of its Subsidiaries will) directly or indirectly use the proceeds
of the Facility: 

  

	 	(i)	 for any purpose which would breach the Bribery Act 2010, the United States Foreign Corrupt Practices Act of
1977 or other similar legislation in its Relevant Jurisdictions; 

  

	 	(ii)	 to knowingly fund or facilitate any activities of or business with any person that, at the time of such funding
or facilitation, is the subject or target of Sanctions; 

  

	 	(iii)	 to knowingly fund or facilitate any activities of or business in any Sanctioned Country; or

  

	 	(iv)	 in any manner that will result in a violation by any member of the Group or Finance Party of Sanctions.

  

	 	(b)	 Each Borrower shall (and shall ensure that each of its Subsidiaries will): 

 

	 	(i)	 conduct is businesses in compliance with applicable Anti-Corruption Laws; and 

 

	 	(ii)	 maintain policies and procedures designed to promote and achieve compliance with applicable Anti-Corruption
Laws. 

  

	 	(c)	 Each Borrower shall (and shall ensure that each of its Subsidiaries will) maintain in effect and enforce
policies and procedures designed to ensure compliance by such entity and their respective directors, officers, employees and agents are in all material aspects in compliance with Anti-Corruption Laws and applicable Sanctions. 

 

	27.7	 Taxation 

  

	 	(a)	 Each Borrower shall (and shall ensure that each of its Subsidiaries will) pay and discharge all Taxes imposed
upon it or its assets within the time period allowed without incurring penalties unless and only to the extent that: 

  

	 	(i)	 such payment is being contested in good faith; 

 

	 	(ii)	 adequate reserves are being maintained for those Taxes; and 

 

	 	(iii)	 such payment can be lawfully withheld and failure to pay those Taxes does not have or is not reasonably likely
to have a Material Adverse Effect. 

  
 171 

	 	(b)	 No Borrower may change its residence for Tax purposes. 

Restrictions on business focus 
  

	27.8	 Merger 

No Borrower shall enter into any merger (other than a Permitted Acquisition), consolidation (including a Division) or amalgamation with a
person other than another Borrower or liquidate, wind-up or dissolve itself (or suffer any liquidation or dissolution). 
  

	27.9	 Change of business 

The Borrowers shall procure that no substantial change is made to the general nature of their business of the business of any of their
Subsidiaries from that carried on at the date of this Agreement. 
  

	27.10	 Fiscal Year 

  

	 	(a)	 Except as permitted under Clause 27.10(b), no Borrower shall change its Financial Year without the consent of
the Majority Lenders (not to be unreasonably withheld). 

  

	 	(b)	 Clause 27.10(a) does not apply to any change required by applicable law. 

 

	27.11	 Acquisitions 

  

	 	(a)	 Except as permitted under Clause 27.11(b), no Borrower shall (and shall ensure that none of its Subsidiaries
will): 

  

	 	(i)	 acquire a company or any shares or securities or a business or undertaking (or, in each case, any interest in
any of them); or 

  

	 	(ii)	 incorporate a company. 

 

	 	(b)	 Clause 27.11(b) does not apply to an acquisition of a company, of shares, securities or a business or
undertaking (or, in each case, any interest in any of them) or the incorporation of a company which is a Permitted Acquisition. 

  

	27.12	 Joint ventures 

 

	 	(a)	 Except as permitted under Clause 27.12(b), no Borrower shall (and shall ensure that none of its Subsidiaries
will): 

  

	 	(i)	 enter into, invest in or acquire (or agree to acquire) any shares, stocks, securities or other interest in any
Joint Venture; or 

  

	 	(ii)	 transfer any assets or lend to or guarantee or give an indemnity for or give Security for the obligations of a
Joint Venture or maintain the solvency of or provide working capital to any Joint Venture (or agree to do any of the foregoing). 

  
 172 

	 	(b)	 Clause 27.12(b) does not apply to any acquisition of (or agreement to acquire) any interest in a Joint Venture
or transfer of assets (or agreement to transfer assets) to a Joint Venture if such transaction is a Permitted Joint Venture, Permitted Disposal or a Permitted Acquisition. 

Restrictions on dealing with assets and security 
  

	27.13	 Preservation of assets 

Each Borrower shall (and shall ensure that each of its Subsidiaries will) maintain in good working order and condition (ordinary wear and tear
excepted) all of its assets necessary or desirable in the conduct of its business to the extent failure to do so has or is reasonably likely to have a material adverse effect on the interests or rights of the Secured Parties under the Finance
Documents. 
  

	27.14	 Pari passu ranking 

Each Borrower shall (and shall ensure that each of its Subsidiaries will) ensure that at all times any unsecured and unsubordinated claims of a
Finance Party against it under the Finance Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors except those creditors whose claims are mandatorily preferred by laws of general application to
companies. 
  

	27.15	 Negative pledge 

In this Clause 27.15, “Quasi-Security” means an arrangement or transaction described in Clause 27.15(b). 

Except as permitted under Clause 27.15(c): 
  

	 	(a)	 No Borrower shall (and shall ensure that none of its Subsidiaries will) create or permit to subsist any
Security over any of the Charged Property. 

  

	 	(b)	 No Borrower shall (and shall ensure that none of its Subsidiaries will): 

 

	 	(i)	 sell, transfer or otherwise dispose of any of the Charged Property on terms whereby they are or may be leased
to or re-acquired by an Obligor or any other member of the Group; 

  

	 	(ii)	 sell, transfer or otherwise dispose of any of its Receivables on recourse terms; 

 

	 	(iii)	 enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or 

  

	 	(iv)	 enter into any other preferential arrangement having a similar effect, in circumstances where the arrangement
or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset. 

  
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	 	(c)	 Clauses 27.15(a) and 27.15(b) do not apply to any Security or, as the case may be Quasi Security which is
Permitted Security. 

  

	27.16	 Disposals 

  

	 	(a)	 Except as permitted under Clause 27.16(b), no Borrower shall (and shall ensure that none of its Subsidiaries
will) enter into a single transaction or a series of transactions (whether related or not) and whether voluntary or involuntary to sell, lease, transfer or otherwise dispose of any asset. 

 

	 	(b)	 Clause 27.16(a) does not apply to any sale, lease, transfer or other disposal which is a Permitted Disposal.

  

	27.17	 Sale and Leaseback Transactions 

No Borrower shall, nor will it permit any Subsidiary to, enter into any arrangement, directly or indirectly, whereby it shall sell or transfer
any property, real or personal, used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property that it intends to use for substantially the same purpose or purposes as the
property sold or transferred, except (i) on arm’s length terms or (ii) with a member of the Group if entered into at a time when no Default is continuing. 
  

	27.18	 Arm’s length basis 

 

	 	(a)	 Except as permitted by Clause 27.18(b), no Borrower shall (and shall ensure that none of its Subsidiaries will)
enter into any transaction with any person except on arm’s length terms and for full market value. 

  

	 	(b)	 The following transactions shall not be a breach of this Clause 27.17: 

 

	 	(i)	 intra-Group loans permitted under Clause 27.19; 

 

	 	(ii)	 fees, costs and expenses payable under the Transaction Documents in the amounts set out in the Transaction
Documents delivered to the Agent under Clause 4.1 (Initial conditions precedent) or agreed by the Agent; and 

  

	 	(iii)	 any intra-Group Permitted Disposal, Permitted Financial Indebtedness, Permitted Share Issues or Permitted
Acquisitions. 

 Restrictions on movement of cash-cash out 

 

	27.19	 Loans or credit 

 

	 	(a)	 Except as permitted under Clause 27.19(b), no Borrower shall (and shall ensure that none of its Subsidiaries
will) be a creditor in respect of any Financial Indebtedness. 

  

	 	(b)	 Clause 27.19(a) does not apply to any Permitted Loan. 

  
 174 

	27.20	 No guarantees or indemnities 

 

	 	(a)	 Except as permitted under Clause 24.20(b), no Borrower shall (and shall ensure that none of its Subsidiaries
will) incur or allow to remain outstanding any guarantee in respect of any obligation of any person. 

  

	 	(b)	 Clause 27.20(a) does not apply to a guarantee which is a Permitted Guarantee. 

 

	27.21	 Dividends and share redemption 

 

	 	(a)	 Except as permitted under Clause 27.21(b), no Borrower shall (and shall ensure that none of its Subsidiaries
will): 

  

	 	(i)	 declare, make or pay any dividend, charge, fee or other distribution (or interest on any unpaid dividend,
charge, fee or other distribution) (whether in cash or in kind) on or in respect of its share capital (or any class of its share capital); 

  

	 	(ii)	 repay or distribute any dividend or share premium reserve; 

 

	 	(iii)	 redeem, repurchase, defease, retire or repay any of a Borrower’s share capital or resolve to do so; or

  

	 	(iv)	 make any distribution of assets pursuant to a Division, 

at any time when a Default is continuing. 
  

	 	(b)	 Clause 27.21(a) does not apply to any payment, dividend, charge, fee or other distribution made to a Borrower
or a Subsidiary of a Borrower. 

  

	27.22	 Structural Intra-Group Loans 

No Borrower shall (and shall ensure that none of its Subsidiaries will) at any time when an Event of Default is continuing: 

 

	 	(a)	 repay or prepay any principal amount (or capitalised interest) outstanding under Structural Intra-Group Loans;

  

	 	(b)	 pay any interest or any other amounts payable in connection with the Structural Intra-Group Loans; or

  

	 	(c)	 purchase, redeem, defease or discharge any amount outstanding with respect to the Structural Intra-Group Loans,

 save with the consent of the Majority Lenders or where such payment or repayment is made in order to directly facilitate
a repayment or prepayment under the Facility. 
  

	27.23	 Optional Prepayment; amendment of Material Indebtedness 

 

	 	(a)	 No Borrower will, nor will it permit any Subsidiary to, make or agree to pay or make, directly or indirectly,
any voluntary prepayment of principal of any Financial Indebtedness except: 

  
 175 

	 	(i)	 any payments of any Financial Indebtedness created under or pursuant to the Finance Documents;

  

	 	(ii)	 any payments of Financial Indebtedness owed to a member of the Group made when no Default is continuing;

  

	 	(iii)	 refinancings, prepayments or repayments of Financial Indebtedness from the proceeds of other Financial
Indebtedness to the extent such other Financial Indebtedness is permitted under this Agreement; 

  

	 	(iv)	 payment of secured Financial Indebtedness that becomes due as a result of the voluntary sale or transfer of the
property or assets securing such Financial Indebtedness (to the extent such sale or transfer is permitted) under this Agreement. 

  

	 	(v)	 payments of any Financial Indebtedness at any time when there are no outstanding Loans or Letters of Credit
(other than any Letters of Credit that are cash covered) and there will be no Loans or Letters of Credit outstanding immediately following such payment; 

  

	 	(vi)	 voluntary prepayments of principal amounts of Financial Indebtedness of the Borrowers and their Subsidiaries
that do not exceed in aggregate USD 5,000,000 in any Financial Year; 

  

	 	(vii)	 voluntary prepayments of principal amounts of Financial Indebtedness of the US Borrowers and their Subsidiaries
provided that either: 

  

	 	(A)	 the US Non-FCCR Voluntary Prepayment Conditions will be satisfied; or

  

	 	(B)	 evidence reasonably satisfactory to the Agent has been provided that the US FCCR Voluntary Prepayment
Conditions will be satisfied, 

 immediately prior to and immediately following any such voluntary prepayment; and 

 

	 	(viii)	 voluntary prepayments of any Financial Indebtedness at any time when there are no Loans or Letters of Credit
outstanding (other than any Letters of Credit that are cash covered) and there will be no Loans or Letters of Credit outstanding immediately following such prepayment. 

 

	 	(b)	 No Borrower or Subsidiary of a Borrower will waive, amend or modify any of its Financial Indebtedness to the
extent that any such waiver, amendment or modification has or could reasonably be expected to have a material adverse effect on interests or rights of the Secured Parties under the Finance Documents. 

  
 176 

 Restrictions on movement of cash-cash in 

 

	27.24	 Financial Indebtedness 

 

	 	(a)	 Except as permitted under Clause 27.24(b), no Borrower shall (and shall ensure that none of its Subsidiaries
will) incur or allow to remain outstanding any Financial Indebtedness. 

  

	 	(b)	 Clause 27.24(b) does not apply to Financial Indebtedness which is Permitted Financial Indebtedness.

  

	27.25	 Share capital 

No Borrower shall (and shall ensure that none of its Subsidiaries will) issue any shares except pursuant to a Permitted Share Issue. 

Miscellaneous 
  

	27.26	 Insurance 

Each Borrower shall (and shall ensure that each of its Subsidiaries will) maintain appropriate insurance cover with respect to its assets and
apply the proceeds of insurances in accordance with prudent industry practice and subject to standard market conditions and any restrictions in any documents governing or evidencing any Financial Indebtedness. 

 

	27.27	 Pensions 

  

	 	(a)	 Except for the Bristow Staff Pension Scheme the Parent shall promptly notify the Agent if any Obligor or other
member of the Group, in each case incorporated in England is, has at any time been or after the date of this Agreement becomes an employer (for the purposes of ss38-51 Pensions Act 2004) of an occupational
pension scheme which is not a money purchase scheme (both terms as defined in the Pension Schemes Act 1993) or “connected” with or an “associate” of (as those terms are used in ss38 or 43 Pensions Act 2004)
such an employer. 

  

	 	(b)	 The Obligors’ Agent shall promptly deliver to the Agent any actuarial reports in relation to all pension
schemes of the English Borrower or the Norwegian Borrower prepared after the date of this Agreement. 

  

	 	(c)	 The Obligors’ Agent shall promptly notify the Agent of any material change in the rate of contributions to
any pension schemes of the English Borrower or the Norwegian Borrower, paid or recommended to be paid (whether by the scheme actuary or otherwise) or required (by law or otherwise). 

 

	 	(d)	 Bristow Helicopters Limited shall promptly notify the Agent of any default (howsoever described) of the payment
obligations of any member of the Group under the recovery plan in relation to the Bristow Staff Pension Scheme set forth between Bristow Helicopter Group Limited and Bristow Staff Pension Scheme Trustees Limited on the 9th of May 2017. 

  
 177 

	 	(e)	 The Obligors’ Agent shall promptly notify the Agent of any investigation or proposed investigation by the
Pensions Regulator, in each case proposed or commenced after the date of this Agreement, which may lead to the issue of a Financial Support Direction or a Contribution Notice to it or any member of the Group. 

 

	 	(f)	 Each Obligor shall promptly notify the Agent if it receives a Financial Support Direction or a Contribution
Notice from the Pensions Regulator after the date of this Agreement. 

  

	27.28	 Access, Maintenance of records and field examinations 

 

	 	(a)	 Subject to paragraph (b) below, each Borrower shall (and shall ensure that each of its Subsidiaries will)
(not more than once in every Financial Year unless the Agent reasonably suspects a Default is continuing or is likely to occur) permit the Agent and/or the Security Agent (together with accountants or other professional advisers and contractors of
the Agent or Security Agent if a Default is continuing or if the Agent, acting reasonably, considers that a Default is reasonably likely to occur) access at all reasonable times and on reasonable notice to (x) the premises, assets, books,
accounts and records of each such entity and (y) meet and discuss matters with the relevant Borrower. In exercising this right, the Agent and the Security Agent and accountants or other professional advisers and contractors of the Agent or
Security Agent undertake to minimise disruptions of the business operations of the Borrowers or other relevant entity. 

  

	 	(b)	 No Borrower or Subsidiary of the Borrower shall be required to provide any document or information to any
Finance Party or give any Finance Party access to any premises, assets, books, accounts, or records that it is not permitted to provide or provide such access to without breaching any agreement, applicable confidentiality undertaking or applicable
law including without limitation, International Traffic in Arms Regulations and any requirement of the U.K. Department of Transport. 

  

	 	(c)	 Each Borrower will keep proper books of record and account in which full, true and correct entries are made of
all dealings and transactions in relation to its business and activities. The Borrowers acknowledge that the Agent, after exercising its rights of inspection, may prepare and distribute to the Lenders certain reports pertaining to the
Borrowers’ assets for internal use by the Agent and the Lenders and the Finance Parties acknowledge that any such reports shall be Confidential Information for the purposes of this Agreement. 

 

	 	(d)	 The Agent may conduct a field examination in relation to the Borrowers on an ongoing basis at annual intervals
to ensure the accuracy of the Borrowing Base calculations and related reporting and control systems. The Agent may employ the services of a professional field examination company in order to conduct any such field examination. A second field
examination in any 12 month period may be conducted at any time if an Event of Default is then continuing, if a Borrower has obtained or had ordered a moratorium which is then applicable or if the Aggregate Availability for the rolling 12 month
period prior to the request for such second field exam falls below the greater of (a) 

  
 178 

	 	
USD 10,000,000 and (b) 15 percent of the lesser of (i) the Aggregate Borrowing Base and (ii) the Total Commitment less the aggregate Availability Block, (a “Field Exam
Trigger Event”). Such field examinations shall be conducted at the expense of the Borrowers (subject to the expense being reasonably incurred) provided always that there shall be no limit on the number of field examinations which may be
carried out (in each case at the expense of the Borrowers) in the event that an Event of Default has occurred and is continuing and/or in the event that a Borrower has obtained or had ordered a moratorium which is then applicable (it being
understood that any such field examination commenced after the commencement of an Event of Default, moratorium or after a Field Exam Trigger Event may be completed at the Borrowers’ expense notwithstanding the cessation of the Event of Default,
moratorium or the Field Exam Trigger Event ceasing to apply). 

  

	27.29	 Intellectual Property 

Each Borrower shall (and shall ensure that each of its Subsidiaries will): 

 

	 	(a)	 preserve and maintain the subsistence and validity of the Intellectual Property necessary for the business of
the relevant entity; 

  

	 	(b)	 use reasonable endeavours to prevent any infringement in any material respect of the Intellectual Property
necessary for the business of the relevant entity; 

  

	 	(c)	 make registrations and pay all registration fees and taxes necessary to maintain the Intellectual Property
necessary for the business of the relevant entity in full force and effect and record its interest in that Intellectual Property; 

  

	 	(d)	 not use or permit the Intellectual Property necessary for the business of the relevant entity to be used in a
way or take any step or omit to take any step in respect of that Intellectual Property which may materially and adversely affect the existence or value of that Intellectual Property or imperil the right of any member of the Group to use such
property; and 

  

	 	(e)	 not discontinue the use of the Intellectual Property necessary for the business of the relevant entity;

 where failure to do so, in the case of Clause 27.29(a) to (c), or in the case of Clause 27.29(d) and (e), such use,
permission to use, omission or discontinuation, is reasonably likely to have a Material Adverse Effect. 
  

	27.30	 Amendments 

  

	 	(a)	 No Borrower shall (and shall ensure that none of its Subsidiaries will) amend, vary, novate, supplement,
supersede, waive or terminate any term of the Constitutional Documents or any other document delivered to the Agent pursuant to Clause 4.1 (Initial conditions precedent) or Clause 31 (Changes to the Obligors) except:

  

	 	(i)	 in accordance with Clause 42 (Amendments and waivers); or 

  
 179 

	 	(ii)	 in a way which could not be reasonably expected materially and adversely to affect the interests of the Lenders
under the Finance Documents. 

  

	 	(b)	 The Parent shall promptly supply to the Agent a copy of any document relating to any of the matters referred to
in Clause 27.30(a) entered into prior to the date of this Agreement. 

  

	27.31	 Financial assistance 

Each Borrower shall (and shall ensure that each of its Subsidiaries will) to the extent applicable comply in all respects with ss678 and 679
Companies Act 2006 and any equivalent applicable legislation in other jurisdictions (including the Norwegian Private Limited Liability Companies Act of 13 June 1997 No. 44, section 8-7 and 8-10) in
relation to the Finance Documents and use of proceeds of Loans, including in relation to the execution of the Transaction Security Documents and payment of amounts due under this Agreement. 

 

	27.32	 Treasury Transactions 

No Borrower shall (and shall ensure that each of its Subsidiaries will) enter into any Treasury Transaction, other than in the ordinary course
of business and not for speculative purposes. 
  

	27.33	 Further assurance 

 

	 	(a)	 Subject to Clause 27.33(d), each Borrower shall promptly do all such acts or execute all such documents
(including assignments, transfers, mortgages, charges, notices and instructions) as the Security Agent may reasonably specify (and in such form as the Security Agent may reasonably require in favour of the Security Agent or its nominee(s)):

  

	 	(i)	 to perfect the Security created or intended to be created under or evidenced by the Transaction Security
Documents (which may include the execution of a mortgage, charge, assignment or other Security over all or any of the assets which are, or are intended to be, the subject of the Transaction Security) or for the exercise of any rights, powers and
remedies of the Security Agent or the Finance Parties provided by or pursuant to the Finance Documents or by law (other than a notice to Account Debtors unless required pursuant to paragraph (c) below or the terms of a Transaction Security
Document); 

  

	 	(ii)	 to confer on the Security Agent or confer on the Finance Parties Security over any property and assets of that
entity located in any jurisdiction equivalent or similar to the Security intended to be conferred by or pursuant to the Transaction Security Documents; and/or 

 

	 	(iii)	 to facilitate the realisation of the assets which are, or are intended to be, the subject of the Transaction
Security. 

  
 180 

	 	(b)	 Subject to Clause 27.33(d), each Borrower shall promptly following a request by the Security Agent take all
such action as is available to it (including making all filings and registrations) as may be necessary for the purpose of the creation, perfection, protection or maintenance of any Security conferred or intended to be conferred on the Security Agent
or the Finance Parties by or pursuant to the Finance Documents. 

  

	 	(c)	 At any time at the request of the Agent in its sole discretion during a Cash Dominion Period, each Borrower
agrees that if any of its Account Debtors have not previously received notice of the security interests of the Security Agent over the relevant Receivables, it shall promptly give notice to such Account Debtors and if any Borrower does not serve
such notice, each of them hereby authorizes the Agent and/or the Security Agent to serve such notice on their behalf. Furthermore, following the occurrence of a Cash Dominion Triggering Event, each Borrower shall, promptly upon a request from the
Security Agent take such other steps as are necessary to perfect the Security over its Receivables in any applicable jurisdiction (including the jurisdiction of the law governing the contract generating the Receivable and/or the jurisdiction of any
Account Debtor). 

  

	 	(d)	 No Borrower shall be required to effect or purport to effect any Security over any Excluded Receivable or
ensure any charge over accounts of a Borrower that is not the English Borrower is a fixed charge and not a floating charge. 

  

	28.	 EVENTS OF DEFAULT 

Subject to Clause 28.20, each of the events or circumstances set out in this Clause 28 is an Event of Default (save for Clauses 28.18, 28.19
and 28.20). 
  

	28.1	 Non-payment 

An Obligor does not pay on the due date any amount payable pursuant to a Finance Document at the place at and in the currency in which it is
expressed to be payable unless, with respect to any payment under the Finance Documents: 
  

	 	(a)	 its failure to pay is caused by: 

 

	 	(i)	 administrative or technical error (and is not a payment of principal); or 

 

	 	(ii)	 a Disruption Event; and 

 

	 	(b)	 payment is made within three Business Days of its due date. 

 

	28.2	 Financial covenants and other obligations 

The Parent fails to comply with Clause 26.2 at any time when compliance with such Clause is required in accordance with this Agreement. 

  
 181 

	28.3	 Other obligations 

 

	 	(a)	 A member of the Group does not comply with any provision of the Finance Documents (other than those referred to
in Clause 28.1 and Clause 28.2 and other than Clause 25.5 (Borrowing Base Certificate and related information)). 

  

	 	(b)	 No Event of Default under Clause 28.3(a) will occur if the failure to comply is capable of remedy and is
remedied within three Business Days after the earlier of notice being given by the Agent to the Parent and the Parent or the relevant member of the Group becoming aware of the failure to comply. 

 

	 	(c)	 No Event of Default under Clause 28.3(a) will occur if the failure to comply is a failure to pay Receivables
into any Collection Account which is: 

  

	 	(i)	 a result of an Account Debtor paying a Receivable invoiced as of the date of this Agreement (or in the case of
a Receivable owed to a US Borrower, as of the applicable US Borrower Accession Date) into another bank account or paying a Receivable invoiced after the date of this Agreement (or in the case of a Receivable owed to a US Borrower, as of the
applicable US Borrower Accession Date) into a bank account other than a Collection Account where it has been notified it should pay such Receivable into a Collection Account provided that the relevant Borrower is in compliance with Clause
10.2(a)(ii); or 

  

	 	(ii)	 a result of a Borrower not having a Collection Account in the relevant currency (other than as a result of
voluntary closure by a Borrower of a Collection Account) provided there are then no Loans or Letters of Credit outstanding (other than Letters of Credit which are fully cash covered) and the relevant Borrower is using its reasonable endeavours to
ensure a replacement Collection Account is put in place provided that the relevant Borrower holds any proceeds of Receivables of Eligible Account Debtors on trust for the Agent until such time as the replacement Collection Account is put in place.

  

	28.4	 Misrepresentation 

Any representation or statement made or deemed to be made by a member of the Group in the Finance Documents or any other document delivered by
or on behalf of any member of the Group under or in connection with any Finance Document is or proves to have been incorrect or misleading in any material respect (except where the representation or statement is already qualified by materiality)
when made or deemed to be made unless the underlying event causing such Default is capable of remedy and remedied within three Business Days such that if the statement was then made it would not be incorrect or misleading in any material respect.

  

	28.5	 Cross default 

 

	 	(a)	 Any Material Indebtedness of the Parent or any Restricted Subsidiary or any Financial Indebtedness of any
Borrower is not paid when due nor within any originally applicable grace period. 

  
 182 

	 	(b)	 Any Material Indebtedness of the Parent or any Restricted Subsidiary or any Financial Indebtedness of any
Borrower is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described). 

  

	 	(c)	 Any commitment for any Material Indebtedness of the Parent or any Restricted Subsidiary or any Financial
Indebtedness of any Borrower is cancelled or suspended by a creditor of any member of the Group as a result of an event of default (however described). 

  

	 	(d)	 Any creditor of the Parent or any Restricted Subsidiary becomes entitled to declare any Material Indebtedness
of the Parent or any Restricted Subsidiary due and payable prior to its specified maturity as a result of an event of default (however described) or any creditor of any Borrower becomes entitled to declare any Financial Indebtedness of any Borrower
due and payable prior to its specified maturity as a result of an event of default (however described) any Financial Indebtedness of any Borrower. 

  

	 	(e)	 No Event of Default will occur under this Clause 28.5 if the aggregate amount of Financial Indebtedness or
commitment for Financial Indebtedness falling within Clause 28.5(a) to Clause 28.5(d) is: 

  

	 	(i)	 in relation to Material Indebtedness, less than USD 50,000,000 (or its equivalent in any other currency or
currencies); 

  

	 	(ii)	 in relation to Financial Indebtedness of the English Borrower and the Norwegian Borrower taken together, less
than an aggregate amount of USD 10,000,000 (or its equivalent in any other currency or currencies); or 

  

	 	(iii)	 in relation to Financial Indebtedness of the US Borrowers, less than an aggregate amount of USD 50,000,000 (or
its equivalent in any other currency or currencies). 

  

	28.6	 ERISA Event 

The occurrence of any of the following events in relation to the Parent or a Restricted Subsidiary, which in any such case has resulted, or
would be reasonably likely to result, in a Material Adverse Effect: 
  

	 	(a)	 any ERISA Event; 

  

	 	(b)	 any Obligor or ERISA Affiliate incurs or is likely to incur a liability to or on account of a Multiemployer
Plan under ss4201, 4204 or 4212(c) of ERISA; or 

  

	 	(c)	 any Obligor or ERISA Affiliate incurs or is likely to incur a liability to or on account of any Plan under
ss409 or 502(i) of ERISA or ss4971 or 4975 of the Code. 

  
 183 

	28.7	 Insolvency 

  

	 	(a)	 The Parent or any Restricted Subsidiary: 

 

	 	(i)	 is unable or admits inability to pay its debts as they fall due; 

 

	 	(ii)	 is deemed to, or is declared to, be unable to pay its debts under applicable law; 

 

	 	(iii)	 suspends or threatens to suspend making payments on any of its debts; or 

 

	 	(iv)	 by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its
creditors (excluding any Finance Party in its capacity as such) with a view to rescheduling any of its indebtedness. 

  

	 	(b)	 The value of the assets of the Parent or any Borrower is less than its liabilities (taking into account
contingent and prospective liabilities). The test set out in this paragraph shall be determined: 

  

	 	(i)	 in the case of the Parent, by reference to the then most recent Annual Financial Statements;

  

	 	(ii)	 in the case of the English Borrower, by reference to its then most recent statutory accounts filed with
Companies House (the “English Borrower Annual Financial Statements”); 

  

	 	(iii)	 in the case of the Norwegian Borrower, by reference to its then most recent statutory accounts for its
Financial Year as filed with the relevant Norwegian Governmental Authority (the “Norwegian Borrower Annual Financial Statements”); and 

 

	 	(iv)	 in the case of a US Borrower, by reference to its then most recent unaudited balance sheets and statements of
income (the “US Borrower Annual Financial Statements”). 

  

	 	(c)	 A moratorium is obtained, ordered or declared in respect of any Financial Indebtedness of any Borrower or any
Material Indebtedness, in each case exceeding the applicable thresholds for such Financial Indebtedness in Clause 28.5(e) (other than pursuant to the consummation of the Plan of Reorganization and the cessation of any moratorium related to such Plan
of Reorganization). If such a moratorium occurs, the ending of the moratorium will not remedy any Event of Default caused by that moratorium. 

  

	28.8	 Insolvency proceedings 

 

	 	(a)	 Any corporate action, legal proceedings or other procedure or step is taken in relation to:

  

	 	(i)	 the suspension of payments, a moratorium of any indebtedness,
winding-up, dissolution, administration, reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise), of the Parent or any Restricted Subsidiary or in the case of any Restricted
Subsidiary incorporated in the United Kingdom any arrangement or reconstruction as a result of actual or anticipated financial difficulties and entered into or effected pursuant to the Corporate Insolvency and Governance Act 2020;

  
 184 

	 	(ii)	 a composition, compromise, assignment or arrangement with any creditor or group of creditors in anticipation of
financial difficulties of the Parent or any Restricted Subsidiary; 

  

	 	(iii)	 the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory manager, monitor
or other similar officer in respect of the Parent or any Restricted Subsidiary or any of their respective assets; 

  

	 	(iv)	 enforcement of any Security over any assets of the English Borrower and the Norwegian Borrower in respect of
Financial Indebtedness exceeding an aggregate amount of USD 10,000,000; or 

  

	 	(v)	 enforcement of any Security over any assets of the US Borrowers in respect of Financial Indebtedness exceeding
USD 50,000,000. 

 or any analogous procedure or step is taken in any jurisdiction (other than in relation to any
Unrestricted Subsidiary). 
  

	 	(b)	 Clause 28.8(a) shall not apply to any winding-up petition which is
frivolous or vexatious and is discharged, stayed or dismissed within 14 days of commencement or any solvent liquidation, dissolution, merger or similar action in relation to any member of the Group (excluding any Unrestricted Subsidiary) which is
not an Obligor. 

  

	28.9	 US Insolvency proceedings 

Any of the following occurs in respect of the Parent or a Restricted Subsidiary incorporated in the US: 

 

	 	(a)	 it commences a voluntary case or proceeding under any existing or future US Debtor Relief Law;

  

	 	(b)	 shall make a general assignment for the benefit of creditors; 

 

	 	(c)	 it applies for or consents to the appointment, pursuant to the laws of the United States, the District of
Columbia or any state thereof, of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Parent or a Restricted Subsidiary or for a substantial party of the property or assets of the Parent or a Restricted Subsidiary;

  

	 	(d)	 if files an answer admitting the material allegations of a petition filed against it in any such proceeding
described in Clause 28.9(f); 

  

	 	(e)	 consent to the institution of any proceeding or the filing of any petition described in Clause 28.9(f); or

  

	 	(f)	 the Parent goes into liquidation under chapter 7 of the United States Bankruptcy Code or an involuntary case
under the US Bankruptcy Code is commenced against it and either (i) the case is not dismissed or stayed within 60 days after commencement of the case or (ii) an order for relief is issued. 

  
 185 

	28.10	 Creditors’ process 

Any expropriation, attachment, sequestration, distress or execution or any analogous process in any jurisdiction affects any asset or assets of
the Parent or any Restricted Subsidiary having an aggregate value of: 
  

	 	(a)	 USD 50,000,000 in the case of the Parent, a US Borrower or any Restricted Subsidiary (other than the English
Borrower and the Norwegian Borrower); or 

  

	 	(b)	 USD 10,000,000 in the case of the English Borrower and the Norwegian Borrower taken together,

 and, in each case, is not discharged within 21 days. 

 

	28.11	 Unlawfulness and invalidity 

 

	 	(a)	 It is or becomes unlawful for a member of the Group to perform any of its obligations under the Finance
Documents or (subject to the Legal Reservations and perfection requirements) any Transaction Security created or expressed to be created or evidenced by the Transaction Security Documents ceases to be effective. 

 

	 	(b)	 Any obligation or obligations of any member of the Group under any Finance Documents are not (subject to the
Legal Reservations) or cease to be legal, valid, binding or enforceable and the cessation individually or cumulatively materially and adversely affects the interests of the Lenders under the Finance Documents. 

 

	 	(c)	 Any Finance Document ceases to be in full force and effect or any Transaction Security ceases to be legal,
valid, binding, enforceable or effective (subject to the Legal Reservations) or is alleged by a party to it (other than a Finance Party) to be ineffective. 

  

	28.12	 Cessation of business 

Any Obligor suspends or ceases to carry on (or threatens to suspend or cease to carry on) all or a material part of its business. 

 

	28.13	 Change of control 

After the date of this Agreement, a Change of Control occurs. 
  

	28.14	 Expropriation 

The authority or ability of the Parent or any Restricted Subsidiary to conduct its business is limited or wholly or substantially curtailed by
any seizure, expropriation, nationalisation, intervention, restriction or other action by or on behalf of any governmental, regulatory or other authority or other person, in the event that the assets or value of the business the subject of such
action have an aggregate value in excess of: 
  

  
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	 	(a)	 USD 50,000,000 in the case of the Parent, a US Borrower or any Restricted Subsidiary (other than the English
Borrower and the Norwegian Borrower); or 

  

	 	(b)	 USD 10,000,000 in the case of the English Borrower and the Norwegian Borrower taken together.

  

	28.15	 Repudiation and rescission of agreements 

A member of the Group (or any other relevant party) rescinds or purports to rescind or repudiates or purports to repudiate a Finance Document
or any of the Transaction Security or evidences an intention to rescind or repudiate a Finance Document or any Transaction Security. 
  

	28.16	 Litigation 

Any litigation, arbitration, administrative, regulatory proceedings or investigations of, or before, any court, arbitral body or agency are
started or threatened, or any judgment or order of a court, arbitral body or agency is made in relation to the Finance Documents or the transactions contemplated in the Finance Documents or against the Parent, any Restricted Subsidiary or any of
their respective assets which have or are reasonably likely to have a Material Adverse Effect. 
  

	28.17	 Material adverse change 

Any event or circumstance occurs which has or is reasonably likely to have a Material Adverse Effect. 

 

	28.18	 Acceleration 

On and at any time after the occurrence of an Event of Default which is continuing the Agent may, and shall if so directed by the Majority
Lenders: 
  

	 	(a)	 by notice to the Obligors’ Agent: 

 

	 	(i)	 cancel the Total Commitments at which time they shall immediately be cancelled; 

 

	 	(ii)	 declare that all or part of the Utilisations, together with accrued interest, and all other amounts accrued or
outstanding under the Finance Documents be immediately due and payable, at which time they shall become immediately due and payable; 

  

	 	(iii)	 declare that all or part of the Utilisations be payable on demand, at which time they shall immediately become
payable on demand by the Agent on the instructions of the Majority Lenders; 

  

	 	(iv)	 declare that cash cover in respect of each Letter of Credit is immediately due and payable at which time it
shall become immediately due and payable; and/or 

  
 187 

	 	(v)	 declare that cash cover in respect of each Letter of Credit is payable on demand at which time it shall
immediately become due and payable on demand by the Agent on the instructions of the Majority Lenders; and/or 

  

	 	(b)	 exercise or direct the Security Agent to exercise any or all of its rights, remedies, powers or discretions
under the Finance Documents. 

  

	28.19	 Acceleration for US Insolvency 

If an Event of Default under Clause 28.9 shall occur in respect of any US Obligor, then (i) the Total Commitments and any obligation of
the Lenders to issue guarantees or other financial accommodations hereunder shall automatically terminate and (ii) all principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the
Obligors accrued under the Finance Documents shall immediately and automatically become due and payable. 
  

	28.20	 Plan of Reorganization 

Notwithstanding any other provision of this Clause 28, no Event of Default shall occur pursuant to this Clause 28 as a result of the
consummation of the Plan of Reorganization, an action provided for in the Plan of Reorganization or the discontinuance of any proceedings pursuant to the Confirmation Order. 

  
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 SECTION 9 

CHANGES TO PARTIES 
  

	29.	 CHANGES TO THE LENDERS 

 

	29.1	 Assignments and transfers by the Lenders 

Subject to this Clause 29 and to Clause 30 (Restriction on Debt Purchase Transactions), a Lender (the “Existing
Lender”) may: 
  

	 	(a)	 assign any of its rights; or 

 

	 	(b)	 transfer by novation any of its rights and obligations, 

under any Finance Document to another bank or financial institution or to a trust, fund or other entity which is regularly engaged in or
established for the purpose of making, purchasing or investing in loans, securities or other financial assets (but not a natural person) provided such transferee is licensed to carry out lending activity in each relevant jurisdiction (to the extent
such license is required) and legally able to lend to the Borrowers (the “New Lender”). 
  

	29.2	 Conditions of assignment or transfer 

 

	 	(a)	 An Existing Lender may not make an assignment or transfer in accordance with Clause 29.1 without the prior
written consent (not to be unreasonably withheld or delayed) of the Borrowers, Swingline Lender, Issuing Bank and Agent, provided that the prior written consent of the Borrowers shall not be required in the event that the assignment or transfer is:

  

	 	(i)	 to another Lender or an Affiliate of a Lender which is not a
Non-Acceptable L/C Lender; 

  

	 	(ii)	 to a fund which is a Related Fund of that Existing Lender which is not a
Non-Acceptable L/C Lender; or 

  

	 	(iii)	 made at a time when an Event of Default is continuing; 

provided that the New Lender is not a Non-Acceptable L/C Lender, each Borrower is deemed to have given
their consent to such assignment or transfer if that Borrower fails to provide its express written refusal within ten Business Days following receipt of a written request with respect to such to such assignment or transfer from the Agent or the
applicable Existing Lender. 
  

	 	(b)	 Other than in respect of a transfer to another Lender or an Affiliate of a Lender and unless otherwise agreed
by the Borrowers and the Agent, an assignment or transfer of part of a Lender’s participation must be in a minimum amount of USD 5,000,000 or, if less, all of its US/UK Tranche Commitments, Norwegian Tranche Commitments and/or LILO Tranche
Commitments (as applicable) and provided that that the amount of that Lender’s remaining participation (when aggregated with its Affiliates’ participation) in respect of US/UK Tranche Commitments, Norwegian Tranche Commitments and/or LILO
Tranche Commitments (as applicable) is in a minimum amount of USD 1,000,000 or nil. 

  
 189 

	 	(c)	 An assignment will only be effective on: 

 

	 	(i)	 receipt by the Agent (whether in the Assignment Agreement or otherwise) of written confirmation from the New
Lender (in form and substance satisfactory to the Agent) that the New Lender will assume the same obligations to the other Finance Parties and the other Secured Parties as it would have been under if it had been an Original Lender; and

  

	 	(ii)	 the performance by the Agent of all necessary “know your customer” or other similar checks
under all applicable laws and regulations in relation to such assignment to a New Lender, the completion of which the Agent shall promptly notify to the Existing Lender and the New Lender. 

 

	 	(d)	 A transfer will only be effective if the procedure set out in Clause 29.5 is complied with.

  

	 	(e)	 If: 

  

	 	(i)	 a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes its
Facility Office; and 

  

	 	(ii)	 as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor would
be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under Clause 19 (Increased costs), 

then the New Lender or Lender acting through its new Facility Office is only entitled to receive payment under that Clause to the same extent
as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred. 
  

	 	(f)	 Each New Lender, by executing the relevant Transfer Certificate or Assignment Agreement, confirms, for the
avoidance of doubt, that the Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the
transfer or assignment becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as the Existing Lender would have been had it remained a Lender. 

 

	29.3	 Assignment or transfer fee 

Unless the Agent otherwise agrees and excluding an assignment or transfer (i) to an Affiliate of an Existing Lender or (ii) made in
connection with primary syndication of the Facility, the New Lender or (if agreed) the transferring Lender shall, on the date upon which an assignment or transfer takes effect, pay to the Agent (for its own account) a fee of USD 3,500. 

  
 190 

	29.4	 Limitation of responsibility of Existing Lenders 

 

	 	(a)	 Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no
responsibility to a New Lender for: 

  

	 	(i)	 the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents, the Transaction
Security or any other documents; 

  

	 	(ii)	 the financial condition of any Obligor; 

 

	 	(iii)	 the performance and observance by any Obligor or any other member of the Group of its obligations under the
Finance Documents or any other documents; or 

  

	 	(iv)	 the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or
any other document, 

 and any representations or warranties implied by law are excluded. 

 

	 	(b)	 Each New Lender confirms to the Existing Lender, the other Finance Parties and the Secured Parties that it:

  

	 	(i)	 has made (and shall continue to make) its own independent investigation and assessment of the financial
condition and affairs of each Obligor and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender or any other Finance Party in connection
with any Finance Document or the Transaction Security; and 

  

	 	(ii)	 will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related
entities whilst any amount is or may be outstanding under the Finance Documents or any Revolving Facility Commitment is in force. 

  

	 	(c)	 Nothing in any Finance Document obliges an Existing Lender to: 

 

	 	(i)	 accept a re-transfer or
re-assignment from a New Lender of any of the rights and obligations assigned or transferred under this Clause 29; or 

  

	 	(ii)	 support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Finance Documents or otherwise. 

  
 191 

	29.5	 Procedure for transfer 

 

	 	(a)	 Subject to the conditions set out in Clause 29.2 a transfer is effected in accordance with Clause 29.5(c) when
the Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Agent shall, subject to Clause 29.5(b), as soon as reasonably practicable after receipt by it of a duly completed
Transfer Certificate appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate. 

 

	 	(b)	 The Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and
the New Lender once it is satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to the transfer to such New Lender. 

 

	 	(c)	 Subject to Clause 29.9, on the Transfer Date: 

 

	 	(i)	 to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and
obligations under the Finance Documents and in respect of the Transaction Security each of the Obligors and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and in respect of the
Transaction Security and their respective rights against one another under the Finance Documents and in respect of the Transaction Security shall be cancelled (being the “Discharged Rights and Obligations”);

  

	 	(ii)	 each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights
against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor or other member of the Group and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender;

  

	 	(iii)	 the Agent, the Arrangers, the Security Agent, the New Lender, the other Lenders and the Issuing Bank shall
acquire the same rights and assume the same obligations between themselves and in respect of the Transaction Security as they would have acquired and assumed had the New Lender been an Original Lender with the rights, and/or obligations acquired or
assumed by it as a result of the transfer and to that extent the Agent, the Arrangers, the Security Agent, the Issuing Bank and the Existing Lender shall each be released from further obligations to each other under the Finance Documents; and

  

	 	(iv)	 the New Lender shall become a Party as a “Lender”. 

 

	29.6	 Procedure for assignment 

 

	 	(a)	 Subject to the conditions set out in Clause 29.2 an assignment may be effected in accordance with Clause
29.6(c) when the Agent executes an otherwise duly completed Assignment Agreement delivered to it by the Existing Lender and the New Lender. The Agent shall, subject to Clause 29.6(b), as soon as reasonably practicable after receipt by it of a duly
completed Assignment Agreement appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Assignment Agreement. 

  
 192 

	 	(b)	 The Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing Lender and
the New Lender once it is satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to the assignment to such New Lender. 

 

	 	(c)	 Subject to Clause 29.9, on the Transfer Date: 

 

	 	(i)	 the Existing Lender will assign absolutely to the New Lender its rights under the Finance Documents and in
respect of the Transaction Security expressed to be the subject of the assignment in the Assignment Agreement; 

  

	 	(ii)	 the Existing Lender will be released from the obligations (the “Relevant Obligations”)
expressed to be the subject of the release in the Assignment Agreement (and any corresponding obligations by which it is bound in respect of the Transaction Security); and 

 

	 	(iii)	 the New Lender shall become a Party as a “Lender” and will be bound by obligations equivalent
to the Relevant Obligations. 

  

	 	(d)	 Lenders may utilise procedures other than those set out in this Clause 29.6 to assign their rights under the
Finance Documents (but not, without the consent of the relevant Obligor or unless in accordance with Clause 29.5, to obtain a release by that Obligor from the obligations owed to that Obligor by the Lenders nor the assumption of equivalent
obligations by a New Lender) provided that they comply with the conditions set out in Clause 29.2. 

  

	29.7	 Copy of Transfer Certificate, Assignment Agreement or Increase Confirmation to Obligors’ Agent

 The Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate, an Assignment Agreement
or an Increase Confirmation, send to the Obligors’ Agent a copy of that Transfer Certificate, Assignment Agreement or Increase Confirmation. 
  

	29.8	 Security over Lenders’ rights 

In addition to the other rights provided to Lenders under this Clause 29, each Lender may without consulting with or obtaining consent from any
Obligor, at any time charge, assign or otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender including: 

 

	 	(a)	 any charge, assignment or other Security to secure obligations to a federal reserve or central bank; and

  
 193 

	 	(b)	 any charge, assignment or other Security granted to any holders (or trustee or representatives of holders) of
obligations owed, or securities issued, by that Lender as security for those obligations or securities, 

 except that no
such charge, assignment or Security shall: 
  

	 	(i)	 release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the
relevant charge, assignment or Security for the Lender as a party to any of the Finance Documents; or 

  

	 	(ii)	 require any payments to be made by an Obligor other than or in excess of, or grant to any person any more
extensive rights than those required to be made or granted to the relevant Lender under the Finance Documents. 

  

	29.9	 Pro rata interest settlement 

 

	 	(a)	 If the Agent has notified the Lenders that it is able to distribute interest payments on a “pro rata
basis” to Existing Lenders and New Lenders then (in respect of any transfer pursuant to Clause 29.5 or any assignment pursuant to Clause 29.6 the Transfer Date of which, in each case, is after the date of such notification and is not on the
last day of an Interest Period): 

  

	 	(i)	 any interest or fees in respect of the relevant participation which are expressed to accrue by reference to the
lapse of time shall continue to accrue in favour of the Existing Lender up to but excluding the Transfer Date (“Accrued Amounts”) and shall become due and payable to the Existing Lender (without further interest accruing on them) on
the last day of the current Interest Period (or, if the Interest Period is longer than six Months, on the next of the dates which falls at six Monthly intervals after the first day of that Interest Period); and 

 

	 	(ii)	 the rights assigned or transferred by the Existing Lender will not include the right to the Accrued Amounts so
that, for the avoidance of doubt: 

  

	 	(A)	 when the Accrued Amounts become payable, those Accrued Amounts will be payable for the account of the Existing
Lender; and 

  

	 	(B)	 the amount payable to the New Lender on that date will be the amount which would, but for the application of
this Clause 29.9, have been payable to it on that date, but after deduction of the Accrued Amounts. 

  

	 	(b)	 In this Clause 29.9 references to “Interest Period” shall be construed to include a reference
to any other period for accrual of fees. 

  
 194 

	 	(c)	 An Existing Lender which retains the right to the Accrued Amounts pursuant to this Clause 29.9 but which does
not have a Revolving Facility Commitment shall be deemed not to be a Lender for the purposes of ascertaining whether the agreement of any specified group of Lenders has been obtained to approve any request for a consent, waiver, amendment or other
vote of Lenders under the Finance Documents. 

  

	29.10	 Participant register 

In the event that any Lender assigns or otherwise transfers an interest or enters into a
sub-participation in relation to its participation in the Loans it shall maintain a “participant register”, which the relevant Lender shall have no obligation to disclose except to the extent
necessary to establish that an obligation is in registered form for US federal income tax purposes and on which it enters the name and address of each assignee, transferee or sub-participant and the principal
amounts (and stated interest) of each assignee’s, transferee’s or sub-participant’s interest or sub-participation in such Loan. Any such sub-participation shall not affect the rights or obligations of the relevant Lender which shall remain the lender of record for the relevant participation in the Loans nor shall it entitle any such sub-participant to any rights under the Finance Documents or oblige any Obligor to pay any amount to such Lender or sub-participant which it would not have been obliged to pay
in the absence of such sub-participation. The entries in the such participant register shall be conclusive absent manifest error. Each Lender that assigns or otherwise transfers a sub-participation shall treat each person whose name is recorded in the participant register as the owner of such sub-participation for all purposes of this Agreement
notwithstanding any notice to the contrary. 
  

	30.	 RESTRICTION ON DEBT PURCHASE TRANSACTIONS 

 

	30.1	 Prohibition on Debt Purchase Transactions by the Group 

The Parent shall not, and shall procure that each other member of the Group shall not, enter into any Debt Purchase Transaction or beneficially
own all or any part of the share capital of a company that is a Lender or a party to a Debt Purchase Transaction of the type referred to in paragraphs (b) or (c) of the definition of “Debt Purchase Transaction”. 

30.2 Disenfranchisement on Debt Purchase Transactions entered into by Group Companies 

 

	 	(a)	 For so long as any member of the Group: 

 

	 	(i)	 beneficially owns a Revolving Facility Commitment; or 

 

	 	(ii)	 has entered into a sub-participation agreement relating to a Revolving
Facility Commitment or other agreement or arrangement having a substantially similar economic effect and such agreement or arrangement has not been terminated, 

in ascertaining: 

  
 195 

	 	(A)	 the Majority First Out Lenders, Majority Lenders, Majority LILO Lenders, Super Majority First Out Lenders,
Super Majority Lenders or the Super Majority LILO Lenders; or 

  

	 	(B)	 whether: 

  

	 	(1)	 any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments; or

  

	 	(2)	 the agreement of any specified group of Lenders, 

has been obtained to approve any request for a consent, waiver, amendment or other vote under the Finance Documents such Revolving Facility
Commitment shall be deemed to be zero and such member of the Group or the person with whom it has entered into such sub-participation, other agreement or arrangement shall be deemed not to be a Lender for the
purposes of Clause 30.2(a)(ii)(A) and Clause 30.2(a)(ii)(B) (unless in the case of a person not being a member of the Group, it is a Lender by virtue otherwise than by beneficially owning the relevant Revolving Facility Commitment). 

 

	 	(b)	 Each Lender shall, unless such Debt Purchase Transaction is an assignment or transfer, promptly notify the
Agent in writing if it knowingly enters into a Debt Purchase Transaction with a member of the Group (a “Notifiable Debt Purchase Transaction”), such notification to be substantially in the form set out in Schedule 13,
Part 1 (Forms of Notifiable Debt Purchase Transaction Notice). 

  

	 	(c)	 A Lender shall promptly notify the Agent if a Notifiable Debt Purchase Transaction to which it is a party:

  

	 	(i)	 is terminated; or 

  

	 	(ii)	 ceases to be with a member of the Group, as applicable, 

such notification to be substantially in the form set out in Schedule 13, Part 2 (Forms of Notifiable Debt Purchase Transaction Notice).

  

	 	(d)	 Each member of the Group that is a Lender agrees that: 

 

	 	(i)	 in relation to any meeting or conference call to which all the Lenders are invited to attend or participate, it
shall not attend or participate in the same if so requested by the Agent or, unless the Agent otherwise agrees, be entitled to receive the agenda or any minutes of the same; and 

 

	 	(ii)	 in its capacity as Lender, unless the Agent otherwise agrees, it shall not be entitled to receive any report or
other document prepared at the behest of, or on the instructions of, the Agent or one or more of the Lenders. 

  
 196 

	30.3	 Member of the Group’s notification to other Lenders of Debt Purchase Transactions

 Any member of the Group which is or becomes a Lender and which enters into a Debt Purchase Transaction as a purchaser or
a participant shall, by 5.00 p.m. on the Business Day following the day on which it entered into that Debt Purchase Transaction, notify the Agent of the extent of the Revolving Facility Commitment(s) or amount outstanding to which that Debt Purchase
Transaction relates. The Agent shall promptly disclose such information to the Lenders. 
  

	31.	 CHANGES TO THE OBLIGORS 

 

	31.1	 Assignment and transfers by Obligors 

No Obligor may assign any of its rights or transfer any of its rights or obligations under the Finance Documents. 

 

	31.2	 Additional Borrowers 

 

	 	(a)	 Subject to compliance with the provisions of Clause 25.9(c) and Clause 25.9(d) (“Know your
customer” checks), the Parent may from time to time request that any of its Subsidiaries becomes a Borrower. A Subsidiary of the Parent shall become a Borrower if: 

 

	 	(i)	 it is a member of the Group incorporated in the US; 

 

	 	(ii)	 the Parent and that Subsidiary deliver to the Agent a duly completed and executed Accession Deed;

  

	 	(iii)	 it is (or becomes) a Guarantor concurrently with or prior to becoming a Borrower; 

 

	 	(iv)	 the Parent confirms that no Default is continuing or would occur as a result of that Subsidiary becoming an
Additional Borrower; 

  

	 	(v)	 the Agent has received all of the documents and other evidence listed in Schedule 2, Part 2 (Conditions
precedent required to be delivered by an Additional Obligor) in relation to that Additional Borrower, each in form and substance satisfactory to the Agent; and 

 

	 	(vi)	 that Subsidiary has not previously resigned as a Borrower in accordance with Clause 31.4 (Resignation of a
US Borrower). 

  

	 	(b)	 The Agent shall notify the Parent and the Lenders promptly upon being satisfied that it has received (in form
and substance satisfactory to it) all the documents and other evidence listed in Schedule 2, Part 2 (Conditions precedent required to be delivered by an Additional Obligor). 

 

	 	(c)	 The Lenders authorise (but do not require) the Agent to give the notification described in Clause 31.2(b)
above. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification 

  
 197 

	31.3	 Additional Guarantors 

 

	 	(a)	 Subject to compliance with the provisions of Clause 25.9(c) and Clause 25.9(d) (“Know your
customer” checks), the Parent may request that any member of the Group becomes a Guarantor. 

  

	 	(b)	 A member of the Group shall become an Additional Guarantor if: 

 

	 	(i)	 the Parent and the proposed Additional Guarantor deliver to the Agent a duly completed and executed Accession
Deed; 

  

	 	(ii)	 the Agent has received all of the documents and other evidence listed in Schedule 2, Part 2 (Conditions
precedent required to be delivered by an Additional Obligor) in relation to that Additional Guarantor, each in form and substance satisfactory to the Agent; and 

 

	 	(iii)	 that member of the Group has not previously resigned as a Borrower in accordance with Clause 31.4
(Resignation of a US Borrower). 

  

	 	(c)	 The Agent shall notify the Parent and the Lenders promptly upon being satisfied that it has received (in form
and substance satisfactory to it) all the documents and other evidence listed in Schedule 2, Part 2 (Conditions precedent required to be delivered by an Additional Obligor). 

 

	 	(d)	 Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent
gives the notification described in Clause 31.2(c), the Lenders authorise (but do not require) the Agent to give that notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such
notification. 

  

	31.4	 Resignation of a US Borrower 

 

	 	(a)	 The Parent may request that a US Borrower ceases to be a Borrower by delivering to the Agent a Resignation
Letter. 

  

	 	(b)	 The Agent shall accept a Resignation Letter and notify the Parent and the Lenders of its acceptance if:

  

	 	(i)	 immediately prior to such US Borrower ceasing to be a Borrower, and on a pro forma basis following such US
Borrower ceasing to be a Borrower, Aggregate Availability shall be at least USD 15,000,000; 

  

	 	(ii)	 no Default or Cash Dominion Triggering Event is continuing or would result from the acceptance of the
Resignation Letter (and the Parent has confirmed this is the case); and 

  

	 	(iii)	 such US Borrower is under no actual or contingent obligations as a Borrower under any Finance Documents,

 whereupon such US Borrower shall cease to be a Borrower and shall have no further rights or obligations under the
Finance Documents. 

  
 198 

	31.5	 Resignation of a Guarantor 

 

	 	(a)	 The Parent may request that a Guarantor (other than the Parent or the English Borrower or the Norwegian
Borrower) ceases to be a Guarantor by delivering to the Agent a Resignation Letter if: 

  

	 	(i)	 that Guarantor is being disposed of by way of a Third Party Disposal and the Parent has confirmed this is the
case; 

  

	 	(ii)	 all the Lenders have consented to the resignation of that Guarantor; or 

 

	 	(iii)	 the Guarantor is a US Borrower and it has ceased to be a Borrower in accordance with Clause 31.4
(Resignation of a US Borrower) 

  

	 	(b)	 The Agent shall accept a Resignation Letter and notify the Parent and the Lenders of its acceptance if:

  

	 	(i)	 the Parent has confirmed that no Default is continuing or would result from the acceptance of the Resignation
Letter; and 

  

	 	(ii)	 no payment is due from the Guarantor under Clause 23.1 (Guarantee and indemnity).

  

	 	(c)	 The resignation of that Guarantor shall not be effective until the date of the relevant Third Party Disposal at
which time that company shall cease to be a Guarantor and shall have no further rights or obligations under the Finance Documents as a Guarantor. 

  

	31.6	 Repetition of representations 

Delivery of an Accession Deed constitutes confirmation by the relevant Subsidiary that the representations and warranties referred to in Clause
24.34(c) (Times when representations made) are true and correct in relation to it as at the date of delivery as if made by reference to the facts and circumstances then existing. 

 

	31.7	 Resignation and release of security on disposal 

 

	 	(a)	 If a Guarantor (other than the Parent or a Borrower) is or is proposed to be the subject of a Third Party
Disposal then: 

  

	 	(i)	 where that Guarantor created Transaction Security over any of its assets or business in favour of the Security
Agent, or Transaction Security in favour of the Security Agent was created over the shares (or equivalent) of that Guarantor, the Security Agent may, at the cost of Bristow Helicopters Limited and the request of the Obligors’ Agent, release
those assets, business or shares (or equivalent) and issue certificates of non-crystallisation; and 

  

	 	(ii)	 any resignation of that Guarantor and related release of Transaction Security referred to in Clause 31.7(a)(i)
shall become effective only on the making of that disposal. 

  
 199 

	 	(b)	 If a US Borrower ceases to be a Guarantor or a Borrower the Security Agent shall promptly thereafter take such
actions as are reasonably requested by that US Borrower or the Parent (at the cost of that US Borrower and/or Parent) to release the Transaction Security granted by that US Borrower. 

  
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 SECTION 10 

THE FINANCE PARTIES 
  

	32.	 ROLE OF THE AGENT, THE ARRANGERS, THE ISSUING BANK AND OTHERS 

 

	32.1	 Appointment of the Agent 

 

	 	(a)	 Each of the Arrangers, the Lenders and the Issuing Bank appoints the Agent to act as its agent under and in
connection with the Finance Documents. 

  

	 	(b)	 Each of the Arrangers, the Lenders and the Issuing Bank authorises the Agent to perform the duties, obligations
and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Agent under or in connection with the Finance Documents together with any other incidental rights, powers, authorities and discretions.

  

	32.2	 Instructions 

  

	 	(a)	 The Agent shall: 

  

	 	(i)	 unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right,
power, authority or discretion vested in it as Agent in accordance with any instructions given to it by: 

  

	 	(A)	 all Lenders if the relevant Finance Document stipulates the matter is an all Lender decision;

  

	 	(B)	 the Super Majority Lenders if the relevant Finance Document stipulates the matter is a Super Majority Lender
decision; and 

  

	 	(C)	 in all other cases, the Majority Lenders; and 

 

	 	(ii)	 not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with Clause
32.2(a)(i). 

  

	 	(b)	 The Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority
Lenders (or, if the relevant Finance Document stipulates the matter is a decision for any other Lender or group of Lenders, from that Lender or group of Lenders) as to whether, and in what manner, it should exercise or refrain from exercising any
right, power, authority or discretion and the Agent may refrain from acting unless and until it receives any such instructions or clarification that it has requested. 

 

	 	(c)	 Save in the case of decisions stipulated to be a matter for any other Lender or group of Lenders under the
relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions given to the Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all
Finance Parties save for the Security Agent. 

  
 201 

	 	(d)	 The Agent may refrain from acting in accordance with any instructions of any Lender or group of Lenders until
it has received any indemnification and/or security that it may in its discretion require (which may be greater in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability which it
may incur in complying with those instructions. 

  

	 	(e)	 In the absence of instructions, the Agent may act (or refrain from acting) as it considers to be in the best
interest of the Lenders. 

  

	 	(f)	 The Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender’s consent)
in any legal or arbitration proceedings relating to any Finance Document. This Clause 32.2(f) shall not apply to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Transaction Security
Documents or enforcement of the Transaction Security or Transaction Security Documents. 

  

	32.3	 Duties of the Agent 

 

	 	(a)	 The Agent’s duties under the Finance Documents are solely mechanical and administrative in nature.

  

	 	(b)	 The Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the
Agent for that Party by any other Party. 

  

	 	(c)	 Without prejudice to Clause 29.7 (Copy of Transfer Certificate, Assignment Agreement or Increase
Confirmation to Obligors’ Agent), and Clause 7.4(e) (Cash collateral by Non-Acceptable L/C Lender and Borrower’s option to provide cash cover), Clause 32.3(b) shall not apply
to any Transfer Certificate, any Assignment Agreement or any Increase Confirmation. 

  

	 	(d)	 Except where a Finance Document specifically provides otherwise, the Agent is not obliged to review or check
the adequacy, accuracy or completeness of any document it forwards to another Party. 

  

	 	(e)	 If the Agent receives notice from a Party referring to this Agreement, describing a Default and stating that
the circumstance described is a Default, it shall promptly notify the other Finance Parties. 

  

	 	(f)	 If the Agent is aware of the non-payment of any principal, interest,
commitment fee or other fee payable to a Finance Party (other than the Agent, the Arrangers or the Security Agent) under this Agreement it shall promptly notify the other Finance Parties. 

 

	 	(g)	 The Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance
Documents to which it is expressed to be a party (and no others shall be implied). 

  
 202 

	32.4	 Role of the Arrangers 

Except as specifically provided in the Finance Documents, the Arrangers have no obligations of any kind to any other Party under or in
connection with any Finance Document. 
  

	32.5	 No fiduciary duties 

 

	 	(a)	 Nothing in any Finance Document constitutes the Agent, the Arrangers or the Issuing Bank as a trustee or
fiduciary of any other person. 

  

	 	(b)	 None of the Agent, the Arrangers or the Issuing Bank shall be bound to account to any Lender for any sum or the
profit element of any sum received by it for its own account. 

  

	32.6	 Business with the Group 

The Agent, the Arrangers and the Issuing Bank may accept deposits from, lend money to and generally engage in any kind of banking or other
business with any member of the Group. 
  

	32.7	 Rights and discretions 

 

	 	(a)	 The Agent and the Issuing Bank may: 

 

	 	(i)	 rely on any representation, communication, notice or document (including any notice given by a Lender pursuant
to Clause 30.2(b) or 30.2(c) (Disenfranchisement on Debt Purchase Transactions entered into by Investor Affiliates)) believed by it to be genuine, correct and appropriately authorised; 

 

	 	(ii)	 assume that: 

  

	 	(A)	 any instructions received by it from the Majority Lenders, any Lenders or any group of Lenders are duly given
in accordance with the terms of the Finance Documents; and 

  

	 	(B)	 unless it has received notice of revocation, that those instructions have not been revoked; and

  

	 	(iii)	 rely on a certificate from any person: 

 

	 	(A)	 as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that
person; or 

  

	 	(B)	 to the effect that such person approves of any particular dealing, transaction, step, action or thing,

 as sufficient evidence that that is the case and, in the case of Clause 32.7(a)(ii)(A), may assume the truth and
accuracy of that certificate. 

  
 203 

	 	(b)	 The Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Lenders)
that: 

  

	 	(i)	 no Default has occurred (unless it has actual knowledge of a Default arising under Clause 28.1 (Non-payment)); 

  

	 	(ii)	 any right, power, authority or discretion vested in any Party or any group of Lenders has not been exercised;

  

	 	(iii)	 any notice or request made by the Obligors’ Agent (other than a Utilisation Request) is made on behalf of
and with the consent and knowledge of all the Obligors; and 

  

	 	(iv)	 no Notifiable Debt Purchase Transaction: 

 

	 	(A)	 has been entered into; or 

 

	 	(B)	 has been terminated. 

 

	 	(c)	 The Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers, surveyors or
other professional advisers or experts. 

  

	 	(d)	 Subject to Clause 22 (Costs and expenses), the Agent may at any time engage and pay for the
services of any lawyers to act as independent counsel to the Agent (and so separate from any lawyers instructed by the Lenders) if the Agent in its reasonable opinion deems this to be necessary. 

 

	 	(e)	 The Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other
professional advisers or experts (whether obtained by the Agent or by any other Party) and shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying.

  

	 	(f)	 The Agent may act in relation to the Finance Documents through its officers, employees and agents.

  

	 	(g)	 Unless a Finance Document expressly provides otherwise the Agent may disclose to any other Party any
information it reasonably believes it has received as agent under this Agreement. 

  

	 	(h)	 Without prejudice to the generality of Clause 32.7(g), the Agent: 

 

	 	(i)	 may disclose; and 

  

	 	(ii)	 on the written request of the Obligors’ Agent or the Majority Lenders shall, as soon as reasonably
practicable, disclose, 

 the identity of a Defaulting Lender or Non-Acceptable L/C
Lender to the Obligors’ Agent and to the other Finance Parties. 

  
 204 

	 	(i)	 Notwithstanding any other provision of any Finance Document to the contrary, none of the Agent, the Arrangers
or the Issuing Bank is obliged to do or omit to do anything if it would, or might in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality. 

 

	 	(j)	 Notwithstanding any provision of any Finance Document to the contrary, the Agent is not obliged to expend or
risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds
or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it. 

  

	32.8	 Responsibility for documentation 

None of the Agent, the Arrangers or the Issuing Bank is responsible or liable for: 

 

	 	(a)	 the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Agent, the
Arrangers, the Issuing Bank an Obligor or any other person in or in connection with any Finance Document or the Information Package or the transactions contemplated in the Finance Documents or any other agreement, arrangement or document entered
into, made or executed in anticipation of, under or in connection with any Finance Document; 

  

	 	(b)	 the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or the Transaction
Security or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Transaction Security; or 

 

	 	(c)	 any determination as to whether any information provided or to be provided to any Finance Party is non-public information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing or otherwise. 

 

	32.9	 No duty to monitor 

The Agent shall not be bound to enquire: 
  

	 	(a)	 whether or not any Default has occurred; 

 

	 	(b)	 as to the performance, default or any breach by any Party of its obligations under any Finance Document; or

  

	 	(c)	 whether any other event specified in any Finance Document has occurred. 

 

	32.10	 Exclusion of liability 

 

	 	(a)	 Without limiting Clause 32.10(b) (and without prejudice to any other provision of any Finance Document
excluding or limiting the liability of the Agent or the Issuing Bank), none of the Agent or the Issuing Bank will be liable for: 

  
 205 

	 	(i)	 any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a
result of taking or not taking any action under or in connection with any Finance Document or the Transaction Security, unless directly caused by its gross negligence or wilful misconduct; 

 

	 	(ii)	 exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with,
any Finance Document, the Transaction Security or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Finance Document or the Transaction Security other than by reason of
its gross negligence or wilful misconduct; or 

  

	 	(iii)	 without prejudice to the generality of Clauses 32.2(a)(i) and 32.2(a)(ii), any damages, costs or losses to any
person, any diminution in value or any liability whatsoever including, without limitation, for negligence or any other category of liability whatsoever arising in relation to the Finance Documents as a result of: 

 

	 	(A)	 any act, event or circumstance not reasonably within its control; or 

 

	 	(B)	 the general risks of investment in, or the holding of assets in, any jurisdiction, 

including (in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of:
nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets (including any Disruption
Event); breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action. 

 

	 	(b)	 No Party (other than the Agent or Issuing Bank (as applicable)) may take any proceedings against any officer,
employee or agent of the Agent or the Issuing Bank in respect of any claim it might have against the Agent or the Issuing Bank or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document or
any Finance Document and any officer, employee or agent of the Agent or the Issuing Bank may rely on this Clause 32.10 subject to Clause 1.4 (Third party rights) and the provisions of the Third Parties Act. 

 

	 	(c)	 The Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount
required under the Finance Documents to be paid by the Agent if the Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by
the Agent for that purpose. 

  
 206 

	 	(d)	 Nothing in this Agreement shall oblige the Agent or the Arrangers to carry out: 

 

	 	(i)	 any “know your customer” or other checks in relation to any person; or 

 

	 	(ii)	 any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any
Lender or for any Affiliate of any Lender, 

 on behalf of any Lender and each Lender confirms to the Agent and the
Arrangers that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Agent or the Arrangers. 

 

	 	(e)	 Without prejudice to any provision of any Finance Document excluding or limiting the Agent’s liability,
any liability of the Agent arising under or in connection with any Finance Document or the Transaction Security shall be limited to the amount of actual loss which has been finally judicially determined to have been suffered (as determined by
reference to the date of default of the Agent or, if later, the date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the Agent at any time which increase the amount of
that loss. In no event shall the Agent be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Agent has been advised of the
possibility of such loss or damages. 

  

	32.11	 Lenders’ indemnity to the Agent 

 

	 	(a)	 Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then
zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Agent, within three Business Days of demand, against any cost, loss or liability (including for negligence or any other category of liability
whatsoever) incurred by the Agent (otherwise than by reason of the Agent’s gross negligence or wilful misconduct) (or, in the case of any cost, loss or liability pursuant to Clause 36.11 (Disruption to payment systems etc.)),
notwithstanding the Agent’s negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Agent in acting as Agent under the Finance Documents (unless the Agent has been
reimbursed by an Obligor pursuant to a Finance Document). 

  

	 	(b)	 Subject to Clause 32.11(c), Bristow Helicopters Limited shall immediately on demand reimburse any Lender for
any payment that Lender makes to the Agent pursuant to Clause 32.11(a). 

  

	 	(c)	 Clause 32.11(b) shall not apply to the extent that the indemnity payment in respect of which the Lender claims
reimbursement relates to a liability of the Agent to an Obligor. 

  
 207 

	32.12	 Resignation of the Agent 

 

	 	(a)	 The Agent may resign and appoint one of its Affiliates acting through a Facility Office in the United Kingdom
or the United States of America or another jurisdiction approved by the Obligor’s Agent as successor by giving notice to the Lenders and the Obligors’ Agent. 

 

	 	(b)	 Alternatively the Agent may resign by giving 30 days’ notice to the Lenders and the Obligors’ Agent,
in which case the Majority Lenders (after consultation with the Obligors’ Agent) may appoint a successor Agent acting through a Facility Office in the United Kingdom or the United States of America or another jurisdiction approved by the
Obligor’s Agent. 

  

	 	(c)	 If the Majority Lenders have not appointed a successor Agent in accordance with Clause 32.12(b) within 20 days
after notice of resignation was given, the retiring Agent (after consultation with the Obligors’ Agent) may appoint a successor Agent acting through a Facility Office in the United Kingdom or the United States of America or another jurisdiction
approved by the Obligor’s Agent. 

  

	 	(d)	 If the Agent wishes to resign because (acting reasonably) it has concluded that it is no longer appropriate for
it to remain as agent and the Agent is entitled to appoint a successor Agent under Clause 32.12(c), the Agent may (if it concludes (acting reasonably) that it is necessary to do so in order to persuade the proposed successor Agent to become a party
to this Agreement as Agent) agree with the proposed successor Agent amendments to this Clause 32 and any other term of this Agreement dealing with the rights or obligations of the Agent consistent with then current market practice for the
appointment and protection of corporate trustees together with any reasonable amendments to the agency fee payable under this Agreement which are consistent with the successor Agent’s normal fee rates and those amendments will bind the Parties.

  

	 	(e)	 The retiring Agent shall make available to the successor Agent such documents and records and provide such
assistance as the successor Agent may reasonably request for the purposes of performing its functions as Agent under the Finance Documents. The Parent shall, within three Business Days of demand, reimburse the retiring Agent for the amount of all
costs and expenses (including legal fees) properly incurred by it in making available such documents and records and providing such assistance. 

  

	 	(f)	 The Agent’s resignation notice shall only take effect upon the appointment of a successor.

  

	 	(g)	 Upon the appointment of a successor, the retiring Agent shall be discharged from any further obligation in
respect of the Finance Documents (other than its obligations under Clause 32.12(d)) but shall remain entitled to the benefit of Clause 20.3 (Indemnity to the Agent) and this Clause 32 (and any agency fees for the account of the retiring Agent
shall cease to accrue from (and shall be payable on) that date). Any successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party.

  
 208 

	 	(h)	 The Agent shall resign in accordance with Clause 32.12(b) (and, to the extent applicable, shall use reasonable
endeavours to appoint a successor Agent pursuant to Clause 32.12(c)) if on or after the date which is three months before the earliest FATCA Application Date relating to any payment to the Agent under the Finance Documents, either:

  

	 	(i)	 the Agent fails to respond to a request under Clause 18.8 (FATCA information) and a Lender
reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; 

  

	 	(ii)	 the information supplied by the Agent pursuant to Clause 18.8 (FATCA information) indicates that
the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or 

  

	 	(iii)	 the Agent notifies the Obligors’ Agent and the Lenders that the Agent will not be (or will have ceased to
be) a FATCA Exempt Party on or after that FATCA Application Date; 

 and (in each case) a Lender reasonably believes that a
Party will be required to make a FATCA Deduction that would not be required if the Agent were a FATCA Exempt Party, and that Lender, by notice to the Agent, requires it to resign. 

 

	32.13	 Replacement of the Agent 

 

	 	(a)	 After consultation with the Obligors’ Agent, the Majority Lenders may, by giving 30 days’ notice to
the Agent (or, at any time the Agent is an Impaired Agent, by giving any shorter notice determined by the Majority Lenders) replace the Agent by appointing a successor Agent. 

 

	 	(b)	 The retiring Agent shall (at its own cost if it is an Impaired Agent and otherwise at the expense of the
Lenders) make available to the successor Agent such documents and records and provide such assistance as the successor Agent may reasonably request for the purposes of performing its functions as Agent under the Finance Documents.

  

	 	(c)	 The appointment of the successor Agent shall take effect on the date specified in the notice from the Majority
Lenders to the retiring Agent. As from this date, the retiring Agent shall be discharged from any further obligation in respect of the Finance Documents (other than its obligations under Clause 32.13(b)) but shall remain entitled to the benefit of
Clause 20.3 (Indemnity to the Agent) and this Clause 32 (and any agency fees for the account of the retiring Agent shall cease to accrue from (and shall be payable on) that date). 

  
 209 

	 	(d)	 Any successor Agent and each of the other Parties shall have the same rights and obligations amongst themselves
as they would have had if such successor had been an original Party. 

  

	32.14	 Confidentiality 

 

	 	(a)	 In acting as agent for the Finance Parties, the Agent shall be regarded as acting through its agency division
which shall be treated as a separate entity from any other of its divisions or departments. 

  

	 	(b)	 If information is received by another division or department of the Agent, it may be treated as confidential to
that division or department and the Agent shall not be deemed to have notice of it. 

  

	32.15	 Relationship with the Lenders 

 

	 	(a)	 The Agent, acting solely for this purpose as a non-fiduciary agent of
the Borrower, will maintain a register for the recordation of, and will record, the names and addresses of the Lenders, the respective amounts of the Revolving Facility Commitments of, principal amounts (and stated interest) owing to, and the
participation in Utilisations of each Lender from time to time (the “Register”). Absent manifest error, the entries in the Register shall be conclusive and binding for all purposes. 

 

	 	(b)	 Subject to Clause 29.9 (Pro rata interest settlement) the Agent may treat the person shown in the
Register as Lender at the opening of business (in the place of the Agent’s principal office as notified to the Finance Parties from time to time) as the Lender acting through its Facility Office: 

 

	 	(i)	 entitled to or liable for any payment due under any Finance Document on that day; and 

 

	 	(ii)	 entitled to receive and act upon any notice, request, document or communication or make any decision or
determination under any Finance Document made or delivered on that day, 

 unless it has received not less than five
Business Days’ prior notice from that Lender to the contrary in accordance with the terms of this Agreement. 
  

	 	(c)	 Any Lender may by notice to the Agent appoint a person to receive on its behalf all notices, communications,
information and documents to be made or despatched to that Lender under the Finance Documents. Such notice shall contain the address, fax number and (where communication by electronic mail or other electronic means is permitted under Clause 38.7
(Electronic communication)) electronic mail address and/or any other information required to enable the transmission of information by that means (and, in each case, the department or officer, if any, for whose attention
communication is to be made) and be treated as a notification of a substitute address, fax number, electronic mail address (or such other information), department and officer by that Lender for the purposes of Clause 38.3 (Addresses) and
Clause 38.7(a)(ii) (Electronic communication) and the Agent shall be entitled to treat such person as the person entitled to receive all such notices, communications, information and documents as though that person were that Lender.

  
 210 

	32.16	 Credit appraisal by the Lenders and the Issuing Bank 

Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document,
each Lender and Issuing Bank confirms to the Agent, the Arrangers and the Issuing Bank, that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in
connection with any Finance Document including but not limited to: 
  

	 	(a)	 the financial condition, status and nature of each member of the Group; 

 

	 	(b)	 the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, the Transaction
Security and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Transaction Security; 

 

	 	(c)	 whether that Lender or Issuing Bank has recourse, and the nature and extent of that recourse, against any Party
or any of its respective assets under or in connection with any Finance Document, the Transaction Security, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in
anticipation of, under or in connection with any Finance Document or the Transaction Security; 

  

	 	(d)	 the adequacy, accuracy or completeness of the Information Package and any other information provided by the
Obligors’ Agent, any other Obligor or by any other person under or in connection with any Finance Document, the transactions contemplated by any Finance Document or any other agreement, arrangement or document entered into, made or executed in
anticipation of, under or in connection with any Finance Document; and 

  

	 	(e)	 the right or title of any person in or to, or the value or sufficiency of any part of the Charged Property, the
priority of any of the Transaction Security or the existence of any Security affecting the Charged Property. 

  

	32.17	 Deduction from amounts payable by the Agent 

If any Party owes an amount to the Agent under the Finance Documents the Agent may, after giving notice to that Party, deduct an amount not
exceeding that amount from any payment to that Party which the Agent would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance
Documents that Party shall be regarded as having received any amount so deducted. 

  
 211 

	32.18	 Reliance and engagement letters 

Each Finance Party and Secured Party confirms that each of the Arrangers and the Agent has authority to accept on its behalf (and ratifies the
acceptance on its behalf of any letters or reports already accepted by the Arrangers or Agent) the terms of any reliance letter or engagement letters relating to any reports or letters provided by accountants in connection with the Finance Documents
or the transactions contemplated in the Finance Documents and to bind it in respect of those reports or letters and to sign such letters on its behalf and further confirms that it accepts the terms and qualifications set out in such letters. 

 

	33.	 THE SECURITY AGENT 

 

	33.1	 Security Agent as trustee 

 

	 	(a)	 To the extent permitted under the relevant laws governing the Transaction Security Documents, the Security
Agent declares that it holds the Charged Property on trust for the Secured Parties on the terms contained in this Agreement. 

  

	 	(b)	 Each of the Secured Parties authorises the Security Agent to perform the duties, obligations and
responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Security Agent under or in connection with the Finance Documents together with any other incidental rights, powers, authorities and
discretions. 

  

	33.2	 Instructions 

  

	 	(a)	 The Security Agent shall: 

 

	 	(i)	 exercise or refrain from exercising any right, power, authority or discretion vested in it as Security Agent in
accordance with any instructions given to it by the Majority Lenders; and 

  

	 	(ii)	 not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with paragraph
(a)(i). 

  

	 	(b)	 The Security Agent shall be entitled to request instructions, or clarification of any instruction, from the
Majority Lenders as to whether, and in what manner, it should exercise or refrain from exercising any right, power, authority or discretion and the Security Agent may refrain from acting unless and until it receives those instructions or that
clarification. 

  

	 	(c)	 Any instructions given to the Security Agent by the Majority Lenders shall override any conflicting
instructions given by any other persons and will be binding on all Secured Parties. 

  

	 	(d)	 Paragraph (a) shall not apply: 

 

	 	(i)	 where a contrary indication appears in a Finance Document; 

 

	 	(ii)	 where a Finance Document requires the Security Agent to act in a specified manner or to take a specified
action; or 

  
 212 

	 	(iii)	 in respect of any provision which protects the Security Agent’s own position in its personal capacity as
opposed to its role of Security Agent for the Secured Parties including Clause 33.5 to Clause 33.10, Clause 33.13 to Clause 33.20 and Clause 33.23 to Clause 33.25; 

 

	 	(e)	 In exercising any discretion to exercise a right, power or authority under the Finance Documents where it has
not received any instructions as to the exercise of that discretion, the Security Agent shall do so having regard to the interests of all the Secured Parties. 

 

	 	(f)	 The Security Agent may refrain from acting in accordance with any instructions of any Secured Party or group of
Secured Parties until it has received any indemnification and/or security that it may in its discretion require (which may be greater in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss
or liability (together with any applicable VAT) which it may incur in complying with those instructions. 

  

	 	(g)	 Without prejudice to the remainder of this Clause 33.2, in the absence of instructions, the Security Agent may
act (or refrain from acting) as it considers in its discretion to be appropriate. 

  

	33.3	 Duties of the Security Agent 

 

	 	(a)	 The Security Agent’s duties under the Finance Documents are solely mechanical and administrative in
nature. 

  

	 	(b)	 The Security Agent shall promptly: 

 

	 	(i)	 forward to the Agent a copy of any document received by the Security Agent from any Obligor under any Finance
Document; and 

  

	 	(ii)	 forward to a Party the original or a copy of any document which is delivered to the Security Agent for that
Party by any other Party. 

  

	 	(c)	 Except where a Finance Document specifically provides otherwise, the Security Agent is not obliged to review or
check the adequacy, accuracy or completeness of any document it forwards to another Party. 

  

	 	(d)	 If the Security Agent receives notice from a Party referring to any Finance Document, describing a Default and
stating that the circumstance described is a Default, it shall promptly notify the Agent. 

  

	 	(e)	 The Security Agent shall have only those duties, obligations and responsibilities expressly specified in the
Finance Documents to which it is expressed to be a party (and no others shall be implied). 

  

	33.4	 No fiduciary duties to Obligors 

Nothing in this Agreement constitutes the Security Agent as an agent, trustee or fiduciary of any Obligor. 

  
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	33.5	 No duty to account 

The Security Agent shall not be bound to account to any other Secured Party for any sum or the profit element of any sum received by it for its
own account. 
  

	33.6	 Business with the Group 

The Security Agent may accept deposits from, lend money to and generally engage in any kind of banking or other business with any member of the
Group. 
  

	33.7	 Rights and discretions 

 

	 	(a)	 The Security Agent may: 

 

	 	(i)	 rely on any representation, communication, notice or document believed by it to be genuine, correct and
appropriately authorised; 

  

	 	(ii)	 assume that: 

  

	 	(A)	 any instructions received by it from the Majority Lenders, any Lenders, any group of Lenders or any Secured
Party are duly given in accordance with the terms of the Finance Documents; 

  

	 	(B)	 unless it has received notice of revocation, that those instructions have not been revoked; and

  

	 	(C)	 if it receives any instructions to act in relation to the Transaction Security, that all applicable conditions
under the Finance Documents for so acting have been satisfied; and 

  

	 	(iii)	 rely on a certificate from any person: 

 

	 	(A)	 as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that
person; or 

  

	 	(B)	 to the effect that such person approves of any particular dealing, transaction, step, action or thing,

 as sufficient evidence that that is the case and, in the case of paragraph (a)(iii)(A), may assume the truth and
accuracy of that certificate. 
  

	 	(b)	 The Security Agent may assume (unless it has received notice to the contrary in its capacity as security
trustee for the Secured Parties) that: 

  

	 	(i)	 no Default has occurred; 

 

	 	(ii)	 any right, power, authority or discretion vested in any Party has not been exercised; and

  

	 	(iii)	 any notice made by the Obligors’ Agent is made on behalf of and with the consent and knowledge of all the
Obligors. 

  
 214 

	 	(c)	 The Security Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers,
surveyors or other professional advisers or experts. 

  

	 	(d)	 Without prejudice to the generality of paragraphs (c) or (e) but subject to Clause 22 (Costs and
expenses), the Security Agent may at any time engage and pay for the services of any lawyers to act as independent counsel to the Security Agent (and so separate from any lawyers instructed by any other Secured Party) if the Security Agent in
its reasonable opinion deems this to be necessary. 

  

	 	(e)	 The Security Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or
other professional advisers or experts (whether obtained by the Security Agent or by any other Party) and shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of
its so relying. 

  

	 	(f)	 The Security Agent, any Receiver and any Delegate may act in relation to the Finance Documents and the Charged
Property through its officers, employees and agents. 

  

	 	(g)	 Unless this Agreement expressly specifies otherwise, the Security Agent may disclose to any other Party any
information it reasonably believes it has received as security trustee under this Agreement. 

  

	 	(h)	 Notwithstanding any other provision of any Finance Document to the contrary, the Security Agent is not obliged
to do or omit to do anything if it would, or might in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality. 

 

	 	(i)	 Notwithstanding any provision of any Finance Document to the contrary, the Security Agent is not obliged to
expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of
such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it. 

  

	33.8	 Responsibility for documentation 

None of the Security Agent, any Receiver nor any Delegate is responsible or liable for: 

 

	 	(a)	 the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Security
Agent, an Obligor or any other person in or in connection with any Finance Document or the transactions contemplated in the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or
in connection with any Finance Document; 

  
 215 

	 	(b)	 the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, the Charged Property
or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Charged Property; or 

 

	 	(c)	 any determination as to whether any information provided or to be provided to any Secured Party is non-public information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing or otherwise. 

 

	33.9	 No duty to monitor 

The Security Agent shall not be bound to enquire: 
  

	 	(a)	 whether or not any Default has occurred; 

 

	 	(b)	 as to the performance, default or any breach by any Party of its obligations under any Finance Document; or

  

	 	(c)	 whether any other event specified in any Finance Document has occurred. 

 

	33.10	 Exclusion of liability 

 

	 	(a)	 Without limiting paragraph (b) (and without prejudice to any other provision of any Finance Document excluding
or limiting the liability of the Security Agent, any Receiver or Delegate), none of the Security Agent, any Receiver nor any Delegate will be liable for: 

  

	 	(i)	 any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a
result of taking or not taking any action under or in connection with any Finance Document or the Charged Property unless directly caused by its gross negligence or wilful misconduct; 

 

	 	(ii)	 exercising or not exercising any right, power, authority or discretion given to it by, or in connection with,
any Finance Document, the Charged Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Finance Document or the Charged Property other than by reason of its gross
negligence or wilful misconduct; 

  

	 	(iii)	 any shortfall which arises on the enforcement or realisation of the Charged Property; or 

 

	 	(iv)	 without prejudice to the generality of paragraphs (a)(i) to (a) (iii), any damages, costs, losses, any
diminution in value or any liability whatsoever arising in relation to the Finance Documents as a result of: 

  

	 	(A)	 any act, event or circumstance not reasonably within its control; or 

 

	 	(B)	 the general risks of investment in, or the holding of assets in, any jurisdiction, 

  
 216 

 including (in each case and without limitation) such damages, costs, losses, diminution in
value or liability arising as a result of: nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the
value of assets; breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action. 

 

	 	(b)	 No Party (other than the Security Agent, that Receiver or that Delegate (as applicable)) may take any
proceedings against any officer, employee or agent of the Security Agent, a Receiver or a Delegate in respect of any claim it might have against the Security Agent, a Receiver or a Delegate in relation to a Finance Document or in respect of any act
or omission of any kind by that officer, employee or agent in relation to any Finance Document or any Charged Property and any officer, employee or agent of the Security Agent, a Receiver or a Delegate may rely on this Clause subject to Clause 1.4
(Third party rights) and the provisions of the Third Parties Act. 

  

	 	(c)	 Nothing in this Agreement shall oblige the Security Agent to carry out: 

 

	 	(i)	 any “know your customer” or other checks in relation to any person; or 

 

	 	(ii)	 any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any
Secured Party, 

 on behalf of any Secured Party and each Secured Party confirms to the Security Agent that it is solely
responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Security Agent. 
  

	 	(d)	 Without prejudice to any provision of any Finance Document excluding or limiting the liability of the Security
Agent, any Receiver or Delegate, any liability of the Security Agent, any Receiver or Delegate arising under or in connection with any Finance Document or the Charged Property shall be limited to the amount of actual loss which has been finally
judicially determined to have been suffered (as determined by reference to the date of default of the Security Agent, Receiver or Delegate (as the case may be) or, if later, the date on which the loss arises as a result of such default) but without
reference to any special conditions or circumstances known to the Security Agent, Receiver or Delegate (as the case may be) at any time which increase the amount of that loss. In no event shall the Security Agent, any Receiver or Delegate be liable
for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Security Agent, Receiver or Delegate (as the case may be) has been advised of
the possibility of such loss or damages. 

  
 217 

	33.11	 Secured Parties’ indemnity to the Security Agent 

 

	 	(a)	 Each Secured Party shall (in proportion to its share of the Total Commitments or if the Total Commitments are
then zero, to its share of the Total Commitments immediately prior to their reduction to zero), indemnify the Security Agent and every Receiver and every Delegate, within three Business Days of demand, against any cost, loss or liability incurred by
any of them (otherwise than by reason of the relevant Security Agent’s, Receiver’s or Delegate’s gross negligence or wilful misconduct) in acting as Security Agent, Receiver or Delegate under, or exercising any authority conferred
under, the Finance Documents (unless the relevant Security Agent, Receiver or Delegate has been reimbursed by an Obligor pursuant to a Finance Document). 

  

	 	(b)	 Subject to Clause 33.11(c), Bristow Helicopters Limited shall immediately on demand reimburse any Secured Party
for any payment that Secured Party makes to the Security Agent and every Receiver and every Delegate pursuant to Clause 33.11(a). 

  

	 	(c)	 Clause 33.11(b) shall not apply to the extent that the indemnity payment in respect of which the Secured Party
claims reimbursement relates to a liability of the Security Agent, Receiver and/or Delegate to an Obligor. 

  

	33.12	 Resignation of the Security Agent 

 

	 	(a)	 The Security Agent may resign and appoint one of its Affiliates as successor by giving notice to the Secured
Parties and the Obligors’ Agent. 

  

	 	(b)	 Alternatively the Security Agent may resign by giving 30 days’ notice to the Secured and the
Obligors’ Agent, in which case the Majority Lenders may appoint a successor Security Agent. 

  

	 	(c)	 If the Majority Lenders have not appointed a successor Security Agent in accordance with Clause paragraph
(b) within 20 days after notice of resignation was given, the retiring Security Agent (after consultation with the Agent) may appoint a successor Security Agent. 

 

	 	(d)	 The retiring Security Agent shall make available to the successor Security Agent such documents and records and
provide such assistance as the successor Security Agent may reasonably request for the purposes of performing its functions as Security Agent under the Finance Documents. The Parent shall, within three Business Days of demand, reimburse the retiring
Security Agent for the amount of all costs and expenses (including legal fees) properly incurred by it in making available such documents and records and providing such assistance. 

 

	 	(e)	 The Security Agent’s resignation notice shall only take effect upon: 

 

	 	(i)	 the appointment of a successor; and 

 

	 	(ii)	 the transfer of all the Charged Property to that successor. 

  
 218 

	 	(f)	 Upon the appointment of a successor, the retiring Security Agent shall be discharged from any further
obligation in respect of the Finance Documents but shall remain entitled to the benefit of this Clause 33.12 (and any Security Agent fees for the account of the retiring Security Agent shall cease to accrue from (and shall be payable on) that date).
Any successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if that successor had been an original Party. 

 

	 	(g)	 The Majority Lenders may, by notice to the Security Agent, require it to resign in accordance with paragraph
(b). In this event, the Security Agent shall resign in accordance with paragraph (b). 

  

	33.13	 Confidentiality 

 

	 	(a)	 In acting as trustee for the Secured Parties, the Security Agent shall be regarded as acting through its
trustee division which shall be treated as a separate entity from any other of its divisions or departments. 

  

	 	(b)	 If information is received by another division or department of the Security Agent, it may be treated as
confidential to that division or department and the Security Agent shall not be deemed to have notice of it. 

  

	 	(c)	 Notwithstanding any other provision of any Finance Document to the contrary, the Security Agent is not obliged
to disclose to any other person (i) any confidential information or (ii) any other information if the disclosure would, or might in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty.

  

	33.14	 Information from the Secured Parties 

Each Secured Party shall supply the Security Agent with any information that the Security Agent may reasonably specify as being necessary or
desirable to enable the Security Agent to perform its functions as Security Agent. 
  

	33.15	 Credit appraisal by the Secured Parties 

Without affecting the responsibility of any Secured Party for information supplied by it or on its behalf in connection with any Finance
Document, each Secured Party confirms to the Security Agent that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance
Document including but not limited to: 
  

	 	(a)	 the financial condition, status and nature of each member of the Group; 

 

	 	(b)	 the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, the Charged Property
and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Charged Property; 

  
 219 

	 	(c)	 whether that Secured Party has recourse, and the nature and extent of that recourse, against any Party or any
of its respective assets under or in connection with any Finance Document, the Charged Property, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation
of, under or in connection with any Finance Document or the Charged Property; 

  

	 	(d)	 the adequacy, accuracy or completeness of any information provided by the Security Agent, any Party or by any
other person under or in connection with any Finance Document, the transactions contemplated by any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any
Finance Document; and 

  

	 	(e)	 the right or title of any person in or to, or the value or sufficiency of any part of the Charged Property, the
priority of any of the Transaction Security or the existence of any Security affecting the Charged Property. 

  

	33.16	 Reliance and engagement letters 

The Security Agent may obtain and rely on any certificate or report from any Obligor’s auditor and may enter into any reliance letter or
engagement letter relating to that certificate or report on such terms as it may consider appropriate (including restrictions on the auditor’s liability and the extent to which that certificate or report may be relied on or disclosed). 

 

	33.17	 No responsibility to perfect Transaction Security 

The Security Agent shall not be liable for any failure to: 
  

	 	(a)	 require the deposit with it of any deed or document certifying, representing or constituting the title of any
Obligor to any of the Charged Property; 

  

	 	(b)	 obtain any licence, consent or other authority for the execution, delivery, legality, validity, enforceability
or admissibility in evidence of any Finance Document or the Transaction Security; 

  

	 	(c)	 register, file or record or otherwise protect any of the Transaction Security (or the priority of any of the
Transaction Security) under any law or regulation or to give notice to any person of the execution of any Finance Document or of the Transaction Security; 

  

	 	(d)	 take, or to require any Obligor to take, any step to perfect its title to any of the Charged Property or to
render the Transaction Security effective or to secure the creation of any ancillary Security under any law or regulation; or 

  

	 	(e)	 require any further assurance in relation to any Security Document. 

 

	33.18	 Insurance by Security Agent 

 

	 	(a)	 The Security Agent shall not be obliged: 

 

	 	(i)	 to insure any of the Charged Property; 

  
 220 

	 	(ii)	 to require any other person to maintain any insurance; or 

 

	 	(iii)	 to verify any obligation to arrange or maintain insurance contained in any Finance Document,

 and the Security Agent shall not be liable for any damages, costs or losses to any person as a result of the lack of, or
inadequacy of, any such insurance. 
  

	 	(b)	 Where the Security Agent is named on any insurance policy as an insured party, it shall not be liable for any
damages, costs or losses to any person as a result of its failure to notify the insurers of any material fact relating to the risk assumed by such insurers or any other information of any kind, unless the Majority Lenders request it to do so in
writing and the Security Agent fails to do so within fourteen days after receipt of that request. 

  

	33.19	 Custodians and nominees 

The Security Agent may appoint and pay any person to act as a custodian or nominee on any terms in relation to any asset of the trust as the
Security Agent may determine, including for the purpose of depositing with a custodian this Agreement or any document relating to the trust created under this Agreement and the Security Agent shall not be responsible for any loss, liability,
expense, demand, cost, claim or proceedings incurred by reason of the misconduct, omission or default on the part of any person appointed by it under this Agreement or be bound to supervise the proceedings or acts of any person. 

 

	33.20	 Delegation by the Security Agent 

 

	 	(a)	 Each of the Security Agent, any Receiver and any Delegate may, at any time, acting reasonably, delegate by
power of attorney or otherwise to any person for any period, all or any right, power, authority or discretion vested in it in its capacity as such. 

  

	 	(b)	 That delegation may be made upon any terms and conditions (including the power to sub-delegate) and subject to any restrictions that the Security Agent, that Receiver or that Delegate (as the case may be) may, acting reasonably, think fit in the interests of the Secured Parties.

  

	 	(c)	 No Security Agent, Receiver or Delegate shall be bound to supervise, or be in any way responsible for any
damages, costs or losses incurred by reason of any misconduct, omission or default on the part of, any such delegate or sub-delegate. 

 

	33.21	 Additional Security Agents 

 

	 	(a)	 The Security Agent may at any time appoint (and subsequently remove) any person to act as a separate trustee or
as a co-trustee jointly with it: 

  

	 	(i)	 if it considers (acting reasonably) that appointment to be in the interests of the Secured Parties;

  
 221 

	 	(ii)	 for the purposes of conforming to any legal requirement, restriction or condition which the Security Agent
deems to be relevant; or 

  

	 	(iii)	 for obtaining or enforcing any judgment in any jurisdiction, 

and the Security Agent shall give prior notice to the Obligors’ Agent and the Secured Parties of that appointment. 

 

	 	(b)	 Any person so appointed shall have the rights, powers, authorities and discretions (not exceeding those given
to the Security Agent under or in connection with the Finance Documents) and the duties, obligations and responsibilities that are given or imposed by the instrument of appointment. 

 

	 	(c)	 The remuneration that the Security Agent may pay to that person, and any costs and expenses (together with any
applicable VAT) incurred by that person in performing its functions pursuant to that appointment shall, for the purposes of this Agreement, be treated as costs and expenses incurred by the Security Agent. 

 

	33.22	 Acceptance of title 

The Security Agent shall be entitled to accept without enquiry, and shall not be obliged to investigate, any right and title that any Obligor
may have to any of the Charged Property and shall not be liable for, or bound to require any Obligor to remedy, any defect in its right or title. 
  

	33.23	 Winding up of trust 

If the Security Agent, with the approval of the Agent, each acting reasonably, determines that: 

 

	 	(a)	 all of the Secured Finance Document Obligations have been fully and finally discharged; and

  

	 	(b)	 no Secured Party is under any commitment, obligation or liability (actual or contingent) to make advances or
provide other financial accommodation to any Obligor pursuant to the Finance Documents, 

 then: 

 

	 	(i)	 the trusts set out in this Agreement shall be wound up and the Security Agent shall release, without recourse
or warranty, all of the Transaction Security and the rights of the Security Agent under each of the Transaction Security Documents; and 

  

	 	(ii)	 any Security Agent which has resigned pursuant to Clause 33.12 shall release, without recourse or warranty, all
of its rights under each Transaction Security Document. 

  
 222 

	33.24	 Powers supplemental to Trustee Acts 

The rights, powers, authorities and discretions given to the Security Agent under or in connection with the Finance Documents shall be
supplemental to the Trustee Act 1925 and the Trustee Act 2000 and in addition to any which may be vested in the Security Agent by law or regulation or otherwise. 
  

	33.25	 Disapplication of Trustee Acts 

s1 Trustee Act 2000 shall not apply to the duties of the Security Agent in relation to the trusts constituted by this Agreement. Where there
are any inconsistencies between the Trustee Act 1925 or the Trustee Act 2000 and the provisions of this Agreement, the provisions of this Agreement shall, to the extent permitted by law and regulation, prevail and, in the case of any inconsistency
with the Trustee Act 2000, the provisions of this Agreement shall constitute a restriction or exclusion for the purposes of that Act. 
  

	33.26	 Application of proceeds 

All amounts from time to time received or recovered by the Security Agent in connection with the realisation or enforcement of all or any part
of the Transaction Security shall, except as otherwise provided in the relevant Transaction Security Document, be applied in the following order of priority: 
  

	 	(a)	 in or towards payment of, or provision for, all amounts due to or costs, expenses, losses and liabilities
incurred by the Security Agent or any Receiver or Delegate in connection with the Transaction Security Documents; 

  

	 	(b)	 in payment to the Agent for application in accordance with Clause 36.6 and subject to the provisions therein;
and 

  

	 	(c)	 if the Obligors are not under any further actual or contingent liability under the Finance Documents, the
surplus (if any) to the persons entitled to it. 

  

	34.	 CONDUCT OF BUSINESS BY THE FINANCE PARTIES 

No provision of this Agreement or any other Finance Document will: 
  

	 	(a)	 interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it
thinks fit; 

  

	 	(b)	 oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or
the extent, order and manner of any claim; or 

  

	 	(c)	 oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any
computations in respect of Tax. 

  
 223 

	35.	 SHARING AMONG THE FINANCE PARTIES 

 

	35.1	 Payments to Finance Parties 

 

	 	(a)	 Subject to Clause 35.1(b), if a Finance Party (a “Recovering Finance Party”) receives or
recovers any amount from an Obligor other than in accordance with Clause 36 (Payment mechanics) (a “Recovered Amount”) and applies that amount to a payment due under the Finance Documents then: 

 

	 	(i)	 the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery, to
the Agent; 

  

	 	(ii)	 the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance
Party would have been paid had the receipt or recovery been received or made by the Agent and distributed in accordance with Clause 36 (Payment mechanics), without taking account of any Tax which would be imposed on the Agent in relation to
the receipt, recovery or distribution; and 

  

	 	(iii)	 the Recovering Finance Party shall, within three Business Days of demand by the Agent, pay to the Agent an
amount (the “Sharing Payment”) equal to such receipt or recovery less any amount which the Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with
Clause 36.6 (Partial payments). 

  

	 	(b)	 Clause 35.1(a) shall not apply to any amount received or recovered by an Issuing Bank in respect of any cash
cover provided for the benefit of that Issuing Bank. 

  

	35.2	 Redistribution of payments 

The Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Finance Parties (other
than the Recovering Finance Party) (the “Sharing Finance Parties”) in accordance with Clause 36.6 (Partial payments) towards the obligations of that Obligor to the Sharing Finance Parties. 

 

	35.3	 Recovering Finance Party’s rights 

On a distribution by the Agent under Clause 35.2 of a payment received by a Recovering Finance Party from an Obligor, as between the relevant
Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment will be treated as not having been paid by that Obligor. 
  

	35.4	 Reversal of redistribution 

If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering
Finance Party, then: 

  
 224 

	 	(a)	 each Sharing Finance Party shall, upon request of the Agent, pay to the Agent for the account of that
Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which
that Recovering Finance Party is required to pay) (the “Redistributed Amount”); and 

  

	 	(b)	 as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the relevant
Redistributed Amount will be treated as not having been paid by that Obligor. 

  

	35.5	 Exceptions 

  

	 	(a)	 This Clause 35 shall not apply to the extent that the Recovering Finance Party would not, after making any
payment pursuant to this Clause, have a valid and enforceable claim against the relevant Obligor. 

  

	 	(b)	 A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering
Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if: 

  

	 	(i)	 it notified the other Finance Party of the legal or arbitration proceedings; and 

 

	 	(ii)	 the other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not
do so as soon as reasonably practicable having received notice and did not take separate legal or arbitration proceedings. 

  
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 SECTION 11 

ADMINISTRATION 
  

	36.	 PAYMENT MECHANICS 

 

	36.1	 Payments to the Agent 

 

	 	(a)	 On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that
Obligor or Lender shall make the same available to the Agent (unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of
transactions in the relevant currency in the place of payment. 

  

	 	(b)	 Payment shall be made to such account in the principal financial centre of the country of that currency (or, in
relation to euro, in a principal financial centre in such Participating Member State or London, as specified by the Agent) and with such bank as the Agent, in each case, specifies. 

 

	36.2	 Distributions by the Agent 

Each payment received by the Agent under the Finance Documents for another Party shall, subject to Clause 36.3 and Clause 36.4 be made
available by the Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the
Agent by not less than five Business Days’ notice with a bank specified by that Party in the principal financial centre of the country of that currency (or, in relation to euro, in the principal financial centre of a Participating Member State
or London, as specified by that Party). 
  

	36.3	 Distributions to an Obligor 

The Agent may (with the consent of the Obligor or in accordance with Clause 37 (Set-off)) apply
any amount received by it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under the Finance Documents or in or towards purchase of any amount of any currency to
be so applied. 
  

	36.4	 Clawback and pre-funding 

 

	 	(a)	 Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent is not obliged
to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum. 

 

	 	(b)	 Unless Clause 36.4(c) applies, if the Agent pays an amount to another Party and it proves to be the case that
the Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was paid by the Agent shall on demand refund the same to the Agent together with interest on that amount from the
date of payment to the date of receipt by the Agent, calculated by the Agent to reflect its cost of funds. 

  
 226 

	 	(c)	 If the Agent is willing to make available amounts for the account of a Borrower before receiving funds from the
Lenders then if and to the extent that the Agent does so but it proves to be the case that it does not then receive funds from a Lender in respect of a sum which it paid to a Borrower: 

 

	 	(i)	 the Borrower to whom that sum was made available shall promptly following demand refund it to the Agent; and

  

	 	(ii)	 the Lender by whom those funds should have been made available or, if that Lender fails to do so, the Borrower
to whom that sum was made available, shall on demand (or in the case of the Borrower promptly following demand) pay to the Agent the amount (as certified by the Agent) which will indemnify the Agent against any funding cost incurred by it as a
result of paying out that sum before receiving those funds from that Lender. 

  

	36.5	 Impaired Agent 

 

	 	(a)	 If, at any time, the Agent becomes an Impaired Agent, an Obligor or a Lender which is required to make a
payment under the Finance Documents to the Agent in accordance with Clause 36.1 may instead either: 

  

	 	(i)	 pay that amount direct to the required recipient(s); or 

 

	 	(ii)	 if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to
the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of “Acceptable Bank” and in
relation to which no Insolvency Event has occurred and is continuing, in the name of the Obligor or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or
Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”). 

In each case such payments must be made on the due date for payment under the Finance Documents. 

 

	 	(b)	 All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the
Recipient Party or the Recipient Parties pro rata to their respective entitlements. 

  

	 	(c)	 A Party which has made a payment in accordance with this Clause 36.5 shall be discharged of the relevant
payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account. 

  
 227 

	 	(d)	 Promptly upon the appointment of a successor Agent in accordance with Clause 32.13 (Replacement of the
Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 36.5(e)) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with
any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 36.2. 

  

	 	(e)	 A Paying Party shall, promptly upon request by a Recipient Party and to the extent: 

 

	 	(i)	 that it has not given an instruction pursuant to Clause 36.5(d); and 

 

	 	(ii)	 that it has been provided with the necessary information by that Recipient Party, 

give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued
interest) to that Recipient Party. 
  

	36.6	 Partial payments 

 

	 	(a)	 If the Agent receives a payment for application against amounts due in respect of any Finance Documents or
Secured Obligation that is insufficient to discharge all the amounts then due and payable by an Obligor under those Finance Documents or Secured Obligations, the Agent shall (subject to Clause 36.6(d) and Clause 36.6(e)) apply that payment towards
the obligations of that Obligor under the Finance Documents or other Secured Obligations in the following order: 

  

	 	(i)	 first, in or towards payment pro rata of any unpaid amount owing to the Agent, the Issuing Bank (other than any
amount under Clause 7.2 (Claims under a Letter of Credit) in respect of First Out Letters of Credit or, to the extent relating to the reimbursement of a claim (as defined in Clause 7 (Letters of Credit)) paid out of any First Out
Tranche, Clause 7.3 (Indemnities)) or the Security Agent under the Finance Documents; 

  

	 	(ii)	 second, in or towards payment of any outstanding amounts under outstanding Swingline Loans under any First Out
Tranche; 

  

	 	(iii)	 third, in or towards payment pro rata of any accrued interest, fees or commission due but unpaid under the
Finance Documents in respect of any First Out Tranche; 

  

	 	(iv)	 fourth, in or towards payment pro rata of (A) any principal due but unpaid under the Finance Documents
owing to the First Out Lenders, (B) any amount due but unpaid under Clause 7.2 (Claims under a Letter of Credit) and Clause 7.3 (Indemnities) (to the extent such amount relates to a First Out Tranche) and (C) any
amount due under Priority Banking Services Obligations and Priority Swap Agreement Obligations; 

  
 228 

	 	(v)	 fifth, in or towards payment pro rata of any unpaid amount owing to the Issuing Bank (other than any amount
under Clause 7.2 (Claims under a Letter of Credit) in respect of LILO Letters of Credit or, to the extent relating to the reimbursement of a claim (as defined in Clause 7 (Letters of Credit)) paid out of the LILO Tranche,
Clause 7.3 (Indemnities)); 

  

	 	(vi)	 sixth, in or towards payment of any outstanding amounts under outstanding Swingline Loans under the LILO
Tranche; 

  

	 	(vii)	 seventh, in or towards payment pro rata of any accrued interest, fees or commission due but unpaid under the
Finance Documents in respect of the LILO Tranche; 

  

	 	(viii)	 eighth, in or towards payment pro rata of (A) any principal due but unpaid under the Finance Documents
owing to the LILO Lenders and (B) any amount due but unpaid under Clause 7.2 (Claims under a Letter of Credit) and Clause 7.3 (Indemnities) (to the extent such amount relates to the LILO Tranche); 

 

	 	(ix)	 ninth, in or towards payment pro rata of any Banking Services Obligations or Swap Agreement Obligations to the
extent not paid pursuant to any of the paragraphs above; 

  

	 	(x)	 tenth, in or towards payment pro rata of any other Unpaid Sum; and 

 

	 	(xi)	 eleventh, in or towards payment pro rata of any Third Party Banking Services Obligations or Third Party Swap
Agreement Obligations. 

  

	 	(b)	 The Agent shall, if so directed by all of the Lenders, vary the order set out in Clause 36.6(a)(i) to
36.6(a)(x). 

  

	 	(c)	 Clauses 36.6(a) and 36.6(b) will override any appropriation made by an Obligor. 

 

	 	(d)	 Amounts shall only be paid towards Banking Services Obligations and Swap Agreement Obligations following an
Event of Default which is continuing. 

  

	 	(e)	 Amounts shall only be paid towards Third Party Banking Services Obligations or Third Party Swap Agreement
Obligations from the proceeds of realisation or enforcement of the US Transaction Security and up to a maximum amount of $10,000,000. 

  

	36.7	 Set-off by Obligors 

All payments to be made by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction
for) set-off or counterclaim. 

  
 229 

	36.8	 Business Days 

 

	 	(a)	 Any payment under the Finance Documents which is due to be made on a day that is not a Business Day shall be
made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not). 

  

	 	(b)	 During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest
is payable on the principal or Unpaid Sum at the rate payable on the original due date. 

  

	36.9	 Currency of account 

 

	 	(a)	 Subject to Clauses 36.9(b) to (e), the Base Currency is the currency of account and payment for any sum due
from an Obligor under any Finance Document. 

  

	 	(b)	 A repayment of a Utilisation or Unpaid Sum or a part of a Utilisation or Unpaid Sum shall be made in the
currency in which that Utilisation or Unpaid Sum is denominated, pursuant to this Agreement, on its due date. 

  

	 	(c)	 Each payment of interest shall be made in the currency in which the sum in respect of which the interest is
payable was denominated, pursuant to this Agreement, when that interest accrued. 

  

	 	(d)	 Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses
or Taxes are incurred. 

  

	 	(e)	 Any amount expressed to be payable in a currency other than the Base Currency shall be paid in that other
currency. 

  

	36.10	 Change of currency 

 

	 	(a)	 Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised
by the central bank of any country as the lawful currency of that country, then: 

  

	 	(i)	 any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the
currency of that country shall be translated into, or paid in, the currency or currency unit of that country designated by the Agent (after consultation with the Obligors’ Agent); and 

 

	 	(ii)	 any translation from one currency or currency unit to another shall be at the official rate of exchange
recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up or down by the Agent (acting reasonably). 

  

	 	(b)	 If a change in any currency of a country occurs, this Agreement will, to the extent the Agent (acting
reasonably and after consultation with the Obligors’ Agent) specifies to be necessary, be amended to comply with any generally accepted conventions and market practice in the Relevant Market and otherwise to reflect the change in currency.

  
 230 

	36.11	 Disruption to payment systems etc. 

If either the Agent determines (in its discretion) that a Disruption Event has occurred or the Agent is notified by the Obligors’ Agent
that a Disruption Event has occurred: 
  

	 	(a)	 the Agent may, and shall if requested to do so by the Obligors’ Agent, consult with the Obligors’
Agent with a view to agreeing with the Obligors’ Agent such changes to the operation or administration of the Facility as the Agent may deem necessary in the circumstances; 

 

	 	(b)	 the Agent shall not be obliged to consult with the Obligors’ Agent in relation to any changes mentioned in
Clause 36.11(a) if, in its opinion, it is not practicable to do so in the circumstances and, in any event, shall have no obligation to agree to such changes; 

  

	 	(c)	 the Agent may consult with the Finance Parties in relation to any changes mentioned in Clause 36.11(a) but
shall not be obliged to do so if, in its opinion, it is not practicable to do so in the circumstances; 

  

	 	(d)	 any such changes agreed upon by the Agent and the Obligors’ Agent shall (whether or not it is finally
determined that a Disruption Event has occurred) be binding upon the Parties as an amendment to (or, as the case may be, waiver of) the terms of the Finance Documents notwithstanding the provisions of Clause 42 (Amendments and waivers);

  

	 	(e)	 the Agent shall not be liable for any damages, costs or losses to any person, any diminution in value or any
liability whatsoever (including for negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Agent) arising as a result of its taking, or failing to take, any actions pursuant
to or in connection with this Clause 36.11; and 

  

	 	(f)	 the Agent shall notify the Finance Parties of all changes agreed pursuant to Clause 36.11(d).

  

	37.	 SET-OFF 

A Finance Party may set off any matured obligation due from an Obligor under the Finance Documents (to the extent beneficially owned by that
Finance Party) against any matured obligation owed by that Finance Party to that Obligor, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Finance Party may
convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. 
  

	38.	 NOTICES 

  

	38.1	 Communications in writing 

Any communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be
made by fax or letter. 

  
 231 

	38.2	 Borrowing Base related communication; Reporting 

Unless the Agent requests to receive such information in writing, the Obligors’ Agent shall provide by email: 

 

	 	(a)	 Aggregate Borrowing Base Certificates to each of the following email addresses: 

 

			
	 Name:
	  	 Email Address:

	General inbox	  	 [***]

		
	Komal Ramkirath	  	 [***]

		
	Gursahib Anand	  	 [***]

  

	 	(e)	 any other information required to be separately provided to the Agent under Clause 25 (Information
undertakings) to each of the following email addresses, 

  

			
	 Name:
	  	 Email Address:

	General inbox	  	 [***]

		
	Komal Ramkirath	  	 [***]

		
	Gursahib Anand	  	 [***]

  
 or, in each case, to any substitute
address as the Agent may notify the Obligors’ Agent by not less than five Business Days’ notice: 
  

	38.3	 Addresses 

The address and fax number (and the department or officer, if any, for whose attention the communication is to be made) of each Party for any
communication or document to be made or delivered under or in connection with the Finance Documents is: 
  

	 	(a)	 in the case of the Parent and the Obligors’ Agent, that identified in the Second Amendment and Restatement
Agreement; 

  

	 	(b)	 in the case of the Original Obligors, that identified with its name below; 

 

	 	(c)	 in the case of a US Borrower, that identified in its Accession Deed; 

 

	 	(d)	 in the case of each Lender, the Issuing Bank or the Swingline Lender, that notified in writing to the Agent on
or prior to the date on which it becomes a Party; and 

  
 232 

	 	(e)	 in the case of the Agent or the Security Agent, that identified with its name below, 

or any substitute address, fax number or department or officer as the Party may notify to the Agent (or the Agent may notify to the other
Parties, if a change is made by the Agent) by not less than five Business Days’ notice. 
  

	38.4	 Delivery 

  

	 	(a)	 Any communication or document made or delivered by one person to another under or in connection with the
Finance Documents by fax or letter will only be effective: 

  

	 	(i)	 if by way of fax, when received in legible form; or 

 

	 	(ii)	 if by way of letter, when it has been left at the relevant address or five Business Days after being deposited
in the post postage prepaid in an envelope addressed to it at that address, 

 and, if a particular department or officer
is specified as part of its address details provided under Clause 38.3, if addressed to that department or officer. 
  

	 	(b)	 Any communication or document to be made or delivered to the Agent or the Security Agent will be effective only
when actually received by the Agent or Security Agent and then (in the case of a fax or letter) only if it is expressly marked for the attention of the department or officer identified with the Agent’s or Security Agent’s signature below
(or any substitute department or officer as the Agent or Security Agent shall specify for this purpose). 

  

	 	(c)	 All notices from or to an Obligor shall be sent through the Agent. 

 

	 	(d)	 Any communication or document made or delivered to the Obligors’ Agent in accordance with this Clause 38.4
will be deemed to have been made or delivered to each of the Obligors. 

  

	 	(e)	 Any communication or document which becomes effective, in accordance with Clauses 38.4(a) to 38.4(d), after
5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day. 

  

	38.5	 Notification of address and fax number 

Promptly upon changing its address or fax number, the Agent shall notify the other Parties. 

 

	38.6	 Communication when Agent is Impaired Agent 

If the Agent is an Impaired Agent the Parties may, instead of communicating with each other through the Agent, communicate with each other
directly and (while the Agent is an Impaired Agent) all the provisions of the Finance Documents which require communications to be made or notices to be given to or by the Agent shall be varied so that communications may be made and notices given to
or by the relevant Parties directly. This provision shall not operate after a replacement Agent has been appointed 
  

  
 233 

	38.7	 Electronic communication 

 

	 	(a)	 Any communication to be made between any two Parties under or in connection with the Finance Documents may be
made by electronic mail or other electronic means (including by way of posting to a secure website) if those two Parties: 

  

	 	(i)	 notify each other in writing of their electronic mail address and/or any other information required to enable
the transmission of information by that means; and 

  

	 	(ii)	 notify each other of any change to their address or any other such information supplied by them by not less
than five Business Days’ notice. 

  

	 	(b)	 Any such electronic communication as specified in Clause 38.7(a) to be made between an Obligor and a Finance
Party may only be made in that way to the extent that those two Parties agree that, unless and until notified to the contrary, this is to be an accepted form of communication. 

 

	 	(c)	 Any such electronic communication as specified in Clause 38.7(a) made between any two Parties will be effective
only when actually received (or made available) in readable form and in the case of any electronic communication made by a Party to the Agent or the Security Agent only if it is addressed in such a manner as the Agent or Security Agent shall specify
for this purpose. 

  

	 	(d)	 Any electronic communication which becomes effective, in accordance with Clause 38.8(c), after 5.00 p.m. in the
place in which the Party to whom the relevant communication is sent or made available has its address for the purpose of this Agreement shall be deemed only to become effective on the following day. 

 

	 	(e)	 Any reference in a Finance Document to a communication being sent or received shall be construed to include
that communication being made available in accordance with this Clause 38.7. 

  

	38.8	 Use of websites 

 

	 	(a)	 The Obligors’ Agent may satisfy its obligation under this Agreement to deliver any information in relation
to those Lenders (the “Website Lenders”) who accept this method of communication by posting this information onto an electronic website designated by the Obligors’ Agent and the Agent (the “Designated Website”)
if: 

  

	 	(i)	 the Agent expressly agrees (after consultation with each of the Lenders) that it will accept communication of
the information by this method; 

  
 234 

	 	(ii)	 both the Obligors’ Agent and the Agent are aware of the address of and any relevant password
specifications for the Designated Website; and 

  

	 	(iii)	 the information is in a format previously agreed between the Obligors’ Agent and the Agent.

 If any Lender (a “Paper Form Lender”) does not agree to the delivery of information electronically then
the Agent shall notify the Obligors’ Agent accordingly and the Obligors’ Agent shall at its own cost supply the information to the Agent (in sufficient copies for each Paper Form Lender) in paper form. In any event the Obligors’ Agent
shall at its own cost supply the Agent with at least one copy in paper form of any information required to be provided by it. 
  

	 	(b)	 The Agent shall supply each Website Lender with the address of and any relevant password specifications for the
Designated Website following designation of that website by the Obligors’ Agent and the Agent. 

  

	 	(c)	 The Obligors’ Agent shall promptly upon becoming aware of its occurrence notify the Agent if:

  

	 	(i)	 the Designated Website cannot be accessed due to technical failure; 

 

	 	(ii)	 the password specifications for the Designated Website change; 

 

	 	(iii)	 any new information which is required to be provided under this Agreement is posted onto the Designated
Website; 

  

	 	(iv)	 any existing information which has been provided under this Agreement and posted onto the Designated Website is
amended; or 

  

	 	(v)	 the Obligors’ Agent becomes aware that the Designated Website or any information posted onto the
Designated Website is or has been infected by any electronic virus or similar software. 

 If the Obligors’ Agent
notifies the Agent under Clause 38.8(c)(i) or Clause 38.8(c)(v), all information to be provided by the Obligors’ Agent under this Agreement after the date of that notice shall be supplied in paper form unless and until the Agent and each
Website Lender is satisfied that the circumstances giving rise to the notification are no longer continuing. 
  

	 	(d)	 Any Website Lender may request, through the Agent, one paper copy of any information required to be provided
under this Agreement which is posted onto the Designated Website. The Obligors’ Agent shall at its own cost comply with any such request within ten Business Days. 

 

	38.9	 English language 

 

	 	(a)	 Any notice given under or in connection with any Finance Document must be in English. 

  
 235 

	 	(b)	 All other documents provided under or in connection with any Finance Document must be: 

 

	 	(i)	 in English; or 

  

	 	(ii)	 if not in English, and if so required by the Agent, accompanied by a certified English translation and, in this
case, the English translation will prevail unless the document is a constitutional, statutory or other official document. 

  

	39.	 CALCULATIONS AND CERTIFICATES 

 

	39.1	 Accounts 

In any litigation or arbitration proceedings arising out of or in connection with a Finance Document, the entries made in the accounts
maintained by a Finance Party are prima facie evidence of the matters to which they relate. 
  

	39.2	 Certificates and determinations 

Any certification or determination by a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest error,
conclusive evidence of the matters to which it relates. 
  

	39.3	 Day count convention 

Any interest, commission or fee accruing under a Finance Document will accrue from day to day and is calculated on the basis of the actual
number of days elapsed and a year of 360 days or, in any case where the practice in the Relevant Market differs, in accordance with that market practice (or 365 days (366 days in the case of a leap year) in the case of ABR Rate Loans). 

 

	40.	 PARTIAL INVALIDITY 

If, at any time, any provision of a Finance Document is or becomes illegal, invalid or unenforceable in any respect under any law of any
jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired. 

 

	41.	 REMEDIES AND WAIVERS 

No failure to exercise, nor any delay in exercising, on the part of any Finance Party or Secured Party, any right or remedy under a Finance
Document shall operate as a waiver of any such right or remedy or constitute an election to affirm any Finance Document. No election to affirm any Finance Document on the part of any Finance Party or Secured Party shall be effective unless it is in
writing. No single or partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in each Finance Document are cumulative and not exclusive of any
rights or remedies provided by law. 

  
 236 

	42.	 AMENDMENTS AND WAIVERS. 

 

	42.1	 Required consents 

 

	 	(a)	 Subject to Clauses 42.2 and 42.3, any term of the Finance Documents may be amended or waived only with the
consent of the Majority Lenders and the Obligors’ Agent and any such amendment or waiver will be binding on all Parties. 

  

	 	(b)	 The Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause 42.

  

	 	(c)	 Without prejudice to the generality of Clauses 32.7(c), 32.7(d) and 32.7(e) (Rights and discretions),
the Agent may engage, pay for and rely on the services of lawyers in determining the consent level required for and effecting any amendment, waiver or consent under this Agreement. 

 

	 	(d)	 Each Obligor agrees to any such amendment or waiver permitted by this Clause 42 which is agreed to by the
Obligors’ Agent. This includes any amendment or waiver which would, but for this Clause 42.1(d), require the consent of all of the Guarantors. 

  

	 	(e)	 Clause 29.9(c) (Pro rata interest settlement) shall apply to this Clause 42.1. 

 

	42.2	 All Lender matters 

Subject to Clause 42.4, an amendment, waiver or (in the case of a Transaction Security Document) a consent of, or in relation to, any term of
any Finance Document that has the effect of changing or which relates to: 
  

	 	(a)	 the definition of “Majority Lenders” or “Super Majority Lenders” in Clause
1.1 (Definitions); 

  

	 	(b)	 an extension to the date of payment of any amount under the Finance Documents; 

 

	 	(c)	 a reduction in the amount of any payment of principal, interest, fees or commission payable;

  

	 	(d)	 a change in currency of payment of any amount under the Finance Documents; 

 

	 	(e)	 in each case, unless otherwise expressly provided for in this Agreement, an increase in any Revolving Facility
Commitment or the Total Commitments, an extension of any Availability Period or any requirement that a cancellation of Revolving Facility Commitments reduces the Revolving Facility Commitments of the Lenders rateably; 

 

	 	(f)	 a change to the Borrowers or Guarantors other than in accordance with Clause 31 (Changes to the
Obligors); 

  

	 	(g)	 any provision which expressly requires the consent of all the Lenders; 

  
 237 

	 	(h)	 Clause 2.3 (Finance Parties’ rights and obligations), Clauses 10.2(b), (c), (d) and (e)
(Restrictions on Receivables and Cash Dominion), Clause 12 (Mandatory prepayment and cancellation), Clause 13.7 (Application of prepayments), Clause 29 (Changes to the Lenders), Clause 35 (Sharing among the
Finance Parties), Clause 36.6 (Partial payments), this Clause 42, Clause 50 (Governing law) or Clause 51.1 (Jurisdiction of English courts); 

 

	 	(i)	 (other than as expressly permitted or envisaged by the provisions of any Finance Document) the nature or scope
of: 

  

	 	(i)	 the guarantee and indemnity granted under Clause 23 (Guarantee and indemnity);

  

	 	(ii)	 the Charged Property (other than in relation to determining Eligible Receivables); or 

 

	 	(iii)	 the manner in which the proceeds of enforcement of the Transaction Security are distributed

 (except in the case of Clauses 42.2(i)(ii) and 42.2(i)(iii) above, insofar as it relates to a sale or disposal of an
asset which is the subject of the Transaction Security where such sale or disposal is expressly permitted under this Agreement or any other Finance Document); or 
  

	 	(j)	 the release of any guarantee and indemnity granted under Clause 23 (Guarantee and indemnity) or of any
Transaction Security unless permitted under this Agreement or any other Finance Document or relating to a sale or disposal of an asset which is the subject of the Transaction Security where such sale or disposal is expressly permitted under this
Agreement or any other Finance Document, 

 shall not be made, or given, without the prior consent of all the Lenders. 

 

	42.3	 Other exceptions 

 

	 	(a)	 An amendment or waiver which relates to the rights or obligations of the Agent, the Arrangers, the Issuing
Bank, the Security Agent or the Swingline Lender (each in their capacity as such) may not be effected without the consent of the Agent, the Arrangers, the Issuing Bank, the Security Agent, or the Swingline Lender, as the case may be.

  

	 	(b)	 Any amendment or waiver which: 

 

	 	(i)	 relates only to the rights or obligations applicable to a particular Utilisation, Facility or class of Lender;
and 

  

	 	(ii)	 does not adversely affect the rights or interests of Lenders in respect of any other Utilisation or Facility or
another class of Lender, 

 may be made in accordance with this Clause 42 but as if references in this Clause 42 to the
specified proportion of Lenders (including, for the avoidance of doubt, all the Lenders) whose consent would, but for this Clause 42.3(b), be required for that amendment or waiver were to that proportion of the Lenders participating in that
particular Utilisation or Facility or forming part of that particular class. 

  
 238 

	 	(c)	 Any amendment or waiver which relates to a reduction in the Applicable First Out Margin shall not be made
without the prior consent of all the First Out Lenders. 

  

	 	(d)	 Any amendment or waiver which relates to a reduction in the Applicable LILO Margin shall not be made without
the prior consent of all the LILO Lenders. 

  

	 	(e)	 An amendment, waiver that has the effect of changing or which relates to the definition of “Majority
First Out Lenders” or “Super First Out Majority Lenders” in Clause 1.1 (Definitions) shall not be made without the prior consent of all the First Out Lenders; 

 

	 	(f)	 An amendment, waiver that has the effect of changing or which relates to the definition of “Majority
LILO Lenders” or “Super LILO Majority Lenders” in Clause 1.1 (Definitions) shall not be made without the prior consent of all the LILO Lenders; 

 

	 	(g)	 Subject to Clause 42.3(i), an amendment or waiver that relates to the addition of new categories of eligible
assets and amendments to the eligibility criteria in the definition of “First Out Borrowing Base” (or any of the definitions used therein or which contribute thereto) in each case to the extent any such changes would increase
Availability, shall not be made without the prior consent of the Super Majority First Out Lenders and of the Agent. 

  

	 	(h)	 Subject to Clause 42.3(i), an amendment or waiver that relates to the addition of new categories of eligible
assets and amendments to the eligibility criteria in the definition of “LILO Borrowing Base” (or any of the definitions used therein or which contribute thereto) in each case to the extent any such changes would increase
Availability, shall not be made without the prior consent of the Super Majority LILO Lenders and of the Agent. 

  

	 	(i)	 An amendment or waiver that relates to an increase or other change of the advance rates in the definitions of
“First Out Eligible Investment Grade Receivables Rate”, “First Out Eligible Non-Investment Receivables Advance Rate”, “First Out Unbilled Receivables Advance Rate” and/or
“LILO Advance Rates”, shall not be made without the prior consent of all Lenders. 

  
 239 

	42.4	 Replacement of Screen Rate 

Subject to Clause 42.3 if any Screen Rate is not available for a currency which can be selected for a Loan, any amendment or waiver which
relates to providing for another benchmark rate to apply in relation to that currency in place of that Screen Rate (or which relates to aligning any provision of a Finance Document to the use of that other benchmark rate) may be made in accordance
with the provisions of Clause 16.1(b) (Unavailability of Screen Rate). 
  

	42.5	 Excluded Commitments 

If: 
  

	 	(a)	 any Defaulting Lender fails to respond to a request for a consent, waiver, amendment of or in relation to any
term of any Finance Document or any other vote of Lenders under the terms of this Agreement within five Business Days of that request being made; or 

  

	 	(b)	 any Lender which is not a Defaulting Lender fails to respond to such a request (other than an amendment, waiver
or consent referred to in Clause 42.2(b), Clause 42.2(c) and Clause 42.2(e)) or such a vote within 10 Business Days of that request being made, 

(unless, in either case, the Obligors’ Agent and the Agent agree to a longer time period in relation to any request): 

 

	 	(i)	 its Revolving Facility Commitment(s) shall not be included for the purpose of calculating the Total Commitments
under the relevant Facility/ies when ascertaining whether any relevant percentage (including, for the avoidance of doubt, unanimity) of Total Commitments has been obtained to approve that request; and 

 

	 	(ii)	 its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any
specified group of Lenders has been obtained to approve that request. 

  

	42.6	 Replacement of Lender 

 

	 	(a)	 If: 

  

	 	(i)	 any Lender becomes a Non-Consenting Lender (as defined in Clause
42.6(d)); or 

  

	 	(ii)	 an Obligor becomes obliged to repay any amount in accordance with Clause 11.1 (Illegality), Clause 11.5
(Right of cancellation and repayment in relation to a single Lender or Issuing Bank) or to pay additional amounts pursuant to Clause 19.1 (Increased costs), Clause 18.2 (Tax
gross-up) or Clause 18.3 (Tax indemnity) to any Lender, 

  
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 then the Obligors’ Agent may, on five Business Days’ prior written notice to the
Agent and such Lender, replace such Lender by requiring such Lender to (and, to the extent permitted by law, such Lender shall) transfer pursuant to Clause 29 (Changes to the Lenders) all (and not part only) of its rights and obligations
under this Agreement to a Lender or other bank or financial institution (a “Replacement Lender”) selected by the Obligors’ Agent, and acceptable to the Agent and to the Issuing Bank (such consent not to be unreasonably withheld
or delayed) and which confirms its willingness to assume and does assume all the obligations of the transferring Lender in accordance with Clause 29 (Changes to the Lenders) for a purchase price in cash payable at the time of transfer in an
amount equal to the outstanding principal amount of such Lender’s participation in the outstanding Utilisations and all accrued interest and/or Letter of Credit fees, (to the extent that the Agent has not given a notification under Clause 29.9
(Pro rata interest settlement)) Break Costs (if applicable) and other amounts payable in relation thereto under the Finance Documents. 
  

	 	(b)	 The replacement of a Lender pursuant to this Clause 42.6 shall be subject to the following conditions:

  

	 	(i)	 the Obligors’ Agent shall have no right to replace the Agent or Security Agent; 

 

	 	(ii)	 neither the Agent nor the Lender shall have any obligation to the Obligors’ Agent to find a Replacement
Lender; 

  

	 	(iii)	 in the event of a replacement of a Non-Consenting Lender such
replacement must take place no later than 90 days after the date on which that Lender is deemed a Non-Consenting Lender; 

 

	 	(iv)	 in no event shall the Lender replaced under this Clause 42.6 be required to pay or surrender to such
Replacement Lender any of the fees received by such Lender pursuant to the Finance Documents; and 

  

	 	(v)	 the Lender shall only be obliged to transfer its rights and obligations pursuant to Clause 42.6(a) once it is
satisfied that it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to that transfer. 

 

	 	(c)	 A Lender shall perform the checks described in Clause 42.6(b)(v) as soon as reasonably practicable following
delivery of a notice referred to in Clause 42.6(a) and shall notify the Agent and the Obligors’ Agent when it is satisfied that it has complied with those checks. 

 

	 	(d)	 In the event that: 

  

	 	(i)	 the Obligors’ Agent or the Agent (at the request of the Obligors’ Agent) has requested the Lenders to
give a consent in relation to, or to agree to a waiver or amendment of, any provisions of the Finance Documents; 

  

	 	(ii)	 the consent, waiver or amendment in question requires the approval of all the Lenders, the Super Majority First
Out Lenders, the Super Majority Lenders or the Super Majority LILO Lenders; and 

  
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	 	(iii)	 Lenders whose Revolving Facility Commitments aggregate either: 

 

	 	(A)	 in the case of a consent, waiver or amendment requiring the approval of all the Lenders, more than
80 percent of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 80 percent of the Total Commitments prior to that reduction); 

 

	 	(B)	 in the case of a consent, waiver or amendment requiring the approval of the Super Majority First Out Lenders,
more than 50.1 percent of the Total First Out Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 50.1 percent of the Total First Out Commitments prior to that reduction), or 

 

	 	(C)	 in the case of a consent, waiver or amendment requiring the approval of the Super Majority LILO Lenders, more
than 50.1 percent of the Total LILO Commitments (or, if the Total LILO Commitments have been reduced to zero, aggregated more than 50.1 percent of the Total Commitments prior to that reduction), 

have consented or agreed to such waiver or amendment, 

then any Lender who does not and continues not to consent or agree to such waiver or amendment shall be deemed a “Non-Consenting Lender”. 
  

	42.7	 Disenfranchisement of Defaulting Lenders 

 

	 	(a)	 For so long as a Defaulting Lender has any Available Commitment, in ascertaining: 

 

	 	(i)	 the Majority First Out Lenders, the Majority Lenders, the Majority LILO Lenders, the Super Majority First Out
Lenders, the Super Majority Lenders or the Super Majority LILO Lenders (as applicable); or 

  

	 	(ii)	 whether: 

  

	 	(A)	 any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments; or

  

	 	(B)	 the agreement of any specified group of Lenders, 

has been obtained to approve any request for a consent, waiver, amendment or other vote of Lenders under the Finance Documents, that
Defaulting Lender’s Revolving Facility Commitments will be reduced by the amount of its Available Commitments and, to the extent that that reduction results in that Defaulting Lender’s Total Commitments being zero, that Defaulting Lender
shall be deemed not to be a Lender for the purposes of Clauses 42.7(a)(i) and 42.7(a)(ii). 

  
 242 

	 	(b)	 For the purposes of this Clause 42.7, the Agent may assume that the following Lenders are Defaulting Lenders:

  

	 	(i)	 any Lender which has notified the Agent that it has become a Defaulting Lender; 

 

	 	(ii)	 any Lender in relation to which it is aware that any of the events or circumstances referred to in paragraphs
(a), (b), (c) or (d) of the definition of “Defaulting Lender” has occurred, 

 unless it has received
notice to the contrary from the Lender concerned (together with any supporting evidence reasonably requested by the Agent) or the Agent is otherwise aware that the Lender has ceased to be a Defaulting Lender. 

 

	42.8	 Replacement of a Defaulting Lender or Non-Acceptable L/C Lender

  

	 	(a)	 The Obligors’ Agent may, at any time a Lender has become and continues to be a Defaulting Lender or Non-Acceptable L/C Lender, by giving ten Business Days’ prior written notice to the Agent and such Lender: 

  

	 	(i)	 replace such Lender by requiring such Lender to (and, to the extent permitted by law, such Lender shall)
transfer pursuant to Clause 29 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement; 

  

	 	(ii)	 require such Lender to (and, to the extent permitted by law, such Lender shall) transfer pursuant to Clause 29
(Changes to the Lenders) all (and not part only) of the undrawn Revolving Facility Commitment of the Lender; or 

  

	 	(iii)	 require such Lender to (and, to the extent permitted by law, such Lender shall) transfer pursuant to Clause 29
(Changes to the Lenders) all (and not part only) of its rights and obligations in respect of the Revolving Facility, 

to a Lender or other bank or financial institution (a “Replacement Lender”) selected by the Obligors’ Agent, and
acceptable to the Agent and to the Issuing Bank (such consent not to be unreasonably withheld or delayed) and which confirms its willingness to assume and does assume all the obligations, or all the relevant obligations, of the transferring Lender
in accordance with Clause 29 (Changes to the Lenders) for a purchase price in cash payable at the time of transfer which is either: 
  

	 	(iv)	 in an amount equal to the outstanding principal amount of such Lender’s participation in the outstanding
Utilisations and all accrued interest, and/or Letter of Credit fees (to the extent that the Agent has not given a notification under Clause 29.9 (Pro rata interest settlement)), Break Costs (if applicable) and other amounts payable
in relation thereto under the Finance Documents; or 

  
 243 

	 	(v)	 in an amount agreed between that Defaulting Lender or Non-Acceptable
L/C Lender, the Replacement Lender and the Obligors’ Agent and which does not exceed the amount described in Clause 42.8(a)(i). 

  

	 	(b)	 Any transfer of rights and obligations of a Defaulting Lender or
Non-Acceptable L/C Lender pursuant to this Clause 42.8 shall be subject to the following conditions: 

  

	 	(i)	 the Obligors’ Agent shall have no right to replace the Agent or Security Agent; 

 

	 	(ii)	 neither the Agent nor the Defaulting Lender or Non-Acceptable L/C
Lender shall have any obligation to the Obligors’ Agent to find a Replacement Lender; 

  

	 	(iii)	 the transfer must take place no later than twenty Business Days after the notice referred to in Clause 42.8(a);

  

	 	(iv)	 in no event shall the Defaulting Lender or Non-Acceptable L/C Lender be
required to pay or surrender to the Replacement Lender any of the fees received by the Defaulting Lender or Non-Acceptable L/C Lender pursuant to the Finance Documents; and 

 

	 	(v)	 the Defaulting Lender or Non-Acceptable L/C Lender shall only be
obliged to transfer its rights and obligations pursuant to Clause 42.8(a) once it is satisfied that it has complied with all necessary “know your customer” or other similar checks under all applicable laws and
regulations in relation to that transfer to the Replacement Lender. 

  

	 	(c)	 The Defaulting Lender or Non-Acceptable L/C Lender shall perform the
checks described in Clause 42.8(b)(v) as soon as reasonably practicable following delivery of a notice referred to in Clause 42.8(a) and shall notify the Agent and the Obligors’ Agent when it is satisfied that it has complied with those checks.

  

	43.	 CONFIDENTIAL INFORMATION 

 

	43.1	 Confidentiality 

Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by
Clause 43.2 and Clause 43.7, and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to its own confidential information. 

 

	43.2	 Disclosure of Confidential Information 

Any Finance Party may disclose: 

  
 244 

	 	(a)	 to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional
advisers, auditors, partners and Representatives such Confidential Information as that Finance Party shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this Clause 43.2(a) is informed in writing
of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the
confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information; 

  

	 	(b)	 to any person: 

  

	 	(i)	 to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights
and/or obligations under one or more Finance Documents or which succeeds (or which may potentially succeed) it as Agent or Security Agent and, in each case, to any of that person’s Affiliates, Related Funds, Representatives and professional
advisers; 

  

	 	(ii)	 with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference to, one or more Finance Documents and/or one or more Obligors and to any of that
person’s Affiliates, Related Funds, Representatives and professional advisers; 

  

	 	(iii)	 appointed by any Finance Party or by a person to whom Clause 43.2(b)(i) or 43.2(b)(ii) applies to receive
communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf (including any person appointed under Clause 32.15(c) (Relationship with the Lenders)); 

 

	 	(iv)	 who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or
indirectly, any transaction referred to in Clause 43.2(b)(i) or 43.2(b)(ii); 

  

	 	(v)	 to whom information is required or requested to be disclosed by any court of competent jurisdiction or any
governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation; 

 

	 	(vi)	 to whom information is required to be disclosed in connection with, and for the purposes of, any litigation,
arbitration, administrative or other investigations, proceedings or disputes; 

  

	 	(vii)	 to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so)
pursuant to Clause 29.8 (Security over Lenders’ rights); 

  

	 	(viii)	 who is a Party; or 

  

	 	(ix)	 with the consent of the Obligors’ Agent, 

  
 245 

 in each case, such Confidential Information as that Finance Party shall consider appropriate
if: 
  

	 	(A)	 in relation to Clause 43.2(b)(i), Clause 43.2(b)(ii)(ii) and Clause 43.2(b)(iii), the person to whom the
Confidential Information is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations
to maintain the confidentiality of the Confidential Information; 

  

	 	(B)	 in relation to Clause 43.2(b)(iv), the person to whom the Confidential Information is to be given has entered
into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive
information; 

  

	 	(C)	 in relation to Clause 43.2(b)(v), 43.2(b)(vi) and 43.2(b)(vii), the person to whom the Confidential Information
is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Finance Party, it is not
practicable so to do in the circumstances; 

  

	 	(c)	 to any person appointed by that Finance Party or by a person to whom Clause 43.2(b)(i) or 43.2(b)(ii) above
applies to provide administration or settlement services in respect of one or more of the Finance Documents including in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required
to be disclosed to enable such service provider to provide any of the services referred to in this Clause 43.2(c) if the service provider to whom the Confidential Information is to be given has entered into a confidentiality agreement substantially
in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Obligors’ Agent and the relevant Finance Party; and

  

	 	(d)	 to any rating agency (including its professional advisers) such Confidential Information as may be required to
be disclosed to enable such rating agency to carry out its normal rating activities in relation to the Finance Documents and/or the Obligors if the rating agency to whom the Confidential Information is to be given is informed of its confidential
nature and that some or all of such Confidential Information may be price-sensitive information. 

  
 246 

	43.3	 Entire agreement 

This Clause 43 constitutes the entire agreement between the Parties in relation to the obligations of the Finance Parties under the Finance
Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information. 
  

	43.4	 Inside information 

Each of the Finance Parties acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that the
use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the Finance Parties undertakes not to use any Confidential Information for any
unlawful purpose. 
  

	43.5	 Notification of disclosure 

Each of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the Obligors’ Agent: 

 

	 	(a)	 of the circumstances of any disclosure of Confidential Information made pursuant to Clause 43.2(b)(v) except
where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and 

  

	 	(b)	 upon becoming aware that Confidential Information has been disclosed in breach of this Clause 43.

  

	43.6	 Continuing obligations 

The obligations in this Clause 43 are continuing and, in particular, shall survive and remain binding on each Finance Party for a period of 24
months from the earlier of: 
  

	 	(a)	 the date on which all amounts payable by the Obligors under or in connection with the Finance Documents have
been paid in full and all Revolving Facility Commitments have been cancelled or otherwise cease to be available; and 

  

	 	(b)	 the date on which such Finance Party otherwise ceases to be a Finance Party. 

 

	43.7	 Disclosure to numbering service providers 

 

	 	(a)	 Any Finance Party may disclose to any national or international numbering service provider appointed by that
Finance Party to provide identification numbering services in respect of this Agreement, the Facility and/or one or more Obligors the following information: 

  

	 	(i)	 names of Obligors; 

  

	 	(ii)	 country of domicile of Obligors; 

 

	 	(iii)	 place of incorporation of Obligors; 

 

	 	(iv)	 date of this Agreement; 

 

	 	(v)	 Clause 50 (Governing law); 

  
 247 

	 	(vi)	 the names of the Agent and the Arrangers; 

 

	 	(vii)	 date of each amendment and restatement of this Agreement; 

 

	 	(viii)	 amounts of, and names of, the Facility (and any tranches); 

 

	 	(ix)	 amount of Total Commitments; 

 

	 	(x)	 currencies of the Facility; 

 

	 	(xi)	 type of Facility; 

  

	 	(xii)	 ranking of Facility; 

 

	 	(xiii)	 Termination Date for Facility; 

 

	 	(xiv)	 changes to any of the information previously supplied pursuant to Clause 43.7(a)(i) to 43.7(a)(xiii); and

  

	 	(xv)	 such other information agreed between such Finance Party and the Obligors’ Agent, 

to enable such numbering service provider to provide its usual syndicated loan numbering identification services. 

 

	 	(b)	 The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facility
and/or one or more Obligors by a numbering service provider and the information associated with each such number may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider.

  

	 	(c)	 The Agent shall notify the Obligors’ Agent and the other Finance Parties of: 

 

	 	(i)	 the name of any numbering service provider appointed by the Agent in respect of this Agreement, the Facility
and/or one or more Obligors; and 

  

	 	(ii)	 the number or, as the case may be, numbers assigned to this Agreement, the Facility and/or one or more Obligors
by such numbering service provider. 

  

	44.	 CONFIDENTIALITY OF FUNDING RATES 

 

	44.1	 Confidentiality and disclosure 

 

	 	(a)	 The Agent and each Obligor agree to keep each Funding Rate confidential and not to disclose it to anyone, save
to the extent permitted by Clause 44.1(b) and Clause 44.1(c). 

  

	 	(b)	 The Agent may disclose: 

 

	 	(i)	 any Funding Rate to the relevant Borrower pursuant to Clause 14.4 (Notification of rates of interest);
and 

  
 248 

	 	(ii)	 any Funding Rate to any person appointed by it to provide administration services in respect of one or more of
the Finance Documents to the extent necessary to enable such service provider to provide those services if the service provider to whom that information is to be given has entered into a confidentiality agreement substantially in the form of the LMA
Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Agent and the relevant Lender. 

 

	 	(c)	 The Agent may disclose any Funding Rate, and each Obligor may disclose any Funding Rate, to:

  

	 	(i)	 any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors,
partners and Representatives if any person to whom that Funding Rate is to be given pursuant to this Clause 44.1(c)(i) is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no
such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of that Funding Rate or is otherwise bound by requirements of confidentiality in relation to it; 

 

	 	(ii)	 any person to whom information is required or requested to be disclosed by any court of competent jurisdiction
or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation if the person to whom that Funding Rate is to be given is informed in
writing of its confidential nature and that it may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of the Agent or the relevant Obligor, as the case may be, it is not practicable to do so in
the circumstances; 

  

	 	(iii)	 any person to whom information is required to be disclosed in connection with, and for the purposes of, any
litigation, arbitration, administrative or other investigations, proceedings or disputes if the person to whom that Funding Rate is to be given is informed in writing of its confidential nature and that it may be price-sensitive information except
that there shall be no requirement to so inform if, in the opinion of the Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances; and 

 

	 	(iv)	 any person with the consent of the relevant Lender. 

 

	44.2	 Related obligations 

 

	 	(a)	 The Agent and each Obligor acknowledge that each Funding Rate is or may be price-sensitive information and that
its use may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and the Agent and each Obligor undertake not to use any Funding Rate for any unlawful purpose.

  
 249 

	 	(b)	 The Agent and each Obligor agree (to the extent permitted by law and regulation) to inform the relevant Lender:

  

	 	(i)	 of the circumstances of any disclosure made pursuant to Clause 44.1(c)(ii) except where such disclosure is made
to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and 

  

	 	(ii)	 upon becoming aware that any information has been disclosed in breach of this Clause 44. 

 

	44.3	 No Event of Default 

No Event of Default will occur under Clause 28.3 (Other obligations) by reason only of an Obligor’s failure to comply with this
Clause 44. 
  

	45.	 DISCLOSURE OF LENDER DETAILS BY AGENT 

The Agent shall provide to the Obligors’ Agent and Issuing Bank within five Business Days of a request by the Obligors’ Agent or the
relevant Issuing Banks, as applicable, (but no more frequently than once per calendar month in the case of a request by the Obligors’ Agent), a list (which may be in electronic form) setting out the names of the Lenders as at the date of that
request, their respective Revolving Facility Commitments, the address and fax number (and the department or officer, if any, for whose attention any communication is to be made) of each Lender for any communication to be made or document to be
delivered under or in connection with the Finance Documents, the electronic mail address and/or any other information required to enable the transmission of information by electronic mail or other electronic means to and by each Lender to whom any
communication under or in connection with the Finance Documents may be made by that means and the account details of each Lender for any payment to be distributed by the Agent to that Lender under the Finance Documents. 

 

	46.	 USA PATRIOT ACT 

Each Lender that is subject to the requirements of the USA PATRIOT Act hereby notifies each Obligor that pursuant to the requirements of the
USA PATRIOT Act and the Beneficial Ownership Regulation, it is required to obtain, verify and record information that identifies such Obligor, which information includes the name and address of such Obligor and other information that will allow such
Lender to identify such Obligor in accordance with the USA PATRIOT Act and the Beneficial Ownership Regulation. 
  

	47.	 CONTRACTUAL RECOGNITION OF BAIL-IN 

Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the Parties, each Party
acknowledges and accepts that any liability of any Party to any other Party under or in connection with the Finance Documents may be subject to Bail-In Action by the relevant Resolution Authority and
acknowledges and accepts to be bound by the effect of: 

  
 250 

	 	(a)	 any Bail-In Action in relation to any such liability, including
(without limitation): 

  

	 	(i)	 a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but
unpaid interest) in respect of any such liability; 

  

	 	(ii)	 a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be
issued to, or conferred on, it; and 

  

	 	(iii)	 a cancellation of any such liability; and 

 

	 	(b)	 a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability. 

  

	48.	 ACKNOWLEDGEMENT REGARDING ANY SUPPORTED QFCS 

 

	 	(a)	 To the extent that the Finance Documents provide support, through a guarantee or otherwise, for Swap Agreements
or any other agreement or instrument that is a QFC (such support “QFC Credit Support” and each such QFC a “Supported QFC”), the Parties acknowledge and agree as follows with respect to the resolution power of the
Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (together with the regulations promulgated thereunder, the “U.S.
Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Finance Documents and any Supported QFC may in fact be stated to be governed by
the laws of the State of New York and/or of the United States or any other state of the United States). 

  

	 	(b)	 In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”)
becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support,
and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such
QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. 

  

	 	(c)	 In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a
U.S. Special Resolution Regime, Default Rights under the Finance Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent
than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Finance Documents were governed by the laws of the United States or a state of the United States. 

  
 251 

	 	(d)	 Without limitation of the foregoing, it is understood and agreed that rights and remedies of the Parties with
respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support. 

  

	 	(e)	 As used in this Clause 48, the following terms have the following meanings: 

“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance
with, 12 U.S.C. 1841(k)) of such party. 
 “Covered Entity” means any of the following: 

 

	 	(i)	 a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
252.82(b); 

  

	 	(ii)	 a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
47.3(b); or 

  

	 	(iii)	 a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
382.2(b). 

 “Default Rights” has the meaning given to that term in, and shall be interpreted in
accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 
 “QFC” has the meaning assigned to the term
“qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D). 
  

	49.	 COUNTERPARTS 

Each Finance Document may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were
on a single copy of the Finance Document. 

  
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 SECTION 12 

GOVERNING LAW AND ENFORCEMENT 
  

	50.	 GOVERNING LAW 

This Agreement and any non-contractual obligations arising out of or in connection with it are governed
by English law. 
  

	51.	 ENFORCEMENT 

  

	51.1	 Jurisdiction of English courts 

 

	 	(a)	 The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with
this Agreement (including a dispute relating to the existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement) (a
“Dispute”). 

  

	 	(b)	 The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes
and accordingly no Party will argue to the contrary. 

  

	 	(c)	 This Clause 51.1 is for the benefit of the Finance Parties and Secured Parties only. As a result, no Finance
Party or Secured Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Finance Parties and Secured Parties may take concurrent proceedings in any number of
jurisdictions. 

  

	51.2	 Service of process 

 

	 	(a)	 Without prejudice to any other mode of service allowed under any relevant law, each Obligor (other than an
Obligor incorporated in England and Wales): 

  

	 	(i)	 irrevocably appoints Bristow Helicopters Limited of Redhill Aerodrome, Kings Mill Lane, Redhill, Surrey, RH1
5JZ, as its agent for service of process in relation to any proceedings before the English courts in connection with any Finance Document governed by English law; and 

 

	 	(ii)	 agrees that failure by an agent for service of process to notify the relevant Obligor of the process will not
invalidate the proceedings concerned. 

  

	 	(b)	 If any person appointed as an agent for service of process is unable for any reason to act as agent for service
of process, the Obligors’ Agent (on behalf of all the Obligors) must immediately (and in any event within 10 days of such event taking place) appoint another agent on terms acceptable to the Agent. Failing this, the Agent may appoint another
agent for this purpose. 

 This Agreement has been entered into on the date stated at the beginning of this Agreement. 

  
 253 

 SCHEDULE 1 

THE ORIGINAL PARTIES 

[Omitted] 

  
 254 

 SCHEDULE 2 

CONDITIONS PRECEDENT 

Part 1 
 Conditions
precedent to signing of the Agreement and initial Utilisation 
 Obligors 

 

	1.	 A copy of the Constitutional Documents and of the constitutional documents of each other Original Obligor.

  

	2.	 A copy of a resolution of the board of directors (or the offering committee of the board of directors in the
case the Parent) of each Original Obligor, in each case: 

  

	 	(a)	 approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and
resolving that it execute, deliver and perform the Finance Documents to which it is a party; 

  

	 	(b)	 authorising a specified person or persons to execute the Finance Documents to which it is a party on its
behalf; 

  

	 	(c)	 authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices
(including, if relevant, any Utilisation Request) to be signed and/or despatched by it under or in connection with the Finance Documents to which it is a party; and 

 

	 	(d)	 in the case of an Obligor other than the Parent, authorising the Parent to act as its agent in connection with
the Finance Documents. 

  

	3.	 A specimen of the signature of each person authorised by the resolution referred to in Schedule 2, Part 1,
Paragraph 2 in relation to the Finance Documents and related documents which has signed or will be signing any Finance Document or document referred to in this Schedule 2 Part 1 (other than a resolution or constitutional document).

  

	4.	 A copy of a resolution signed by all the holders of the issued shares in Bristow Helicopter Limited, approving
the terms of, and the transactions contemplated by the Finance Documents to which Bristow Helicopters Limited is a party. 

  

	5.	 A copy of a resolution of the board of directors of each corporate shareholder of Bristow Helicopter Limited
approving the terms of the resolution referred to in Schedule 2, Part 1, Paragraph 4. 

  

	6.	 A certificate of the relevant Obligor (signed by an authorised signatory) confirming that borrowing or
guaranteeing or securing (with respect to guaranteeing or securing, subject to applicable local law qualifications), as appropriate, the Total Commitments would not cause any borrowing, guarantee, security or similar limit binding on that Original
Obligor to be exceeded. 

  
 255 

	7.	 A certificate of an authorized signatory of the Obligors’ Agent or other relevant Original Obligor
certifying that each copy document relating to it specified in Schedule 2, Part 1 is correct, complete and in full force and effect and has not been amended or superseded as at a date no earlier than the date of this Agreement.

 Finance Documents 
  

	8.	 This Agreement executed by the Original Obligors. 

 

	9.	 The Fee Letters executed by the applicable Original Obligors (other than a Finance Party).

  

	10.	 At least two originals of the following Transaction Security Documents to be executed by the Original Obligors
specified below opposite the relevant Transaction Security Document: 

  

					
	 Governing Law
	  	 Name of Original

Obligor granting

security
	  	 Transaction Security Document

	English	  	Bristow Helicopters Limited	  	Security Agreement
			
	English	  	Bristow Norway AS	  	Bank Account Charge
			
	Norwegian	  	Bristow Norway AS	  	Security Agreement

  

	11.	 A copy of all notices required to be sent under the Transaction Security Documents upon execution of such
agreements executed by the relevant Obligors, duly acknowledged by the addressee in the case of notices to any account bank holding a Collection Account. 

Legal opinions 
  

	12.	 The following legal opinions, each addressed to the Agent, the Security Agent, the Arrangers, the Bookrunners,
the Issuing Banks, the Swingline Lender and the Original Lenders and in the form provided prior to the date of this Agreement: 

  

	 	(a)	 a legal opinion of Mayer Brown International LLP, legal advisors to the Agent as to matters of English law;

  

	 	(b)	 a legal opinion of Advokatfirmaet BAHR AS, legal advisors to the Agent, as to matters of Norwegian law; and

  

	 	(c)	 a legal opinion of Baker Botts L.L.P., legal advisors to the Obligors, as to matters of Delaware general
corporate law. 

 Other documents and evidence 

 

	13.	 Evidence that any process agent referred to in Clause 51.2 (Service of process), if not an Original
Obligor, has accepted its appointment. 

  
 256 

	14.	 The Group Structure Chart. 

 

	15.	 The Budget. 

  

	16.	 A copy of the Original Financial Statements of each Obligor. 

Miscellaneous 
  

	17.	 Evidence that any fees, costs and expenses due from any Obligor on the Closing Date pursuant to Clause 17
(Fees), Clause 18.6 (Stamp taxes) and Clause 22 (Costs and expenses) have been paid. 

  

	18.	 A recent lien search in Norway with respect to each Norwegian Obligor, and such search shall reveal no Security
on any of the assets of the Norwegian Obligors (in relation to which it is possible to effect a lien search) except for Permitted Security. 

  

	19.	 A recent Companies House search in England with respect to each English Obligor, and such search shall reveal
no Security on any of the assets of the English Obligors except for Permitted Security. 

  

	20.	 An Aggregate Borrowing Base Certificate which calculates the Aggregate Borrowing Base as of the end of a month
no earlier than the most recent month ending 20 Business Days or more before the Closing Date and agreed supporting Borrowing Base files (the Aggregate Borrowing Base Certificate will include individual Borrower’s Borrowing Bases).

  

	21.	 The Agent or its designee shall have conducted a field examination of the applicable Obligors’ Receivables
and related working capital matters and of the applicable Obligors’ related data processing and other systems, the results of which shall be satisfactory to the Agent in its sole discretion. 

 

	22.	 The Agent and its counsel shall have completed all legal due diligence required by the Agent prior to the
Closing Date, the results of which shall be satisfactory to Agent in its sole discretion. 

  

	23.	 The Agent and the Lenders shall have received all documentation and other information required by bank
regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the US PATRIOT Act, for each Obligor that they have notified the Obligors’ Agent are required prior to the Closing
Date. 

  

	24.	 If the Agent so requests, evidence that at least USD250,000,000 of secured bonds have been issued by the Old
Parent pursuant to the secured bonds indenture, dated as of 6 March 2018, among the Parent, the subsidiary guarantors party thereto and U.S. Bank National Association as trustee and as collateral agent. 

 

	25.	 If the Agent so requests, evidence that all amounts outstanding under the amended and restated revolving credit
and term loan agreement dated 22 November 2010 between, amongst others, the Old Parent and Suntrust Bank has been repaid and cancelled in full, other than in respect to (a) any outstanding letters of credit issued thereunder, to the extent
required by the issuers thereof and any cash collateral therefor and (b) obligations, expenses and indemnities that survive such cancellation. 

  
 257 

	26.	 If applicable, evidence of the discharge and release of all Financial Indebtedness and all Security, other than
Permitted Financial Indebtedness and Permitted Security. 

  

	27.	 A copy of any other Authorisation or other document, opinion or assurance which the Agent considers to be
necessary or desirable (if it has notified the Obligors’ Agent accordingly prior to the Closing Date) in connection with the entry into and performance of the transactions contemplated by any Finance Document or for the validity and
enforceability of any Finance Document. 

  
 258 

 Part 2 

Conditions precedent required to be delivered by an Additional Obligor 

 

	1.	 An Accession Deed executed by the Additional Obligor and the Parent. 

 

	2.	 A copy of the constitutional documents of the Additional Obligor and in the case of a US Borrower, a copy of
its Constitutional Documents certified, as of a date reasonably near to the applicable US Borrower Accession Date, as being a true and complete copy thereof by the Secretary of State of the jurisdiction of its incorporation or formation.

  

	3.	 In the case of a US Borrower, a copy of the certificate of good standing of a US Borrower, dated as of a date
reasonably near to the applicable US Borrower Accession Date from the Secretary of State of the jurisdiction of its incorporation or formation. 

  

	4.	 A copy of a resolution of the board of directors of each Additional Obligor in each case:

  

	 	(a)	 approving the terms of, and the transactions contemplated by, the Accession Deed and the Finance Documents and
resolving that it execute, deliver and perform the Accession Deed and any other Finance Document to which it is party; 

  

	 	(b)	 authorising a specified person or persons to execute the Accession Deed and other Finance Documents on its
behalf; 

  

	 	(c)	 authorising a specified person or persons, on its behalf, to sign and/or despatch all other documents and
notices (including, in relation to an Additional Borrower, any Utilisation Request) to be signed and/or despatched by it under or in connection with the Finance Documents to which it is a party; and 

 

	 	(d)	 authorising the Parent to act as its agent in connection with the Finance Documents 

 

	5.	 A specimen of the signature of each person authorised by the resolution referred to in Schedule 2, Part 2,
Paragraph 4. 

  

	6.	 If reasonably required by the Agent, a copy of a resolution signed by all the holders of the issued shares of
the Additional Obligor, approving the terms of, and the transactions contemplated by, the Finance Documents to which the Additional Obligor is a party. 

  

	7.	 If reasonably required by the Agent, a copy of a resolution of the board of directors of each corporate
shareholder of each Additional Obligor approving the terms of the resolution referred to in this Schedule 2, Part 2, Paragraph 5. 

  
 259 

	8.	 A certificate of an authorised signatory of the Additional Obligor certifying that each copy document listed in
this Schedule 2, Part 2 is correct, complete and in full force and effect and has not been amended or superseded as at a date no earlier than the date of the Accession Deed. 

 

	9.	 A certificate of the Additional Obligor (signed by a director or equivalent officer) confirming that borrowing
or guaranteeing or securing (with respect to guaranteeing or securing, subject to applicable local law qualifications), as appropriate, the Total Commitments would not cause any borrowing, guarantee, security or similar limit binding on the
Additional Obligor to be exceeded. 

  

	10.	 If available, the latest audited financial statements of the Additional Obligor. 

 

	11.	 The following legal opinions, each addressed to the Agent, the Security Agent and the Lenders:

  

	 	(a)	 A legal opinion of the legal advisers to the Agent in England, as to English law. 

 

	 	(b)	 If the Additional Obligor is incorporated in or has its “centre of main interest” or
“establishment” (as referred to in Clause 24.28 (Centre of main interests and establishments)) in a jurisdiction other than England and Wales or is executing a Finance Document which is governed by a law
other than English law, a legal opinion of the legal advisers to the Agent and/or to the Obligors’ Agent, in the jurisdiction of its incorporation, “centre of main interest” or “establishment” (as
applicable) or, as the case may be, the jurisdiction of the governing law of that Finance Document (the “Applicable Jurisdiction”) as to the law of the Applicable Jurisdiction and in the form distributed to the
Lenders prior to signing the Accession Deed and, in the case of an Additional Obligor that will be a US Obligor, the legal advisers to the Parent or to the Additional Obligor will also provide customary opinions (including as to creation and
perfection of security interests if not English law) as to New York law, Delaware law (or such other state, territory or district as shall be the jurisdiction of organisation of that US Obligor or whose law shall govern with respect to the
perfection of security interests) and the federal law of the United States. 

  

	12.	 If the proposed Additional Obligor is incorporated in a jurisdiction other than England and Wales, evidence
that the process agent specified in Clause 51.2 (Service of process), if not an Obligor, has accepted its appointment in relation to the proposed Additional Obligor. 

 

	13.	 Any security documents which are required by the Agent to be executed by the proposed Additional Obligor.

  

	14.	 Any notices or documents required to be given or executed under the terms of those security documents.

  

	15.	 If the Additional Obligor is organised in a state of the United States or the District of Columbia the
Additional Obligor will also be required to deliver a certificate of good standing and certified charter documents from the Secretary of State (or other state organisation of its jurisdiction of organisation or formation). 

  
 260 

	16.	 In the case of a US Borrower: 

 

	 	(a)	 evidence that such US Borrower shall have taken or caused to be taken any other action, executed and delivered
(or caused to be executed and delivered) any other agreement, document and instrument and authorized, made or caused to be made any other filing and recording required under any security documents that US Borrower enters into, and the UCC financing
statements shall have been filed, registered or recorded or shall have been delivered to the Security Agent and shall be in proper form for filing, registration or recordation; 

 

	 	(b)	 the results of a recent lien, tax lien, judgment and litigation search in each of the jurisdictions or offices
in which UCC financing statements or other filings or recordations evidencing or perfecting the Security granted by a US Borrower over the assets referred to in any security document it enters into are required (or would have been made at any time
during the five years immediately preceding the applicable US Borrower Accession Date evidencing or perfecting Security granted in respect of any such assets of that US Borrower), and each search shall reveal no Security or judgements on any of the
assets of that US Borrower, except for any Permitted Security or any Security and judgments that will be terminated on the applicable US Borrower Accession Date pursuant to documentation satisfactory to the Security Agent; 

 

	 	(c)	 any documentation and other information reasonably requested by the Lenders in connection with applicable
“know your customer” and anti-money-laundering rules and regulations, including the PATRIOT Act; and 

  

	17.	 To the extent any Additional Borrower qualifies as a “legal entity customer” under the Beneficial
Ownership Regulation, a Beneficial Ownership Certification in relation to that Additional Borrower. 

  

	18.	 In the case of an Additional Borrower, if applicable a list of any Existing Financial Indebtedness of that
Additional Borrower. 

  

	19.	 A copy of any other Authorisation or other document, opinion or assurance which the Agent considers to be
necessary or desirable in connection with the entry into and performance of the transactions contemplated by the Accession Deed or for the validity and enforceability of any Finance Document. 

  
 261 

 SCHEDULE 3 

REQUESTS AND NOTICES 

Part 1 
 Utilisation
Request 
 From: [Borrower]/[Obligors’ Agent] 

To: [Agent] 
 Dated: 

 

	Dear	 Sirs 

[Parent] – [•] ABL Facilities Agreement dated [•] (the “Facilities Agreement”) 

 

	1.	 We refer to the Facilities Agreement. This is a Utilisation Request. Terms defined in the Facilities Agreement
have the same meaning in this Utilisation Request unless given a different meaning in this Utilisation Request. 

  

	2.	 We wish to borrow a Loan on the following terms: 

 

			
	 (a)   Borrower:
	  	[•]
		
	 (b)   Tranche:
	  	[US/UK Tranche / Norwegian Tranche / LILO Tranche]
		
	 (c)   Type of Loan:
	  	[LIBOR Rate / NIBOR Rate / ABR Rate / Foreign Base Rate / Swingline Loan]
		
	 (d)   Proposed Utilisation Date:
	  	[•] (or, if that is not a Business Day, the next Business Day)
		
	 (e)   Currency of Loan:
	  	[•]
		
	 (f)   Amount:
	  	[•] or, if less, the maximum amount which is in compliance with Clause 5.3(b) (Currency and amount) of the Facilities Agreement
		
	 (g)   Interest Period:
	  	[•]

  

	3.	 We confirm that each condition specified in Clause 4.2 (Further conditions precedent) of the
Facilities Agreement is satisfied on the date of this Utilisation Request. 

  

	4.	 [This Loan is to be made in [whole]/[part] for the purpose of refinancing [identify
maturing Revolving Facility Loan]]./[The proceeds of this Loan should be credited to [account]]. 

  

	5.	 This Utilisation Request is irrevocable. 

  
 262 

	
	 Yours faithfully
  

authorised signatory for
 [the Obligors’ Agent on
behalf of
 [insert name of relevant Borrower]]/

[insert name of Relevant Borrower]

  
 263 

 Part 2 

Utilisation Request 

Letters of Credit 
 From:
[Borrower]/[Obligors’ Agent] 
 To: [Agent] 

Dated: 
  

	Dear	 Sirs 

[Parent] – [•] ABL Facilities Agreement dated [•] (the “Facilities Agreement”) 

 

	1.	 We refer to the Facilities Agreement. This is a Utilisation Request. Terms defined in the Facilities Agreement
have the same meaning in this Utilisation Request unless given a different meaning in this Utilisation Request. 

  

	2.	 We wish to arrange for a Letter of Credit to be issued by the Issuing Bank specified below (which has agreed to
do so) on the following terms: 

  

					
	(a)	  	Borrower:	  	[●]
			
	(b)	  	Issuing Bank:	  	[●]
			
	(c)	  	Proposed Utilisation Date:	  	[●] (or, if that is not a Business Day, the next Business Day)
			
	(d)	  	Tranche[s] to be utilised:	  	[US/UK Tranche][Norwegian Tranche][LILO Tranche]
			
	(e)	  	Currency of Letter of Credit:	  	[●]
			
	(f)	  	Amount:	  	[●] or, if less, the maximum amount which is in compliance with Clause 6.4(b) (Currency and amount) of the Facilities Agreement
			
	(g)	  	Beneficiary:	  	[●]
			
	(h)	  	Term:	  	[●]

  

	3.	 We confirm that each condition specified in Clause 6.5(b) (Issue of Letters of Credit) of the Facilities
Agreement is satisfied on the date of this Utilisation Request. 

  

	4.	 We attach a copy of the proposed Letter of Credit. 

 

	5.	 The purpose of this proposed Letter of Credit is [•]. 

 

	6.	 This Utilisation Request is irrevocable. 

 

	7.	 [Specify delivery instructions.] 

  
 264 

	
	 Yours faithfully
  

authorised signatory for
 [the Obligors’ Agent on
behalf of]
 [insert name of relevant Borrower]]/

[insert name of Borrower]

  
 265 

 SCHEDULE 4 

FORM OF TRANSFER CERTIFICATE 
  

	To:	 [•] as Agent and [•] as Security Agent 

From: [The Existing Lender] (the “Existing Lender”) and [The New Lender] (the “New
Lender”) 
 Dated: 

[Parent] – [•] ABL Facilities Agreement dated [•] (the “Facilities Agreement”) 

 

	1.	 We refer to the Facilities Agreement. This agreement (the “Agreement”) shall take effect as a
Transfer Certificate for the purposes of the Facilities Agreement. Terms defined in the Facilities Agreement have the same meaning in this Agreement unless given a different meaning in this Agreement. 

 

	2.	 We refer to Clause 29.5 (Procedure for transfer) of the Facilities Agreement: 

 

	 	(a)	 The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender by novation
and in accordance with Clause 29.5 (Procedure for transfer) of the Facilities Agreement all of the Existing Lender’s rights and obligations under the Facilities Agreement and the other Finance Documents and in respect of the Transaction
Security which relate to that portion of the Existing Lender’s Revolving Facility Commitment(s) and participations in Utilisations under the Facilities Agreement as specified in the Schedule. 

 

	 	(b)	 The proposed Transfer Date is [•]. 

 

	 	(c)	 The Facility Office and address, fax number and attention details for notices of the New Lender for the
purposes of Clause 37.2 (Addresses) of the Facilities Agreement are set out in the Schedule. 

  

	3.	 The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations set out in
Clause 29.4(c) (Limitation of responsibility of Existing Lenders) of the Facilities Agreement. 

  

	4.	 The New Lender confirms, for the benefit of the Agent and without liability to any Obligor, that it is:

  

	 	(a)	 With respect to the English Borrower: 

 

	 	(1)	 [an English Qualifying Lender (other than an English Treaty Lender)]; 

 

	 	(2)	 [an English Treaty Lender]; 

 

	 	(3)	 [not an English Qualifying Lender]; and 

 

	 	(b)	 With respect to the Norwegian Borrower: 

  
 266 

	 	(1)	 [a Norwegian Qualifying Lender (other than a Norwegian Treaty Lender)]; 

 

	 	(2)	 [a Norwegian Treaty Lender]; 

 

	 	(3)	 [not a Norwegian Qualifying Lender]. 

 

	5.	 [The New Lender confirms that it holds a passport under the HMRC DT Treaty Passport scheme (reference number
[•]) and is tax resident in [•]1, so that interest payable to it by borrowers is generally subject to full exemption from UK withholding tax and requests that the Obligors’ Agent
notify: 

  

	 	(a)	 each Borrower which is a Party as a Borrower as at the Transfer Date; and 

 

	 	(b)	 each Additional Borrower which becomes an Additional Borrower after the Transfer Date. 

that it wishes that scheme to apply to the Facilities Agreement.]2 

 

	[5/6.]	 The New Lender confirms that it [is]/[is not] a Non-Acceptable L/C
Lender. 

  

	[6/7.]	 This Agreement may be executed in any number of counterparts and this has the same effect as if the signatures
on the counterparts were on a single copy of this Agreement. 

  

	[7/8.]	 This Agreement and any non-contractual obligations arising out of or in
connection with it are governed by English law. 

  

	[8/9.]	 This Agreement has been entered into on the date stated at the beginning of this Agreement.

  

	Note:	 The execution of this Transfer Certificate may not transfer a proportionate share of the Existing
Lender’s interest in the Transaction Security in all jurisdictions. It is the responsibility of the New Lender to ascertain whether any other documents or other formalities are required to perfect a transfer of such a share in the Existing
Lender’s Transaction Security in any jurisdiction and, if so, to arrange for execution of those documents and completion of those formalities. 

 

	1 	 Insert jurisdiction of tax residence. 

	2 	 Include if the New Lender holds a passport under the HMRC DT Treaty Passport scheme and wishes that scheme to
apply to the Facilities Agreement. 

  
 267 

 THE SCHEDULE 

Commitment/rights and obligations to be transferred 

[insert relevant details] 

[Facility Office address, fax number and attention details for notices and account details for payments] 

 

			
	 [Existing Lender]
	  	 [New Lender]

		
	 By:
	  	 By:

 This Agreement is accepted as a Transfer Certificate for the purposes of the Facilities Agreement by the Agent, and the
Transfer Date is confirmed as [•]. 
 [The Exclusive US/UK Tranche Commitments applicable to the New Lender for the purposes of Clause 5.7
(Adjustment of Tranches) of the Facilities Agreement shall be USD [•].] 
  

	
	[Agent]
	
	By:
	
	[Security Agent]
	
	By:

  
 268 

 SCHEDULE 5 

FORM OF ASSIGNMENT AGREEMENT 
 To: [•]
as Agent, [•] as Security Agent, [•] as the Parent, for and on behalf of each Obligor 
 From: [the Existing Lender] (the
“Existing Lender”) and [the New Lender] (the “New Lender”) 
 Dated: 

[Parent]—ABL Facilities Agreement 

dated [•] (the “Facilities Agreement”) 
  

	1.	 We refer to the Facilities Agreement. This is an Assignment Agreement. This agreement (the
“Agreement”) shall take effect as an Assignment Agreement for the purpose of the Facilities Agreement. Terms defined in the Facilities Agreement have the same meaning in this Agreement unless given a different meaning in this
Agreement. 

  

	2.	 We refer to Clause 29.6 (Procedure for assignment) of the Facilities Agreement: 

 

	 	(a)	 The Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender under the
Facilities Agreement, the other Finance Documents and in respect of the Transaction Security which correspond to that portion of the Existing Lender’s Revolving Facility Commitment(s) and participations in Utilisations under the Facilities
Agreement as specified in the Schedule. 

  

	 	(b)	 The Existing Lender is released from all the obligations of the Existing Lender which correspond to that
portion of the Existing Lender’s Revolving Facility Commitment(s) and participations in Utilisations under the Facilities Agreement specified in the Schedule. 

 

	 	(c)	 The New Lender becomes a Party as a Lender and is bound by obligations equivalent to those from which the
Existing Lender is released under paragraph 2(b) above. 

  

	3.	 The proposed Transfer Date is [•]. 

 

	4.	 On the Transfer Date the New Lender becomes Party to the relevant Finance Documents as a Lender.

  

	5.	 The Facility Office and address, fax number and attention details for notices of the New Lender for the
purposes of Clause 38.3 (Addresses) of the Facilities Agreement are set out in the Schedule. 

  

	6.	 The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations set out in
Clause 29.4(c) (Limitation of responsibility of Existing Lenders) of the Facilities Agreement. 

  
 269 

	7.	 The New Lender confirms, for the benefit of the Agent and without liability to any Obligor, that it is:

  

	 	(a)	 with respect to the English Borrower: 

 

	 	(i)	 [an English Qualifying Lender (other than an English Treaty Lender)]; 

 

	 	(ii)	 [an English Treaty Lender]; 

 

	 	(iii)	 [not an English Qualifying Lender]; and 

 

	 	(b)	 with respect to the Norwegian Borrower: 

 

	 	(i)	 [a Norwegian Qualifying Lender (other than a Norwegian Treaty Lender)]; 

 

	 	(ii)	 [a Norwegian Treaty Lender]; 

 

	 	(iii)	 [not a Norwegian Qualifying Lender]. 

 

	8.	 [The New Lender confirms that the person beneficially entitled to interest payable to that Lender in respect of
an advance under a Finance Document is either: 

  

	 	(a)	 a company resident in the United Kingdom for United Kingdom tax purposes; 

 

	 	(b)	 a partnership each member of which is: 

 

	 	(i)	 a company so resident in the United Kingdom; or 

 

	 	(ii)	 a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a
permanent establishment and which brings into account in computing its chargeable profits (within the meaning of s19 CTA) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 CTA; or

  

	 	(c)	 a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a
permanent establishment and which brings into account interest payable in respect of that advance in computing the chargeable profits (within the meaning of s19 CTA) of that company.] 

 

	8.	 [The New Lender confirms that it holds a passport under the HMRC DT Treaty Passport scheme (reference number [
]) and is tax resident in [•] , so that interest payable to it by borrowers is generally subject to full exemption from UK withholding tax and requests that the Obligors’ Agent notify: 

 

	 	(a)	 each Borrower which is a Party as a Borrower as at the Transfer Date; and 

 

	 	(b)	 each Additional Borrower which becomes an Additional Borrower after the Transfer Date, 

that it wishes that scheme to apply to the Facilities Agreement.] 

[9. The New Lender confirms that it [is]/[is not] a Non-Acceptable L/C Lender. 

  
 270 

	[10/11.]	 This Agreement acts as notice to the Agent (on behalf of each Finance Party) and, upon delivery in accordance
with Clause 29.7 (Copy of Transfer Certificate, Assignment Agreement or Increase Confirmation to Obligors’ Agent) of the Facilities Agreement, to the Obligors’ Agent (on behalf of each Obligor) of the assignment
referred to in this Agreement. 

  

	[11/12.]	 This Agreement may be executed in any number of counterparts and this has the same effect as if the signatures
on the counterparts were on a single copy of this Agreement. 

  

	[12/13.]	 This Agreement and any non-contractual obligations arising out of or in
connection with it are governed by English law. 

  

	[13/14.]	 This Agreement has been entered into on the date stated at the beginning of this Agreement.

  

	Note:	 The execution of this Assignment Agreement may not transfer a proportionate share of the Existing
Lender’s interest in the Transaction Security in all jurisdictions. It is the responsibility of the New Lender to ascertain whether any other documents or other formalities are required to perfect a transfer of such a share in the Existing
Lender’s Transaction Security in any jurisdiction and, if so, to arrange for execution of those documents and completion of those formalities. 

  
 271 

 THE SCHEDULE 

Commitment/rights and obligations to be transferred by assignment, release and accession 

[insert relevant details] 

[Facility office address, fax number and attention details 

for notices and account details for payments] 
  

			
	 [Existing Lender]
	  	 [New Lender]

		
	 By:
	  	 By:

 This Agreement is accepted as an Assignment Agreement for the purposes of the Facilities Agreement by the Agent by the
Security Agent and the Transfer Date is confirmed as [•]. 
 Signature of this Agreement by the Agent constitutes confirmation by the Agent of receipt
of notice of the assignment referred to in this Agreement, which notice the Agent receives on behalf of each Finance Party. 
 [The Exclusive US/UK Tranche
Commitments applicable to the New Lender for the purpose of Clause 5.7 (Adjustment of Tranches) of the Facilities Agreement shall be USD [•].] 
  

	
	[Agent]
	
	By:
	
	[Security Agent]
	By:

  
 272 

 SCHEDULE 6 

FORM OF ACCESSION DEED 
  

	To:	 [•] as Agent and [•] as Security Agent 

From: [Subsidiary] and [Parent] 

Dated: 
  

	Dear	 Sirs 

[Parent] – ABL Facilities Agreement dated [•] (the “Facilities Agreement”) 

 

	1.	 We refer to the Facilities Agreement. This deed (the “Accession Deed”) shall take effect as an
Accession Deed for the purposes of the Facilities Agreement. Terms defined in the Facilities Agreement have the same meaning in paragraphs 1-[3]/[4] of this Accession Deed unless given a different meaning in
this Accession Deed. 

  

	2.	 [Subsidiary] agrees to become an Additional [Borrower]/[Guarantor] and to be bound by the terms of the
Facilities Agreement and the other Finance Documents as an Additional [Borrower]/[Guarantor] pursuant to Clause [31.2 (Additional Borrowers)]/[Clause 31.3 (Additional Guarantors)] of the Facilities Agreement.
[Subsidiary] is a company duly incorporated under the laws of [name of relevant jurisdiction] and is a limited liability company with registered number [•]. 

 

	3.	 [The Parent confirms that no Default is continuing or would occur as a result of [Subsidiary]
becoming an Additional Borrower.] 

  

	4.	 [Subsidiary’s] administrative details for the purposes of the Facilities Agreement are as
follows: 

 Address: 

Fax No: 
 Attention: 

 

	6.	 This Accession Deed and any non-contractual obligations arising out of
or in connection with it are governed by English law. 

 THIS ACCESSION DEED signed on behalf of the Parent and executed as a deed by
[Subsidiary] and is delivered on the date stated above. 

  
 273 

					
	[Subsidiary]	  		  	
			
	SIGNED as a deed by [•], Director, and	  	)	  	
	[•], Director, duly authorised for and on	  	)	  	
	behalf of [[•] LIMITED]:	  	)	  	
			
	OR	  		  	
			
	SIGNED as a deed by [•], Director, duly	  	)	  	
	authorised for and on behalf of [[•]	  	)	  	
	LIMITED/PLC] in the presence of:	  	)	  	
			
	Witness’s signature:	  		  	
			
	Witness’s name	  		  	
	(in capitals):	  		  	
			
	Witness’s address:	  		  	
			
	Parent	  		  	
			
	SIGNED as a deed by [•], Director, and	  	)	  	
	[•], Director, duly authorised for and on	  	)	  	
	behalf of [[•] LIMITED]:	  	)	  	

  
 274 

 SCHEDULE 7 

FORM OF RESIGNATION LETTER 
  

	To:	 [•] as Agent 

From: [resigning Obligor] and [Parent] 
 Dated: 

 

	Dear	 Sirs 

[Parent] – ABL Facilities Agreement dated [•] (the “Facilities Agreement”) 

 

	1.	 We refer to the Facilities Agreement. This is a Resignation Letter. Terms defined in the Facilities Agreement
have the same meaning in this Resignation Letter unless given a different meaning in this Resignation Letter. 

  

	2.	 Pursuant to [Clause 31.4 (Resignation of a US Borrower)]/[Clause 31.5 (Resignation of a
Guarantor)] of the Facilities Agreement, we request that [resigning Obligor] be released from its obligations as a [Borrower]/[Guarantor] under the Facilities Agreement and the Finance Documents. 

 

	3.	 We confirm that: 

  

	 	(a)	 no Default is continuing or would result from the acceptance of this request; [and] 

 

	 	(b)	 [this request is given in relation to a Third Party Disposal of [resigning
Obligor]]; 

  

	 	(c)	 [[•], as a US Borrower is under no actual or contingent obligations as a Borrower under any Finance
Documents] 

  

	 	(d)	 [•] 

  

	4.	 This Resignation Letter and any non-contractual obligations arising out
of or in connection with it are governed by English law. 

  

			
	 [Parent]
	  	[Resigning Obligor]
		
	 By:
	  	By:

  
 275 

 SCHEDULE 8 

FORM OF SUBSTITUTE AFFILIATE LENDER DESIGNATION NOTICE 

To:       [•] (as Agent) for itself and each of the other parties to the Facilities Agreement referred to below. 

 

	Cc:	 The Parent for itself and each Obligor 

From:   [Designating Lender] (the “Designating Lender”) 

Dated:  [•] 
  

	Dear	 Sirs 

  

	Re:	 ABL Facilities Agreement dated [•] (the “Facilities Agreement”) 

 

	1.	 We refer to the Facilities Agreement. Terms defined in the Facilities Agreement have the same meaning in this
Designation Notice. 

  

	2.	 We hereby designate our Affiliate details of which are given below as a Substitute Affiliate Lender in respect
of any Loans required to be advanced to [specify name of borrower or refer to all borrowers in a particular jurisdiction etc] (“Designated Loans”). 

 

	3.	 The details of the Substitute Affiliate Lender are as follows: 

Name: 
 Facility Office: 

Fax Number: 
 Attention: 

Jurisdiction of Incorporation: 
  

	4.	 By countersigning this notice below the Substitute Affiliate Lender agrees to become a Substitute Affiliate
Lender in respect of Designated Loans as indicated above and agrees for the benefit of each party to the Facilities Agreement to be bound by the terms of the Facilities Agreement (in a capacity as Lender) accordingly. 

 

	5.	 This Designation Notice and any non-contractual obligations arising out
of or in connection with it are governed by English law. 

  

	
	  

For  and on behalf of
  

[Designating Lender]

  
 276 

 SCHEDULE 9 

FORM OF COMPLIANCE CERTIFICATE 
  

	To:	 [•] as Agent 

From: [Obligors’ Agent] 
 Dated: 

 

	Dear	 Sirs 

[Parent] – ABL Facilities Agreement dated [•] (the “Facilities Agreement”) 

 

	1.	 We refer to the Facilities Agreement. This is a Compliance Certificate. Terms defined in the Facilities
Agreement have the same meaning when used in this Compliance Certificate unless given a different meaning in this Compliance Certificate. 

  

	2.	 3We confirm that: 

[We confirm that the Fixed Charge Coverage Ratio for the Relevant Period ending [•] is [•]:1.] 

 

					
	Signed:	  	                                      
      	  	
		  	Authorised signatory	  	
		  	of	  	
			
		  	[Parent]	  	

  

	3	 Calculation to be attached. 

  
 277 

 SCHEDULE 10 

LMA FORM OF CONFIDENTIALITY UNDERTAKING 

THIS MASTER CONFIDENTIALITY UNDERTAKING is dated [•] and made between: 
  

	(1)	 [•]; and 

  

	(2)	 [•]. 

Either party (in this capacity the “Purchaser”) may from time to time consider acquiring an interest from the other party (in this capacity
the “Seller”) in certain Agreements which, subject to the Agreements, may be by way of novation, assignment, the entering into, whether directly or indirectly, of a sub-participation or any
other transaction under which payments are to be made or may be made by reference to one or more relevant Finance Documents and/or one or more relevant Obligors or by way of investing in or otherwise financing, directly or indirectly, any such
novation, assignment, sub-participation or other transaction (each an “Acquisition”). In consideration of the Seller agreeing to make available to the Purchaser certain information in relation
to each Acquisition it is agreed as follows: 
  

	1.	 Confidentiality Undertaking 

The Purchaser undertakes in relation to each Acquisition made or which may be made by it (a) to keep all Confidential Information which
the Seller supplies to the Purchaser in relation to that Acquisition confidential and not to disclose it to anyone, save to the extent permitted by paragraph 2 below and to ensure that all Confidential Information which the Seller supplies to the
Purchaser in relation to that Acquisition is protected with security measures and a degree of care that would apply to the Purchaser’s own confidential information and (b) until that Acquisition is completed, to use the Confidential
Information which the Seller supplies to the Purchaser in relation to that Acquisition only for the Permitted Purpose. 
  

	2.	 Permitted Disclosure 

The Purchaser may disclose in relation to each Acquisition made or which may be made by it: 

 

	 	(a)	 to any of its Affiliates and any of its or their officers, directors, employees, professional advisers and
auditors such Confidential Information as the Purchaser shall consider appropriate if any person to whom such Confidential Information is to be given pursuant to this paragraph 2 (a) is informed in writing of its confidential nature and that some or
all of such Confidential Information may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is
otherwise bound by requirements of confidentiality in relation to such Confidential Information; 

  

	 	(b)	 subject to the requirements of the relevant Agreement, to any person: 

  
 278 

	 	(i)	 to (or through) whom the Purchaser assigns or transfers (or may potentially assign or transfer) all or any of
its rights and/or obligations which it may acquire under that Agreement such Confidential Information which the Seller supplies to the Purchaser in relation to that Acquisition as the Purchaser shall consider appropriate if the person to whom such
Confidential Information is to be given pursuant to this sub-paragraph (i) of paragraph 2(b) has delivered a letter to the Purchaser in equivalent form to this undertaking; 

 

	 	(ii)	 with (or through) whom the Purchaser enters into (or may potentially enter into) any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference to that Agreement or any relevant Obligor such Confidential Information which the Seller
supplies to the Purchaser in relation to that Acquisition as the Purchaser shall consider appropriate if the person to whom such Confidential Information is to be given pursuant to this sub-paragraph
(ii) of paragraph 2(b) has delivered a letter to the Purchaser in equivalent form to this undertaking; 

  

	 	(iii)	 to whom information is required or requested to be disclosed by any governmental, banking, taxation or other
regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation such Confidential Information which the Seller supplies to the Purchaser in relation to that Acquisition as the Purchaser
shall consider appropriate; and 

  

	 	(c)	 notwithstanding paragraphs 2(a) and 2(b) above, Confidential Information to such persons to whom, and on the
same terms as, a Finance Party is permitted to disclose such Confidential Information under the Agreement to which that Acquisition relates, as if such permissions were set out in full in this undertaking for the purposes of that Acquisition and as
if references in those permissions to Finance Party were references to the Purchaser for the purposes of that Acquisition. 

  

	3.	 Notification of Disclosure 

The Purchaser agrees in relation to each Acquisition made or which may be made by it (to the extent permitted by law and regulation) to inform
the Seller: 
  

	 	(a)	 of the circumstances of any disclosure of Confidential Information made pursuant to sub-paragraph (iii) of paragraph 2(b) above except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and

  

	 	(b)	 upon becoming aware that Confidential Information relating to that Acquisition has been disclosed in breach of
this undertaking. 

  

	4.	 Return of Copies 

If the Purchaser does not enter into an Acquisition and the Seller so requests in writing, the Purchaser shall return or destroy all
Confidential Information supplied to the Purchaser by the Seller in relation to that Acquisition and destroy or permanently erase (to the extent technically practicable) all copies of such Confidential 

  
 279 

 Information made by the Purchaser and use its reasonable endeavours to ensure that anyone to
whom the Purchaser has supplied any such Confidential Information destroys or permanently erases (to the extent technically practicable) such Confidential Information and any copies made by them, in each case save to the extent that the Purchaser or
the recipients are required to retain any such Confidential Information by any applicable law, rule or regulation or by any competent judicial, governmental, supervisory or regulatory body or in accordance with internal policy, or where the
Confidential Information has been disclosed under sub-paragraph (iii) of paragraph 2(a) above. 
  

	5.	 Continuing Obligations 

The obligations in this undertaking are continuing and, in particular, shall survive and remain binding on the Purchaser in relation to each
Acquisition made or which may be made by it until (a) if the Purchaser becomes a party to the Agreement to which that Acquisition relates as a lender of record, the date on which the Purchaser becomes such a party to such Agreement; (b) if
the Purchaser enters into that Acquisition but it does not result in the Purchaser becoming a party to the Agreement to which that Acquisition relates as a lender of record, the date falling [twelve] months after the date on which all of the
Purchaser’s rights and obligations contained in the documentation entered into to implement that Acquisition have terminated; or (c) in any other case the date falling [twelve] months after the date of the Purchaser’s final receipt (in
whatever manner) of any Confidential Information in relation to that Acquisition. 
  

	6.	 No Representation; Consequences of Breach, etc 

The Purchaser acknowledges and agrees that, in relation to each Acquisition made or which may be made by it: 

 

	 	(a)	 neither the Seller, nor any member of the relevant Group nor any of the Seller’s or the relevant
Group’s respective officers, employees or advisers (each a “Relevant Person”) (i) make any representation or warranty, express or implied, as to, or assume any responsibility for, the accuracy, reliability or completeness of
any of the Confidential Information supplied by the Seller to the Purchaser in relation to that Acquisition or any other information supplied by the Seller to the Purchaser in relation to that Acquisition or the assumptions on which it is based or
(ii) shall be under any obligation to update or correct any inaccuracy in the Confidential Information supplied by the Seller to the Purchaser in relation to that Acquisition or any other information supplied by the Seller to the Purchaser in
relation to that Acquisition or be otherwise liable to the Purchaser or any other person in respect of the Confidential Information supplied by the Seller to the Purchaser in relation to that Acquisition or any such information; and

  

	 	(b)	 the Seller or members of the relevant Group may be irreparably harmed by the breach of the terms of this
undertaking and damages may not be an adequate remedy; each Relevant Person may be granted an injunction or specific performance for any threatened or actual breach of the provisions of this undertaking by the Purchaser. 

  
 280 

	7.	 Entire Agreement: No Waiver; Amendments, etc 

This undertaking constitutes the entire agreement between the Seller and the Purchaser in relation to the Purchaser’s obligations
regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information. 

No failure to exercise, nor any delay in exercising any right or remedy under this undertaking will operate as a waiver of any such right or
remedy or constitute an election to affirm this letter. No election to affirm this letter will be effective unless it is in writing. No single or partial exercise of any right or remedy will prevent any further or other exercise or the exercise of
any other right or remedy under this undertaking. 
 The terms of this undertaking and the Purchaser’s obligations under this
undertaking may only be amended or modified by written agreement between the parties. 
  

	8.	 Inside Information 

The Purchaser acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that the use of such
information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and the Purchaser undertakes not to use any Confidential Information for any unlawful purpose. 

 

	9.	 Nature of Undertakings 

The undertakings given by the Purchaser in this undertaking are given to the Seller and are also given for the benefit of the Parent and each
other member of the Group. 
  

	10.	 Third Party Rights 

 

	 	(a)	 Subject to this paragraph 10 and to paragraphs 6 and 9, a person who is not a party to this undertaking has no
right under the Contracts (Rights of Third Parties) Act 1999 (the “Third Parties Act”) to enforce or to enjoy the benefit of any term of this undertaking. 

 

	 	(b)	 The Relevant Persons may enjoy the benefit of the terms of paragraphs 6 and 9 subject to and in accordance with
this paragraph 10 and the provisions of the Third Parties Act. 

  

	 	(c)	 Notwithstanding any provisions of this undertaking, the parties to this undertaking do not require the consent
of any Relevant Person to rescind or vary this undertaking at any time. 

  

	11.	 Governing Law and Jurisdiction 

 

	 	(a)	 This undertaking and any non-contractual obligations arising out of or
in connection with it (including any non-contractual obligations arising out of the negotiation of any Acquisition) are governed by English law. 

  
 281 

	 	(b)	 The courts of England have non-exclusive jurisdiction to settle any
dispute arising out of or in connection with this undertaking (including a dispute relating to any non-contractual obligation arising out of or in connection with either this undertaking or the negotiation of
any Acquisition). 

  

	12.	 Definitions 

In this undertaking terms defined in the relevant Agreement (as defined below) shall, unless the context otherwise requires, have the same
meaning and: 
 “Agreement” means any credit agreement in which the Seller has an interest and which requires the
Seller to obtain from the Purchaser an undertaking in or substantially in the form of this undertaking as a condition to permitting disclosure by the Seller of certain information to the Purchaser. 

“Parent” means, in relation to each Acquisition, the principal company party to the relevant Agreement. 

“Confidential Information” means, in relation to each Acquisition, all information relating to the Parent, any Obligor,
the Group, the relevant Finance Documents, the Facility and/or that Acquisition which is received by the Purchaser in relation to the relevant Finance Documents or the Facility from the Seller or any of its affiliates or advisers, in whatever form,
and includes information given orally and any document, electronic file or any other way of representing or recording information which contains or is derived or copied from such information but excludes information that: 

 

	 	(a)	 is or becomes public information other than as a direct or indirect result of any breach by the Purchaser of
this undertaking; or 

  

	 	(b)	 is identified in writing at the time of delivery as non-confidential by
the Seller or its advisers; or 

  

	 	(c)	 is known by the Purchaser before the date the information is disclosed to the Purchaser by the Seller or any of
its affiliates or advisers or is lawfully obtained by the Purchaser after that date, from a source which is, as far as the Purchaser is aware, unconnected with the relevant Group and which, in either case, as far as the Purchaser is aware, has not
been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality. 

 “Group”
means, in relation to each Acquisition, the relevant Parent and its subsidiaries for the time being (as such term is defined in the Companies Act 2006). 

“Permitted Purpose” means, in relation to each Acquisition considering and evaluating whether to enter into that
Acquisition. 
 This undertaking has been entered into on the date stated at the beginning of this undertaking 

  
 282 

 SIGNATURES 

[•] 
 By: 

[•] 
 By: 

  
 283 

 SCHEDULE 11 

TIMETABLES 
 Part 1

 Loans 
  

																													
	 	  	LIBOR
Rate Loans
in euro	 	  	LIBOR
Rate Loans
in sterling	 	  	LIBOR
Rate Loans
in US
dollars	 	  	NIBOR
Rate Loans
in
Norwegian
Kroner	 	  	ABR Rate
Loans	 	  	Foreign
Base Rate
Loans	 	  	Swingline
Loans	 
	 Delivery of a duly completed Utilisation
	  	 	U-3	 	  	 	U-3	 	  	 	U-3	 	  	 	U-4	 	  	 	U-1	 	  	 	U-1	 	  	 	U	 
	 Request (Clause 5.1 (Delivery of a Utilisation Request))
	  	 	11.00 a.m.	 	  	 	11.00 a.m.	 	  	 	11.00 a.m.	 	  	 	11.00 a.m.	 	  	 	1.00 p.m.	 	  	 	1.00 p.m.	 	  	 	10.00 a.m.	 
	 Agent determines (in relation to a Utilisation) the Base Currency Amount of the Loan, if required
under Clause 5.4 (Lenders’ participation) and notifies the Lenders of the Loan in accordance with Clause 5.4 (Lenders’ participation)
	  	 
 
	U-3
 Noon
	 
  
	  	 
 
	U-3
 Noon
	 
  
	  	 
 
	U-3
 Noon
	 
  
	  	 
 
	U-3
 Noon
	 
  
	  	 
 
	U-1
 5.00 p.m.
	 
  
	  	 
 
	U-1
 3.00 p.m.
	 
  
	  			

  
 284 

															
	 	  	LIBOR Rate
Loans in euro	  	LIBOR Rate
Loans in
sterling	  	LIBOR Rate
Loans in US
dollars	  	NIBOR
Rate
Loans in
Norwegian
Kroner	  	ABR Rate
Loans	  	Foreign
Base Rate
Loans	  	Swingline
Loans
	Agent receives a notification from a Lender under Clause 9.2 (Unavailability of a currency)	  	Quotation Day
9.30 a.m.	  	Quotation
Day
9.30 a.m.	  		  	Quotation
Day 9.30
a.m.	  		  	U-1
4.00 p.m.	  	
	Agent gives notice in accordance with Clause 9.2 (Unavailability of a currency)	  	Quotation Day
5.30 p.m.	  	Quotation
 Day 5.30
p.m.
	  		  	Quotation
Day 5.30
p.m.	  		  	U-1
 5.00 p.m.
	  	
	LIBOR or NIBOR is fixed	  	Quotation Day
10.30 a.m.	  	Quotation
Day 10.30
a.m.	  	Quotation Day
10.30 a.m.	  	Quotation
Day
10.30
a.m.	  		  		  	

  

					
	“U”	 	=	  	date of utilisation or, if applicable, in the case of a Term Loan that has already been borrowed, the first day of the relevant Interest Period for that Term Loan.
			
	“U – X”	 	=	  	X Business Days prior to date of utilisation

  
 285 

 Part 2 

Letters of Credit 
  

					
	 	  	 Letters of Credit denominated in US

dollars
	  	Letters of Credit denominated in Agreed
Currencies
	Delivery of a duly completed Utilisation Request (Clause 6.2 (Delivery of a Utilisation Request for Letters of Credit)	  	U-3
11.00 a.m.	  	U-5
11.00 a.m.
			
	Agent determines (in relation to a Utilisation) the Base Currency Amount of the Letter of Credit if required under Clause 6.5(d) (Issue of Letters of Credit) and notifies the Issuing Bank and Lenders of the Letter of
Credit in accordance with Clause 6.5(d) (Issue of Letters of Credit).	  	U-3
 Noon
	  	U-5
 Noon

			
	Delivery of duly completed Renewal Request (Clause 6.6 (Renewal of a Letter of Credit))	  	U-3
 11.00 a.m.
	  	U-5
 11.00 a.m.

  

					
	“U”	  	=	  	date of utilisation, or, if applicable, in the case of a Letter of Credit to be renewed in accordance with Clause 6.6 (Renewal of a Letter of Credit), the first day of the proposed term of the renewed Letter of
Credit
	“U-X” 	  	=	  	Business Days prior to date of utilisation

  
 286 

 SCHEDULE 12 

FORM OF INCREASE CONFIRMATION 

To:    [•] as Agent, [•] as Security Agent, [•] as the Issuing Bank and [•] as the Parent, for and on behalf of each
Obligor 
 From: [the Increase Lender] (the “Increase Lender”) 

Dated: 
 [Parent] - ABL Facilities Agreement dated [•]
(the “Facilities Agreement”) 
  

	1.	 We refer to the Facilities Agreement. This agreement (the “Agreement”) shall take effect as an
Increase Confirmation for the purpose of the Facilities Agreement. Terms defined in the Facilities Agreement have the same meaning in this Agreement unless given a different meaning in this Agreement. 

 

	2.	 We refer to clause 2.2 (Increase) of the Facilities Agreement. 

 

	3.	 The Increase Lender agrees to assume and will assume all of the obligations corresponding to the Revolving
Facility Commitment specified in the Schedule (the “Relevant Commitment(s)”) as if it had been an Original Lender under the Facilities Agreement in respect of the Relevant Commitment(s). 

 

	4.	 The proposed date on which the increase in relation to the Increase Lender and the Relevant Commitment is to
take effect (the “Increase Date”) is [•]. 

  

	5.	 On the Increase Date, the Increase Lender becomes party to the relevant Finance Documents as a Lender.

  

	6.	 The Facility Office and address, fax number and attention details for notices to the Increase Lender for the
purposes of Clause 38.3 (Addresses) of the Facilities Agreement are set out in the Schedule. 

  

	7.	 The Increase Lender expressly acknowledges the limitations on the Lenders’ obligations referred to in
Clause 2.2(h) (Increase) of the Facilities Agreement. 

  

	8.	 The Increase Lender confirms, for the benefit of the Agent and without liability to any Obligor, that it is:

  

	9.	 The New Lender confirms, for the benefit of the Agent and without liability to any Obligor, that it is:

  

	 	(a)	 with respect to the English Borrower: 

 

	 	(1)	 [an English Qualifying Lender (other than an English Treaty Lender)]; 

 

	 	(2)	 [an English Treaty Lender]; 

  
 287 

	 	(3)	 [not an English Qualifying Lender]; and 

 

	 	(b)	 with respect to the Norwegian Borrower: 

 

	 	(1)	 [a Norwegian Qualifying Lender (other than a Norwegian Treaty Lender)]; 

 

	 	(2)	 [a Norwegian Treaty Lender]; 

 

	 	(3)	 [not a Norwegian Qualifying Lender]. 

 

	9.	 [The Increase Lender confirms that it holds a passport under the HMRC DT Treaty Passport scheme (reference
number [•]) and is tax resident in [•]4, so that interest payable to it by borrowers is generally subject to full exemption from UK withholding tax and requests that the Obligors’
Agent notify: 

  

	 	(a)	 each Borrower which is a Party as a Borrower as at the Increase Date; and 

 

	 	(b)	 each Additional Borrower which becomes an Additional Borrower after the Increase Date, 

that it wishes the scheme to apply to the Facilities Agreement.] 
  

	[9/10]	 The Increase Lender confirms that it [is]/[is not]5 a Non-Acceptable L/C Lender. 

  

	[10/11].	 This Agreement may be executed in any number of counterparts and this has the same effect as if the signatures
on the counterparts were on a single copy of this Agreement. 

  

	[11/12].	 This Agreement and any non-contractual obligations arising out of or in
connection with it are governed by English law. 

  

	[12/13].	 This Agreement has been entered into on the date stated at the beginning of this Agreement.

  

	Note:	 The execution of this Increase Confirmation may not be sufficient for the Increase Lender to obtain the
benefit of the Transaction Security in all jurisdictions. It is the responsibility of the Increase Lender to ascertain whether any other documents or other formalities are required to obtain the benefit of the Transaction Security in any
jurisdiction and, if so, to arrange for execution of those documents and completion of those formalities. 

  

	4 	 Insert jurisdiction of tax residence. 

	5 	 Delete as applicable. 

  
 288 

 THE SCHEDULE 

Relevant Commitment/rights and obligations to be assumed by the Increase Lender 

[insert relevant details] 

[Facility office address, fax number and attention details for notices and account details for payments] 

[Increase Lender] 
 By: 

This Agreement is accepted as an Increase Confirmation for the purposes of the Facilities Agreement by the Agent and the Issuing Bank by the Security Agent
and the Increase Date is confirmed as [•]. 
 Issuing Bank: 

By: 
 Agent 

By: 
 Security Agent 

By: 

  
 289 

 SCHEDULE 13 

FORMS OF NOTIFIABLE DEBT PURCHASE TRANSACTION NOTICE 

Part 1 
 Form of Notice
on Entering into Notifiable Debt Purchase Transaction 
 To: [•] as Agent 

From: [The Lender] 
 Dated: 

[Parent] – [•] Senior Facilities Agreement dated [•] (the “Facilities Agreement”) 

 

	1.	 We refer to Clause 30.2(b)(Disenfranchisement on Debt Purchase Transactions entered into by Investor
Affiliates) of the Facilities Agreement. Terms defined in the Facilities Agreement have the same meaning in this notice unless given a different meaning in this notice. 

 

	2.	 We have entered into a Notifiable Debt Purchase Transaction. 

 

	3.	 The Notifiable Debt Purchase Transaction referred to in paragraph 2 above relates to the amount of our
Revolving Facility Commitment(s) as set out below: 

 [•] 

[Lender] 
 By: 

  
 290 

 Part 2 

Form of Notice on Termination of Notifiable Debt Purchase Transaction 

To:    [•] as Agent 
 From: [The Lender]

 Dated: 
 [Parent] – [•] Senior
Facilities Agreement dated [•] (the “Facilities Agreement”) 
  

	1.	 We refer to Clause 30.2(b)(Disenfranchisement on Debt Purchase Transactions entered into by Investor
Affiliates) of the Facilities Agreement. Terms defined in the Facilities Agreement have the same meaning in this notice unless given a different meaning in this notice. 

 

	2.	 A Notifiable Debt Purchase Transaction which we entered into and which we notified you of in a notice dated
[•] has [terminated]. 

  

	3.	 The Notifiable Debt Purchase Transaction referred to in paragraph 2 relates to the amount of our Revolving
Facility Commitment(s) as set out below: 

 [•] 

[Lender] 
 By: 

  
 291 

 SCHEDULE 14 

FORM OF AGGREGATE BORROWING BASE CERTIFICATE 

[Omitted] 

  
 292 

 SCHEDULE 15 

EXISTING FINANCIAL INDEBTEDNESS 

[Omitted] 

  
 293 

 SCHEDULE 16 

INITIAL COLLECTION ACCOUNTS 

[Omitted] 

  
 294 

 SCHEDULE 17 

ELIGIBLE ACCOUNT DEBTORS 

[Omitted] 

  
 295 

 EXECUTION of Facilities Agreement: 

[NOT RESTATED] 

 EXECUTION of Deed of Amendment and Restatement, Accession, Transfer, Resignation and Confirmation

  

					
	Resigning Parent	 		 	
			
	EXECUTED as a deed by Grant Newman,	 	)	 	
	Authorised Signatory, duly authorised for	 	)	 	 /s/ Grant Newman

	and on behalf of BRISTOW HOLDINGS	 	)	 	
	U.S. INC. (f/k/a BRISTOW GROUP	 		 	
	INC.):	 		 	
			
	Witness’s signature:	 		 	 /s/ Justin D. Mogford

			
	Witness’s name	 		 	
	(in capitals): 	 		 	JUSTIN D. MOGFORD
			
	Witness’s address: 	 		 	 3151 Briarpark Drive, Suite 700
 Houston, Texas
77042

					
	Borrowers	 		 	
	  
 EXECUTED as a deed by Grant Newman,
	 	)	 	
	Authorised Signatory, duly authorised for	 	)	 	 /s/ Grant Newman

	and on behalf of BRISTOW NORWAY 	 	)	 	
	AS:	 		 	
			
	Witness’s signature:	 		 	 /s/ Justin D. Mogford

			
	Witness’s name	 		 	
	(in capitals): 	 		 	JUSTIN D. MOGFORD
			
	Witness’s address: 	 		 	3151 Briarpark Drive, Suite 700
		 		 	Houston, Texas 77042

					
	EXECUTED as a deed by Grant Newman ,	 	)	 	
	Authorised Signatory, duly authorised for	 	)	 	 /s/ Grant Newman

	and on behalf of BRISTOW 	 	)	 	
	HELICOPTERS LIMITED:	 		 	
			
	Witness’s signature:	 		 	 /s/ Justin D. Mogford

			
	Witness’s name	 		 	
	(in capitals): 	 		 	JUSTIN D. MOGFORD
			
	Witness’s address: 	 		 	3151 Briarpark Drive, Suite 700
		 		 	Houston, Texas 77042

					
	EXECUTED as a deed by E. H. Underwood III	 	)	 	
	, duly authorised for and on behalf of	 	)	 	
	BRISTOW U.S. LLC in the presence of:	 	)	 	 /s/ E. H. Underwood III

		 	)	 	
			
	Witness’s signature:	 		 	 /s/ Justin D. Mogford

			
	Witness’s name	 		 	
	(in capitals): 	 		 	JUSTIN D. MOGFORD
			
	Witness’s address: 	 		 	3151 Briarpark Drive, Suite 700
		 		 	Houston, Texas 77042

					
	Guarantors	 		 	
			
	EXECUTED as a deed by Grant Newman ,	 	)	 	
	Authorised Signatory, duly authorised for	 	)	 	 /s/ Grant Newman

	and on behalf of BRISTOW HOLDINGS 	 	)	 	
	U.S. INC. (f/k/a BRISTOW GROUP	 		 	
	INC.):	 		 	
			
	Witness’s signature:	 		 	 /s/ Justin D. Mogford

			
	Witness’s name	 		 	
	(in capitals): 	 		 	JUSTIN D. MOGFORD
		
	Witness’s address: 	 	3151 Briarpark Drive, Suite 700
		 		 	Houston, Texas 77042

					
	EXECUTED as a deed by Grant Newman,	 	)	 	
	Authorised Signatory, duly authorised for	 	)	 	 /s/ Grant Newman

	and on behalf of BRISTOW NORWAY	 	)	 	
	AS:	 		 	
			
	Witness’s signature:	 		 	 /s/ Justin D. Mogford

			
	Witness’s name	 		 	
	(in capitals): 	 		 	JUSTIN D. MOGFORD
			
	Witness’s address: 	 		 	3151 Briarpark Drive, Suite 700
		 		 	Houston, Texas 77042

					
	EXECUTED as a deed by Grant Newman ,	 	)	 	
	Authorised Signatory, duly authorised for	 	)	 	 /s/ Grant Newman

	and on behalf of BRISTOW	 	)	 	
	HELICOPTERS LIMITED:	 		 	
			
	Witness’s signature:	 		 	 /s/ Justin D. Mogford

			
	Witness’s name	 		 	
	(in capitals): 	 		 	JUSTIN D. MOGFORD
			
	Witness’s address: 	 		 	3151 Briarpark Drive, Suite 700
		 		 	Houston, Texas 77042

					
	EXECUTED as a deed by E. H. Underwood III,	 	)	 	
	duly authorised for and on behalf of	 	)	 	 /s/ E. H. Underwood III

	BRISTOW U.S. LLC in the presence of:	 	)	 	
			
		 	)	 	
			
	Witness’s signature:	 		 	 /s/ Justin D. Mogford

			
	Witness’s name	 		 	
	(in capitals): 	 		 	JUSTIN D. MOGFORD
			
	Witness’s address: 	 		 	3151 Briarpark Drive, Suite 700
		 		 	Houston, Texas 77042

					
	Security Obligors	  		  	
			
	EXECUTED as a deed by Grant Newman ,	  	)	  	
	Authorised Signatory, duly authorised for	  	)	  	 /s/ Grant Newman

	and on behalf of BRISTOW NORWAY	  	)	  	
	AS:	  		  	
			
	Witness’s signature:	  		  	 /s/ Justin D. Mogford

			
	Witness’s name	  		  	
	(in capitals): 	  		  	JUSTIN D. MOGFORD
			
	Witness’s address: 	  		  	3151 Briarpark Drive, Suite 700
		  		  	Houston, Texas 77042

					
	EXECUTED as a deed by Grant Newman ,	 	)	 	
	Authorised Signatory, duly authorised for	 	)	 	 /s/ Grant Newman

	and on behalf of BRISTOW 	 	)	 	
	HELICOPTERS LIMITED:	 		 	
			
	Witness’s signature:	 		 	 /s/ Justin D. Mogford

			
	Witness’s name	 		 	
	(in capitals): 	 		 	JUSTIN D. MOGFORD
			
	Witness’s address: 	 		 	3151 Briarpark Drive, Suite 700
		 		 	Houston, Texas 77042

					
	EXECUTED as a deed by E. H. Underwood III	 	)	 	
	, duly authorised for and on behalf of	 	)	 	 /s/ E. H. Underwood III

	BRISTOW U.S. LLC in the presence of:	 	)	 	
		 	)	 	
			
	Witness’s signature:	 		 	 /s/ Justin D. Mogford

			
	Witness’s name	 		 	
	(in capitals): 	 		 	JUSTIN D. MOGFORD
			
	Witness’s address: 	 		 	3151 Briarpark Drive, Suite 700
		 		 	Houston, Texas 77042

					
	Acceding Party	 		 	
			
	EXECUTED as a deed by Grant Newman	 	)	 	
	, duly authorised for and on behalf of	 	)	 	 /s/ Grant Newman

	BRISTOW GROUP INC. (f/k/a ERA	 	)	 	
	GROUP INC.) in the presence of:	 	)	 	
			
	Witness’s signature:	 		 	 /s/ Justin D. Mogford

			
	Witness’s name	 		 	
	(in capitals): 	 		 	JUSTIN D. MOGFORD
			
	Witness’s address: 	 		 	3151 Briarpark Drive, Suite 700
		 		 	Houston, Texas 77042

					
	Agent	 		 	
			
	EXECUTED as a deed by Joseph Jordan,	 	)	 	
	Managing Director, duly authorised for and	 	)	 	 /s/ Joseph Jordan

	on behalf of BARCLAYS BANK PLC in	 	)	 	
	the presence of:	 		 	
			
	Witness’s signature:	 		 	 /s/ Kristin Jordan

			
	Witness’s name	 		 	
	(in capitals): 	 		 	KRISTIN JORDAN
			
	Witness’s address: 	 		 	19 Renshaw Road
		 		 	Darien, CT 06820

					
	Security Agent	 		 	
			
	EXECUTED as a deed by Joseph Jordan,	 	)	 	
	Managing Director, duly authorised for and	 	)	 	 /s/ Joseph Jordan

	on behalf of BARCLAYS BANK PLC in	 	)	 	
	the presence of:	 		 	
			
	Witness’s signature:	 		 	 /s/ Kristin Jordan

			
	Witness’s name	 		 	
	(in capitals): 	 		 	KRISTIN JORDAN
			
	Witness’s address: 	 		 	19 Renshaw Road
		 		 	Darien, CT 06820Exhibit

Exhibit 4.1

	
	
	 

CHEGG, INC.
AND 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, 
as Trustee 
 INDENTURE 
 Dated as of August 21, 2020

0% Convertible Senior Notes due 2026
	
	
	 

TABLE OF CONTENTS
_______________________________
	
			
	 
	 
	PAGE

	 
	 
	 

	ARTICLE 1 
DEFINITIONS

	 
	 
	 

	Section 1.01.
	Definitions
	1

	Section 1.02.
	References to Interest
	13

	 
	 
	 

	ARTICLE 2 
ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES

	 
	 
	 

	Section 2.01.
	Designation and Amount
	13

	Section 2.02.
	Form of Notes
	13

	Section 2.03.
	Date and Denomination of Notes; No Regular Interest; Special Interest and Defaulted Amounts
	14

	Section 2.04.
	Execution, Authentication and Delivery of Notes
	16

	Section 2.05.
	Exchange and Registration of Transfer of Notes; Restrictions on Transfer Depositary
	16

	Section 2.06.
	Mutilated, Destroyed, Lost or Stolen Notes
	23

	Section 2.07.
	Temporary Notes
	24

	Section 2.08.
	Cancellation of Notes Paid, Converted, Etc
	24

	Section 2.09.
	CUSIP Numbers
	25

	Section 2.10.
	Additional Notes; Repurchases
	25

	 
	 
	 

	ARTICLE 3 
SATISFACTION AND DISCHARGE

	 
	 
	 

	Section 3.01.
	Satisfaction and Discharge
	26

	 
	 
	 

	ARTICLE 4 
PARTICULAR COVENANTS OF THE COMPANY

	 
	 
	 

	Section 4.01.
	Payment of Principal and Interest
	26

	Section 4.02.
	Maintenance of Office or Agency
	26

	Section 4.03.
	Appointments to Fill Vacancies in Trustee’s Office
	27

	Section 4.04.
	Provisions as to Paying Agent
	27

	Section 4.05.
	Existence
	28

	Section 4.06.
	Rule 144A Information Requirement and Annual Reports
	28

	Section 4.07.
	Stay, Extension and Usury Laws
	30

i

	
			
	Section 4.08.
	Compliance Certificate; Statements as to Defaults
	31

	Section 4.09.
	Further Instruments and Acts
	31

	 
	 
	 

	ARTICLE 5 
LISTS OF HOLDERS AND REPORTS BY THE COMPANY AND THE TRUSTEE

	 
	 
	 

	Section 5.01.
	Lists of Holders
	31

	Section 5.02.
	Preservation and Disclosure of Lists
	31

	 
	 
	 

	ARTICLE 6 
DEFAULTS AND REMEDIES

	 
	 
	 

	Section 6.01.
	Events of Default
	31

	Section 6.02.
	Acceleration; Rescission and Annulment
	33

	Section 6.03.
	Special Interest
	34

	Section 6.04. 
	Payments of Notes on Default; Suit Therefor
	35

	Section 6.05. 
	Application of Monies Collected by Trustee
	36

	Section 6.06. 
	Proceedings by Holders
	37

	Section 6.07. 
	Proceedings by Trustee
	38

	Section 6.08.
	Remedies Cumulative and Continuing
	38

	Section 6.09.
	Direction of Proceedings and Waiver of Defaults by Majority of Holders
	38

	Section 6.10.
	Notice of Defaults
	39

	Section 6.11.
	Undertaking to Pay Costs
	39

	 
	 
	 

	ARTICLE 7 
CONCERNING THE TRUSTEE

	 
	 
	 

	Section 7.01.
	Duties and Responsibilities of Trustee
	40

	Section 7.02.
	Reliance on Documents, Opinions, Etc
	41

	Section 7.03.
	No Responsibility for Recitals, Etc
	42

	Section 7.04.
	Trustee, Paying Agents, Conversion Agents, Bid Solicitation Agent or Note Registrar May Own Notes
	43

	Section 7.05.
	Monies to Be Held in Trust
	43

	Section 7.06.
	Compensation and Expenses of Trustee
	43

	Section 7.07.
	Officer’s Certificate as Evidence
	44

	Section 7.08.
	Eligibility of Trustee
	44

	Section 7.09.
	Resignation or Removal of Trustee
	45

	Section 7.10.
	Acceptance by Successor Trustee
	46

	Section 7.11.
	Succession by Merger, Etc
	46

	Section 7.12.
	Trustee’s Application for Instructions from the Company
	47

	 
	 
	 

ii

	
			
	ARTICLE 8 
CONCERNING THE HOLDERS

	 
	 
	 

	Section 8.01.
	Action by Holders
	47

	Section 8.02.
	Proof of Execution by Holders
	47

	Section 8.03.
	Who Are Deemed Absolute Owners
	48

	Section 8.04.
	Company-Owned Notes Disregarded
	48

	Section 8.05.
	Revocation of Consents; Future Holders Bound
	49

	 
	 
	 

	ARTICLE 9 
HOLDERS’ MEETINGS

	 
	 
	 

	Section 9.01.
	Purpose of Meetings
	49

	Section 9.02.
	Call of Meetings by Trustee
	49

	Section 9.03.
	Call of Meetings by Company or Holders
	50

	Section 9.04.
	Qualifications for Voting
	50

	Section 9.05.
	Regulations
	50

	Section 9.06.
	Voting
	51

	Section 9.07.
	No Delay of Rights by Meeting
	51

	 
	 
	 

	ARTICLE 10 
SUPPLEMENTAL INDENTURES

	 
	 
	 

	Section 10.01.
	Supplemental Indentures Without Consent of Holders
	51

	Section 10.02.
	Supplemental Indentures with Consent of Holders
	52

	Section 10.03.
	Effect of Supplemental Indentures
	53

	Section 10.04.
	Notation on Notes
	54

	Section 10.05.
	Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee
	54

	 
	 
	 

	ARTICLE 11 
CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE

	 
	 
	 

	Section 11.01.
	Company May Consolidate, Etc. on Certain Terms
	54

	Section 11.02.
	Successor Corporation to Be Substituted
	55

	Section 11.03.
	Opinion of Counsel to Be Given to Trustee
	55

	 
	 
	 

	ARTICLE 12 
IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

	 
	 
	 

	Section 12.01.
	Indenture and Notes Solely Corporate Obligations
	55

	 
	 
	 

iii

	
			
	ARTICLE 13 
INTENTIONALLY OMITTED

	 
	 
	 

	ARTICLE 14 
CONVERSION OF NOTES

	 
	 
	 

	Section 14.01.
	Conversion Privilege
	56

	Section 14.02.
	Conversion Procedure; Settlement Upon Conversion.
	59

	Section 14.03.
	Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes or During a Redemption Period
	63

	Section 14.04.
	Adjustment of Conversion Rate
	66

	Section 14.05.
	Adjustments of Prices
	74

	Section 14.06.
	Shares to Be Fully Paid
	75

	Section 14.07.
	Effect of Recapitalizations, Reclassifications and Changes of the Common Stock
	75

	Section 14.08.
	Certain Covenants
	77

	Section 14.09.
	Responsibility of Trustee
	77

	Section 14.10.
	Notice to Holders Prior to Certain Actions
	78

	Section 14.11.
	Stockholder Rights Plans
	78

	 
	 
	 

	ARTICLE 15 
REPURCHASE OF NOTES AT OPTION OF HOLDERS

	 
	 
	 

	Section 15.01.
	Intentionally Omitted.
	79

	Section 15.02.
	Repurchase at Option of Holders Upon a Fundamental Change
	79

	Section 15.03.
	Withdrawal of Fundamental Change Repurchase Notice
	81

	Section 15.04.
	Deposit of Fundamental Change Repurchase Price
	82

	Section 15.05.
	Covenant to Comply with Applicable Laws Upon Repurchase of Notes
	83

	 
	 
	 

	ARTICLE 16 
OPTIONAL REDEMPTION

	 
	 
	 

	Section 16.01.
	Optional Redemption
	83

	Section 16.02.
	Notice of Optional Redemption; Selection of Notes
	83

	Section 16.03.
	Payment of Notes Called for Redemption
	85

	Section 16.04.
	Restrictions on Redemption
	85

	 
	 
	 

	ARTICLE 17 
MISCELLANEOUS PROVISIONS

	 
	 
	 

	Section 17.01.
	Provisions Binding on Company’s Successors
	85

iv

	
			
	Section 17.02.
	Official Acts by Successor Corporation
	85

	Section 17.03.
	Addresses for Notices, Etc
	85

	Section 17.04.
	Governing Law; Jurisdiction
	86

	Section 17.05.
	Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee
	87

	Section 17.06.
	Legal Holidays
	87

	Section 17.07.
	No Security Interest Created
	87

	Section 17.08.
	Benefits of Indenture
	88

	Section 17.09.
	Table of Contents, Headings, Etc
	88

	Section 17.10.
	Authenticating Agent
	88

	Section 17.11.
	Execution in Counterparts
	89

	Section 17.12.
	Severability
	90

	Section 17.13.
	Waiver of Jury Trial
	90

	Section 17.14.
	Force Majeure
	90

	Section 17.15.
	Calculations
	90

	Section 17.16.
	U.S.A. PATRIOT Act
	90

	 
	 
	 

	EXHIBIT

	Exhibit A
	Form of Note
	A-1

v

INDENTURE, dated as of August 21, 2020, between CHEGG, INC., a Delaware corporation, as issuer (the “Company”, as more fully set forth in Section 1.01) and Wells Fargo Bank, National Association, a national banking association, as trustee (the “Trustee”, as more fully set forth in Section 1.01).
W I T N E S S E T H:
WHEREAS, for its lawful corporate purposes, the Company has duly authorized the issuance of its 0% Convertible Senior Notes due 2026 (the “Notes”), initially in an aggregate principal amount not to exceed $1,000,000,000, and in order to provide the terms and conditions upon which the Notes are to be authenticated, issued and delivered, the Company has duly authorized the execution and delivery of this Indenture; and
WHEREAS, the Form of Note, the certificate of authentication to be borne by each Note, the Form of Notice of Conversion, the Form of Fundamental Change Repurchase Notice and the Form of Assignment and Transfer to be borne by the Notes are to be substantially in the forms hereinafter provided; and
WHEREAS, all acts and things necessary to make the Notes, when executed by the Company and authenticated and delivered by the Trustee or a duly authorized authenticating agent, as in this Indenture provided, the valid, binding and legal obligations of the Company, and this Indenture a valid agreement according to its terms, have been done and performed, and the execution of this Indenture and the issuance hereunder of the Notes have in all respects been duly authorized.
NOW, THEREFORE, THIS INDENTURE WITNESSETH:
That in order to declare the terms and conditions upon which the Notes are, and are to be, authenticated, issued and delivered, and in consideration of the premises and of the purchase and acceptance of the Notes by the Holders thereof, the Company covenants and agrees with the Trustee for the equal and proportionate benefit of the respective Holders from time to time of the Notes (except as otherwise provided below), as follows:

ARTICLE 1
DEFINITIONS
Section 1.01  Definitions. The terms defined in this Section 1.01 (except as herein otherwise expressly provided or unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section 1.01. The words “herein,” “hereof,” “hereunder,” and words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. The terms defined in this Article include the plural as well as the singular.

“Additional Shares” shall have the meaning specified in Section 14.03(a).

1

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control,” when used with respect to any specified Person means the power to direct or cause the direction of the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. Notwithstanding anything to the contrary herein, the determination of whether one Person is an “Affiliate” of another Person for purposes of this Indenture shall be made based on the facts at the time such determination is made or required to be made, as the case may be, hereunder.
“Bid Solicitation Agent” means the Company or the Person appointed by the Company to solicit bids for the Trading Price of the Notes in accordance with Section 14.01(b)(i). The Company shall initially act as the Bid Solicitation Agent.
“Board of Directors” means the board of directors of the Company or a committee of such board duly authorized to act for it hereunder.
“Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors, and to be in full force and effect on the date of such certification, and delivered to the Trustee.
“Business Day” means, with respect to any Note, any day other than a Saturday, a Sunday or a day on which the Federal Reserve Bank of New York is authorized or required by law or executive order to close or be closed. 
“Capital Stock” means, for any entity, any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) stock issued by that entity.
“Cash Settlement” shall have the meaning specified in Section 14.02(a).
“Clause A Distribution” shall have the meaning specified in Section 14.04(c).
“Clause B Distribution” shall have the meaning specified in Section 14.04(c).
“Clause C Distribution” shall have the meaning specified in Section 14.04(c).
“close of business” means 5:00 p.m. (New York City time).
“Combination Settlement” shall have the meaning specified in Section 14.02(a).
“Commission” means the U.S. Securities and Exchange Commission.
“Common Equity” of any Person means Capital Stock of such Person that is generally entitled (a) to vote in the election of directors of such Person or (b) if such Person is not a 

2

corporation, to vote or otherwise participate in the selection of the governing body, partners, managers or others that will control the management or policies of such Person.
“Common Stock” means the common stock of the Company, par value $0.001 per share, at the date of this Indenture, subject to Section 14.07.
“Company” shall have the meaning specified in the first paragraph of this Indenture, and subject to the provisions of Article 11, shall include its successors and assigns.
“Company Order” means a written order of the Company, signed by the Company’s Chief Executive Officer, Chief Financial Officer, any President or Vice President (whether or not designated by a number or numbers or word or words added before or after the title “President” or “Vice President”) or the Company’s Treasurer or Assistant Treasurer, and delivered to the Trustee.
“Conversion Agent” shall have the meaning specified in Section 4.02.
 “Conversion Date” shall have the meaning specified in Section 14.02(c).
“Conversion Obligation” shall have the meaning specified in Section 14.01(a).
“Conversion Price” means as of any time, $1,000, divided by the Conversion Rate as of such time.
“Conversion Rate” shall have the meaning specified in Section 14.01(a).
 “Corporate Trust Office” means the designated office of the Trustee at which at any time this Indenture shall be administered, which office at the date hereof is located at  600 South Fourth Street, 6th Floor, MAC: N9300-060, Minneapolis, MN 55415 Attention:  Corporate Trust Services – Chegg, Inc. Administrator, and for registration for transfer or exchange, presentation at maturity or for redemptions, such office shall mean the office or agency of the Trustee located at Corporate Trust Operations, MAC N9300-070, 600 South Fourth Street, Seventh Floor, Minneapolis, MN 55415 , or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the designated corporate trust office of any successor trustee (or such other address as such successor trustee may designate from time to time by notice to the Holders and the Company).
“Custodian” means the Trustee, as custodian for The Depository Trust Company, with respect to the Global Notes, or any successor entity thereto.
“Daily Conversion Value” means, for each of the 30 consecutive Trading Days during the relevant Observation Period, 1/30 (one-thirtieth) of the product of (a) the Conversion Rate on such Trading Day and (b) the Daily VWAP on such Trading Day.
“Daily Measurement Value” means the Specified Dollar Amount (if any), divided by 30.

3

“Daily Settlement Amount,” for each of the 30 consecutive Trading Days during the relevant Observation Period, shall consist of:
(a)    cash in an amount equal to the lesser of (i) the Daily Measurement Value and (ii) the Daily Conversion Value on such Trading Day; and
(b)    if the Daily Conversion Value on such Trading Day exceeds the Daily Measurement Value, a number of shares of Common Stock equal to (i) the difference between the Daily Conversion Value and the Daily Measurement Value, divided by (ii) the Daily VWAP for such Trading Day.
“Daily VWAP” means the per share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page “CHGG <equity> AQR” (or its equivalent successor if such page is not available) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such Trading Day (or if such volume-weighted average price is unavailable, the market value of one share of the Common Stock on such Trading Day determined, using a volume-weighted average method, by a nationally recognized independent investment banking firm retained for this purpose by the Company). The “Daily VWAP” shall be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.
“Default” means any event that is, or after notice or passage of time, or both, would be, an Event of Default.
“Defaulted Amounts” means any amounts on any Note (including, without limitation, the Redemption Price, the Fundamental Change Repurchase Price, principal and Special Interest) that are payable but are not punctually paid or duly provided for.
“delivered” with respect to any notice to be delivered, given or mailed to a Holder pursuant to this Indenture, shall mean notice (x) given to the Depositary (or its designee) pursuant to the standing instructions from the Depositary or its designee, including by electronic mail in accordance with accepted practices or procedures at the Depositary (in the case of a Global Note) or (y) mailed to such Holder by first class mail, postage prepaid, at its address as it appears on the Note Register, in each case in accordance with Section 17.03. Notice so “delivered” shall be deemed to include any notice to be “mailed” or “given,” as applicable, under this Indenture.
“Depositary” means, with respect to each Global Note, the Person specified in Section 2.05(c) as the Depositary with respect to such Notes, until a successor shall have been appointed and become such pursuant to the applicable provisions of this Indenture, and thereafter, “Depositary” shall mean or include such successor.
“Distributed Property” shall have the meaning specified in Section 14.04(c).
“Effective Date” shall have the meaning specified in Section 14.03(c), except that, as used in Section 14.04 and Section 14.05, “Effective Date” means the first date on which shares 

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of the Common Stock trade on the applicable exchange or in the applicable market, regular way, reflecting the relevant share split or share combination, as applicable.
“Event of Default” shall have the meaning specified in Section 6.01.
“Ex-Dividend Date” means the first date on which shares of the Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive the issuance, dividend or distribution in question, from the Company or, if applicable, from the seller of the Common Stock on such exchange or market (in the form of due bills or otherwise) as determined by such exchange or market.
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.
 “Form of Assignment and Transfer” shall mean the “Form of Assignment and Transfer” attached as Attachment 3 to the Form of Note attached hereto as Exhibit A.
“Form of Fundamental Change Repurchase Notice” shall mean the “Form of Fundamental Change Repurchase Notice” attached as Attachment 2 to the Form of Note attached hereto as Exhibit A.
“Form of Note” shall mean the “Form of Note” attached hereto as Exhibit A.
“Form of Notice of Conversion” shall mean the “Form of Notice of Conversion” attached as Attachment 1 to the Form of Note attached hereto as Exhibit A.
“Fundamental Change” shall be deemed to have occurred at the time after the Notes are originally issued if any of the following occurs prior to the Maturity Date:
(a)    except as described in clause (b) below, a “person” or “group” within the meaning of Section 13(d) of the Exchange Act, other than the Company, its Wholly Owned Subsidiaries and the employee benefit plans of the Company and its Wholly Owned Subsidiaries, files a Schedule TO or any schedule, form or report under the Exchange Act disclosing that such person or group has become the direct or indirect “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, of the Common Stock representing more than 50% of the voting power of the Common Stock;
(b)    the consummation of (A) any recapitalization, reclassification or change of the Common Stock (other than changes resulting from a subdivision or combination) as a result of which the Common Stock would be converted into, or exchanged for, stock, other securities, other property or assets; (B) any share exchange, consolidation or merger of the Company pursuant to which the Common Stock will be converted into cash, securities or other property or assets; or (C) any sale, lease or other transfer in one transaction or a series of transactions of all or substantially all of the consolidated assets of the Company and its Subsidiaries, taken as a whole, to any Person other than one of the Company’s Wholly Owned Subsidiaries; provided, however, that neither (i) a 

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transaction described in clause (B) in which the holders of all classes of the Company’s Common Equity immediately prior to such transaction own, directly or indirectly, more than 50% of all classes of Common Equity of the continuing or surviving corporation or transferee or the parent thereof immediately after such transaction in substantially the same proportions as such ownership immediately prior to such transaction nor (ii) any merger of the Company solely for the purpose of changing its jurisdiction of incorporation that results in a reclassification, conversion or exchange of outstanding shares of Common Stock solely into shares of common stock of the surviving entity shall be a Fundamental Change pursuant to this clause (b), or pursuant to clause (a);
(c)    the stockholders of the Company approve any plan or proposal for the liquidation or dissolution of the Company; or
(d)    the Common Stock ceases to be listed or quoted on any of The New York Stock Exchange, The Nasdaq Global Select Market or The Nasdaq Global Market (or any of their respective successors);
provided, however, that a transaction or transactions described in (a) or (b) above shall not constitute a Fundamental Change if at least 90% of the consideration received or to be received by the common stockholders of the Company, excluding cash payments for fractional shares, in connection with such transaction or transactions consists of shares of common stock that are listed or quoted on any of The New York Stock Exchange, The Nasdaq Global Select Market or The Nasdaq Global Market (or any of their respective successors) or will be so listed or quoted when issued or exchanged in connection with such transaction or transactions and as a result of such transaction or transactions the Notes become convertible into such consideration, excluding cash payments for fractional shares (subject to the provisions of Section 14.07). If any transaction in which the Common Stock is replaced by the securities of another entity occurs, following completion of any related Make-Whole Fundamental Change Period (or, in the case of a transaction that would have been a Fundamental Change or a Make-Whole Fundamental Change but for the proviso in the immediately preceding paragraph, following the effective date of such transaction) references to the Company in this definition shall instead be references to such other entity.
Any transaction that constitutes a Fundamental Change pursuant to both clause (a) and clause (b) above (without giving effect to the proviso to clause (b)) shall be deemed a Fundamental Change solely under clause (b) above (subject to the proviso to clause (b)).
 “Fundamental Change Company Notice” shall have the meaning specified in Section 15.02(c).
“Fundamental Change Repurchase Date” shall have the meaning specified in Section 15.02(a).
“Fundamental Change Repurchase Notice” shall have the meaning specified in Section 15.02(b)(i).

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“Fundamental Change Repurchase Price” shall have the meaning specified in Section 15.02(a).
“Global Note” shall have the meaning specified in Section 2.05(b).
“Holder,” as applied to any Note, or other similar terms (but excluding the term “beneficial holder”), shall mean any Person in whose name at the time a particular Note is registered on the Note Register.
“Indenture” means this instrument as originally executed or, if amended or supplemented as herein provided, as so amended or supplemented.
“Irrevocable Settlement Election” shall have the meaning specified in Section 14.02(a)(iii).
“Last Reported Sale Price” of the Common Stock on any date means the closing sale price per share (or if no closing sale price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that date as reported in composite transactions for the principal U.S. national or regional securities exchange on which the Common Stock is traded. If the Common Stock is not listed for trading on a U.S. national or regional securities exchange on the relevant date, the “Last Reported Sale Price” shall be the last quoted bid price for the Common Stock in the over-the-counter market on the relevant date as reported by OTC Markets Group Inc. or a similar organization. If the Common Stock is not so quoted, the “Last Reported Sale Price” shall be the average of the mid-point of the last bid and ask prices for the Common Stock on the relevant date from each of at least three nationally recognized independent investment banking firms selected by the Company for this purpose. The “Last Reported Sale Price” shall be determined without regard to after-hours trading or any other trading outside of regular trading session hours. 
“Make-Whole Fundamental Change” means any transaction or event that constitutes a Fundamental Change (as defined above and determined after giving effect to any exceptions to or exclusions from such definition, but without regard to subclause (i) of the proviso in clause (b) of the definition thereof).
“Make-Whole Fundamental Change Period” shall have the meaning specified in Section 14.03(a).
“Market Disruption Event” means, for the purposes of determining amounts due upon conversion (a) a failure by the primary U.S. national or regional securities exchange or market on which the Common Stock is listed or admitted for trading to open for trading during its regular trading session or (b) the occurrence or existence prior to 1:00 p.m., New York City time, on any Scheduled Trading Day for the Common Stock for more than one half-hour period in the aggregate during regular trading hours of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant stock exchange or otherwise) in the Common Stock or in any options contracts or futures contracts traded on any U.S. exchange relating to the Common Stock.

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“Maturity Date” means September 1, 2026.
“Measurement Period” shall have the meaning specified in Section 14.01(b)(i).
 “Note” or “Notes” shall have the meaning specified in the first paragraph of the recitals of this Indenture.
“Note Register” shall have the meaning specified in Section 2.05(a).
“Note Registrar” shall have the meaning specified in Section 2.05(a).
“Notice of Conversion” shall have the meaning specified in Section 14.02(b).
“Observation Period” with respect to any Note surrendered for conversion means: (i) subject to clause (ii), if the relevant Conversion Date occurs prior to June 1, 2026, the 30 consecutive Trading Day period beginning on, and including, the second Trading Day immediately succeeding such Conversion Date; (ii) if the relevant Conversion Date occurs during a Redemption Period pursuant to Section 16.02, the 30 consecutive Trading Days beginning on, and including, the 31st Scheduled Trading Day immediately preceding the relevant Redemption Date;  and (iii) subject to clause (ii), if the relevant Conversion Date occurs on or after June 1, 2026, the 30 consecutive Trading Days beginning on, and including, the 31st Scheduled Trading Day immediately preceding the Maturity Date.
“Offering Memorandum” means the preliminary offering memorandum dated August 17, 2020, as supplemented by the related pricing term sheet dated August 18, 2020, relating to the offering and sale of the Notes.
“Officer” means, with respect to the Company, the Chief Executive Officer, the Chief Financial Officer, the Chief Accounting Officer, the Treasurer, the Secretary, or any President or Vice President (whether or not designated by a number or numbers or word or words added before or after the title “President” or “Vice President”).
“Officer’s Certificate,” when used with respect to the Company, means a certificate that is delivered to the Trustee and that is signed by an Officer of the Company. Each such certificate shall include the statements provided for in Section 17.05 if and to the extent required by the provisions of such Section. The Officer giving an Officer’s Certificate pursuant to Section 4.08 shall be the principal executive, financial or accounting officer of the Company.
“open of business” means 9:00 a.m. (New York City time).
“Opinion of Counsel” means an opinion in writing signed by legal counsel, who may be an employee of or counsel to the Company, that is delivered to the Trustee, which opinion may contain customary exceptions and qualifications as to the matters set forth therein. Each such opinion shall include the statements provided for in Section 17.05 if and to the extent required by the provisions of such Section 17.05.
“Optional Redemption” shall have the meaning specified in Section 16.01. 

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“outstanding,” when used with reference to Notes, shall, subject to the provisions of Section 8.04, mean, as of any particular time, all Notes authenticated and delivered by the Trustee under this Indenture, except:
(a)    Notes theretofore canceled by the Trustee or accepted by the Trustee for cancellation;
(b)    Notes, or portions thereof, that have become due and payable and in respect of which monies in the necessary amount shall have been deposited in trust with the Trustee or with any Paying Agent (other than the Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent);
(c)    Notes that have been paid pursuant to Section 2.06 or Notes in lieu of which, or in substitution for which, other Notes shall have been authenticated and delivered pursuant to the terms of Section 2.06 unless proof satisfactory to the Trustee is presented that any such Notes are held by protected purchasers in due course; 
(d)    Notes converted pursuant to Article 14 and required to be cancelled pursuant to Section 2.08;
(e)    Notes redeemed pursuant to Article 16; and 
(f)    Notes repurchased by the Company pursuant to Section 2.10 and delivered to the Trustee for cancellation in accordance with the ultimate sentence of such Section 2.10.
“Paying Agent” shall have the meaning specified in Section 4.02.
“Person” means an individual, a corporation, a limited liability company, an association, a partnership, a joint venture, a joint stock company, a trust, an unincorporated organization or a government or an agency or a political subdivision thereof.
“Physical Notes” means permanent certificated Notes in registered form issued in minimum denominations of $1,000 principal amount and multiples thereof.
“Physical Settlement” shall have the meaning specified in Section 14.02(a).
“Predecessor Note” of any particular Note means every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 2.06 in lieu of or in exchange for a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note that it replaces.
“Record Date” means, with respect to any dividend, distribution or other transaction or event in which the holders of Common Stock (or other applicable security) have the right to receive any cash, securities or other property or in which the Common Stock (or such other 

9

security) is exchanged for or converted into any combination of cash, securities or other property, the date fixed for determination of holders of the Common Stock (or such other security) entitled to receive such cash, securities or other property (whether such date is fixed by the Board of Directors, by statute, by contract or otherwise).
“Redemption Date” shall have the meaning specified in Section 16.02(a).
“Redemption Notice” shall have the meaning specified in Section 16.02(a).
“Redemption Notice Date” means the date on which a Redemption Notice is delivered pursuant to Section 16.02.
“Redemption Period” means the period from, and including, the relevant Redemption Notice Date until the close of business on the second Scheduled Trading Day immediately preceding the related Redemption Date (or, if the Company defaults in the payment of the Redemption Price, such later date on which the Redemption Price has been paid or duly provided for).
“Redemption Price” means, for any Notes to be redeemed pursuant to Section 16.01, 100% of the principal amount of such Notes, plus accrued and unpaid Special Interest, if any, to, but excluding, the Redemption Date (unless the Redemption Date falls after a Special Interest Record Date but on or prior to the immediately succeeding Special Interest Payment Date, in which case any Special Interest accrued to the Special Interest Payment Date will be paid to Holders of record of such Notes on such Special Interest Record Date, and the Redemption Price will be equal to 100% of the principal amount of such Notes).
“Reference Property” shall have the meaning specified in Section 14.07(a).
“Resale Restriction Termination Date” shall have the meaning specified in Section 2.05(c).
“Responsible Officer” means, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers who shall have direct responsibility for the administration of this Indenture, or to whom any corporate trust matter relating to this Indenture is referred because of such person’s knowledge of and familiarity with the particular subject.
“Restricted Securities” shall have the meaning specified in Section 2.05(c).
“Rule 144” means Rule 144 as promulgated under the Securities Act.
“Rule 144A” means Rule 144A as promulgated under the Securities Act.
“Scheduled Trading Day” means a day that is scheduled to be a Trading Day on the principal U.S. national or regional securities exchange or market on which the Common Stock is 

10

listed or admitted for trading. If the Common Stock is not so listed or admitted for trading, “Scheduled Trading Day” means a Business Day.
“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
“Settlement Amount” has the meaning specified in Section 14.02(a)(iv).
“Settlement Method” means, with respect to any conversion of Notes, Physical Settlement, Cash Settlement or Combination Settlement, as elected (or deemed to have been elected) by the Company.
“Settlement Notice” has the meaning specified in Section 14.02(a)(iii).
“Share Exchange Event” shall have the meaning specified in Section 14.07(a).
“Significant Subsidiary” for purposes of Section 6.01(h)-(i), means a Subsidiary of the Company that meets the definition of “significant subsidiary” in Article 1, Rule 1-02 of Regulation S-X promulgated by the Commission; provided that, in the case of a Subsidiary that meets the criteria of clause (3) of the definition thereof but not clause (1) or (2) thereof, in each case as such rule is in effect on the date of this Indenture, such Subsidiary shall not be deemed to be a Significant Subsidiary unless such Subsidiary’s income from continuing operations before income taxes, exclusive of amounts attributable to any non-controlling interests for the last completed fiscal year prior to the date of such determination exceeds $25,000,000, with such amount calculated pursuant to Rule 1-02(w) as in effect on the date of this Indenture. For the avoidance of doubt, for purposes of this definition, to the extent any such Subsidiary would not be deemed to be a “significant subsidiary” under the relevant definition set forth in Rule 1-02(w) of Regulation S-X (or any successor rule) as in effect on the relevant date of determination, such Subsidiary shall not be deemed to be a “significant subsidiary” under this Indenture irrespective of whether such Subsidiary would otherwise be deemed to be a “Significant Subsidiary” after giving effect to the proviso in the immediately preceding sentence..
“Special Interest” means all amounts, if any, payable pursuant to Section 4.06(d), Section 4.06(e) and Section 6.03, as applicable.
“Special Interest Payment Date” means, if and to the extent that Special Interest is payable on the Notes, each March 1 and September 1 of each year, beginning on March 1, 2021.
“Special Interest Record Date,” with respect to any Interest Payment Date, shall mean the February 15 or August 15 (whether or not such day is a Business Day) immediately preceding the applicable March 1 or September 1 Special Interest Payment Date, respectively.
“Specified Dollar Amount” means the maximum cash amount per $1,000 principal amount of Notes to be received upon conversion as specified in the Settlement Notice related to any converted Notes (or deemed specified pursuant to Section 14.02(a)).
“Spin-Off” shall have the meaning specified in Section 14.04(c).

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“Stock Price” shall have the meaning specified in Section 14.03(c).
“Subsidiary” means, with respect to any Person, any corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, general partners or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii) one or more Subsidiaries of such Person.
“Successor Company” shall have the meaning specified in Section 11.01(a).
“Trading Day”, except for determining amounts due upon conversion, means a day on which (i) trading in the Common Stock (or other security for which a closing sale price must be determined) generally occurs on The New York Stock Exchange or, if the Common Stock (or such other security) is not then listed on The New York Stock Exchange, on the principal other U.S. national or regional securities exchange on which the Common Stock (or such other security) is then listed or, if the Common Stock (or such other security) is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock (or such other security) is then traded and (ii) a Last Reported Sale Price for the Common Stock (or closing sale price for such other security) is available on such securities exchange or market; provided that if the Common Stock (or such other security) is not so listed or traded, “Trading Day” means a Business Day; and provided, further, that for purposes of determining amounts due upon conversion only, “Trading Day” means a day on which (x) there is no Market Disruption Event and (y) trading in the Common Stock generally occurs on The New York Stock Exchange or, if the Common Stock is not then listed on The New York Stock Exchange, on the principal other U.S. national or regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is then listed or admitted for trading, except that if the Common Stock is not so listed or admitted for trading, “Trading Day” means a Business Day.
“Trading Price” of the Notes on any date of determination means the average of the secondary market bid quotations per $1,000 principal amount of the Notes obtained by the Bid Solicitation Agent for $2,000,000 principal amount of Notes at approximately 3:30 p.m., New York City time, on such determination date from three independent nationally recognized securities dealers the Company selects for this purpose; provided that if three such bids cannot reasonably be obtained by the Bid Solicitation Agent but two such bids are obtained, then the average of the two bids shall be used, and if only one such bid can reasonably be obtained by the Bid Solicitation Agent, that one bid shall be used. If the Bid Solicitation Agent cannot reasonably obtain at least one bid for $2,000,000 principal amount of Notes from a nationally recognized securities dealer on any determination date, then the Trading Price per $1,000 principal amount of Notes on such determination date shall be deemed to be less than 98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate.
 “transfer” shall have the meaning specified in Section 2.05(c).

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“Trigger Event” shall have the meaning specified in Section 14.04(c).
“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended, as it was in force at the date of execution of this Indenture; provided, however, that in the event the Trust Indenture Act of 1939 is amended after the date hereof, the term “Trust Indenture Act” shall mean, to the extent required by such amendment, the Trust Indenture Act of 1939, as so amended.
“Trustee” means the Person named as the “Trustee” in the first paragraph of this Indenture until a successor trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder.
“unit of Reference Property” shall have the meaning specified in Section 14.07(a).
“Valuation Period” shall have the meaning specified in Section 14.04(c).
“Wholly Owned Subsidiary” means, with respect to any Person, any Subsidiary of such Person, except that, solely for purposes of this definition, the reference to “more than 50%” in the definition of “Subsidiary” shall be deemed replaced by a reference to “100%”.
Section 1.02.  References to Interest.  All references to interest on, or in respect of, any Note in this Indenture shall be deemed to refer solely to Special Interest if, in such context, Special Interest is, was or would be payable pursuant to any of Section 4.06(d), Section 4.06(e) and Section 6.03, or to any such interest payable on any Defaulted Amounts as set forth in Section 2.03(c). 

ARTICLE 2
ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES
Section 2.01.  Designation and Amount. The Notes shall be designated as the “0% Convertible Senior Notes due 2026.” The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is initially limited to $1,000,000,000, subject to Section 2.10 and except for Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of other Notes to the extent permitted hereunder.
Section 2.02.  Form of Notes. The Notes and the Trustee’s certificate of authentication to be borne by such Notes shall be substantially in the respective forms set forth in Exhibit A, the terms and provisions of which shall constitute, and are hereby expressly incorporated in and made a part of this Indenture. To the extent applicable, the Company and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. In the case of any conflict between this Indenture and a Note, the provisions of this Indenture shall control and govern to the extent of such conflict. 
Any Global Note may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this Indenture as may be 

13

required by the Custodian or the Depositary, or as may be required to comply with any applicable law or any regulation thereunder or with the rules and regulations of any securities exchange or automated quotation system upon which the Notes may be listed or traded or designated for issuance or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Notes are subject.
Any of the Notes may have such letters, numbers or other marks of identification and such notations, legends or endorsements as the Officer executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, or to conform to usage or to indicate any special limitations or restrictions to which any particular Notes are subject.
Each Global Note shall represent such principal amount of the outstanding Notes as shall be specified therein and shall provide that it shall represent the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be increased or reduced to reflect redemptions, repurchases, cancellations, conversions, transfers or exchanges permitted hereby. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in such manner and upon instructions given by the Holder of such Notes in accordance with this Indenture. Payment of principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, and any accrued and unpaid interest on, a Global Note shall be made to the Holder of such Note on the date of payment, unless a record date or other means of determining Holders eligible to receive payment is provided for herein.
Section 2.03.  Date and Denomination of Notes; No Regular Interest; Special Interest and Defaulted Amounts.  1) The Notes shall be issuable in registered form without coupons in denominations of $1,000 principal amount and multiples thereof.  Each Note shall be dated the date of its authentication and shall not bear regular interest, and the principal amount of the Notes shall not accrete. Special Interest on the Notes, if any, shall be computed on the basis of a 360-day year composed of twelve 30-day months and, for partial months, on the basis of the number of days actually elapsed in a 30-day month.
(b)The Person in whose name any Note (or its Predecessor Note) is registered on the Note Register at the close of business on any Special Interest Record Date with respect to any Special Interest Payment Date shall be entitled to receive the Special Interest payable on such Special Interest Payment Date.  The principal amount of any Note (x) in the case of any Physical Note, shall be payable at the office or agency of the Company designated by the Company for such purposes in the contiguous United States of America, which shall initially be the Corporate Trust Office and (y) in the case of any Global Note, shall be payable by wire transfer of immediately available funds to the account of the Depositary or its nominee.  The Company shall 

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pay (or cause the Paying Agent to pay) Special Interest, if any, (i) on any Physical Notes (A) to Holders holding Physical Notes having an aggregate principal amount of $5,000,000 or less, by check mailed to the Holders of these Notes at their address as it appears in the Note Register and (B) to Holders holding Physical Notes having an aggregate principal amount of more than $5,000,000, either by check mailed to each such Holder or, upon application by such a Holder to the Note Registrar (containing the requisite information for the Trustee or Paying Agent to make such wire transfer) not later than the relevant Special Interest Record Date, by wire transfer in immediately available funds to that Holder’s account within the United States of America, which application shall remain in effect until the Holder notifies, in writing, the Note Registrar to the contrary or (ii) on any Global Note by wire transfer of immediately available funds to the account of the Depositary or its nominee.
(c)Any Defaulted Amounts shall forthwith cease to be payable to the Holder on the relevant payment date and shall not accrue interest unless Special Interest was payable with respect to such Defaulted Amounts on the relevant payment date, in which case such Defaulted Amounts shall accrue interest per annum at the then-applicable Special Interest rate from, and including, such relevant payment date, and such Defaulted Amounts together with any such interest thereon shall be paid by the Company, at its election in each case, as provided in clause (i) or (ii) below:
(i)The Company may elect to make payment of any Defaulted Amounts to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered at the close of business on a special record date for the payment of such Defaulted Amounts, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of the Defaulted Amounts proposed to be paid on each Note and the date of the proposed payment (which shall be not less than 25 days after the receipt by the Trustee of such notice, unless the Trustee shall consent to an earlier date), and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount to be paid in respect of such Defaulted Amounts or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Amounts as in this clause provided. Thereupon the Company shall fix a special record date for the payment of such Defaulted Amounts which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment, and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Company shall promptly notify the Trustee in writing of such special record date and the Trustee, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Amounts and the special record date therefor to be delivered to each Holder at its address as it appears in the Note Register, or by electronic means to the Depositary in the case of Global Notes, not less than 10 days prior to such special record date. Notice of the proposed payment of such Defaulted Amounts and the special record date therefor having been so delivered, such Defaulted Amounts shall be paid to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered at the close of business on such special record date and shall no longer be payable pursuant to the following clause (ii) of this 

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Section 2.03 (c). The Trustee shall have no responsibility whatsoever for the calculation of the Defaulted Amounts.
(ii)The Company may make payment of any Defaulted Amounts in any other lawful manner not inconsistent with the requirements of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, and upon such notice as may be required by such exchange or automated quotation system, if, after written notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee.
Section 2.04.  Execution, Authentication and Delivery of Notes. The Notes shall be signed in the name and on behalf of the Company by the manual or facsimile signature of any of its Chief Executive Officer, President, Chief Financial Officer, Treasurer, Secretary or any of its Executive or Senior Vice Presidents.
At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Notes executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Notes, and the Trustee in accordance with such Company Order shall authenticate and deliver such Notes, without any further action by the Company hereunder; provided that the Trustee shall be entitled to receive an Officer’s Certificate and an Opinion of Counsel of the Company with respect to the issuance, authentication and delivery of such Notes.
Only such Notes as shall bear thereon a certificate of authentication substantially in the form set forth on the Form of Note attached as Exhibit A hereto, executed manually by an authorized signatory of the Trustee (or an authenticating agent appointed by the Trustee as provided by Section 17.10), shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee (or such an authenticating agent) upon any Note executed by the Company shall be conclusive evidence that the Note so authenticated has been duly authenticated and delivered hereunder and that the Holder is entitled to the benefits of this Indenture.
In case any Officer of the Company who shall have signed any of the Notes shall cease to be such Officer before the Notes so signed shall have been authenticated and delivered by the Trustee, or disposed of by the Company, such Notes nevertheless may be authenticated and delivered or disposed of as though the Person who signed such Notes had not ceased to be such Officer of the Company; and any Note may be signed on behalf of the Company by such persons as, at the actual date of the execution of such Note, shall be the Officers of the Company, although at the date of the execution of this Indenture any such Person was not such an Officer.
Section 2.05.  Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary. (a) The Company shall cause to be kept at the Corporate Trust Office a register (the register maintained in such office or in any other office or agency of the Company designated pursuant to Section 4.02, the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Notes and of transfers of 

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Notes. Such register shall be in written form or in any form capable of being converted into written form within a reasonable period of time. The Trustee is hereby initially appointed the “Note Registrar” for the purpose of registering Notes and transfers of Notes as herein provided. The Company may appoint one or more co-Note Registrars in accordance with Section 4.02.
Upon surrender for registration of transfer of any Note to the Note Registrar or any co-Note Registrar, and satisfaction of the requirements for such transfer set forth in this Section 2.05, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized denominations and of a like aggregate principal amount and bearing such restrictive legends as may be required by this Indenture.
Notes may be exchanged for other Notes of any authorized denominations and of a like aggregate principal amount, upon surrender of the Notes to be exchanged at any such office or agency maintained by the Company pursuant to Section 4.02. Whenever any Notes are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Notes that the Holder making the exchange is entitled to receive, bearing registration numbers not contemporaneously outstanding.
All Notes presented or surrendered for registration of transfer or for exchange, repurchase or conversion shall (if so required by the Company, the Trustee, the Note Registrar or any co-Note Registrar) be duly endorsed, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Company and duly executed, by the Holder thereof or its attorney-in-fact duly authorized in writing.
In connection with any proposed transfer involving Physical Notes, or any exchange of Global Notes for Physical Notes, the Company shall use commercially reasonable efforts to provide or cause to be provided to the Trustee all information reasonably requested by the Trustee from the Company that is both reasonably available to the Company and necessary, as reasonably determined by the Trustee, to allow the Trustee to comply with any applicable cost basis reporting obligations under Internal Revenue Code Section 6045. The Trustee may rely on information provided to it by Holders and the Company and shall have no responsibility to verify or ensure the accuracy of such information.
No service charge shall be imposed by the Company, the Trustee, the Note Registrar, any co-Note Registrar or the Paying Agent for any exchange or registration of transfer of Notes, but the Company may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer tax or other similar governmental charge required in connection therewith as a result of the name of the Holder of new Notes issued upon such exchange or registration of transfer being different from the name of the Holder of the old Notes surrendered for exchange or registration of transfer or otherwise required by law.
None of the Company, the Trustee, the Note Registrar or any co-Note Registrar shall be required to exchange or register a transfer of (i) any Notes surrendered for conversion or, if a portion of any Note is surrendered for conversion, such portion thereof surrendered for conversion, (ii) any Notes, or a portion of any Note, surrendered for repurchase (and not 

17

withdrawn) in accordance with Article 15, (iii) any Notes selected for redemption in accordance with Article 16, except the unredeemed portion of any Note being redeemed in part or (iv) any Notes between a Special Interest Record Date and corresponding Special Interest Payment Date. 
All Notes issued upon any registration of transfer or exchange of Notes in accordance with this Indenture shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture as the Notes surrendered upon such registration of transfer or exchange.
(b)So long as the Notes are eligible for book-entry settlement with the Depositary, unless otherwise required by law, subject to the fourth paragraph from the end of Section 2.05(c) all Notes shall be represented by one or more Notes in global form (each, a “Global Note”) registered in the name of the Depositary or the nominee of the Depositary. The transfer and exchange of beneficial interests in a Global Note that does not involve the issuance of a Physical Note shall be effected through the Depositary (but not the Trustee or the Custodian) in accordance with this Indenture (including the restrictions on transfer set forth herein) and the procedures of the Depositary therefor.
(c)Every Note that bears or is required under this Section 2.05(c) to bear the legend set forth in this Section 2.05(c) (together with any Common Stock issued upon conversion of the Notes that is required to bear the legend set forth in Section 2.05(d), collectively, the “Restricted Securities”) shall be subject to the restrictions on transfer set forth in this Section 2.05(c) (including those contained in the legend set forth below), unless such restrictions on transfer shall be eliminated or otherwise waived by written consent of the Company, and the Holder of each such Restricted Security, by such Holder’s acceptance thereof, agrees to be bound by all such restrictions on transfer. As used in this Section 2.05(c) and Section 2.05(d), the term “transfer” encompasses any sale, pledge, transfer or other disposition whatsoever of any Restricted Security.
Until the date (the “Resale Restriction Termination Date”) that is the later of (1) the date that is one year after the last date of original issuance of the Notes, or such shorter period of time as permitted by Rule 144 or any successor provision thereto, and (2) such later date, if any, as may be required by applicable law, any certificate evidencing such Note (and all securities issued in exchange therefor or substitution thereof, other than Common Stock, if any, issued upon conversion thereof, which shall bear the legend set forth in Section 2.05(d), if applicable) shall bear a legend in substantially the following form (unless such Notes have been transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and that continues to be effective at the time of such transfer, or sold pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act, or unless otherwise agreed by the Company in writing, with notice thereof to the Trustee):
THIS SECURITY AND THE COMMON STOCK, IF ANY, ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN 

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ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER:
(1)    REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND
(2)    AGREES FOR THE BENEFIT OF CHEGG, INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE HEREOF OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT:
(A)    TO THE COMPANY OR ANY SUBSIDIARY THEREOF, OR
(B)    PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR
(C)    TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR
(D)    PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.
PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER FOR THE COMPANY TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.
No transfer of any Note prior to the Resale Restriction Termination Date will be registered by the Note Registrar unless the applicable box on the Form of Assignment and Transfer has been checked.
Any Note (or security issued in exchange or substitution therefor) (i) as to which such restrictions on transfer shall have expired in accordance with their terms, (ii) that has been transferred pursuant to a registration statement that has become effective or been declared 

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effective under the Securities Act and that continues to be effective at the time of such transfer or (iii) that has been sold pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act, may, upon surrender of such Note for exchange to the Note Registrar in accordance with the provisions of this  Section 2.05, be exchanged for a new Note or Notes, of like tenor and aggregate principal amount, which shall not bear the restrictive legend required by this  Section 2.05(c) and shall not be assigned a restricted CUSIP number. The Company shall be entitled to instruct the Custodian in writing to so surrender any Global Note as to which any of the conditions set forth in clause (i) through (iii) of the immediately preceding sentence have been satisfied, and, upon such instruction, the Custodian shall so surrender such Global Note for exchange; and any new Global Note so exchanged therefor shall not bear the restrictive legend specified in this Section 2.05(c) and shall not be assigned a restricted CUSIP number. The Company shall promptly notify the Trustee in writing upon the occurrence of the Resale Restriction Termination Date and promptly after a registration statement, if any, with respect to the Notes or any Common Stock issued upon conversion of the Notes has been declared effective under the Securities Act. Any exchange pursuant to the foregoing paragraph shall be in accordance with the applicable procedures of the Depositary. 
Notwithstanding any other provisions of this Indenture (other than the provisions set forth in this Section 2.05(c)), a Global Note may not be transferred as a whole or in part except (i) by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary and (ii) for exchange of a Global Note or a portion thereof for one or more Physical Notes in accordance with the second immediately succeeding paragraph.
The Depositary shall be a clearing agency registered under the Exchange Act. The Company initially appoints The Depository Trust Company to act as Depositary with respect to each Global Note. Initially, each Global Note shall be issued to the Depositary, registered in the name of Cede & Co., as the nominee of the Depositary, and deposited with the Trustee as custodian for Cede & Co.
If (i) the Depositary notifies the Company at any time that the Depositary is unwilling or unable to continue as depositary for the Global Notes and a successor depositary is not appointed within 90 days, (ii) the Depositary ceases to be registered as a clearing agency under the Exchange Act and a successor depositary is not appointed within 90 days or (iii) an Event of Default with respect to the Notes has occurred and is continuing and, subject to the Depositary’s applicable procedures, a beneficial owner of any Note requests that its beneficial interest therein be issued as a Physical Note, the Company shall execute, and the Trustee, upon receipt of an Officer’s Certificate and a Company Order for the authentication and delivery of Notes, shall authenticate and deliver (x) in the case of clause (iii), a Physical Note to such beneficial owner in a principal amount equal to the principal amount of such Note corresponding to such beneficial owner’s beneficial interest and (y) in the case of clause (i) or (ii), Physical Notes to each beneficial owner of the related Global Notes (or a portion thereof) in an aggregate principal amount equal to the aggregate principal amount of such Global Notes in exchange for such 

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Global Notes, and upon delivery of the Global Notes to the Trustee such Global Notes shall be canceled.
Physical Notes issued in exchange for all or a part of the Global Note pursuant to this Section 2.05(c) shall be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, or, in the case of clause (iii) of the immediately preceding paragraph, the relevant beneficial owner, shall instruct the Trustee. Upon execution and authentication, the Trustee shall deliver such Physical Notes to the Persons in whose names such Physical Notes are so registered.
At such time as all interests in a Global Note have been converted, canceled, redeemed, repurchased or transferred, such Global Note shall be, upon receipt thereof, canceled by the Trustee in accordance with its customary procedures. At any time prior to such cancellation, if any interest in a Global Note is exchanged for Physical Notes, converted, canceled, redeemed, repurchased or transferred to a transferee who receives Physical Notes therefor or any Physical Note is exchanged or transferred for part of such Global Note, the principal amount of such Global Note shall, in accordance with the standing procedures and instructions existing between the Depositary and the Custodian, be appropriately reduced or increased, as the case may be, and an endorsement shall be made on such Global Note, by the Trustee or the Custodian, at the direction of the Trustee, to reflect such reduction or increase.
None of the Company, the Trustee or any agent of the Company or the Trustee shall have any responsibility or liability for the payment of amounts to owners of beneficial interest in a Global Note, for any aspect of the records relating to or payments made on account of those interests by the Depositary, or for maintaining, supervising or reviewing any records of the Depositary relating to such beneficial ownership those interests.
(d)Until the Resale Restriction Termination Date, any stock certificate representing Common Stock issued upon conversion of such Note shall bear a legend in substantially the following form (unless the Note or such Common Stock has been transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and that continues to be effective at the time of such transfer, or pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act, or such Common Stock has been issued upon conversion of Notes that have been transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and that continues to be effective at the time of such transfer, or pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act, or unless otherwise agreed by the Company with written notice thereof to the Trustee and any transfer agent for the Common Stock):
THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER:

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(1)    REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND 
(2)    AGREES FOR THE BENEFIT OF CHEGG, INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE OF THE SERIES OF NOTES UPON THE CONVERSION OF WHICH THIS SECURITY WAS ISSUED OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT:
(A)    TO THE COMPANY OR ANY SUBSIDIARY THEREOF, OR
(B)    PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR
(C)    TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR
(D)    PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.
PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE COMPANY AND THE TRANSFER AGENT FOR THE COMPANY’S COMMON STOCK RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER FOR THE COMPANY TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.
Any such Common Stock (i) as to which such restrictions on transfer shall have expired in accordance with their terms, (ii) that has been transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and that continues to be effective at the time of such transfer or (iii) that has been sold pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act, may, upon surrender of the certificates representing such shares of Common Stock for exchange in accordance with the procedures of the transfer agent for the Common Stock, be exchanged for 

22

a new certificate or certificates for a like aggregate number of shares of Common Stock, which shall not bear the restrictive legend required by this Section 2.05(d).
(e)Any Note or Common Stock issued upon the conversion or exchange of a Note that is repurchased or owned by any Affiliate of the Company (or any Person who was an Affiliate of the Company at any time during the three months immediately preceding) may not be resold by such Affiliate (or such Person, as the case may be) unless registered under the Securities Act or resold pursuant to an exemption from the registration requirements of the Securities Act in a transaction that results in such Note or Common Stock, as the case may be, no longer being a “restricted security” (as defined under Rule 144). The Company shall cause any Note that is repurchased or owned by it to be surrendered to the Trustee for cancellation in accordance with Section 2.08. 
(f)The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any securities laws or restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Depositary participants or beneficial owners of interests in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.
(g)Neither the Trustee nor any agent shall have any responsibility or liability for any actions taken or not taken by the Depositary, and may assume performance absent written notice to the contrary.
Section 2.06.  Mutilated, Destroyed, Lost or Stolen Notes. In case any Note shall become mutilated or be destroyed, lost or stolen, the Company in its discretion may execute, and upon its written request the Trustee or an authenticating agent appointed by the Trustee shall authenticate and deliver, a new Note, bearing a registration number not contemporaneously outstanding, in exchange and substitution for the mutilated Note, or in lieu of and in substitution for the Note so destroyed, lost or stolen. In every case the applicant for a substituted Note shall furnish to the Company, to the Trustee and, if applicable, to such authenticating agent such security or indemnity as may be required by them to save each of them harmless from any loss, liability, cost or expense caused by or connected with such substitution, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company, to the Trustee and, if applicable, to such authenticating agent evidence to their satisfaction of the destruction, loss or theft of such Note and of the ownership thereof.
The Trustee or such authenticating agent may authenticate any such substituted Note and deliver the same upon the receipt of such security or indemnity as the Trustee, the Company and, if applicable, such authenticating agent may require. No service charge shall be imposed by the Company, the Trustee, the Note Registrar, any co-Note Registrar or the Paying Agent upon the issuance of any substitute Note, but the Company may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer tax or other similar governmental charge required in connection therewith as a result of the name of the Holder of the new 

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substitute Note being different from the name of the Holder of the old Note that became mutilated or was destroyed, lost or stolen. In case any Note that has matured or is about to mature or has been surrendered for required repurchase or is about to be converted in accordance with Article 14 shall become mutilated or be destroyed, lost or stolen, the Company may, in its sole discretion, instead of issuing a substitute Note, pay or authorize the payment of or convert or authorize the conversion of the same (without surrender thereof except in the case of a mutilated Note), as the case may be, if the applicant for such payment or conversion shall furnish to the Company, to the Trustee and, if applicable, to such authenticating agent such security or indemnity as may be required by them to save each of them harmless for any loss, liability, cost or expense caused by or connected with such substitution, and, in every case of destruction, loss or theft, evidence satisfactory to the Company, the Trustee and, if applicable, any Paying Agent or Conversion Agent of the destruction, loss or theft of such Note and of the ownership thereof.
Every substitute Note issued pursuant to the provisions of this Section 2.06 by virtue of the fact that any Note is destroyed, lost or stolen shall constitute an additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Note shall be found at any time, and shall be entitled to all the benefits of (but shall be subject to all the limitations set forth in) this Indenture equally and proportionately with any and all other Notes duly issued hereunder. To the extent permitted by law, all Notes shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement, payment, conversion, redemption or repurchase of mutilated, destroyed, lost or stolen Notes and shall preclude any and all other rights or remedies notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement, payment, conversion, redemption or repurchase of negotiable instruments or other securities without their surrender.
Section 2.07.  Temporary Notes. Pending the preparation of Physical Notes, the Company may execute and the Trustee or an authenticating agent appointed by the Trustee shall, upon written request of the Company, authenticate and deliver temporary Notes (printed or lithographed). Temporary Notes shall be issuable in any authorized denomination, and substantially in the form of the Physical Notes but with such omissions, insertions and variations as may be appropriate for temporary Notes, all as may be determined by the Company. Every such temporary Note shall be executed by the Company and authenticated by the Trustee or such authenticating agent upon the same conditions and in substantially the same manner, and with the same effect, as the Physical Notes. Without unreasonable delay, the Company shall execute and deliver to the Trustee or such authenticating agent Physical Notes (other than any Global Note) and thereupon any or all temporary Notes (other than any Global Note) may be surrendered in exchange therefor, at each office or agency maintained by the Company pursuant to Section 4.02 and the Trustee or such authenticating agent shall authenticate and deliver in exchange for such temporary Notes an equal aggregate principal amount of Physical Notes. Such exchange shall be made by the Company at its own expense and without any charge therefor. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits and subject to the same limitations under this Indenture as Physical Notes authenticated and delivered hereunder.
Section 2.08.  Cancellation of Notes Paid, Converted, Etc. The Company shall cause all Notes surrendered for payment, redemption, repurchase upon a Fundamental Change, 

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registration of transfer or exchange or conversion, if surrendered to any Person other than the Trustee (including any of the Company’s agents, Subsidiaries or Affiliates), to be delivered to the Trustee for cancellation. All Notes delivered to the Trustee shall be canceled promptly by it in accordance with its customary procedures, and no Notes shall be authenticated in exchange therefor except for Notes surrendered for registration of transfer or exchange. The Trustee shall dispose of canceled Notes in accordance with its customary procedures.
Section 2.09.  CUSIP Numbers. The Company in issuing the Notes may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in all notices issued to Holders as a convenience to such Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or on such notice and that reliance may be placed only on the other identification numbers printed on the Notes. The Company shall promptly notify the Trustee in writing of any change in the “CUSIP” numbers. 
Section 2.10.  Additional Notes; Repurchases. The Company may, without the consent of or notice to the Holders and notwithstanding Section 2.01, reopen this Indenture and issue additional Notes hereunder with the same terms as the Notes initially issued hereunder (other than differences in the issue date, the issue price and, if applicable, restrictions on transfer in respect of such additional Notes (including pursuant to Section 2.05 hereunder)) in an unlimited aggregate principal amount; provided that if any such additional Notes are not fungible with the Notes initially issued hereunder for U.S. federal securities law and income tax purposes, such additional Notes shall have one or more separate CUSIP numbers. Any additional Notes will be treated as a single series for all purposes under this Indenture except as set forth in the first sentence of this Section 2.10. Prior to the issuance of any such additional Notes, the Company shall deliver to the Trustee a Company Order, an Officer’s Certificate and an Opinion of Counsel, such Officer’s Certificate and Opinion of Counsel to cover such matters required by Section 17.05 and other such matters reasonably requested by the Trustee. In addition, the Company may, to the extent permitted by law, and directly or indirectly (regardless of whether such Notes are surrendered to the Company), repurchase Notes in the open market or otherwise, whether by the Company or its Subsidiaries or other Affiliates of the Company or through a private or public tender or exchange offer or through counterparties to private agreements, including by cash-settled swaps or other derivatives, in each case, without prior written notice to Holders.  The Company may, at its option and to the extent permitted by applicable law, reissue, resell, hold or surrender to the Trustee for cancellation any Notes that it or such Affiliates may repurchase, in the case of a reissuance or resale, so long as such Notes do not constitute Restricted Securities upon such reissuance or resale and are not required to bear the restrictive legend set forth in and in accordance with Section 2.05(c).  Any Notes that the Company or such Affiliates may repurchase will be considered outstanding for all purposes under this Indenture (other than, at any time when such Notes are held by the Company or its Affiliates or any Subsidiary of any of such Affiliates, for the purpose of determining whether Holders of the requisite aggregate principal amount of Notes have concurred in any direction, consent, waiver or other action under this Indenture, such Notes shall be disregarded as set forth in Section 8.04) unless and until such time as the Company surrenders such Notes to the Trustee for cancellation and, upon receipt of a Company Order, the Trustee will cancel all Notes so surrendered.

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ARTICLE 3
SATISFACTION AND DISCHARGE
Section 3.01.  Satisfaction and Discharge. This Indenture shall upon request of the Company contained in an Officer’s Certificate cease to be of further effect, and the Trustee, at the expense of the Company, shall execute such instruments reasonably requested by the Company acknowledging satisfaction and discharge of this Indenture, when (a) (i) all Notes theretofore authenticated and delivered (other than (x) Notes which have been destroyed, lost or stolen and which have been replaced, paid or converted as provided in Section 2.06 and (y) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 4.04(d)) have been delivered to the Trustee for cancellation; or (ii) the Company has irrevocably deposited with the Trustee or delivered to Holders, as applicable, after the Notes have become due and payable, whether on the Maturity Date, at any Redemption Date, at any Fundamental Change Repurchase Date or otherwise, cash or cash, shares of Common Stock or a combination thereof, as applicable, solely to satisfy the Conversion Obligation, sufficient, without consideration of reinvestment, to pay all of the outstanding Notes and all other sums due and payable under this Indenture by the Company; and (b) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.06 shall survive.

ARTICLE 4
PARTICULAR COVENANTS OF THE COMPANY
Section 4.01.  Payment of Principal and Interest. The Company covenants and agrees that it will cause to be paid the principal (including the Redemption Price, the Fundamental Change Repurchase Price, if applicable) of, and any accrued and unpaid Special Interest on, each of the Notes at the places, at the respective times and in the manner provided herein and in the Notes. 
Notwithstanding anything to the contrary contained in this Indenture, the Company may, to the extent it is required to do so by law, deduct or withhold income or other similar taxes imposed by the United States of America from payments of principal, premium or Special Interest or Defaulted Amounts hereunder
Section 4.02. Maintenance of Office or Agency. The Company will maintain in the contiguous United States of America an office or agency where the Notes may be presented for registration of transfer or exchange or for payment or repurchase (“Paying Agent”) or for conversion (“Conversion Agent”) and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands 

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may be made or served at the Corporate Trust Office in the United States of America as a place where Notes may be presented for payment or for registration of transfer.
The Company may also from time to time designate as co-Note Registrars one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in the contiguous United States of America so designated by the Trustee as a place for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. The terms “Paying Agent” and “Conversion Agent” include any such additional or other offices or agencies, as applicable.
The Company hereby initially designates the Trustee as the Paying Agent, Note Registrar, Custodian and Conversion Agent and the Corporate Trust Office as the office or agency in the contiguous United States of America where Notes may be presented for registration of transfer or exchange or for payment or repurchase or for conversion and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served; provided that the Corporate Trust Office shall not be a place for service of legal process on the Company.
Section 4.03.  Appointments to Fill Vacancies in Trustee’s Office. The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.09, a Trustee, so that there shall at all times be a Trustee hereunder.
Section 4.04.  Provisions as to Paying Agent. (a) If the Company shall appoint a Paying Agent other than the Trustee, the Company will cause such Paying Agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section 4.04:
(i)that it will hold all sums held by it as such agent for the payment of the principal (including the Redemption Price, the Fundamental Change Repurchase Price, if applicable) of, and any accrued and unpaid Special Interest on, the Notes in trust for the benefit of the Holders of the Notes;
(ii)that it will give the Trustee prompt written notice of any failure by the Company to make any payment of the principal (including the Redemption Price, the Fundamental Change Repurchase Price, if applicable) of, and any accrued and unpaid Special Interest on, the Notes when the same shall be due and payable; and
(iii)that at any time during the continuance of an Event of Default, upon request of the Trustee, it will forthwith pay to the Trustee all sums so held in trust.
The Company shall, on or before each due date of the principal (including the Redemption Price, the Fundamental Change Repurchase Price, if applicable) of, or any accrued and unpaid Special Interest on, the Notes, deposit with the Paying Agent a sum in immediately available U.S. Dollars sufficient to pay such principal (including the Redemption Price, the 

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Fundamental Change Repurchase Price, if applicable) or any accrued and unpaid Special Interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee in writing of any failure to take such action; provided that if such deposit is made on the due date, such deposit must be received by the Paying Agent by 11:00 a.m., New York City time, on such date.
(b)If the Company shall act as its own Paying Agent, it will, on or before each due date of the principal (including the Redemption Price, the Fundamental Change Repurchase Price, if applicable) of, and any accrued and unpaid Special Interest on, the Notes, set aside, segregate and hold in trust for the benefit of the Holders of the Notes a sum sufficient to pay such principal (including the Redemption Price, the Fundamental Change Repurchase Price, if applicable) and such accrued and unpaid Special Interest, if any, so becoming due and will promptly notify the Trustee in writing of any failure to take such action and of any failure by the Company to make any payment of the principal (including the Redemption Price, the Fundamental Change Repurchase Price, if applicable) of, or any accrued and unpaid Special Interest on, the Notes when the same shall become due and payable.
(c)Anything in this Section 4.04 to the contrary notwithstanding, the Company may, at any time, for the purpose of obtaining a satisfaction and discharge of this Indenture, or for any other reason, pay, cause to be paid or deliver to the Trustee all sums or amounts held in trust by the Company or any Paying Agent hereunder as required by this Section 4.04, such sums or amounts to be held by the Trustee upon the trusts herein contained and upon such payment or delivery by the Company or any Paying Agent to the Trustee, the Company or such Paying Agent shall be released from all further liability but only with respect to such sums or amounts. Upon the occurrence of any event specified in Section 6.01(i) or Section 6.01(j), the Trustee shall automatically become the Paying Agent. 
(d)Subject to applicable escheatment laws, any money or property deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal (including the Redemption Price, the Fundamental Change Repurchase Price, if applicable) of, any accrued and unpaid Special Interest on and the consideration due upon conversion of any Note and remaining unclaimed for two years after such principal (including the Redemption Price, the Fundamental Change Repurchase Price, if applicable), Special Interest or consideration due upon conversion has become due and payable shall be paid to the Company on request of the Company contained in an Officer’s Certificate, or (if then held by the Company) shall be discharged from such trust and the Trustee shall have no further liability with respect to such funds; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money and shares of Common Stock, and all liability of the Company as trustee thereof, shall thereupon cease.
Section 4.05.  Existence. Subject to Article 11, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence.
Section 4.06.  Rule 144A Information Requirement and Annual Reports. (a) At any time the Company is not subject to Section 13 or 15(d) of the Exchange Act, the Company shall, so 

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long as any of the Notes or any shares of Common Stock issuable upon conversion thereof shall, at such time, constitute “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, promptly provide to the Trustee and will, upon written request, provide to any Holder, beneficial owner or prospective purchaser of such Notes or any shares of Common Stock issuable upon conversion of such Notes, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act to facilitate the resale of such Notes or shares of Common Stock pursuant to Rule 144A. 
(b)The Company shall file with the Trustee, within 15 days after the same are required to be filed with the Commission (giving effect to any grace period provided by Rule 12b-25 (or any successor rule) under the Exchange Act), copies of any documents or reports that the Company is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act (excluding any such information, documents or reports, or portions thereof, subject to confidential treatment and any correspondence with the Commission). Any such document or report that the Company files with the Commission via the Commission’s EDGAR system (or any successor thereto) shall be deemed to be filed with the Trustee for purposes of this Section 4.06(b) at the time such documents are filed via the EDGAR system (or any successor thereto), it being understood that the Trustee shall not be responsible for determining whether such filings have been made. 
(c)Delivery of the reports, information and documents described in subsection (b) above to the Trustee is for informational purposes only, and the Trustee’s receipt of such shall not constitute constructive or actual notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to conclusively rely on an Officer’s Certificate).
(d)If, at any time during the six-month period beginning on, and including, the date that is six months after the last date of original issuance of the Notes, the Company fails to timely file any document or report that it is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act, as applicable (after giving effect to all applicable grace periods thereunder and other than reports on Form 8-K), or the Notes are not otherwise freely tradable pursuant to Rule 144 by Holders other than the Company’s Affiliates or Holders that were the Company’s Affiliates at any time during the three months preceding (as a result of restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes), the Company shall pay Special Interest on the Notes. Such Special Interest shall accrue on the Notes at the rate of 0.50% per annum of the principal amount of the Notes outstanding for each day during such period for which the Company’s failure to file has occurred and is continuing or the Notes are not otherwise freely tradable pursuant to Rule 144 by Holders other than the Company’s Affiliates (or Holders that have been the Company’s Affiliates at any time during the three months preceding) as a result of restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes. As used in this Section 4.06(d), documents or reports that the Company is required to “file” with the Commission pursuant to Section 13 or 15(d) of the Exchange Act does not include documents or reports that the Company furnishes to the Commission pursuant to Section 13 or 15(d) of the Exchange Act. 

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(e)If, and for so long as, the restrictive legend on the Notes specified in Section 2.05(c) has not been removed, the Notes are assigned a restricted CUSIP number or the Notes are not otherwise freely tradable pursuant to Rule 144 by Holders other than the Company’s Affiliates or Holders that were the Company’s Affiliates at any time during the three months preceding (without restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes) as of the 380th day after the last date of original issuance of such Notes, the Company shall pay Special Interest on such Notes at a rate equal to 0.50% per annum of the principal amount of Notes outstanding for each day from, and including, such 380th day until the restrictive legend on the Notes has been removed in accordance with Section 2.05(c), the Notes are assigned an unrestricted CUSIP number and the Notes are freely tradable pursuant to Rule 144 by Holders other than the Company’s Affiliates (or Holders that were the Company’s Affiliates at any time during the three months preceding) (as a result of restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes). 
(f)Special Interest will be payable in arrears on each Special Interest Payment Date as set forth in Section 2.03(b).
(g)The Special Interest that is payable in accordance with Section 4.06(d) or Section 4.06(e) shall be in addition to any Special Interest that may accrue on the Notes as a result of the Company’s election pursuant to Section 6.03.  In no event shall Special Interest payable for the Company’s failure to timely file any document or report that it is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act, as applicable (after giving effect to all applicable grace periods thereunder and other than reports on Form 8-K), pursuant to Section 4.06(d) (including any Special Interest that may accrue at the Company’s election as a result of its failure to comply with its reporting obligations in accordance with Section 4.06(b) as set forth under Section 6.03) accrue at a rate in excess of 0.50% per annum pursuant to this Indenture, regardless of the number of events or circumstances giving rise to the requirement to pay such Special Interest.
(h)If Special Interest is payable by the Company pursuant to Section 4.06(d) or Section 4.06(e), the Company shall deliver to the Trustee an Officer’s Certificate to that effect stating (i) the amount of such Special Interest that is payable and (ii) the date on which such Special Interest is payable.  Unless and until a Responsible Officer of the Trustee receives at the Corporate Trust Office such a certificate, the Trustee may assume without inquiry that no such Special Interest is payable.  If the Company has paid Special Interest directly to the Persons entitled to it, the Company shall deliver to the Trustee an Officer’s Certificate setting forth the particulars of such payment.
Section 4.07.  Stay, Extension and Usury Laws. The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law that would prohibit or forgive the Company from paying all or any portion of the principal of or interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the covenants or the performance of this Indenture; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such 

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law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.
Section 4.08.  Compliance Certificate; Statements as to Defaults. The Company shall deliver to the Trustee within 120 days after the end of each fiscal year of the Company (beginning with the fiscal year ending on December 31, 2020) an Officer’s Certificate stating whether the signers thereof know of any Default or Event of Default that occurred during the previous year.
In addition, the Company shall deliver to the Trustee, within 30 days after the occurrence thereof, written notice of any Event of Default or Default, its status and what action the Company is taking or proposing to take in respect thereof.
Section 4.09.  Further Instruments and Acts. Upon request of the Trustee, the Company will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes of this Indenture.

ARTICLE 5
LISTS OF HOLDERS AND REPORTS BY THE COMPANY AND THE TRUSTEE
Section 5.01.  Lists of Holders. The Company covenants and agrees that it will furnish or cause to be furnished to the Trustee, semi-annually, not more than 5 days after each February 15 and August 15 in each year beginning with February 15, 2021, and at such other times as the Trustee may request in writing, within 5 days after receipt by the Company of any such request (or such lesser time as the Trustee may reasonably request in order to enable it to timely provide any notice to be provided by it hereunder), a list in such form as the Trustee may reasonably require of the names and addresses of the Holders as of a date not more than 15 days (or such other date as the Trustee may reasonably request in order to so provide any such notices) prior to the time such information is furnished, except that no such list need be furnished so long as the Trustee is acting as Note Registrar.
Section 5.02.  Preservation and Disclosure of Lists. The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the Holders contained in the most recent list furnished to it as provided in Section 5.01 or maintained by the Trustee in its capacity as Note Registrar, if so acting. The Trustee may destroy any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished.

ARTICLE 6
DEFAULTS AND REMEDIES
Section 6.01.  Events of Default. Each of the following events shall be an “Event of Default” with respect to the Notes:
(a)default in any payment of Special Interest on any Note when due and payable, and the default continues for a period of 30 days;
(b)default in the payment of principal of any Note when due and payable on the Maturity Date, upon Optional Redemption, upon any required repurchase, upon declaration of acceleration or otherwise;
(c)failure by the Company to comply with its obligation to convert the Notes in accordance with this Indenture upon exercise of a Holder’s conversion right and such failure continues for a period of three (3) Business Days;

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(d)failure by the Company to issue a Fundamental Change Company Notice in accordance with Section 15.02(c) or notice of a specified corporate event in accordance with Section 14.01(b)(ii) or (iii), in each case when due;
(e)failure by the Company to comply with its obligations under Article 11;
(f)failure by the Company for 60 days after written notice from the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding has been received by the Company to comply with any of its other agreements contained in the Notes or this Indenture;
(g)default by the Company or any Subsidiary of the Company with respect to any mortgage, agreement or other instrument under which there may be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed in excess of $60,000,000 (or its foreign currency equivalent) in the aggregate of the Company and/or any such Subsidiary, whether such indebtedness now exists or shall hereafter be created (i) resulting in such indebtedness becoming or being declared due and payable or (ii) constituting a failure to pay the principal or interest of any such indebtedness when due and payable at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise;
(h)the Company or any Significant Subsidiary shall commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to the Company or any such Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Company or any such Significant Subsidiary or any substantial part of its property, or shall consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against it, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due; or
(i)an involuntary case or other proceeding shall be commenced against the Company or any Significant Subsidiary seeking liquidation, reorganization or other relief with respect to the Company or such Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Company or such Significant Subsidiary or any substantial part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of 30 consecutive days.
Section 6.02.  Acceleration; Rescission and Annulment. If one or more Events of Default shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body), then, and in each and every such case (other than an Event of Default specified in Section 6.01(h) or Section 6.01(i) with respect to the Company), unless the principal of all of the Notes shall have already become due and payable, either the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding determined in 

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accordance with Section 8.04, by notice in writing to the Company (and to the Trustee if given by Holders) may declare 100% of the principal of, and any accrued and unpaid Special Interest on, all the then outstanding Notes to be due and payable immediately, and upon any such declaration the same shall become and shall automatically be immediately due and payable, anything in this Indenture or in the Notes contained to the contrary notwithstanding.  If an Event of Default specified in Section 6.01(h) or Section 6.01(i) with respect to the Company occurs and is continuing, 100% of the principal of, and accrued and unpaid Special Interest, if any, on, all Notes shall become and shall automatically be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.
The immediately preceding paragraph, however, is subject to the conditions that if, at any time after the principal of the Notes shall have been so declared due and payable, and before any judgment or decree for the payment of the monies due shall have been obtained or entered as hereinafter provided, the Company shall pay or shall deposit with the Trustee a sum sufficient to pay installments of any accrued and unpaid Special Interest upon all Notes and the principal of any and all Notes that shall have become due otherwise than by acceleration (with interest on overdue installments of any accrued and unpaid Special Interest, and on such principal at the then-applicable Special Interest rate only and to the extent any Special Interest is payable at such time) and amounts due to the Trustee pursuant to Section 7.06, and if (1) rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (2) any and all existing Events of Default under this Indenture, other than the nonpayment of the principal of and accrued and unpaid Special Interest, if any, on Notes that shall have become due solely by such acceleration, shall have been cured or waived pursuant to Section 6.09, then and in every such case (except as provided in the immediately succeeding sentence) the Holders of a majority in aggregate principal amount of the Notes then outstanding, by written notice to the Company and to the Trustee, may waive all Defaults or Events of Default with respect to the Notes and rescind and annul such declaration and its consequences and such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver or rescission and annulment shall extend to or shall affect any subsequent Default or Event of Default, or shall impair any right consequent thereon.  Notwithstanding anything to the contrary herein, no such waiver or rescission and annulment shall extend to or shall affect any Default or Event of Default resulting from (i) the nonpayment of the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, or any accrued and unpaid Special Interest on, any Notes, (ii) a failure to repurchase any Notes when required or (iii) a failure to pay or deliver, as the case may be, the consideration due upon conversion of the Notes.
Section 6.03.  Special Interest. Notwithstanding anything in this Indenture or in the Notes to the contrary, to the extent the Company elects, the sole remedy for an Event of Default relating to the Company’s failure to comply with its obligations as set forth in Section 4.06(b) shall, for the first 360 days after the occurrence of such an Event of Default (which, for the avoidance of doubt, shall not commence until the notice described in Section 6.01(f) has been given, and the related 60-day period described in Section 6.01(f) has passed), consist exclusively of the right to receive Special Interest on the Notes at a rate equal to (i) 0.25% per annum of the principal amount of the Notes outstanding for each day during the first 180 calendar days after 

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the occurrence of such an Event of Default during which such an Event of Default is continuing (or, if earlier, the date on which such Event of Default is cured or waived as provided for in this Indenture) and (ii) 0.50% per annum of the principal amount of the Notes outstanding for each day from, and including, the 181st calendar day to, but excluding, the 360th calendar day following the occurrence of such an Event of Default during which such Event of Default is continuing (or, if earlier, the date on which such Event of Default is cured or waived as provided for in this Indenture). Special Interest payable pursuant to this Section 6.03 shall be in addition to, not in lieu of, any Special Interest payable pursuant to Section 4.06(d) or Section 4.06(e). If the Company so elects, such Special Interest shall be payable as set forth in Section 2.03(b).  On the 361st day after such an Event of Default (if the Event of Default relating to the Company’s failure to comply with its obligations as set forth in Section 4.06(b) is not cured or waived prior to such 361st day), the Notes shall be subject to acceleration as provided in Section 6.02.  The provisions of this paragraph will not affect the rights of Holders in the event of the occurrence of any Event of Default other than the Company’s failure to comply with its obligations as set forth in Section 4.06(b). In the event the Company does not elect to pay Special Interest following an Event of Default in accordance with this Section 6.03 or the Company elected to make such payment but does not pay the Special Interest when due, the Notes shall be immediately subject to acceleration as provided in ýSection 6.02.
In order to elect to pay Special Interest as the sole remedy during the first 360 days after the occurrence of an Event of Default relating to the Company’s failure to comply with its obligations as set forth in Section 4.06(b) in accordance with the immediately preceding paragraph, the Company must notify all Holders, the Trustee and the Paying Agent in writing of such election prior to the beginning of such 360-day period (which, for the avoidance of doubt, shall not commence until the notice described in Section 6.01(f) has been given, and the related 60-day period described in Section 6.01(f) has passed). Upon the failure to timely give such notice, the Notes shall be immediately subject to acceleration as provided in Section 6.02.
In no event shall Special Interest payable at the Company’s election as the remedy for an Event of Default relating to the Company’s failure to comply with its obligations as set forth in Section 4.06(b) together with any Special Interest that may accrue as a result of the Company’s failure to timely file any document or report that the Company is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act, as applicable (after giving effect to all applicable grace periods thereunder and other than reports on Form 8-K), in accordance with Section 4.06(d) accrue at a rate in excess of 0.50% per annum pursuant to the Indenture, regardless of the number of events or circumstances giving rise to the requirement to pay such Special Interest.
Section 6.04.  Payments of Notes on Default; Suit Therefor. If an Event of Default described in clause ý(a) or ý(b) of Section 6.01 shall have occurred and be continuing, the Company shall, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of the Notes, the whole amount then due and payable on the Notes for principal and Special Interest, if any, with no interest accruing on any overdue principal unless Special Interest was payable on the required payment date, in which case such payments will accrue interest at the then-applicable Special Interest rate from such required payment date, and, in addition thereto, 

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such further amount as shall be sufficient to cover any amounts due to the Trustee under Section 7.06.  If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon the Notes and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon the Notes, wherever situated.
In the event there shall be pending proceedings for the bankruptcy or for the reorganization of the Company or any other obligor on the Notes under Title 11 of the United States Code, or any other applicable law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Company or such other obligor, the property of the Company or such other obligor, or in the event of any other judicial proceedings relative to the Company or such other obligor upon the Notes, or to the creditors or property of the Company or such other obligor, the Trustee, irrespective of whether the principal of the Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant to the provisions of this Section 6.04, shall be entitled and empowered, by intervention in such proceedings or otherwise, to file and prove a claim or claims for the whole amount of principal and accrued and unpaid Special Interest, if any, in respect of the Notes, and, in case of any judicial proceedings, to file such proofs of claim and other papers or documents and to take such other actions as it may deem necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceedings relative to the Company or any other obligor on the Notes, its or their creditors, or its or their property, and to collect and receive any monies or other property payable or deliverable on any such claims, and to distribute the same after the deduction of any amounts due to the Trustee under Section 7.06; and any receiver, assignee or trustee in bankruptcy or reorganization, liquidator, custodian or similar official is hereby authorized by each of the Holders to make such payments to the Trustee, as administrative expenses, and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for reasonable compensation, expenses, advances and disbursements, including agents and counsel fees, and including any other amounts due to the Trustee hereunder, incurred by it up to the date of such distribution. To the extent that such payment of reasonable compensation, expenses, advances and disbursements out of the estate in any such proceedings shall be denied for any reason, payment of the same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, monies, securities and other property that the Holders of the Notes may be entitled to receive in such proceedings, whether in liquidation or under any plan of reorganization or arrangement or otherwise.
Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting such Holder or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

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All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Trustee without the possession of any of the Notes, or the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Notes.
In any proceedings brought by the Trustee (and in any proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party) the Trustee shall be held to represent all the Holders of the Notes, and it shall not be necessary to make any Holders of the Notes parties to any such proceedings.
In case the Trustee shall have proceeded to enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned because of any waiver pursuant to Section 6.09 or any rescission and annulment pursuant to Section 6.02 or for any other reason or shall have been determined adversely to the Trustee, then and in every such case the Company, the Holders and the Trustee shall, subject to any determination in such proceeding, be restored respectively to their several positions and rights hereunder, and all rights, remedies and powers of the Company, the Holders and the Trustee shall continue as though no such proceeding had been instituted.
Section 6.05.  Application of Monies Collected by Trustee. Any monies or property collected by the Trustee pursuant to this Article 6 with respect to the Notes shall be applied in the following order, at the date or dates fixed by the Trustee for the distribution of such monies, upon presentation of the several Notes, and stamping thereon the payment, if only partially paid, and upon surrender thereof, if fully paid:
First, to the payment of all amounts due the Trustee hereunder (in each of its capacities hereunder);
Second, in case the principal of the outstanding Notes shall not have become due and be unpaid, to the payment of any interest on, and any cash due upon conversion of, the Notes in default in the order of the date due of the payments of such interest and cash due upon conversion, as the case may be, with interest (to the extent that any such interest is payable on such Notes and has been collected by the Trustee) upon such overdue payments at the rate of the Special Interest then payable on such Notes at such time, such payments to be made ratably to the Persons entitled thereto;
Third, in case the principal of the outstanding Notes shall have become due, by declaration or otherwise, and be unpaid to the payment of the whole amount (including, if applicable, the payment of the Redemption Price, the Fundamental Change Repurchase Price and any cash due upon conversion) then owing and unpaid upon the Notes for principal and interest, if any, with interest (to the extent that any interest is payable on such Notes and has been collected by the Trustee) on the overdue principal to the extent that such interest has been collected by the Trustee, payable upon such overdue amounts at the rate of Special Interest then 

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payable on such Notes, if any, and in case such monies shall be insufficient to pay in full the whole amounts so due and unpaid upon the Notes, then to the payment of such principal (including, if applicable, the Redemption Price, the Fundamental Change Repurchase Price and any cash due upon conversion) and any interest without preference or priority of principal over such interest, or of any interest over principal or of any installment of interest over any other installment of interest, or of any Note over any other Note, ratably to the aggregate of such principal (including, if applicable, the Redemption Price, the Fundamental Change Repurchase Price and any cash due upon conversion) and any accrued and unpaid interest; and
Fourth, to the payment of the remainder, if any, to the Company.
Section 6.06.  Proceedings by Holders. Except to enforce the right to receive payment of principal (including, if applicable, the Redemption Price and the Fundamental Change Repurchase Price) or interest when due, or the right to receive payment or delivery of the consideration due upon conversion, no Holder of any Note shall have any right by virtue of or by availing of any provision of this Indenture or the Notes to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture, or for the appointment of a receiver, trustee, liquidator, custodian or other similar official, or for any other remedy hereunder, unless: 
(j)such Holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof, as herein provided;
(k)Holders of at least 25% in aggregate principal amount of the Notes then outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder;
(l)such Holders shall have offered to the Trustee such security or indemnity satisfactory to it against any loss, liability, claim or expense to be incurred therein or thereby;
(m)the Trustee for 60 days after its receipt of such notice, request and offer of such security or indemnity, shall have neglected or refused to institute any such action, suit or proceeding; and 
(n)no direction that, in the opinion of the Trustee, is inconsistent with such written request shall have been given to the Trustee by the Holders of a majority of the aggregate principal amount of the Notes then outstanding within such 60-day period pursuant to Section 6.09, it being understood and intended, and being expressly covenanted by the taker and Holder of every Note with every other taker and Holder and the Trustee that no one or more Holders shall have any right in any manner whatever by virtue of or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of any other Holder (it being understood that the Trustee shall not have an affirmative duty to ascertain whether or not any such direction is unduly prejudicial to any other Holder), or to obtain or seek to obtain priority over or preference to any other such Holder, or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all Holders (except as otherwise provided herein). For the protection and enforcement of this Section 6.06, each and 

37

every Holder and the Trustee shall be entitled to such relief as can be given either at law or in equity.
Notwithstanding any other provision of this Indenture and any provision of any Note, the right of any Holder to receive payment or delivery, as the case may be, of (x) the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, (y) accrued and unpaid Special Interest, if any, on, and (z) the consideration due upon conversion of, such Note, on or after the respective due dates expressed or provided for in such Note or in this Indenture, and the right to institute suit for the enforcement of any such payment or delivery, as the case may be, on or after such respective dates against the Company shall not be impaired or affected without the consent of such Holder.
Section 6.07.  Proceedings by Trustee. In case of an Event of Default, the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as are necessary to protect and enforce any of such rights, either by suit in equity or by action at law or by proceeding in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law.
Section 6.08.  Remedies Cumulative and Continuing. Except as provided in the last paragraph of Section 2.06, all powers and remedies given by this Article 6 to the Trustee or to the Holders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any thereof or of any other powers and remedies available to the Trustee or the Holders of the Notes, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture, and no delay or omission of the Trustee or of any Holder of any of the Notes to exercise any right or power accruing upon any Default or Event of Default shall impair any such right or power, or shall be construed to be a waiver of any such Default or Event of Default or any acquiescence therein; and, subject to the provisions of Section 6.06, every power and remedy given by this Article 6 or by law to the Trustee or to the Holders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Holders.
Section 6.09.  Direction of Proceedings and Waiver of Defaults by Majority of Holders. The Holders of a majority of the aggregate principal amount of the Notes at the time outstanding determined in accordance with Section 8.04 shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Notes; provided, however, that (a) such direction shall not be in conflict with any rule of law or with this Indenture, and (b) the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. The Trustee may refuse to follow any direction that it determines is unduly prejudicial to the rights of any other Holder or that would involve the Trustee in personal liability (it being understood that the Trustee shall not have an affirmative duty to ascertain whether or not any such direction is unduly prejudicial to any other Holder) or that conflicts with applicable law. The Holders of a majority in aggregate principal amount of the Notes at the time outstanding 

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determined in accordance with Section 8.04 may on behalf of the Holders of all of the Notes waive any past Default or Event of Default hereunder and its consequences except (i) a default in the payment of accrued and unpaid Special Interest, if any, on, or the principal (including any Redemption Price and any Fundamental Change Repurchase Price) of, the Notes when due that has not been cured pursuant to the provisions of Section 6.01, (ii) a failure by the Company to pay or deliver, as the case may be, the consideration due upon conversion of the Notes or (iii) a default in respect of a covenant or provision hereof which under Article 10 cannot be modified or amended without the consent of each Holder of an outstanding Note affected. Upon any such waiver the Company, the Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunder; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. Whenever any Default or Event of Default hereunder shall have been waived as permitted by this Section 6.09, said Default or Event of Default shall for all purposes of the Notes and this Indenture be deemed to have been cured and to be not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon.
Section 6.10.  Notice of Defaults. The Trustee shall, within 90 days after it receives written notice of the occurrence and continuance of a Default of which a Responsible Officer of the Trustee has actual knowledge deliver to all Holders notice of all such Defaults, unless such Defaults shall have been cured or waived before the giving of such notice; provided that, except in the case of a Default in the payment of the principal of (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable), or any accrued and unpaid Special Interest on, any of the Notes or a Default in the payment or delivery of the consideration due upon conversion, the Trustee shall be protected in withholding such notice if and so long as it in good faith determines that the withholding of such notice is in the interests of the Holders.
Section 6.11.  Undertaking to Pay Costs. All parties to this Indenture agree, and each Holder of any Note by its acceptance thereof shall be deemed to have agreed, that any court may, in its discretion, require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; provided that the provisions of this Section 6.11 (to the extent permitted by law) shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Notes at the time outstanding determined in accordance with Section 8.04, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or accrued and unpaid Special Interest, if any, on any Note (including, but not limited to, the Redemption Price and the Fundamental Change Repurchase Price with respect to the Notes being repurchased as provided in this Indenture) on or after the due date expressed or provided for in such Note or to any suit for the enforcement of the right to convert any Note in accordance with the provisions of Article 14.

ARTICLE 7
CONCERNING THE TRUSTEE
Section 7.01.  Duties and Responsibilities of Trustee. The Trustee, prior to the occurrence of an Event of Default of which a Responsible Officer of the Trustee has written notice or actual knowledge and after the curing or waiver of all Events of Default that may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. In the event an Event of Default has occurred and is continuing of which a Responsible Officer of the Trustee has written notice or actual knowledge, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs; provided that if an Event of Default occurs and is continuing, the Trustee will be under no obligation to exercise any of the rights or powers under this Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee indemnity or security satisfactory to it against any loss, liability, claim or expense that might be incurred by it in compliance with such request or direction.
No provision of this Indenture shall be construed to relieve the Trustee from liability for its own grossly negligent action, its own grossly negligent failure to act or its own willful misconduct, except that:
(a)prior to the occurrence of an Event of Default of which a Responsible Officer of the Trustee has written notice or actual knowledge and after the curing or waiving of all Events of Default that may have occurred:
(i)the duties and obligations of the Trustee shall be determined solely by the express provisions of this Indenture, and the Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Trustee; and
(ii)in the absence of bad faith or willful misconduct on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but, in the case of any such certificates or opinions that by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of any mathematical calculations or other facts stated therein);

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(b)the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Officers of the Trustee, unless it shall be proved that the Trustee was grossly negligent in ascertaining the pertinent facts;
(c)the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of not less than a majority of the aggregate principal amount of the Notes at the time outstanding determined as provided in Section 8.04 relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture;
(d)whether or not therein provided, every provision of this Indenture relating to the conduct or affecting the liability of, or affording protection to, the Trustee shall be subject to the provisions of this Section;
(e)the Trustee shall not be liable in respect of any payment (as to the correctness of amount, entitlement to receive or any other matters relating to payment) or notice effected by the Company or any Paying Agent or any records maintained by any co-Note Registrar with respect to the Notes;
(f)if any party fails to deliver a notice relating to an event the fact of which, pursuant to this Indenture, requires notice to be sent to the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such event occurred;
(g)in the event that the Trustee is also acting as Custodian, Note Registrar, Paying Agent, Conversion Agent, Bid Solicitation Agent or transfer agent hereunder, the rights and protections afforded to the Trustee pursuant to this Article 7 shall also be afforded to such Custodian, Note Registrar, Paying Agent, Conversion Agent, Bid Solicitation Agent or transfer agent; and
(h)under no circumstances shall the Trustee be liable in its individual capacity for the obligations evidenced by the Notes.
None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers.
Section 7.02.  Reliance on Documents, Opinions, Etc. Except as otherwise provided in Section 7.01:
(a)the Trustee may conclusively rely and shall be fully protected in acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, note, coupon or other paper or document (whether in its original or facsimile form) believed by it in good faith to be genuine and to have been signed or presented by the proper party or parties;

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(b)any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by an Officer’s Certificate (unless other evidence in respect thereof be herein specifically prescribed); and any Board Resolution may be evidenced to the Trustee by a copy thereof certified by the Secretary or an Assistant Secretary of the Company;
(c)the Trustee may consult with counsel of its selection and require an Opinion of Counsel and any written or verbal advice of such counsel or Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or omitted by it hereunder in good faith and in accordance with such advice or Opinion of Counsel;
(d)the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney at the expense of the Company and shall incur no liability of any kind by reason of such inquiry or investigation; 
(e)the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents, custodians, nominees or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent, custodian, nominee or attorney appointed by it with due care hereunder; 
(f)the permissive rights of the Trustee enumerated herein shall not be construed as duties;
(g)the Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder; and
(h)the Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture.
In no event shall the Trustee be liable for any consequential, punitive, special or indirect loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. The Trustee shall not be charged with knowledge of any Default or Event of Default with respect to the Notes, unless either (1) a Responsible Officer shall have actual knowledge of such Default or Event of Default or (2) written notice of such Default or Event of Default shall have been given to a Responsible Officer of the Trustee by the Company or by any Holder of the Notes at the Corporate Trust Office and such notice references the Notes and/or this Indenture.
Section 7.03.  No Responsibility for Recitals, Etc. The recitals contained herein and in the Notes (except in the Trustee’s certificate of authentication) shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same.  The Trustee 

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makes no representations as to the validity, sufficiency or enforceability of this Indenture or of the Notes.  The Trustee shall not be accountable for the use or application by the Company of any Notes or the proceeds or the Offering Memorandum or any other documents used in connection with the sale or distribution of any Notes authenticated and delivered by the Trustee in conformity with the provisions of this Indenture or any money paid to the Company or upon the Company’s direction under any provision of the Indenture. The Trustee shall have no obligation to pursue any action that is not in accordance with applicable law.  The Trustee shall have no obligation to independently determine or verify if any Change of Control, Change of Control Repurchase Event, or any other event has occurred or if a Change of Control Offer is required to be made, or notify the Holders of any such event.
Section 7.04.  Trustee, Paying Agents, Conversion Agents, Bid Solicitation Agent or Note Registrar May Own Notes. The Trustee, any Paying Agent, any Conversion Agent, Bid Solicitation Agent (if other than the Company or any Affiliate thereof) or Note Registrar, in its individual or any other capacity, may become the owner or pledgee of Notes with the same rights it would have if it were not the Trustee, Paying Agent, Conversion Agent, Bid Solicitation Agent or Note Registrar.
Section 7.05.  Monies to Be Held in Trust.  All monies received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received.  Money  held by the Trustee in trust hereunder need not be segregated from other funds or property except to the extent required by law.  The Trustee shall be under no liability for interest or investment income on any money received by it hereunder except as may be agreed from time to time by the Company and the Trustee. The Trustee shall not be obligated to take possession of any shares of Common Stock, whether upon conversion or in connection with any discharge of this Indenture pursuant to Article 3 hereof, but shall satisfy its obligation as Conversion Agent by working through the stock transfer agent of the Company from time to time as directed by the Company.
Section 7.06.  Compensation and Expenses of Trustee. The Company covenants and agrees to pay to the Trustee, in any capacity under this Indenture, from time to time, and the Trustee shall be entitled to, compensation for all services rendered by it hereunder in any capacity (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) as mutually agreed to in writing between the Trustee and the Company, and the Company will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances reasonably incurred or made by the Trustee in accordance with any of the provisions of this Indenture in any capacity thereunder (including the reasonable compensation and the expenses and disbursements of its agents and counsel and of all Persons not regularly in its employ) except any such expense, disbursement or advance as shall have been caused by its gross negligence or willful misconduct as determined by a final, non-appealable decision of a court of competent jurisdiction. The Company also covenants to indemnify the Trustee in any capacity under this Indenture and any other document or transaction entered into in connection herewith and its officers, directors, attorneys, employees and agents and any authenticating agent for, and to hold them harmless against, any loss, claim (whether asserted by the Company, a Holder or any Person), damage, liability or expense (including reasonable 

42

attorneys’ fees and expenses and court costs incurred in connection with any action, claim or suit brought to enforce this indemnity) incurred without gross negligence or willful misconduct on the part of the Trustee, its officers, directors, attorneys,  agents or employees, or such agent or authenticating agent, as the case may be, as determined by a final, non-appealable decision of a court of competent jurisdiction, and arising out of or in connection with the acceptance or administration of this Indenture or in any other capacity hereunder, including the costs and expenses of defending themselves against any claim of liability in the premises. The obligations of the Company under this Section 7.06 to compensate or indemnify the Trustee and to pay or reimburse the Trustee for expenses, disbursements and advances shall be secured by a senior lien to which the Notes are hereby made subordinate on all money or property held or collected by the Trustee, except, subject to the effect of Section 6.05, funds held in trust herewith for the benefit of the Holders of particular Notes. The Trustee’s right to receive payment of any amounts due under this Section 7.06 shall not be subordinate to any other liability or indebtedness of the Company. The obligation of the Company under this Section 7.06 shall survive the satisfaction and discharge of this Indenture, the payment of the Notes and the earlier resignation or removal of the Trustee. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. The indemnification provided in this Section 7.06 shall extend to the officers, directors, attorneys, agents and employees of the Trustee.
Without prejudice to any other rights available to the Trustee under applicable law, when the Trustee and its agents and any authenticating agent incur expenses or render services after an Event of Default specified in Section 6.01(i) or Section 6.01(j) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any bankruptcy, insolvency or similar laws.
Section 7.07.  Officer’s Certificate as Evidence. Except as otherwise provided in Section 7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or omitting any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of gross negligence and willful misconduct on the part of the Trustee, be deemed to be conclusively proved and established by an Officer’s Certificate delivered to the Trustee, and such Officer’s Certificate, in the absence of gross negligence or willful misconduct on the part of the Trustee, shall be full warrant to the Trustee for any action taken or omitted by it under the provisions of this Indenture upon the faith thereof.
Section 7.08.  Eligibility of Trustee. There shall at all times be a Trustee hereunder which shall be a Person that is eligible pursuant to the Trust Indenture Act (as if, for this purpose, the Trust Indenture Act were applicable hereto) to act as such and has a combined capital and surplus of at least $50,000,000. If such Person publishes reports of condition at least annually, pursuant to law or to the requirements of any supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article.

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Section 7.09.  Resignation or Removal of Trustee. (a) The Trustee may at any time resign by giving written notice of such resignation to the Company. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been so appointed and have accepted appointment within 60 days after the giving of such notice of resignation to the Company, the resigning Trustee may, upon ten Business Days’ notice to the Company and the Holders and at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor trustee, or any Holder who has been a bona fide holder of a Note or Notes for at least six months (or since the date of this Indenture) may, subject to the provisions of Section 6.11, on behalf of himself or herself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.
(b)In case at any time any of the following shall occur:
(i)the Trustee shall cease to be eligible in accordance with the provisions of Section 7.08 and shall fail to resign after written request therefor by the Company or by any such Holder, or
(ii)the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation,
then, in either case, the Company may by a Board Resolution remove the Trustee and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to the provisions of Section 6.11, any Holder who has been a bona fide holder of a Note or Notes for at least six months (or since the date of this Indenture) may, on behalf of himself or herself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.
(c)The Holders of a majority in aggregate principal amount of the Notes at the time outstanding, as determined in accordance with Section 8.04, may at any time remove the Trustee and nominate a successor trustee that shall be deemed appointed as successor trustee unless within ten days after notice to the Company of such nomination the Company objects thereto, in which case the Trustee so removed or any Holder, upon the terms and conditions and otherwise as in Section 7.09(a) provided, may petition any court of competent jurisdiction for an appointment of a successor trustee.

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(d)Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 7.09 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.10.
Section 7.10.  Acceptance by Successor Trustee. Any successor trustee appointed as provided in Section 7.09 shall execute, acknowledge and deliver to the Company and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as Trustee herein; but, nevertheless, on the written request of the Company or of the successor trustee, the trustee ceasing to act shall, upon payment of any amounts then due it pursuant to the provisions of Section 7.06, execute and deliver an instrument transferring to such successor trustee all the rights and powers of the trustee so ceasing to act. Upon request of any such successor trustee, the Company shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless, retain a senior lien to which the Notes are hereby made subordinate on all money or property held or collected by such trustee as such, except for funds held in trust for the benefit of Holders of particular Notes, to secure any amounts then due it pursuant to the provisions of Section 7.06.
No successor trustee shall accept appointment as provided in this Section 7.10 unless at the time of such acceptance such successor trustee shall be eligible under the provisions of Section 7.08.
Upon acceptance of appointment by a successor trustee as provided in this Section 7.10, each of the Company and the successor trustee, at the written direction and at the expense of the Company shall deliver or cause to be delivered notice of the succession of such trustee hereunder to the Holders. If the Company fails to deliver such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be delivered at the expense of the Company.
Section 7.11.  Succession by Merger, Etc. Any corporation or other entity into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation or other entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation or other entity succeeding to all or substantially all of the corporate trust business of the Trustee (including the administration of this Indenture), shall be the successor to the Trustee hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto; provided that in the case of any corporation or other entity succeeding to all or substantially all of the corporate trust business of the Trustee such corporation or other entity shall be eligible under the provisions of Section 7.08.
In case at the time such successor to the Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee or authenticating agent appointed by such predecessor trustee, and deliver such Notes so 

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authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee or an authenticating agent appointed by such successor trustee may authenticate such Notes either in the name of any predecessor trustee hereunder or in the name of the successor trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall have; provided, however, that the right to adopt the certificate of authentication of any predecessor trustee or to authenticate Notes in the name of any predecessor trustee shall apply only to its successor or successors by merger, conversion or consolidation.
Section 7.12.  Trustee’s Application for Instructions from the Company. Any application by the Trustee for written instructions from the Company (other than with regard to any action proposed to be taken or omitted to be taken by the Trustee that affects the rights of the Holders of the Notes under this Indenture) may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective. The Trustee shall not be liable for any action taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after the date specified in such application (which date shall not be less than three Business Days after notice to the Company has been deemed to have been given pursuant to Section 17.03, unless any such officer shall have consented in writing to any earlier date), unless, prior to taking any such action (or the effective date in the case of any omission), the Trustee shall have received written instructions in accordance with this Indenture in response to such application specifying the action to be taken or omitted.

ARTICLE 8
CONCERNING THE HOLDERS
Section 8.01.  Action by Holders. Whenever in this Indenture it is provided that the Holders of a specified percentage of the aggregate principal amount of the Notes may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of taking any such action, the Holders of such specified percentage have joined therein may be evidenced (a) by any instrument or any number of instruments of similar tenor executed by Holders in person or by agent or proxy appointed in writing, or (b) by the record of the Holders voting in favor thereof at any meeting of Holders duly called and held in accordance with the provisions of Article 9, or (c) by a combination of such instrument or instruments and any such record of such a meeting of Holders. Whenever the Company or the Trustee solicits the taking of any action by the Holders of the Notes, the Company or the Trustee may fix, but shall not be required to, in advance of such solicitation, a date as the record date for determining Holders entitled to take such action. The record date if one is selected shall be not more than fifteen days prior to the date of commencement of solicitation of such action.
Section 8.02.  Proof of Execution by Holders. Subject to the provisions of Section 7.01, Section 7.02 and Section 9.05, proof of the execution of any instrument by a Holder or its agent or proxy shall be sufficient if made in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee. The 

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holding of Notes shall be proved by the Note Register or by a certificate of the Note Registrar. The record of any Holders’ meeting shall be proved in the manner provided in Section 9.06.
Section 8.03.  Who Are Deemed Absolute Owners. The Company, the Trustee, any authenticating agent, any Paying Agent, any Conversion Agent and any Note Registrar may deem the Person in whose name a Note shall be registered upon the Note Register to be, and may treat it as, the absolute owner of such Note (whether or not such Note shall be overdue and notwithstanding any notation of ownership or other writing thereon made by any Person other than the Company or any Note Registrar) for the purpose of receiving payment of or on account of the principal (including any Redemption Price and any Fundamental Change Repurchase Price) of and (subject to ýSection 2.03) any accrued and unpaid Special Interest on such Note, for conversion of such Note and for all other purposes under this Indenture; and neither the Company nor the Trustee nor any Paying Agent nor any Conversion Agent nor any Note Registrar shall be affected by any notice to the contrary.  The sole registered holder of a Global Note shall be the Depositary or its nominee.  All such payments or deliveries so made to any Holder for the time being, or upon its order, shall be valid, and, to the extent of the sums or shares of Common Stock so paid or delivered, effectual to satisfy and discharge the liability for monies payable or shares deliverable upon any such Note.  Notwithstanding anything to the contrary in this Indenture or the Notes following an Event of Default, any owner of a beneficial interest in a Global Note may directly enforce against the Company, without the consent, solicitation, proxy, authorization or any other action of the Depositary or any other Person, such holder’s right to exchange such beneficial interest in a Global Note for a Note in certificated form in accordance with the provisions of this Indenture.
Section 8.04.  Company-Owned Notes Disregarded. In determining whether the Holders of the requisite aggregate principal amount of Notes have concurred in any direction, consent, waiver or other action under this Indenture, Notes that are owned by the Company, by any Subsidiary thereof or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any Subsidiary thereof shall be disregarded and deemed not to be outstanding for the purpose of any such determination; provided that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, consent, waiver or other action, only Notes with respect to which a Responsible Officer has received written notice that such Notes are so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as outstanding for the purposes of this Section 8.04 if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to so act with respect to such Notes and that the pledgee is not the Company, a Subsidiary thereof or a Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or a Subsidiary thereof. In the case of a dispute as to such right, any decision or indecision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. Upon request of the Trustee, the Company shall furnish to the Trustee promptly an Officer’s Certificate listing and identifying all Notes, if any, known by the Company to be owned or held by or for the account of any of the above described Persons; and, subject to Section 7.01, the Trustee shall be entitled to accept such Officer’s Certificate as conclusive evidence of the facts therein set forth and of the fact that all Notes not listed therein are outstanding for the purpose of any such determination.

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Section 8.05.  Revocation of Consents; Future Holders Bound. At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 8.01, of the taking of any action by the Holders of the percentage of the aggregate principal amount of the Notes specified in this Indenture in connection with such action, any Holder of a Note that is shown by the evidence to be included in the Notes the Holders of which have consented to such action may, by filing written notice with the Trustee at its Corporate Trust Office and upon proof of holding as provided in Section 8.02, revoke such action so far as concerns such Note. Except as aforesaid, any such action taken by the Holder of any Note shall be conclusive and binding upon such Holder and upon all future Holders and owners of such Note and of any Notes issued in exchange or substitution therefor or upon registration of transfer thereof, irrespective of whether any notation in regard thereto is made upon such Note or any Note issued in exchange or substitution therefor or upon registration of transfer thereof.

ARTICLE 9
HOLDERS' MEETINGS
Section 9.01.  Purpose of Meetings. A meeting of Holders may be called at any time and from time to time pursuant to the provisions of this Article 9 for any of the following purposes:
(a)to give any notice to the Company or to the Trustee or to give any directions to the Trustee permitted under this Indenture, or to consent to the waiving of any Default or Event of Default hereunder (in each case, as permitted under this Indenture) and its consequences, or to take any other action authorized to be taken by Holders pursuant to any of the provisions of Article 6;
(b)to remove the Trustee and nominate a successor trustee pursuant to the provisions of Article 7;
(c)to consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of Article 10; or
(d)to take any other action authorized to be taken by or on behalf of the Holders of any specified aggregate principal amount of the Notes under any other provision of this Indenture or under applicable law.
Section 9.02.  Call of Meetings by Trustee. The Trustee may at any time call a meeting of Holders to take any action specified in Section 9.01, to be held at such time and at such place as the Trustee shall determine. Notice of every meeting of the Holders, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting and the establishment of any record date pursuant to Section 8.01, shall be delivered to Holders of such Notes. Such notice shall also be delivered to the Company. Such notices shall be delivered not less than 20 nor more than 90 days prior to the date fixed for the meeting.
Any meeting of Holders shall be valid without notice if the Holders of all Notes then outstanding are present in person or by proxy or if notice is waived before or after the meeting by 

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the Holders of all Notes then outstanding, and if the Company and the Trustee are either present by duly authorized representatives or have, before or after the meeting, waived notice.
Section 9.03.  Call of Meetings by Company or Holders. In case at any time the Company, pursuant to a Board Resolution, or the Holders of at least 10% of the aggregate principal amount of the Notes then outstanding, shall have requested the Trustee to call a meeting of Holders, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have delivered the notice of such meeting within 20 days after receipt of such request, then the Company or such Holders may determine the time and the place for such meeting and may call such meeting to take any action authorized in Section 9.01, by delivering notice thereof as provided in Section 9.02.
Section 9.04.  Qualifications for Voting. To be entitled to vote at any meeting of Holders a Person shall (a) be a Holder of one or more Notes on the record date pertaining to such meeting or (b) be a Person appointed by an instrument in writing as proxy by a Holder of one or more Notes on the record date pertaining to such meeting. The only Persons who shall be entitled to be present or to speak at any meeting of Holders shall be the Persons entitled to vote at such meeting and their counsel and any representatives of the Trustee and its counsel and any representatives of the Company and its counsel.
Section 9.05.  Regulations. Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Holders, in regard to proof of the holding of Notes and of the appointment of proxies, and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall think fit.
The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Holders as provided in Section 9.03, in which case the Company or the Holders calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Holders of a majority in aggregate principal amount of the Notes represented at the meeting and entitled to vote at the meeting.
Subject to the provisions of Section 8.04, at any meeting of Holders each Holder or proxyholder shall be entitled to one vote for each $1,000 principal amount of Notes held or represented by him or her; provided, however, that no vote shall be cast or counted at any meeting in respect of any Note challenged as not outstanding and ruled by the chairman of the meeting to be not outstanding. The chairman of the meeting shall have no right to vote other than by virtue of Notes held by it or instruments in writing as aforesaid duly designating it as the proxy to vote on behalf of other Holders. Any meeting of Holders duly called pursuant to the provisions of Section 9.02 or Section 9.03 may be adjourned from time to time by the Holders of a majority of the aggregate principal amount of Notes represented at the meeting, whether or not constituting a quorum, and the meeting may be held as so adjourned without further notice.

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Section 9.06.  Voting. The vote upon any resolution submitted to any meeting of Holders shall be by written ballot on which shall be subscribed the signatures of the Holders or of their representatives by proxy and the outstanding aggregate principal amount of the Notes held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of Holders shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was delivered as provided in Section 9.02. The record shall show the aggregate principal amount of the Notes voting in favor of or against any resolution. The record shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one of the duplicates shall be delivered to the Company and the other to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting.
Any record so signed and verified shall be conclusive evidence of the matters therein stated.
Section 9.07.  No Delay of Rights by Meeting. Nothing contained in this Article 9 shall be deemed or construed to authorize or permit, by reason of any call of a meeting of Holders or any rights expressly or impliedly conferred hereunder to make such call, any hindrance or delay in the exercise of any right or rights conferred upon or reserved to the Trustee or to the Holders under any of the provisions of this Indenture or of the Notes. Nothing contained in this Article 9 shall be deemed or construed to limit any Holder’s actions pursuant to the applicable procedures of the Depositary so long as the Notes are Global Notes.

ARTICLE 10
SUPPLEMENTAL INDENTURES

Section 10.01.  Supplemental Indentures Without Consent of Holders. Without the consent of any Holder, the Company and the Trustee, at the Company’s expense, may from time to time and at any time enter into an indenture or indentures supplemental hereto for one or more of the following purposes:
(a)to cure any ambiguity, omission, defect or inconsistency, as certified by the Company in an Officer’s Certificate;
(b)to provide for the assumption by a Successor Company of the obligations of the Company under this Indenture pursuant to Article 11;
(c)to add guarantees with respect to the Notes;
(d)to secure the Notes;

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(e)to add to the covenants or Events of Default of the Company for the benefit of the Holders or surrender any right or power conferred upon the Company under this Indenture or the Notes;
(f)to make any change that does not adversely affect the rights of any Holder under this Indenture or the Notes in any material respect as determined in good faith by the Board of Directors;
(g)in connection with any Share Exchange Event, to provide that the Notes are convertible into Reference Property, subject to the provisions of Section 14.02 and in accordance with Section 14.07; 
(h)to increase the Conversion Rate as provided in this Indenture;
(i)to provide for the acceptance of appointment by a successor trustee pursuant to Section 7.09 or to facilitate the administration of the trusts under this Indenture by more than one trustee;
(j)to irrevocably elect a Settlement Method or a Specified Dollar Amount, or eliminate the Company’s right to elect a Settlement Method; provided, however, that no such election or elimination will affect any Settlement Method theretofore elected (or deemed to be elected) with respect to any Note pursuant to the provisions of Section 14.02(a)(iii);
(k)to conform the provisions of this Indenture or the Notes to any provision of the “Description of Notes” section of the Offering Memorandum, as certified by the Company in an Officer’s Certificate.
Upon the written request of the Company, the Trustee is hereby authorized to, and shall join with the Company in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations that may be therein contained, except that the Trustee shall not be obligated to, but may in its discretion, enter into any supplemental indenture that affects the Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise.
Any supplemental indenture authorized by the provisions of this Section 10.01 may be executed by the Company and the Trustee without the consent of the Holders of any of the Notes at the time outstanding, notwithstanding any of the provisions of Section 10.02.
Section 10.02.  Supplemental Indentures with Consent of Holders. With the consent (evidenced as provided in Article 8) of the Holders of at least a majority of the aggregate principal amount of the Notes then outstanding (determined in accordance with Article 8 and including, without limitation, consents obtained in connection with a repurchase of, or tender or exchange offer for, the Notes), the Company and the Trustee, at the Company’s expense, may from time to time and at any time enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture, the Notes or any supplemental indenture or of modifying in any 

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manner the rights of the Holders; provided, however, that, without the consent of each Holder of an outstanding Note affected, no such supplemental indenture shall:
(a)reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver;
(b)reduce the rate of or extend the stated time for payment of any Special Interest on any Note;
(c)reduce the principal of or extend the Maturity Date of any Note;
(d)make any change that adversely affects the conversion rights of any Note;
(e)reduce the Redemption Price or the Fundamental Change Repurchase Price of any Note or amend or modify in any manner adverse to the Holders the Company’s obligation to make such payments, whether through an amendment or waiver of provisions in the covenants, definitions or otherwise;
(f)make any Note payable in money, or at a place of payment, other than that stated in the Notes;
(g)change the ranking of the Notes; 
(h)impair the right of any Holder to receive payment of principal and Special Interest, if any, on such Holder’s Notes on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes; or 
(i)make any change in this Article 10 that requires each Holder’s consent or in the waiver provisions in Section 6.02 or Section 6.09.
Upon the written request of the Company, and upon the filing with the Trustee of evidence of the consent of the requisite Holders as aforesaid and subject to Section 10.05, the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture.
Holders do not need under this Section 10.02 to approve the particular form of any proposed supplemental indenture. It shall be sufficient if such Holders approve the substance thereof. After any such supplemental indenture becomes effective, the Company shall deliver to the Holders (with a copy to the Trustee) a notice briefly describing such supplemental indenture. However, the failure to give such notice to all the Holders, or any defect in the notice, will not impair or affect the validity of the supplemental indenture.
Section 10.03.  Effect of Supplemental Indentures. Upon the execution of any supplemental indenture pursuant to the provisions of this Article 10, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, 

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limitation of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the Holders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.
Section 10.04.  Notation on Notes. Notes authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article 10 may, at the Company’s request and expense, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company or the Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Trustee and the Company, to any modification of this Indenture contained in any such supplemental indenture may, at the Company’s expense, be prepared and executed by the Company, authenticated by the Trustee (or an authenticating agent duly appointed by the Trustee pursuant to Section 17.10) and delivered in exchange for the Notes then outstanding, upon surrender of such Notes then outstanding.
Section 10.05.  Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee. In addition to the documents required by Section 17.05, the Trustee shall receive an Officer’s Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant hereto complies with the requirements of this Article 10 and is permitted or authorized by this Indenture and that the supplemental indenture constitutes the legal, valid and binding obligation of the Company enforceable in accordance with its terms.

ARTICLE 11
CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE
Section 11.01.  Company May Consolidate, Etc. on Certain Terms. Subject to the provisions of Section 11.02, the Company shall not consolidate with, merge with or into, or sell, convey, transfer or lease all or substantially all of its consolidated properties and assets to another Person, unless:
(a)the resulting, surviving or transferee Person (the “Successor Company”), if not the Company, shall be a corporation organized and existing under the laws of the United States of America, any State thereof or the District of Columbia, and the Successor Company (if not the Company) shall expressly assume by supplemental indenture all of the obligations of the Company under the Notes and this Indenture; and
(b)immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing under this Indenture.
For purposes of this Section 11.01, the sale, conveyance, transfer or lease of all or substantially all of the properties and assets of one or more Subsidiaries of the Company to another Person, which properties and assets, if held by the Company instead of such Subsidiaries, would constitute all or substantially all of the properties and assets of the Company on a consolidated basis, shall be deemed to be the sale, conveyance, transfer or lease of all or substantially all of the consolidated properties and assets of the Company to another Person.

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Section 11.02.  Successor Corporation to Be Substituted. In case of any such consolidation, merger, sale, conveyance, transfer or lease and upon the assumption by the Successor Company, by supplemental indenture, executed and delivered to the Trustee, of all of the obligations of the Company under the Notes and this Indenture, such Successor Company (if not the Company) shall succeed to and, except in the case of a lease of all or substantially all of the Company’s consolidated properties and assets, shall be substituted for the Company, with the same effect as if it had been named herein as the party of the first part, and may thereafter exercise every right and power of, the Company under this Indenture. Such Successor Company thereupon may cause to be signed, and may issue either in its own name or in the name of the Company any or all of the Notes issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the order of such Successor Company instead of the Company and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver, or cause to be authenticated and delivered, any Notes that previously shall have been signed and delivered by the Officers of the Company to the Trustee for authentication, and any Notes that such Successor Company thereafter shall cause to be signed and delivered to the Trustee for that purpose. All the Notes so issued shall in all respects have the same legal rank and benefit under this Indenture as the Notes theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Notes had been issued at the date of the execution hereof. In the event of any such consolidation, merger, sale, conveyance or transfer (but not in the case of a lease), upon compliance with this Article 11 the Person named as the “Company” in the first paragraph of this Indenture (or any successor that shall thereafter have become such in the manner prescribed in this Article 11) may be dissolved, wound up and liquidated at any time thereafter and, except in the case of a lease, such Person shall be released from its liabilities as obligor and maker of the Notes and from its obligations under this Indenture and the Notes.
In case of any such consolidation, merger, sale, conveyance, transfer or lease, such changes in phraseology and form (but not in substance) may be made in the Notes thereafter to be issued as may be appropriate.
Section 11.03.  Opinion of Counsel to Be Given to Trustee. No such consolidation, merger, sale, conveyance, transfer or lease shall be effective unless the Trustee shall receive an Officer’s Certificate and an Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale, conveyance, transfer or lease and any such assumption and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture, complies with the provisions of this Article 11.

ARTICLE 12
IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS
Section 12.01.  Indenture and Notes Solely Corporate Obligations. No recourse for the payment of the principal of or any accrued and unpaid Special Interest on any Note, nor for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Company in this Indenture or in any supplemental indenture or in any Note, nor because of the creation of any indebtedness represented thereby, 

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shall be had against any incorporator, stockholder, employee, agent, Officer or director or Subsidiary, as such, past, present or future, of the Company or of any successor corporation, either directly or through the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issue of the Notes.

ARTICLE 13
INTENTIONALLY OMITTED

ARTICLE 14
CONVERSION OF NOTES
Section 14.01.  Conversion Privilege. (a) Subject to and upon compliance with the provisions of this Article 14, each Holder of a Note shall have the right, at such Holder’s option, to convert all or any portion (if the portion to be converted is $1,000 principal amount or a multiple thereof) of such Note (i) subject to satisfaction of the conditions described in Section 14.01(b), at any time prior to the close of business on the Business Day immediately preceding June 1, 2026 under the circumstances and during the periods set forth in Section 14.01(b), and (ii) regardless of the conditions described in Section 14.01(b), on or after June 1, 2026 and prior to the close of business on the second Scheduled Trading Day immediately preceding the Maturity Date, in each case, at an initial conversion rate of 9.2978 shares of Common Stock (subject to adjustment as provided in this Article 14, the “Conversion Rate”) per $1,000 principal amount of Notes (subject to, and in accordance with, the settlement provisions of Section 14.02, the “Conversion Obligation”).
(b)(i) Prior to the close of business on the Business Day immediately preceding June 1, 2026, a Holder may surrender all or any portion of its Notes for conversion at any time during the five Business Day period immediately after any ten consecutive Trading Day period (the “Measurement Period”) in which the Trading Price per $1,000 principal amount of Notes, as determined following a request by a Holder of Notes in accordance with this Section 14.01(b)(i), for each Trading Day of the Measurement Period was less than 98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate on each such Trading Day. The Trading Prices shall be determined by the Bid Solicitation Agent pursuant to this Section 14.01(b)(i) and the definition of Trading Price set forth in this Indenture. The Bid Solicitation Agent (if other than the Company) shall have no obligation to determine the Trading Price per $1,000 principal amount of Notes unless the Company has requested such determination in writing, and the Company shall have no obligation to make such request (or, if the Company is acting as Bid Solicitation Agent, the Company shall have no obligation to determine the Trading Price per $1,000 principal amount of Notes) unless a Holder of at least $1,000,000 aggregate principal amount of Notes provides the Company with reasonable evidence that the Trading Price per $1,000 principal amount of Notes would be less than 98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate, at 
which time the Company shall instruct the Bid Solicitation Agent in writing (if other than the Company) to determine, or if the Company is acting as Bid Solicitation Agent, the Company shall determine the Trading Price per $1,000 principal amount of Notes beginning on the next Trading Day and on each successive Trading Day until the Bid Solicitation Agent, or if the Company is acting as Bid Solicitation Agent, the Company, determines that the Trading Price per $1,000 principal amount of Notes is greater than or equal to 98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate. At such time as the Company directs the Bid Solicitation Agent in writing to solicit bid quotations, the Company shall provide the Bid Solicitation Agent with the names and contact details of the three independent nationally recognized securities dealers selected by the Company, and the Company shall direct those security dealers to provide bids to the Bid Solicitation Agent. Any such determination will be conclusive absent manifest error. If (x) the Company is not acting as Bid Solicitation Agent, and the Company does not, when the Company is required to, instruct the Bid Solicitation Agent to obtain bids, or if the Company so instructs the Bid Solicitation Agent to obtain bids and the Bid Solicitation Agent fails to make such determination, or (y) the Company is acting as Bid Solicitation Agent and the Company fails to make such determination. then, in either case, the Trading Price per $1,000 principal amount of Notes shall be deemed to be less than 98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate on each Trading Day of such failure. If the Trading Price condition set forth above has been met, the Company shall so notify the Holders, the Trustee and the Conversion Agent (if other than the Trustee) in writing. If, at any time after the Trading Price condition set forth above has been met, the Bid Solicitation Agent, or if the Company is acting as Bid Solicitation Agent, the Company, determines that the Trading Price per $1,000 principal amount of Notes is greater than or equal to 98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate for such date, the Company shall so notify the Holders, the Trustee and the Conversion Agent (if other than the Trustee) in writing. 
(ii)If, prior to the close of business on the Business Day immediately preceding June 1, 2026, the Company elects to:
(A)issue to all or substantially all holders of the Common Stock any rights, options or warrants (other than in connection with a stockholder rights plan) entitling them, for a period of not more than 45 calendar days after the announcement date of such issuance, to subscribe for or purchase shares of the Common Stock at a price per share that is less than the average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance; or
(B)distribute to all or substantially all holders of the Common Stock the Company’s assets, securities or rights to purchase securities of the Company, which distribution has a per share value, as reasonably determined by the Board of Directors, exceeding 10% of the Last Reported Sale Price of the Common Stock on the Trading Day preceding the date of announcement for such distribution,

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then, in either case, the Company shall notify the Holders of the Notes, the Trustee and the Conversion Agent (if other than the Trustee) in writing at least 40 Scheduled Trading Days prior to the Ex-Dividend Date for such issuance or distribution. Once the Company has given such notice, a Holder may surrender all or any portion of its Notes for conversion at any time until the earlier of (1) the close of business on the Business Day immediately preceding the Ex-Dividend Date for such issuance or distribution and (2) the Company’s announcement that such issuance or distribution will not take place, even if the Notes are not otherwise convertible at such time.
(iii)If (i) a transaction or event that constitutes (x) a Fundamental Change or (y) a Make-Whole Fundamental Change occurs prior to the close of business on the Business Day immediately preceding June 1, 2026, regardless of whether a Holder has the right to require the Company to repurchase the Notes pursuant to Section 15.02, or (ii) if the Company is a party to a Share Exchange Event that occurs prior to the close of business on the Business Day immediately preceding June 1, 2026, then, in each case, all or any portion of a Holder’s Notes may be surrendered for conversion at any time from or after the effective date of such transaction or event until 35 Trading Days after the actual effective date of such transaction or event or, if such transaction also constitutes a Fundamental Change, until the related Fundamental Change Repurchase Date. The Company shall notify Holders, the Trustee and the Conversion Agent (if other than the Trustee) in writing as promptly as practicable following the date the Company publicly announces such transaction or event, but in no event later than the actual effective date of such transaction or event.
(iv)Prior to the close of business on the Business Day immediately preceding June 1, 2026, a Holder may surrender all or any portion of its Notes for conversion at any time during any calendar quarter commencing after the calendar quarter ending on December 31, 2020 (and only during such calendar quarter), if the Last Reported Sale Price of the Common Stock for at least 20 Trading Days (whether or not consecutive) during the period of 30 consecutive Trading Days ending on, and including, the last Trading Day of the immediately preceding calendar quarter is greater than or equal to 130% of the Conversion Price on each applicable Trading Day as determined by the Company.
(v)If the Company calls any or all of the Notes for redemption pursuant to Article 16 prior to the Maturity Date, then a Holder may surrender all or any portion of its Notes for conversion at any time prior to the close of business on the second Scheduled Trading Day prior to the Redemption Date, even if the Notes are not otherwise convertible at such time. After that time, the right to convert such Notes on account of the Company’s delivery of a Notice of Redemption shall expire, unless the Company defaults in the payment of the Redemption Price, in which case a Holder of Notes may convert all or a portion of its Notes until the Redemption Price has been paid or duly provided for.
(vi)    Neither the Trustee nor the Conversion Agent shall have any obligation to make any calculation or to determine whether the Notes may be surrendered for conversion or to notify the Company, the Depositary or any Holders if the Notes have become convertible.

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Section 14.02.  Conversion Procedure; Settlement Upon Conversion. 
(a)Subject to this Section 14.02, Section 14.03(b) and Section 14.07(a), upon conversion of any Note, the Company shall satisfy its Conversion Obligation by paying or delivering, as the case may be, to the converting Holder, in respect of each $1,000 principal amount of Notes being converted, cash (“Cash Settlement”), shares of Common Stock, together with cash, if applicable, in lieu of delivering any fractional share of Common Stock in accordance with subsection (j) of this Section 14.02 (“Physical Settlement”) or a combination of cash and shares of Common Stock, together with cash, if applicable, in lieu of delivering any fractional share of Common Stock in accordance with subsection (j) of this Section 14.02 (“Combination Settlement”), at its election, as set forth in this Section 14.02.
(i)All conversions occurring (x) on or after June 1, 2026 or (y) during a Redemption Period shall be settled using the same Settlement Method. 
(ii)Except for any conversions for which the relevant Conversion Date occurs (x) on or after June 1, 2026 or (y) during a Redemption Period, the Company shall use the same Settlement Method for all conversions occurring on the same Conversion Date, but the Company shall not have any obligation to use the same Settlement Method with respect to conversions that occur on different Conversion Dates.
(iii)If, in respect of any Conversion Date (or in the case of any conversions occurring (x) during a Redemption Period, in such Redemption Notice or (y) on or after June 1, 2026, no later than the close of business on the Business Day immediately preceding June 1, 2026), the Company elects a Settlement Method, the Company shall deliver a written notice (the “Settlement Notice”) of the Settlement Method so elected in respect of such Conversion Date (or such period, as the case may be) to converting Holders through the Trustee no later than the close of business on the Trading Day immediately following the relevant Conversion Date (or, in the case of any conversions occurring (x) during a Redemption Period, in such Redemption Notice or (y) on or after June 1, 2026, no later than the close of business on the Business Day immediately preceding June 1, 2026).  If the Company does not timely elect a Settlement Method prior to the deadline set forth in the immediately preceding sentence, the Company shall no longer have the right to elect Cash Settlement or Physical Settlement for such conversion or during such period and the Company shall be deemed to have elected Combination Settlement in respect of its Conversion Obligation, and the Specified Dollar Amount per $1,000 principal amount of Notes shall be equal to $1,000.  Such Settlement Notice shall specify the relevant Settlement Method and in the case of an election of Combination Settlement, the relevant Settlement Notice shall indicate the Specified Dollar Amount per $1,000 principal amount of Notes.  If the Company delivers a Settlement Notice electing Combination Settlement in respect of its Conversion Obligation but does not indicate a Specified Dollar Amount per $1,000 principal amount of Notes in such Settlement Notice, the Specified Dollar Amount per $1,000 principal amount of Notes shall be deemed to be $1,000. By notice to Holders (with a simultaneous copy to the Trustee and the Conversion Agent), the Company may, prior to June 1, 2026, at its option, irrevocable 

57

elect a Settlement Method (and, in the event the Company so irrevocably elects Combination Settlement, the Company may, but is not required to, irrevocably elect a Specified Dollar Amount ) for all future conversions of Notes with a Conversion Date subsequent to the delivery of such notice (such election, an “Irrevocable Settlement Election”); provided that any such Irrevocable Settlement Election that is made during a Redemption Period (but after the relevant Redemption Notice Date) shall not be applicable to conversions with a Conversion Date that occurs during such Redemption Period.
(iv)The cash, shares of Common Stock or combination of cash and shares of Common Stock in respect of any conversion of Notes (the “Settlement Amount”) shall be computed as follows:
(A)if the Company elects to satisfy its Conversion Obligation in respect of such conversion by Physical Settlement, the Company shall deliver to the converting Holder in respect of each $1,000 principal amount of Notes being converted a number of shares of Common Stock equal to the Conversion Rate in effect on the Conversion Date;
(B)if the Company elects to satisfy its Conversion Obligation in respect of such conversion by Cash Settlement, the Company shall pay to the converting Holder in respect of each $1,000 principal amount of Notes being converted cash in an amount equal to the sum of the Daily Conversion Values for each of the 30 consecutive Trading Days during the related Observation Period; and
(C)if the Company elects (or is deemed to have elected) to satisfy its Conversion Obligation in respect of such conversion by Combination Settlement, the Company shall pay or deliver, as the case may be, in respect of each $1,000 principal amount of Notes being converted, a Settlement Amount equal to the sum of the Daily Settlement Amounts for each of the 30 consecutive Trading Days during the related Observation Period. 
(v)The Daily Settlement Amounts (if applicable) and the Daily Conversion Values (if applicable) shall be determined by the Company promptly following the last day of the Observation Period.  Promptly (and in any event within one Business Day following the last day of the Observation Period) after such determination of the Daily Settlement Amounts or the Daily Conversion Values, as the case may be, and the amount of cash payable in lieu of delivering any fractional share of Common Stock, the Company shall notify the Trustee and the Conversion Agent (if other than the Trustee) of the Daily Settlement Amounts or the Daily Conversion Values, as the case may be, and the amount of cash payable in lieu of delivering fractional shares of Common Stock and shall provide the calculation thereof in reasonable detail or in such detail as requested by the Depositary.  The Trustee and the Conversion Agent (if other than the Trustee) shall have no responsibility for any such determination. 

58

(b)Subject to Section 14.02(e), before any Holder of a Note shall be entitled to convert a Note as set forth above, such Holder shall 1) in the case of a Global Note, comply with the procedures of the Depositary in effect at that time for converting a beneficial interest in a Global Note and, if required, pay funds equal to any Special Interest payable on the next Special Interest Payment Date to which such Holder is not entitled as set forth in Section 14.02(h) (and, if required, pay all transfer or similar taxes, if any, as set forth in Section 14.02(d) and  Section 14.02(e)) and 2) in the case of a Physical Note, or when required by applicable procedures of the Depositary in effect at that time in the case of a Global Note, (1) complete, manually sign and deliver an irrevocable notice to the Conversion Agent as set forth in the Form of Notice of Conversion (or a facsimile, PDF or other electronic transmission thereof) (a “Notice of Conversion”) at the office of the Conversion Agent and state in writing therein the principal amount of Notes to be converted and the name or names (with addresses) in which such Holder wishes the certificate or certificates for any shares of Common Stock to be delivered upon settlement of the Conversion Obligation to be registered, (2) surrender such Notes, duly endorsed to the Company or in blank (and accompanied by appropriate endorsement and transfer documents), at the office of the Conversion Agent, (3) if required, furnish appropriate endorsements and transfer documents and (4) if required, pay funds equal to any Special Interest payable on the next Special Interest Payment Date to which such Holder is not entitled as set forth in Section 14.02(h).  The Trustee (and, if different, the Conversion Agent) shall promptly notify the Company of any conversion pursuant to this Article 14.  No Notes may be surrendered for conversion by a Holder thereof if such Holder has also delivered a Fundamental Change Repurchase Notice to the Company in respect of such Notes and has not validly withdrawn such Fundamental Change Repurchase Notice in accordance with Section 15.03.
If more than one Note shall be surrendered for conversion at one time by the same Holder, the Conversion Obligation with respect to such Notes shall be computed on the basis of the aggregate principal amount of the Notes (or specified portions thereof to the extent permitted thereby) so surrendered.
(c)A Note shall be deemed to have been converted immediately prior to the close of business on the date (the “Conversion Date”) that the Holder has complied with the requirements set forth in subsection (b) above. Except as set forth in  Section 14.03(b) and Section 14.07(a), the Company shall pay or deliver, as the case may be, the consideration due in respect of the Conversion Obligation on the second Business Day immediately following the relevant Conversion Date, if the Company elects Physical Settlement (provided that, with respect to any Conversion Date occurring on or after June 1, 2026, the Company shall settle any such conversion on the Maturity Date), or on the second Business Day immediately following the last Trading Day of the relevant Observation Period, in the case of any other Settlement Method. If any shares of Common Stock are due to converting Holders, the Company shall issue or cause to be issued, and deliver to such Holder, or such Holder’s nominee or nominees, certificates or a book-entry transfer through the Depositary for the full number of shares of Common Stock to which such Holder shall be entitled in satisfaction of the Company’s Conversion Obligation.
(d)In case any Note shall be surrendered for partial conversion, the Company shall execute and the Trustee shall authenticate and deliver to or upon the written order of the Holder 

59

of the Note so surrendered a new Note or Notes in authorized denominations in an aggregate principal amount equal to the unconverted portion of the surrendered Note, without payment of any service charge by the converting Holder but, if required by the Company or Trustee, with payment of a sum sufficient to cover any documentary, stamp or similar issue or transfer tax or similar governmental charge required by law or that may be imposed in connection therewith as a result of the name of the Holder of the new Notes issued upon such conversion being different from the name of the Holder of the old Notes surrendered for such conversion.
(e)If a Holder submits a Note for conversion, the Company shall pay any documentary, stamp or similar issue or transfer tax or other similar governmental charge due on any issuance of any shares of Common Stock upon conversion, unless the tax is due because the Holder requests any such shares to be issued in a name other than the Holder’s name, in which case the Holder shall pay that tax. The Conversion Agent may refuse to deliver the certificates representing the shares of Common Stock being issued in a name other than the Holder’s name until the Trustee receives a sum sufficient to pay any tax that is due by such Holder in accordance with the immediately preceding sentence. The converting Holder shall also provide or cause to be provided to the Trustee and Conversion Agent (if other than the Trustee) all information necessary to allow the Trustee and Conversion Agent (if other than the Trustee) to comply with any applicable tax reporting obligations. The Trustee and Conversion Agent (if other than the Trustee) may rely on information provided to it and shall have no responsibility whatsoever to verify or ensure the accuracy of such information.
(f)Except as provided in Section 14.04, no adjustment shall be made for dividends on any shares of Common Stock issued upon the conversion of any Note as provided in this Article 14.
(g)Upon the conversion of an interest in a Global Note, the Trustee, or the Custodian at the direction of the Trustee, shall make a notation on such Global Note as to the reduction in the principal amount represented thereby. The Company shall notify the Trustee in writing of any conversion of Notes effected through any Conversion Agent other than the Trustee.
(h)Upon conversion, a Holder shall not receive any separate payment for accrued and unpaid Special Interest, if any, except as set forth below in this Section 14.02(h).  The Company’s settlement of the full Conversion Obligation shall be deemed to satisfy in full its obligation to pay the principal amount of the Note and accrued and unpaid Special Interest, if any, to, but excluding, the relevant Conversion Date. As a result, accrued and unpaid Special Interest, if any, to, but excluding, the relevant Conversion Date shall be deemed to be paid in full rather than cancelled, extinguished or forfeited.  Upon a conversion of Notes into a combination of cash and shares of Common Stock, any accrued and unpaid Special Interest will be deemed to be paid first out of the cash paid upon such conversion.  Notwithstanding the foregoing, if Notes are converted after the close of business on a Special Interest Record Date and prior to the open of business on the corresponding Special Interest Payment Date, Holders of such Notes as of the close of business on such Special Interest Record Date will receive the full amount of Special Interest payable on such Notes on the corresponding Special Interest Payment Date notwithstanding the conversion.  Notes surrendered for conversion during the period from the 

60

close of business on any Special Interest Record Date to the open of business on the immediately following Special Interest Payment Date must be accompanied by funds equal to the amount of any Special Interest payable on the Notes so converted; provided that no such payment shall be required (1) for conversions following any Special Interest Record Date immediately preceding the Maturity Date; (2) if the Company has specified a Fundamental Change Repurchase Date that is after a Special Interest Record Date and on or prior to the Business Day immediately succeeding the corresponding Special Interest Payment Date; (3) for conversions with a Conversion Date that occurs during a Redemption Period; or (4) to the extent of any Defaulted Amounts that exist at the time of conversion with respect to such Note.  Therefore, for the avoidance of doubt, all Holders of record on any Special Interest Record Date immediately preceding the Maturity Date (if and to the extent that Special Interest is payable on the Maturity Date) shall receive the full Special Interest payment due on the Maturity Date in cash regardless of whether their Notes have been converted following such Special Interest Record Date.
(i)The Person in whose name the certificate for any shares of Common Stock delivered upon conversion is registered shall be treated as a stockholder of record as of the close of business on the relevant Conversion Date (if the Company elects to satisfy the related Conversion Obligation by Physical Settlement) or the last Trading Day of the relevant Observation Period (if the Company elects to satisfy the related Conversion Obligation by Combination Settlement), as the case may be. Upon a conversion of Notes, such Person shall no longer be a Holder of such Notes surrendered for conversion.
(j)The Company shall not issue any fractional share of Common Stock upon conversion of the Notes and shall instead pay cash in lieu of delivering any fractional share of Common Stock issuable upon conversion based on the Daily VWAP on the relevant Conversion Date (in the case of Physical Settlement) or based on the Daily VWAP on the last Trading Day of the relevant Observation Period (in the case of Combination Settlement). For each Note surrendered for conversion, if the Company has elected (or is deemed to have elected) Combination Settlement, the full number of shares that shall be issued upon conversion thereof shall be computed on the basis of the aggregate Daily Settlement Amounts for the relevant Observation Period and any fractional shares remaining after such computation shall be paid in cash. 
Section 14.03.  Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes or During a Redemption Period. (a) If (x) the Effective Date of a Make-Whole Fundamental Change occurs prior to the Maturity Date and a Holder elects to convert its Notes in connection with such Make-Whole Fundamental Change or (y) the Company issues a Redemption Notice pursuant to Section 16.02 and a Holder elects to convert its Notes during the related Redemption Period, the Company shall, under the circumstances described below, increase the Conversion Rate for the Notes so surrendered for conversion by a number of additional shares of Common Stock (the “Additional Shares”), as described below. A conversion of Notes shall be deemed for these purposes to be “in connection with” such Make-Whole Fundamental Change if the relevant Notice of Conversion is received by the Conversion Agent from, and including, the Effective Date of the Make-Whole Fundamental Change up to, and including, the Business Day immediately prior to the related 

61

Fundamental Change Repurchase Date (or, in the case of a Make-Whole Fundamental Change that would have been a Fundamental Change but for subclause (i) of the proviso in clause (b) of the definition thereof, the 35th Trading Day immediately following the Effective Date of such Make-Whole Fundamental Change) (such period, the “Make-Whole Fundamental Change Period”). 
(b)Upon surrender of Notes for conversion in connection with a Make-Whole Fundamental Change pursuant to Section 14.01(b)(iii) or during a Redemption Period pursuant to Section 14.01(b)(v), the Company shall, at its option, satisfy the related Conversion Obligation by Physical Settlement, Cash Settlement or Combination Settlement in accordance with Section 14.02 based on the Conversion Rate as increased to reflect the Additional Shares pursuant to the table below; provided, however, that if, the Reference Property in any Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental Change is composed entirely of cash, for any conversion of Notes following the Effective Date of such Make-Whole Fundamental Change, the Conversion Obligation shall be calculated based solely on the Stock Price for the transaction and shall be deemed to be an amount of cash per $1,000 principal amount of converted Notes equal to the Conversion Rate (including any increase to reflect the Additional Shares), multiplied by such Stock Price. In such event, the Conversion Obligation shall be determined and paid to Holders in cash on the second Business Day following the Conversion Date. The Company shall notify the Holders, the Trustee and the Conversion Agent (if other than the Trustee) of the Effective Date of any Make-Whole Fundamental Change no later than five Business Days after such Effective Date.
(c)The number of Additional Shares, if any, by which the Conversion Rate shall be increased for conversions during the Make-Whole Fundamental Change Period or during the Redemption Period shall be determined by reference to the table below, based on the date on which the Make-Whole Fundamental Change occurs or becomes effective (the “Effective Date”) or the Redemption Notice Date, as applicable and the price (the “Stock Price”) paid (or deemed to be paid) per share of Common Stock in the Make-Whole Fundamental Change or on the Redemption Notice Date, as applicable, as set forth in this Section 14.03. If the holders of the Common Stock receive in exchange for their Common Stock only cash in a Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental Change, the Stock Price shall be the cash amount paid per share. In the case of any other Make-Whole Fundamental Change or in the case of any Optional Redemption, the Stock Price shall be the average of the Last Reported Sale Prices of the Common Stock over the five Trading Day period ending on, and including, the Trading Day immediately preceding the Effective Date of the Make-Whole Fundamental Change or the Redemption Notice Date, as the case may be. In the event that a Conversion Date occurs during both a Redemption Period and a Make-Whole Fundamental Change Period, a Holder of any such Notes to be converted will be entitled to a single increase to the Conversion Rate with respect to the first to occur of the applicable Redemption Notice Date or Effective Date, and the later event shall be deemed not to have occurred for purposes of this Section 14.03. 
(d)The Stock Prices set forth in the column headings of the table below shall be adjusted as of any date on which the Conversion Rate for the Notes is otherwise adjusted. The 

62

adjusted Stock Prices shall equal the Stock Prices applicable immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the Conversion Rate immediately prior to such adjustment giving rise to the Stock Price adjustment and the denominator of which is the Conversion Rate as so adjusted. The number of Additional Shares set forth in the table below shall be adjusted in the same manner and at the same time as the Conversion Rate as set forth in Section 14.04.
(e)The following table sets forth the number of Additional Shares by which the Conversion Rate shall be increased per $1,000 principal amount of Notes pursuant to this Section 14.03 for each Stock Price and Effective Date or Redemption Notice Date, as applicable, set forth below:
	
																																					
	 
	Stock Price

	Effective Date/Redemption Notice Date
	$
	78.22
	

	$
	85.00
	

	$
	95.00
	

	$
	107.55
	

	$
	125.00
	

	$
	139.82
	

	$
	160.00
	

	$
	200.00
	

	$
	250.00
	

	$
	300.00
	

	$
	400.00
	

	$
	500.00
	

	August 21, 2020
	3.4866
	

	3.0085
	

	2.4511
	

	1.9289
	

	1.4186
	

	1.1133
	

	0.8174
	

	0.4665
	

	0.2450
	

	0.1322
	

	0.0362
	

	0.0062
	

	September 1, 2021
	3.4866
	

	3.0085
	

	2.4511
	

	1.9049
	

	1.3717
	

	1.0576
	

	0.7583
	

	0.4129
	

	0.2042
	

	0.1029
	

	0.0228
	

	0.0013
	

	September 1, 2022
	3.4866
	

	3.0085
	

	2.4252
	

	1.8411
	

	1.2880
	

	0.9689
	

	0.6718
	

	0.3422
	

	0.1549
	

	0.0704
	

	0.0110
	

	0.0000
	

	September 1, 2023
	3.4866
	

	3.0085
	

	2.3424
	

	1.7264
	

	1.1575
	

	0.8394
	

	0.5532
	

	0.2540
	

	0.0995
	

	0.0375
	

	0.0023
	

	0.0000
	

	September 1, 2024
	3.4866
	

	2.9244
	

	2.1826
	

	1.5314
	

	0.9549
	

	0.6494
	

	0.3913
	

	0.1488
	

	0.0438
	

	0.0105
	

	0.0000
	

	0.0000
	

	September 1, 2025
	3.4866
	

	2.7176
	

	1.8817
	

	1.1834
	

	0.6226
	

	0.3637
	

	0.1771
	

	0.0423
	

	0.0048
	

	0.0000
	

	0.0000
	

	0.0000
	

	September 1, 2026
	3.4866
	

	2.4669
	

	1.2285
	

	0.0000
	

	0.0000
	

	0.0000
	

	0.0000
	

	0.0000
	

	0.0000
	

	0.0000
	

	0.0000
	

	0.0000
	

The exact Stock Prices and Effective Dates or Redemption Notice Dates may not be set forth in the table above, in which case:
(i)if the Stock Price is between two Stock Prices in the table above or the Effective Date or the Redemption Notice Date, as the case may be, is between two Effective Dates or Redemption Notice Dates, as applicable, in the table above, the number of Additional Shares by which the Conversion Rate shall be increased shall be determined by a straight-line interpolation between the number of Additional Shares set forth for the higher and lower Stock Prices and the earlier and later Effective Dates or Redemption Notice Dates, as applicable, based on a 365-day year;
(ii)if the Stock Price is greater than $500.00 per share (subject to adjustment in the same manner as the Stock Prices set forth in the column headings of the table above pursuant to subsection (d) above), no Additional Shares shall be added to the Conversion Rate; and 
(iii)if the Stock Price is less than $78.22 per share (subject to adjustment in the same manner as the Stock Prices set forth in the column headings of the table above pursuant to subsection (d) above), no Additional Shares shall be added to the Conversion Rate.

63

Notwithstanding the foregoing, in no event shall the Conversion Rate per $1,000 principal amount of Notes exceed 12.7844 shares of Common Stock, subject to adjustment in the same manner as the Conversion Rate pursuant to Section 14.04.
(f)Nothing in this Section 14.03 shall prevent an adjustment to the Conversion Rate that would otherwise be required pursuant to Section 14.04.
Section 14.04.  Adjustment of Conversion Rate. The Conversion Rate shall be adjusted from time to time by the Company if any of the following events occurs, except that the Company shall not make any adjustments to the Conversion Rate if Holders of the Notes participate (other than in the case of (x) a share split or share combination or (y) a tender or exchange offer), at the same time and upon the same terms as holders of the Common Stock and solely as a result of holding the Notes, in any of the transactions described in this Section 14.04, without having to convert their Notes, as if they held a number of shares of Common Stock equal to the Conversion Rate, multiplied by the principal amount (expressed in thousands) of Notes held by such Holder.
(a)If the Company exclusively issues shares of Common Stock as a dividend or distribution on shares of the Common Stock, or if the Company effects a share split or share combination, the Conversion Rate shall be adjusted based on the following formula:
	
			
	CR'=CR0
	X
	OS'

	OS0

where,
	
			
	CR0
	=
	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date of such dividend or distribution, or immediately prior to the open of business on the Effective Date of such share split or share combination, as applicable;

	 
	 
	 

	CR'
	=
	the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date or Effective Date;

	 
	 
	 

	OS0
	=
	the number of shares of Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date or Effective Date (before giving effect to any such dividend, distribution, share split or share combination); and

	 
	 
	 

	OS'
	=
	the number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, share split or share combination.

Any adjustment made under this Section 14.04(a) shall become effective immediately after the open of business on the Ex-Dividend Date for such dividend or distribution, or immediately after the open of business on the Effective Date for such share split or share combination, as applicable. If any dividend or distribution of the type described in this Section 14.04(a) is declared but not so paid or made, the Conversion Rate shall be immediately readjusted, effective as of the date the Board of Directors determines not to pay such dividend or distribution, to the 

64

Conversion Rate that would then be in effect if such dividend or distribution had not been declared.
(b)If the Company issues to all or substantially all holders of Common Stock any rights, options or warrants entitling them, for a period of not more than 45 calendar days after the announcement date of such issuance, to subscribe for or purchase shares of Common Stock at a price per share that is less than the average of the Last Reported Sale Prices of Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance, the Conversion Rate shall be increased based on the following formula:
	
			
	CR'=CR0
	X
	OS0 + X

	OS0 + X

where,
	
			
	CR0
	=
	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such issuance;

	 
	 
	 

	CR'
	=
	the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date;

	 
	 
	 

	OS0
	=
	the number of shares of Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date;

	 
	 
	 

	X
	=
	the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and

	 
	 
	 

	Y
	=
	the number of shares of Common Stock equal to the aggregate price payable to exercise such rights, options or warrants, divided by the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of the issuance of such rights, options or warrants.

Any increase made under this Section 14.04(b) shall be made successively whenever any such rights, options or warrants are issued and shall become effective immediately after the open of business on the Ex-Dividend Date for such issuance. To the extent that shares of the Common Stock are not delivered after the expiration of such rights, options or warrants, the Conversion Rate shall be decreased to the Conversion Rate that would then be in effect had the increase with respect to the issuance of such rights, options or warrants been made on the basis of delivery of only the number of shares of Common Stock actually delivered. If such rights, options or warrants are not so issued, the Conversion Rate shall be decreased to the Conversion Rate that would then be in effect if such Ex-Dividend Date for such issuance had not occurred.
For purposes of this Section 14.04(b) and Section 14.01(b)(ii)(A), in determining whether any rights, options or warrants entitle the holders of Common Stock to subscribe for or purchase shares of the Common Stock at less than such average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading 

65

Day immediately preceding the date of announcement of such issuance, and in determining the aggregate offering price of such shares of Common Stock, there shall be taken into account any consideration received by the Company for such rights, options or warrants and any amount payable on exercise or conversion thereof, the value of such consideration, if other than cash, to be determined by the Board of Directors. 
(c)If the Company distributes shares of its Capital Stock, evidences of its indebtedness, other assets or property of the Company or rights, options or warrants to acquire its Capital Stock or other securities of the Company, to all or substantially all holders of the Common Stock, excluding (i) dividends, distributions or issuances as to which an adjustment was effected pursuant to Section 14.04(a) or Section 14.04(b), (ii) rights issued under a stockholder rights plan prior to separation thereof from the Common Stock in the circumstances described under Section 14.11, (iii) dividends or distributions paid exclusively in cash as to which an adjustment was effected pursuant to Section 14.04(d), (iv) distributions of Reference Property in a transaction described in Section 14.07 and (v) Spin-Offs as to which the provisions set forth below in this Section 14.04(c) shall apply (any of such shares of Capital Stock, evidences of indebtedness, other assets or property or rights, options or warrants to acquire Capital Stock or other securities, the “Distributed Property”), then the Conversion Rate shall be increased based on the following formula:
	
			
	CR'=CR0
	X
	SP0

	SP0-FMV

where,
	
			
	CR0
	=
	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such distribution;

	 
	 
	 

	CR'
	=
	the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date;

	 
	 
	 

	SP0
	=
	the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution; and

	 
	 
	 

	FMV
	=
	the fair market value (as determined by the Board of Directors) of the Distributed Property with respect to each outstanding share of the Common Stock on the Ex-Dividend Date for such distribution.

Any increase made under the portion of this Section 14.04(c) above shall become effective immediately after the open of business on the Ex-Dividend Date for such distribution. If such distribution is not paid or made, the Conversion Rate shall be decreased to the Conversion Rate that would then be in effect if such distribution had not been declared. Notwithstanding the foregoing, if “FMV” (as defined above) is equal to or greater than “SP0” (as defined above), in lieu of the foregoing increase, each Holder of a Note shall receive, in respect of each $1,000 principal amount thereof, at the same time and upon the same terms as holders of the Common Stock receive the Distributed Property, the amount and kind of Distributed Property such Holder 

66

would have received if such Holder owned a number of shares of Common Stock equal to the Conversion Rate in effect on the Ex-Dividend Date for the distribution. 
With respect to an adjustment pursuant to this Section 14.04(c) where there has been a payment of a dividend or other distribution on the Common Stock of shares of Capital Stock of any class or series, or similar equity interest, of or relating to any Subsidiary or other business unit of the Company, that are, or, when issued, will be, listed or admitted for trading on a U.S. national securities exchange (a “Spin-Off”), the Conversion Rate shall be increased based on the following formula:
	
			
	CR'=CR0
	X
	FMV0+MP0

	MP0

where,
	
			
	CR0
	=
	the Conversion Rate in effect immediately prior to the end of the Valuation Period;

	 
	 
	 

	CR'
	=
	the Conversion Rate in effect immediately after the end of the Valuation Period;

	 
	 
	 

	FMV0
	=
	the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to holders of the Common Stock applicable to one share of the Common Stock (determined by reference to the definition of Last Reported Sale Price as set forth in Section 1.01 as if references therein to Common Stock were to such Capital Stock or similar equity interest) over the first 10 consecutive Trading Day period after, and including, the Ex-Dividend Date of the Spin-Off (the “Valuation Period”); and

	 
	 
	 

	MP0
	=
	the average of the Last Reported Sale Prices of the Common Stock over the Valuation Period.

The increase to the Conversion Rate under the preceding paragraph shall occur at the close of business on the last Trading Day of the Valuation Period; provided that (x) in respect of any conversion of Notes for which Physical Settlement is applicable, if the relevant Conversion Date occurs during the Valuation Period, references to “10” in the portion of this Section 14.04(c) related to Spin-Offs shall be deemed replaced with such lesser number of Trading Days as have elapsed from, and including, the Ex-Dividend Date of such Spin-Off to, and including, the Conversion Date in determining the Conversion Rate and (y) in respect of any conversion of Notes for which Cash Settlement or Combination Settlement is applicable, for any Trading Day that falls within the relevant Observation Period for such conversion and within the Valuation Period, references to “10” in the portion of this Section 14.04(c) related to Spin-Offs shall be deemed replaced with such lesser number of Trading Days as have elapsed from, and including, the Ex-Dividend Date of such Spin-Off to, and including, such Trading Day in determining the Conversion Rate as of such Trading Day. 
For purposes of this Section 14.04(c) (and subject in all respect to Section 14.11), rights, options or warrants distributed by the Company to all holders of the Common Stock entitling them to subscribe for or purchase shares of the Company’s Capital Stock, including Common 

67

Stock (either initially or under certain circumstances), which rights, options or warrants, until the occurrence of a specified event or events (“Trigger Event”): (i) are deemed to be transferred with such shares of the Common Stock; (ii) are not exercisable; and (iii) are also issued in respect of future issuances of the Common Stock, shall be deemed not to have been distributed for purposes of this Section 14.04(c) (and no adjustment to the Conversion Rate under this Section 14.04(c) will be required) until the occurrence of the earliest Trigger Event, whereupon such rights, options or warrants shall be deemed to have been distributed and an appropriate adjustment (if any is required) to the Conversion Rate shall be made under this Section 14.04(c). If any such right, option or warrant, including any such existing rights, options or warrants distributed prior to the date of this Indenture, are subject to events, upon the occurrence of which such rights, options or warrants become exercisable to purchase different securities, evidences of indebtedness or other assets, then the date of the occurrence of any and each such event shall be deemed to be the date of distribution and Ex-Dividend Date with respect to new rights, options or warrants with such rights (in which case the existing rights, options or warrants shall be deemed to terminate and expire on such date without exercise by any of the holders thereof). In addition, in the event of any distribution (or deemed distribution) of rights, options or warrants, or any Trigger Event or other event (of the type described in the immediately preceding sentence) with respect thereto that was counted for purposes of calculating a distribution amount for which an adjustment to the Conversion Rate under this Section 14.04(c) was made, (1) in the case of any such rights, options or warrants that shall all have been redeemed or purchased without exercise by any holders thereof, upon such final redemption or purchase (x) the Conversion Rate shall be readjusted as if such rights, options or warrants had not been issued and (y) the Conversion Rate shall then again be readjusted to give effect to such distribution, deemed distribution or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption or purchase price received by a holder or holders of Common Stock with respect to such rights, options or warrants (assuming such holder had retained such rights, options or warrants), made to all holders of Common Stock as of the date of such redemption or purchase, and (2) in the case of such rights, options or warrants that shall have expired or been terminated without exercise by any holders thereof, the Conversion Rate shall be readjusted as if such rights, options and warrants had not been issued.
For purposes of Section 14.04(a), Section 14.04(b) and this Section 14.04(c), if any dividend or distribution to which this Section 14.04(c) is applicable also includes one or both of: 
(A)    a dividend or distribution of shares of Common Stock to which Section 14.04(a) is applicable (the “Clause A Distribution”); or
(B)    a dividend or distribution of rights, options or warrants to which Section 14.04(b) is applicable (the “Clause B Distribution”),
then, in either case, (1) such dividend or distribution, other than the Clause A Distribution and the Clause B Distribution, shall be deemed to be a dividend or distribution to which this Section 14.04(c) is applicable (the “Clause C Distribution”) and any Conversion Rate adjustment required by this Section 14.04(c) with respect to such Clause C Distribution shall then be made, and (2) the Clause A Distribution and Clause B Distribution shall be deemed to immediately 

68

follow the Clause C Distribution and any Conversion Rate adjustment required by Section 14.04(a) and Section 14.04(b) with respect thereto shall then be made, except that, if determined by the Company (I) the “Ex-Dividend Date” of the Clause A Distribution and the Clause B Distribution shall be deemed to be the Ex-Dividend Date of the Clause C Distribution and (II) any shares of Common Stock included in the Clause A Distribution or Clause B Distribution shall be deemed not to be “outstanding immediately prior to the open of business on such Ex-Dividend Date or Effective Date” within the meaning of Section 14.04(a) or “outstanding immediately prior to the open of business on such Ex-Dividend Date” within the meaning of Section 14.04(b).
(d)If any cash dividend or distribution is made to all or substantially all holders of the Common Stock, the Conversion Rate shall be adjusted based on the following formula:
	
			
	CR'=CR0
	X
	SP0

	SP0-C

where,
	
			
	CR0
	=
	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such dividend or distribution;

	 
	 
	 

	CR'
	=
	the Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such dividend or distribution;

	 
	 
	 

	SP0
	=
	the Last Reported Sale Price of the Common Stock on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution; and

	 
	 
	 

	C
	=
	the amount in cash per share the Company distributes to all or substantially all holders of the Common Stock.

Any increase pursuant to this Section 14.04(d) shall become effective immediately after the open of business on the Ex-Dividend Date for such dividend or distribution. If such dividend or distribution is not so paid, the Conversion Rate shall be decreased, effective as of the date the Board of Directors determines not to make or pay such dividend or distribution, to be the Conversion Rate that would then be in effect if such dividend or distribution had not been declared. Notwithstanding the foregoing, if “C” (as defined above) is equal to or greater than “SP0” (as defined above), in lieu of the foregoing increase, each Holder of a Note shall receive, for each $1,000 principal amount of Notes it holds, at the same time and upon the same terms as holders of shares of the Common Stock, the amount of cash that such Holder would have received if such Holder owned a number of shares of Common Stock equal to the Conversion Rate in effect on the Ex-Dividend Date for such cash dividend or distribution. 
(e)If the Company or any of its Subsidiaries makes a payment in respect of a tender or exchange offer for the Common Stock (other than an odd-lot tender offer), to the extent that 

69

the cash and value of any other consideration included in the payment per share of the Common Stock exceeds the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the last date on which tenders or exchanges may be made pursuant to such tender or exchange offer, the Conversion Rate shall be increased based on the following formula:
	
			
	CR'=CR0
	X
	AC+(SP'xOS')

	OS0xSP'

where,
	
			
	CR0
	=
	the Conversion Rate in effect immediately prior to the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires;

	 
	 
	 

	CR'
	=
	the Conversion Rate in effect immediately after the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires;

	 
	 
	 

	AC
	=
	the aggregate value of all cash and any other consideration (as determined by the Board of Directors) paid or payable for shares of Common Stock purchased in such tender or exchange offer;

	 
	 
	 

	OS0
	=
	the number of shares of Common Stock outstanding immediately prior to the date such tender or exchange offer expires (prior to giving effect to the purchase of all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer);

	 
	 
	 

	OS'
	=
	the number of shares of Common Stock outstanding immediately after the date such tender or exchange offer expires (after giving effect to the purchase of all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer); and

	 
	 
	 

	SP
	=
	the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the date such tender or exchange offer expires.

The increase to the Conversion Rate under this Section 14.04(e) shall occur at the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires; provided that (x) in respect of any conversion of Notes for which Physical Settlement is applicable, if the relevant Conversion Date occurs during the 10 Trading Days immediately following, and including, the Trading Day next succeeding the expiration date of any tender or exchange offer, references to “10” or “10th” in this Section 14.04(e) shall be deemed replaced with such lesser number of Trading Days as have elapsed from, and including, the Trading Day next succeeding the date that such tender or exchange offer expires to, and including, the Conversion Date in determining the Conversion Rate and (y) in respect of any conversion of Notes for which Cash Settlement or Combination Settlement is applicable, for any Trading Day that falls within the relevant Observation Period for such conversion and within the 10 Trading Days immediately following, and including, the Trading Day next succeeding the expiration date of any tender or exchange offer, references to “10” or “10th” in this Section 14.04(e) shall be deemed replaced with such lesser number of Trading Days as have elapsed from, and including, the Trading Day next succeeding the expiration date of such tender or exchange offer to, and including, such Trading Day in determining the Conversion Rate as of such Trading Day.
(f)Notwithstanding this Section 14.04 or any other provision of this Indenture or the Notes, if a Conversion Rate adjustment becomes effective on any Ex-Dividend Date, and a Holder that has converted its Notes on or after such Ex-Dividend Date and on or prior to the 

70

related Record Date would be treated as the record holder of the shares of Common Stock as of the related Conversion Date as described under Section 14.02(i) based on an adjusted Conversion Rate for such Ex-Dividend Date, then, notwithstanding the Conversion Rate adjustment provisions in this Section 14.04, the Conversion Rate adjustment relating to such Ex-Dividend Date shall not be made for such converting Holder. Instead, such Holder shall be treated as if such Holder were the record owner of the shares of Common Stock on an unadjusted basis and participate in the related dividend, distribution or other event giving rise to such adjustment. 
(g)Except as stated herein, the Company shall not adjust the Conversion Rate for the issuance of shares of the Common Stock or any securities convertible into or exchangeable for shares of the Common Stock or the right to purchase shares of the Common Stock or such convertible or exchangeable securities.
(h)In addition to those adjustments required by clauses (a), (b), (c), (d) and (e) of this Section 14.04, and subject to the applicable listing standards of The New York Stock Exchange, the Company from time to time may increase the Conversion Rate by any amount for a period of at least 20 Business Days if the Company determines that such increase would be in the Company’s best interest. In addition, subject to the applicable listing standards of The New York Stock Exchange, the Company may (but is not required to) increase the applicable Conversion Rate to avoid or diminish income tax to holders of Common Stock or rights to purchase shares of Common Stock in connection with a dividend or distribution of shares of Common Stock (or rights to acquire shares of Common Stock) or similar event.
(i)Notwithstanding anything to the contrary in this Article 14, the Conversion Rate shall not be adjusted:
(i)upon the issuance of any shares of Common Stock pursuant to any present or future plan providing for the reinvestment of dividends or interest payable on the Company’s securities and the investment of additional optional amounts in shares of Common Stock under any plan;
(ii)upon the issuance of any shares of Common Stock or options or rights to purchase those shares pursuant to any present or future employee, director or consultant benefit or incentive plan or program of or assumed by the Company or any of the Company’s Subsidiaries;
(iii)upon the issuance of any shares of Common Stock pursuant to any option, warrant, right or exercisable, exchangeable or convertible security not described in clause (ii) of this subsection and outstanding as of the date the Notes were first issued (other than a rights plan as described in Section 14.11);
(iv)upon the repurchase of shares of Common Stock pursuant to an open-market share repurchase program or other buy-back transaction that is not a tender offer or exchange offer of the nature described in Section 14.04(e);
(v)solely for a change in the par value of the Common Stock; or

71

(vi)for accrued and unpaid Special Interest, if any.
(j)The Company shall not be required to make an adjustment pursuant to clauses (a), (b), (c), (d) or (e) of this Section 14.04 unless such adjustment would result in a change of at least 1% of the then effective Conversion Rate. However, the Company shall carry forward any adjustment that the Company would otherwise have to make and take that adjustment into account in any subsequent adjustment. Notwithstanding the foregoing, all such carried-forward adjustments shall be made with respect to the Notes (i) where the aggregate of all such carried-forward adjustments equals or exceeds 1% of the Conversion Rate and (ii) regardless of whether the aggregate adjustment is less than 1% of the Conversion Rate, (x) on the Conversion Date for any Notes (in the case of Physical Settlement) or (y) on each Trading Day of any Observation Period with respect to any Notes (in the case of Cash Settlement or Combination Settlement). All calculations and other determinations under this Article 14 shall be made by the Company and shall be made to the nearest one-ten thousandth (1/10,000th) of a share.
(k)Whenever the Conversion Rate is adjusted as herein provided, the Company shall promptly file with the Trustee (and the Conversion Agent if not the Trustee) an Officer’s Certificate setting forth (i) the adjusted Conversion Rate, (ii) the subsection of this Section 14.04 pursuant to which such adjustment has been made, showing in reasonable detail the facts upon which such adjustment is based and (iii) the date as of which such adjustment is effective (which certificates shall be conclusive evidence of the accuracy of such adjustment absent manifest error). Unless and until a Responsible Officer of the Trustee shall have received such Officer’s Certificate, the Trustee shall not be deemed to have knowledge of any adjustment of the Conversion Rate and may assume without inquiry that the last Conversion Rate of which it has knowledge is still in effect. Promptly after delivery of such certificate, the Company shall prepare a notice of such adjustment of the Conversion Rate setting forth the adjusted Conversion Rate and the date on which each adjustment becomes effective and shall deliver such notice of such adjustment of the Conversion Rate to each Holder (with a copy to the Trustee and the Conversion Agent). Failure to deliver such notice shall not affect the legality or validity of any such adjustment.
(l)For purposes of this Section 14.04, the number of shares of Common Stock at any time outstanding shall not include shares of Common Stock held in the treasury of the Company so long as the Company does not pay any dividend or make any distribution on shares of Common Stock held in the treasury of the Company, but shall include shares of Common Stock issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock.
Section 14.05.  Adjustments of Prices. Whenever any provision of this Indenture requires the Company to calculate the Last Reported Sale Prices, the Daily VWAPs, the Daily Conversion Values or the Daily Settlement Amounts over a span of multiple days (including, without limitation, an Observation Period and the period, if any, for determining the Stock Price for purposes of a Make-Whole Fundamental Change or Redemption Notice), the Company shall make appropriate adjustments in good faith and in a commercially reasonable manner to each to account for any adjustment to the Conversion Rate that becomes effective, or any event requiring an adjustment to the Conversion Rate where the Ex-Dividend Date, Effective Date or expiration 

72

date of the event occurs, at any time during the period when the Last Reported Sale Prices, the Daily VWAPs, the Daily Conversion Values or the Daily Settlement Amounts are to be calculated. 
Section 14.06.  Shares to Be Fully Paid. The Company shall provide, free from preemptive rights, out of its authorized but unissued shares or shares held in treasury, sufficient shares of Common Stock to provide for conversion of the Notes from time to time as such Notes are presented for conversion (assuming delivery of the maximum number of Additional Shares pursuant to Section 14.03 and that at the time of computation of such number of shares, all such Notes would be converted by a single Holder and that Physical Settlement is applicable).
Section 14.07.  Effect of Recapitalizations, Reclassifications and Changes of the Common Stock. 
(a)In the case of:
(i)any recapitalization, reclassification or change of the Common Stock (other than changes resulting from a subdivision or combination), 
(ii)any consolidation, merger or combination involving the Company, 
(iii)any sale, lease or other transfer to a third party of the consolidated assets of the Company and the Company’s Subsidiaries substantially as an entirety or 
(iv)any statutory share exchange, 
in each case, as a result of which the Common Stock would be converted into, or exchanged for, stock, other securities, other property or assets (including cash or any combination thereof) (any such event, a “Share Exchange Event”), then, at and after the effective time of such Share Exchange Event, the right to convert each $1,000 principal amount of Notes shall be changed into a right to convert such principal amount of Notes into the kind and amount of shares of stock, other securities or other property or assets (including cash or any combination thereof) that a holder of a number of shares of Common Stock equal to the Conversion Rate immediately prior to such Share Exchange Event would have owned or been entitled to receive (the “Reference Property”, with each “unit of Reference Property” meaning the kind and amount of Reference Property that a holder of one share of Common Stock is entitled to receive) upon such Share Exchange Event and, prior to or at the effective time of such Share Exchange Event, the Company or the successor or purchasing Person, as the case may be, shall execute with the Trustee a supplemental indenture permitted under Section 10.01(g) providing for such change in the right to convert each $1,000 principal amount of Notes; provided, however, that at and after the effective time of the Share Exchange Event (A) the Company shall continue to have the right to determine the form of consideration to be paid or delivered, as the case may be, upon conversion of Notes in accordance with Section 14.02 and (B) (I) any amount payable in cash upon conversion of the Notes in accordance with Section 14.02 shall continue to be payable in cash, (II) any shares of Common Stock that the Company would have been required to deliver upon conversion of the Notes in accordance with Section 14.02 shall instead be deliverable in the 

73

amount and type of Reference Property that a holder of that number of shares of Common Stock would have received in such Share Exchange Event and (III) the Daily VWAP shall be calculated based on the value of a unit of Reference Property.
If the Share Exchange Event causes the Common Stock to be converted into, or exchanged for, the right to receive more than a single type of consideration (determined based in part upon any form of stockholder election), then the Reference Property into which the Notes will be convertible shall be deemed to be the weighted average of the types and amounts of consideration actually received by the holders of Common Stock. If the holders of the Common Stock receive only cash in such Share Exchange Event, then for all conversions for which the relevant Conversion Date occurs after the effective date of such Share Exchange Event (A) the consideration due upon conversion of each $1,000 principal amount of Notes shall be solely cash in an amount equal to the Conversion Rate in effect on the Conversion Date (as may be increased by any Additional Shares pursuant to Section 14.03), multiplied by the price paid per share of Common Stock in such Share Exchange Event and (B) the Company shall satisfy the Conversion Obligation by paying such cash amount to converting Holders on the second Business Day immediately following the relevant Conversion Date. The Company shall notify Holders, the Trustee and the Conversion Agent (if other than the Trustee) in writing of such weighted average as soon as practicable after such determination is made.
Such supplemental indenture described in the second immediately preceding paragraph shall provide for anti-dilution and other adjustments that are as nearly equivalent as possible to the adjustments provided for in this Article 14, to the extent applicable. If, in the case of any Share Exchange Event, the Reference Property includes shares of stock, securities or other property or assets of a Person other than the Company or the successor or purchasing corporation, as the case may be, in such Share Exchange Event, then such supplemental indenture shall also be executed by such other Person and shall contain such additional provisions to protect the interests of the Holders as the Board of Directors reasonably considers necessary by reason of the foregoing, including the provisions providing for the purchase rights set forth in Article 15.
(b)When the Company executes a supplemental indenture pursuant to subsection (a) of this Section 14.07, the Company shall promptly deliver to the Trustee an Officer’s Certificate briefly stating the reasons therefor, the kind or amount of cash, securities or property or asset that will comprise a unit of Reference Property after any such Share Exchange Event, any adjustment to be made with respect thereto and that all conditions precedent have been complied with, and shall promptly deliver or cause to be delivered notice thereof to all Holders. The Company shall cause notice of the execution of such supplemental indenture to be delivered to each Holder within 20 days after execution thereof. Failure to deliver such notice shall not affect the legality or validity of such supplemental indenture.
(c)The Company shall not become a party to any Share Exchange Event unless its terms are consistent with this  Section 14.07. None of the foregoing provisions shall affect the right of a holder of Notes to convert its Notes into cash, shares of Common Stock or a 

74

combination of cash and shares of Common Stock, as applicable, as set forth in Section 14.01 and Section 14.02 prior to the effective date of such Share Exchange Event.
(d)The above provisions of this Section shall similarly apply to successive Share Exchange Events. 
(e)Upon the consummation of any Share Exchange Event, references to “Common Stock” shall be deemed to refer to any Reference Property that constitutes capital stock after giving effect to such Share Exchange Event.
Section 14.08.  Certain Covenants. (a) The Company covenants that all shares of Common Stock issued upon conversion of Notes will be fully paid and non-assessable by the Company and free from all taxes, liens and charges with respect to the issue thereof.
(b)The Company covenants that, if any shares of Common Stock to be provided for the purpose of conversion of Notes hereunder require registration with or approval of any governmental authority under any federal or state law before such shares of Common Stock may be validly issued upon conversion, the Company will, to the extent then permitted by the rules and interpretations of the Commission, secure such registration or approval, as the case may be.
(c)The Company further covenants that if at any time the Common Stock shall be listed on any national securities exchange or automated quotation system the Company will list and keep listed, so long as the Common Stock shall be so listed on such exchange or automated quotation system, any Common Stock issuable upon conversion of the Notes.
Section 14.09.  Responsibility of Trustee. The Trustee and any other Conversion Agent shall not at any time be under any duty or responsibility to any Holder to determine the Conversion Rate (or any adjustment thereto) or whether any facts exist that may require any adjustment (including any increase) of the Conversion Rate, or with respect to the nature or extent or calculation of any such adjustment when made, or with respect to the method employed, or herein or in any supplemental indenture provided to be employed, in making the same. The Trustee and any other Conversion Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any shares of Common Stock, or of any securities, property or cash that may at any time be issued or delivered upon the conversion of any Note; and the Trustee and any other Conversion Agent make no representations with respect thereto. Neither the Trustee nor any Conversion Agent shall be responsible for any failure of the Company to issue, transfer or deliver any shares of Common Stock or stock certificates or other securities or property or cash upon the surrender of any Note for the purpose of conversion or to comply with any of the duties, responsibilities or covenants of the Company contained in this Article. Without limiting the generality of the foregoing, neither the Trustee nor any Conversion Agent shall be under any responsibility to determine the correctness of any provisions contained in any supplemental indenture entered into pursuant to Section 14.07 relating either to the kind or amount of shares of stock or securities or property (including cash) receivable by Holders upon the conversion of their Notes after any event referred to in such Section 14.07 or to any adjustment to be made with respect thereto, but, subject to the provisions of Section 7.01, may accept (without any independent investigation) as conclusive evidence of the correctness of any 

75

such provisions, and shall be protected in conclusively relying upon, the Officer’s Certificate (which the Company shall be obligated to file with the Trustee prior to the execution of any such supplemental indenture) with respect thereto. Neither the Trustee nor the Conversion Agent shall be responsible for determining whether any event contemplated by Section 14.01(b) has occurred that makes the Notes eligible for conversion or no longer eligible therefor until the Company has delivered to the Trustee and the Conversion Agent the notices referred to in Section 14.01(b) with respect to the commencement or termination of such conversion rights, on which notices the Trustee and the Conversion Agent may conclusively rely, and the Company agrees to deliver such notices to the Trustee and the Conversion Agent immediately after the occurrence of any such event or at such other times as shall be provided for in Section 14.01(b). Except as otherwise expressly provided herein, neither the Trustee nor any other agent acting under this Indenture (other than the Company, if acting in such capacity) shall have any obligation to make any calculation or to determine whether the Notes may be surrendered for conversion pursuant to this Indenture, or to notify the Company or the Depositary or any of the Holders if the Notes have become convertible pursuant to the terms of this Indenture.
Section 14.10.  Notice to Holders Prior to Certain Actions. In case of any: 
(a)action by the Company or one of its Subsidiaries that would require an adjustment in the Conversion Rate pursuant to Section 14.04 or Section 14.11;
(b)Share Exchange Event; or
(c)voluntary or involuntary dissolution, liquidation or winding-up of the Company or any of its Subsidiaries;
then, in each case (unless notice of such event is otherwise required pursuant to another provision of this Indenture), the Company shall cause to be filed with the Trustee and the Conversion Agent (if other than the Trustee) and to be delivered to each Holder, as promptly as possible but in any event at least 20 days prior to the applicable date hereinafter specified, a notice stating (i) the date on which a record is to be taken for the purpose of such action by the Company or one of its Subsidiaries or, if a record is not to be taken, the date as of which the holders of Common Stock of record are to be determined for the purposes of such action by the Company or one of its Subsidiaries, or (ii) the date on which such Share Exchange Event, dissolution, liquidation or winding-up is expected to become effective or occur, and the date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their Common Stock for securities or other property deliverable upon such Share Exchange Event, dissolution, liquidation or winding-up. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such action by the Company or one of its Subsidiaries, Share Exchange Event, dissolution, liquidation or winding-up.
Section 14.11.  Stockholder Rights Plans. If the Company has a stockholder rights plan in effect upon conversion of the Notes, each share of Common Stock, if any, issued upon such conversion shall be entitled to receive the appropriate number of rights, if any, and the certificates representing the Common Stock issued upon such conversion shall bear such legends, if any, in each case as may be provided by the terms of any such stockholder rights plan, 

76

as the same may be amended from time to time. However, if, prior to any conversion of Notes, the rights have separated from the shares of Common Stock in accordance with the provisions of the applicable stockholder rights plan so that the Holders would not be entitled to receive any rights in respect of Common Stock, if any, issuable upon conversion of the Notes, the Conversion Rate shall be adjusted at the time of separation as if the Company distributed to all or substantially all holders of the Common Stock Distributed Property as provided in Section 14.04(c), subject to readjustment in the event of the expiration, termination or redemption of such rights.

77

ARTICLE 15
REPURCHASE OF NOTES AT OPTION OF HOLDERS
Section 15.01.  Intentionally Omitted. 
Section 15.02.  Repurchase at Option of Holders Upon a Fundamental Change.  1)  If a Fundamental Change occurs at any time prior to the Maturity Date, each Holder shall have the right, at such Holder’s option, to require the Company to repurchase for cash all of such Holder’s Notes, or any portion of the principal amount thereof properly surrendered and not validly withdrawn pursuant to Section 15.03 that is equal to $1,000 or a multiple of $1,000, on the date (the “Fundamental Change Repurchase Date”) specified by the Company that is not less than 20 or more than 35 calendar days following the date of the Fundamental Change Company Notice at a repurchase price equal to 100% of the principal amount thereof, plus any accrued and unpaid Special Interest thereon to, but excluding, the Fundamental Change Repurchase Date (the “Fundamental Change Repurchase Price”), unless the Fundamental Change Repurchase Date falls after a Special Interest Record Date but on or prior to the Special Interest Payment Date to which such Special Interest Record Date relates, in which case the Company shall instead pay the full amount of any accrued and unpaid Special Interest to the Holder of record as of such Special Interest Record Date, and the Fundamental Change Repurchase Price shall be equal to 100% of the principal amount of Notes to be repurchased pursuant to this Article 15.  Any Notes so repurchased by the Company shall be paid for in cash.
(b)Repurchases of Notes under this Section 15.02 shall be made, at the option of the Holder thereof, upon:
(i)delivery to the Paying Agent by a Holder of a duly completed written notice (the “Fundamental Change Repurchase Notice”) in the form set forth in Attachment 2 to the Form of Note attached hereto as Exhibit A, if the Notes are Physical Notes, or in compliance with the Depositary’s procedures for surrendering interests in Global Notes, if the Notes are Global Notes, in each case on or before the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date; and
(ii)delivery of the Notes, if the Notes are Physical Notes, to the Paying Agent on or before the first Business Day preceding the Fundamental Change Repurchase Date (together with all necessary endorsements for transfer) at the Corporate Trust Office of the Paying Agent, or book-entry transfer of the Notes, if the Notes are Global Notes, in compliance with the procedures of the Depositary, in each case such delivery being a condition to receipt by the Holder of the Fundamental Change Repurchase Price therefor.
The Fundamental Change Repurchase Notice in respect of any Notes to be repurchased shall state:
(i)in the case of Physical Notes, the certificate numbers of the Notes to be delivered for repurchase;

78

(ii)the portion of the principal amount of Notes to be repurchased, which must be $1,000 or an integral multiple thereof; and
(iii)that the Notes are to be repurchased by the Company pursuant to the applicable provisions of the Notes and this Indenture;
provided, however, that if the Notes are Global Notes, the Fundamental Change Repurchase Notice must comply with appropriate Depositary procedures.
Notwithstanding anything herein to the contrary, any Holder delivering to the Paying Agent the Fundamental Change Repurchase Notice contemplated by this Section 15.02 shall have the right to withdraw, in whole or in part, such Fundamental Change Repurchase Notice at any time prior to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date by delivery of a written notice of withdrawal to the Paying Agent in accordance with Section 15.03.
The Paying Agent shall promptly notify the Company of the receipt by it of any Fundamental Change Repurchase Notice or written notice of withdrawal thereof.
(c)On or before the 20th calendar day after the occurrence of the effective date of a Fundamental Change, the Company shall provide to all Holders and the Trustee, the Paying Agent and the Conversion Agent (in the case of a Paying Agent or Conversion Agent other than the Trustee) a written notice (the “Fundamental Change Company Notice”) of the occurrence of the effective date of the Fundamental Change and of the resulting repurchase right at the option of the Holders arising as a result thereof.  In the case of Physical Notes, such notice shall be by first class mail or, in the case of Global Notes, such notice shall be delivered in accordance with the applicable procedures of the Depositary.  Each Fundamental Change Company Notice shall specify:
(i)the events causing the Fundamental Change;
(ii)the effective date of the Fundamental Change;
(iii)the last date on which a Holder may exercise the repurchase right pursuant to this Article 15;
(iv)the Fundamental Change Repurchase Price;
(v)the Fundamental Change Repurchase Date;
(vi)the name and address of the Paying Agent and the Conversion Agent, if applicable;
(vii)if applicable, the Conversion Rate and any adjustments to the Conversion Rate as a result of such Fundamental Change (or related Make-Whole Fundamental Change);

79

(viii)that the Notes with respect to which a Fundamental Change Repurchase Notice has been delivered by a Holder may be converted only if the Holder validly withdraws the Fundamental Change Repurchase Notice in accordance with the terms of this Indenture; and
(ix)the procedures that Holders must follow to require the Company to repurchase their Notes.
No failure of the Company to give the foregoing notices and no defect therein shall limit the Holders’ repurchase rights or affect the validity of the proceedings for the repurchase of the Notes pursuant to this Section 15.02. 
At the Company’s request, given at least five days prior to the date the Fundamental Change Company Notice is to be sent, the Trustee shall give such notice in the Company’s name and at the Company’s expense; provided, however, that, in all cases, the text of such Fundamental Change Company Notice shall be prepared by the Company.
Simultaneously with providing such notice, the Company shall publish a press release containing this information or publish the information on the Company’s website or through such other public medium as the Company may use at that time.
(d)Notwithstanding the foregoing, no Notes may be repurchased by the Company on any date at the option of the Holders upon a Fundamental Change if the principal amount of the Notes has been accelerated, and such acceleration has not been rescinded, on or prior to such date (except in the case of an acceleration resulting from a Default by the Company in the payment of the Fundamental Change Repurchase Price with respect to such Notes). The Paying Agent will promptly return to the respective Holders thereof any Physical Notes held by it during the acceleration of the Notes (except in the case of an acceleration resulting from a Default by the Company in the payment of the Fundamental Change Repurchase Price with respect to such Notes), or any instructions for book-entry transfer of the Notes in compliance with the procedures of the Depositary shall be deemed to have been cancelled, and, upon such return or cancellation, as the case may be, the Fundamental Change Repurchase Notice with respect thereto shall be deemed to have been withdrawn.
Section 15.03.  Withdrawal of Fundamental Change Repurchase Notice. (a) A Fundamental Change Repurchase Notice may be withdrawn (in whole or in part) by means of a written notice of withdrawal delivered to the Paying Agent in accordance with this Section 15.03 at any time prior to the close of business on the Business Day immediately preceding the relevant Fundamental Change Repurchase Date, specifying:
(i)the principal amount of the Notes with respect to which such notice of withdrawal is being submitted,
(ii)if Physical Notes have been issued, the certificate numbers of the Notes in respect of which such notice of withdrawal is being submitted, and

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(iii)the principal amount, if any, of such Notes that remains subject to the original Fundamental Change Repurchase Notice;
provided, however, that if the Notes are Global Notes, the notice must comply with appropriate procedures of the Depositary.
Section 15.04.  Deposit of Fundamental Change Repurchase Price. (a) The Company will deposit with the Trustee (or other Paying Agent appointed by the Company, or if the Company is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in Section 4.04) on or prior to 11:00 a.m., New York City time, on the Fundamental Change Repurchase Date an amount of money sufficient to repurchase all of the Notes to be repurchased at the appropriate Fundamental Change Repurchase Price. Subject to receipt of funds and/or Notes by the Trustee (or other Paying Agent appointed by the Company), payment for Notes surrendered for repurchase (and not withdrawn prior to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date) will be made on the later of (i) the Fundamental Change Repurchase Date (provided the Holder has satisfied the conditions in Section 15.02) and (ii) the time of book-entry transfer or the delivery of such Note to the Trustee (or other Paying Agent appointed by the Company) by the Holder thereof in the manner required by Section 15.02 by mailing checks for the amount payable to the Holders of such Notes entitled thereto as they shall appear in the Note Register; provided, however, that payments to the Depositary shall be made by wire transfer of immediately available funds to the account of the Depositary or its nominee. The Trustee shall, promptly after such payment and upon written demand by the Company, return to the Company any funds in excess of the Fundamental Change Repurchase Price.
(b)If by 11:00 a.m. New York City time, on the Fundamental Change Repurchase Date, the Trustee (or other Paying Agent appointed by the Company) holds money sufficient to pay the Fundamental Change Repurchase Price of the Notes to be repurchased on the Fundamental Change Repurchase Date, then, with respect to the Notes that have been properly surrendered for repurchase and have not been validly withdrawn in accordance with the provisions of this Indenture, 1) such Notes will cease to be outstanding, 2) Special Interest, if and to the extent that any such accrued and unpaid Special Interest exists as of such date will cease to accrue on such Notes (whether or not book-entry transfer of the Notes has been made or the Notes have been delivered to the Trustee or Paying Agent) and 3) all other rights of the Holders of such Notes will terminate (other than the right to receive the Fundamental Change Repurchase Price).
(c)Upon surrender of a Note that is to be repurchased in part pursuant to Section 15.02, the Company shall execute and the Trustee shall authenticate and deliver to the Holder a new Note in an authorized denomination equal in principal amount to the unrepurchased portion of the Note surrendered.
Section 15.05.  Covenant to Comply with Applicable Laws Upon Repurchase of Notes. In connection with any repurchase offer pursuant to this Article 15, the Company will, if required:

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(a)comply with the provisions of Rule 13e-4, Rule 14e-1 and any other tender offer rules under the Exchange Act that may then be applicable;
(b)file a Schedule TO or any other required schedule under the Exchange Act; and
(c)otherwise comply with all federal and state securities laws in connection with any offer by the Company to repurchase the Notes;
in each case, so as to permit the rights and obligations under this Article 15 to be exercised in the time and in the manner specified in this Article 15.

ARTICLE 16
OPTIONAL REDEMPTION
Section 16.01.  Optional Redemption.  The Notes shall not be redeemable by the Company prior to September 5, 2023.  On or after September 5, 2023, and prior to the 31st Scheduled Trading Day immediately preceding the Maturity Date, the Company may, at its option, redeem (an “Optional Redemption”) for cash all or any portion of the Notes, at the Redemption Price, if the Last Reported Sale Price of the Common Stock has been at least 130% of the Conversion Price then in effect for at least 20 Trading Days (whether or not consecutive), including the Trading Day immediately preceding the date on which the Company provides a Redemption Notice during any 30 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date on which the Company provides the Redemption Notice in accordance with Section 16.02.
Section 16.02.  Notice of Optional Redemption; Selection of Notes. (a) In case the Company exercises its Optional Redemption right to redeem all or, as the case may be, any part of the Notes pursuant to Section 16.01, it shall fix a date for redemption (each, a “Redemption Date”) and it or, at its written request received by the Trustee not less than 5 Business Days prior to the date such Redemption Notice is to be sent (or such shorter period of time as may be acceptable to the Trustee), the Trustee, in the name of and at the expense of the Company, shall deliver or cause to be delivered a written notice of such Optional Redemption (a “Redemption Notice”) not less than 35 nor more than 60 Scheduled Trading Days prior to the Redemption Date to the Trustee, the Conversion Agent (if other than the Trustee), the Paying Agent, and each Holder of Notes so to be redeemed as a whole or in part; provided that, if the Company shall give such notice, it shall also give written notice of the Redemption Date to the Trustee. The Redemption Date must be a Business Day.
(b)The Redemption Notice, if delivered in the manner herein provided, shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice. In any case, failure to give such Redemption Notice or any defect in the Redemption Notice to the Holder of any Note designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Note.
(c)Each Redemption Notice shall specify:
(i)the Redemption Date;
(ii)the Redemption Price;

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(iii)that on the Redemption Date, the Redemption Price will become due and payable upon each Note to be redeemed, and that any Special Interest thereon, if and to the extent that Special Interest is payable on such Note, shall cease to accrue on and after the Redemption Date;
(iv)the place or places where such Notes are to be surrendered for payment of the Redemption Price;
(v)that Holders may surrender their Notes for conversion at any time prior to the close of business on the second Scheduled Trading Day immediately preceding the Redemption Date;
(vi)the procedures a converting Holder must follow to convert its Notes and the Settlement Method (and, if applicable, the Specified Dollar Amount); 
(vii)the Conversion Rate and, if applicable, the number of Additional Shares added to the Conversion Rate in accordance with Section 14.03; 
(viii)the CUSIP, ISIN or other similar numbers, if any, assigned to such Notes; and
(ix)in case any Note is to be redeemed in part only, the portion of the principal amount thereof to be redeemed and on and after the Redemption Date, upon surrender of such Note, a new Note in principal amount equal to the unredeemed portion thereof shall be issued, which principal amount must be $1,000 or a multiple thereof.
A Redemption Notice shall be irrevocable.
(d)If fewer than all of the outstanding Notes are to be redeemed, the Notes to be redeemed will be selected according to the Depositary’s applicable procedures, in the case of Notes represented by a Global Note, or, in the case of Notes represented by Physical Notes, the Trustee shall select, pro rata, Notes to be redeemed in whole or in part. If any Note selected for partial redemption is submitted for conversion in part after such selection, the portion of the Note submitted for conversion shall be deemed (so far as may be possible) to be the portion selected for redemption, subject, in the case of Notes represented by a Global Note, to the Depositary’s applicable procedures.
Section 16.03.  Payment of Notes Called for Redemption. (a) If any Redemption Notice has been given in respect of the Notes in accordance with Section 16.02, the Notes shall become due and payable on the Redemption Date at the place or places stated in the Redemption Notice and at the applicable Redemption Price. On presentation and surrender of the Notes at the place or places stated in the Redemption Notice, the Notes shall be paid and redeemed by the Company at the applicable Redemption Price.
(e)Prior to 11:00 a.m. New York City time on the Redemption Date, the Company shall deposit with the Paying Agent or, if the Company or a Subsidiary of the Company is acting 

83

as the Paying Agent, shall segregate and hold in trust as provided in Section 7.05 an amount of cash (in immediately available funds if deposited on the Redemption Date), sufficient to pay the Redemption Price of all of the Notes to be redeemed on such Redemption Date. Subject to receipt of funds by the Paying Agent, payment for the Notes to be redeemed shall be made on the Redemption Date for such Notes. The Paying Agent shall, promptly after such payment and upon written demand by the Company, return to the Company any funds in excess of the Redemption Price.
Section 16.04.  Restrictions on Redemption. The Company may not redeem any Notes on any date if the principal amount of the Notes has been accelerated in accordance with the terms of this Indenture, and such acceleration has not been rescinded, on or prior to the Redemption Date (except in the case of an acceleration resulting from a Default by the Company in the payment of the Redemption Price with respect to such Notes). 

ARTICLE 17
MISCELLANEOUS PROVISIONS

Section 17.01.  Provisions Binding on Company’s Successors. All the covenants, stipulations, promises and agreements of the Company contained in this Indenture shall bind its successors and assigns whether so expressed or not.
Section 17.02.  Official Acts by Successor Corporation. Any act or proceeding by any provision of this Indenture authorized or required to be done or performed by any board, committee or Officer of the Company shall and may be done and performed with like force and effect by the like board, committee or officer of any corporation or other entity that shall at the time be the lawful sole successor of the Company.
Section 17.03.  Addresses for Notices, Etc.  Any notice or demand that by any provision of this Indenture is required or permitted to be given or served by the Trustee or by the Holders on the Company shall be deemed to have been sufficiently given or made, for all purposes if given or served electronically in PDF format, overnight courier or by being deposited postage prepaid by registered or certified mail in a post office letter box addressed (until another address is filed by the Company with the Trustee) to Chegg, Inc., 3990 Freedom Circle, Santa Clara, CA, 95054, Attention: General Counsel. Any notice, direction, request or demand hereunder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or served by being deposited postage prepaid by registered or certified mail in a post office letter box or overnight courier service addressed to the Corporate Trust Office or sent electronically in PDF format.
The Trustee, by notice to the Company, may designate additional or different addresses for subsequent notices or communications.
Any notice or communication delivered or to be delivered to a Holder of Physical Notes shall be mailed to it by first class mail, postage prepaid, at its address as it appears on the Note Register and shall be sufficiently given to it if so mailed within the time prescribed. Any notice or communication delivered or to be delivered to a Holder of Global Notes shall be delivered in 

84

accordance with the applicable procedures of the Depositary and shall be sufficiently given to it if so delivered within the time prescribed.
Failure to mail or deliver a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is mailed or delivered, as the case may be, in the manner provided above, it is duly given, whether or not the addressee receives it.
In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice to Holders by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.
Section 17.04.  Governing Law; Jurisdiction. THIS INDENTURE AND EACH NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE AND EACH NOTE, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
The Company irrevocably consents and agrees, for the benefit of the Holders from time to time of the Notes and the Trustee, that any legal action, suit or proceeding against it with respect to obligations, liabilities or any other matter arising out of or in connection with this Indenture or the Notes may be brought in the courts of the State of New York or the courts of the United States located in the Borough of Manhattan, New York City, New York and, until amounts due and to become due in respect of the Notes have been paid, hereby irrevocably consents and submits to the non-exclusive jurisdiction of each such court in personam, generally and unconditionally with respect to any action, suit or proceeding for itself in respect of its properties, assets and revenues. 
The Company irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any of the aforesaid actions, suits or proceedings arising out of or in connection with this Indenture brought in the courts of the State of New York or the courts of the United States located in the Borough of Manhattan, New York City, New York and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum.
Section 17.05.  Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee.  Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish to the Trustee an Officer’s Certificate and, if requested by the Trustee, an Opinion of Counsel stating that all conditions precedent to such action in this Indenture have been complied with; provided that no Opinion of Counsel shall be required to be delivered in connection with the removal of the restricted CUSIP number of the Restricted Securities to an unrestricted CUSIP number pursuant to the applicable procedures of the Depositary upon the Notes becoming freely tradable by non-Affiliates of the Company under Rule 144, unless a new Note is to be issued and authenticated (in which case the Opinion of Counsel required by Section 2.04 shall be delivered); 

85

provided further that no Opinion of Counsel shall be required to be delivered in connection with a request by the Company that the Trustee deliver a notice to Holders under the Indenture where the Trustee receives an Officer’s Certificate with respect to such notice. With respect to matters of fact, an Opinion of Counsel may rely on an Officer’s Certificate or certificates of public officials.
Each Officer’s Certificate and Opinion of Counsel provided for, by or on behalf of the Company in this Indenture and delivered to the Trustee with respect to conditions precedent under this Indenture (other than the Officer’s Certificates provided for in Section 4.08) shall include (a) a statement that the person signing such certificate is familiar with the requested action and this Indenture; (b) a brief statement as to the nature and scope of the examination or investigation upon which the statement contained in such certificate is based; (c) a statement that, in the judgment of such person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed judgment as to whether or not such conditions have been complied with; and (d) a statement that all conditions precedent thereto have been complied with.
Notwithstanding anything to the contrary in this Section 17.05, if any provision in this Indenture specifically provides that the Trustee shall or may receive an Opinion of Counsel in connection with any action to be taken by the Trustee or the Company hereunder, the Trustee shall be entitled to such Opinion of Counsel.
Section 17.06.  Legal Holidays.  In any case where any Interest Payment Date, Fundamental Change Repurchase Date or Maturity Date is not a Business Day, then any action to be taken on such date need not be taken on such date, but may be taken on the next succeeding Business Day with the same force and effect as if taken on such date, and no Special Interest, if and to the extent any Special Interest is otherwise payable on such date, shall accrue in respect of the delay.
Section 17.07.  No Security Interest Created. Nothing in this Indenture or in the Notes, expressed or implied, shall be construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any jurisdiction.
Section 17.08.  Benefits of Indenture. Nothing in this Indenture or in the Notes, expressed or implied, shall give to any Person, other than the Holders, the parties hereto, any Paying Agent, any Conversion Agent, any authenticating agent, any Note Registrar and their successors hereunder, any benefit or any legal or equitable right, remedy or claim under this Indenture.
Section 17.09.  Table of Contents, Headings, Etc. The table of contents and the titles and headings of the articles and sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.
Section 17.10.  Authenticating Agent. The Trustee may appoint an authenticating agent that shall be authorized to act on its behalf and subject to its direction in the authentication and delivery of Notes in connection with the original issuance thereof and transfers and exchanges of Notes hereunder, including under Section 2.04, Section 2.05, Section 2.06, Section 2.07, Section 10.04 

86

and Section 15.04 as fully to all intents and purposes as though the authenticating agent had been expressly authorized by this Indenture and those Sections to authenticate and deliver Notes. For all purposes of this Indenture, the authentication and delivery of Notes by the authenticating agent shall be deemed to be authentication and delivery of such Notes “by the Trustee” and a certificate of authentication executed on behalf of the Trustee by an authenticating agent shall be deemed to satisfy any requirement hereunder or in the Notes for the Trustee’s certificate of authentication. Such authenticating agent shall at all times be a Person eligible to serve as trustee hereunder pursuant to Section 7.08.
Any corporation or other entity into which any authenticating agent may be merged or converted or with which it may be consolidated, or any corporation or other entity resulting from any merger, consolidation or conversion to which any authenticating agent shall be a party, or any corporation or other entity succeeding to the corporate trust business of any authenticating agent, shall be the successor of the authenticating agent hereunder, if such successor corporation or other entity is otherwise eligible under this Section 17.10, without the execution or filing of any paper or any further act on the part of the parties hereto or the authenticating agent or such successor corporation or other entity.
Any authenticating agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time terminate the agency of any authenticating agent by giving written notice of termination to such authenticating agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time any authenticating agent shall cease to be eligible under this Section, the Trustee may appoint a successor authenticating agent (which may be the Trustee), shall give written notice of such appointment to the Company.
The Company agrees to pay to the authenticating agent from time to time reasonable compensation for its services although the Company may terminate the authenticating agent, if it determines such agent’s fees to be unreasonable.
The provisions of Section 7.02, Section 7.03, Section 7.04, Section 8.03 and this Section 17.10 shall be applicable to any authenticating agent.
If an authenticating agent is appointed pursuant to this Section 17.10, the Notes may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form:
	
			
	,
	 

	as Authenticating Agent, certifies that this is one of the Notes described
in the within-named Indenture.

	 
	 
	 

	By:
	 
	 

	Authorized Signatory
	 

87

Section 17.11.  Execution in Counterparts.  This Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart by facsimile, PDF or other electronic means shall be effective as delivery of a manually executed counterpart thereof.  Unless otherwise provided in this Indenture or in any Note, the words “execute,” “execution,” “signed” and “signature” and words of similar import used in or related to any document to be signed in connection with this Indenture, any Note or any of the transactions contemplated hereby (including amendments, waivers, consents and other modifications) shall be deemed to include electronic signatures and the keeping of records in electronic form.   This Indenture shall be valid, binding, and enforceable against a party when executed and delivered by an authorized individual on behalf of the party by means of (i) an original manual signature;  (ii) a faxed, scanned, or photocopied manual signature, or (iii) any other electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, the New York State Electronic Signatures and Records Act and/or any other relevant electronic signatures law, including any relevant provisions of the Uniform Commercial Code (collectively, “Signature Law”), in each case to the extent applicable. Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. For the avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the Uniform Commercial Code or other Signature Law due to the character or intended character of the writings; provided that, notwithstanding anything herein to the contrary, the Trustee is not under any obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Trustee pursuant to procedures approved by the Trustee. All notices, approvals, consents, requests and any communications hereunder must be in writing (provided that any such communication sent to Trustee hereunder must be in the form of a document that is signed manually or by way of a digital signature provided by DocuSign or other electronic signature provider that the Company plans to use (or such other digital signature provider as specified in writing to Trustee by the authorized representative), in English. The Company agrees to assume all risks arising out of the use of using digital signatures and electronic methods to submit communications to Trustee, including without limitation the risk of Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.
Section 17.12.  Severability. In the event any provision of this Indenture or in the Notes shall be invalid, illegal or unenforceable, then (to the extent permitted by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired.
Section 17.13.  Waiver of Jury Trial. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL 

88

PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.
Section 17.14.  Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts that are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.
Section 17.15.  Calculations.  Except as otherwise provided herein, the Company shall be responsible for making all calculations called for under this Indenture and the Notes.  These calculations include, but are not limited to, determinations of the Stock Price, the Last Reported Sale Prices of the Common Stock, the Daily VWAPs, the Daily Conversion Values, the Daily Settlement Amounts, adjustments to the Conversion Rate and the Conversion Price, any accrued Special Interest payable on the Notes, the Conversion Rate and the Conversion Price of the Notes.  The Company shall make all these calculations in good faith and, absent manifest error, the Company’s calculations shall be final and binding on Holders.  The Company shall provide a schedule of its calculations to each of the Trustee and the Conversion Agent, and each of the Trustee and Conversion Agent is entitled to rely conclusively upon the accuracy of the Company’s calculations without independent verification.  The Trustee will forward the Company’s calculations to any Holder upon the written request of that Holder at the sole cost and expense of the Company.
Section 17.16.  U.S.A. PATRIOT Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. PATRIOT Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act.
[Remainder of page intentionally left blank]

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IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the date first written above.
	
		
	CHEGG, INC.

	By:
	/s/ Andrew Brown

	 
	Name: Andrew Brown

	 
	Title: Chief Financial Officer

	
		
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee

	By:
	/s/ Maddy Hughes

	 
	Name: Maddy Hughes

	 
	Title: Vice President

EXHIBIT A
[FORM OF FACE OF NOTE]
[INCLUDE FOLLOWING LEGEND IF A GLOBAL NOTE]
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREUNDER IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
[INCLUDE FOLLOWING LEGEND IF A RESTRICTED SECURITY]
[THIS SECURITY AND THE COMMON STOCK, IF ANY, ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER:
(1) REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND
(2) AGREES FOR THE BENEFIT OF CHEGG, INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE HEREOF OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT:
(A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, OR
(B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR

A-1

(C) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR 
(D) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER FOR THE COMPANY TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]

A-2

Chegg, Inc. 

0% Convertible Senior Note due 2026
	
		
	No. RA-[     ]
	Initially $[_______]

CUSIP No. [163092 AE9]1 
Chegg, Inc., a corporation duly organized and validly existing under the laws of the State of Delaware (the “Company,” which term includes any successor corporation or other entity under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to CEDE & CO., or registered assigns, the principal sum as set forth in the “Schedule of Exchanges of Notes” attached hereto, which amount, taken together with the principal amounts of all other outstanding Notes, shall not, unless permitted by the Indenture, exceed $1,000,000,000 in aggregate at any time, in accordance with the rules and procedures of the Depositary, on September 1, 2026, and Special interest, if any, thereon as set forth below.
This Note shall not bear regular cash interest, and the principal amount of this Note shall not accrete. Any accrued interest on this Note shall be computed on the basis of a 360-day year composed of twelve 30-day months and, for partial months, on the basis of the number of days actually elapsed in a 30-day month.  Any Special Interest is payable semi-annually in arrears on each March 1 and September 1, commencing on March 1, 2021 (if any Special Interest is then payable), to Holders of record at the close of business on the preceding February 15 and August 15 (whether or not such day is a Business Day), respectively.  Any Special Interest will be payable as set forth in Section 4.06(d), Section 4.06(e) and Section 6.03 of the within-mentioned Indenture, and any reference to interest on, or in respect of, any Note therein shall be deemed to refer solely to Special Interest if, in such context, Special Interest is, was or would be payable pursuant to any of such Section 4.06(d), Section 4.06(e) or Section 6.03, or any interest on any Defaulted Amounts payable as set forth in Section 2.03(c) of the within-mentioned Indenture.

Any Defaulted Amounts shall not accrue interest unless Special Interest was payable on the required payment date, in which case such payments shall accrue interest per annum at the then-applicable Special Interest rate, from, and including, such relevant payment date to, but excluding, the date on which such Defaulted Amounts shall have been paid by the Company, at its election, in accordance with Section 2.03(c) of the Indenture.

____________________
1 This Note will be deemed to be identified by CUSIP No. 163092 AC3 from and after such time when the Company delivers, pursuant to Section 2.05(c) of the within-mentioned Indenture, written notice to the Trustee of the occurrence of the Resale Restriction Termination Date and the removal of the restrictive legend affixed to this Note in accordance with the applicable procedures of the Depositary.

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The Company shall pay the principal of and interest on this Note, if and so long as such Note is a Global Note, in immediately available funds in lawful money of the United States at the time to the Depositary or its nominee, as the case may be, as the registered Holder of such Note.  As provided in and subject to the provisions of the Indenture, the Company shall pay the principal of any Notes (other than Notes that are Global Notes) at the office or agency designated by the Company for that purpose.  The Company has initially designated the Trustee as its Paying Agent and Note Registrar in respect of the Notes and its Corporate Trust Office in the contiguous United States of America, as a place where Notes may be presented for payment or for registration of transfer and exchange.  
Reference is made to the further provisions of this Note set forth on the reverse hereof, including, without limitation, provisions giving the Holder of this Note the right to convert this Note into cash, shares of Common Stock or a combination of cash and shares of Common Stock, as applicable, on the terms and subject to the limitations set forth in the Indenture.  Such further provisions shall for all purposes have the same effect as though fully set forth at this place.
This Note, and any claim, controversy or dispute arising under or related to this Note, shall be construed in accordance with and governed by the laws of the State of New York.
In the case of any conflict between this Note and the Indenture, the provisions of the Indenture shall control and govern.
This Note shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed manually by the Trustee or a duly authorized authenticating agent under the Indenture.
[Remainder of page intentionally left blank]

A-4

IN WITNESS WHEREOF, the Company has caused this Note to be duly executed.
	
		
	CHEGG, INC.

	By:
	 

	 
	Name:

	 
	Title:

	
		
	Dated:

	 
	 

	TRUSTEE’S CERTIFICATE OF AUTHENTICATION

	 
	 

	WELLS FARGO BANK, NATIONAL ASSOCIATION
as Trustee, certifies that this is one of the Notes described
in the within-named Indenture.

	 
	 

	By:
	 

	 
	Authorized Signatory

[FORM OF REVERSE OF NOTE]
Chegg, Inc.
0% Convertible Senior Note due 2026
This Note is one of a duly authorized issue of Notes of the Company, designated as its 0% Convertible Senior Notes due 2026 (the “Notes”), initially limited to the aggregate principal amount of $1,000,000,000 all issued or to be issued under and pursuant to an Indenture dated as of August 21, 2020 (the “Indenture”), between the Company and Wilmington Trust, National Association (the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes.  Additional Notes may be issued in an unlimited aggregate principal amount, subject to certain conditions specified in the Indenture.  Capitalized terms used in this Note and not defined in this Note shall have the respective meanings set forth in the Indenture.
In case certain Events of Default, as defined in the Indenture, shall have occurred and be continuing, the principal of, and any Special Interest on, all Notes may be declared, by either the Trustee or Holders of at least 25% in aggregate principal amount of Notes then outstanding, and upon said declaration shall become, due and payable, in the manner, with the effect and subject to the conditions and certain exceptions set forth in the Indenture.
Subject to the terms and conditions of the Indenture, the Company will make all payments and deliveries in respect of the Fundamental Change Repurchase Price on the Fundamental Change Repurchase Date and the principal amount on the Maturity Date, as the case may be, to the Holder who surrenders a Note to a Paying Agent to collect such payments in respect of the Note.  The Company will pay cash amounts in money of the United States that at the time of payment is legal tender for payment of public and private debts.  
The Indenture contains provisions permitting the Company and the Trustee in certain circumstances, without the consent of the Holders of the Notes, and in certain other circumstances, with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding, evidenced as in the Indenture provided, to execute supplemental indentures modifying the terms of the Indenture and the Notes as described therein.  It is also provided in the Indenture that, subject to certain exceptions, the Holders of a majority in aggregate principal amount of the Notes at the time outstanding may on behalf of the Holders of all of the Notes waive any past Default or Event of Default under the Indenture and its consequences.
No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay or deliver, as the case may be, the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, any accrued and unpaid interest on, and the consideration due upon conversion of, this Note at the place, at the respective times, at the rate and in the lawful money herein prescribed.

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The Notes are issuable in registered form without coupons in denominations of $1,000 principal amount and multiples thereof.  At the office or agency of the Company referred to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, Notes may be exchanged for a like aggregate principal amount of Notes of other authorized denominations, without payment of any service charge but, if required by the Company or Trustee, with payment of a sum sufficient to cover any transfer or similar tax that may be imposed in connection therewith as a result of the name of the Holder of the new Notes issued upon such exchange of Notes being different from the name of the Holder of the old Notes surrendered for such exchange.
The Notes shall be redeemable at the Company’s option on or after September 5, 2023, in accordance with the terms and subject to the conditions specified in the Indenture. No sinking fund is provided for the Notes.   
Upon the occurrence of a Fundamental Change, the Holder has the right, at such Holder’s option, to require the Company to repurchase for cash all of such Holder’s Notes or any portion thereof (in principal amounts of $1,000 or multiples thereof) on the Fundamental Change Repurchase Date at a price equal to the Fundamental Change Repurchase Price.
Subject to the provisions of the Indenture, the Holder hereof has the right, at its option, during certain periods and upon the occurrence of certain conditions specified in the Indenture, prior to the close of business on the second Scheduled Trading Day immediately preceding the Maturity Date, to convert any Notes or portion thereof that is $1,000 or a multiple thereof, into cash, shares of Common Stock or a combination of cash and shares of Common Stock, as applicable, at the Conversion Rate specified in the Indenture, as adjusted from time to time as provided in the Indenture.
Terms used in this Note and defined in the Indenture are used herein as therein defined.

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ABBREVIATIONS
The following abbreviations, when used in the inscription of the face of this Note, shall be construed as though they were written out in full according to applicable laws or regulations:
TEN COM = as tenants in common
UNIF GIFT MIN ACT = Uniform Gifts to Minors Act
CUST = Custodian
TEN ENT = as tenants by the entireties
JT TEN  = joint tenants with right of survivorship and not as tenants in common 
Additional abbreviations may also be used though not in the above list.

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SCHEDULE A
SCHEDULE OF EXCHANGES OF NOTES 
 
Chegg, Inc. 
0% Convertible Senior Notes due 2026
The initial principal amount of this Global Note is [_____________]DOLLARS ($[________]).  The following increases or decreases in this Global Note have been made:
	
									
	Date of exchange
	 
	Amount of decrease in principal amount of this Global Note
	 
	Amount of increase in principal amount of this Global Note
	 
	Principal amount of this Global Note following such decrease or increase
	 
	Signature of authorized signatory of Trustee or Custodian

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

R-4

ATTACHMENT 1
[FORM OF NOTICE OF CONVERSION]
To: Chegg, Inc.
To: Wells Fargo Bank, National Association, as Trustee  
600 South Fourth Street, 7th Floor
MAC N9300-070
Minneapolis, MN 55415
Attention: Bondholder Communications
Email: Bondholdercommunications@wellsfargo.com
RE: Chegg, Inc. 0% Convertible Senior Notes due 2026

The undersigned registered owner of this Note hereby exercises the option to convert this Note, or the portion hereof (that is $1,000 principal amount or a multiple thereof) below designated, into cash, shares of Common Stock or a combination of cash and shares of Common Stock, as applicable, in accordance with the terms of the Indenture referred to in this Note, and directs that any cash payable and any shares of Common Stock issuable and deliverable upon such conversion, together with any cash for any fractional share, and any Notes representing any unconverted principal amount hereof, be issued and delivered to the registered Holder hereof unless a different name has been indicated below.  If any shares of Common Stock or any portion of this Note not converted are to be issued in the name of a Person other than the undersigned, the undersigned will pay all documentary, stamp or similar issue or transfer taxes, if any in accordance with ‎Section 14.02(d) and ‎Section 14.02(e) of the Indenture.  Any amount required to be paid to the undersigned on account of interest accompanies this Note. Capitalized terms used herein but not defined shall have the meanings ascribed to such terms in the Indenture.
	
				
	Dated:
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	Signature(s)

	
	
	Signature Guarantee

	 

	Signature(s) must be guaranteed 
by an eligible Guarantor Institution 
(banks, stock brokers, savings and 
loan associations and credit unions) 
with membership in an approved 
signature guarantee medallion program 
pursuant to Securities and Exchange 

1

	
	
	Commission Rule 17Ad-15 if shares 
of Common Stock are to be issued, or 
Notes are to be delivered, other than 
to and in the name of the registered holder.

Fill in for registration of shares if 
to be issued, and Notes if to 
be delivered, other than to and in the 
name of the registered holder:

	 

	(Name)

	 

	(Street Address)

	 

	(City, State and Zip Code)
Please print name and address

	
	
	Principal amount to be converted (if less than all):

	$______,000

	 

	NOTICE:  The above signature(s) of the Holder(s) hereof
must correspond with the name as written upon the face of
the Note in every particular without alteration or
enlargement or any change whatever.

	 

	Social Security or Other Taxpayer
Identification Number

2

ATTACHMENT 2
[FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE]
To: Chegg, Inc.
To: Wells Fargo Bank, National Association, as Trustee  
600 South Fourth Street, 7th Floor
MAC N9300-070
Minneapolis, MN 55415
Attention: Bondholder Communications
Email: Bondholdercommunications@wellsfargo.com

RE: Chegg, Inc. 0% Convertible Senior Notes due 2026
The undersigned registered owner of this Note hereby acknowledges receipt of a notice from Chegg, Inc. (the “Company”) as to the occurrence of a Fundamental Change with respect to the Company and specifying the Fundamental Change Repurchase Date and requests and instructs the Company to pay to the registered holder hereof in accordance with ýSection 15.02 of the Indenture referred to in this Note (1) the entire principal amount of this Note, or the portion thereof (that is $1,000 principal amount or a multiple thereof) below designated, and (2) if such Fundamental Change Repurchase Date does not fall during the period after a Special Interest Record Date and on or prior to the corresponding Special Interest Payment Date, accrued and unpaid Special Interest, if any, thereon to, but excluding, such Fundamental Change Repurchase Date. Capitalized terms used herein but not defined shall have the meanings ascribed to such terms in the Indenture.
In the case of Physical Notes, the certificate numbers of the Notes to be repurchased are as set forth below:
	
					
	Dated:
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	Signature(s)
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	Social Security or Other Taxpayer
	 

	 
	 
	 
	Identification Number
	 

	 
	 
	 
	 
	 

	 
	 
	 
	Principal amount to be converted (if less than all):

	 
	 
	 
	$______,000
	 

	 
	 
	 
	NOTICE: The above signature(s) of the Holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.

1

ATTACHMENT 3
[FORM OF ASSIGNMENT AND TRANSFER]
Wells Fargo Bank, National Association, as Trustee
600 South Fourth Street, 7th Floor
MAC N9300-070
Minneapolis, MN 55415
Attention: Bondholder Communications
Email: Bondholdercommunications@wellsfargo.com

RE: Chegg, Inc. 0% Convertible Senior Notes due 2026

For value received ____________________________ hereby sell(s), assign(s) and transfer(s) unto _________________ (Please insert social security or Taxpayer Identification Number of assignee) the within Note, and hereby irrevocably constitutes and appoints _____________________ attorney to transfer the said Note on the books of the Company, with full power of substitution in the premises.
In connection with any transfer of the within Note occurring prior to the Resale Restriction Termination Date, as defined in the Indenture governing such Note, the undersigned confirms that such Note is being transferred:
□    To Chegg, Inc. or a subsidiary thereof; or
□    Pursuant to a registration statement that has become or been declared effective under the Securities Act of 1933, as amended; or
□    Pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as amended; or
□    Pursuant to and in compliance with Rule 144 under the Securities Act of 1933, as amended, or any other available exemption from the registration requirements of the Securities Act of 1933, as amended.

1

Dated: ________________________
_____________________________________
_____________________________________
Signature(s)
_____________________________________
Signature Guarantee
Signature(s) must be guaranteed by an 
eligible Guarantor Institution (banks, stock 
brokers, savings and loan associations and 
credit unions) with membership in an approved 
signature guarantee medallion program pursuant 
to Securities and Exchange Commission 
Rule 17Ad-15 if Notes are to be delivered, other 
than to and in the name of the registered holder.
NOTICE:  The signature on the assignment must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.

2

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