Document:

Amendment and Restatement Agreement, dated November 19, 2009

 Exhibit 4.59 
 19 November 2009 
 AMENDMENT AND RESTATEMENT AGREEMENT

 relating to a 
 GUARANTEE, REVOLVING CREDIT AND TERM LOAN FACILITY AGREEMENT 
 dated
17 September 2008 
 between 
 OCEAN RIG ASA 
 and 
 OCEAN RIG NORWAY AS 
 as borrowers 
 OCEAN RIG ASA 
 OCEAN
RIG NORWAY AS 
 OCEAN RIG 1 AS 
 OCEAN RIG 2 AS 
 OCEAN RIG NORTH SEA AS 
 and 
 OCEAN RIG USA
LLC 
 as original guarantors 
 THE FINANCIAL INSTITUTIONS 
 listed in Part 2 of Schedule 1 
 as banks 
 DNB NOR
BANK ASA 
 as guarantee bank 
 DNB NOR BANK ASA 
 as mandated lead arranger and bookrunner 
 and 
 HSH NORDBANK AG

 NORDEA BANK NORGE ASA 
 and 
 SKANDINAVISKA ENSKILDA BANKEN AB (PUBL) 
 as mandated lead arrangers 
 DNB NOR BANK ASA 
 as agent 
  
  
 USD 1,040,000,000

  
  

 

 

 THIS AMENDMENT AND RESTATEMENT AGREEMENT (the “Restatement Agreement”) is dated
19 November 2009 and made between: 
  

	(1)	OCEAN RIG ASA, org. no. NO 976 769 643, Vestre Svanholmen nr. 6, Forus, N-4313 Sandnes, Norway, OCEAN RIG NORWAY AS, org. no. NO 879 750 172, Vestre
Svanholmen nr. 6, Forus, N-4313 Sandnes, Norway (“OR Norway”) and DRILL RIGS HOLDINGS INC., Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 as borrowers (the
“Borrowers”); 

  

	(2)	THE COMPANIES listed in Part 1 of Schedule 1 to the Amended and Restated Facility Agreement as original guarantors (the “Original Guarantors”);

  

	(3)	THE FINANCIAL INSTITUTIONS listed in Part 2 of Schedule 1 to the Amended and Restated Facility Agreement as original banks (the “Original
Banks”); 

  

	(4)	DNB NOR BANK ASA, Stranden 21, N-0021 Oslo, Norway as guarantee bank (the “Guarantee Bank”); 

  

	(5)	DNB NOR BANK ASA, Stranden 21, N-0021 Oslo, Norway as mandated lead arranger and bookrunner and HSH NORDBANK AG, Gerhart-Hauptmann-Platz 50, D-20095
Hamburg, Germany, NORDEA BANK NORGE ASA, Middelthunsgate 17, N-0368 Oslo, Norway and SKANDINAVISKA ENSKILDA BANKEN AB (PUBL), SE-106 40 Stockholm, Sweden as mandated lead arrangers (the “Arrangers”); and

  

	(6)	DNB NOR BANK ASA, Stranden 21, N-0021 Oslo, Norway as agent and security trustee (the “Agent”). 

 WHEREAS: 
  

	(A)	Pursuant to a guarantee, revolving credit and term loan facility agreement dated 17 September 2008 (the “Original Facility Agreement”)
between Ocean Rig ASA and OR Norway as borrowers, the Original Guarantors (as defined therein) as original guarantors, the Original Banks (as defined therein) as original banks, the Guarantee Bank, the Arrangers and the Agent, the Original
Banks (as defined therein) made available certain guarantee, revolving credit and term loan facilities; 

  

	(B)	The parties hereto wish to make certain amendments to the Original Facility Agreement by amending and restating the terms thereof as set out in the amended and restated
guarantee, revolving credit and term loan facility agreement (the “Amended and Restated Facility Agreement”) attached in Schedule 2 hereto. 

 IT IS AGREED AS FOLLOWS: 
  

	1.	INTERPRETATION 

  

	1.1	Definitions 

  

	(a)	Capitalised terms defined in the Amended and Restated Facility Agreement have, unless expressly defined in this Restatement Agreement, the same meaning in this
Restatement Agreement. 

  

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	(b)	“Restatement Date” means: 

  

	 	(i)	the date on which the Agent notifies the Parent and the Banks that it has received all of the documents and other evidence set out in Schedule 1 (Conditions
precedent documents) of this Restatement Agreement in a form and substance satisfactory to the Agent; or 

  

	 	(ii)	such other date as the Parent and the Banks agree. 

  

	2.	CONDITIONS PRECEDENT 

  

	(a)	Subject as set out below, the Original Facility Agreement will be amended and restated on and from the Restatement Date as set out in Schedule 2 (Form of
Amended and Restated Facility Agreement) of this Restatement Agreement. 

  

	(b)	The Restatement Date may not occur in the event that an Event of Default is continuing or would result from the occurrence of the Restatement Date.

  

	(c)	If the Restatement Date has not occurred on or before the date occurring 60 days after the date hereof or such later date as may be agreed in writing between the Parent
and the Banks, the Original Facility Agreement will not be amended by this Restatement Agreement. 

  

	3.	REPRESENTATIONS 

 Each
Obligor represents and warrants to each Finance Party that on the date of this Restatement Agreement and on the Restatement Date: 
  

	 	(a)	Powers and authority: it has the power to enter into and perform, and has taken all necessary action to authorise the entry into, performance and delivery of
this Restatement Agreement and the transactions contemplated hereby; 

  

	 	(b)	Consents: all authorisations, approvals, consents, licences exemptions, filings, registrations and other matters required by law for or in consequence of the
entry into and performance by it of and/or the validity of this Restatement Agreement or the transactions to be implemented pursuant hereto have been obtained or effected or will be obtained or effected prior to the date required by law;

  

	 	(c)	Legal validity: this Restatement Agreement constitutes its legal, valid and binding and enforceable obligations in accordance with its terms;

  

	 	(d)	Non-conflict: the entry into and performance of this Restatement Agreement and the transactions contemplated hereby do not and will not conflict with:

  

	 	(i)	any applicable law or regulation or any applicable official or judicial order in any respect; or 

  

	 	(ii)	its constitutional documents or any of its resolutions (having current effect) or the constitutional document or any other resolution of any of its subsidiaries; or

  

	 	(iii)	any agreement or instrument to which the Obligor or any of its Subsidiaries is a party or which is binding upon any of them or on any of their assets.

  

	4.	SECURITY DOCUMENTS 

 Each
Obligor confirms that each Security Document to which it is a party and which has been executed prior to the date of this Restatement Agreement shall continue to secure the obligations secured thereby, including its obligations under the Original
Facility Agreement as hereby amended and restated. 
  

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	5.	EXPENSES 

 The Borrowers
shall promptly following demand pay to the Agent the amount of all out-of-pocket costs and expenses (including, without limitation, external legal fees) properly and reasonably incurred and documented by the Agent in connection with: 
  

	 	(i)	the negotiation, execution and registration of this Restatement Agreement and any other documents referred to herein; 

  

	 	(ii)	any amendment, waiver, consent or suspension of rights (or any proposal for any of the foregoing) requested (or, in the case of a proposal, made) by or on behalf of an
Obligor and relating to any of this Restatement Agreement or a document referred to herein; and 

  

	 	(iii)	any other matter, not of an ordinary administrative nature, directly arising out of or in connection with this Restatement Agreement. 

  

	6.	GOVERNING LAW AND JURISDICTION 

  

	(a)	This Restatement Agreement shall be governed by and construed in accordance with Norwegian law. 

  

	(b)	The courts of Norway have exclusive jurisdiction to settle any dispute arising out of or in connection with this Restatement Agreement (including a dispute regarding
the existence, validity or termination of this Restatement Agreement) (a “Dispute”), and any Dispute shall be referred to Oslo district court as the court of first instance. 

  

	(c)	This Clause 6 is for the benefit of the Finance Parties only. As a result, no Finance 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 may take concurrent proceedings in any number of jurisdictions. 

  

	(d)	Without prejudice to any other mode of service, each Obligor:- 

  

	 	(i)	irrevocably appoints Ocean Rig AS of Vestre Svanholmen nr. 6, Forus, N-4313 Sandnes, Norway, as its agent for service of process relating to any proceedings before the
Norwegian courts in connection with this Restatement Agreement; 

  

	 	(ii)	agrees that failure by its process agent to notify it of the process will not invalidate the proceedings concerned; and 

  

	 	(iii)	consents to the service of process to any such proceedings before the Norwegian courts by prepaid posting of a copy of the process to its address set out in this
Restatement Agreement, or its address at any later time notified to the Agent in writing. 

 *  *  *  *  * 
  

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 SCHEDULE 1 
 CONDITIONS PRECEDENT DOCUMENTS 
  

	1.	In respect of each of the Obligors, certified copies or originals of: 

  

	 	(a)	its articles of association; 

  

	 	(b)	a certificate of registration; 

  

	 	(c)	a resolution of its board of directors authorising it to execute each of the Finance Documents to which it is a party; 

  

	 	(d)	if not included in the resolutions referred to in paragraph (c) above, a power of attorney to its representatives for the execution and registration of each of the
Finance Documents to which it is a party; and 

  

	 	(e)	such other documents and evidence as the Agent (or any bank through the Agent) shall from time to time require, based on law and regulations applicable from time to
time and the Banks’ own internal guidelines applicable from time to time to identify the Borrowers and the other Obligors, including the ultimate legal and beneficial owner or owners of such entities, and any other persons involved or affected
by the transaction(s) contemplated by this Agreement. 

  

	2.	Certified copies of all approvals, authorisations and consents required by any government or other authority in order for each of the Obligors to enter into and perform
its obligations under each of the Transaction Documents to which it is a party. 

  

	3.	In respect of the Security Documents: 

  

	 	(a)	the First Share Pledge Agreement in respect of all shares in each of Ocean Rig 1 Shareholders Inc. and Ocean Rig 2 Shareholders Inc. duly executed;

  

	 	(b)	the notices of pledge and acknowledgements required to be executed under the First Share Pledge Agreement in respect of all shares in each of Ocean Rig 1 Shareholders
Inc. and Ocean Rig 2 Shareholders Inc., duly executed, and all other documentation required for the perfection of the security thereunder; 

  

	 	(c)	the First Share Pledge Agreement and the Second Share Pledge Agreement (documented through one share pledge agreement securing both the obligations in relation to the
Senior Facilities and the Junior Facilities) in respect of all shares in Primelead Ltd. duly executed; 

  

	 	(d)	the notices of pledge and acknowledgements required to be executed under the First Share Pledge Agreement and the Second Share Pledge Agreement (documented through one
share pledge agreement) in respect of all shares in Primelead Ltd., duly executed, and all other documentation required for the perfection of the security thereunder; 

  

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	 	(e)	the First Share Pledge Agreements in respect of all shares in Ocean Rig 1 Inc. and Ocean Rig 2 Inc. following the transfer of such shares to Ocean Rig Shareholders 1
Inc. and Ocean Rig Shareholders 2 Inc. duly executed; 

  

	 	(f)	the notices of pledge and acknowledgements required to be executed under the First Share Pledge Agreements in respect of all shares in Ocean Rig 1 Inc. and Ocean Rig 2
Inc., duly executed, and all other documentation required for the perfection of the security thereunder; 

  

	 	(g)	the First Share Pledge Agreement in respect of all shares in Ocean Rig 2 AS and Ocean Rig North Sea AS following the transfer of such shares to Primelead Ltd. duly
executed; 

  

	 	(h)	the notices of pledge and acknowledgements required to be executed under the First Share Pledge Agreement in respect of all shares in Ocean Rig 2 AS and Ocean Rig North
Sea AS, duly executed, and all other documentation required for the perfection of the security thereunder; 

  

	 	(i)	the amendment to the deed of covenants collateral to the First Mortgage over “Leiv Eiriksson” duly executed; 

  

	 	(j)	the amendment to the deed of covenants collateral to the First Mortgage over “Eirik Raude” duly executed; 

  

	 	(k)	the First Leiv Eiriksson Qualifying Contract Cash Deposit Account Pledge Agreement duly executed (provided that the Restatement Date occurs prior to the Leif Eiriksson
Qualifying Contract Expiry Date); 

  

	 	(1)	the following documents relating to matters of Scots law, all duly executed by the relevant Obligor or otherwise held in escrow with appropriate powers of attorney to
sign on completion:- 

  

	 	(i)	a conditional deed of release between the Agent and Ocean Rig ASA; 

  

	 	(ii)	a stock transfer form evidencing the transfer of the entire issued share capital in Ocean Rig Limited from the Agent to Ocean Rig ASA; 

  

	 	(iii)	a share certificate signed by two officers of Ocean Rig Limited in respect of the above share transfer from the Agent to Ocean Rig ASA; 

  

	 	(iv)	a stock transfer form evidencing the transfer of the entire issued share capital in Ocean Rig Limited from Ocean Rig ASA to Primelead Ltd. together with proof of stamp
duty paid (if applicable); 

  

	 	(v)	a share certificate signed by two officers of Ocean Rig Limited in respect of the above share transfer from Ocean Rig ASA to Primelead Ltd.; 

 

	 	(vi)	the First Share Pledge Agreement and the Second Share Pledge Agreement (documented through one share pledge agreement securing both the obligations in relation to the
Senior Facilities and the Junior Facilities) in respect of the entire issued share capital in Ocean Rig Limited duly executed by Primelead Ltd.; 

  

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	 	(vii)	a stock transfer form evidencing the transfer of the entire issued share capital in Ocean Rig Limited from Primelead Ltd. to the Agent; 

  

	 	(viii)	a share certificate signed by two officers of Ocean Rig Limited in respect of the above share transfer from Primelead Ltd. to the Agent; and 

 

	 	(ix)	in each case, certified copies of the appropriate updated register of members of Ocean Rig Limited detailing the above share transfers (1) from the Agent to Ocean
Rig ASA, then from (2) Ocean Rig ASA to Primelead Ltd. and then from (3) Primelead Ltd. to the Agent. 

  

	 	(m)	the Second Share Pledge Agreement in respect of all shares in each of Ocean Rig 1 Shareholders Inc. and Ocean Rig 2 Shareholders Inc. duly executed;

  

	 	(n)	the notices of pledge and acknowledgements required to be executed under the Second Share Pledge Agreement in respect of all shares in each of Ocean Rig 1 Shareholders
Inc. and Ocean Rig 2 Shareholders Inc., duly executed, and all other documentation required for the perfection of the security thereunder; 

  

	 	(o)	the Second Share Pledge Agreements in respect of all shares in Ocean Rig I Inc. and Ocean Rig 2 Inc. following the transfer of such shares to Ocean Rig Shareholders 1
Inc. and Ocean Rig Shareholders 2 Inc. duly executed; 

  

	 	(p)	the notices of pledge and acknowledgements required to be executed under the Second Share Pledge Agreements in respect of all shares in Ocean Rig 1 Inc. and Ocean Rig 2
Inc., duly executed, and all other documentation required for the perfection of the security thereunder; 

  

	 	(q)	the Second Share Pledge Agreement in respect of all shares in Ocean Rig 2 AS and Ocean Rig North Sea AS following the transfer of such shares to Primelead Ltd. duly
executed; 

  

	 	(r)	the notices of pledge and acknowledgements required to be executed under the Second Share Pledge Agreement in respect of all shares in Ocean Rig 2 AS and Ocean Rig
North Sea AS, duly executed, and all other documentation required for the perfection of the security thereunder; 

  

	 	(s)	the amendment to the deed of covenants collateral to the Second Mortgage over “Leiv Eiriksson” duly executed; 

  

	 	(t)	the amendment to the deed of covenants collateral to the Second Mortgage over “Eirik Raude” duly executed; and 

  

	 	(u)	the Second Leiv Eiriksson Qualifying Contract Cash Deposit Account Pledge Agreement duly executed (provided that the Restatement Date occurs prior to the Leif Eiriksson
Qualifying Contract Expiry Date). 

  

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	4.	Evidence that the Leiv EMksson Qualifying Contract Cash Deposit Account has been opened by Ocean Rig 1 Inc. with the Agent and that an amount of at least USD 15,872,000
(or in the event that the term of the Leiv Eiriksson Qualifying Contract has expired and the amount claimed by the relevant member of the Group to be outstanding thereunder is less than USD 15,872,000, such amount claimed by the relevant member of
the Group to be outstanding thereunder) has been deposited thereon (provided that the Restatement Date occurs prior to the Leif Eiriksson Qualifying Contract Expiry Date). 

  

	5.	The step plan in respect of the Restructuring dated 12 October 2009. 

  

	6.	A pro forma opening balance sheet for Drill Rigs Holdings Inc. as of the Restructuring Implementation Date evidencing that the financial condition of Drill Rigs
Holdings Inc. (on a consolidated basis (for the avoidance of doubt also including Subsidiaries in respect of which all assets have not been distributed following liquidation of such Subsidiaries)) is not weaker than that of Ocean Rig ASA immediately
prior to the distribution of the shares in Ocean Rig 1 Inc. and Ocean Rig 2 Inc. to Primeiead Ltd. 

  

	7.	A funds flow chart showing the flow of funds in relation to the distribution of liquidation proceeds following the liquidation of Ocean Rig ASA.

  

	8.	A copy of an irrevocable instruction from Ocean Rig 2 AS to Ocean Rig Limited to pay approximately 95 per cent, of the bareboat charter hire under the Employment
Contract in respect of “Eirik Raude” entered into between Ocean Rig 2 AS and Ocean Rig Limited directly to Ocean Rig 2 Inc. 

  

	9.	A subordination statement issued by Ocean Rig 2 AS in favour of the Agent whereby Ocean Rig 2 AS subordinates any claim that it has or may have against Ocean Rig
Limited under or in relation to the Employment Contract in respect of “Erik Raude” entered into between Ocean Rig 2 AS and Ocean Rig Limited to all claims that the Finance Parties have or may have against Ocean Rig Limited under the
Finance Documents (which subordination statement shall be a Finance Document). 

  

	10.	Evidence of the acceptance of appointment by each service of process agent appointed or required to be appointed under the Finance Documents. 

 

	11.	Favourable legal opinions in form and substance satisfactory to the Agent from lawyers appointed by the Agent on matters concerning all relevant jurisdictions.

  

	12.	Such other documents, authorisations, information, opinions or assurances reasonably required by the Agent. 

  

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 SCHEDULE 2 
 AMENDED AND RESTATED 
 GUARANTEE, REVOLVING CREDIT
AND TERM LOAN FACILITY AGREEMENT 
 19 November 2009 
 GUARANTEE, REVOLVING CREDIT AND TERM LOAN FACILITY AGREEMENT 
 between 
 OCEAN RIG ASA, 
 OCEAN RIG NORWAY AS and DRILL RIGS HOLDINGS INC. 
 as borrowers 
 THE COMPANIES 
 listed in Part 1 of Schedule 1 
 as original guarantors 
 THE FINANCIAL INSTITUTIONS 
 listed in Part 2 of Schedule 1

 as banks 
 DNB NOR BANK ASA 
 as guarantee bank 
 DNB NOR BANK ASA 
 as mandated lead arranger and bookrunner 
 and 
 HSH NORDBANK AG

 NORDEA BANK NORGE ASA 
 and 
 SKANDINAVISKA ENSKILDA BANKEN AB (PUBL) 
 as mandated lead arrangers 
 DNB NOR BANK ASA 
 as agent 
  
  
 USD 1,040,000,000

  
  

 

 

  

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 INDEX 
  

					
	 1
	  	 INTERPRETATION
	  	12
			
	 2
	  	 THE FACILITIES
	  	31
			
	 3
	  	 CONDITIONS PRECEDENT
	  	32
			
	 4
	  	 UTILISATION OF THE TERM LOAN FACILITY
	  	33
			
	 5
	  	 UTILISATION OF THE REVOLVING CREDIT FACILITIES
	  	34
			
	 6
	  	 UTILISATION OF THE GUARANTEE FACILITY
	  	36
			
	 7
	  	 DEMAND UNDER THE LETTER OF CREDIT
	  	36
			
	 8
	  	 REPAYMENT AND REDUCTION
	  	38
			
	 9
	  	 PREPAYMENT AND CANCELLATION
	  	40
			
	 10
	  	 INTEREST PERIODS
	  	44
			
	 11
	  	 INTEREST AND GUARANTEE COMMISSION
	  	45
			
	 12
	  	 PAYMENTS
	  	46
			
	 13
	  	 SECURITY
	  	48
			
	 14
	  	 COORDINATION OF SENIOR SECURITY DOCUMENTS AND JUNIOR SECURITY DOCUMENTS
	  	49
			
	 15
	  	 TAXES
	  	51
			
	 16
	  	 MARKET DISRUPTION
	  	51
			
	 17
	  	 INCREASED COSTS
	  	.52
			
	 18
	  	 ILLEGALITY
	  	53
			
	 19
	  	 MITIGATION
	  	53
			
	 20
	  	 GUARANTEE AND INDEMNITY
	  	54
			
	 21
	  	 REPRESENTATIONS AND WARRANTIES
	  	58
			
	 22
	  	 UNDERTAKINGS
	  	62
			
	 23
	  	 FINANCIAL COVENANTS
	  	70
			
	 24
	  	 EVENT OF DEFAULT
	  	75
			
	 25
	  	 THE AGENT AND THE ARRANGERS
	  	80
			
	 26
	  	 FEES
	  	84
			
	 27
	  	 EXPENSES
	  	85
			
	 28
	  	 INDEMNITIES
	  	85
			
	 29
	  	 CALCULATIONS
	  	86
			
	 30
	  	 AMENDMENTS AND WAIVERS
	  	86
			
	 31
	  	 CHANGES TO THE PARTIES
	  	88
			
	 32
	  	 DISCLOSURE OF INFORMATION
	  	91
			
	 33
	  	 DISTRIBUTION AND PRO RATA SHARING
	  	91

  

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	 34
	  	 SEVERABILITY
	  	93
			
	 35
	  	 NOTICES
	  	93
			
	 36
	  	 GOVERNING LAW
	  	94
			
	 37
	  	 ENFORCEMENT
	  	94
		
	Schedules	  	
	 	  	 	  	Page
	 1.
	  	 Banks and Commitments
	  	97
			
	 2.
	  	 Form of Compliance Certificate
	  	99
			
	 3.
	  	 Form of Drawdown Notice
	  	103
			
	 4.
	  	 Form of Renewal Notice
	  	105
			
	 5.
	  	 Form of Transfer Certificate
	  	106
			
	 6.
	  	 Conditions precedent documents
	  	110
		
	Appendix	  	
			
	 1.
	  	 Form of First Security Agreement
	  	114
			
	 2.
	  	 Form of Accession Agreement
	  	127

  

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 THIS AGREEMENT (the “Agreement”) is dated 19 November 2009 and made between and
amongst: 
  

	(1)	OCEAN RIG ASA, org. no. NO 976 769 643, Vestre Svanholmen nr. 6, Forus, N-4313 Sandnes, Norway, OCEAN RIG NORWAY AS, org. no. NO 879 750 172, Vestre
Svanholmen nr. 6, Forus, N-4313 Sandnes, Norway (“OR Norway”) and DRILL RIGS HOLDINGS INC., Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 as borrowers (the
“Borrowers”); 

  

	(2)	THE COMPANIES listed in Part 1 of Schedule 1 as original guarantors (the “Original Guarantors”); 

  

	(3)	THE FINANCIAL INSTITUTIONS listed in Part 2 of Schedule I as original banks (the “Original Banks”); 

  

	(4)	DNB NOR BANK ASA, Stranden 21, N-0021 Oslo, Norway as guarantee bank (the “Guarantee Bank”); 

  

	(5)	DNB NOR BANK ASA, Stranden 21, N-0021 Oslo, Norway as mandated lead arranger and bookrunner and HSH NORBANK AG, Gerhart-Hauptmann-Platz 50, D-20095
Hamburg, Germany, NORDEA BANK NORGE ASA, Middelthunsgate 17, N-0368 Oslo, Norway and SKANDINAVISKA ENSKILDA BANKEN AB (PUBL), SE-106 40 Stockholm, Sweden as mandated lead arrangers (the “Arrangers”); and

  

	(6)	DNB NOR BANK ASA, Stranden 21, N-0021 Oslo, Norway as agent and security trustee (the “Agent”). 

 IT IS AGREED as follows: 
  

	1	INTERPRETATION 

  

	1.1	Definitions 

 In this Agreement:

 “Accession Agreement” 
 means a document substantially in the form of Appendix 2 (Form of Accession Agreement), under which a member of the Group becomes a Guarantor under this Agreement. 
 “Additional Guarantor” 
 means a member of the Group which becomes a Guarantor
after the Signing Date in accordance with Clause 31.8 (Additional Guarantors). 
  

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 “Applicable Margin” 
 means: 
  

	(i)	in respect of the Term Loan Facility and Revolving Credit Facility A, 1.50 (one point fifty) per cent per annum; and 

  

	(ii)	in respect of Revolving Credit Facility B and Revolving Credit Facility C, the rates per annum in respect thereof set out in the Margin and Fee Letter.

 “Approved Accounting Principles” 
 means generally accepted accounting principles and practices in Norway, including the regulations and guidelines of the IFRS, or generally accepted accounting principles and practices in the United States
of America, in each case consistently applied. 
 “Approved Brokers” 
 means Fearnley Offshore AS, R.S. Platou Offshore AS, ODS Petrodata and such other brokers as may be approved by the Agent. 
 “Availability Period” 
 means:

  

	(i)	in respect of the Term Loan Facility, the period commencing on the date of the Original Facility Agreement and ending on 30 September 2008; and

  

	(ii)	in respect of the Revolving Credit Facilities, the period commencing on the date of the Original Facility Agreement and ending on the date occurring one month prior to
its Final Maturity Date. 

 “Bank” 
 means each Original Bank, where the context so requires, the Guarantee Bank, and any other bank or other financial institution which becomes a party hereto pursuant to a transfer in accordance with Clause
31.2 (Transfers by Banks) and any reference to the “Banks” shall, unless the context otherwise requires, be construed as a reference to the Original Banks, where the context so requires, the Guarantee Bank, and
each other bank or other financial institution which shall have so become a party hereto. 
 “Basel Rules” 
 means the policy guidelines on credit risk measurement methods issued by the Basel Committee and/or corresponding EU/EEA legislation from time to time in
force and applicable to a Bank through national implementation. 
 “Beneficiary” 
 means Tullow Oil Pic, 3rd Floor – Building 11, Chiswick Park, 566 Chiswick High Road, London W4 5YS, England, company reg. no. 3919249.

  

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 “Borrowing Base Amount” 
 means 80 per cent of the amount representing the present value of the Qualifying Contracts (provided, however, that the New Eirik Raude Qualifying Contract for the purpose of the calculation of the
Borrowing Base Amount shall be regarded as a Qualifying Contract from the entering into thereof even if no Earnings have started to accrue thereunder) calculated on a quarterly basis applying (i) the rate payable by the Qualifying Contract
Party thereunder in excess of the Borrowing Base Rate and (ii) a discount rate equal to the relevant swap rate for the tenor of the New Eirik Raude Qualifying Contract determined by the Agent plus the Applicable Margin in respect of Revolving
Credit Facility B. 
 “Borrowing Base Rate” 
 means USD 325,000 per day per Unit (net of any withholding tax, mobilisation fees received for upgrade of a Unit and other deductions) based on operating expenses (including a pro rata
share of general administration costs) of not more than USD 162,000 per day per Unit, and as adjusted each time the Borrowers are required to calculate or recalculate the Borrowing Base Amount pursuant to Clause 9.6 (Mandatory
prepayment – Borrowing Base Amount), in an amount equivalent to the amount by which the actual daily operating expenses at the relevant time exceeds USD 162,000 per Unit. 
 “Break Costs” 
 means the amount
(if any) by which: 
  

	(a)	the interest which a Bank should have received (less the Applicable Margin) for the period from the date of receipt of all or any part of its participation in a Loan to
the last day of the current Interest Period in respect of that Loan, had the principal amount received been paid on the last day of that Interest Period; 

 exceeds: 
  

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

 “Business Day” 
 means a day on which banks are open for business of the nature
required by this Agreement in Oslo, London and New York. 
 “Commitment” 
 means, for a Bank, the aggregate of its Term Loan Facility Commitments, Revolving Credit Facility Commitments and Guarantee Facility Commitments. 

 

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 “Compliance Certificate” 
 means certificates substantially in the form set out in Schedule 2 (Form of Compliance Certificate), which shall be completed by the Parent, and submitted to the Agent in accordance
with Clause 22.3 (Compliance Certificates). 
 “Default” 
 means an Event of Default or an event which, with the giving of notice, lapse of time, or fulfilment or non-fulfilment (as the case may be) of any other
applicable condition (or any combination of the foregoing), would constitute an Event of Default. 
 “Dollars” and
“USD” 
 means the lawful currency for the time being of the United States of America. 
 “Drawdown Date” 
 means the date
requested by a Borrower for a Loan to be advanced or (as the context requires) the date on which such advance is actually made to that Borrower. 
 “Drawdown Notice” 
 means the request for disbursement of a Loan substantially in the form of Schedule 3
(Form of Drawdown Notice). 
 “Earnings” 
 means: 
  

	(i)	all freight, hire and passage moneys payable to any of the Obligors as a consequence of the operation of the Units, including without limitation payments of any nature
under any Employment Contract entered into by any of the Obligors in respect thereof; 

  

	(ii)	any claim under any guarantee in respect of any charterparty, pool agreement or other contract of employment entered into by any of the Obligors in respect of any of
the Units or otherwise related to freight, hire or passage moneys payable to any of the Obligors as a consequence of the operation of any of the Units; 

  

	(iii)	compensation payable to any of the Obligors in the event of any requisition of any of the Units; 

  

	(iv)	remuneration for salvage, towage and other services performed by any of the Units and payable to any of the Obligors; 

  

	(v)	demurrage and retention money receivable by any of the Obligors in relation to any of the Units; 

  

	(vi)	all moneys which are at any time payable under the insurances in respect of loss of Earnings; 

  

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	(vii)	if and whenever any Unit is employed on terms whereby any moneys falling within (i) to (vi) above are pooled or shared with any other person, that proportion
of the net receipts of the relevant pooling or sharing arrangement which is attributable to the relevant Unit; and 

  

	(viii)	other money whatsoever due or to become due to any of the Obligors from third parties in relation to any of the Units. 

 “Earnings Accounts” 
 means the
Dollar account opened by a Group Contract Party with the Agent, designated as the Earnings Account of the relevant Group Contract Party, to which all the Earnings of the relevant Group Contract Party shall be paid. 
 “Employment Contract” 
 means any
charterparty, pool agreement or other contract of employment entered into by a member of the Group for the employment of a Unit, whether entered into with another member of the Group or with any other third party. 
 “Employment Contract Party” 
 means a party to an Employment Contract other than a Group Contract Party. 
 “Environmental Claim” 
 means: 
  

	(i)	any claim by any governmental, judicial or regulatory authority which arises out of an Environmental Incident or an alleged Environmental Incident or which relates to
any Environmental Law; or 

  

	(ii)	any claim by any other person which relates to an Environmental Incident or to an alleged Environmental Incident, 

 and “claim” means a claim for damages, compensation, fines, penalties or any other payment of any kind, whether or not similar to the foregoing;
an order or direction to take, or not to take, certain action or to desist from or suspend certain action; and any form of enforcement or regulatory action, including the arrest or attachment of any asset. 
 “Environmental Incident” 
 means:

  

	(i)	any release of Environmentally Sensitive Material from any Unit; or 

  

	(ii)	any incident in which Environmentally Sensitive Material is released from a vessel and which involves a collision between any Unit and such vessel or some other
incident of navigation or operation in connection with which any Unit is actually or potentially liable to be arrested, attached, detained or injuncted and/or where the relevant Unit and/or any Obligor and/or any operator or manager of the relevant
Unit is at fault or allegedly at fault or otherwise liable to any legal or administrative action; or 

  

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	(iii)	any other incident in which Environmentally Sensitive Material is released otherwise than from any Unit and in connection with which the relevant Unit is actually or
potentially liable to be arrested, attached, detained or injuncted and/or where any Unit and/or any Obligor and/or any operator or manager of the relevant Unit is at fault or allegedly at fault or otherwise liable to any legal or administrative
action. 

 “Environmental Law” 
 means any law relating to pollution or protection of the environment, to the carriage of Environmentally Sensitive Material or to actual or threatened releases of Environmentally Sensitive Material.

 “Environmentally Sensitive Material” 
 means oil, oil products and any other substance (including any chemical, gas or other hazardous or noxious substance) which is (or is capable of being or becoming) polluting, toxic or hazardous.

 “Event of Default” 
 means an event specified as such in Clause 24 (Event of Default). 
 “Existing Credit Facilities”

 means the facilities under the USD 776,000,000 amended and restated credit facilities agreement dated 8 February 2007, as amended by an
Addendum No. 1 thereto dated 15 April 2008 and an Addendum No. 2 thereto dated 9 July 2008, between, inter alia, OR Norway as borrower and DnB NOR Bank ASA as arranger and facility agent. 
 “Existing Guarantee Facility Agreement” 
 means the guarantee agreement dated 14 March 2008 entered into between OR Norway as debtor, the Parent, Ocean Rig 1 AS and Ocean Rig 2 AS as guarantors and the Guarantee Bank as bank. 
 “Expiry Date” 
 means in relation
to the Letter of Credit, the date on which the Guarantee Bank has no further liability (actual or contingent) under the Letter of Credit. 
 “Facilities” 
 means the Term Loan Facility, the Revolving Credit Facilities and the Guarantee Facility. 

 

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 “Final Maturity Date” 
 means: 
  

	(i)	in respect of Revolving Credit Facility B, the earlier of the date when the New Eirik Raude Qualifying Contract has expired (for whatever reason) and the date occurring
36 calendar months after the date of the Original Facility Agreement; and 

  

	(ii)	in respect of the Term Loan Facility, Revolving Credit Facility A, Revolving Credit Facility C and the Guarantee Facility, the date occurring 60 calendar months after
the date of the Original Facility Agreement. 

 “Finance Documents” 
 means this Agreement, the Margin and Fee Letter, any Accession Agreements, the Security Documents and any other document designated as such by the Agent and
any member of the Group. 
 “Finance Parties” 
 means the Agent, the Arrangers, the Guarantee Bank and the Banks. 
 “Financial
Indebtedness” 
 means any indebtedness for or in respect of: 
  

	(i)	moneys borrowed; 

  

	(ii)	any amount raised by acceptance under any acceptance credit facility; 

  

	(iii)	any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument; 

  

	(iv)	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with the Approved Accounting Principles, be treated as a
finance or capital lease; 

  

	(v)	receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis); 

  

	(vi)	any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing; 

 

	(vii)	any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the value of any
derivative transaction, only the marked to market value shall be taken into account) 

  

	(viii)	any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or
financial institution; and 

  

	(ix)	the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (i) to (viii) above.

  

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 “First Equipment Charge” 
 means a first priority all asset security, or such other security over moveable assets required by the Agent (acting on the instructions of the Majority Banks) granted or to be granted by each Owner in
favour of the Agent as security for the obligations of the relevant Owner under the Finance Documents in relation to the Senior Facilities. 
 “First Leiv Eiriksson Qualifying Contract Cash Deposit Account Pledge Agreement” 
 means a first priority pledge
agreement in respect of the Leiv Eiriksson Qualifying Contract Cash Deposit Account, entered into or to be entered into between Ocean Rig 1 Inc. and the Agent as security for the obligations of Ocean Rig 1 Inc. under the Finance Documents in
relation to the Senior Facilities, in such form and substance the Agent may require. 
 “First Mortgages” 
 means the first priority mortgage and the deed of covenants collateral thereto executed or to be executed and recorded by the relevant Owner against each of
the Units in the Bahamas Ship Register (or such other ship register acceptable to the Agent) in favour of the Agent as security for the obligations of the relevant Owner under the Finance Documents in relation to the Senior Facilities, in such form
and substance the Agent may require. 
 “First Security Agreements” 
 means the first priority security agreements and/or deeds of assignment for each Unit in respect of (i) the assignment of Earnings (including any
guarantee received by a Group Contract Party as security for the payment of Earnings), (ii) all insurances to be taken out in respect of the relevant Unit and (iii) the pledge of the relevant Earnings Account, entered into or to be entered
into between each Group Contract Party (other than with effect from the Restructuring Implementation Date, Ocean Rig 2 AS and Ocean Rig Norway AS) and the Agent as security for the obligations of the relevant Group Contract Party under the Finance
Documents in relation to the Senior Facilities, if entered into as a Norwegian law security agreement, substantially in the form set out in Appendix 1 (Form of First Security Agreement) and if entered into as an English law deed
of assignment, in such form as the Agent may require. 
 “First Share Pledge Agreements” 
 means the first priority share pledge agreements in respect of all of the shares in each of the Guarantors (other than the Parent) and Ocean Rig 2 AS and
Ocean Rig North Sea AS, entered into or to be entered into as security for the obligations of the Obligors under the Finance Documents in relation to the Senior Facilities, in such form and substance as the Agent may require. 
 “Group” 
 means the Parent and its
Subsidiaries, but from the Restructuring Implementation Date excluding Subsidiaries incorporated in Norway in relation to which a resolution for liquidation has been passed without notice of final liquidation having been made to the Norwegian
Register of Business Enterprises pursuant to Section 16-10 of the Norwegian Companies Acts. 
  

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 “Group Contract Party” 
 means a member of the Group which from time to time is party to an Employment Contract. 
 “Guarantee Facility” 
 means a guarantee facility made available under this Agreement in the amount of up to USD
20,000,000. 
 “Guarantee Facility Commitments” 
 means: 
  

	(i)	in relation to an Original Bank, the amount in USD set opposite its name under the heading “Guarantee Facility Commitments” in Part 2 of Schedule 1
(Banks and Commitments); and 

  

	(ii)	in relation to a Bank which becomes a bank after the Signing Date, the amount of a Guarantee Facility Commitment acquired by it pursuant to Clause 31.2
(Transfers by Banks), 

 to the extent not cancelled, reduced or transferred under this Agreement.

 “Guarantors” 
 means the Original Guarantors and any Additional Guarantors. 
 “Hedging Letter” 
 means a letter prepared by the Parent describing the strategy and policy regarding hedging of the interest and currency rate exposure of the members of the
Group. 
 “Interest Payment Date” 
 means the last Business Day of each Interest Period or, if the Interest Period is longer than three (3) months, the last Business Day of each three-month period during that Interest Period and the
last day of that Interest Period. 
 “Interest Period” 
 means each period determined in accordance with Clause 10 (Interest Periods). 
 “Junior Bank” 
 means a Bank having a Commitment under the Junior Facilities or any of them. 
 “Junior Facilities” 
 means
Revolving Credit Facility B, Revolving Credit Facility C and the Guarantee Facility. 
  

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 “Junior Security Documents” 
 means the Second Equipment Charge, the Second Mortgages, the Second Security Agreements, the Second Leiv Eiriksson Qualifying Contract Cash Deposit Account Pledge Agreement and the Second Share Pledge
Agreements. 
 “Leiv Eiriksson Qualifying Contract” 
 means the drilling contract dated 20 October 2005 entered into in respect of “Leiv Eiriksson” by Ocean Rig 1 AS with Shell U.K. Limited, A/S Norske Shell and Shell E&P Ireland Limited
at a daily rate (before index based rate revisions) of USD 465,000 and USD 500,000 (including uplift for 2/4 rotation), net of any withholding tax, mobilisation costs and other deductions, and assigned by Ocean Rig 1 AS to Ocean Rig North Sea AS
pursuant to an assignment and assumption agreement dated 25 July 2008. 
 “Leiv Eiriksson Qualifying Contract Cash Deposit
Account” 
 means an account to be held by Ocean Rig 1 Inc. with the Agent into which an amount of at least USD 15,872,000 (or in the
event that the term of the Leiv Eiriksson Qualifying Contract has expired and the amount claimed by the relevant member of the Group to be outstanding thereunder is less than USD 15,872,000, such amount claimed by the relevant member of the Group to
be outstanding thereunder) shall be deposited until the Leiv Eiriksson Qualifying Contract Expiry Date. 
 “Leiv Eiriksson Qualifying
Contract Expiry Date” 
 means the date when the term of the Leiv Eiriksson Qualifying Contract has expired and Shell U.K. Limited, A/S
Norske Shell and Shell E&P Ireland Limited have fulfilled all of their obligations thereunder. 
 “Letter of Credit”

 means the irrevocable standby letter of credit in the amount of USD 20,000,000 issued by the Guarantee Bank in favour of the Beneficiary on
14 March 2008 under the Existing Guarantee Facility Agreement to support payments by Ocean Rig 2 AS under the New Eirik Raude Qualifying Contract, and deemed to be issued under the Guarantee Facility on and from the date the Agent has given
notice to the Borrowers and the Banks pursuant to Clause 3.1 (Documentary conditions precedent), as amended, substituted or re-executed. 
 “LIBOR” 
 means, for any Interest Period (or other period for which an interest rate is to be calculated under any
Finance Document): 
  

	(i)	the rate per annum equal to the offered quotation for deposits in the relevant currency ascertained by the Agent to be the rate per annum as monitored on the Reuters
screen LIBOR01 page at or about 11:00 hours (London time) on the applicable Quotation Date; or 

  

	(ii)	 if no such rate is available, the rate per annum determined by the Agent to be equal to the arithmetic mean (rounded upward to the nearest
1/16th of one per cent.) of the rates per annum, as
supplied to the Agent at its request, quoted by each Bank to leading banks in the London interbank market at or about 12:00 hours noon (London time) on the applicable Quotation Date for the offering of deposits in the relevant currency for a period
comparable to the relevant Interest Period. 

  

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 “Loan” 
 means the principal amount of each borrowing by a Borrower under this Agreement, or the principal amount outstanding of any such borrowing from time to time. 
 “Loan Period” 
 means the period
commencing on the date of the Original Facility Agreement and ending on the day on which all amounts outstanding under the Finance Documents have been repaid in full. 
 “Majority Banks” 
 means: 
  

	(i)	if there is no Loan then outstanding, a Bank or Banks whose Commitments aggregate more than 66 2/3 per cent, of the Total Commitment (or, if the Total Commitments
have been reduced to zero, aggregated more than 66 2/3 per cent, of the Total Commitment immediately prior to the reduction); or 

  

	(ii)	at any other time, a Bank or Banks whose participation in the Loans then outstanding aggregate more than 66 2/3 per cent, of the Loans then outstanding.

 “Majority Senior Banks” 
 means: 
  

	(i)	if there is no Loan under any of the Senior Facilities then outstanding, a Senior Bank or Senior Banks whose Commitments under the Senior Facilities aggregate more than
66 2/3 per cent. of the aggregate Commitments of the Senior Banks under the Senior Facilities (or, if the aggregate Commitments of the Senior Banks under the Senior Facilities have been reduced to zero, aggregated more than 66
2/3 per cent. of the aggregate Commitments of the Senior Banks under the Senior Facilities immediately prior to the reduction); or 

  

	(ii)	at any other time, a Senior Bank or Senior Banks whose participation in the Loans under the Senior Facilities then outstanding aggregate more than 66
2/3 per cent, of the Loans under the Senior Facilities then outstanding. 

 “Margin and Fee Letter”

 means the letter dated 5 September 2008 from the Agent to the Borrowers setting out the Applicable Margin and commitment fee in respect
of the Junior Facilities, the guarantee commission payable in respect of the Guarantee Facility, the amount of the arrangement fee referred to in Clause 26.2 (Arrangement fee) and the amount of the agency fee referred to in Clause 26.3
(Agency fee), and accepted by the Borrowers. 
  

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 “Market Value” 
 means the fair market value of each Unit in USD determined by calculating the arithmetic mean of independent valuations of each Unit obtained from two of the Approved Brokers. Such valuations to be made
on the basis of a sale for prompt delivery, for cash at arm’s length on normal commercial terms as between a willing buyer and seller, on an “as is where is” basis free of any existing charter or other contract of employment and/or
pool arrangements. If such two valuations in respect of a Unit differ with more than 10 per cent., the Agent may require an additional valuation by another Approved Broker, and the Market Value of such Unit shall then be determined by
calculating the arithmetic mean of all three valuations. 
 “New Eirik Raude Qualifying Contract” 
 means the form of contract for the provision of semi-submersible drilling unit “Eirik Raude” and associated drilling services
dated 15 February 2008 entered into by the Owner thereof with Tullow Oil Pic, 3rd Floor -
Building 11, Chiswick Park, 566 Chiswick High Road, London W4 5YS, England at an initial daily rate of USD 580,000 and an average daily rate of USD 605,760 (net of any withholding tax, mobilisation costs and other deductions), and as assigned,
transferred and/or novated to Ocean Rig Ghana Limited. 
 “Obligor” 
 means any party (other than a Finance Party) to any of the Finance Documents. 
 “Original Facility Agreement” 
 means the guarantee, revolving credit and term
loan facility agreement dated 17 September 2008 between Ocean Rig ASA and OR Norway as borrowers, the Original Guarantors (as defined therein) as original guarantors, the Original Banks (as defined therein) as original banks, the Guarantee
Bank, the Arrangers and the Agent. 
 “Original Financial Statements 
 means the quarterly consolidated accounts of the Parent for the first quarter of the financial year of 2008. 
 “Owner” 
 means each of the registered owners of the Units from time to time.

 “Parent” 
 means
Ocean Rig ASA, org. no. NO 976 769 643, Vestre Svanholmen nr. 6, Forus, N-4313 Sandnes, Norway, and from and including the Restructuring Implementation Date and the release of Ocean Rig ASA of its obligations under the Finance Documents, Drill Rigs
Holdings Inc., Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960. 
 “Participation”

 means, in respect of a Bank, that part of the Loans which is owing to that Bank. 
  

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 “Party” 
 means a party to this Agreement. 
 “Project Company” 
 means any Subsidiary of the Parent: 
  

	(i)	which is a single purpose company whose primary purpose is to invest in, lend to or carry out a specific project or portfolio of projects; and 

 

	(ii)	none of whose liabilities to repay any indebtedness are the subject of security or a guarantee, indemnity or any similar form of assurance, undertaking or support by
any member of the Group, 

 “Qualifying Contract” 
 means each of the New Eirik Raude Qualifying Contract and the Leiv Eiriksson Qualifying Contract. 
 “Quotation Date” 
 means, in relation to any period for which an interest rate is to be determined, two
(2) Business Days before the first day of that period, unless market practice differs in the London interbank market, in which case the Quotation Date will be determined by the Agent in accordance with market practice in the London interbank
market (and if quotations would normally be given by leading banks in the London interbank market on more than one day, the Quotation Date will be the last of those days. 
 “Reduction Date” 
 means each date on which a Revolving Credit Facility Commitment
shall be reduced pursuant to this Agreement, provided that if any such day is not a Business Day, the relevant Reduction Date shall instead be the next Business Day in the same calendar month, provided that if there is no next Business Day in the
same calendar month, the relevant Reduction Date shall instead be the preceding Business Day. 
 “Renewal Notice” 

means a request made by or on behalf of a Borrower for the selection of a new Interest Period in accordance with Clause 10.1 (Selection),
substantially in the form set out in Schedule 4 {Form of Renewal Notice). 
 “Repayment Date” 
 means each repayment date determined in accordance with Clause 8 (Repayment and reduction). 
 “Restatement Agreement” 
 means
the amendment and restatement agreement of even date herewith for the amendment and restatement of the Original Facility Agreement. 
  

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 “Restructuring” 
 means the re-domicile project involving the re-domicile of the members of the Group as further described in the step plan dated 12 October 2009. 
 “Restructuring Implementation Date” 
 means the date when all of the steps described in the step plan dated 12 October 2009 have been implemented and the Restatement Date (as defined in the Restatement Agreement) has occurred. 
 “Revolving Credit Facilities” 
 means Revolving Credit Facility A, Revolving Credit Facility B and Revolving Credit Facility C. 
 “Revolving Credit Facility
A” 
 means a revolving credit facility made available under this Agreement originally in the amount of up to USD 350,000,000.

 “Revolving Credit Facility A Commitments” 
 means: 
  

	(i)	in relation to an Original Bank, the amount in USD set opposite its name under the heading “Revolving Credit Facility A Commitments” in Part 2 of Schedule 1
(Banks and Commitments); and 

  

	(ii)	in relation to a Bank which becomes a bank after the Signing Date, the amount of a Revolving Credit Facility A Commitment acquired by it pursuant to Clause 31.2
(Transfers by Banks), 

 to the extent not cancelled, reduced or transferred under this Agreement.

  

	“Revolving	Credit Facility B” 

 means a
revolving credit facility made available under this Agreement originally in the amount of up to USD 250,000,000. 
 “Revolving Credit
Facility B Commitments” 
 means: 
  

	(i)	in relation to an Original Bank, the amount in USD set opposite its name under the heading “Revolving Credit Facility B Commitments” in Part 2 of Schedule 1
(Banks and Commitments); and 

  

	(ii)	in relation to a Bank which becomes a bank after the Signing Date, the amount of a Revolving Credit Facility B Commitment acquired by it pursuant to Clause 31.2
(Transfers by Banks), 

 to the extent not cancelled, reduced or transferred under this Agreement. 

 

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	“Revolving	Credit Facility C” 

 means a
revolving credit facility made available under this Agreement in the amount of up to USD 20,000,000. 
 “Revolving Credit Facility C
Commitments” 
 means: 
  

	(i)	in relation to an Original Bank, the amount in USD set opposite its name under the heading “Revolving Credit Facility C Commitments” in Part 2 of Schedule 1
(Banks and Commitments’)”, and 

  

	(ii)	in relation to a Bank which becomes a bank after the Signing Date, the amount of a Revolving Credit Facility C Commitment acquired by it pursuant to Clause 31.2
(Transfers by Banks), 

 to the extent not cancelled, reduced or transferred under this Agreement.

 “Revolving Loan” 
 means a Loan under a Revolving Credit Facility. 
 “Rollover Loan” 
 means one or more Revolving Loans: 
  

	(i)	made or to be made on the same day that a maturing Revolving Loan is due to be repaid; 

  

	(ii)	the aggregate amount of which is equal to or less than the maturing Revolving Loan; and 

  

	(iii)	made or to be made to a Borrower for the purpose of refinancing a maturing Revolving Loan. 

 “Second Equipment Charge” 
 means a second priority all asset security, or such
other security over moveable assets required by the Agent (acting on the instructions of the Majority Banks) granted or to be granted by each Owner in favour of the Agent as security for the obligations of the relevant Owner under the Finance
Documents in relation to the Junior Facilities. 
 “Second Leiv Eiriksson Qualifying Contract Cash Deposit Account Pledge
Agreement” 
 means a second priority pledge agreement in respect of the Leiv Eiriksson Qualifying Contract Cash Deposit Account,
entered into or to be entered into between Ocean Rig 1 Inc. and the Agent as security for the obligations of Ocean Rig 1 Inc. under the Finance Documents in relation to the Junior Facilities, in such form and substance the Agent may require.

  

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 “Second Mortgages” 
 means the second priority mortgage and the deed of covenants collateral thereto executed or to be executed and recorded by the relevant Owner against each of the Units in the Bahamas Ship Register (or
such other ship register acceptable to the Agent) in favour of the Agent as security for the obligations of the relevant Owner under the Finance Documents in relation to the Junior Facilities. 
 “Second Security Agreements” 
 means the second priority security agreements and/or deeds of assignment for each Unit in respect of (i) the assignment of Earnings (including any guarantee received by a Group Contract Party as security for the payment of Earnings),
(ii) all insurances to be taken out in respect of the relevant Unit and (iii) the pledge of the relevant Earnings Account, entered into or to be entered into between each Group Contract Party (other than with effect from the Restructuring
Implementation Date, Ocean Rig 2 AS and Ocean Rig Norway AS) and the Agent as security for the obligations of the relevant Group Contract Party under the Finance Documents in relation to the Junior Facilities, if entered into, as a Norwegian law
security agreement, substantially in the form set out in Appendix 1 (Form of First Security Agreement), but including provisions effecting the junior ranking thereof, and if entered into as an English law deed of assignment, in
such form as the Agent may require. 
 “Second Share Pledge Agreements” 
 means the second priority share pledge agreements in respect of all of the shares in each of the Guarantors (other than the Parent) and Ocean Rig 2 AS and
Ocean Rig North Sea AS, entered into or to be entered into as security for the obligations of the Obligors under the Finance Documents in relation to the Junior Facilities. 
 “Security Documents” 
 means each of the documents referred to in Clause 13
(Security) and all such other documents which may be executed at any time in favour of the Agent or any of the other Finance Parties as security for the obligations of any of the Obligors under the Finance Documents or any of
them. 
 “Security Interest” 
 means any mortgage, pledge, lien, charge (whether fixed or floating), assignation, assignment, finance lease, sale-and-repurchase or sale-and-leaseback arrangement, sale of receivables on a recourse basis or any other agreement or
arrangement having the effect of conferring security, except for liens arising solely by operation of law, and/or in the ordinary course of business, securing amounts not more than 30 days overdue. 
 “Senior Bank” 
 means a Bank
having a Commitment under the Senior Facilities or any of them. 
 “Senior Facilities” 
 means the Term Loan Facility and Revolving Credit Facility A. 
  

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 “Senior Security Documents” 
 means the First Equipment Charge, the First Mortgages, the First Security Agreements, the First Leiv Eiriksson Qualifying Contract Cash Deposit Account Pledge Agreement and the First Share Pledge
Agreements. 
 “Signing Date” 
 means the date of this Agreement. 
 “Subsidiary” 
 means an entity of which a person has direct or indirect control or owns directly or indirectly more than 50 per cent, of the voting capital or similar right of ownership. 
 “Tax on Overall Net Income” 
 means, in respect of a Finance Party, tax imposed on it by the jurisdiction under the laws of which it has been incorporated or in which it is located on (i) its world-wide net income, profits or gains and/or (ii) such of the net
income, profits or gains of that Finance Party as are considered to arise in or to relate to or are taxable in that jurisdiction. 
 “Term Loan” 
 means a Loan under the Term Loan Facility. 
 “Term Loan Facility” 
 means the
term loan facility made available under this Agreement in the amount of up to USD 400,000,000. 
 “Term Loan Facility
Commitments” 
 means: 
  

	(i)	in relation to an Original Bank, the amount in USD set opposite its name under the heading “Term Loan Facility Commitments” in Part 2 of Schedule 1 (Banks
and Commitments); and 

  

	(ii)	in relation to a Bank which becomes a bank after the Signing Date, the amount of a Term Loan Facility Commitment acquired by it pursuant to Clause 31.2 (Transfers by
Banks), 

 to the extent not cancelled, reduced or transferred under this Agreement. 
 “Total Commitment” 
 means the
aggregate of all the Commitments, being USD 1,040,000,000 at the date of the Original Facility Agreement. 
  

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 “Total Loss” 
 means: 
  

	(i)	an actual, constructive, compromised, agreed, arranged or other total loss of a Unit; 

  

	(ii)	any expropriation, confiscation, requisition or acquisition of a Unit, whether for full consideration, a consideration less than her proper value, a nominal
consideration or without any consideration, which is effected by any government or official authority or by any person or persons claiming to be or to represent a government or official authority, excluding a requisition for hire for a fixed period
against payment of market hire, not exceeding one year without any right to extension; and 

  

	(iii)	any condemnation of a Unit by any tribunal or by any person or persons claiming to be a tribunal. 

 “Total Loss Date” 
 means:

  

	(i)	in the case of an actual loss of a Unit, the date on which it occurred or, if that is unknown, the date when the Unit was last heard of; 

  

	(ii)	in the case of a constructive, compromised, agreed or arranged total loss of a Unit, the earlier of (a) the date on which a notice of the abandonment is given to
the insurers, and (b) the date of any compromise, arrangement or agreement made by or on behalf of a member of the Group with the Unit’s insurers in which the insurers agree to treat the Unit as a total loss; and 

 

	(iii)	in the case of any other type of total loss, on the date (or the most likely date) on which it appears to the Agent that the event constituting the total loss occurred.

 “Total Revolving Credit Facility A Commitment” 
 means the aggregate of all the Revolving Credit Facility A Commitments, being USD 350,000,000 at the date of the Original Facility Agreement. 
 “Total Revolving Credit Facility B Commitment” 
 means the aggregate of all the
Revolving Credit Facility B Commitments, being USD 250,000,000 at the date of the Original Facility Agreement. 
 “Total Revolving
Credit Facility C Commitment” 
 means the aggregate of all the Revolving Credit Facility C Commitments, being USD 20,000,000 at the
date of the Original Facility Agreement. 
 “Total Term Loan Facility Commitment” 
 means the aggregate of all the Term Loan Facility Commitments, being USD 400,000,000 at the date of the Original Facility Agreement. 
  

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 “Transaction Documents” 
 means this Agreement, the Security Documents, the Employment Contracts, and any document or agreement from time to time entered into pursuant to the terms of any such document. 
 “Transfer Certificate” 
 means a
certificate evidencing the obligations of a New Bank (as defined in Clause 31.2 (Transfer by Banks)) following a transfer by a Bank of a part of its Commitments, such certificate to be substantially in the form set out in
Schedule 5 (Form of Transfer Certificate). 
 “Units” 
 means the two 5th generation Bingo-9000 design semi-submersible deep-water drilling rigs “Eirik Raude” and “Leiv
Eiriksson”, and “Unit” means any of them. 
 “Unsecured Bond Loan Agreement” 
 means the USD 250,000,000 loan agreement dated 29 March 2006 between Ocean Rig ASA as borrower and Norsk Tillitsmann ASA as security trustee on behalf
of certain bondholders in relation to the bond issue named FRN Ocean Rig ASA Senior Open Bond Issue 2006/2011. 
 “Utilisation”

 means the advance of a Loan or the deemed issue of the Letter of Credit under this Agreement. 
 “Utilisation Date” 
 means a
Drawdown Date or the date the Letter of credit is deemed to be issued under this Agreement. 
  

	1.2	Construction 

  

	(a)	Words importing the singular shall (unless the contrary intention appears) include the plural and vice versa. 

  

	(b)	Reference to a Clause or a Schedule or an Appendix is respectively a reference to a clause of or schedule or appendix to this Agreement. 

  

	(c)	A provision of law is a reference to that provision as amended or re-enacted from time to time, and to any regulations made by the appropriate authority pursuant to
such law. 

  

	(d)	Reference to a document is to be construed as a reference to such document as amended or supplemented (with any necessary consent) from time to time.

  

	(e)	Reference to a time is reference to Oslo time unless otherwise stated. 

  

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	(f)	Reference to the “Agent”, any “Arranger”, any “Bank”, any “Finance Party”, the “Parent”,
any “Borrower”, any “Guarantor”, any “Obligor” or any “Party” shall be construed as to include its successors in title, permitted assigns or permitted transferees.

  

	(g)	Reference to a “person” includes any individual, company, corporation, unincorporated association or body (including a partnership, trust, joint
venture or consortium), government, state, agency, organisation or other entity whether or not having separate legal personality. 

  

	(h)	Reference to a person being “controlled” by another person means that the other person (whether directly or indirectly and whether by the ownership of
share capital, the possession of voting power, contract or otherwise) has the power to appoint or remove the majority of the members of the board of directors or managerial, administrative, supervisory or other governing body of the person or
otherwise controls or has the power to control the affairs and policies of that person, and “control” shall be construed accordingly. 

  

	2	THE FACILITIES 

  

	2.1	The Term Loan Facility 

 Subject to the terms of this Agreement, each Senior Bank agrees to participate in the Term Loan Facility and to make available to the Borrowers a term loan facility up to an aggregate amount in USD not exceeding its Term Loan Facility
Commitments. 
  

	2.2	The Revolving Credit Facilities 

 Subject to the terms of this Agreement: 
  

	 	(i)	each Senior Bank agrees to participate in Revolving Credit Facility A and to make available to the Borrowers a revolving credit facility up to an aggregate amount in
USD not exceeding its Revolving Credit Facility A Commitments; 

  

	 	(ii)	each Junior Bank agrees to participate in Revolving Credit Facility B and to make available to the Borrowers a revolving credit facility up to an aggregate amount in
USD not exceeding its Revolving Credit Facility B Commitments; and 

  

	 	(iii)	each Junior Bank agrees to participate in Revolving Credit Facility C and to make available to the Borrowers a revolving credit facility up to an aggregate amount in
USD not exceeding its Revolving Credit Facility C Commitments. 

  

	2.3	The Guarantee Facility 

 Subject to the terms of this Agreement, the Guarantee Bank agrees to participate in the Guarantee Facility and to maintain the Letter of Credit up to an aggregate amount in USD not exceeding its Guarantee Facility Commitments. 

 

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	2.4	Purpose and application 

  

	(a)	The Borrowers shall apply all amounts borrowed by them under the Term Loan Facility and Revolving Credit Facility A towards refinancing the Existing Facilities and for
general corporate purposes. 

  

	(b)	The Borrowers shall apply all amounts borrowed by them under Revolving Credit Facility B for general corporate purposes. 

  

	(c)	The Borrowers shall apply all amounts borrowed by them under Revolving Credit Facility C for the purpose of serving as a cash reserve for required expenditure in
relation to extraordinary maintenance or repair of a Unit having caused unforeseen operation downtime of that Unit. 

  

	(d)	The purpose of the Guarantee Facility is to maintain the Letter of Credit issued in favour of the Beneficiary on behalf of and for the account of the Borrowers to
support payments by Ocean Rig 2 AS and/or Ocean Rig Ghana Limited under the New Eirik Raude Qualifying Contract. 

  

	(e)	Without affecting the obligations of any Obligor in any way, none of the Finance Parties is bound to monitor or verify the application of amounts borrowed issued under
this Agreement. 

  

	2.5	Nature of rights and obligations of the Borrowers 

 The obligations of the Borrowers under this Agreement are joint and several obligations. The liability of a Borrower for the obligations of another Borrower under this Agreement shall be covered by its
liabilities as a Guarantor hereunder and governed by the provisions of Clause 20 (Guarantee and indemnity). 
  

	2.6	Nature of rights and obligations of the Banks 

  

	(a)	The obligations of the Banks under this Agreement are several. Failure of a Bank to carry out its obligations under this Agreement shall not relieve any other Party of
any of its obligations under this Agreement. No Bank shall be responsible for the obligations of any other Bank hereunder. 

  

	(b)	The rights of each Bank under this Agreement are separate and independent rights. A Bank may, except as otherwise stated in this Agreement, separately enforce those
rights. 

  

	3	CONDITIONS PRECEDENT 

  

	3.1	Documentary conditions precedent 

 The obligations of each Bank to the Borrowers under this Agreement, and to participate in the first Utilisation to be made hereunder, are subject to the condition precedent that the Agent has notified the Borrowers and the Banks that it has
received all of the documents set out in Part I of Schedule 6 (Conditions precedent documents) in a form and substance satisfactory to the Agent. 
  

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	3.2	Further conditions precedent 

 The obligation of each Bank to participate in a Utilisation, is subject to the further conditions precedent that on both the date of a Drawdown Notice, the Drawdown Date for that Loan and on the date of each Renewal Notice: 
  

	 	(i)	the representations and warranties in Clause 21 (Representations and Warranties) deemed to be repeated on those dates are correct and not
misleading and will be correct and not misleading immediately after the relevant Drawdown Date with reference to the facts and circumstances then prevailing, unless otherwise informed to the Agent in writing and, if not permitted under this
Agreement, waived by the Majority Banks prior to the relevant date; and 

  

	 	(ii)	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 Loan, no Default is outstanding
or would result from the making of that Loan. 

  

	4	UTILISATION OF THE TERM LOAN FACILITY 

  

	4.1	Utilisation — maximum number of Term Loans 

 Subject to the terms of this Agreement, the Term Loan Facility will be made available to the Borrowers in up to five (5) Term Loans. 
  

	4.2	Drawdown conditions for each Term Loan 

  

	(a)	Subject to Clause 3 (Conditions precedent), a Term Loan will be made available to the Borrowers, if: 

  

	 	(i)	not later than 10:00 a.m. three (3) Business Days prior to the requested Drawdown Date of such Term Loan, the Agent has received a properly completed Drawdown
Notice; and 

  

	 	(ii)	the requested Drawdown Date is a Business Day during the Availability Period in respect of the Term Loan Facility. 

  

	(b)	Subject to the terms of this Agreement, each Drawdown Notice shall be irrevocable and the relevant Borrower shall be bound to accept the Term Loan in accordance with
the Drawdown Notice. 

  

	(c)	The Agent shall upon receipt of the completed Drawdown Notice notify each Bank of the details of the requested Term Loan and the amount of that Bank’s
participation in such Term Loan. 

  

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	4.3	Amount of each Bank’s participation in the Term Loans 

 The amount of a Bank’s participation in each Term Loan will be the proportion of that Term Loan which such Bank’s Term Loan Facility Commitments bears to the aggregate Term Loan Facility
Commitments of all the Banks immediately prior to making the relevant Term Loan. 
  

	5	UTILISATION OF THE REVOLVING CREDIT FACILITIES 

  

	5.1	Utilisation of the Revolving Credit Facilities 

 Subject to Clause 8.2 (b) in relation to Revolving Credit Facility C, the Borrowers may utilise the Revolving Credit Facilities for drawdown of Revolving Loans on a revolving basis so that any
amounts repaid prior to or at the end of the Availability Period in respect thereof may be redrawn by the Borrowers subject to the terms and conditions of this Agreement. 
  

	5.2	Drawdown conditions for each Revolving Loan 

  

	(a)	Subject to Clause 3 (Conditions precedent), a Revolving Loan, will be made available to the Borrowers, if: 

  

	 	(i)	the sum of the requested Revolving Loan and the aggregate amount of all outstanding Revolving Loans under the relevant Revolving Credit Facility (other than Revolving
Loans that are due to be repaid or prepaid on or before the proposed Drawdown Date) does not exceed the relevant Revolving Credit Facility Commitment; 

  

	 	(ii)	not later than 10:00 a.m. three (3) Business Days prior to the requested Drawdown Date of such Revolving Loan, the Agent has received a properly completed Drawdown
Notice, which, once received by the Agent, shall be irrevocable; 

  

	 	(iii)	the requested Drawdown Date is a Business Day during the Availability Period in respect of the relevant Revolving Credit Facility; and 

  

	 	(iv)	the amount and currency of the proposed Revolving Loan shall be (a) a minimum of USD 10,000,000 and in integral multiples thereof (or in any other amount approved
by the Agent), or (b) the balance of the relevant Revolving Credit Facility undrawn on the requested Drawdown Date. 

  

	(b)	Subject to the terms of this Agreement, each Drawdown Notice shall be irrevocable and the relevant Borrower shall be bound to accept the Revolving Loan in accordance
with the Drawdown Notice. 

  

	(c)	The Agent shall upon receipt of the completed Drawdown Notice notify each Bank of the details of the requested Revolving Loan and the amount of that Bank’s
participation in such Revolving Loan. 

  

	(d)	The aggregate number of Revolving Loans outstanding under this Agreement at any time shall not exceed ten (10). 

  

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	5.3	Additional drawdown conditions for each Revolving Loan under Revolving Credit Facility B 

  

	(a)	The following conditions shall apply to any Revolving Loan requested to be made under Revolving Credit Facility B in addition to those set out in Clause 5.2
(Drawdown conditions for each Revolving Loan): 

  

	 	(i)	not later than 10:00 a.m. three (3) Business Days prior to the requested Drawdown Date of such Revolving Loan, the Agent has received an updated calculation of the
Borrowing Base Amount, in a form and substance satisfactory to the Agent; and 

  

	 	(ii)	the sum of the requested Revolving Loan and the aggregate amount of all outstanding Revolving Loans under Revolving Credit Facility B does not exceed the Borrowing Base
Amount as so calculated. 

  

	(b)	No Drawdown Notice may be delivered requesting a Revolving Loan under Revolving Credit Facility B until the Agent has received in a form and substance satisfactory to
it true and certified copies of the Qualifying Contracts and any Employment Contracts entered into between any of the members of the Group, and any guarantee or other surety issued for the obligations of the Qualifying Contract Party thereunder,
including in respect of the New Eirik Raude Qualifying Contract an on demand bank guarantee in the amount of at least USD 85,000,000. 

  

	5.4	Additional drawdown conditions for each Revolving Loan under Revolving Credit Facility C 

 The following conditions shall apply to any Revolving Loan requested to be made under Revolving Credit Facility C in addition to those set
out in Clause 5.2 (Drawdown conditions for each Revolving Loan): 
  

	 	(i)	not later than 10:00 a.m. three (3) Business Days prior to the requested Drawdown Date of such Revolving Loan, the Agent has received evidence satisfactory to it
that (A) an unforeseen operation downtime has occurred in respect of a Unit and (B) that the relevant unforeseen operation downtime has resulted in a need for expenditure; 

  

	 	(ii)	not more than 30 days have elapsed since the date on which the event causing the relevant unforeseen operational downtime occurred; and 

  

	 	(iii)	the Junior Banks have approved the making of that Loan (in their sole discretion). 

  

	5.5	Each Bank’s participation in Revolving Loans 

  

	(a)	The amount of a Bank’s participation in each Revolving Loan under Revolving Credit Facility A will be the proportion of that Revolving Loan which such Bank’s
Revolving Credit Facility A Commitment bears to the Revolving Credit Facility A Commitments of all the Banks under Revolving Credit Facility A on the date of receipt of the relevant Drawdown Notice. 

  

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	(b)	The amount of a Bank’s participation in each Revolving Loan under Revolving Credit Facility B will be the proportion of that Revolving Loan which such Bank’s
Revolving Credit Facility B Commitment bears to the Revolving Credit Facility B Commitments of all the Banks under Revolving Credit Facility B on the date of receipt of the relevant Drawdown Notice. 

  

	(c)	The amount of a Bank’s participation in each Revolving Loan under Revolving Credit Facility C will be the proportion of that Revolving Loan which such Bank’s
Revolving Credit Facility C Commitment bears to the Revolving Credit Facility C Commitments of all the Banks under Revolving Credit Facility C on the date of receipt of the relevant Drawdown Notice. 

  

	6	UTILISATION OF THE GUARANTEE FACILITY 

  

	6.1	Utilisation of the Guarantee Facility 

 The Guarantee Facility shall be utilised by the issuance of the Letter of Credit deemed to take effect under the Guarantee Facility automatically on and from the date the Agent has given notice to the
Borrowers, the Guarantee Bank and the Banks pursuant to Clause 3.1 (Documentary conditions precedent). At the same time the obligations of those of the Obligors that are party to the Existing Guarantee Facility Agreement shall
be deemed to be fulfilled and be replaced by the obligations of the Obligors in relation to the Guarantee Facility set out in this Agreement. 
  

	6.2	Each Bank’s participation in the Letter of Credit 

 The Letter of Credit has been issued by the Guarantee Bank for its own account. 
  

	7	DEMAND UNDER THE LETTER OF CREDIT 

  

	7.1	Demand under the Letter of Credit 

  

	(a)	If the Beneficiary makes a demand under the Letter of Credit in accordance with its terms, the Guarantee Bank shall promptly notify the Borrowers specifying:

  

	 	(i)	the aggregate amount of the demand (the “Claimed Amount”); 

  

	 	(ii)	the date on which payment is to be made (the “Payment Date”); and 

  

	 	(iii)	the details of the account to which payment is to be made. 

  

	(b)	The Borrowers shall, not later than 11.00 a.m. (2) two Business Days prior to the Payment Date, pay to the Guarantee Bank the Claimed Amount.

  

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	(c)	The provisions of this Clause 7.1 are without prejudice to any other rights which the Guarantee Bank may have against the Borrowers under this Agreement (including, but
without limitation, under Clause 11.3 (Default Interest)). 

  

	7.2	Counter indemnity 

 Each
Borrower hereby irrevocably and unconditionally: 
  

	 	(i)	authorises and directs the Guarantee Bank to pay any demand made by the Beneficiary under or by reference to the Letter of Credit on first request or demand being made
in accordance with the terms thereof without requiring proof of the agreement of the Borrowers that the amounts so demanded are or were due and notwithstanding (a) that the Borrowers may dispute the validity of any such request, demand or
payments, or make any set-off, counter-claim or defence against such demand for payment and/or (b) whether the Beneficiary is actually entitled to make a claim against a Borrower or any other member of the Group; 

  

	 	(ii)	undertakes to reimburse to the Guarantee Bank on demand any and all sums which the Guarantee Bank may pay to the Beneficiary under the Letter of Credit, in the currency
paid by the Guarantee Bank, together with interest at the rate determined in accordance with Clause 11.3 (Default interest) for overdue amounts from the date such payment is made by the Guarantee Bank until payment in full of
such reimbursement; 

  

	 	(iii)	undertakes to keep the Guarantee Bank indemnified against any and all liabilities, losses, damages, claims, demands, expenses (including, without limitation, legal fees
and VAT) or actions which the Guarantee Bank suffer or incur in any way whatsoever under or in connection with or arising out of the Letter of Credit; and 

  

	 	(iv)	agrees that the obligations of the Borrowers under this Agreement shall not be affected by any act, omission, matter or thing which, but for this provision, might
operate to release or exonerate the Borrowers from its obligations hereunder in whole or in part, including, without limitation and whether or not known to the Borrowers or any other person: 

  

	 	(a)	any time or waiver granted to or composition with the Beneficiary or any other person; or 

  

	 	(b)	any taking, variation, compromise, renewal or release of, or refusal or neglect to perfect or enforce any rights, remedies or security available to the Guarantee Bank
or the Beneficiary or any other person; or 

  

	 	(c)	any variation of the terms of or substitution of the Letter of Credit so that references in this Agreement to the Letter of Credit shall include references to the
Letter of Credit as so varied or substituted. 

  

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	7.3	Continuing indemnity 

 The
indemnity set out in Clause 7.2 (Counter indemnity) shall be a continuing indemnity, and shall extend to the ultimate balance of all amounts which may be or become due, owing or payable under this indemnity and shall continue in force
notwithstanding any intermediate payment in whole or in part of any such amounts. 
  

	7.4	Certificate from the Guarantee Bank 

 A certificate in writing signed by the Guarantee Bank, certifying any amount due from the Borrowers under this indemnity which is a Claimed Amount as defined in Clause 7.1 (Demand under the
Letter of Credit) shall be conclusive evidence of the matters so certified, save in the case of manifest error. 
  

	7.5	Invalidity 

 No invalidity
or unsenforceability of all or any part of this Clause 7 shall affect any rights of indemnity or otherwise which the Guarantee Bank would or may have in the absence of or in addition to this Clause 7. 
  

	8	REPAYMENT AND REDUCTION 

  

	8.1	Repayment of the Term Loan 

 The Borrowers shall repay the Term Loan in full on the Final Maturity Date in respect thereof. 
  

	8.2	Repayment of Revolving Loans 

  

	(a)	The Borrowers shall repay each Revolving Loan on the last day of the Interest Period relating thereto and shall repay all Revolving Loans outstanding under a Revolving
Credit Facility in full on the Final Maturity Date in respect of the relevant Revolving Credit Facility, provided however that where a Revolving Loan (the “New Loan”) is, subject to and in accordance with the other
terms of this Agreement, to be made on a day on which another Revolving Loan (the “Maturing Loan”) is due to be paid, and further provided that the New Loan is denominated in the same currency as the Maturing Loan,
then; 

  

	 	(i)	the Maturing Loan shall be deemed to be repaid in whole on its Repayment Date if the amount of the New Loan is equal to or greater than the amount of the Maturing Loan
or in part if the New Loan is less than the Maturing Loan. To the extent that the Maturing Loan is so deemed to have been repaid, the principal amount of the New Loan to be made on such date shall be deemed to have been credited to the account of
the relevant Borrower by the Banks in accordance with the terms of this Agreement; and 

  

	 	(ii)	the Banks shall only be obliged to make available an amount equal to the amount by which the New Loan exceeds the Maturing Loan. 

  

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	(b)	In addition to the repayment required to be made pursuant to paragraph (a) above, the Borrowers shall repay each Revolving Loan made under Revolving Credit
Facility C in full at the latest on the date occurring six (6) calendar months after the Drawdown Date of the first Revolving Loan made in relation to the operational downtime of the Unit to which the relevant Revolving Loan relates.

  

	8.3	Reduction of the Total Revolving Credit Facility A Commitment 

  

	(a)	The Total Revolving Credit Facility A Commitment shall on the date occurring three (3) months after the date of the Original Facility Agreement automatically be
reduced by an amount equal to USD 17,500,000, and quarterly thereafter in the same amount until the Final Maturity Date in respect thereof. On the Final Maturity Date in respect thereof, the Total Revolving Credit Facility A Commitment shall
automatically be reduced to zero. 

  

	(b)	If, on any Reduction Date, the aggregate amount of all outstanding Revolving Loans under Revolving Credit Facility A would exceed the aggregate amount of the Total
Revolving Credit Facility A Commitment (as so reduced), the Borrowers shall, on such Reduction Date, prepay (together with breakage costs, if any) or repay an amount of the Revolving Loans under Revolving Credit Facility A equal to such excess
together with all interest accrued thereon to the relevant Reduction Date. 

  

	(c)	Any reduction of the Total Revolving Credit Facility A Commitment shall reduce rateably the Revolving Credit Facility A Commitment of each Bank.

  

	8.4	Reduction and repayment of the Total Revolving Credit Facility B Commitment 

  

	(a)	The Total Revolving Credit Facility B Commitment shall on the date occurring three (3) months after the date when Earnings have started to accrue to the relevant
Group Contract Party under the New Eirik Raude Qualifying Contract automatically be reduced by an amount each quarter representing a linear reduction of the Total Revolving Credit Facility B Commitment down to zero on the Final Maturity Date in
respect of Revolving Credit Facility B. The Borrowers shall promptly give written notice to the Agent as soon as Earnings have started to accrue to the relevant Group Contract Party under the New Eirik Raude Qualifying Contract.

  

	(b)	If, on any Reduction Date, the aggregate amount of all outstanding Revolving Loans under Revolving Credit Facility B would exceed the aggregate amount of the Total
Revolving Credit Facility B Commitment (as so reduced), the Borrowers shall, on such Reduction Date, prepay (together with breakage costs, if any) or repay an amount of the Revolving Loans under Revolving Credit Facility B equal to such excess
together with all interest accrued thereon to the relevant Reduction Date. 

  

	(c)	Any reduction of the Total Revolving Credit Facility B Commitment shall reduce rateably the Revolving Credit Facility B Commitment of each Bank.

  

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	8.5	Final Maturity Date 

 On
the Final Maturity Date in respect of a Facility, the Borrowers shall pay to the Agent (on behalf of the Finance Parties) all sums then owing under the Finance Documents in relation to such Facility. 
  

	9	PREPAYMENT AND CANCELLATION 

  

	9.1	Voluntary prepayment 

 The
Borrowers may (without penalty or premium, but subject to Clause 28.2 (Other indemnities)), by giving not less than ten (10) Business Days’ prior written notice to the Agent, prepay the whole or any part of a Loan in
an amount being a minimum of USD 5,000,000 or in integral multiples thereof in each case, or in such other amounts as the Agent may from time to time agree. 
  

	9.2	Voluntary cancellation 

 The Borrowers may (without penalty or premium), by giving not less than ten (10) Business Days’ prior written notice to the Agent, cancel any undrawn portion of the Total Commitment in minimum amounts of USD 5,000,000 or in
integral multiples thereof in each case, or in such other amounts as the Agent may from time to time agree. 
  

	9.3	Mandatory prepayment — sale or Total Loss 

  

	(a)	If a Unit is sold or is otherwise disposed of, or all of the shares in an Owner or in a member of the Group which is a direct or indirect shareholder in an Owner are
sold, transferred or otherwise disposed of, the Borrowers shall, unless otherwise agreed in writing by the Banks, make prepayment of the Loans, and the Total Commitment shall automatically be cancelled, in an amount equal to the ratio of
(i) the sales proceeds (net of taxes payable and reasonable costs incurred in connection therewith) received or receivable by the relevant member of the Group in connection with such sale or other disposal to (ii) the aggregate of such net
sales proceeds and the updated (as of the date of completion of the relevant sale, transfer or other disposal) Market Value of the other Unit. In addition all interest and costs and any other amount owing in connection with the prepaid amount under
this Agreement shall be paid together with the prepaid amount. 

  

	(b)	If a Unit becomes a Total Loss, the Borrowers shall, unless otherwise agreed in writing by the Banks, make prepayment of the Loans, and the Total Commitment shall
automatically be cancelled, in an amount equal to the ratio of such Unit’s updated (as of the Total Loss Date) Market Value to the aggregate updated (as of the Total Loss Date) Market Value of both Units, plus interest and costs and any other
amount owing in connection with the prepaid amount under this Agreement. 

  

	(c)	Prepayment pursuant to paragraphs (a) and (b) above shall be made: 

  

	 	(i)	in the case of a sale or other disposal of a Unit, or a sale, transfer or other disposal of shares in an Owner or in a member of the Group which is a direct or indirect
shareholder in an Owner, on or before the date on which the sale, transfer or other disposal is completed by delivery of the relevant Unit or shares to the buyer thereof; or 

  

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	 	(ii)	in the case of a Total Loss, on the earlier of (A) the date falling 180 days after the Total Loss Date, and (B) the date of receipt by the Agent of the
proceeds of insurance relating to such Total Loss (or in the event of a requisition for title of the relevant Unit, on the date of such requisition for title). 

  

	9.4	Mandatory prepayment – change of control 

  

	(a)	If, at any time, any person or persons acting in concert (other than DryShips Inc. or other companies controlled by Mr. George Economou) obtains control (directly
or indirectly) of 1/3 or more of the shares in the Parent: 

  

	 	(i)	the Borrowers (whichever becomes first aware) shall promptly notify the Agent upon becoming aware of that event; 

  

	 	(ii)	the Agent shall (if so instructed by any Bank) by not less than 60 days notice to the Borrowers, which notice must be received by the Borrowers no later than 90 days
after receipt by the Agent of the notice referred to in sub-paragraph (i) above, cancel the Total Commitment and declare all outstanding Loans, together with accrued interest, and all other amounts accrued under this Agreement due and payable
on any Business Day occurring after the expiry of such 60 days period, whereupon the Total Commitment will be cancelled and all such outstanding amounts will become due and payable on such Business Day, and on such Business Day the Borrowers shall
deposit immediate cash collateral cover with the Agent in amounts and currencies identical to the amounts representing the maximum contingent liability under the Letter of Credit, plus any outstanding costs, fees, interests and/or expenses, which
amounts shall be placed on a blocked deposit account with the Agent bearing interest at the Agent’s usual rate for comparable deposits (so entitled as to indicate the interest of the Agent (on behalf of the Junior Banks) in such account) and
the Borrowers agree that such amounts may be applied in fulfilment pro tanto of the Borrowers’ obligations hereunder and that the amounts so deposited will only be released to the Borrowers as and to the extent that they exceed the aggregate of
the maximum contingent liability under the Letter of Credit and any outstanding costs, fees, interests and expenses. 

  

	(b)	For the purpose of paragraph (a) above “acting in concert” means a group of persons who, pursuant to an agreement or understanding (whether formal
or informal), actively co-operate, through the acquisition of shares in the Parent by any of them, either directly or indirectly, to obtain or consolidate control of the Parent. 

  

	9.5	Mandatory prepayment – Employment Contracts 

 If at any time any Employment Contract is terminated by an Employment Contract Party (other than following an event set out in Clause 24.17 (Eirik Raude – Employment Contracts)),
or an event of default (other than an event set out in Clause 24.17 (Eirik Raude – Employment Contracts)) occurs thereunder for any reason whatsoever which in the reasonable opinion of the Majority Banks might adversely affect any
Obligor’s ability to perform its obligations under any of the Transaction Documents to which it is a party, then: 
  

	 	(i)	the Obligor which becomes first aware shall promptly notify the Agent upon becoming aware of that event; and 

  

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	 	(ii)	the Agent shall (if so instructed by any Bank) by not less than 60 days notice to the Borrowers, which notice must be received by the Borrowers no later than 90 days
after receipt by the Agent of the notice referred to in sub-paragraph (i) above, cancel the Total Commitment and declare all outstanding Loans, together with accrued interest, and all other amounts accrued under this Agreement due and payable
on any Business Day occurring after the expiry of such 60 days period, whereupon the Total Commitment will be cancelled and all such outstanding amounts will become due and payable on such Business Day, and on such Business Day the Borrowers shall
deposit immediate cash collateral cover with the Agent in amounts and currencies identical to the amounts representing the maximum contingent liability under the Letter of Credit, plus any outstanding costs, fees, interests and/or expenses, which
amounts shall be placed on a blocked deposit account with the Agent bearing interest at the Agent’s usual rate for comparable deposits (so entitled as to indicate the interest of the Agent (on behalf of the Junior Banks) in such account) and
the Borrowers agree that such amounts may be applied in fulfilment pro tanto of the Borrowers’ obligations hereunder and that the amounts so deposited will only be released to the Borrowers as and to the extent that they exceed the aggregate of
the maximum contingent liability under the Letter of Credit and any outstanding costs, fees, interests and expenses. 

  

	9.6	Mandatory prepayment – Borrowing Base Amount 

  

	(a)	The Borrowers shall together with each Compliance Certificate and each Drawdown Notice requesting a Revolving Loan under Revolving Credit Facility B, deliver to the
Agent an updated calculation of the Borrowing Base Amount, and in the event that the aggregate principal amount of the Revolving Loans under Revolving Credit Facility B (including any requested Revolving Loans) at any such time exceeds the Borrowing
Base Amount, the Borrowers shall (i) in connection with the delivery of a Compliance Certificate, at the latest on the first Reduction Date following the due date for delivery of the relevant Compliance Certificate, and (ii) in connection
with the delivery of a Drawdown Notice, at the latest 30 days after the delivery of the relevant Drawdown Notice, make prepayment of the Revolving Loans under Revolving Credit Facility B in an amount not less than the amount by which the principal
amount of such Revolving Loans exceeds the Borrowing Base Amount as recalculated. 

  

	(b)	The Agent may (acting on the instructions of a Junior Bank) at any time require an updated calculation of the Borrowing Base Amount, and the Borrowers shall deliver
such updated calculation to the Agent as soon as possible and at the latest three (3) Business Days after the receipt of such request from the Agent. In the event that the aggregate principal amount of the Revolving Loans under Revolving Credit
Facility B at any such time exceeds the Borrowing Base Amount by more than what would follow from a normal reduction of the Borrowing Base Amount, the Borrowers shall at the latest 30 days after the delivery of the relevant updated calculation, make
prepayment of the Revolving Loans under Revolving Credit Facility B in an amount not less than the amount by which the principal amount of such Revolving Loans exceeds the Borrowing Base Amount as recalculated. 

  

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	(c)	Without prejudice to the rights of the Agent pursuant to paragraph (ii) of Clause 9.5 (Mandatory prepayment – Employment Contracts), if a
Qualifying Contract (the “Expiring Qualifying Contract”) expires or is terminated, cancelled or otherwise ceases to be in full force and effect, the Borrowing Base Amount shall be recalculated and the Borrowers shall on the date occurring
30 days after the expiry, termination, cancellation etc. of the Expiring Qualifying Contract make prepayment of the Revolving Loans under Revolving Credit Facility B, and the Total Revolving Credit Facility B Commitment shall be automatically
cancelled, in an amount not less than the amount (if any) by which the principal amount of such Revolving Loans exceeds the Borrowing Base Amount as recalculated. 

  

	9.7	Additional right of prepayment 

 lf:- 
  

	 	(i)	a Borrower is required to pay to a Bank any additional amounts under Clause 15 (Taxes); or 

  

	 	(ii)	a Borrower is required to pay to a Bank any amount under Clause 17 (Increased costs); or 

  

	 	(iii)	a Borrower is required to pay to a Bank interest at a rate set under Clause 16.5 (Alternative rate of interest in absence of agreement);

 then, without prejudice to its obligations under those Clauses, that Borrower may, subject to Clause 9.8
(Miscellaneous provisions), whilst the circumstances continue, serve a notice of prepayment and cancellation on that Bank through the Agent. On the date falling three (3) Business Days after the date of service of the
notice, the Borrowers shall prepay that Bank’s Participation and, if that Bank is the Guarantee Bank, release that Bank from its participation in the Letter of Credit in a manner reasonably acceptable to that Bank or, if no Loan or Letter of
Credit is then outstanding, that Bank’s Commitment shall be cancelled. 
  

	9.8	Miscellaneous provisions 

  

	(a)	Any notice of prepayment or cancellation under this Agreement shall be irrevocable and shall specify the date on which the prepayment or cancellation is to be made and
the amount to be prepaid or cancelled. The Agent shall notify the Banks promptly of the receipt and contents of any such notice. 

  

	(b)	All prepayments under this Agreement shall be made together with accrued interest and costs in respect of the amount prepaid and any Break Costs.

  

	(c)	Any amount prepaid under Clause 9.1 (Voluntary prepayment) shall be applied as determined by the Borrower making the prepayment.

  

	(d)	Any amount prepaid under Clause 9.3 (Mandatory prepayment – sale or Total Loss) shall be applied pro rata against the principal amount outstanding under the
Term Loan Facility and the Revolving Credit Facilities, and in respect of Revolving Credit Facility A and Revolving Credit Facility B, to be applied pro rata against the remaining reductions thereunder. 

  

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	10	INTEREST PERIODS 

  

	10.1	Selection 

  

	(a)	The relevant Borrower shall select the Interest Period for each Loan in the Drawdown Notice related thereto, and each Interest Period shall commence on the relevant
Drawdown Date. Each subsequent Interest Period shall commence on the expiry of the preceding Interest Period. 

  

	(b)	The relevant Borrower shall by serving a Renewal Notice on the Agent not later than 10:00 a.m. three (3) Business Days before the beginning of the next Interest
Period, specify the duration of each subsequent Interest Period of the Term Loan. 

  

	(c)	Each Interest Period shall be for a period of one (1), three (3), six (6) or nine (9) months, or subject always to availability to all Banks, such other
period as the Agent and the relevant Borrower may agree in writing. The Borrowers may not request more than three (3) one- month Interest Periods for each Loan during any calendar year. 

  

	(d)	If a Borrower fails to select an Interest Period in accordance with paragraph (a) above, that Interest Period will, subject to the other provisions of this
Agreement, be three (3) months. 

  

	(e)	Notwithstanding the above, the Borrowers may with the consent of the Agent select Interest Periods of a duration other than as set out in paragraph (c) for the
purpose of consolidating Interest Periods and Loans. 

  

	10.2	Non-Business Days 

 If an
Interest Period would otherwise end on a day which is not a Business Day, that Interest Period shall instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not). 
  

	10.3	No overrunning 

 If an
Interest Period in respect of a Loan would otherwise extend beyond a Repayment Date or the Final Maturity Date in respect of the Facility under which the Loan has been made, it shall be shortened so that it ends on such Repayment Date or such Final
Maturity Date (as the case may be). 
  

	10.4	Notification 

 The Agent
shall notify the Banks of the duration of each Interest Period promptly after ascertaining its duration. 
  

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	11	INTEREST AND GUARANTEE COMMISSION 

  

	11.1	Interest rate 

 The rate
of interest on each Loan for an Interest Period shall be the rate per annum determined by the Agent to be the aggregate of: 
  

	 	(i)	the Applicable Margin; and 

  

	 	(ii)	LIBOR. 

  

	11.2	Due dates 

 Except as
otherwise provided in this Agreement, accrued interest on each Loan shall be payable by the Borrowers on each Interest Payment Date for that Loan. 
  

	11.3	Default interest 

  

	(a)	If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, 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, subject to paragraph (b) below, is determined by the Agent to be the sum of two (2) per cent, per annum, the Applicable Margin and LIBOR for such periods as the Agent
may select. Any interest accruing under this Clause 11.3 shall be compounded at the end of each such period selected by the Agent but shall be immediately payable by the relevant Obligor on demand from the Agent. 

  

	(b)	If any overdue amount consists of all or part of a Loan which has become due on a day which is not the last day of an Interest Period for that Loan:

  

	 	(i)	the first period selected by the Agent for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period; and

  

	 	(ii)	the rate of interest applying to the overdue amount during that period shall be 2 per cent. per annum higher than the rate which would have applied if the overdue
amount had not become due. 

  

	11.4	Notification 

 The Agent
shall promptly notify each Bank and the Borrowers of the determination of a rate of interest under this Agreement. 
  

	11.5	Break Costs 

  

	(a)	The Borrowers shall, within three (3) Business Days of demand by a Finance Party, pay to that Finance Party its Break Costs attributable to all or any part of a
Loan being paid by a Borrower on a day other than the last day of an Interest Period for that Loan. 

  

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	(b)	Each Bank 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. 

  

	11.6	Guarantee commission 

 The
Borrowers shall pay to the Agent (for the account of the Guarantee Bank) a guarantee commission on the outstanding amount of the Letter of Credit from time to time during the period beginning on the date the Agent has given notice to the Borrowers
and the Banks pursuant to Clause 3.1 (Documentary conditions precedent) and ending on the Expiry Date in respect of the Letter of Credit, such commission to be calculated at the rate per annum set out in the Margin and Fee Letter of the
amount of the Letter of Credit, and to be payable quarterly in arrears on the last date of each successive period of three (3) months which ends during such period, and on the Expiry Date. 
  

	12	PAYMENTS 

  

	12.1	Place 

 All payments by an
Obligor or a Bank under a Finance Document shall be made to the Agent to its account at such office or bank as it may notify to such Obligor or such Bank for this purpose. 
  

	12.2	Funds 

 Payments under a
Finance Document to the Agent shall be made for value on the due date at such times and in such funds as the Agent may specify as being customary at the time for the settlement of transactions in the relevant currency in the place for payment.

  

	12.3	Distribution 

  

	(a)	Each payment received by the Agent under a Finance Document for another Party shall, subject to paragraphs (b) and (c) below, be made available by the Agent
to that Party by payment (on the date and in the currency and funds of receipt) to its account with such office or bank in the principal financial centre of the country of the relevant currency as it may notify to the Agent for this purpose by not
less than five (5) Business Days prior written notice. 

  

	(b)	The Agent may with written notice to the relevant Obligor apply any amount received or held by it for such Obligor in or towards payment (on the date and in the
currency and funds of receipt) of any amount due from such Obligor under any Finance Document or in or towards the purchase of any amount of any currency to be so applied. 

  

	(c)	 Where a sum is to be paid to the Agent under any Finance Document for distribution to another Party, the Agent shall not be obliged to pay that sum to
that Party until it has established that it has actually received that sum. The Agent may, however, assume that the sum has been paid to it in accordance with the relevant Finance Document and, in reliance on that assumption, make available to that
Party a corresponding amount. If the sum has not

  

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been received but the Agent has paid a corresponding amount to another Party and the Party liable does not forthwith on demand pay such amount to the Agent together with interest on that amount
from the date of payment to the date of receipt, calculated at a rate determined by the Agent to reflect its cost of funds, the Party receiving the sum shall forthwith on demand by the Agent refund such amount to the Agent together with interest on
that amount calculated as above. 

  

	12.4	Currency 

  

	(a)	Except as otherwise provided in this Agreement, any amount payable under a Finance Document shall be payable in Dollars. 

  

	(b)	Amounts payable in respect of costs, expenses, taxes and other liabilities shall be payable in the currency in which they are incurred. 

  

	12.5	Set-off and counterclaim 

 All payments made by an Obligor under a Finance Document shall be made without set-off or counterclaim. 
  

	12.6	Non-Business Days 

 If a
payment under a Finance Document is due on a day which is not a Business Day, the due date for that payment shall instead be the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).

  

	12.7	Partial payments 

 If the
Agent receives a payment insufficient to discharge all the amounts then due and payable by an Obligor under this Agreement, the Agent shall apply that payment towards the discharge of the obligations of that Obligor under this Agreement in the
following order: 
  

	 	(i)	firstly, in or towards payment pro rata of any unpaid costs and expenses of the Agent and the Senior Banks under the Finance Documents; 

  

	 	(ii)	secondly, in or towards payment pro rata of any accrued fees due but unpaid under Clause 26 (Fees) in relation to the Senior Facilities;

  

	 	(iii)	thirdly, in or towards payment pro rata of any accrued interest (including default interest) due but unpaid under this Agreement in relation to the Senior Facilities;

  

	 	(iv)	fourthly, in or towards payment pro rata of any principal due but unpaid under this Agreement in relation to the Senior Facilities; 

  

	 	(v)	fifthly, in or towards payment pro rata of any other sum due but unpaid under this Agreement in relation to the Senior Facilities; 

  

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	 	(vi)	sixthly, in or towards payment pro rata of any unpaid costs and expenses of the Junior Banks under the Finance Documents; 

  

	 	(ii)	seventhly, in or towards payment pro rata of any accrued fees due but unpaid under Clause 26 (Fees) in relation to the Junior Facilities;

  

	 	(iii)	eighthly, in or towards payment pro rata of any accrued interest (including default interest) due but unpaid under this Agreement in relation to the Junior Facilities;

  

	 	(iv)	ninthly, in or towards payment pro rata of any principal due but unpaid under this Agreement in relation to the Junior Facilities; 

  

	 	(v)	tenthly, in or towards payment pro rata of any other sum due but unpaid under this Agreement in relation to the Junior Facilities. 

  

	13	SECURITY 

  

	13.1	Security 

  

	(a)	The obligations and liabilities of each Obligor under the Finance Documents in relation to the Senior Facilities, including without limitation any derived liability
whatsoever of an Obligor towards the Finance Parties in connection with the Finance Documents in relation to the Senior Facilities, shall be secured by: 

  

	 	(i)	the guarantee and indemnity set out in Clause 20 (Guarantee and indemnity); 

  

	 	(ii)	the First Mortgages; 

  

	 	(iii)	the First Security Agreements; 

  

	 	(iv)	the First Equipment Charges; 

  

	 	(v)	the First Leiv Eiriksson Qualifying Contract Cash Deposit Account Pledge Agreement; and 

  

	 	(vi)	the First Share Pledge Agreements. 

  

	(b)	The obligations and liabilities of each Obligor under the Finance Documents in relation to the Junior Facilities, including without limitation any derived liability
whatsoever of an Obligor towards the Finance Parties in connection with the Finance Documents in relation to the Junior Facilities, shall be secured by: 

  

	 	(i)	the guarantee and indemnity set out in Clause 20 (Guarantee and indemnity); 

  

	 	(ii)	the Second Mortgages; 

  

	 	(iii)	the Second Security Agreements; 

  

	 	(iv)	the Second Equipment Charges; 

  

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	 	(v)	the Second Leiv Eiriksson Qualifying Contract Cash Deposit Account Pledge Agreement; and 

  

	 	(vi)	the Second Share Pledge Agreements. 

  

	13.2	Set-off 

  

	(a)	Without prejudice to any other rights which it may have, each Finance Party may at any time, at its discretion and without prior notice, apply any balance (whether then
due or not) which then stands to the credit of any of the Obligors at any branch or other office of that Finance Party in any country in or towards satisfaction of any amount then due from the Obligors to that Finance Party under any of the Finance
Documents and, for that purpose, may: 

  

	 	(i)	break, or change the maturity of, all or part of a deposit of an Obligor; 

  

	 	(ii)	convert all or any part of a deposit or other credit balance from one currency into another; and 

  

	 	(iii)	enter into any other transaction or make any entry with regard to the credit balance which the relevant Finance Party considers appropriate. 

 

	(b)	For the purposes of paragraph (a) above, an amount payable by an Obligor to the Agent for distribution to, or for the account of, a Bank shall be treated as a sum
due to that Bank. 

  

	14	COORDINATION OF SENIOR SECURITY DOCUMENTS AND JUNIOR SECURITY DOCUMENTS 

  

	14.1	Undertakings of the Junior Banks to the Senior Banks 

 Each Junior Bank hereby agrees with and undertakes to the Senior Banks that: 
  

	 	(i)	its rights under the Junior Security Documents shall in all respects rank with priority below the rights of the Senior Banks under the Senior Security Documents;

  

	 	(ii)	all insurance proceeds and requisition compensation in respect of a Unit shall be paid and applied in accordance with the provisions of this Agreement and the Senior
Banks shall have the absolute prior right to settle, agree, compromise and give a good discharge for and in respect of any claim in respect of the same, and it will, promptly on receiving written notice from the Senior Banks to that effect,
forthwith at the expense of the Borrowers execute any document reasonably required by the Senior Banks for the purpose of effecting, completing or perfecting any such settlement agreement compromise and/or discharge; 

  

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	 	(iii)	it will not take any action to enforce any of its rights and powers under the Junior Security Documents unless and until: 

  

	 	(a)	all sums secured by the Senior Security Documents up to the maximum principal amount secured by the Senior Security Documents pursuant to paragraph (i) of Clause
14.2 (Undertakings of the Senior Banks to the Junior Banks) have been paid to the Senior Banks; or 

  

	 	(b)	the Senior Banks have given their prior written consent thereto; 

  

	 	(iv)	it shall not in any way hinder the Senior Banks or the Agent in exercising the Senior Banks’ rights under the Senior Security Documents. Nothing herein shall
preclude its right to join in or otherwise support any proceedings arising from or relating to the arrest or detention of a Unit or any equipment pertaining thereto or in any way relating to the Senior Security Documents by any other person
(including the Senior Banks) with a view to substantiating, preserving or protecting its interest in the Junior Security Documents; 

  

	 	(v)	it has not entered into and will not during the subsistence of the Senior Security Documents enter into any arrangement whereby the rights or securities of the Senior
Banks thereunder is or may reasonably be expected to be prejudiced in any manner whatsoever; 

  

	 	(vi)	the Senior Banks shall be entitled to exercise any rights available to them under the Senior Security Documents on such conditions and in such manner as the Senior
Banks shall determine, without any responsibility or duty on the part of the Senior Banks to protect the rights and privileges of the Junior Banks, and for this purpose it covenants with the Senior Banks that it shall procure the discharge the
Junior Security Documents and will co-operate fully with the Senior Banks in the completion of such exercising of rights by the Senior Banks, PROVIDED ALWAYS, that the Senior Banks shall, if considered by the Senior Banks not to prejudice the
exercise of its rights under the Senior Security Documents, consult with the Junior Banks in connection with any such exercise, and comply with all laws and regulations applicable to such exercise of rights; and 

  

	 	(vii)	it shall in connection with any sale of a Unit, when so directed by the Senior Banks, execute and deliver to the Senior Banks, or order all such documents required in
order to discharge the Junior Security Documents. 

  

	14.2	Undertakings of the Senior Banks to the Junior Banks 

 Each Senior Bank hereby agrees and undertakes with the Junior Banks that: 
  

	 	(i)	the maximum principal amount from time to time secured by the Senior Security Documents shall not exceed USD 750,000,000, plus interest, costs and expenses secured
thereby; 

  

	 	(ii)	it will through the Agent notify the Junior Banks in writing if it intends to exercise any of its rights under the Senior Security Documents, whereupon the Junior Banks
shall have the option, to be exercised within ten (10) Business Days from receipt of such notification, to pay to the Senior Banks within twenty (20) Business Days from receipt of such notification all sums secured by the Senior Security
Documents, against an assignment and transfer of the rights established pursuant to the Senior Security Documents to or for the benefit of the Junior Banks; 

  

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	 	(iii)	the Senior Security Documents shall not secure any indebtedness other than the obligations of the Obligors under the Finance Documents in relation to the Senior
Facilities; and 

  

	 	(iv)	the rights of the Junior Banks and the Agent on their behalf under the Junior Security Documents have the full right of succession as and when claims due to the Senior
Banks under the Finance Documents are paid off or redeemed. 

  

	15	TAXES 

 All payments by an
Obligor under any Finance Document shall be made free and clear of and without deduction for or on account of any taxes, except to the extent that the relevant Obligor is required by law to make payment subject to any taxes. If by requirement of law
any tax or amount in respect of tax must be deducted or withheld from any amount payable or paid by an Obligor to the Agent or any other Finance Party, or payable or paid by the Agent to a Finance Party, under any Finance Document, the relevant
Obligor (or, as the case may be, the Agent) shall pay such tax to the relevant authority and the relevant Obligor shall pay such additional amounts as may be necessary to ensure that the Agent or, as the case may be, the relevant Finance Party
receives (free from any liability in respect of any such deduction or withholding) a net amount equal to the full amount which it would have received had payment not been made subject to tax or other deduction. The Obligors shall promptly deliver to
the Agent any receipts, certificates or other proof evidencing the amounts paid or payable in respect of any deduction or withholding as aforesaid. 
  

	16	MARKET DISRUPTION 

  

	16.1	Market disruption 

 The
Agent shall promptly notify the Borrowers and each of the Banks if: 
  

	 	(a)	no rate is quoted on the Reuters Page LIBOR01 and two or more of the Banks fail to provide quotations to the Agent, before 1.00 p.m. (London time) on any Quotation
Date, in order to fix LIBOR; or 

  

	 	(b)	at least one (1) Business Day before the start of an Interest Period, Banks having Participations totalling in aggregate more than 30 per cent. of the Loans
(or, if no Loan has been made, Commitments totalling in aggregate more than 30 per cent. of the Total Commitment) notify the Agent that LIBOR fixed by the Agent would not accurately reflect the cost to those Banks of funding their respective
Participations for that Interest Period in the London interbank eurocurrency market; or 

  

	 	(c)	at least one (1) Business Day before the start of an Interest Period, the Agent is notified by a Bank (the “Affected Bank”) that for any
reason it is unable to obtain Dollars in the London interbank eurocurrency market in order to fund its Participation for that Interest Period. 

  

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	16.2	Suspension of drawdown 

 If the Agent’s notice under Clause 16.1 (Market disruption) is given before a Loan has been advanced: 
  

	 	(i)	in circumstances falling within Clause 16.1 (a) or (b), the Banks’ obligations to advance the Loans; 

  

	 	(ii)	in circumstances falling within Clause 16.1 (c), the Affected Bank’s obligation to participate in the Loans; 

 shall be suspended while the relevant circumstances continue to exist. 
  

	16.3	Negotiation of alternative rate of interest 

 If the Agent’s notice under Clause 16.1 is given after a Loan has been advanced, the Borrowers, the Agent and the Banks or (as the case may be) the Affected Bank shall use reasonable efforts to
agree, within 30 days after the date of the Agent’s notice (the “Negotiation Period”), an alternative interest rate or an alternative basis for the Banks or (as the case may be) the Affected Bank to fund or continue to
fund their respective Participations during the relevant Interest Period. 
  

	16.4	Application of agreed alternative rate of interest 

 Any alternative interest rate or alternative basis which is agreed during the Negotiation Period shall take effect in accordance with the terms agreed. 
  

	16.5	Alternative rate of interest in absence of agreement 

 If an alternative interest rate or alternative basis is not agreed within the Negotiation Period, and the relevant circumstances continue to exist at the end of the Negotiation Period, then the Agent
shall set an interest period and interest rate representing the cost of funding of the Banks or (as the case may be) the Affected Bank in Dollars or in any available currency of their respective Participations plus the Applicable Margin; and the
procedure provided for by this Clause 16 shall be repeated if the relevant circumstances continue to exist at the end of the interest period so set by the Agent. 
  

	17	INCREASED COSTS 

 If by
reason of (i) changes in any existing law, rule or regulation, or (ii) the adoption of any new law, rule or regulation, or (iii) any change in the interpretation or administration of (i) or (ii) above by any governmental
authority, or (iv) compliance with any directive (including the Basel Rules) or request from any governmental authority (whether or not having the force of law, but generally applicable to banks and/or other financial institutions) not known by
the relevant Bank on the date of the Original Facility Agreement, any of the Banks: 
  

	 	(a)	incurs a cost as a result of its having entered into this Agreement and/or performing its obligations hereunder; or 

  

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	 	(b)	incurs an increase in the cost of maintaining or funding its participation in a Utilisation; or 

  

	 	(c)	becomes liable for any new taxes (other than Tax on Overall Net Income) calculated by reference to a Utilisation; or 

  

	 	(d)	becomes subject to any new or modified capital adequacy or similar requirements which has the effect of increasing the amount of capital required or expected to be
maintained by such Bank based on such Bank’s obligations hereunder; or 

  

	 	(e)	in any other manner suffers a reduction of its effective return hereunder; 

 then the Borrowers shall compensate that Bank for any such cost, liability or reduction of return upon request by the Agent, either in the form of an increased margin or in the form of an indemnification.
The relevant Bank shall via the Agent give the Borrowers notice, within a reasonable time, of its intention to claim compensation under this Clause and it shall specify the form and amount of such compensation. The relevant Bank’s determination
of the amount of compensation to be made under this Clause shall, absent manifest error, be conclusive. 
  

	18	ILLEGALITY 

 In the event
that it shall be unlawful for any Bank to make available its Commitment or maintain or fund its participation in any Utilisation, then such Bank’s obligations shall terminate and all amounts owing by the Obligors to such Bank shall become due
and payable on demand by such Bank through the Agent and the Obligors shall, if that Bank is the Guarantee Bank, release that the Guarantee Bank from its participation in the Letter of Credit in a manner reasonably acceptable to the Guarantee Bank.

  

	19	MITIGATION 

 If
circumstances arise in respect of any Bank which would, or would upon the giving of notice, result in: 
  

	 	(i)	a Borrower being obliged to pay to that Bank any amounts pursuant to Clause 15 (Taxes) or Clause 17 (Increased costs); or 

  

	 	(ii)	a Borrower being obliged to prepay that Bank’s Participation or that Bank’s Commitment being cancelled pursuant to Clause 18
(Illegality); 

 then, without in any way limiting, reducing or otherwise qualifying the
Borrowers’ obligations under Clauses 15 (Taxes) to 18 (Illegality) (inclusive), that Bank shall, in consultation with the Agent and the Borrowers, endeavour to take such steps (without being under a legal obligation so to do) as
may be open to it to mitigate or remove such circumstances, including (without limitation) the transfer of its rights and obligations under this Agreement to another bank or financial institution reasonably acceptable to the Borrowers, unless to do
so might (in the opinion of the Bank at its absolute discretion) be prejudicial to it. 
  

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	20	GUARANTEE AND INDEMNITY 

  

	20.1	 Guarantee obligations 

 Each Guarantor absolutely, irrevocably and unconditionally, jointly and severally: 
  

	(a)	guarantees to each Finance Party as and for its own debt and not merely as surety the punctual performance by each Obligor of all of each Obligor’s obligations
under the Finance Documents; 

  

	(b)	undertakes with each Finance Party that whenever an Obligor does not pay any amount when due under or in connection with the Finance Documents, that Guarantor shall
immediately on demand pay that amount as if it was the principal obligor; and 

  

	(c)	indemnifies each Finance Party immediately on demand against any cost, loss or liability suffered by that Finance Party if any obligation guaranteed by it is or becomes
unenforceable, invalid or illegal. The amount of the cost, loss or liability shall be equal to the amount which that Finance Party would otherwise have been entitled to recover from the Obligors or any of them. 

  

	20.2	 Demands 

 Each
Guarantor unconditionally and irrevocably undertakes immediately on written demand by the Agent from time to time to make payment in accordance with its guarantee obligations (the “Guarantee Obligations”) under Clause 20.1
(Guarantee obligations) where such demand is accompanied by a statement of the Agent that a payment has fallen due under the Finance Documents, that an Obligor has failed to make such payment when due and that notice of such
non-payment has been issued. Each of such payments so demanded shall be made by the Guarantors to such account as the Agent may from time to time notify in writing. 
  

	20.3	 Scope of liability 

 The liability of each Guarantor shall be limited to USD 1,040,000,000, plus any unpaid amount of interest, fees, liability and expenses under the Finance Documents. 
  

	20.4	 Number of claims 

 There is no limit on the number of claims that may be made by the Agent on behalf of the Finance Parties under this guarantee. 
  

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	20.5	 Continuing guarantee 

 This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by the Obligors under the Finance Documents, regardless of any intermediate payment or discharge in whole or in part. 
  

	20.6	 Survival of the Guarantors’ liability 

  

	(a)	The Guarantors’ liability to the Finance Parties under this guarantee shall not be discharged, impaired or otherwise affected by reason of any of the following
events or circumstances (regardless of whether any such events or circumstances occur with or without the Guarantors’ knowledge or consent): 

  

	 	(i)	any time, waiver, consent, forbearance or other indulgence given or agreed by the Finance Parties with any Obligor or any third party in respect of any of its
obligations under the Finance Documents, including, but not limited to, any postponement of repayments or the Final Maturity Date, any increase of any Commitment, prepayments in an other manner than scheduled in this Agreement, and any other issues;

  

	 	(ii)	any legal limitation, disability or incapacity of any Obligor or any third party related to the Finance Documents; 

  

	 	(iii)	any invalidity, irregularity, unenforceability, imperfection or avoidance of or any defect in any security granted by, or the obligations of any party to the Finance
Documents, or any amendment to or variation thereof, or of any other document or security comprised therein; 

  

	 	(iv)	the liquidation, bankruptcy or dissolution (or proceedings analogous thereto) or the appointment of a receiver for an Obligor or any third party, or the occurrence of
any circumstances whatsoever affecting the liability of any party to discharge its obligations under the Finance Documents; 

  

	 	(v)	any challenge, dispute or avoidance by any liquidator of an Obligor or any third party in respect of any claim by an Obligor by right of subrogation in any such
liquidation; 

  

	 	(vi)	any release, discharge, renewal, amendment, extension, compromise, exchange or realisation of any security, obligation or term of the Finance Documents, or any further
security for the obligations of the Obligors under the Finance Documents; 

  

	 	(vii)	any failure on the part of the Finance Parties (whether intentional or not) to take or perfect any security agreed to be taken under or in relation to the Finance
Documents; or 

  

	 	(viii)	any other act, matter or thing (save for discharge in full of all of the Obligors’ obligations under the Finance Documents) which might otherwise constitute a
legal discharge of the obligations of the Obligors under the Finance Documents. 

  

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	(b)	Each Guarantor specifically waives all rights under the provisions of the Norwegian Financial Services Act of 25 June 1999 No. 46 not being mandatory
provisions, including the following provisions (the main contents of the relevant provisions being as indicated in the brackets): 

  

	 	(i)	§ 62 (1) (a) (to be notified of any security the giving of which was a precondition for the advance of any Loan or the issuance of the Letter of
Credit, but which has not been validly granted or has lapsed); 

  

	 	(ii)	§ 63 (1) - (2) (to be notified of any event of default hereunder and to be kept informed thereof); 

  

	 	(iii)	§ 63 (3) (to be notified of any extension granted to an Obligor in payment of principal and/or interest); 

  

	 	(iv)	§ 63 (4) (to be notified of an Obligor’s bankruptcy proceedings or debt reorganisation proceedings and/or any application for the latter);

  

	 	(v)	§ 65 (3) (that the consent of the Guarantor is required for the Guarantor to be bound by amendments to the Finance Documents that may be detrimental to
its interest); 

  

	 	(vi)	§ 66 (1) - (2) (that the Guarantor shall be released from its liabilities hereunder if security which was given, or the giving of which was a
precondition for the advance of any Loan or the issuance of the Letter of Credit, is released by the Finance Parties without the consent of the Guarantor); 

  

	 	(vii)	§ 66 (3) (that the Guarantor shall be released from its liabilities hereunder if, without its consent, security the giving of which was a precondition
for the advance of any Loan or the issuance of the Letter of Credit, was not validly granted); 

  

	 	(viii)	§ 67 (2) (about reduction of the Guarantor’s liabilities hereunder); 

  

	 	(ix)	§ 67 (4) (that the Guarantor’s liabilities hereunder shall lapse after ten years, as the Guarantor shall remain liable hereunder as
long as any amount is outstanding under the Finance Documents); 

  

	 	(x)	§ 70 (as the Guarantor shall have no right of subrogation into the rights of the Finance Parties under the Finance Documents until and unless the Finance
Parties shall have received all amounts due or to become due to them under the Finance Documents); 

  

	 	(xi)	§ 71 (as the Finance Parties shall have no liability first to make demand upon or seek to enforce remedies against the other Obligors or any other security
provided in respect of the other Obligors’ liabilities under the Finance Documents before demanding payment under or seeking to enforce the security created hereunder); 

  

	 	(xii)	§ 72 (as all interest and default interest due under the Finance Documents shall be secured hereunder); 

  

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	 	(xiii)	§ 73 (1) - (2) (as all costs and expenses related to a default under the Finance Documents shall be secured hereunder); and 

  

	 	(xiv)	§ 74 (1) - (2) (as the Guarantor shall make no claim against the other Obligors for payment until and unless the Finance Parties first shall have received all
amounts due or to become due to them under the Finance Documents). 

  

	20.7	Deferral of Guarantors’ rights 

 Each Guarantor does further undertake to the Finance Parties that as long as this guarantee is effective:- 
  

	 	(i)	following receipt by the Guarantor of a notice from the Agent of the occurrence of any Event of Default which is unremedied, the Guarantor will not make demand for or
claim payment of any moneys due to the Guarantor from any other Obligor, or exercise any other right or remedy to which the Guarantor is entitled in respect of such moneys unless and until all moneys owing or due and payable by the other Obligors to
the Finance Parties under the Finance Documents have been irrevocably paid in full; 

  

	 	(ii)	if any other Obligor shall become the subject of an insolvency proceeding or shall be wound up or liquidated, the Guarantor shall not (unless so instructed by the Agent
or to protect its rights against such Obligor, and then only on condition that the Guarantor holds the benefit of any claim in such insolvency or liquidation to pay any amounts recovered thereunder to the Agent) make any claim in such insolvency,
winding-up or liquidation until all moneys owing or due and payable by the other Obligors to the Finance Parties under the Finance Documents have been irrevocably paid in full; 

  

	 	(iii)	if the Guarantor, in breach of paragraph (i) or (ii) above of this Clause 20.7 receives or recovers any money pursuant to any such exercise, claim or proof as
therein referred to, such money shall be held by the Guarantor for the Agent to apply the same as if they were moneys received or recovered by the Agent hereunder; and 

  

	 	(iv)	the Guarantor has not taken and will not take from any other Obligor any security whatsoever for the moneys hereby guaranteed. 

  

	20.8	Exclusion of Guarantors’ rights 

 Until all moneys owing or due and payable by the Obligors to the Finance Parties have been paid in full, no Guarantor will take any action which would result in such Guarantor sharing in or succeeding to
or benefiting from (by subrogation or otherwise) any rights which the Finance Parties may have in respect of any moneys owing or due and payable by the other Obligors to the Finance Parties or any security therefore or all or any of the proceeds of
such rights or security. 
  

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	20.9	Enforcement 

  

	(a)	The Finance Parties shall not be obliged before taking steps to enforce this guarantee against the Guarantors: 

  

	 	(i)	to obtain judgement against any Obligor or any third party in any court or other tribunal; 

  

	 	(ii)	to make or file any claim in a bankruptcy or liquidation of any Obligor or any third party; or 

  

	 	(iii)	to take any action whatsoever against any Obligor or any third party under the Finance Documents, except giving notice of payment of the relevant part of the amounts
outstanding hereunder, 

 and each Guarantor hereby waives all such formalities or rights to which it would
otherwise be entitled or which the Finance Parties would otherwise first be required to satisfy or fulfil before proceeding or making demand against the Guarantors hereunder, except as required hereunder or by mandatory law. 
  

	(b)	Without affecting the obligations of the Guarantors hereunder, the Finance Parties may take such action as they in their own discretion may consider appropriate against
any other person or parties and securities to recover moneys due and payable in respect of the obligations under the Finance Documents. 

  

	(c)	Any release, discharge or settlement between a Guarantor and the Finance Parties or any of them in relation to this guarantee shall be conditional upon no right,
security, disposition or payment to the Finance Parties by the other Obligors or any other person being void, set aside or ordered to be refunded pursuant to any enactment or law relating to breach of duty by any person, bankruptcy, liquidation,
administration, protection from creditors generally or insolvency or for any reason. If any such right, security, disposition or payment is void or at any time so set aside or ordered to be refunded, the Finance Parties shall be entitled
subsequently to enforce this guarantee against the Guarantors as if such release, discharge or settlement had not occurred and any such security, disposition or payment had not been made. 

  

	21	REPRESENTATIONS AND WARRANTIES 

  

	21.1	Representations and Warranties 

 Each Obligor makes the representations and warranties set out in this Clause 21 to each Finance Party. 
  

	21.2	Status and ownership 

  

	(a)	Each of the Obligors is a limited liability company, duly incorporated, validly existing and in good standing under the laws of its jurisdiction of incorporation, and
each has the power to own its assets and carry on its business as presently conducted. 

  

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	(b)	The Parent is the legal and beneficial owner (directly or indirectly) of all the shares of each Guarantor (other than the Parent). 

  

	21.3	Powers and authority 

 Each of the Obligors has the power to enter into and perform, and has taken all necessary corporate action to authorise the entry into, performance and delivery of each of the Transaction Documents to which it is a party, and the
transactions contemplated therein. 
  

	21.4	Legal validity and enforceability 

 Each Transaction Document constitutes (or will, when executed by the respective parties thereto, constitute) legal, valid and binding obligations of each Obligor which is party thereto, enforceable in accordance with its terms and, save as
provided for therein and/or as have been or shall be completed prior to the relevant Drawdown Date, no registration, filing, payment of tax or fees or other formalities are necessary or desirable to render the relevant Transaction Document
enforceable against each of the Obligors which is a party thereto and, in respect of the Units, for the First Mortgages to constitute valid and enforceable first priority mortgages and for the Second Mortgages to constitute valid and enforceable
second priority mortgages. 
  

	21.5	Non-conflict 

 The entry
into and performance by each of the Obligors of the Transaction Documents to which it is a party, and the transactions contemplated thereby, do not and will not conflict with: 
  

	 	(i)	any present law or regulation or judicial or official order; 

  

	 	(ii)	its articles of association, by-laws or other constitutional documents; or 

  

	 	(iii)	any document or agreement which is binding on any of the Obligors. 

  

	21.6	No Default 

  

	(a)	No Default exists or might result from the making of any Utilisation; and 

  

	(b)	no other circumstances exist which constitute or (with the giving of notice, lapse of time, determination of materiality or the fulfilment of any other applicable
condition, or any combination of the foregoing) would constitute a default under any document which is binding on any of the Obligors or any of their respective assets, and which may have a material effect on the ability of any of the Obligors to
perform its obligations under the Transaction Documents to which it is a party. 

  

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	21.7	Authorisations and consents 

 All authorisations and consents required to be obtained by any member of the Group in connection with the entry into, performance, validity and enforceability of, and the transactions contemplated by, each of the Transaction Documents have
been obtained and are in full force and effect, or will be obtained prior to a Borrower serving any Drawdown Notice hereunder. 
  

	21.8	Financial and other information 

  

	(a)	The consolidated accounts of the Parent most recently delivered to the Agent which, at the date of the Original Facility Agreement, are the Original Financial
Statements: 

  

	 	(i)	have been prepared in accordance with Approved Accounting Principles consistently applied; 

  

	 	(ii)	fairly represent the consolidated financial condition of the Parent, as at the date on which they were drawn up, 

 and there has been no material adverse change in the consolidated financial condition of the Parent or any member of the Group since the date
on which those accounts were drawn up, which might reasonably be expected to have a material adverse effect on the ability of any Obligors to perform its obligations under the Transaction Documents to which it is a party. 
  

	(b)	All financial documents and information relating to the Obligors and the Group or otherwise relevant to the matters contemplated by this Agreement which have been
supplied by or on behalf of the Obligors to any of the Finance Parties are complete and, as at the date of such documents or information, correct in all respects, and the Obligors have not omitted to disclose to any of the Finance Parties any
off-balance sheet liabilities or other information, documents or agreements which, if disclosed, could reasonably be expected to affect the decision of the Banks to enter into this Agreement. 

  

	21.9	Litigation 

 No
litigation, arbitration or administrative proceedings are current or, to its knowledge, pending or threatened against any of the Obligors which might, if adversely determined, be reasonably expected to have a material adverse effect on its ability
to perform its obligations under any of the Transaction Documents to which it is a party. 
  

	21.10	 No money laundering 

 Each Obligor is acting for its own account in relation to the Facilities and in relation to the performance and the discharge of its obligations and liabilities under the Transaction Documents and the transactions and other arrangements
effected or contemplated by the Transaction Documents to which it is a party, and the foregoing will not involve or lead to contravention of any law, official requirement or other regulatory measure or procedure implemented to combat money
laundering (as defined in Article 1 of the Directive (91/308/EEC) of the Council of the European Communities). 
  

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	21.11	 Compliance with laws and Environmental Claims 

 Except as may already have been disclosed in writing to, and acknowledged in writing by, the Agent: 
  

	 	(i)	each Obligor is in compliance with the provisions of all laws, including without limitation all Environmental Laws, where failure to comply has or may have a Material
Adverse Effect; and 

  

	 	(ii)	no Environmental Claims which has or may have a Material Adverse Effect are pending or threatened against any of the Obligors and no incident, event or circumstance has
occurred which may give rise to such an Environmental Claim. 

  

	21.12	 Payment of taxes 

 Each Obligor has fully paid, when due, any and all taxes incurred to date in connection with the operation of its business, ownership or use of any of its assets, and conduct of its affairs on its premises, except for income and property
taxes and assessments which are being contested in good faith and with due diligence, with adequate cash reserves in excess of the contested tax balances, in which case such balances will be paid before any tax liens ripen. 
  

	21.13	 No deductions 

 No
Obligor is required to make any deduction or withholding from any payment which it may become obliged to make to any of the Finance Parties under any of the Finance Documents. 
  

	21.14	 Pari passu ranking 

 Each Obligor’s payment obligations under the Finance Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies
generally. 
  

	21.15	 No Security Interest 

 No Security Interest is created, incurred or assumed on any Unit or any other assets of an Owner or any other Group Contract Party, or any of the shares pledged to the Agent under the First Share Pledge Agreements and/or the Second Share
Pledge Agreements, and no assignment of any Obligor’s rights to receive Earnings or proceeds of any insurance policy covering any Unit is made, other than those set out in Clause 22.17 (b) (Negative pledge). 
  

	21.16	 No place of business in U.K. or U.S.A. 

 No Obligor (other than Ocean Rig Limited) has an established place of business in the United Kingdom or the United States of America. 
  

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	21.17	 Times for making representations and warranties 

 The representations and warranties set out in this Clause 21, are made by each Obligor on the Signing Date and are deemed to be repeated by each Obligor on the date of each Drawdown Notice, on each
Drawdown Date and on the first date of each Interest Period, with reference to the facts and circumstances then existing, unless otherwise notified to the Agent in writing, and if not permitted under this Agreement, waived by the Majority Banks
prior to such dates. 
  

	22	UNDERTAKINGS 

  

	22.1	Duration 

 The
undertakings in this Clause 22 shall remain in force during the entire Loan Period. 
  

	22.2	Financial information 

  

	(a)	The Borrowers shall supply to the Agent in sufficient copies for all of the Banks: 

  

	 	(i)	as soon as reasonably practicable after the same are available (and in any event within 120 days after the end of each financial year), the audited consolidated
accounts of the Parent, including balance sheet, profit and loss statement and cash flow analysis for that financial year; 

  

	 	(ii)	as soon as reasonably practicable after the same are available (and in any event within 60 days after the end of the relevant reporting period), the quarterly unaudited
consolidated accounts of the Parent, together with updated liquidity forecasts; and 

  

	 	(iii)	such other information in respect of the business, properties or condition, financial or otherwise, of each of the Obligors as the Agent may from time to time
reasonably request, 

 all such accounts to be prepared in accordance with the Approved Accounting Principles, and
the financial reporting shall be as comprehensive and detailed as if the Parent was listed on the Oslo Stock Exchange, the New York Stock Exchange, NASDAQ or such other stock exchange acceptable to the Banks. 
  

	(b)	The Borrowers shall supply to the Agent in sufficient copies for all of the Banks as soon as reasonably practicable after the same are available (and in any event
within 15 February each calendar year), operating budgets with cash flow projections for the Group for such calendar year, and such updates of such budgets and projections as the Agent may reasonably request. 

  

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	22.3	Compliance Certificates 

 The Borrowers undertake throughout the Loan Period: 
  

	 	(i)	to provide to the Agent, on a quarterly basis together with the financial information to be provided by the Borrowers as specified in Clause 22.2 (a) (i) and
(ii) (Financial information); and 

  

	 	(ii)	to provide to the Agent on. a semi-annual basis, together with the valuations of the Market Value of the Units as specified in Clause 22.26 (Minimum
value); 

 Compliance Certificates signed by the CEO or CFO of the Parent, enabling the Agent to
determine and to monitor the compliance with the financial requirements set forth in Clause 23 (Financial covenants) and the compliance with the minimum value set forth in Clause 22.26 (Minimum Value), and
containing an updated calculation of the Borrowing Base Amount as of the date the Compliance Certificate is received by the Agent. 
  

	22.4	Information - Miscellaneous 

  

	(a)	Each Obligor shall provide to the Agent in writing, in sufficient copies for all of the Banks, promptly upon becoming aware of them, relevant details of any litigation,
arbitration or administrative proceedings which are current or, to its knowledge, threatened or pending against it or any of the other Obligors and which might, if adversely determined, be reasonably expected to have a material adverse effect on the
ability of any of the Obligors to perform its obligations under those of the Transaction Documents to which it is a party, and further details of any such matters previously disclosed to the Agent, as the Agent or any Bank acting through the Agent
may reasonably request. 

  

	(b)	The Obligors shall give written notice to the Agent promptly upon the entering into of by any member of the Group of any Employment Contract, and promptly thereafter
forward a copy of the relevant Employment Contract to the Agent. 

  

	22.5	Notification of Default 

 The Obligors shall notify the Agent of any Default which occurs (and the steps, if any, being taken to remedy it) promptly upon its occurrence. 
  

	22.6	Insurances 

  

	(a)	Subject to paragraph (g) below, the Obligors shall procure that each Unit is fully insured against such risks (including, but not limited to Hull and Machinery,
Hull Interest, Freight Interest, Protection & Indemnity (including club cover for oil pollution liability for each Unit in accordance with first class industry standards), War Risk (including terrorism) and Loss of Hire, in such amounts, on
such terms (always applying Norwegian law and including the terms of the Norwegian Marine Insurance Plan of 1996, version 2007 (as amended from time to time) or such other terms as the Agent may approve in relation to losses payable thereunder) and
with such insurance brokers and insurers as the Agent may approve or require. 

  

	(b)	The insured value of each Unit shall at all times be equal to or greater than its Market Value, and the aggregate insured value of both Units shall be equal to or
greater than 120 per cent, of the aggregate amount of the Loans and the maximum amount payable under the Letter of Credit. 

  

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 Furthermore, the Hull and Machinery insured value of each Unit shall at all times cover
80 per cent. of its Market Value, while the remaining cover may be taken, out by way of Hull and Freight Interest insurances. 
  

	(c)	In addition, to the insurances specified above, the Agent will take out Mortgagee Interest Insurance in an amount equal to 120 per cent, of the aggregate amount of
the Loans and the maximum amount payable under the Letter of Credit and may at any time and at its discretion take out a Mortgagee Interest Insurance Additional Perils Pollution insurance equal to 110 per cent. of the aggregate amount of the
Loans and the maximum amount payable under the Letter of Credit, and the Borrowers shall reimburse the Agent any and all sums paid as premium in respect of such insurance cover. 

  

	(d)	Not later than 14 days before the expiry date of the relevant insurances, the Borrowers shall deliver to the Agent a certificate from the insurance broker(s) through
whom the insurances relevant to the Units have been placed, evidencing that all insurances referred to in paragraph (a) above have been renewed and taken out in respect of the Units with insurance values as required by paragraph (b), that such
insurances are in full force and effect and that the interests of the Finance Parties therein, have been noted by the relevant insurers. 

  

	(e)	The Obligors shall procure that the Units are always employed in conformity with the terms of the instruments of insurance (including any expressed or implied
warranties) and shall comply with such requirements as to extra premium or otherwise as the insurers may prescribe. 

  

	(f)	The Obligors shall procure that no more than one (I) Unit is employed in the Gulf of Mexico at any given time as long as the insurance markets practice limitations
on coverage in such area, unless (i) otherwise agreed by the Agent (acting on the instructions of the Banks) in writing, or (ii) any shortfall in the applicable insurance cover is covered by the relevant Employment Contract Party to the
satisfaction of the Agent (acting on the instructions of the Banks). 

  

	(g)	For as long as the insurance markets practice limitations of coverage in the Gulf of Mexico for named windstorms, and in the event that a Unit is employed in the Gulf
of Mexico, the Finance Parties approve that such Unit is insured against Hull and Machinery, Hull Interest, Freight Interest and Loss of Hire combined in an amount of at least USD 602,800,000 each loss and in the aggregate combined single limit
whilst the Unit is able to move off location, and in an amount of at least USD 332,800,000 each loss and in the aggregate combined single limit whilst the Unit is attached to the riser or is unable to move off location. 

  

	22.7	Notification of certain events 

 The Obligors shall immediately notify the Agent of: 
  

	 	(i)	any accident to any Unit involving repairs the cost of which is likely to exceed USD 5,000,000; 

  

	 	(ii)	a Total Loss; 

  

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	 	(iii)	the occurrence of any Environmental Claim against any Obligor or any Unit, or any incident, event or circumstances which may give rise to any such an Environmental
Claim; 

  

	 	(iv)	any capture, seizure, arrest, confiscation or detention of any Unit or the exercise or purported exercise of any lien on any Unit, its insurances, the Earnings or any
Earnings Account; and 

  

	 	(v)	the occurrence of any litigation, arbitration or administrative proceedings current or, to an Obligor’s knowledge, pending or threatened against any of the
Obligors. 

  

	22.8	Total Loss 

 In the event
of a Total Loss, the Borrowers shall, within 120 days after the Total Loss Date, obtain and present to the Agent a written confirmation from the relevant insurers that the claim relating to the Total Loss has been accepted in full, and the insurance
proceeds shall, as soon as they are released, be paid to the Agent and applied in prepayment of the Loans in accordance with Clause 9.3 (Mandatory prepayment – sale or Total Loss). 
  

	22.9	Class and International Regulations 

 The Obligors shall procure that each Unit is classified and maintained in the highest class, with no overdue recommendations, with Det Norske Veritas or another classification society acceptable to the
Agent, and at all times comply with the rules and regulations of the relevant classification society. Furthermore, the Obligors shall at all times ensure compliance with all international conventions and regulations, including SOLAS conventions and
the International Management Code for the Safe Operation of Ships and for Pollution Prevention adopted by the International Maritime Organisation and the International Ship and Port Security Code adopted by the Assembly of the International Maritime
Organisation. In particular, the Obligors shall ensure compliance with the ISM-Code and the ISPS-Code and shall ensure that any charterer of any Unit and any company performing management services on behalf of any Obligor complies with said
conventions and regulations. 
  

	22.10	 Repair and compliance with laws etc. 

  

	(a)	The Obligors shall procure that each Unit is kept in a good and safe condition and state of repair consistent with first class ownership and management practice.

  

	(b)	The Obligors shall procure that no material alteration or replacement is made which may affect the structure of any Unit. 

  

	(c)	The Obligors shall procure that no part or any material equipment pertaining to any Unit is removed unless immediately replaced or substituted with parts or equipment
of at least the same value and quality. 

  

	(d)	The Obligors shall procure compliance with all Environmental Laws and all other laws and regulations relating to the Units, its ownership, operation and management or
to the business of the Obligors where failure to comply has or may have a Material Adverse Effect. 

  

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	22.11	 Flag, name and registry 

 The Obligors shall not change the flag, name or registry of any Unit, or register any Unit simultaneously in more than one registry, without the prior written consent of the Agent (acting on the instructions of the Banks). The Banks hereby
confirm that the flags of Bermuda, Cyprus, Cayman Islands, Marshall Islands, Singapore and Bahamas shall for the purposes of this Agreement be regarded as acceptable flags. 
  

	22.12	 Management 

 The
Obligors shall continue with the management of the Units within the Group, and no changes in such management shall be made without the prior written consent of the Agent (acting on the instructions of the Majority Banks). 
  

	22.13	 Inspection and class records 

  

	(a)	One person appointed by the Agent shall be permitted to inspect each Unit once every twelve (12) months, for the account of the Borrowers, upon the Agent giving
prior notice thereof, such inspections not to interfere with the running management, operation and safety of the relevant Unit (provided, however, that if a Default shall occur the Agent shall have the right to a reasonable number of inspections of
each Unit for the account of the Borrowers), and the Obligors shall upon the Agent’s request provide it with copies of the latest inspection reports in respect of the Units which are available to any of the Obligors or any managers.

  

	(b)	The Obligors shall instruct the classification society referred to in Clause 22.9 (Class and International Regulations) to send to the Agent,
following receipt of a written request from the Agent, copies of all class records held by the classification society in relation to the Units. 

  

	22.14	 Bank accounts 

  

	(a)	The Obligors shall maintain all their operating accounts into which any Earnings are paid, with the Agent. 

  

	(b)	All Earnings of each Unit shall be paid directly to the Earnings Accounts opened by each Group Contract Party with the Agent in respect of each Unit.

  

	(c)	The Parent shall procure that all other bank accounts and the cash management of the Group are kept with the Agent, provided that the Agent can offer competitive terms,
and provided that this shall not apply to accounts required to be held in jurisdictions where the Agent does not have any office. 

  

	22.15	 Performance of Finance Documents 

 Each of the Obligors shall perform all of its obligations under the Finance Documents at the times, in the manner and upon the terms set out therein. 
  

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	22.16	 Payment of taxes 

 Each of the Obligors shall duly and punctually pay and discharge all taxes imposed on it or its assets within the time period allowed without incurring penalties (save to the extent that (i) payment is being contested in good faith
and/or payment can be lawfully withheld and (ii) adequate reserves are being maintained for those taxes). 
  

	22.17	 Negative pledge 

  

	(a)	The Obligors shall procure that no Security Interest is created, incurred or assumed on any Unit or any other assets of an Owner or any other Group Contract Party, or
any of the shares pledged to the Agent under the First Share Pledge Agreements and/or the Second Share Pledge Agreements, and that no assignment of any Obligor’s rights to receive Earnings or proceeds of any insurance policy covering any Unit
is made. 

  

	(b)	Paragraph (a) above does not apply to Security Interest: 

  

	 	(i)	granted pursuant to the Finance Documents; 

  

	 	(ii)	arising by operation of law in the ordinary course of business, and not arising as a result of any default or omission on the part of an Obligor;

  

	 	(iii)	arising under any retention of title or sales lien arrangements entered into in the ordinary course of business which are required by any supplier of any goods to any
member of the Group in the normal course of such supplier’s business; 

  

	 	(iv)	arising by way of set off or other standard netting, cash management or account-zeroing arrangements in connection with the Group’s banking arrangements;

  

	 	(v)	existing on the date of the Original Facility Agreement and until the first Drawdown Date and granted as security for the Existing Facilities; or

  

	 	(vi)	consented to in writing by the Majority Banks. 

  

	22.18	 Financial Indebtedness restrictions 

  

	(a)	No Obligor shall, and the Parent shall ensure that no other member of the Group shall, incur, create or permit to subsist any Financial Indebtedness.

  

	(b)	Paragraph (a) above does not apply to Financial Indebtedness: 

  

	 	(i)	incurred under the Finance Documents; 

  

	 	(ii)	incurred through any derivative transaction entered into in the ordinary course of business in connection with protection against or benefit from fluctuation in any
rate or price; 

  

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	 	(iii)	which is unsecured and fully subordinated to the rights of the Finance Parties under the Finance Documents (both in terms of ranking and in terms of debt service) on
terms acceptable to the Agent (acting on the instructions of the Majority Banks); 

  

	 	(iv)	incurred by way of (A) an unsecured convertible bond loan in a principal amount not exceeding USD 200,000,000 or (B) an ordinary unsecured bond loan in a
principal amount not exceeding USD 200,000,000 to be applied for investment in a drilling unit or a company owning drilling unit(s), provided always that the Borrowers are able to demonstrate to the satisfaction of the Agent (acting on the
instructions of the Majority Banks) that the Earnings under the Employment Contracts will be sufficient to service Revolving Credit Facility B when taking into account the debt service obligations incurred in connection with such Financial
Indebtedness; 

  

	 	(v)	incurred by a Project Company; 

  

	 	(vi)	existing on the date of the Original Facility Agreement and until 30 days after the first Drawdown Date and incurred under the Existing Facilities; or

  

	 	(vii)	consented to in writing by the Majority Banks. 

  

	22.19	 Merger and reconstruction restrictions 

  

	(a)	The Obligors shall not merge or consolidate with any other company, de-merge or undertake any corporate restructuring, without the prior written consent of the Majority
Banks, other than any intra-Group merger, de-merger or re-organisation on a solvent basis. 

  

	(b)	The Finance Parties hereby agree in principle to a reconstruction whereby the Group is moved to Cyprus or Marshall Islands jurisdiction with an equivalent structure of
the Group as the one in existence at the date of the Original Facility Agreement and the transfer of the Facilities and the Units to the new entities, provided that the financial condition of the new entities is not weaker than that of the Obligors
and that satisfactory financing and security documentation equivalent to the Finance Documents is entered into by the new entities with the Finance Parties and customary conditions precedent documentation is delivered by the Obligors to the Finance
Parties. 

  

	22.20	 Disposal restrictions 

  

	(a)	No Obligor shall, either in a single transaction or in a series of transactions, whether related or not and whether voluntarily or involuntarily, without the prior
written consent of the Banks, sell, transfer, grant or lease out (on financial leasing terms) or otherwise dispose of any Unit or all of its shares in an Owner or in a direct or indirect shareholder in an Owner without making prepayment in
accordance with the provisions of Clause 9.3 (Mandatory prepayment – sale or Total Loss), other than any sale or transfer made to another member of the Group in connection with a change of flag permitted by Clause 22.11
(Flag, name and registry), provided always that the members of the Group enter into such documentation for the amendment of this Agreement or any other Finance Document and/or the maintenance of the security constituted by the
Security Documents as the Agent (acting on the instructions of the Majority Banks) may require. 

  

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	(b)	No Obligor shall, either in a single transaction or in a series of transactions, whether related or not and whether voluntarily or involuntarily, without the prior
written consent of the Banks, sell, transfer, grant or lease out (on financial leasing terms) or otherwise dispose of less than 100 per cent of all shares in an Owner or in a direct or indirect shareholder in an Owner. 

 

	(c)	No Obligor shall, either in a single transaction or in a series of transactions, whether related or not and whether voluntarily or involuntarily, without the prior
written consent of the Majority Banks, sell, transfer, grant or lease out (on financial leasing terms) or otherwise dispose of the whole or a substantial part of its assets (other than those referred to in paragraphs (a) and (b) above), or
sell, transfer, grant or lease out or otherwise dispose of any of its assets other than at market value, against cash payment and on arms length terms. 

  

	22.21	 Dividend restrictions 

  

	(a)	The Parent shall not in any circumstances, without the prior written consent of the Banks, pay or declare any dividend or reduction of share capital, or pay, declare or
make any other distribution to its shareholders or any of them if less than six (6) months (excluding options) remains of the contract period under the New Eirik Raude Qualifying Contract, unless the New Eirik Raude Qualifying Contract has been
replaced with another Employment Contract which in the opinion of the Majority Banks is at least as favourable to the relevant member of the Group as the New Eirik Raude Qualifying Contract and is entered into with a contract party which in the
opinion of the Majority Banks has a financial standing at least equal to the financial standing that Tullow Oil Plc had at the time Tullow Oil Plc entered into the New Eirik Raude Qualifying Contract. 

  

	(b)	Until Earnings have started to accrue to the relevant Group Contract Party under the New Eirik Raude Qualifying Contract, the Parent shall not, without the prior
written consent of the Banks, pay or declare any dividend or reduction of share capital, or pay, declare or make any other distribution to its shareholders exceeding the aggregate principal amount of the Loans under Revolving Credit Facility B
outstanding at the time such dividend or other distribution is made. 

  

	22.22	 Change of business 

  

	(a)	The Obligors shall not, without the prior written consent of the Majority Banks, engage in any business other than the businesses in which they are engaged as of the
date of the Original Facility Agreement and activities directly related thereto, and similar or related business (for the avoidance of doubt, management of drilling units owned by third parties shall not be regarded as a change of business).

  

	(b)	The Obligors shall not, without the prior written consent of the Majority Banks, change its type of organisation, jurisdiction of organisation, legal name or financial
year (other than the pre-approved change of jurisdiction to either Cyprus, Bermuda, Cayman Islands, Marshall Islands, Singapore or Bahamas). 

  

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	22.23	 Employment Contracts 

 The Obligors shall not, without the prior written consent of the Majority Banks, materially vary or amend, or terminate, or agree to any material variation or amendment of, or termination of, or waive any of its rights under, any Employment
Contract, or enter into any further agreements related thereto, provided always that any variation or amendment which reduces or postpones the payment of any amount payable to a member of the Group thereunder or reduces the contract period, shall,
without limitation, be deemed to be material for the purpose of this Clause. 
  

	22.24	 Arm’s length terms 

 All agreements and transactions between the members of the Group shall be entered into and made on arm’s length terms, and all Employment Contracts entered into between any of the members of the Group shall be made in writing.

  

	22.25	 Hedging policy 

  

	(a)	No Obligor shall enter into any interest and currency hedging, or other derivative transactions, for speculative purposes. 

  

	(b)	The Borrowers shall hedge their interest and currency rate exposure in accordance with the Hedging Letter, and no amendments shall be made to the hedging policy set out
therein without the prior written consent of the Agent. 

  

	22.26	 Minimum value 

  

	(a)	The Borrowers shall ensure that the aggregate Market Value of the Units (plus any additional security previously provided by the Obligors under paragraph
(b) below) is at all times at least equal to 135 per cent of the principal amount of the Loans outstanding under the Term Loan Facility, Revolving Credit Facility A and Revolving Credit Facility C. 

  

	(b)	The Borrowers shall, if the Market Value does not comply with the requirements set out in paragraph (a) above, within ten (10) Business Days either make a
prepayment of the Loans in accordance with Clause 9.1 (Voluntary prepayment), or provide the Finance Parties with such additional security, in form and substance satisfactory to the Majority Banks, required to restore the
aforesaid ratio. 

  

	(c)	The Market Value shall be determined semi-annually at the expense of the Borrowers. 

  

	23	FINANCIAL COVENANTS 

  

	23.1	Definitions 

 In this
Clause 23 (and in any other relevant Clauses in this Agreement): 
 “Capital Expenditure” 
 means, at the date of calculation (on a consolidated basis for the Group for such period), the aggregate of investments in the acquisition
(calculated on the basis of the Enterprise Value), construction, development or improvement of any asset or business (including shares) which shall be treated as a capital asset in accordance with the Approved Accounting Principles. 
  

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 “Cash and Cash Equivalents” 
 means, at the date of calculation (on a consolidated basis for the Group), the aggregate amount of the Group’s: 
  

	 	(i)	cash in hand or on deposit with any bank or financial institution; and 

  

	 	(ii)	cash equivalents (as reported in the Parent’s consolidated financial statements in accordance with the Approved Accounting Principles), 

as set out in the Group’s latest available balance sheet (whether audited or unaudited, as the case may be) and in all cases
unencumbered by any Security Interest (other than pursuant to the Finance Documents) and provided that the relevant member of the Group’s use of such cash, deposit or cash equivalents is unrestricted. 
 “Current Assets” 
 means the aggregate value of the Group’s (on a consolidated basis) assets which are treated as current assets in accordance with the Approved Accounting Principles. 
 “Current Liabilities” 
 means the aggregate value of the Group’s (on a consolidated basis) liabilities which are treated as current liabilities in accordance with the Approved Accounting Principles, excluding the current
portion of long term debt and the current portion of amortised loan issuance costs. 
 “EBITDA” 
 means, at the date of calculation (on a consolidated basis for the Group), earnings before interest, tax, depreciation and amortisation, not
taking into account extraordinary and non-recurring items and non-cash option costs in relation to the Group’s employee shares option program or any allocation of such costs to the Group, and excluding any profit or loss arising from the
disposal of fixed assets and realised and unrealised exchange gains and losses. 
 “Enterprise Value”

 means in respect of an acquisition (without double counting), the aggregate of (i) the consideration paid by the relevant
member of the Group for the shares or other assets acquired, (ii) the amount of any Financial Indebtedness of any company acquired not repaid and discharged on or prior to the closing of the relevant acquisition and (iii) the amount of any
Financial Indebtedness taken over by the relevant member of the Group in connection with the relevant acquisition. 
  

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 “Free Cash” 
 means, at the date of calculation (on a consolidated basis for the Group), the aggregate amount of the Group’s cash on deposit with the
Agent. 
 “Gross Interest Bearing Debt” 
 means, at the date of calculation (on a consolidated basis for the Group), the aggregate of the Group’s indebtedness for or in respect
of: 
  

	 	(i)	moneys borrowed; 

  

	 	(ii)	any amount raised by acceptance under any acceptance credit facility; 

  

	 	(iii)	any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument; 

  

	 	(iv)	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with the Approved Accounting Principles, be treated as a
financial lease; 

  

	 	(v)	any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing; and

  

	 	(vi)	any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or
financial institution for the purpose of securing advance payments made by third parties to a member of the Group. 

 “Gross Interest Costs” 
 means, at the date of calculation (on a consolidated basis for the Group),
the aggregate of the Group’s interest, commissions, periodic fees and other financing charges, incurred by the Group and paid or payable in cash during a Measurement Period (including the interest element payable under any financial lease, but
excluding any upfront fees payable under this Agreement). For the avoidance of doubt it is specified that agio gains or losses on currency transactions shall not be considered as Gross Interest Costs. 
 “Measurement Period” 
 means a period of 12 months ending on the last day of a financial quarter, a financial half year or a financial year of the Parent. 
 “Net Interest Bearing Debt” 
 means, at the date of calculation (on a consolidated basis for the Group), the aggregate amount of the Group’s Gross Interest Bearing Debt less the total amount of the Group’s Cash and Cash
Equivalents in excess of USD 30,000,000. 
  

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 “Net Interest Costs” 
 means, at the date of calculation (on a consolidated basis for the Group), Gross Interest Costs less the aggregate of the Group’s
interest and other financing income received or receivable in cash during a Measurement Period. For the avoidance of doubt it is specified that agio gains on currency transactions shall not be considered as income. 
 “Value Adjusted Total Assets” 
 means at the date of calculation (on a consolidated basis for the Group), the aggregate book value (adjusted to reflect the Market Value of the Units) of those of the Group’s assets which,, according
to the Approved Accounting Principles, shall be included as assets in a balance sheet. 
 “Value Adjusted Total
Equity” 
 means, at the date of calculation (on a consolidated basis for the Group), the Group’s nominal book
equity adjusted to reflect the Market Value of the Units. 
  

	23.2	Calculations 

  

	(a)	For the purpose of this Clause 23, all calculations shall be conducted in accordance with the terms defined in Clause 1.1 (Definitions) and Clause 23.1
(Definitions) and, to the extent not inconsistent with those definitions, the Approved Accounting Principles applicable from time to time. 

  

	(b)	For the purpose of determining EBITDA for the calculation of the leverage ratio pursuant to Clause 23.4 (Leverage ratio) for each Measurement
Period ending 30 September 2008, 31 December 2008 and 31 March 2009, the amount thereof shall be calculated by annualising the actual figures as follows: 

  

	 	(i)	for the period from 1 July to 30 September 2008, the actual figures of the Group for the period multiplied by four (4); 

  

	 	(ii)	for the period from 1 July to 31 December 2008, the actual figures of the Group for the period multiplied by two (2); and 

  

	 	(iii)	for the period from 1 July 2008 to 31 March 2009, the actual figures of the Group for the period multiplied by four (4) and divided by three (3).

  

	(c)	For the purpose of determining EBITDA, Gross Interest Cost and Net Interest Costs for the calculation of the interest coverage ratio pursuant to Clause 23.5
(Interest coverage ratio) for each Measurement Period ending 30 June, 30 September and 31 December 2008, the amount thereof shall be calculated by annualising the actual figures as follows:

  

	 	(i)	for the period from 31 March to 30 June 2008, the actual figures of the Group for the period multiplied by four (4); 

  

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	 	(ii)	for the period from 31 March to 30 September 2008, the actual figures of the Group for the period multiplied by two (2); and 

  

	 	(iii)	for the period ending 31 December 2008, the actual figures of the Group for the period from 1 January to 31 December 2008. 

  

	(d)	In relation to the first four Measurement Periods ending after the Restructuring Implementation Date, the calculations of EBITDA, Gross Interest Costs and Net Interest
Costs shall be made on the basis of pro forma numbers taking into account the EBITDA, Gross Interest Costs and Net Interest Costs of Ocean Rig ASA (on a consolidated basis) for the relevant part of each Measurement Period in order to enable
reporting on a 12 months rolling basis. 

  

	(e)	Any calculation under this Clause 23 shall exclude any Project Company. 

  

	(f)	No item must be credited or deducted more than once in any calculation under this Clause 23. 

  

	23.3	Minimum liquidity 

 The
Parent shall ensure that the Group’s (on a consolidated basis) Free Cash shall not at any time be less than USD 30,000,000. 
  

	23.4	Leverage ratio 

 The
Parent shall ensure that the ratio of Net Interest Bearing Debt to EBITDA for the Parent measured at the end of each Measurement Period on the basis of 12 months rolling EBITDA (starting with the financial quarter ending 30 September 2008) at
all times complies with the following maximum numbers: 
  

			
	 As from quarter end
	  	Ratio
	 30 Sep 2008
	  	6.0
	 31 Dec 2008
	  	6.0
	 31 Mar 2009
	  	5.5
	 30 Jun 2009
	  	5.5
	 30 Sep 2009
	  	5.5
	 31 Dec 2009
	  	5.5
	 31 Mar 2010
	  	5.0
	 30 Jun 2010
	  	5.0
	 30 Sep 2010
	  	5.0
	 31 Dec 2010
	  	5.0
	 Thereafter
	  	4.5

  

	23.5	Interest coverage ratio 

 The Parent shall ensure that the ratio of EBITDA to Net Interest Costs measured at the end of each Measurement Period on a 12 months rolling basis (starting with the financial quarter ending 30 June 2008) shall not at any time in the
period to an including the financial quarter ending 30 June 2008 be less than 2.0, and thereafter not be less than 2.5. 
  

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	23.6	Current ratio 

 The Parent
shall ensure that the ratio of Current Assets to Current Liabilities measured at the end of each Measurement Period (starting with the financial quarter ending 30 June 2008) shall not at any time be less than 1.00, provided however that in
relation to the financial quarter ending 30 June 2008, the amount outstanding at that time under the Unsecured Bond Loan Agreement shall not be included in the calculation of Current Liabilities for the purpose of this Clause. 
  

	23.7	Equity ratio 

 The Parent
shall ensure that the ratio of Value Adjusted Equity to Value Adjusted Total Assets measured at the end of each Measurement Period (starting with the financial quarter ending 30 September 2008) shall not at any time be less than 0.25.

  

	23.8	Capital Expenditure 

 The
Parent shall ensure that the Capital Expenditure measured the end of each financial year shall not in any financial year exceed USD 50,000,000 (or the equivalent in any other currencies), and in the event of Capital Expenditure in excess of USD
30,000,000 in relation to the investment in one asset or group of assets, the Parent shall prior to the relevant Capital Expenditure being committed, present a finance plan to the Agent, which plan shall be accepted in writing by the Agent (acting
on the instructions of the Majority Banks) before the relevant Capital Expenditure is committed. 
  

	24	EVENT OF DEFAULT 

  

	24.1	Event of Default 

 Each of
the events set out in Clauses 24.2 to 24.17 (inclusive) is an Event of Default. 
  

	24.2	Non-payment 

 An Obligor
does not pay on the due date an amount payable by it under any Finance Document at the place at, and in the currency in, which it is expressed to be payable, provided that if, such failure to pay has arisen as a consequence of an administrative or
technical error only, then such event shall not be an Event of Default unless such failure continues for a period in excess of three (3) Business Days. 
  

	24.3	Breach of other obligations 

 A member of the Group does not comply with any provision of a Finance Document to which it is a party (not otherwise specifically referred to in this Clause 24), provided that if such non-compliance is, in the opinion of the Agent, capable
of remedy: 
  

	 	(i)	the Agent notifies the Borrowers of such non-compliance; and 

  

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	 	(ii)	such non-compliance remains unremedied for a period exceeding ten (10) Business Days. 

 For the avoidance of doubt, a breach of Clause 22.6 (Insurances) is not capable of remedy. 
  

	24.4	Misrepresentation 

 A
representation, warranty or statement made or repeated in or in connection with any Finance Document or in any document delivered by or on behalf of any Obligor under or in connection with a Finance Document was incorrect or misleading in any
material respect when made or deemed to be made or repeated. 
  

	24.5	Breach of financial covenants 

 The financial covenants set out in Clause 23.3 (Minimum liquidity) to 23.8 (Capital Expenditure) (both inclusive) are not complied with. 
  

	24.6	Cross-default 

 Any of the
following occurs in respect of any member of the Group (other than a Project Company), DryShips Inc. or any other person controlling (directly or indirectly) 1/3 or more of the shares in the Parent: 
  

	 	(i)	any of its Financial Indebtedness (other than the obligations under the Finance Documents) is not paid when due (after the expiry of any originally applicable grace
period); 

  

	 	(ii)	any of its Financial Indebtedness where it is a guarantor is not paid, unless contested in good faith, when due; 

  

	 	(iii)	any of its Financial Indebtedness: 

  

	 	a.	becomes prematurely due and payable; 

  

	 	b.	is placed on demand; or 

  

	 	c.	is declared by a creditor to be prematurely due and payable or being placed on demand, 

 in each case, as a result of an event of default (howsoever described); or 
  

	 	(iv)	any commitment for its Financial Indebtedness is cancelled or suspended as a result of an event of default (howsoever described), 

 provided, however, that no Event of Default will occur under this Clause 24.6 if the aggregate amount of Financial Indebtedness or commitment
for Financial Indebtedness falling within paragraphs (i) to (iv) above is less than USD 1,500,000 (or its equivalent in other currencies). 
  

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	24.7	Liens 

 A maritime or
other lien (not being a lien for crew’s wages, salvage or a lien arising solely by operation of law and/or in the ordinary course of business), arrest, distress or similar charge is levied upon, or against any Unit, the Earnings, any Earnings
Account or any other assets of any Obligor and is not discharged within fifteen (15) Business Days after the relevant Obligor became aware of the same, or unless the Finance Parties have been provided with additional security in such form and
for such amounts as the Majority Banks may require. 
  

	24.8	Loss of property 

 A
substantial part of any Obligor’s business or assets is destroyed, abandoned, seized, appropriated or forfeited for any reason provided, in the reasonable opinion of the Agent, that such occurrence will adversely affect that Obligor’s
ability to perform its obligations under the Transaction Documents to which it is a party. 
  

	24.9	Insolvency 

  

	(a)	Any member of the Group is, or for the purpose of law is deemed to be, unable to pay its debts as they fall due by reason of actual or anticipated financial
difficulties or becomes insolvent, or admits inability or intention not to pay its debts as they are due; or 

  

	(b)	any member of the Group, by reason solely of financial difficulties, begins negotiations with its creditors with a view to the readjustment or rescheduling of any of
its indebtedness; or any step is taken with a view to an arrangement with its creditors; or 

  

	(c)	a meeting of any member of the Group is convened for the purpose of considering any resolution for its winding-up or its administration or any such resolution is
passed, ordered, or requested; or 

  

	(d)	any other step (including petition (other than a frivolous or vexatious petition which is contested in good faith or set aside within 30 days after a Borrower or the
relevant member of the Group became aware of the same), proposal or convening a meeting) is taken with a view to the administration, liquidation, winding-up (other than a solvent winding-up), dissolution or general debt negotiations of any member of
the Group or any other insolvency proceedings involving a member of the Group, 

 provided, however, that no Event
of Default shall occur if any of the circumstances set out in this Clause 24.9 are applicable only to a Project Company. 
  

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	24.10	Appointment of receiver, etc. 

 Any liquidator, receiver, administrator or the like is appointed or requested to be appointed in respect of any member of the Group (other than a frivolous or vexatious petition which is contested in good faith), provided, however, that no
Event of Default shall occur if any of the circumstances set out in this Clause 24.10 are applicable only to a Project Company. 
  

	24.11	Analogous proceedings 

 There occurs, in relation to any member of the Group, any event or circumstance which, in the reasonable opinion of the Majority Banks, appears to correspond with those mentioned in Clauses 24.9 (Insolvency) or 24.10
(Appointment of receiver, etc.), provided, however, that no Event of Default shall occur if any of the circumstances set out in this Clause 24.11 are applicable only to a Project Company. 
  

	24.12	Cessation of business 

 Any Obligor ceases or threatens to cease to carry on its business or changes its business, whether by one or a series of transactions, without the prior written consent of the Majority Banks. 
  

	24.13	Authorisations and consents 

 Any authorisation or consent required in connection with the entry into, performance, validity or enforceability of any of the Transaction Documents or any of the transactions contemplated thereby, or the business of any of the Obligors, is
revoked, terminated or modified, or otherwise ceases to be in full force and effect, in a manner unacceptable to the Majority Banks. 
  

	24.14	Effectiveness of Finance Documents 

  

	(a)	It is or becomes impossible or unlawful for any Obligor to perform any of its obligations under the Finance Documents. 

  

	(b)	Any Finance Document does not at any time constitute legal, valid, binding and enforceable obligations in all respects of an Obligor being a party thereto, and, if in
the reasonable opinion of the Agent capable of remedy, is not remedied to the satisfaction of the Agent within ten (10) Business Days after a Borrower or the relevant Obligor became or should have become aware of such event, or is alleged by an
Obligor not to constitute its legal, valid, binding and enforceable obligations in any respect for any reason. 

  

	(c)	A Security Document does not create the security it purports to create and the Borrowers do not within five (5) Business Days after receipt of notice from the
Agent execute or procure the execution of such documentation as required by the Agent in order to remedy such defect, or if not, in the opinion of the Agent, remediable, the Borrowers do not within five (5) Business Days after receipt of a
draft of security documentation procure that additional valid and duly perfected security of equal value to the security constituted by the relevant Security Document is put in place. 

  

	(d)	An Obligor repudiates a Finance Document or evidences an intention to repudiate a Finance Document. 

  

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	24.15	Material adverse change 

 Any event or series of events occurs which, in the reasonable opinion of the Majority Banks, may have a material adverse effect on the ability of any of the Obligors to comply with its obligations under any of the Transaction Documents to
which it is a party. 
  

	24.16	Accession 

 A member of
the Group does not accede to this Agreement in accordance with Clause 31.8 (Additional Guarantors) or deliver any of the documents required to be delivered to the Agent thereunder within the time and in the form and substance
required thereunder. 
  

	24.17	Eirik Raude – Employment Contracts 

 Any member of the Group does not (unless such non-payment is a direct result of a reduction in the payments by Tullow Oil Plc under the New Eirik Raude Qualifying Contract which is made in accordance with
the terms of the New Eirik Raude Qualifying Contract) pay on the due date thereof any amount payable by it under any Employment Contract entered into in respect of “Eirik Raude” at the place at, and in the currency in, which it is
expressed to be payable, provided that if, such failure to pay has arisen as a consequence of an administrative or technical error only, then such event shall not be an Event of Default unless such failure continues for a period in excess of three
(3) Business Days. 
  

	24.18	Acceleration 

 On and at
any time after the occurrence of an Event of Default (unless remedied during any applicable remedy period), the Agent may, and shall if so directed by the Majority Banks, by notice to the Borrowers:- 
  

	 	(i)	cancel the Total Commitment or any part thereof, whereupon it shall immediately be cancelled; and/or; 

  

	 	(ii)	declare that all or part of the Loans, together with accrued interest, and all other amounts accrued or outstanding under any Finance Document be immediately due and
payable, whereupon they shall become immediately due and payable; and/or 

  

	 	(iii)	declare that all or part of the Loans be payable on demand, whereupon it shall immediately become payable on demand by the Agent on the instructions of the Majority
Banks; and/or 

  

	 	(iv)	 demand immediate cash collateral cover to be deposited with the Agent in amounts and currencies identical to the amounts representing the maximum
contingent liability under the Letter of Credit, plus any outstanding costs, fees, interests and/or expenses, whereupon the Borrowers shall pay such amounts to the Agent which amounts shall be placed on a blocked deposit account with the Agent
bearing interest at the Agent’s usual rate for comparable deposits (so entitled as to indicate the interest of the Agent (on behalf of the Guarantee Bank) in such account) and the Borrowers agree that such amounts may be applied in fulfilment
pro tanto of

  

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the Borrowers’ obligations hereunder and that the amounts so deposited will only be released to the Borrowers as and to the extent that they exceed the aggregate of the maximum contingent
liability under the Letter of Credit and any outstanding costs, fees, interests and expenses. 

  

	 	(v)	without prejudice to any other rights of the Finance Parties, with or without notice to any of the Obligors, take such other action as is available to the Finance
Parties under any Finance Document. 

  

	25	THE AGENT AND THE ARRANGERS 

  

	25.1	Appointment as Agent 

 Each of the other Finance Parties hereby appoints the Agent to act as its agent under and in connection with the Finance Documents, and authorises the Agent on its behalf to perform the duties and to exercise the rights, powers and
discretions that are specifically delegated to it under or in connection with the Finance Documents, together with any other incidental rights, powers and discretions. The Agent shall have only those duties which are expressly specified in a Finance
Document. 
  

	25.2	Relationship 

 The
relationship between the Agent and the other Finance Parties is that of agent and principal only and Agent shall not have any fiduciary relationship with or be a trustee for any other Party or any other person. 
  

	25.3	Majority Banks’ directions 

 The Agent will be fully protected if it acts in accordance with the instructions of the Majority Banks (save where any Finance Document provides for instructions by all the Banks) in connection with the exercise of any right, power or
discretion or any matter not expressly provided for in any Finance Document. Any such instructions given by the Majority Banks will be binding on the Agent and all the other Finance Parties. In the absence of such instructions, the Agent may act in
relation thereto as it considers to be in the best interests of all the Finance Parties. The Agent may not commence legal proceedings in a other Finance Party’s name without its consent. 
  

	25.4	Responsibility for documentation 

 Neither the Agent, nor any of its officers, employees or agents is responsible to any other Party for: 
  

	 	(i)	the execution, genuineness, validity, enforceability or sufficiency of any of the Finance Documents or any other document; 

  

	 	(ii)	the collectability of amounts payable under any of the Finance Documents; or 

  

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	 	(iii)	the accuracy of any statements (whether written or oral) made in or in connection with any of the Finance Documents. 

  

	25.5	Default 

  

	(a)	The Agent is not obliged to monitor or enquire as to whether or not a Default has occurred. The Agent will not be deemed to have knowledge of the occurrence of a
Default (unless it has actual knowledge of a Default arising under Clause 24.2 (Non-payment)). However, if the Agent receives notice from a Party referring to this Agreement, describing the Default and stating that the event is a Default, or
if the Agent in this capacity has otherwise acquired actual knowledge of a Default, it shall promptly notify the other Finance Parties. 

  

	(b)	The Agent may require security satisfactory to it from any Finance Party, whether by way of payment in advance or otherwise, against any liability or loss which it will
or may incur in taking any proceedings or action arising out of or in connection with any of the Finance Documents before it commences those proceedings or takes that action. 

  

	25.6	Exoneration 

  

	(a)	Without limiting paragraph (b) below, the Agent will not be liable to any other Finance Parties for any action taken or not taken by it under or in connection with
any of the Finance Documents, unless caused by its gross negligence or wilful misconduct. 

  

	(b)	No Party may take any proceedings against any officer or employee of the Agent in respect of any claim it might have against the Agent or in respect of any act or
omission of any kind (including negligence or wilful misconduct) by that officer or employee in relation to any of the Finance Documents. 

  

	(c)	Except as specifically provided in the Finance Documents, the Arrangers do not have any obligations of any kind to any other Party under or in connection with any
Finance Document. 

  

	25.7	Reliance 

 The Agent and
each Arranger may: 
  

	 	(i)	rely on any notice or document reasonably believed by it to be genuine and correct and to have been signed by, or with the authority of, the proper person;

  

	 	(ii)	rely on any written statement made by a director or employee of any person regarding any matters which may reasonably be assumed to be within his knowledge or within
his power to verify; and 

  

	 	(iii)	engage, pay for and rely on legal or other professional advisers selected by it (including those in the Agent’s employment and those representing a Party other
than the Agent). 

  

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	25.8	Approval and appraisal 

 Without affecting the responsibility of the Borrowers for information supplied by it or on its behalf in connection with any of the Finance Documents, each of the other Finance Parties confirms to the Agent that it: 
  

	 	(i)	has made its own independent investigation and assessment of the financial condition and affairs of each Obligor in connection with its participation in the Finance
Documents; and 

  

	 	(ii)	will continue to make its own independent appraisal of the creditworthiness of each Obligor at all times during the Loan Period. 

  

	25.9	Information 

  

	(a)	The Agent shall forward to the relevant person the original or a copy of any document which is delivered to the Agent by a Party for that person.

  

	(b)	The Agent shall supply each Bank with a copy of each document received by the Agent under Clause 3 (Conditions precedent).

  

	(c)	Except where this Agreement specifically provides otherwise, the Agent is not obliged to review or check the accuracy or completeness of any document which it forwards
to another Party. 

  

	(d)	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 Finance Parties. 

  

	(e)	If the Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party under this Agreement it shall notify the
other Finance Parties. 

  

	25.10	The Agent and the Arrangers as Banks 

  

	(a)	The Agent and the Arrangers, as Banks, have the same rights, powers, obligations and liabilities under the Finance Documents as any other Bank and may exercise those
rights and powers as though they were not, as the case may be, the Agent or an Arranger. 

  

	(b)	The Agent and each Arranger may:- 

  

	 	(i)	carry on any business with the Obligors and/or their related entities; 

  

	 	(ii)	act as agent or trustee for, or in relation to, any financing involving the Obligors and/or their related entities; and 

  

	 	(iii)	retain any profits or remuneration in connection with its activities as Agent or Arranger under this Agreement or in relation to any of the foregoing.

  

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	25.11	Indemnities 

  

	(a)	Without limiting the liability of the Obligors under this Agreement, each Bank shall forthwith on demand indemnify the Agent for its proportion of any liability or loss
incurred by the Agent in any way relating to or arising out of its acting as Agent, except to the extent that the liability or loss arises from the Agent’s gross negligence or wilful misconduct. 

  

	(b)	A Bank’s proportion of the liability or loss set out in paragraph (a) above will be the proportion which its Commitment bears to the Total Commitment at the
date of demand or, if the Total Commitment has then been cancelled, bore to the Total Commitment immediately before being cancelled. 

  

	(c)	The Borrowers shall forthwith on demand reimburse each Bank for any payment made by it under paragraph (a) above. 

  

	(d)	Without prejudice to the liability of the Borrowers, each Bank shall on demand reimburse to the Agent the amount of such Bank’s pro rata share of charges and
expenses covered by Clause 27 (Expenses) but not then reimbursed by the Borrowers. 

  

	25.12	Compliance 

  

	(a)	The Agent may refrain from doing anything which might, in its opinion, constitute a breach of any law or regulation or be otherwise actionable at the suit of any
person, and may do anything which, in its opinion, is necessary or desirable to comply with any law or regulation of any jurisdiction. 

  

	(b)	Without limiting paragraph (a) above, the Agent shall not disclose any information relating to the Obligors or any other person if the disclosure might, in the
reasonable opinion of the Agent, constitute a breach of any law or regulation or any duty of secrecy or confidentiality or be otherwise actionable at the suit of any person. 

  

	25.13	Resignation of the Agent 

  

	(a)	Notwithstanding its appointment, the Agent may resign by giving notice to the Banks and the Borrowers, in which case the Majority Banks may, after consultation with the
Borrowers, appoint a successor Agent. 

  

	(b)	If the appointment of a successor Agent is to be made by the Majority Banks but they have not, within 45 days after notice of resignation, appointed a successor Agent
which accepts the appointment, the retiring Agent may, after consultation with the Borrowers, appoint another bank to act as its successor. 

  

	(c)	The resignation of the retiring Agent and the appointment of a successor will each become effective only upon the successor Agent notifying all the Parties that it
accepts its appointment. On giving the notification, the successor Agent will succeed to the position of the retiring Agent and the term “Agent” will mean the successor Agent. 

  

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	(d)	The retiring Agent shall, at its own cost, execute and make available to its successor such documents and records and provide such assistance as its successor may
reasonably request for the purposes of performing its functions as the Agent under the Finance Documents. 

  

	(e)	Upon its resignation becoming effective, this Clause 25 shall continue to benefit the retiring Agent in respect of any action taken or not taken by it under or in
connection with the Finance Documents while it was the Agent and, subject to paragraph (d) above, it shall have no further obligation as Agent under the Finance Documents. 

  

	(f)	If the Majority Banks so direct, the Agent shall resign in accordance with paragraph (a) above. 

  

	26	FEES 

  

	26.1	Commitment fee 

  

	(a)	The Borrowers shall pay to the Agent (for distribution to the Senior Banks in accordance with a separate agreement between the Agent and each Senior Bank) a commitment
fee calculated at the rate of 0.50 per cent. per annum of (i) the undrawn part of the Total Term Loan Facility Commitment during the period beginning on the date agreed separately between the Agent and the Borrower and ending on the last
day of the Availability Period in respect of the Term Loan Facility and (ii) the undrawn part of the Total Revolving Credit Facility A Commitment during the period beginning on the date agreed separately between the Agent and the Borrower and
ending on the last day of the Availability Period in respect of Revolving Credit Facility A, payable for the first time on the date occurring three (3) months after the date of the Original Facility Agreement and thereafter quarterly in arrears
during such period. 

  

	(b)	The Borrowers shall pay to the Agent (for distribution to the Junior Banks in accordance with a separate agreement between the Agent and each Junior Bank) a commitment
fee calculated at the rate set out in the Margin and Fee Letter of the undrawn parts of the Total Revolving Credit Facility B Commitment and the Total Revolving Credit Facility C Commitment during the period beginning on the date agreed separately
between the Agent and the Borrower and ending on the last day of the Availability Period in respect of Revolving Credit Facility B and Revolving Credit Facility C respectively, payable for the first time on the date occurring three (3) months
after the date of the Original Facility Agreement and thereafter quarterly in arrears during such period. 

  

	26.2	Arrangement fee 

 The
Borrowers shall pay to the Arrangers (for distribution in its sole discretion to the Banks) the non-refundable arrangement fee specified in the Margin and Fee Letter at the time and in the amount specified therein. 
  

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	26.3	Agency fee 

 The Borrowers
shall pay to the Agent (for its own account) the non-refundable annual agency fee specified in the Margin and Fee Letter at the time and in the amount specified therein. 
  

	27	EXPENSES 

  

	27.1	Initial and special costs 

 The Borrowers shall promptly following demand pay to the Agent the amount of all costs and expenses (including external legal fees and fees to a marine insurance broker) properly and reasonably incurred and documented by the Agent in
connection with: 
  

	 	(i)	the mandate, evaluation, negotiation, syndication, travelling, preparation, due diligence, printing and execution of the Finance Documents and any other documents
referred to in the Finance Documents; 

  

	 	(ii)	any amendment, waiver, consent or suspension of rights (or any proposal for any of the foregoing) requested (or, in the case of a proposal, made) by or on behalf of an
Obligor and relating to any of the Finance Documents or a document referred to in any of the Finance Documents; 

  

	 	(iii)	the release and/or discharge of any security granted pursuant to the Security Documents; and 

  

	 	(iv)	any other matter, not of an ordinary administrative nature, directly arising out of or in connection with any of the Finance Documents. 

  

	27.2	Enforcement costs 

 The
Obligors shall promptly following demand pay to the Agent and/or any other Finance Party (as the case may be) the amount of all costs and expenses (including external and internal legal fees) properly incurred by it in connection with the
enforcement of or the preservation of, any rights under any of the Finance Documents. 
  

	28	INDEMNITIES 

  

	28.1	Currency indemnity 

  

	(a)	If a Finance Party receives an amount in respect of an Obligor’s liability under any of the Finance Documents (or in respect of a claim, proof, judgement or order
into which such liability is converted) in a currency other than the currency (the “contractual currency”) in which the amount is expressed to be payable under the relevant Finance Document, that Obligor shall indemnify that Finance
Party as an independent obligation against any loss or liability arising out of or as a result of the conversion. 

  

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	(b)	The Obligors waive any right they may have by law to pay any amount under this Agreement in a currency other than the contractual currency. 

  

	28.2	Other indemnities 

 The
Obligors shall forthwith on demand indemnify each Finance Party against any loss or liability (including funding breakage costs) which that Finance Party properly and reasonably incurs and which the Finance Party certifies (in a certificate
containing reasonable detail) that it has incurred as a consequence of: 
  

	 	(i)	the occurrence of any Event of Default; 

  

	 	(ii)	the operation of Clause 24.18 (Acceleration); 

  

	 	(iii)	any repayment or prepayment of principal or payment of an overdue amount being made otherwise than on the last day of an Interest Period (or other period selected under
Clause 11.3 (Default interest)) relative to the amount so repaid, prepaid or paid; or 

  

	 	(iv)	a Loan not being made available after a Borrower has delivered a Drawdown Notice or a Loan (or part of a Loan) not being prepaid or cancelled in accordance with a
notice of prepayment or cancellation. 

 The liability of the Obligors in each case includes
any loss of margin or other loss or expense on account of funds borrowed, contracted for or utilised to fund any amount payable under any of the Finance Documents, or any amount repaid or prepaid on the Loans, but the Obligors’ liability shall in no circumstances extend to any loss or
expense to the extent that it arises as a consequence of any gross negligence or wilful default of a Bank. 
  

	29	CALCULATIONS 

 Interest,
guarantee commission and commitment fees accrue from day to day and are calculated on the basis of the actual number of days elapsed and a year of 360 days. 
  

	30	AMENDMENTS AND WAIVERS 

  

	30.1	Procedure 

  

	(a)	Subject to Clause 30.2 (Exceptions), any term of a Finance Document may be amended or waived with the written agreement of the Borrowers and the
Majority Banks (or if authorised by the Majority Banks, the Agent). The Agent shall effect, on behalf of all Finance Parties, any amendment or waiver which has been so agreed. 

  

	(b)	The Agent shall promptly notify all other Finance Parties of any amendment or waiver effected under paragraph (a) above and any such amendment or waiver shall be
binding on all Finance Parties. 

  

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	30.2	Exceptions 

  

	(a)	An amendment or waiver which relates to: 

  

	 	(i)	the definition of “Majority Banks”; 

  

	 	(ii)	any postponement, or alteration in the amount or currency, or waiver, of any payment of principal, interest, Applicable Margin, commitment fee, costs or any other
amount payable to the Banks under any Finance Document; 

  

	 	(iii)	the release of any security constituted by the Security Documents; 

  

	 	(iv)	a term of any Finance Document which expressly requires the consent of each Bank; 

  

	 	(v)	any variation of Clauses 2.5 (Nature of rights and obligations of the Borrowers), 2.6 (Nature of rights and obligations of the
Banks), 13 (Security), 14 (Coordination of Senior Security Documents and Junior Security Documents), 16 (Market disruption), 17 (Increased costs), 19
(Illegality), 25 (The Agent and the Arrangers), 26 (Fees), 33 (Distribution and pro rata sharing), or this Clause 30; 

  

	 	(vi)	any change to the Total Commitment; 

  

	 	(vii)	the release or addition of any Borrower under this Agreement; 

  

	 	(viii)	the release of any Guarantor from its obligations under this Agreement other than where such Guarantor is not the Parent or an Owner and has ceased to be a Group
Contract Party; or 

  

	 	(ix)	any admission of joint and several liability; 

 may not be effected without the consent of each Bank. 
  

	(b)	Subject to paragraph (a) above, any term of a Finance Document may be amended or waived with the written consent of the Majority Senior Banks (or if authorised by
the Majority Senior Banks, the Agent). 

  

	(c)	No amendment or waiver which affects the rights of the Agent or the Junior Banks under a Junior Security Document may be effected without the consent of the Junior
Banks. 

  

	(d)	No amendment or waiver which affects the rights or obligations of the Agent or an Arranger may be effected without the consent of the Agent or the relevant Arranger (as
the case may be). 

  

	30.3	Waivers and remedies cumulative 

 The rights of each Finance Party under the Finance Documents: 
  

	 	(i)	may be exercised as often as necessary; 

  

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	 	(ii)	are cumulative and not exclusive of its rights under the general law; and 

  

	 	(iii)	may be waived only in writing. 

 No delay in exercising, or failure to exercise, any such right is a waiver of that right. 
  

	31	CHANGES TO THE PARTIES 

  

	31.1	Transfer by the Obligors 

 No Obligor may assign, transfer or dispose of any of, or any interest in, their rights and/or obligations under any of the Finance Documents. 
  

	31.2	Transfers by Banks 

 Subject to this Clause 31, a Bank (the “Existing Bank”) may (as long as no Default has occurred and is continuing, subject to the consent of, and without incurring any additional cost for, the Borrowers (unless the
transfer is to another Bank or an affiliate of a Bank), which consent shall not be unreasonably withheld or delayed and which shall be deemed to have been given ten (10) Business Days after being sought unless expressly refused within that
period) upon receiving the written approval of the Agent (such approval not to be unreasonably withheld or delayed) transfer all or any of its rights and/or obligations under the Finance Documents to another bank or financial institution (the
“New Bank”). 
  

	31.3	Procedure for transfer 

  

	(a)	To effect a transfer under Clause 31.2, the Existing Bank shall notify the Agent in writing of the proposed transfer, setting out the amount that it proposes to
transfer and the identity of the bank or financial institution to which it proposes to make the transfer (the “Proposed Transferee”). 

  

	(b)	The Agent shall have first right of refusal, to be exercised within fifteen (15) Business Days after receipt of the notice referred to in paragraph (a) above,
to assume the rights and obligations of the Proposed Transferee in relation to the proposed transfer and become the New Bank. 

  

	(c)	The Existing Bank and the New Bank (the Agent or the Proposed Transferee (as the case may be)) shall duly complete and execute a Transfer Certificate and deliver it to
the Agent. 

  

	(d)	As soon as reasonably practicable after receipt, the Agent shall execute the Transfer Certificate on behalf of itself, the Borrowers and each of the other Banks, and
send a copy of the fully executed Transfer Certificate to the Borrowers, the Existing Bank, the New Bank and each of the other Banks. 

  

	(e)	A Transfer Certificate shall become effective on the date specified in the Transfer Certificate as its effective date or, if later, on the date on which it is signed by
the Agent. 

  

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	(f)	Each New Bank shall on or before the date the Transfer Certificate becomes effective pay to the Agent a transfer fee in the amount of USD 1,500.

  

	31.4	Authorisation of Agent to sign Transfer Certificates 

 Each Borrower and each Bank irrevocably authorises the Agent to sign Transfer Certificates on its behalf. 
  

	31.5	Effect of Transfer Certificate 

 A Transfer Certificate takes effect as follows: 
  

	 	(a)	to the extent specified in the Transfer Certificate, all rights and interests which the Existing Bank has under or by virtue of the Finance Documents are assigned to
the New Bank absolutely, free of any defects in the Existing Bank’s title and of any rights or equities which a Borrower or any other Obligor might have against the Existing Bank; 

  

	 	(b)	the Existing Bank’s Commitment is discharged to the extent specified in the Transfer Certificate; 

  

	 	(c)	the New Bank becomes a Bank with a Participation and/or (as the case may be) a Commitment of an amount specified in the Transfer Certificate; 

 

	 	(d)	the New Bank becomes bound by all the provisions of the Finance Documents which are applicable to the Banks generally and, to the extent that the New Bank becomes bound
by those provisions as specified in the Transfer Certificate, the Existing Bank ceases to be bound by them (other than those relating to exclusion of liability); 

  

	 	(e)	any Loan or part thereof which the New Bank, advances after the transfer takes effect will rank as to priority and security in the same way as it would have ranked had
it been advanced by the Existing Bank, assuming that any defects in the Existing Bank’s title and any rights or equities of a Borrower or any other Obligor against the Existing Bank had not existed; 

  

	 	(f)	the New Bank becomes entitled to all the rights under the Finance Documents which are applicable to the Banks generally and, to the extent that the New Bank becomes
entitled to such rights as specified in the Transfer Certificate, the Existing Bank ceases to be entitled to them; and 

  

	 	(g)	in respect of any breach of a provision of a Finance Document or any misrepresentation made in or in connection with a Finance Document, the New Bank shall be entitled
to recover damages by reference to the loss incurred by it as a result of the breach or misrepresentation, irrespective of whether the Existing Bank (or any prior transferor) would have incurred a loss of that kind or amount.

  

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	31.6	Maintenance of register of Banks 

  

	(a)	During the Loan Period, the Agent shall maintain a register in which it shall record the name, Commitment, Participation and administrative details (including the
lending office) from time to time of each Bank and the Agent shall make the register available for inspection by any Bank and the Borrowers during normal banking hours, subject to receiving at least three (3) Business Days prior notice.

  

	(b)	The entries on that register shall, in the absence of manifest error, be conclusive in determining the identities of the Banks, the amounts of their Commitments and
Participations and the effective dates of Transfer Certificates. 

  

	31.7	Change of lending office 

 A Bank may change its lending office by giving notice to the Agent and the change shall become effective on the later of: 
  

	 	(a)	the date on which the Agent receives the notice; and 

  

	 	(b)	the date, if any, specified in the notice as the date on which the change will come into effect. 

  

	31.8	Additional Guarantors 

  

	(a)	The Parent shall procure that each of its Subsidiaries which becomes a Group Contract Party after the Signing Date and each of its Subsidiaries which is or becomes a
direct or indirect shareholder in such Subsidiaries, shall accede to this Agreement as an Additional Guarantor (unless such Subsidiary is already a Guarantor) by delivering to the Agent the relevant documents and evidence listed in Part II of
Schedule 6 (Condition precedent documents for an Additional Guarantor) in a form and substance satisfactory to the Agent. Such documents shall be delivered to the Agent within the earlier of (i) the date occurring 20
Business Days after the entering into of the relevant Employment Contract and (ii) the date when charter hire or other remuneration starts to accrue under the relevant Employment Contract. 

  

	(b)	The relevant Subsidiary will become an Additional Guarantor when the Agent notifies the Banks and the Borrowers that it has received all of the documents and evidence
referred to in paragraph (a) above in form and substance satisfactory to it, or on such earlier date as the Agent (acting on the instructions of the Banks) notifies the Banks and the Borrowers that the relevant Subsidiary has become an
Additional Guarantor. 

  

	(c)	Delivery of an Accession Agreement, executed by the relevant Subsidiary and the Parent, to the Agent constitutes confirmation by that Subsidiary and the Parent that the
representations and warranties set out in Clause 21 (Representations and warranties) are then correct. 

  

	31.9	Resignation of Borrowers 

 On the Restructuring Implementation Date, Ocean Rig ASA and Ocean Rig Norway AS shall automatically cease to be Borrowers under this Agreement, and Drill Rigs Holdings Inc. shall remain the sole Borrower under this Agreement and shall
automatically assume the liabilities of Ocean Rig ASA and Ocean Rig Norway AS as Borrowers under this Agreement and the other Finance Documents. 
  

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	31.10	Resignation of Guarantors 

 On the Restructuring Implementation Date, Ocean Rig ASA, Ocean Rig Norway AS, Ocean Rig 1 AS, Ocean Rig 2 AS and Ocean Rig North Sea AS shall automatically cease to be Guarantors under this Agreement. 
  

	32	DISCLOSURE OF INFORMATION 

  

	32.1	Restrictions on use of information 

 Any information relating to the Obligors shall be used by the Finance Parties only for the purposes of this Agreement and shall be held in confidence and, subject to Clause 32.2
(Exceptions), not disclosed to any person without the prior written consent of a Borrower. Any such consent may be given by a Borrower subject to compliance with any stipulated conditions. 
  

	32.2	Exceptions 

 A Finance
Party shall not require the consent of the Borrowers for the disclosure of any information required to be disclosed by law or for the disclosure of any information disclosed in the circumstances described below, namely: 
  

	 	(i)	to a Subsidiary, its parent company or another Subsidiary of its parent company; or 

  

	 	(ii)	to its professional advisers or any banking or other regulatory or examining authorities (whether governmental or otherwise) with whose instructions banks are
accustomed to comply; or 

  

	 	(iii)	to any person with whom it is proposing to enter, or has entered into, any kind of transfer, participation or other agreement in relation to the Finance Documents, but
only after such Bank has received from such person an undertaking in writing as to confidentiality; or 

  

	 	(iv)	which is or has become publicly available otherwise than in breach of this Clause 32. 

  

	33	DISTRIBUTION AND PRO RATA SHARING 

  

	33.1	Distribution 

 All moneys
from time to time received or recovered by the Agent in connection with the realisation and enforcement of all or any part of the security granted by this Agreement and the Security Documents and/or any of the claims of the Finance Parties under the
Finance Documents shall be held by the Agent on trust to apply them as soon as reasonably practicable and to the extent permitted by applicable law, in the following order of priority: 
  

	 	(i)	firstly, in or towards payment of costs and expenses incurred by the Agent and the other Finance Parties in connection with such realisation and enforcement;

  

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	 	(ii)	secondly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents in relation to the Senior Facilities; and

  

	 	(iii)	thirdly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents in relation to the Junior Facilities.

  

	33.2	Redistribution 

 If any
amount owing by an Obligor under any of the Finance Documents to a Bank (the “recovering Bank”) is discharged by payment, set-off or any other manner except through the Agent in accordance with Clause 12
(Payments) (a “recovery”), then: 
  

	 	(i)	the recovering Bank shall, within three (3) Business Days, notify details of the recovery to the Agent; 

  

	 	(ii)	the Agent shall determine whether the recovery is in excess of the amount which the recovering Bank would have received had the recovery been received by the Agent and
distributed in accordance with Clause 12 (Payments); 

  

	 	(iii)	subject to Clause 33.4 (Exceptions), the recovering Bank shall within three (3) Business Days of demand by the Agent pay to the Agent an
amount (the “redistribution”) equal to that excess; 

  

	 	(iv)	the Agent shall treat the redistribution as if it were a payment by the relevant Obligor under Clause 12 (Payments) and shall pay the
redistribution to the Banks (other than the recovering Bank) in accordance with Clause 12.7 (Partial payments); and 

  

	 	(v)	after payment of the full redistribution, the recovering Bank will be subrogated to the portion of the claims paid under item (iv) above and the relevant Obligor
will owe the recovering Bank a debt which is equal to the redistribution, immediately payable and of the type originally discharged. 

  

	33.3	Reversal of redistribution 

 If, following a recovery under Clause 33.2 (Redistribution): 
  

	 	(i)	a recovering Bank becomes obliged to return a recovery, or an amount measured by reference to a recovery, to an Obligor; and 

  

	 	(ii)	the recovering Bank has paid a redistribution in relation to that recovery, 

  

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 each Bank shall, within three (3) Business Days of demand by the recovering Bank
through the Agent, reimburse the recovering Bank all or the appropriate portion of the redistribution paid to that Bank. Thereupon, the subrogation in Clause 33.2 (v) will operate in reverse to the extent of the reimbursement. 
  

	33.4	Exceptions 

  

	(a)	A recovering Bank need not pay a redistribution to the extent that it would not, after the payment, have a valid claim against the relevant Obligor in the amount of the
redistribution pursuant to Clause 33.2 (v). 

  

	(b)	A Bank is not entitled to participate in a redistribution if the redistribution results from the proceeds of a judicial enforcement order obtained by the recovering
Bank, and the other Bank had adequate notice of and opportunity to participate in the proceedings concerned or bring its own proceedings but did not do so. 

  

	34	SEVERABILITY 

 If a
provision of any Finance Document is or becomes illegal, invalid or unenforceable in any jurisdiction, that shall not affect the validity or enforceability in that jurisdiction of any other provision of that or any other Finance Document or the
validity or enforceability in other jurisdictions of that or any other provision of that or any other Finance Document. 
  

	35	NOTICES 

  

	35.1	Giving of notices 

 Unless
otherwise specifically provided, all notices or other communications under or in connection with any Finance Document shall be given or made in writing, by letter, telefax or SWIFT. Any such notice or communication addressed as provided in Clause
35.2 (Addresses for notices) shall be deemed to be given or made as follows: 
  

	 	(i)	if by letter, when delivered at the address of the relevant Party; 

  

	 	(ii)	if by telefax or SWIFT, when received. 

 However, a notice given in accordance with the above but received on a day which is not a business day in the place of receipt, or after 3:00 p.m. on such a business day, shall only be deemed to be given at 9:00 a.m. on the next business
day in that place. 
  

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	35.2	Addresses for notices 

  

	(a)	The address, the telefax number and the SWIFT code: 

  

	 	(i)	of the Agent is: 

 DnB NOR Bank
ASA 
 Stranden 21 
 N-0021 Oslo, Norway 
 Attn: Loan Administration 
 Telefax: +47 22 48 28 94 
 SWIFT: DNBANOKK 
  

	 	(ii)	of the Borrowers is: 

 c/o Ocean
Rig ASA 
 Vestre Svanholmen 6, Forus 
 N-4313 Sandnes, Norway 
 Attn: Finance Manager Vidar Høyvik 
 Telefax: +47 51 96 90 99 
 or such other address, telefax number or SWIFT code and/or marked for such other attention as one Party may notify to the other Parties by not less than five (5) Business Days’ prior notice. 
  

	(b)	All notices from or to the Borrowers related to any Finance Document shall be sent through the Agent. 

  

	(c)	The Agent shall, promptly upon request from any Party, give to that Party the address, telefax number or SWIFT code of any other Party applicable at the time for the
purposes of this Clause. 

  

	36	GOVERNING LAW 

 This
Agreement is governed by Norwegian law. 
  

	37	ENFORCEMENT 

  

	37.1	Jurisdiction 

  

	(a)	The courts of Norway have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute regarding the existence,
validity or termination of this Agreement) (a “Dispute”), and any Dispute shall be referred to Oslo district court as the court of first instance. 

  

	(b)	This Clause 37.1 is for the benefit of the Finance Parties only. As a result, no Finance 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 may take concurrent proceedings in any number of jurisdictions. 

  

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	37.2	Service of process 

 Without prejudice to any other mode of service, each Obligor:- 
  

	 	(i)	irrevocably appoints Ocean Rig AS of Vestre Svanholmen nr. 6, Forus, N-4313 Sandnes, Norway, as its agent for service of process relating to any proceedings before the
Norwegian courts in connection with any Finance Document; 

  

	 	(ii)	agrees that failure by its process agent to notify it of the process will not invalidate the proceedings concerned; and 

  

	 	(iii)	consents to the service of process to any such proceedings before the Norwegian courts by prepaid posting of a copy of the process to its address set out in this
Agreement or any Accession Agreement to which it is a party, or its address at any later time notified to the Agent in writing. 

 * * * * * 
  

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 SCHEDULE 1 
 PART I 
 ORIGINAL GUARANTORS 
  

					
	 Name
	  	 Reg, no.
	  	 Registered address

	 Ocean Rig ASA
	  	NO 976 769 643	  	Vestre Svanholmen nr. 6, Forus, N-4313 Sandnes, Norway
			
	 Ocean Rig Norway AS
	  	NO 879 750 172	  	Vestre Svanholmen nr. 6, Forus, N-4313 Sandnes, Norway
			
	 Drill Rigs Holdings Inc.
	  	32563	  	Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960
			
	 Primelead Ltd.
	  	212406	  	Tribune House, 10 Skopa Street, 1075 Nicosia, Cyprus
			
	 Ocean Rig 1 AS
	  	NO 979 750 188	  	Vestre Svanholmen nr. 6, Forus, N-4313 Sandnes, Norway
			
	 Ocean Rig 2 AS
	  	NO 979 750 196	  	Vestre Svanholmen nr. 6, Forus, N-4313 Sandnes, Norway
			
	 Ocean Rig North Sea AS
	  	NO 992 250 941	  	Vestre Svanholmen nr. 6, Forus, N-4313 Sandnes, Norway
			
	 Ocean Rig 1 Inc.
	  	32564	  	Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960
			
	 Ocean Rig 2 Inc.
	  	32566	  	Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960
			
	 Ocean Rig Limited
	  	SC343123	  	Union Plaza, 6th Floor, 1 Union Wynd, Aberdeen AB10 1DQ, Scotland
			
	 Ocean Rig Ghana Limited
	  	CA-47,913	  	33 Labone Crescent, Osu, Accra, Ghana
			
	 Ocean Rig 1 Shareholders Inc.
	  	32565	  	Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960
			
	 Ocean Rig 2 Shareholders Inc.
	  	32567	  	Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960

  

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 SCHEDULE 1 
 PART 2 
 BANKS AND COMMITMENTS 
  

							
	 Banks
	  	 Term Loan Facility
Commitments
	  	 Revolving Credit
Facility A
Commitments

	  	 Revolving Credit
Facility B
Commitments

	 DnB NOR Bank ASA
 Stranden 21
 N-0021 Oslo, Norway
	  	USD 138,666,666.67	  	USD 97,066,666.67	  	USD 146,050,239
				
	 HSH Nordbank AG
 Gerhart-Hauptmann-Platz 50
 D-20095 Hamburg,
 Germany
	  	USD 53,333,333.33	  	USD 37,333,333.33	  	USD 0
				
	 Nordea Bank Norge ASA
 Middelthunsgate 17
 N-0368 Oslo, Norway
	  	USD 53,333,333.33	  	USD 37,333,333.33	  	USD 0
				
	 Skandinaviska Enskilda Banken AB (publ)
 SE-106 40 Stockholm,
 Sweden
	  	USD 53,333,333.33	  	USD 37,333,333.33	  	USD 0
				
	 DVB Bank SE Nordic Branch
 Strandgaten 18
 N-5013 Bergen,
 Norway
	  	USD 26,666,666.67	  	USD 18,666,666.67	  	USD 0
				
	 Deutsche Schiffsbank Aktiengesellschaft
 Domshof 17
 D-28195 Bremen,
 Germany
	  	USD 26,666,666.67	  	USD 18,666,666.67	  	USD 0
				
	 National Bank of Greece S.A.
 86 Eolou ste.
 102 32 Athens, Greece
	  	USD 32,000,000	  	USD 22,400,000	  	USD 0
				
	 Natixis
 68/76 Quai de la
 Rappée
 F-75012 Paris, France
	  	USD 16,000,000	  	USD 11,200,000	  	USD 0
		  	 	  	 	  	 
		  	USD 400,000,000	  	USD 280,000,000	  	USD 146,050,239
		  	 	  	 	  	 

  

 97/132 

					
	 Banks
	  	 Revolving Credit
Facility
C
Commitments
	  	 Guarantee Facility
 Commitments

	 DnB NOR Bank ASA
 Stranden 21
 N-0021 Oslo, Norway
	  	USD 20,000,000	  	USD 20,000,000
		  	 	  	 
		  	USD 20,000,000	  	USD 20,000,000

  

 98/132 

 SCHEDULE 2 
 FORM OF 
 COMPLIANCE CERTIFICATE 
 [Ocean Rig ASA/Drill Rigs Holdings Inc.] 
 (the “Parent”) 
 To be submitted quarterly 
 USD 1,040,000,000 AMENDED AND RESTATED GUARANTEE, REVOLVING CREDIT AND TERM LOAN FACILITY AGREEMENT DATED 19 NOVEMBER 2009 (THE “AGREEMENT”)

 We refer to Clause 22.3 (Compliance Certificates) of the Agreement. Terms used in this Compliance Certificate shall
have the same meaning as in the Agreement. 
 The undersigned, being the chief financial officer of the Parent, hereby confirms that the Group
is in compliance with financial covenants set out in Clause 23 (Financial covenants), that no Event of Default set out in Clause 24 (Event of Default) has occurred or is threatened, that Representations and
Warranties set out in Clause 21 (Representations and warranties) are true in all respects and that each Unit is insured in accordance with the requirements set forth in Clause 22.6 (Insurances). 

Enclosed you will find the relevant calculations demonstrating compliance with financial covenants, together with a schedule containing supporting
calculations. 
  

	
	[{place}], [{date}]
	
	[OCEAN RIG ASA/DRILL RIGS HOLDINGS INC.]
	
	  
	Chief financial officer

  

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 FINANCIAL COVENANTS 
 [quarter] [year] 
 Minimum liquidity:

  

				
	 Free Cash
	  	USD	________
		
	Requirement: Not less than USD 30,000,000	  		
	
	Leverage ratio:
	 EBITDA (a)
	  	USD	 
	 Gross Interest Bearing Debt
	  	USD	 
	 - Cash and Cash Equivalents
	  	USD	     
	 + minimum liquidity requirement
	  	USD	  30,000,000
	 = Net Interest Bearing Debt (b)
	  	USD	 
	 Ratio (b)/(a)
	  	 	________
		
	 Requirement: Ratio not to exceed [    ]
	  		
	
	Interest coverage ratio:
	 EBITDA (a)
	  	USD	 
	 Gross Interest Costs
	  	USD	 
	 - interest and other financing income
	  	USD	 
	 = Net Interest Costs (c)
	  	USD	 
	 Ratio (a)/(c)
	  	 	________
		
	 Requirement: Ratio not to be less than [    ]
	  		
	
	Current ratio:
	 Current Assets (d)
	  	USD	 
	 Current Liabilities (e)
	  	USD	 
	 Ratio (d)/(e)
	  	 	________
		
	 Requirement: Ratio not to be less than 1.00
	  		

  

 100/132 

				
	Equity ratio:
	 Value Adjusted Equity (f)
	  	USD	 
	 Value Adjusted Total Assets (g)
	  	USD	 
	 Ratio (f)/(g)
	  	 	________
		
	 Requirement: Ratio not to be less than 0.25
	  		
	
	Capital Expenditure:
	 Capital Expenditure
	  	USD	  ________
		
	 Requirement: Maximum USD 50,000,000
	  		

  

 101/132 

 FORM OF 
 COMPLIANCE CERTIFICATE 
 [Ocean Rig ASA/Drill Rigs Holdings Inc.] 

 (the “Parent”) 
 To be submitted semi-annually 
 USD 1,040,000,000 AMENDED AND RESTATED GUARANTEE,
REVOLVING CREDIT AND TERM LOAN FACILITY AGREEMENT DATED 19 NOVEMBER 2009 (THE “AGREEMENT”) 
 We refer to the Agreement. This is a
Compliance Certificate. Terms defined in the Agreement have the same meaning in this Compliance Certificate unless given a different meaning in this Compliance Certificate. 
 We confirm that: 
  

	(a)	the Market Value of “Eirik Raude” as per [—] is USD [—];

  

	(b)	the Market Value of “Leiv Eiriksson” as per [—] is USD [—]; 

  

	(c)	Minimum requirement under the Agreement 

	  	(pursuant to Clause 22.26 (Minimum Value)): USD [—] 

  

	(d)	no Event of Default set out in Clause 24 (Event of Default) has occurred or is threatened and that Representations and Warranties set out in Clause 21
(Representations and warranties) are true in all respects. 

 [{place}], [{date}] 
 [OCEAN RIG ASA/DRILL RIGS HOLDINGS INC.] 

	
	
	  
	Authorised signatory

  

 102/132 

 SCHEDULE 3 
 FORM OF 
 DRAWDOWN NOTICE 
  

	To:	DNB NOR BANK ASA as Agent 

	 	Attn: Loan Administration 

	 	Telefax No. +47 22 48 28 94 

 From:
[            ] 
 Date:
[    ]  [                    ]  [        ]

 USD 1,040,000,000 AMENDED AND RESTATED GUARANTEE, REVOLVING CREDIT AND TERM LOAN FACILITY AGREEMENT DATED 19 NOVEMBER 2009 (THE
“AGREEMENT”) 
 We refer to Clauses 4 and 5 of the Agreement. Terms used in this Drawdown Notice have the same meanings as in the
Agreement. 
  

	1.	We wish to draw the Facilities as follows: 

  

	 	(a)	Facility:                         

  

	 	(b)	Amount:                         

  

	 	(c)	Drawdown Date:                         

  

	 	(d)	First Interest Period:
                         

  

	 	(e)	Instructions for payment of the Loan:
                         

  

	2.	 Please find attached an updated calculation of the Borrowing Base Amount, as well as supporting calculations showing the basis for the calculation
thereof.1 

  

	3.	We confirm that: 

  

	 	(a)	that each Unit is insured in accordance with the requirements set forth in Clause 22.6 (Insurances); 

  

	 	(b)	no event or circumstance has occurred and is continuing, which constitutes a Default under the Agreement; and 

  

	 	(c)	the representations and warranties contained in Clause 21 (Representations and warranties) of the Agreement are true and correct at the date hereof as if made
with respect to the facts and circumstances existing at this date. 

  

	1	 Applicable only to drawings under Revolving Credit Facility B 

  

 103/132 

 By: 
 [                ] 

	
	
	  
	Authorised Signatory

  

 104/132 

 SCHEDULE 4 
 FORM OF 
 RENEWAL NOTICE 
  

	To:	DNB NOR BANK ASA as Agent 

	 	Attn: Loan Administration 

	 	Telefax No. +47 22 48 28 94 

 From:
[            ] 
 Date: [    ]
[                    ][        ] 
 USD 1,040,000,000 AMENDED AND RESTATED GUARANTEE, REVOLVING CREDIT AND TERM LOAN FACILITY AGREEMENT DATED 19 NOVEMBER 2009 (THE “AGREEMENT”) 
 We refer to Clause 10.1 of the Agreement. Terms used in this Renewal Notice have the same meanings as in the Agreement. 
 We hereby: 
  

	1.	request an Interest Period in respect of [identify Loan] of [    ] months from the next Interest Payment Date; and

  

	2.	confirm that: 

  

	 	(a)	that each Unit is insured in accordance with the requirements set forth in Clause 22.6 (Insurances); 

  

	 	(b)	no event or circumstance has occurred and is continuing, which constitutes a Default under the Agreement; and 

  

	 	(c)	the representations and warranties contained in Clause 21 (Representations and warranties) of the Agreement are true and correct at the date
hereof as if made with respect to the facts and circumstances existing at this date. 

 By: 
 [            ] 

	
	
	  
	Authorised Signatory

  

 105/132 

 SCHEDULE 5 
 FORM OF 
 TRANSFER CERTIFICATE 
 The Transferor and the Transferee accept exclusive responsibility for ensuring that this Certificate and the transaction to which it relates comply with all
legal and regulatory requirements applicable to them. 
  

	To:	DnB NOR Bank ASA, the Agent, for itself and for and on behalf of the Borrowers and each Bank, as defined in the Loan Agreement referred to below, other than the
Transferor. 

  

	1.	This Certificate relates to an Amended and Restated Guarantee, Revolving Credit and Term Loan Facility Agreement (the “Loan Agreement”) dated 19 November
2009 and made between and amongst (1) Ocean Rig ASA, Ocean Rig Norway AS and Drill Rigs Holdings Inc. as borrowers (the “Borrowers”), (2) the companies listed in part 1 of schedule 1 thereto as original guarantors, (3) the
banks and financial institutions named therein as banks, (4) DnB NOR Bank ASA as guarantee bank, (5) DnB NOR Bank ASA, HSH Nordbank AG, Nordea Bank Norge ASA and Skandinaviska Enskilda Banken AB (publ) as arrangers and (6) DnB NOR
Bank ASA as agent, for guarantee, revolving credit and term loan facilities of up to USD 1,040,000,000. 

  

	2.	In this Certificate, terms defined in the Loan Agreement shall, unless the contrary intention appears, have the same meanings and: 

 “Relevant Parties” means the Agent, the Borrowers and each Bank, other than the Transferor; 
 “Transferor” means [full name] of [lending office]; and  
 “Transferee” means [full name] of [lending office]. 
  

	3.	The effective date of this Certificate is [—] or (if later) the date on which it is signed by the Agent.

  

	4.	The Transferor assigns to the Transferee absolutely all rights and interests which the Transferor has as a Bank under or by virtue of the Loan Agreement and every other
Finance Document in relation to [—] per cent. of its Participation, which percentage represents USD [—]. 

  

	5.	By virtue of this Transfer Certificate and Clause 31 of the Loan Agreement, the Transferor is discharged [entirely from its Commitment which amounts to USD [—]]/[from [—] per cent. of its Commitment, which percentage represents USD [—]] and the Transferee
acquires a Commitment of USD [—]. 

  

	6.	The Transferee undertakes with the Transferor and each of the Relevant Parties that the Transferee will observe and perform all the obligations under the Finance
Documents which Clause 31 of the Loan Agreement provides will become binding on it upon this Certificate taking effect. 

  

 106/132 

	7.	The Agent accepts, for itself and for and on behalf of every other Relevant Party, this Certificate as a Transfer Certificate taking effect in accordance with Clause 31
of the Loan Agreement. 

  

	8.	The Transferor: 

  

	(a)	warrants to the Transferee and each Relevant Party that: 

  

	 	(i)	it has full capacity to enter into this transaction and has taken all corporate action and obtained all consents which are required in connection with this transaction;
and 

  

	 	(ii)	this Certificate is valid and binding on it; 

  

	(b)	warrants to the Transferee that it is absolutely entitled, free of encumbrances, to all the rights and interests covered by the assignment in paragraph 4; and

  

	(c)	undertakes with the Transferee that it will, at its own expense, execute any documents which the Transferee reasonably requests for perfecting in any relevant
jurisdiction the Transferee’s title under this Certificate or for a similar purpose. 

  

	9.	The Transferee: 

  

	(a)	confirms that it has received a copy of each of the other Finance Documents; 

  

	(b)	agrees that it will have no rights of recourse on any ground against either the Transferor or any other Finance Party in the event that: 

  

	 	(i)	any Finance Document proves to be invalid or ineffective, 

  

	 	(ii)	any Obligor fails to observe or perform its obligations, or to discharge its liabilities, under any of the Finance Documents; 

  

	 	(iii)	it proves impossible to realise any asset covered by a Security Interest created by a Finance Document, or the proceeds of such assets are insufficient to discharge the
liabilities of the Obligors under the Finance Documents; 

  

	(c)	agrees that it will have no rights of recourse on any ground against any Finance Party in the event that this Certificate proves to be invalid or ineffective;

  

	(d)	warrants to the Transferor and each Relevant Party that: 

  

	 	(i)	it has full capacity to enter into this transaction and has taken all corporate action and obtained all consents which are required in connection with this transaction;
and 

  

	 	(ii)	this Certificate is valid and binding on it; and 

  

 107/132 

	(e)	confirms the accuracy of its administrative details set out below. 

  

	10.	The Transferor and the Transferee each undertake with the Agent, fully to indemnify the Agent on demand in respect of any claim, proceeding, liability or expense
(including all legal expenses) which it may incur in connection with this Certificate or any matter arising out of it, except such as are shown to have been mainly and directly caused by the gross and culpable negligence or dishonesty of the
Agent’s own officers or employees. 

  

									
	[Name of Transferor]	 		 	[Name of Transferee]
					
	By:	 	 	 		 	By:	 	 
					
	Date:	 		 		 	Date:	 	
					
	Agent	 		 		 		 	
				
	 Signed for itself and for and on behalf of itself
 As Agent and for every other Relevant Party
	 		 		 	
	[Name of Agent]	 		 		 	
					
	By:	 	 	 		 		 	
					
	Date:	 		 		 		 	

  

 108/132 

 Administrative Details of Transferee 
 Name of Transferee: 
 Lending Office: 

Contact Person 
 (Loan Administration
Department): 
 Telephone: 
 Telex:

 Fax: 
 Contact Person 

(Credit Administration Department): 
 Telephone: 
 Telex: 
 Fax:

 Account for payments: 
  

	Note:    	This Transfer Certificate alone may not be sufficient to transfer a proportionate share of the Transferor’s interest in the security constituted by the Finance
Documents in the Transferor’s or Transferee’s jurisdiction. It is the responsibility of each Bank to ascertain whether any other documents are required for this purpose. 

  

 109/132 

 SCHEDULE 6 
 PART I 
 CONDITIONS PRECEDENT DOCUMENTS

  

	1.	In respect of each of the Obligors, certified copies or originals of: 

  

	 	(a)	its articles of association; 

  

	 	(b)	a certificate of registration; 

  

	 	(c)	a resolution of its board of directors authorising it to execute each of the Finance Documents to which it is a party; 

  

	 	(d)	if not included in the resolutions referred to in paragraph (c) above, a power of attorney to its representatives for the execution and registration of each of the
Finance Documents to which it is a party; and 

  

	 	(e)	such other documents and evidence as the Agent (or any bank through the Agent) shall from time to time require, based on law and regulations applicable from time to
time and the Banks’ own internal guidelines applicable from time to time to identify the Borrowers and the other Obligors, including the ultimate legal and beneficial owner or owners of such entities, and any other persons involved or affected
by the transaction(s) contemplated by this Agreement. 

  

	2.	Certified copies of all approvals, authorisations and consents required by any government or other authority in order for each of the Obligors to enter into and perform
its obligations under each of the Transaction Documents to which it is a party. 

  

	3.	In respect of the Security Documents: 

  

	 	(a)	the First Security Agreements and the factoring agreements required to be executed thereunder (if applicable), duly executed by each Group Contract Party, and in
respect of the factoring agreements, registered with the Norwegian Register of Moveable Property (Løsøreregisteret) with first priority; 

  

	 	(b)	the notices of assignment and acknowledgements and consents required to be executed under the First Security Agreements, duly executed; 

  

	 	(c)	the First Mortgages and the deeds of covenants collateral thereto, duly executed by each Owner; 

  

	 	(d)	the First Equipment Charges duly executed by each Owner, and registered with the Norwegian Register of Moveable Property (Løsøreregisteret) with
first priority; 

  

	 	(e)	the First Share Pledge Agreement in respect of all shares in each Original Guarantor (other than the Parent and Ocean Rig USA LLC) duly executed;

  

 110/132 

	 	(f)	the notices of pledge and acknowledgements required to be executed under the First Share Pledge Agreement, duly executed; 

  

	 	(g)	the Second Security Agreements and the factoring agreements required to be executed thereunder (if applicable), duly executed by each Group Contract Party, and in
respect of the factoring agreements, registered with the Norwegian Register of Moveable Property (Løsøreregisteret) with second priority; 

  

	 	(h)	the notices of assignment and acknowledgements and consents required to be executed under the Second Security Agreements, duly executed; 

  

	 	(i)	the Second Mortgages and the deeds of covenants collateral thereto, duly executed by each Owner; 

  

	 	(j)	the Second Equipment Charges duly executed by each Owner, and registered with the Norwegian Register of Moveable Property (Løsøreregisteret) with
second priority; 

  

	 	(k)	the Second Share Pledge Agreement in respect of all shares in each Original Guarantor (other than the Parent and Ocean Rig USA LLC) duly executed;

  

	 	(1)	the notices of pledge and acknowledgements required to be executed under the Second Share Pledge Agreement, duly executed; and 

  

	 	(m)	the register of shareholders of each Original Guarantor (other than the Parent and Ocean Rig USA LLC) evidencing that the pledges of the shares in each Original
Guarantor (other than the Parent and Ocean Rig USA LLC) under the First Share Pledge Agreement and the Second Share Pledge Agreement have been duly noted. 

  

	4.	In respect of each Unit: 

  

	 	(a)	evidence (by way of a transcript of registry issued by the relevant ship registry) that the Unit is registered in the name of the relevant Owner, free from encumbrances
other than the relevant First Mortgage and Second Mortgage; 

  

	 	(b)	evidence that the Unit is classed with the highest class in accordance with Clause 22.9 (Class and international regulations), free of all overdue
recommendations of the relevant classification society; 

  

	 	(c)	in addition to the documentation referred to in paragraph (b) above, the following documentation in relation to compliance with Clause 22.9 (Class and
international regulations): 

  

	 	(i)	the ISM Code Document of Compliance; 

  

	 	(ii)	each Unit’s ISM Code Safety Management Certificate; and 

  

	 	(iii)	each Unit’s ISPS Code Ship Security Certificate. 

  

 111/132 

	 	(d)	insurance policies/cover notes documenting that the insurance cover has been taken out in respect of the Unit in accordance with Clause 22.6
(Insurances) and an insurance opinion in respect thereof from an insurance consultant appointed by the Agent; 

  

	 	(e)	a subordination undertaking by the managers of the Units named as additional assured under any of the insurances taken out in respect of the Units; and

  

	 	(f)	copies of any managements agreements entered into in respect of the Unit. 

  

	5.	A Compliance Certificate confirming that the Group is in compliance with the financial covenants set out in Clause 23 (Financial covenants).

  

	6.	Appraisal reports from two of the Approved Brokers evidencing compliance with Clause 22.26 (Minimum value). 

  

	7.	Evidence that the Existing Credit Facilities have been cancelled and repaid in full or will be repaid in full by use of the proceeds from the first Revolving Loan under
Revolving Credit Facility A and the first Term Loan. 

  

	8.	The Margin and Fee Letter duly executed by the Borrowers, and evidence that all fees, costs and expenses under any of the Finance Documents then due from the Borrowers
to any of the Finance Parties have been paid or will be paid on the due date thereof. 

  

	9.	The Hedging Letter duly executed by the Parent. 

  

	10.	Confirmation of acceptance from the Borrowers to the Agent’s letter in respect of effective annual interest. 

  

	11.	Favourable legal opinions in form and substance satisfactory to the Agent from lawyers appointed by the Agent on matters concerning all relevant jurisdictions.

 PART II 
 CONDITIONS PRECEDENT DOCUMENTS FOR AN ADDITIONAL GUARANTOR 
  

	1.	Updated articles of association. 

  

	2.	Updated certificate of registration; 

  

	3.	A resolution of its Board of Directors’ meeting, authorising the execution of the Accession Agreement, the First Security Agreement and the Second Security
Agreement and the transactions contemplated thereby. 

  

	4.	A power of attorney to its representatives for the execution and registration (if applicable) of the Accession Agreement, the First Security Agreement and the Second
Security Agreement. 

  

	5.	All approvals, authorisations and consents (if any) required by any government or other authorities in order for the Additional Guarantor to enter into and perform its
obligations under and in relation to the Accession Agreement, the First Security Agreement and the Second Security Agreement. 

  

 112/132 

	6.	The Accession Agreement duly executed by the Parent and the Additional Guarantor. 

  

	7.	A copy of the Employment Contract to which the Additional Guarantor is a party. 

  

	8.	The First Security Agreement and the factoring agreement required to be executed thereunder (if applicable), duly executed by the Additional Guarantor, and in respect
of the factoring agreement, registered with the Norwegian Register of Moveable Property (Løsøreregisteref) with first priority. 

  

	9.	The notices of assignment and acknowledgements and consents required to be executed under the First Security Agreements, duly executed. 

  

	10.	The Second Security Agreement and the factoring agreement required to be executed thereunder (if applicable), duly executed by the Additional Guarantor, and in respect
of the factoring agreement, registered with the Norwegian Register of Moveable Property (Løsøreregisteref) with second priority. 

  

	11.	The notices of assignment and acknowledgements and consents required to be executed under the Second Security Agreements, duly executed. 

  

	12.	The First Share Pledge Agreement in respect of all shares in the Additional Guarantor duly executed by its shareholder(s). 

  

	13.	The notices of pledge and acknowledgements required to be executed under the First Share Pledge Agreement, duly executed. 

  

	14.	The Second Share Pledge Agreement in respect of all shares in the Additional Guarantor duly executed by its shareholder(s). 

  

	15.	The notices of pledge and acknowledgements required to be executed under the Second Share Pledge Agreement, duly executed. 

  

	16.	The register of shareholders of the Additional Guarantor evidencing that the pledges of all of the shares in the Additional Guarantor under the First Share Pledge
Agreement and the Second Share Pledge Agreement have been duly noted. 

  

	17.	Favourable legal opinions in form and substance satisfactory to the Agent from lawyers appointed by the Agent on matters concerning all relevant jurisdictions.

  

	18.	Such other document, authorisation, information, opinion or assurance reasonably required by the Agent. 

  

 113/132 

 APPENDIX 1 
 FORM OF 
 FIRST SECURITY AGREEMENT 
 between 
 [—] 
 (as Assignor) 
 and 
 DNB NOR BANK ASA 
 (as Agent) 
  
  
 As security for
certain of the obligations of the Assignor 
 under a USD 1,040,000,000 
 Amended and Restated 
 Guarantee, Revolving Credit and Term
Loan Facility Agreement 
 dated 19 November 2009 
  
  

 

 

  

 114/132 

 INDEX 
  

					
	 Clause
	  		  	Page No.
			
	1	  	Interpretation	  	
			
	2	  	Assignment	  	
			
	3	  	Pledge of Accounts	  	
			
	4	  	Perfection	  	
			
	5	  	Assignment	  	
			
	6	  	No further assignment or pledge	  	
			
	7	  	Additional and continuing security	  	
			
	8	  	Notices	  	
			
	9	  	Governing law – jurisdiction – service of process	  	
			
	 Appendix
	  		  	
			
	A	  	Form of Notice of Assignment	  	
			
	B	  	Form of Acknowledgement and Consent	  	
			
	C	  	Form of Notice of Assignment	  	
			
	D	  	Form of Acknowledgement	  	

  

 115/132 

 THIS SECURITY AGREEMENT (the “Security Agreement”) is made on [—] between: 
  

	(1)	[—], org, no. [—], [—
] as assignor (the “Assignor”); and 

  

	(2)	DNB NOR BANK ASA, Stranden 21, N-0021 Oslo, Norway, as agent (the “Agent”). 

 WHEREAS:- 
  

	(A)	This Security Agreement is entered into in connection with a certain amended and restwted guarantee, revolving credit and term loan facility agreement in respect of a
guarantee, term loan and revolving credit facility made or to be made to Ocean Rig ASA, Ocean Rig Norway AS and Drill Rigs Holdings Inc. (the “Borrowers”) by the banks and other financial institutions (collectively the “Banks”)
which are a party to the amended and restated guarantee, revolving credit and term loan facility agreement dated 19 November 2009 (the “Facility Agreement”), among, inter alia, the Borrowers, the companies listed in part 1 of schedule
1[, including the Assignor,] as original guarantors, the Banks, DnB NOR Bank ASA as guarantee bank, DnB NOR Bank ASA, HSH Nordbank AG, Nordea Bank Norge ASA and Skandinaviska Enskilda Banken AB (publ) as arrangers and the Agent as agent for the
Finance Parties, for the financing, inter alia, of the [—] (the “Unit”); 

  

	(B)	the Assignor has entered into a [—] dated [—] (the
“Contract”) with [—] (the “Charterer”) for the [—] of the Unit to the Charterer; 

  

	(C)	[[—](the “Guarantor”) has issued a guarantee dated [—](the
“Guarantee”) in favour of the Assignor to secure the obligations of the Charterer under the Contract;] and 

  

	(D)	it is a condition precedent to the utilisation of the Facilities that the Assignor enters into this Security Agreement and grants the securities set out herein in
favour of the Agent (on behalf of the Finance Parties). 

 NOW IT IS HEREBY AGREED AS FOLLOWS: 
  

	1	INTERPRETATION 

  

	1.1	Definitions 

 In this
Security Agreement including the preamble hereto (unless the context otherwise requires) any term or expression defined in the preamble shall have the meanings ascribed to it therein. In addition, terms and expressions not defined herein but whose
meanings are defined in the Facility Agreement shall have the meanings set out therein. 
  

	1.2	Construction 

  

	 	(a)	Clause headings are inserted for convenience of reference only and shall be ignored in the construction of this Security Agreement; 

  

	 	(b)	references to Clauses or Appendices are to be construed as references to clauses or appendices of this Security Agreement unless otherwise stated;

  

 116/132 

	(c)	references to (or to any specified provision of) this Security Agreement or any other document shall be construed as references to this Security Agreement, that
provision or that document as from time to time amended; and 

  

	(d)	words importing the plural shall include the singular and vice versa. 

  

	2	ASSIGNMENT 

  

	2.1	Assignment 

 In order to
secure the payment and discharge of the obligations of the Assignor under the Finance Documents in relation to the Senior Facilities and the payment of all sums which from time to time may become due thereunder, and to secure the performance and
observance of, and, the compliance with all covenants, terms and conditions therein (collectively the “Secured Obligations”), the Assignor hereby assigns to the Agent (on behalf of the Finance Parties) on first priority:

  

	 	(i)	all Earnings relating to the Unit; and 

  

	 	(ii)	 [all amounts due or to become due from any insurers as payment of losses or as return of premia or otherwise, under any insurance policies taken out on
the Unit, and all other sums whatsoever due or to become due in respect of the Unit or the insurance thereof (collectively the “Insurances”)]2. 

  

	2.2	Notice and acknowledgement 

  

	(a)	The Assignor undertakes to give notice of this Assignment to the Charterer [and the Guarantor], and any other charterer of the Unit and any [other] guarantor of the
Charterer and any other charterer of the Unit in the form set out in Appendix 1 (A) hereto, and procure that the Charterer, the Guarantor, such other charterer or such other guarantor acknowledges receipt of such notice in the form of Appendix
1 (B) hereto. 

  

	(b)	[The Assignor undertakes to insure and keep the Unit fully insured in accordance with clause 22.6 (Insurances) of the Agreement, and 

  

	 	(i)	in the event that the Insurances, or any one of them, have been taken out on conditions other than the Norwegian Marine Insurance Plan of 1996, version 2007 (as amended
from time to time) (the “Plan”), to give all the relevant insurers notice in the form of Appendix 2 (A) hereto, and procure that the said insurers acknowledge receipt of such notice in the form of Appendix 2 (B) hereto or give
such other form of notice and procure such other form of acknowledgement as the Agent shall reasonably require in writing to the Assignor; and 

  

	2	 Applicable only to the Owners 

  

 117/132 

	 	(ii)	 in the event that the Insurances, or any one of them, have been taken out according to the Plan, to procure written statements from all the relevant
insurers and/or approved brokers confirming that the Agent (on behalf of the Finance Parties) has been duly registered as co-insured first priority mortgagee on all such insurance policies taken out for the Unit and that notice according to the Plan
has been duly received by all the relevant insurers.]1

  

	[2.3	Loss Payable 

 Claims related to the Insurances in respect of an actual or constructive or agreed or arranged or compromised total loss or requisition for title or other compulsory acquisition of the Unit and claims payable in respect of a major casualty,
that is to say any casualty where the aggregate of the claims exceeds USD 3,000,000 (United States Dollars three million) shall to the extent such Insurances have not been taken out in accordance with the Plan, be payable to the Agent and be applied
by the Agent in accordance with the terms of the Facility Agreement. Subject thereto all other claims, unless and until the insurers have received notice from the Agent of Default which is unremedied under the Facility Agreement in which event all
claims shall be payable directly to the Agent up to their mortgage interest, shall be released directly for the repair, salvage or other charges involved or to the Assignor as reimbursement if it has fully repaired the damage and paid all of the
salvage or other charges or otherwise in respect of Assignor’s actual costs in connection with repair, salvage and/ or other charges. Any amounts paid to the Assignor directly shall be paid to the Earnings Account.]1 
  

	3	PLEDGE OF ACCOUNTS 

  

	3.1	Pledge 

 The Assignor has
opened the following account with the Agent (the “Earnings Account”): 
  

	 	(a)	account no. [—] in the name of the Assignor with the Agent, designated as the Assignor’s “Earnings
Account”. 

 In order to secure payment and discharge of the Secured Obligations, the Assignor hereby pledges
to the Agent (on behalf of the Finance Parties) on first priority, the Earnings Account and such other account or accounts as may be agreed from time to time between the Agent and the Assignor, and all claims payable to the Assignor in connection
therewith. 
 The Agent confirms, in its capacity as account holder and debtor of the Earnings Account, that the pledge of the
Earnings Account is duly noted in its records. 
  

	3.2	Set-off 

 The Agent shall
in an Event of Default be entitled to seek enforcement directly in the Earnings Account according to the applicable laws, and the Agent may apply any credit balance standing on the Earnings Account against the Secured Obligations. The Earnings
Account shall following an Event of Default which is unremedied, be blocked in favour of the Finance Parties, and any subsequent funds paid to the Earnings Account or paid directly to the Agent shall be applied towards the Secured Obligations, with
any balance to be promptly released. 
  

 118/132 

	4	PERFECTION 

 The Assignor agrees that at any time and from time to time upon the written request of the Agent, it will promptly and duly execute and deliver to the Agent any and all such further instruments and documents as the Agent on behalf of the
Finance Parties may reasonably deem necessary or desirable to register this Security Agreement in any applicable registry, and to maintain and/or perfect the security created by this Security Agreement and the rights and powers herein granted. [This
shall include a standard Factoring Agreement in the amount of USD 750,000,000 to be registered against the Assignor in the Norwegian Register of Moveable Property (Løsøreregisteref).]3 
  

	5	ASSIGNMENT 

 The Banks may
assign or transfer their rights hereunder to any person to whom the rights and obligations of the Banks under the Facility Agreement are wholly or partiaily assigned in accordance with clause 31 (Changes to the Parties) of the Facility
Agreement. 
  

	6	NO AMENDMENTS OR WAIVERS AND NO FURTHER ASSIGNMENT OR PLEDGE 

  

	(a)	The Assignor shall not, without the prior written consent of the Agent, materially vary or amend, or terminate, or agree to any material variation or amendment of, or
termination of, or waive any of its rights under, the Contract [or the Guarantee], any other Employment Contract entered into in respect of the Unit or any [other] guarantee or other surety granted in respect of the Contract or any such other
Employment Contract, or enter into any further agreements related thereto, provided always that any variation or amendment which reduces or postpones the payment of any amount payable to the Assignor thereunder or reduces the contract period [or
term of the Guarantee], shall, without limitation, be deemed to be material for the purpose of this Clause. 

  

	(b)	The Assignor shall not, other than pursuant to the Second Security Agreement, unless prior written consent has been obtained from the Agent or otherwise permitted under
the Facility Agreement, be entitled to further assign or pledge the Contract [or the Guarantee], any other Employment Contract entered into in respect of the Unit or any [other] guarantee or other surety granted in respect of the Contract or any
other Employment Contract entered into in respect of the Unit, the Earnings[, the Insurances] and/or the Earnings Account. 

  

	7	ADDITIONAL AND CONTINUING SECURITY 

 The security contemplated by this Security Agreement shall be in addition to any other security granted in accordance with the Facility Agreement, and shall be a continuing security in full force and
effect as long as any obligations are outstanding under the Finance Documents. 
  

	3	 Applicable only to Obligors incorporated in Norway 

  

 119/132 

	8	NOTICES 

 Any notice,
demand or other communication to be made or delivered by any party pursuant to this Security Agreement shall (unless the addressee has by five Business Days’ written notice to that party specified another address) be made or delivered:-

  

	 	(i)	if to the Assignor: 

 c/o Ocean
Rig ASA 
 Vestre Svanholen 6, Forus 
 N-4313 Sandnes 
 Norway 
 Attn.: Finance Manager Vidar Høyvik 
 Telefax: +47 51 96 90 99 
  

	 	(ii)	if to the Agent: 

 DnB NOR Bank
ASA 
 Stranden 21 
 N-0021 Oslo 
 Norway 
 Attn.: Loan Administration 
 Telefax: +47 22 48 28 94 
  

	9	GOVERNING LAW – JURISDICTION 

  

	(a)	This Security Agreement shall be governed by and construed in accordance with the laws of Norway. 

  

	(b)	The Assignor and the Agent accept Oslo district court as non-exclusive venue, but this choice shall not prevent the Agent (on behalf of the Finance Parties) to enforce
this Security Agreement against the Assignor in any other applicable jurisdiction. 

  

 120/132 

 The Assignor: 
 [—] 

			
		
	By:	 	 
	Name:	 	 
	Title:	 	 

 The Agent: 
  

			
	DnB NOR Bank ASA
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

 121/132 

 Appendix 1 (A) 
 FORM OF 
 NOTICE OF ASSIGNMENT 
 (regarding Assignment of Earnings) 
  

	To:	[—] 

 We refer to the [—] dated [—] (the [“Contract” / “Guarantee”]) entered into between yourselves as [—] and ourselves as owners in respect of the [—]. 
 We hereby give you notice that: 
  

	(a)	by a security agreement dated [—] (the “Security Agreement”) made between us and DnB NOR Bank ASA (the
“Agent”) on behalf of certain other banks (the “Finance Parties”), we with full title have assigned absolutely and have agreed to assign absolutely to and in favour of the Agent (on behalf of the Finance Parties) all our right,
title and interest, present and future, to all moneys due and payable by yourselves to ourselves under the [Contract / Guarantee]; 

  

	(b)	you are hereby irrevocably authorised and instructed to continue the performance of your obligations under the [Contract / Guarantee]; 

  

	(c)	until you receive other instructions from the Agent, all moneys due and payable by yourselves to ourselves shall be paid to our account no. [—] (Earnings Account) with the Agent. The Agent may, however, at any time instruct you to pay such moneys directly to the Agent to such account and with such bank as the Agent shall determine; and

  

	(d)	the Security Agreement includes provisions that no material amendments or variations shall be made to the [Contract / Guarantee] (nor shall you be released from your
obligations thereunder) without the previous written consent of the Agent (on behalf of the Finance Parties), provided always that any variation or amendment which reduces or postpones the payment of any amount payable to ourselves thereunder or
reduces the [contract period / term of the Guarantee], shall, without limitation, be deemed to be material for the purpose of this notice, and that you shall remain liable to perform all your obligations under the [Contract / Guarantee] and the
Agent shall be under no obligations of any kind whatsoever in respect thereof. 

 The authority and instructions herein contained
cannot be revoked or varied by us without the consent of the Agent. The provisions of this notice and its acknowledgement shall be governed by the laws of Norway. 
 Please confirm your acknowledgement of and consent to the terms of this notice by completing the Acknowledgement attached hereto. Please return the signed and dated Acknowledgement to the Assignee at the
following address: 
 DnB NOR Bank ASA 
 Stranden 21 
 N-0021 Oslo 
 Norway 
  

 122/132 

 Telefax: +47 [        ] 
 Attn.: [        ] 
  

	
	Date: [—]
	
	[—]
	
	 
	[—]

  

 123/132 

 Appendix 1 (B) 
 To: 
 DnB NOR Bank ASA 
 Stranden 21 
 N-0021 Oslo 
 Norway 
 Telefax: +47 [        ] 
 Attn.: [        ] 
 From: [—] 
 FORM OF 
 ACKNOWLEDGMENT 
 (regarding Assignment of Earnings) 
 We, [—], with reference to the [—] dated [—] (the [“Contract” / Guarantee]) for the employment of the [—] (the
“Unit”) between ourselves and [—] (the “Assignor”) do hereby acknowledge receipt of the attached Security Agreement dated [—]
(the “Security Agreement”) between the Assignor and DnB NOR Bank ASA, as agent (the “Agent”) to certain other banks (the Finance Parties”) in respect of the Unit and the Notice of Assignment dated [—] (the “Notice”) from the Assignor to ourselves pursuant thereto. 
 We hereby agree and
consent to the assignment by the Assignor to the Agent on behalf of the Finance Parties in accordance with the terms and conditions of the Security Agreement and the Notice. 
 We further agree and consent that no material amendments or variations shall be made to the [Contract / Guarantee] (nor shall we be released from our obligations thereunder) without the previous written
consent of the Agent (on behalf of the Finance Parties), provided always that any variation or amendment which reduces or postpones the payment of any amount payable to the Assignor thereunder or reduces the [contract period / term of the
Guarantee], shall, without limitation, be deemed to be material for the purpose of this acknowledgment, and that we shall remain liable to perform all our obligations under the [Contract / Guarantee] and that the Agent shall be under no obligation
of any kind whatsoever in respect thereof. 
 We have noted and agree that until we receive other instructions from the Agent, all moneys due
and payable by ourselves to the Assignor shall be paid to account no. [—] (Earnings Account) with the Agent. 
 Date: [—] 
  

	
	
	[—]
	
	  
	[—]

  

 124/132 

 Appendix 2 (A)1 
 FORM OF 
 NOTICE OF ASSIGNMENT 
 (regarding Assignment of Insurances) 
  

	To:	[The Insurers] 

 [•], as owner (the
“Owner”) of the [•] (the “Unit”), hereby gives notice that all payments due to us from you in respect of the Unit have been (by way of security) assigned on first priority to DnB NOR Bank ASA, Stranden 21, N-0021 Oslo,
Norway, as Agent for certain other banks (the “Mortgagee”) according to a security agreement dated [•] (the “Security Agreement”) and that all payments due to us under our policy(-ies) with yourselves must be made in
accordance with the instruction, from time to time, of the Mortgagee. 
 Please note that all claims related to the insurances in respect of an
actual or constructive or agreed or arranged or compromised total loss or requisition for title or other compulsory acquisition of the Platform and claims payable in respect of a major casualty, that is to say any claim or the aggregate of the claim
exceeds USD 3,000,000 (United States Dollars three million) shall be payable to the Mortgagee and be applied by the Mortgagee in accordance with the terms of the Agreement. Subject thereto all other claims, unless and until the insurers have
received notice from the Mortgagee of a default under the Agreement in which event all claims shall be payable directly to the Mortgagee up to their mortgage interest, shall be released directly for the repair, salvage or other charges involved or
to the Owner as reimbursement if it has fully repaired the damage and paid all of the salvage or other charges or otherwise in respect of the Owner’s actual costs in connection with repair/salvage and/or other charges. Any payments paid
directly to the Owner directly shall be paid to account no. [•] with the Mortgagee. 
 Please note that this instruction may not be varied
except with the prior written consent of the Mortgagee. 
 Please confirm your acknowledgement of the terms of this notice by completing the
Acknowledgement attached hereto. Please return the signed and dated Acknowledgement to the Mortgagee at the address set out above. 
  

	
	Date: [•]
	
	[•]
	
	  
	[•]

  

 125/132 

 Appendix 2 (B)1 
 FORM OF 
 ACKNOWLEDGEMENT 
 (regarding Assignment of Insurances) 
 From:                      
 We hereby acknowledge receipt of a Notice of Assignment (the “Notice”) from [•] (the “Owners”) dated [•] related to the [•] (the “Unit”). 
 We have duly noted and do accept that our payments due to the Owner, under the insurance policy(-ies) taken out for the Unit as an Owners’ Entry
pursuant to our rules, shall be made in accordance with the instructions set out in the Notice, including the Loss Payable clause therein, and payment due to the Mortgagee will be made to such account as from time to time instructed by DnB NOR Bank
ASA, Stranden 21, N-0021 Oslo, Norway, which bank has been duly noted by ourselves as the first priority mortgagee of the said Unit on its own behalf and on behalf of certain other banks as agent therefore. 
 We undertake to give the Mortgagee written notice in case of any termination or cancellation of the insurances or any non-payment by the Owners of any
insurance premium. We further undertake to give the Mortgagee at least 14 days from receipt of notice to remedy any such event. 
 Place and
date: [•] 
 [INSURERS] 
  

			
	By:	 	 
	Name:	 	 
	Title:	 	 

  

 126/132 

 APPENDIX 2 
 FORM OF ACCESSION AGREEMENT 
  

			
	 To:
	  	 DnB NOR Bank ASA as Agent 
 Attn: Loan Administration
 Telefax No. +47 22 48 28 94

		
	 From:
	  	 [Ocean Rig ASA/Drill Rigs Holdings Inc.] and [proposed Guarantor]

		
	 Date:
	  	 [day] [month] [year]

 USD 1,040,000,000 AMENDED AND RESTATED GUARANTEE, REVOLVING CREDIT AND TERM LOAN FACILITY AGREEMENT DATED 19 NOVEMBER 2009 (THE “AGREEMENT”) 
 We refer to the Agreement. This is an Accession Agreement. 
 [Name of company] of [address/registered office] agrees to become an Additional Guarantor and to be bound by the terms of the Agreement as a Guarantor. 
 This Accession Agreement is governed by Norwegian law. 
  

			
	[OCEAN RIG ASA/DRILL RIGS HOLDINGS INC.]
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

			
	[PROPOSED GUARANTOR]
		
	By:	 	 
	Name:	 	 
	Title:	 	 

 The Agent confirms that this accession takes
effect on [            ]. 
  

			
	DNB NOR BANK ASA
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

 127/132 

 SIGNATORIES TO THE RESTATEMENT AGREEMENT 
 The Borrowers:  
  

			
	Ocean Rig ASA
		
	By:	 	/s/ Jan Rune Steinsland
	Name:	 	Jan Rune Steinsland
	Title:	 	Attorney-in-fact

  

			
	Ocean Rig Norway AS
		
	By:	 	/s/ Jan Rune Steinsland
	Name:	 	Jan Rune Steinsland
	Title:	 	Attorney-in-fact

  

			
	Drill Rig Holdings Inc.
		
	By:	 	/s/ Jan Rune Steinsland
	Name:	 	Jan Rune Steinsland
	Title:	 	Attorney-in-fact

 The Original Guarantors:  

  

			
	Ocean Rig ASA
		
	By:	 	/s/ Jan Rune Steinsland
	Name:	 	Jan Rune Steinsland
	Title:	 	Attorney-in-fact

  

			
	Ocean Rig Norway AS
		
	By:	 	/s/ Jan Rune Steinsland
	Name:	 	Jan Rune Steinsland
	Title:	 	Attorney-in-fact

  

			
	Drill Rigs Holdings Inc.
		
	By:	 	/s/ Jan Rune Steinsland
	Name:	 	Jan Rune Steinsland
	Title:	 	Attorney-in-fact

  

			
	Primelead Ltd.
		
	By:	 	/s/ Jan Rune Steinsland
	Name:	 	Jan Rune Steinsland
	Title:	 	Attorney-in-fact

  

 128/132 

			
	Ocean Rig 1 AS
		
	By:	 	/s/ Jan Rune Steinsland
	Name:	 	Jan Rune Steinsland
	Title:	 	Attorney-in-fact

  

			
	Ocean Rig 2 AS
		
	By:	 	/s/ Jan Rune Steinsland
	Name:	 	Jan Rune Steinsland
	Title:	 	Attorney-in-fact

  

			
	Ocean Rig North Sea AS
		
	By:	 	/s/ Jan Rune Steinsland
	Name:	 	Jan Rune Steinsland
	Title:	 	Attorney-in-fact

  

			
	Ocean Rig 1 Inc.
		
	By:	 	/s/ Jan Rune Steinsland
	Name:	 	Jan Rune Steinsland
	Title:	 	Attorney-in-fact

  

			
	Ocean Rig 2 Inc.
		
	By:	 	/s/ Jan Rune Steinsland
	Name:	 	Jan Rune Steinsland
	Title:	 	Attorney-in-fact

  

			
	Ocean Rig Limited
		
	By:	 	/s/ Jan Rune Steinsland
	Name:	 	Jan Rune Steinsland
	Title:	 	Attorney-in-fact
		
	Witness:	 	/s/ Vidar Hoyrik
		
	Name:	 	VIDAR HOYRIK
		
	Address:	 	 HOGNESG. 11B,
 4041 HAFRSFJORD, NORWAY

  

			
	Ocean Rig Ghana Limited
		
	By:	 	/s/ Jan Rune Steinsland
	Name:	 	Jan Rune Steinsland
	Title:	 	Attorney-in-fact

  

 129/132 

			
	Ocean Rig 1 Shareholders Inc.
		
	By:	 	/s/ Jan Rune Steinsland
	Name:	 	Jan Rune Steinsland
	Title:	 	Attorney-in-fact

  

			
	Ocean Rig 2 Shareholders Inc.
		
	By:	 	/s/ Jan Rune Steinsland
	Name:	 	Jan Rune Steinsland
	Title:	 	Attorney-in-fact

 The Original Banks: 

 

			
	DnB NOR Bank ASA
		
	By:	 	/s/ Johan Rasmussen
	Name:	 	Johan Rasmussen
	Title:	 	Attorney-in-fact

  

			
	HSH Nordbank AG
		
	By:	 	/s/ Johan Rasmussen
	Name:	 	Johan Rasmussen
	Title:	 	Attorney-in-fact

  

			
	Nordea Bank Norge ASA
		
	By:	 	/s/ Johan Rasmussen
	Name:	 	Johan Rasmussen
	Title:	 	Attorney-in-fact

  

			
	Skandinaviska Enskilda Banken AB (publ)
		
	By:	 	/s/ Johan Rasmussen
	Name:	 	Johan Rasmussen
	Title:	 	Attorney-in-fact

  

			
	DVB Bank SE Nordic Branch
		
	By:	 	/s/ Johan Rasmussen
	Name:	 	Johan Rasmussen
	Title:	 	Attorney-in-fact

  

			
	Deutsche Schiffsbank Aktiengesellschaft
		
	By:	 	/s/ Johan Rasmussen
	Name:	 	Johan Rasmussen
	Title:	 	Attorney-in-fact

  

 130/132 

			
	Natixis
		
	By:	 	/s/ Johan Rasmussen
	Name:	 	Johan Rasmussen
	Title:	 	Attorney-in-fact

  

			
	National Bank of Greece S.A.
		
	By:	 	/s/ Johan Rasmussen
	Name:	 	Johan Rasmussen
	Title:	 	Attorney-in-fact

 The Guarantee Bank: 

 

			
	DnB NOR Bank ASA
		
	By:	 	/s/ Johan Rasmussen
	Name:	 	Johan Rasmussen
	Title:	 	Attorney-in-fact

 The Arrangers: 
  

			
	DnB NOR Bank ASA
		
	By:	 	/s/ Johan Rasmussen
	Name:	 	Johan Rasmussen
	Title:	 	Attorney-in-fact

  

			
	HSH Nordbank AG
		
	By:	 	/s/ Johan Rasmussen
	Name:	 	Johan Rasmussen
	Title:	 	Attorney-in-fact

  

			
	Nordea Bank Norge ASA
		
	By:	 	/s/ Johan Rasmussen
	Name:	 	Johan Rasmussen
	Title:	 	Attorney-in-fact

  

			
	Skandinaviska Enskilda banken AB (publ)
		
	By:	 	/s/ Johan Rasmussen
	Name:	 	Johan Rasmussen
	Title:	 	Attorney-in-fact

  

 131/132 

 The Agent: 
  

			
	DnB NOR Bank ASA
		
	By:	 	/s/ Johan Rasmussen
	Name:	 	Johan Rasmussen
	Title:	 	Attorney-in-fact

  

 132/132Secured Loan Agreement, dated September 10, 2007

 Exhibit 4.65 
 DATED 10 SEPTEMBER 2007 
 DRILLSHIP HYDRA OWNERS
INC. 
 DRILLSHIP PAROS OWNERS INC. 
 (as Borrowers) 
 - and - 
 DVB BANK AG 
 and others (as Lenders) 
 - and - 
 DVB BANK AG 
 and others 
 (as Arrangers) 
 - and - 
 DVB BANK AG 
 (as Underwriter and Agent) 
 - and - 
 DVB BANK AG 
 (as Security Agent) 
  
  

US$230,000,000 SECURED 
 LOAN AGREEMENT 
  
  
 STEPHENSON
HARWOOD 
 One St. Paul’s Churchyard 
 London EC4M 8SH 
 Tel: 020 7329 4422 
 Fax: 020 7329 7100 
 Ref: 21.028 

 CONTENTS 
  

			
	 	  	Page
	 1       Definitions and interpretation
	  	2
		
	 2       The Loan and its Purpose
	  	17
		
	 3       Conditions of Utilisation
	  	17
		
	 4       Advance
	  	19
		
	 5       Repayment
	  	19
		
	 6       Prepayment
	  	19
		
	 7       Interest
	  	21
		
	 8       Indemnities
	  	24
		
	 9       Fees
	  	28
		
	 10     Security and Application of Moneys
	  	29
		
	 11     Representations
	  	32
		
	 12     Undertakings and Covenants
	  	35
		
	 13     Events of Default
	  	45
		
	 14     Assignment and Sub-Participation
	  	50
		
	 15     The Agent, the Security Agent and the Lenders
	  	52
		
	 16     Set-Off
	  	61
		
	 17     Payments
	  	61
		
	 18     Notices
	  	63
		
	 19     Partial Invalidity
	  	64
		
	 20     Remedies and Waivers
	  	65

			
		
	 21     Joint and several liability
	  	65
		
	 22     Miscellaneous
	  	66
		
	 23     Law and Jurisdiction
	  	67
		
	 24     Confidentiality
	  	68
		
	 SCHEDULE 1: The Lenders, the Arrangers and the Commitments
	  	69
		
	 SCHEDULE 2: Conditions Precedent and Subsequent
	  	70
	 Part I: Conditions precedent
	  	70
	 Part II: Conditions subsequent
	  	75
		
	 SCHEDULE 3: Calculation of Mandatory Cost
	  	77
		
	 SCHEDULE 4: Form of Drawdown Notice
	  	80
		
	 SCHEDULE 5: Form of Transfer Certificate
	  	81
		
	 SCHEDULE 6: Form of Compliance Certificate
	  	84

 LOAN AGREEMENT 
 Dated: 10 SEPTEMBER 2007 
 BETWEEN: 
  

	(1)	DRILLSHIP HYDRA OWNERS INC (“Drillship Hydra”) and DRILLSHIP PMOS OWNERS INC (“Drillship Paros”), each a company incorporated under
the laws of the Marshall Islands with its registered office at c/o The Trust Company of the Marshall Islands Inc., The Trust Company Complex, Ajeltake Island, Ajeltake Road, Majuro, Marshall Islands M.H. 96960; and (together the
“Borrowers” and each a “Borrower”) jointly ,and severally; and 

  

	(2)	the banks listed in Schedule 1 (The Lenders, the Arrangers and the Commitments), each acting through its office at the address indicated against its name in
Schedule 1 (together the “Lenders” and each a “Lender”); and 

  

	(3)	the arrangers listed in Schedule 1 (The Lenders, the Arrangers and the Commitments), each acting through its office at the address indicated against its name in
Schedule 1 (together the “Arrangers” and each an “Arranger”); and 

  

	(4)	DVB BANK AG, acting as agent through its office at Friedrich-Ebcrt-Anlage 2-14, D60325, Frankfurt am Main, Federal Republic of Germany (in that capacity the
“Agent”); and 

  

	(5)	DVB BANK AG, acting as underwriter and security agent through its office at Friedrich-Ebert-Anlage 2-14, D60325, Frankfurt am Main, Federal Republic of
Germany (in that capacity the “Security Agent”). 

 WHEREAS: 
  

	(A)	Each Borrower intends to agree to purchase the relevant Vessel from the Builder on the terms of the relevant Building Contract. 

  

	(B)	Each of the Lenders has agreed to advance to the Borrowers on a joint and several basis its Commitment (aggregating, with all the other Commitments, up to one hundred
and fifteen million Dollars ($115,000,000) per Vessel and two hundred and thirty million Dollars ($230,000,000) in the aggregate for both Vessels) to assist the Borrowers to finance part of the First Instalment and Second Instalment of each
Vessel. 

 IT IS AGREED as follows: 
  

	1	Definitions and Interpretation 

  

	 	1.1	In this Agreement: 

 “Account Holder” means any bank or financial institution acceptable to the Agent (in its sole discretion) which at any time, with the Agent’s prior written consent, holds the Earnings Accounts. 
 “Administration” has the meaning given to it in paragraph 1.1.3 of the ISM Code. 
 “Ambassador” means Ambassador Shipping Corporation, a company incorporated under the laws of the Republic of the Marshall
Islands with its registered office at do The Trust Company of the Marshall Islands Inc., The Trust Company Complex, Ajeltake Island, Ajeltake Road, Majuro, Marshall Islands M.H. 96960. 
 “Annex VI” means Annex VI (Regulations for the Prevention of Air Pollution from Ships) to the International Convention for
the Prevention of Pollution from Ships 1973 (as modified in 1978 and 1997). 
 “Assignments” means the deeds of
assignment of the Insurances, Earnings and Requisition Compensation referred to in Clause 10.1.6 (Security Documents) and “Assignment” means any one of them. 
 “Availability Termination Date” means (a) 31 December 2007 in the case of each First Instalment and
(b) 30 June 7,008 in the case of each Second Instalment or, in each case, such later date as the Lenders may in their discretion agree. 
 “Break Costs” means all sums payable by the Borrowers from time to time under Clause 8.3 (Break Costs). 
 “Builder” means Samsung Heavy Industries Co., Ltd., a corporation incorporated and existing under the
laws of the Republic of Korea and having its registered office at 34th floor, Samsung life Insurance Seocho Tower 1321-15, Seocho-Gu, Seoul;
 Korea 137-15. 
  

 2 

 “Building Contracts” means the contracts between the relevant Borrower and
the Builder on the tens and subject to the conditions of which the Builder has agreed to construct the Vessels for, and deliver the Vessels to, the Borrowers respectively (as the same may be further supplemented and/or amended from time to time) and
“Building Contract” means either one of them. 
 “Building Contract Assignments” means the
deeds of assignment of the Building Contracts and the Refund Guarantees referred to in Clause 10.1.1 (Security Documents) and “Building Contract Assignment” means either one of them. 
 “Business Day” means a day (other than a Saturday or Sunday) on which banks are open for general business in New York.
London, Frankfurt, Piraeus and Rotterdam. 
 “Cardiff” means Cardiff Marine Inc., a company incorporated under
the laws of the Republic of Liberia, with its registered office at 80 Broad Street, Monrovia, Liberia. 
 “Collateral
Loan Agreement A” means the loan agreement dated 27 April 2005 made between (a) Oil Transport, Innovative and Musk, as joint and several borrowers, (b) HSH and others, as lenders, (c) HSH, as agent, (d) HSH, as
security agent and (e) HSH, as swap provider. 
 “Collateral Loan Agreement B” means the loan agreement
dated 26 September 2006 made between (a) HSH and others, as lenders, (b) HSH, as agent, (c) HSH, as security agent, (d) HSH, as swap provider and (e) Ambassador, as borrower. 
 “Collateral Loan Agreements” means Collateral Loan Agreement A and Collateral Loan Agreement B. 
 “Collateral Loan A Indebtedness” means the Indebtedness as such term is defined in the Collateral Agreement A. 

“Collateral Loan B Indebtedness” means the Indebtedness as such term is defined in the Collateral Agreement B.

 “Collateral Loan Indebtedness” means the aggregate of Collateral Loan A Indebtedness and Collateral Loan B
Indebtedness. 
 “Collateral Owners” means Innovative, Oil Transport and Ambassador, or any other corporation
who shall own a Collateral Vessel that is a substitute for any of m.vs “POMPANO”, “FERNANDINA” and “VENTURA” respectively and “Collateral Owner” means any one of them. 
  

 3 

 “Collateral Vessels” means the dry bulk vessels each of approximately
174,220 dwt and built in 2006 with the names set out below registered under the respective flags set out below in the ownership of the respective Collateral Owners set out below: 
  

					
	 Name
	  	Flag	  	Collateral Owner
	 m.v. “POMPANO”
	  	Maltese	  	Innovative
	 m.v. “FERNANDINA”
	  	Maltese	  	Oil Transport
	 m.v. “VENTURA”
	  	Maltese	  	Ambassador

 or any other
vessel nominated by the Borrowers prior to the first Drawdown Date and acceptable to the Lenders in their sole discretion and “Collateral Vessel” means any one of them. 
 “Commitment” means, in relation to a Lender, the amount of the Loan which that Lender agrees to advance to the Borrowers as
its several liability as indicated against the name of that Lender in Schedule 1 (The Lenders, the Arrangers and the Commitments) and/or, where the context permits, the amount of the Loan advanced by that Lender and remaining outstanding and
“Commitments” means more than one of them. 
 “Compliance Certificate” means a certificate
substantially in the form set out in Schedule 6 (Form of Compliance Certificate). 
 “Contract Price”, in
respect of each Vessel, means an aggregate amount of six hundred and one million Dollars ($601,000,000), as evidenced by the relevant Building Contract. 
 “Corporate Guarantees” means the guarantees and indemnities referred to in Clause 10.1.2 (Security Documents) and ‘Corporate Guarantee” means any one of them.

  

 4 

 “Corporate Guarantors” means Cardiff, Grand, and the Collateral Owners and
“Corporate Guarantor” means any one of them. 
 “Currency of Account” means, in relation to any
payment to be made to a Finance Party under a Finance Document, the currency in which that payment is required to be made by the terms of that Finance Document. 
 “Deeds of Covenants” means the deeds of covenants referred to in Clause 10.1.5 (Security Documents). 
 “Deeds of Co-ordination” means the deeds referred to in Clause 10.1.8 (Security Documents). 
 “Default” means an Event of Default or any event or circumstance specified in Clause 13.1 (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. 
 “Delivery Date” means the date of actual delivery of a Vessel to the relevant Borrower by the Builder under the relevant Building Contract. 
 “DOC means, in relation to the ISM Company, a valid Document of Compliance issued for the ISM Company by the Administration under paragraph 13.2 of the ISM Code. 
 “Dollars” and “$” each means available and freely transferable and convertible funds in lawful currency of
the United States of America. 
 “Drawdown Date” means the date on which the relevant Drawing is advanced under
Clause 4 (Advance). 
 “Drawdown Notice” means a notice substantially in the form set out in Schedule 4
(Form of Drawdown Notice). 
 “Drawing” means, in respect of a Vessel, a part of the Vessel Loan for that
Vessel advanced or to be advanced pursuant to a Drawdown Notice for the purposes of financing the First Instalment or the Second Instalment for that Vessel and “Drawings” means more than one of them. 
  

 5 

 “Dryships” means Dryships Inc., a company incorporated under the laws of
the Marshall Islands with its registered office at The Trust Company Complex, Ajeltake Island, P.O. Box 1405, Majuro, Marshall Islands. 
 “Earnings” means all hires, freights, pool income and other sums payable to or for the account of a Collateral Owner in respect of a Collateral Vessel including (without limitation) all remuneration for salvage and towage
services, demurrage and detention moneys, contributions in general average, compensation in respect of any requisition for hire, and damages and other payments (whether awarded by any court or arbitral tribunal or by agreement or otherwise) for
breach, termination or variation of any contract for the operation, employment or use of a Collateral Vessel. 
 “Earnings Account” means the bank accounts to be opened in the names of each of the Collateral Owners with the Account Holder and designated “Oil Transport Investments Limited - Earnings Account”, “Innovative
Investments Limited - Earnings Account”, and “Ambassador Shipping Corporation - Earnings Account”. 
 “Earnings Accounts Charges” means the deeds of pledge or charge referred to in Clause 10.1.7 (Security Documents) and “Earnings Account Charge” means any one of them. 
 “Encumbrance” means a mortgage, charge, assignment, pledge, lien, or other security interest securing any obligation of any
person or any other agreement or arrangement having a similar effect. 
 “Equity Portion” means that amount of
an Instalment payable or paid by the Borrowers to the Builders pursuant to the Building Contract and not forming part of the Loan. 
 “Event of Default” means any of the events or circumstances set out in Clause 13.1 (Events of Default). 
 “Facility Period” means the period beginning on the date of this Agreement and ending on the date when the whole of the Indebtedness has been paid in full and the Security Parties have
ceased to be under any further actual or contingent liability to the Finance Parties under or in connection with the Finance Documents. 
  

 6 

 “Fee Letter” means any letter or letters dated on or about the date of this
Agreement between the Agent and the Borrowers setting out any of the fees referred to in Clause 9 (Fees). 
 “Final Maturity Date” means, in respect of the Vessel with hull number HN 1837, the date falling on the earlier of (i) its Delivery Date, and (ii) 30 March 2011 and, in respect of the Vessel with hull
number HN 1838, the date falling on the earlier of (i) its Delivery Date and (ii) 30 June 2011, or in each case in the Agent’s absolute discretion (following the Borrowers’ request) such later date as the Agent may agree.

 “Finance Documents” means this Agreement, the Security Documents, any Fee Letter and any other
document designated as such by the Agent and the Borrowers and “Finance Document” means any one of them. 
 “Finance Parties” means the Agent, the Arrangers, the Security Agent and the Lenders and “Finance Party” means any one of them. 
 “Financial Indebtedness” means any obligation for the payment or repayment of money, whether present or future, actual or contingent, in respect of: 
  

	 	(a)	moneys borrowed; 

  

	 	(b)	any acceptance credit; 

  

	 	(c)	any bond, note, debenture, loan stock or similar instrument; 

  

	 	(d)	any finance or capital lease; 

  

	 	(e)	receivables sold or discounted (other than on a non-recourse basis); 

  

	 	(f)	deferred payments for assets or services; 

  

	 	(g)	any derivative transaction protecting against or benefiting from fluctuations in any rate or price (and, when calculating the value of any derivative transaction, only
the marked to market value shall be taken into account); 

  

	 	(h)	any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing; 

 

 7 

	 	(i)	any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or
financial institution; and 

  

	 	(j)	the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (i) above.

 “Financial Statements” means the financial statements of the Group and the Corporate Guarantors
provided to the Agent in accordance with Clause 12.1.1. 
 “First Instalment” means, in respect of each Vessel,
the sum of ninety million one hundred and fifty thousand Dollars ($90,150,000) representing fifteen per cent (15%) of the portion of the Contract Price which shall become due and payable and be paid by the relevant Borrower within three
(3) New York Business Days from signing of the relevant Building Contract. 
 “GAAP” means generally
accepted accounting principles in the United States of America. 
 “Grand” means Grand Investment Holdings
Limited of c/o The Trust Company of the Marshall Islands Inc., The Trust Company Complex, Ajeltake Island, Ajeltake Road, Majuro, Marshall Islands M.H. 96960. 
 “Group” means all companies whose vessels are managed by Cardiff and are beneficially owned by the Personal Guarantor, but excluding any companies whose vessels are owned by Dryships.

 “HSH” means HSH Nordbank AG, a company incorporated under the laws of the Federal Republic of Germany acting
through its office at Gerhart-Hauptmann-Platz 50, 20095 Hamburg, Germany. 
 “IAPPC” means a valid international
air pollution prevention certificate for a Collated Vessel issued under Annex VI. 
 “Indebtedness” means the
aggregate from time to time of: the amount of the Loan outstanding; all accrued and unpaid interest on the Loan; and all other sums of any nature (together with all accrued and unpaid interest on any of those sums) payable to any of the Finance
Parties under all or any of the Finance Documents. 
  

 8 

 “Innovative” means Innovative Investments Limited, a company incorporated
under the laws of the Marshall Islands with its registered office at c/o The Trust Company of the Marshall Islands Inc., The Trust Company Complex, Ajeltake Island, Ajeltake Road, Majuro, Marshall Islands M.H. 96960. 
 “Instalment” means any one of the First Instalments and the Second Instalments. 
 “Insurances” means all policies and contracts of insurance (including all entries in protection and indemnity or war risks
associations) which are from time to time taken out or entered into in respect of or in connection with a Collateral Vessel or her increased value or her Earnings and (where the context permits) all benefits under such contracts and policies,
including all claims of any nature and returns of premium. 
 “Interest Payment Date” means each date for the
payment of interest in accordance with Clause 7.8 (Accrual and payment of interest). 
 “Interest
Period” means each period for the determination and payment of interest selected by the Borrowers or agreed or selected by the Agent pursuant to Clause 7 (Interest). 
 “ISM Code” means the International Management Code for the Safe Operation of Ships and for Pollution Prevention. 

“ISM Company” means, at any given time, the company responsible for a Collateral Vessel’s compliance with the ISM
Code under paragraph 1.1.2 of the ISM Code. 
 “ISPS” Code” means the International Ship and Port Facility
Security Code. 
 “ISPS Company” means, at any given time, the company responsible for a Collateral
Vessel’s compliance with the ISPS Code. 
 “ISSC” means a valid international ship security certificate for
a Collateral Vessel issued under the ISPS Code. 
 “Leverage” means the ratio of total debt divided by the
charter free market value of total assets, as each such term is defined in the applicable Financial Statements for the Group or, as the context may require Grand. 
  

 9 

 “LIBOR” means: 
  

	 	(a)	in relation to any Interest Period of 1 month or other period of months not exceeding 12 months, the rate per annum equal to the offered quotation for deposits in
Dollars for a period equal to the relevant Interest Period which appears on Telerate Page 3750 at or about 11.00 a.m. (London time) on the second Business Day prior to the commencement of that Interest Period (and, for the purposes of this
Agreement. “Telerate Page 3750” means the display designated as “Page 3750” on the Telerate Service or such other page as may replace Page 3750 on that service for the purpose of displaying rates comparable to that rate or
on such other service as may be nominated by the British Bankers’ Association as the information vendor for the purpose of displaying the British Bankers’ Association Interest Settlement Rates for Dollars); or 

  

	 	(b)	in relation to an Interest Period of any other duration or if no rate is quoted on Telerate Page 3750, the rate per annum determined by the Lender to be the rate at
which deposits in Dollars are offered to prime banks in the London Interbank market at or about 11.00 a.m. (London time) on the second Business Day prior to the commencement of that Interest Period for a period equal to that Interest Period and for
delivery on the first Business Day of it. 

 “Loan” means the aggregate amount of the Vessel Loans
advanced or to be advanced by the Lenders to the Borrowers under Clause 4 (Advance) or, where the context permits, the amount of the Vessel Loans advanced and for the time being outstanding. 
 “Majority Lenders” means a Lender or Lenders whose Commitments aggregate more than sixty six per cent (66%) of the
aggregate of all the Commitments. 
 “Management Agreements” means the agreements for the commercial and
technical management of the Collateral Vessels each made between the relevant Collateral Owner respectively and the Managers and “Management Agreement” means any one of them. 
  

 10 

 “Managers” means Cardiff in its capacity as commercial and/or, as the
context may require, technical managers of the Vessels and the Collateral Vessels or such other commercial and/or technical managers of the Vessels and/or the Collateral Vessels nominated by the Borrowers or the Collateral Owners as the Agent may
approve. 
 “Mandatory Cost” means the percentage rate per annum calculated by the Agent in accordance with
Schedule 3 (Calculation of Mandatory Cost). 
 “Margin” means one point two five per cent
(1.25%) per annum. 
 “Maximum Drawing Amount”, in respect of a Drawing, means an amount not exceeding the
lesser of (a) fifty seven million five hundred thousand Dollars ($57,500,000) and (b) sixty four per centum (64%) of the relevant Instalment to be financed by that Drawing. 
 “Maximum Loan Amount” means an amount not exceeding the lesser of (a) two hundred and thirty million Dollars
($230,000,000) and (b) sixty four per centum (64%) of the aggregate of the First Instalments and the Second Instalments for both Vessels. 
 “Maximum Vessel Loan Amount” means, for each Vessel, an amount not exceeding the lesser of (a) one hundred and fifteen million Dollars ($115,000,000) and (b) 64% of the
aggregate of the First Instalment and the Second Instalment of that Vessel. 
 “Minimum Liquidity” means the sum
of cash and cash equivalents excluding restricted cash. as each such term is defined in the applicable Financial Statements for the Group. 
 “Minimum Net Worth” means the charter free market value of total assets less total liabilities, as each such term is defined in the applicable Financial Statements for the Group.

 “Mortgagees’ Insurances” means all policies and contracts of mortgagees’ interest insurance, and
any other insurance from time to time taken out by the Agent in relation to a Vessel. 
  

 11 

 “Mortgages” means the statutory mortgages referred to in Clause 10.1.5
(Security Documents) together with the Deeds of Covenants and “Mortgage” means any one of them. 
 “Musk” means Musk Shipholding Inc., a company incorporated under the laws of the Marshall Islands with its registered office at c/o The Trust Company of the Marshall Islands Inc., The Trust Company Complex, Ajeltake Island,
Ajeltake Road, Majuro, Marshall Islands M.H. 96960. 
 “Net Fair Market Value” means, in respect of a Collateral
Vessel, the value of such Collateral Vessel based on the average of two valuations for that Collateral Vessel prima facie determined by two reputable, independent and first class firms of shipbrokers appointed by and reporting to the Agent on the
basis of a charter-free sale for prompt delivery for cash at arm’s length on normal commercial terms as between a willing seller and a willing buyer less the Collateral Loan Indebtedness applicable to that Collateral Vessel. 
 “Oil Transport” means Oil Transport Investments Limited, a company incorporated under the laws of the Republic of Liberia
whose registered office is at 80 Broad Street, Monrovia, Liberia. 
 “Original Financial Statements” means the
audited consolidated financial statements of the Group and the Corporate Guarantors for the financial year ended 31 December 2006. 
 “Personal Guarantee” means the guarantee and indemnity referred to in Clause 10.1.3 (Security Documents). 
 “Personal Guarantor” a person acceptable to the Lenders in their discretion and/or (where the context permits) any other person who shall at any time during the Facility Period give to
the Lenders or to the Security Agent on their behalf a guarantee and/or indemnity for the repayment of all or part of the Indebtedness. 
 “Pledgors” means, in the case of Drillship Hydra, Drillship Hydra Shareholders Inc., and, in the case of Drillship Paros, Drillship Paros Shareholders Inc., each a company incorporated under the laws of the Marshall Islands
with its registered office at c/o The Trust Company of the Marshall Islands Inc., The Trust Company Complex, Ajeltake Island, Ajeltake Road, Majuro, Marshall Islands M.H. 96960. 
  

 12 

 “Proportionate Share” means, at any time, the proportion which a
Lender’s Commitment (whether or not advanced) then bears to the aggregate Commitments of all the Lenders (whether or not advanced). 
 “Reference Banks” means, in relation to LIBOR, the principal London offices of such banks as the Majority Lenders, may agree from time to time and as may be appointed by the Agent in
consultation with the Borrowers. 
 “Refund Guarantees” means refund guarantees issued or to be issued by the
Refund Guarantor in favour of the Borrowers respectively pursuant to the Building Contracts in respect of each Instalment and “Refund Guarantee” means any one of them. 
 “Refund Guarantor” means a financial institution acceptable to the Lenders in their absolute discretion. 
 “Relevant Documents” means the Finance Documents, the Building Contracts, the Refund Guarantees, the Management Agreements,
the Managers’ confirmation specified in Part I of Schedule 2 (Conditions precedent), and the Account Holder’s confirmation specified in Part I of Schedule 2 (Conditions precedent). 
 “Requisition Compensation” means all compensation or other money which may from time to time be payable to a Collateral
Owner as a result of a Collateral Vessel being requisitioned for title or in any other way compulsorily acquired (other than by way of requisition for hire). 
 “Screen Rate” means in relation to LIBOR, the British Bankers’ Association Interest Settlement Rate for the relevant currency and period displayed on the appropriate page of the
Reuters screen. If the agreed page is replaced or the service ceases to be available, the Agent may specify another page or service displaying the appropriate rate after consultation with the Borrowers and the Lenders. 
 “Second Instalment” means, in respect of each Vessel, the sum of ninety million one hundred and fifty thousand Dollars
($90,150,000) representing fifteen percent (15%) of the portion of the Contract Price which shall become due and payable and be paid by the relevant Borrower six months after the signing of the relevant Building Contract, in accordance
with the relevant Building Contract. 
  

 13 

 “Security Documents” means the Building Contract Assignments, the Corporate
Guarantees, the Personal Guarantee, the Share Pledges, the Mortgages, the Deeds of Covenants, the Assignments, the Earnings Accounts Charges, the Deeds of Coordination or (where the context permits) any one or mom of them and any other agreement or
document which may at any time be executed by any person as security for the payment of all or any part of the Indebtedness and “Security Document” means any one of them. 
 “Security Parties” means the Borrowers, the Corporate Guarantors, the Personal Guarantor, the Pledgors and any other person
who may at any time during the Facility Period be liable for, or provide security for, all or any part of the Indebtedness, and “Security Party” means any one of them. 
 “Shares Pledges” means the pledges of shares referred to in Clause 10.1.4 and “Shares Pledge” means either
one of them (Security Documents). 
 “SMC” means a valid safety management certificate issued for a
Collateral Vessel by or on behalf of the Administration under paragraph 13.7 of the ISM Code. 
 “SMS” means a
safety management system for a Collateral Vessel developed and implemented in accordance with the ISM Code. 
 “Subsidiaries” means any company or entity directly or indirectly controlled by such person, and for this purpose “control” means either the ownership of more than fifty per cent (50%) of the voting share
capital (or equivalent rights of ownership) of such company or entity or the power to direct its policies and management, whether by contract or otherwise and “Subsidiary” means any one of them 
 “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). 
 “Total Loss”
means: 
  

	 	(a)	an actual, constructive, arranged, agreed or compromised total loss of a Collateral Vessel; or 

  

 14 

	 	(b)	the requisition For title or compulsory acquisition of a Collateral Vessel by any government or other competent authority (other than by way of requisition for hire);
or 

  

	 	(c)	the capture, seizure, arrest, detention or confiscation of a Collateral Vessel by any government or by persons acting or purporting to act on behalf of any government,
unless that Collateral Vessel is released and returned to the possession of the relevant Collateral Owner within one month after the capture, seizure, arrest, detention or confiscation in question. 

 “Transfer Certificate” means a certificate substabtially in the form set out in Schedule 5 (Form of Transfer Certificate)
or any other form agreed between the Agent and the Borrowers. 
 “Transfer Date”, in relation to any
Transfer Certificate, the later of: 
  

	 	(a)	the proposed Transfer Date specified in the Transfer Certificate; and 

  

	 	(b)	the date on which the Agent executes the Transfer Certificate. 

 “Trust Property” means: 
  

	 	(a)	all benefits derived by the Security Agent from Clause 10 (Security and Application of Moneys); and 

  

	 	(b)	all benefits arising under (including, without limitation, all proceeds of the enforcement of) each of the Security Documents, 

 with the exception of any benefits arising solely for the benefit of the Security Agent. 
 “Vessel Loan” means the amount advanced or to be advanced to the Borrowers by the Lenders in up to two Drawings in respect
of that Vessel or, where the context permits, the aggregate principal amount so advanced and for the time being outstanding and “Vessel Loans” means both of them. 
  

 15 

 “Vessels” means the two drillship newbuildings, each with an operating
capacity of a water depth of up to 10,000 ft and a drilling depth of up to 35,000 ft and everything now or in the future belonging to them on board and ashore, currently under construction by the Builder with the Builder’s hull numbers set out
below for the respective Borrowers set out below on the terms of the Building Contracts and “Vessel” means either one of them: 
  

							
	

	 	 Hull Number
	  	 Borrower
	  	 Expected Delivery Date

	 	HN 1837	  	Drillship Hydra	  	December 2010
	 	HN 1838	  	Drillship Paros	  	March 2011

  

	 	1.2	In this Agreement: 

  

	 	1.2.1	words denoting the plural number include the singular and vice versa; 

  

	 	1.2.2	words denoting persons include corporations, partnerships, associations of persons (whether incorporated or not) or governmental or quasi-governmental bodies or
authorities and vice versa; 

  

	 	1.2.3	references to Recitals, Clauses and Schedules are references to recitals, clauses and schedules to or of this Agreement; 

  

	 	1.2.4	references to this Agreement include the Recitals and the Schedules; 

  

	 	1.2.5	the headings and contents page(s) are for the purpose of reference only, have no legal or other significance, and shall be ignored in the interpretation of this
Agreement; 

  

	 	1.2.6	references to any document (including, without limitation, to all or any of the Relevant Documents) are, unless the context otherwise requires, references to that
document as amended, supplemented, novated or replaced from time to time; 

  

	 	1.2.7	references to statutes or provisions of statutes are references to those statutes, or those provisions, as from time to time amended, replaced or re-enacted;

  

 16 

	 	1.2.8	references to any Finance Party include its successors, transferees and assignees; and 

  

	 	1.2.9	a time of day (unless otherwise specified) is a reference to London time. 

  

	 	1.3	Offer letter 

 This
Agreement supersedes the terms and conditions contained in any correspondence relating to the subject matter of this Agreement exchanged between any Finance Party and the Borrowers or their representatives prior to the date of this Agreement.

  

	2	The Loan and its Purpose 

  

	 	2.1	Amount Subject to the terms of this Agreement, the Lenders agree to make available to the Borrowers a term loan comprising both the Vessel Loans and not
exceeding in aggregate the Maximum Loan Amount. 

  

	 	2.2	Finance Parties’ obligations 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 to the Finance Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents.

  

	 	2.3	Purpose The Borrowers shall apply the Loan for the purposes referred to in Recital (B). 

  

	 	2.4	Monitoring No Finance Party is bound to monitor or verify the application of any amount borrowed under this Agreement. 

  

	3	Conditions of Utilisation 

  

	 	3.1	Conditions precedent The Borrowers are not entitled to have any Drawing advanced unless the Agent has received all of the documents and other evidence listed in
Part I of Schedule 2 (Conditions precedent), save that references in Section 2 of that Part I to “the Vessel” or to any person or document relating to a Vessel shall be deemed to relate solely to the Vessel specified in the
relevant Drawdown Notice or to any person or document relating to that Vessel respectively. 

  

 17 

	 	3.2	Further conditions precedent The Lenders will only be obliged to advance a Drawing if on the date of the Drawdown Notice and on the proposed Drawdown Date:

  

	 	3.2.1 	no Default is continuing or would result from the advance of that Drawing; and 

  

	 	3.2.2 	the representations made by the Borrowers under Clause 11 (Representations) are true in all material respects. 

  

	 	3.3	Drawing limit The Lenders will only be obliged to advance a Drawing if: 

  

	 	3.3.1 	that Drawing will not increase the Loan to a sum in excess of the Maximum Loan Amount: 

  

	 	3.3.2 	that Drawing will not exceed the Maximum Drawing Amount or the Maximum Vessel Loan Amount; 

  

	 	3.3.3 	the proposed Drawdown Date of that Drawing coincides with the due date for payment by the relevant Borrower of the relevant Instalment. 

  

	 	3.4	Conditions subsequent The Borrowers undertake to deliver or to cause to be delivered to the Agent on, or as soon as practicable after, the relevant Drawdown Date
the additional documents and other evidence listed in Part II of Schedule 2 (Conditions subsequent), save that references in that Part II to “the Vessel” or to any person or document relating to a Vessel shall be deemed to relate
solely to the Vessel specified in the relevant Drawdown Notice or to any person or document relating to that Vessel respectively. 

  

	 	3.5	No Waiver If the Lenders in their sole discretion agree to advance a Drawing to the Borrowers before all of the documents and evidence required by Clause 3.1
(Conditions precedent) have been delivered to or to the order of the Agent, the Borrowers undertake to deliver all outstanding documents and evidence to or to the order of the Agent no later than thirty (30) days after the relevant
Drawdown Date or such other date specified by the Agent. 

 The advance of a Drawing under this Clause 3.5 shall
not be taken as a waiver of the Lenders’ right to require production of all the documents and evidence required by Clause 3.1 (Conditions precedent). 
  

 18 

	 	3.6	Form and content All documents and evidence delivered to the Agent under this Clause 3 shall: 

  

	 	3.6.1	be in form and substance acceptable to the Agent; and 

  

	 	3.6.2	if required by the Agent, be certified, notarised, legalised or attested in a manner acceptable to the Agent. 

  

	4	Advance 

  

	 	4.1	Drawdown Request The Borrowers may request a Drawing to be advanced in one amount on any Business Day prior to the Availability Termination Date by delivering to
the Agent a duly completed Drawdown Notice not more than ten (10) and not fewer than three (3) Business Days before the proposed Drawdown Date. 

  

	 	4.2	Lenders’ participation Subject to Clauses 2 (The Loan and its Purpose) and 3 (Conditions of Utilisation), the Agent shall promptly notify each
Lender of the receipt of a Drawdown Notice, following which each Lender shall advance its Proportionate Share of the relevant Drawing to the Borrowers through the Agent on the relevant Drawdown Date. 

  

	5	Repayment 

  

	 	5.1	Repayment of each Vessel Loan The Borrowers agree to repay each Vessel Loan to the Agent for the account of the Lenders in one amount on the earlier of
(i) the Delivery Date in respect of that Vessel and (ii) the Final Maturity Date applicable to that Vessel. 

  

	 	5.2	Reborrowing The Borrowers may not reborrow any part of a Vessel Loan which is repaid or prepaid. 

  

	6	Prepayment 

  

	 	6.1	Illegality If it becomes unlawful in my jurisdiction for a Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain the
Loan: 

  

	 	6.1.1	that Lender shall promptly notify the Agent of that event; 

  

 19 

	 	6.1.2	upon the Agent notifying the Borrowers, the Commitment of that Lender (to the extent not already advanced) will be immediately cancelled; and 

 

	 	6.1.3	the Borrowers shall repay that Lender’s Commitment in respect of each Vessel Loan (to the extent already advanced) on the last day of its current Interest Period
or, if earlier, the date specified by that Lender in the notice delivered to the Agent and notified by the Agent to the Borrowers (being no earlier than the last day of any applicable grace period permitted by law) and the amount in respect of that
Vessel Loan to be repaid in accordance with Clause 5.1 shall be reduced accordingly. 

  

	 	6.2	Voluntary prepayment of a Vessel Loan The Borrowers may prepay the whole or any part of any Vessel Loan (but, if in part, being an amount that reduces that
Vessel Loan by a minimum amount of US$500,000) subject to giving the Agent not less than 5 Business Days’ (or such shorter period as the Majority Lenders may agree) prior written notice. 

  

	 	6.3	Mandatory prepayment on sale or Total Loss If a Collateral Vessel is sold by a Collateral Owner or becomes a Total Loss, the Borrowers shall, simultaneously with
any such sale or within one hundred and twenty (120) days after any such Total Loss, apply all sale or insurance proceeds, following any prepayment under the Collateral Loan Agreements, directly forthwith in prepayment of each Vessel Loan then
outstanding, each such prepayment amounting to an amount in aggregate not less than the higher of (a) the Net Fair Market Value of that Collateral Vessel on the date of such sale or Total Loss, less any Collateral Loan Indebtedness applicable
to that Vessel and (b) the outstanding Indebtedness. 

  

	 	6.4	Mandatory prepayment on refinancing of a Vessel If the Borrowers intend to refinance a Vessel Loan, or intend to seek additional financing in respect of a Vessel
with a financial institution other than the Agent the Borrowers shall, prior to, or simultaneously with the first drawdown of such refinancing or additional financing, prepay the Indebtedness applicable to that Vessel Loan PROVIDED THAT, the Agent
shall have a right of first refusal to make such financing or refinancing with the relevant Borrower. 

  

	 	6.5	Restrictions Any notice of prepayment given under this Clause 6 shall be irrevocable and, unless a contrary indication appears in this Agreement shall specify
the date or dates upon which the relevant prepayment is to be made and the amount of that prepayment. 

  

 20 

 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. 
 If the Agent receives a notice under this Clause 6
it shall promptly forward a copy of that notice to the Borrowers or the Lenders, as appropriate. 
  

	7	Interest 

  

	 	7.1	Interest Periods The period during which each Vessel Loan shall be outstanding under this Agreement shall be divided into consecutive Interest Periods of one,
two three, six, nine or twelve months’ duration, as selected by the Borrowers by written notice to the Agent not later than 11.00 a.m. on the third Business Day before the beginning of the Interest Period in question, or such other duration as
may be agreed by the Agent (acting on the instructions of all the Lenders). 

  

	 	7.2	Beginning and end of Interest Periods Each Interest Period shall start on the first Drawdown Date of the relevant Vessel Loan or (if a Drawing of that Vessel
Loan is already advanced) on the last day of the preceding Interest Period and end on the date which numerically corresponds to the first Drawdown Date of that Vessel Loan or the last day of the preceding Interest Period in the relevant calendar
month except that, if there is no numerically corresponding date in that calendar month, the Interest Period shall end on the last Business Day in that month. 

  

	 	7.3	Second and subsequent Drawings If the second or any subsequent Drawing of a Vessel Loan is made otherwise than on the first day of an Interest Period for the
balance of that Vessel Loan, there shall be a separate initial Interest Period for that Drawing commencing on its Drawdown Date and expiring on the final date of the then current Interest Period for the balance of that Vessel Loan.

  

	 	7.4	Fixed interest rate option The Borrowers may, subject to giving the Agent not fewer than five (5) Business Days’ prior Written notice expiring on a
Business Day of their intention to do so, and subject to availability and the Agent’s and the Lenders’ prior written approval, request that the interest rate of all or a substantial part of the Loan be fixed for a period not exceeding
twelve (12) months. 

  

 21 

	 	7.5	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). 

  

	 	7.6	Interest rate During each Interest Period interest shall accrue on each Vessel Loan at the rate determined by the Agent to be the aggregate of either
(a) the Margin, and (b) LIBOR and (c) the Mandatory Cost, or, if the fixed interest rate option has been selected pursuant to Clause 7.4, (a) the Margin, and (b) the level of the highest cost of funding to the Lenders for
the fixed interest period in question and (c) the Mandatory Cost, if any. 

  

	 	7.7	Failure to select Interest Period If the Borrowers at any time fail to select or agree an Interest Period in accordance with Clause 7.1 (Interest
Periods), or Clause 7.4 (Fixed Interest Rate Option) the interest rate applicable shall be the rate determined by the Agent in accordance with Clause 7.6 (Interest rate) for an Interest Period of such duration (not exceeding three
months) as the Agent may select. 

  

	 	7.8	Accrual and payment of interest Interest shall accrue from day to day, shall be calculated on the basis of a 360 day year and the actual number of days elapsed
(or, in any circumstance where market practice differs, in accordance with the prevailing market practice) and shall be paid by the Borrowers to the Agent for the account of the Lenders 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 that Interest Period. 

  

	 	7.9	Default interest If a Borrower fails to pay any mount payable by it under a Finance Document on its due date, 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 the aggregate of (a) two per cent (2%) per annum, (b) the Margin and (c) LIBOR for such period, in the currency of the
overdue amount for successive Interest Periods, each selected by the Agent (acting reasonably). Any interest accruing under this Clause 7.9 shall be immediately payable by that Borrower on demand by the Agent. If unpaid, any such interest 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. 

  

 22 

	 	7.10	Changes in market circumstances If at any time the Agent determines (which determination shall be final and conclusive and binding on the Borrowers) that, by
reason of changes affecting the London interbank market, adequate and fair means do not exist for determining the rate of interest on a Vessel Loan for any Interest Period: 

  

	 	7.10.1	the Agent shall give notice to the Lenders and the Borrowers of the occurrence of such event; and 

  

	 	7.10.2	the rate of interest on each Lender’s Commitment in that Vessel Loan for that Interest Period shall be the rate per annum which is the sum of:

  

	 	(a)	the Margin; and 

  

	 	(b)	the rate notified to the Agent by that Lender as soon as practicable, and in any event before 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 that Lender of funding its Commitment in that Vessel Loan from whatever source it may reasonably select; 

  

	 	(c)	the Mandatory Cost, if any, applicable to that Lender’s Commitment in that Vessel Loan, 

 PROVIDED THAT if the resulting rate of interest on any Commitment in that Vessel Loan is not acceptable to the Borrowers: 
  

	 	7.10.3	the Agent on behalf of the Lenders will negotiate with the Borrowers in good faith with a view to modifying this Agreement to provide a substitute basis for determining
the rate of interest which is financially a substantial equivalent to the basis provided for in this Agreement; 

  

	 	7.10.4	any substitute basis agreed pursuant to Clause 7.10.3 shall be binding on all the parties to this Agreement and shall apply to all Commitments in that Vessel Loan; and

  

	 	7.10.5	if, within thirty (30) days of the giving of the notice referred to in Clause 7.10.1, the Borrowers and the Agent fail to agree in writing on a substitute basis
for determining the rate of interest, the Borrowers will immediately prepay the relevant Commitment in that Vessel Loan, together with any Break Costs, and the remaining amount in respect of that Vessel Loan shall be reduced accordingly.

  

 23 

	 	7.11	Determinations conclusive The Agent shall promptly notify the Borrowers of the determination of a rate of interest under this Clause 7 and each such
determination shall (save in the case of manifest error) be final and conclusive. 

  

	8	Indemnities 

  

	 	8.1	Transaction expenses The Borrowers will, within fourteen (14) days of the Agent’s written demand, pay the Agent (for the account of the Finance
Parties) the amount of all costs and expenses (including legal fees and Value Added Tax or any similar or replacement tar if applicable) reasonably incurred by the Finance Parties or any of them in connection with: 

  

	 	8.1.1	the negotiation, preparation, printing, execution and registration of the Finance Documents (whether or not any Finance Document is actually executed or registered and
whether or not all or any part of the Loan is advanced); 

  

	 	8.1.2	any amendment, addendum or supplement to any Finance Document (whether or not completed); and 

  

	 	8.1.3	any other document which may at any time be required by a Finance Party to give effect to any Finance Document or which a Finance Party is entitled to call for or
obtain under any Finance Document. 

  

	 	8.2	Funding costs The Borrowers shall indemnify each Finance Party, by payment to the Agent (for the account of that Finance Party) on the Agent’s written
demand, against all losses and costs incurred or sustained by that Finance Party if, for any reason, a Drawing is not advanced to the Borrowers after the relevant Drawdown Notice has been given to the Agent, or is advanced on a date other than that
requested in the Drawdown Notice (unless, in either case, as a result of any default by a Finance Party). 

  

	 	8.3	 Break Costs The Borrowers shall indemnify each Finance Party, by payment to the Agent (for the account of that Finance Party) on the
Agent’s written demand, against all costs, losses, premiums or penalties incurred by that Finance Party as a

  

 24 

	 	 
result of its receiving any prepayment of all or any part of the Loan (whether pursuant to Clause 6 (Prepayment) or otherwise) on a day other than the last day of an Interest
Period in respect of the same, or any other payment under or in relation to the Finance Documents on a day other than the due date for payment of the sum in question, including (without limitation) any losses or costs incurred in liquidating or
re-employing deposits from third parties acquired to effect or maintain all or any part of the Loan, and any liabilities, expenses or losses incurred by that Finance Party in terminating or reversing, or otherwise in connection with, any interest
rate and/or currency swap, transaction or arrangement entered into by that Finance Party to hedge any exposure arising under this Agreement, or in terminating or reversing, or otherwise in connection with, any open position arising under this
Agreement. 

  

	 	8.4	Currency indemnity In the event of a Finance Party receiving or recovering any amount payable under a Finance Document in a currency other than the Currency of
Account, and if the amount received or recovered is insufficient when converted into the Currency of Account at the date of receipt to satisfy in full the amount due, the Borrowers shall, on the Agent’s written demand, pay to the Agent for the
account of the relevant Finance Party such further amount in the Currency of Account as is sufficient to satisfy in full the amount due and that further amount shall be due to the Agent on behalf of the relevant Finance Party as a separate debt
under this Agreement. 

  

	 	8.5	Increased costs (subject to Clause 8.6 (Exceptions to increased costs)) If, by reason of the
introduction of any law, or any change in any law, or any change in the interpretation or administration of any law, or compliance with any request or requirement from any central bank or any fiscal, monetary or other authority occurring after the
date of this Agreement: 

  

	 	8.5.1	a Finance Party (or the holding company of a Finance Party) shall be subject to any Tax with respect to payment of all or any part of the Indebtedness (other than Tax
on overall net income); or 

  

	 	8.5.2	the basis of Taxation of payments to a Finance Party in respect of all or any part of the Indebtedness shall be changed; or 

  

 25 

	 	8.5.3	any reserve requirements shall be imposed, modified or deemed applicable against assets held by or deposits in or for the account of or loans by any branch of a Finance
Party; or 

  

	 	8.5.4	the manner in which a Finance Party allocates capital resources to its obligations under this Agreement or any ratio (whether cash, capital adequacy, liquidity or
otherwise) which a Finance Party is required or requested to maintain shall be affected; or 

  

	 	8.5.5	there is imposed on a Finance Party (or on the holding company of a Finance Party) any other condition in relation to the Indebtedness or the Finance Documents;

 and the result of any of the above shall be to increase the cost to a Finance Party (or to the holding company
of a Finance Party) of that Finance Party making or maintaining its Commitment, or to cause a Finance Party to suffer (in its opinion) a material reduction in the rate of return on its overall capital below the level which it reasonably anticipated
at the date of this Agreement and which it would have been able to achieve but for its entering into this Agreement and/or performing its obligations under this Agreement, then, subject to Clause 8.6 (Exceptions to increased costs),
the Finance Party affected shall notify the Agent and the Borrowers shall from time to time pay to the Agent on demand for the account of that Finance Party the amount which shall compensate that Finance Party (or the relevant holding company)
for such additional cost or reduced return. A certificate signed by an authorised signatory of that Finance Party setting out the amount of that payment and the basis of its calculation shall be submitted to the Borrowers and shall be conclusive
evidence of such amount save for manifest error or on any question of law. 
  

	 	8.6	Exceptions to increased costs Clause 8.5 (Increased costs) does not apply to the extent any additional cost or reduced return referred to in
that Clause is: 

  

	 	8.6.1	compensated for by a payment made under Clause 8.10 (Taxes); or 

  

	 	8.6.2	compensated for by a payment made under Clause 17.3 (Grossing-up); 

  

	 	8.6.3	compensated for by the payment of the Mandatory Cost; or 

  

 26 

  

 27 

	 	8.11	Basel II In relation to the implementation or application of, or compliance with, the “International Convergence of Capital Measurement and Capital
Standards, a Revised Framework” published by the Basel Committee on Banking Supervision in June 2004 in the form existing on the date of this Agreement (“Basel II”) or any other law or regulation which implements Basel
II (whether such implementation, application or compliance is by a government, regulator, a Finance Party or any holding company of a Finance Party), if this gives rise to a change in the Risk Asset Weighting of a Finance Party’s actual or
notional rate of return from the Loan then the amount of any reduction of the Finance Party’s rate of return from the Loan will be payable by the Borrower. The Agent shall consult with the Borrower in relation to the effect of the
implementation of Basel II. 

  

	9	Fees 

  

	 	9.1	Commitment fee The Borrowers shall pay to the Agent (for the account of the Lenders in proportion to their Commitments) a fee computed at the rate of zero point
two five (0.25%) per cent per annum calculated on the undrawn amount of the Loan payable quarterly in arrears from the date of this Agreement until the earlier of the Drawdown Date in respect of the final Drawing to occur and the Availability
Termination Date, both dates inclusive. The accrued commitment fee is payable on the last day of each successive period of three months from the date of this Agreement and on the Availability Termination Date. 

  

	 	9.2	Arrangement fee The Borrowers shall pay to the Agent for the account of the Arrangers an arrangement fee in the amount and at the times agreed in a fee Letter.

  

	 	9.3	Agency fee The Borrowers shall pay to the Agent (for its own account) an agency fee in the amount and at the times agreed in a Fee Letter.

  

	 	9.4	Underwriting and structuring fee The Borrowers shall pay to the Agent (for its own account) an underwriting and structuring fee in the amount and at the times
agreed in a Fee Letter. 

  

 28 

	10	Security and Application of Moneys 

  

	 	10.1	Security Documents As security for the payment of the Indebtedness, the Borrowers shall execute and deliver to the Security Agent or cause to be executed and
delivered to the Security Agent the following documents in such forms and containing such terms and conditions as the Security Agent shall require: 

  

	 	10.1.1	first priority deeds of assignment of the Building Contracts and the Refund Guarantees; 

  

	 	10.1.2	guarantees and indemnities from each of the Corporate Guarantors; 

  

	 	10.1.3	the guarantee and indemnity from the Personal Guarantor; 

  

	 	10.1.4	first priority pledges from the Pledgors of all the issued shares of each of the Borrowers; 

  

	 	10.1.5	second priority statutory mortgages over the Collateral Vessels together with collateral deeds of covenants; 

  

	 	10.1.6	second priority deeds of assignment of the Insurances, Earnings and Requisition Compensation of the Collateral Vessels; 

  

	 	10.1.7	second priority deeds of pledge or charge over the Earnings Accounts and all amounts from time to time standing to the credit of the Earnings Accounts; and

 10.1.8 deeds of co-ordination in respect of the Collateral Vessels. 
  

	 	10.2	Earnings Accounts The Borrowers shall procure that the Collateral Owners shall maintain the Earnings Accounts with the Account Holder for the duration of the
Facility Period free of Encumbrances and rights of set off other than those created by or under the Finance Documents and the applicable Collateral Loan Agreement. 

  

	 	10.3	Earnings The Borrowers shall procure that the Collateral Owners shall procure that all Earnings and any Requisition Compensation are credited to the relevant
Earnings Account. 

  

	 	10.4	Borrowers’ obligations not affected If for any reason the amount standing to the credit of the Earnings Account is insufficient to repay any Vessel Loan or
to make any payment of interest when due, the Borrowers’ obligation to repay that Vessel Loan or to make that payment of interest shall not be affected. 

  

 29 

	 	10.5	Restriction on withdrawal During the Facility Period no sum may be withdrawn from the Earnings Accounts (except in accordance with the relevant Collateral Loan
Agreement and this Clause 10) without the prior written consent of the Agent. 

  

	 	10.6	Access to information The Borrowers shall procure that the Collateral Owners agree that the Agent (and its nominees) may from time to time during the Facility
Period review the records held by the Account Holder (whether in written or electronic form) in relation to the Earnings Accounts, and irrevocably waive any right of confidentiality which may exist in relation to those records.

  

	 	10.7	Statements Without prejudice to the rights of the Agent under Clause 10.6 (Access to information), the Borrowers shall procure that the Collateral Owners
will procure that the Account Holder provides to the Agent, no less frequently than each calendar month during the Facility Period, written statements of account showing all entries made to the credit and debit of each of the Earnings Accounts
during the immediately preceding calendar month. 

  

	 	10.8	Application after acceleration From and after the giving of notice to the Borrowers by the Agent under Clause 13.2 (Acceleration), the Borrowers shall
procure that the Collateral Owners shall procure that all sums from time to time standing to the credit of either of the Earnings Accounts are immediately transferred to the Agent for application in accordance with Clause 10.9 (General
application of moneys) and the Borrowers shall procure that the Collateral Owners irrevocably authorise the Agent to instruct the Account Holder to make those transfers. 

  

	 	10.9	General application of moneys Each Borrower irrevocably authorises, and shall procure that each Collateral Owner irrevocably authorises, the Agent and the
Security Agent, subject to Clause 10.10 (Application of moneys on sale or Total Loss), to apply all sums which either of them may receive: 

  

	 	10.9.1	pursuant to a sale or other disposition of its Vessel or a Collateral Vessel or any right, title or interest in its Vessel or a Collateral Vessel; or

  

	 	10.9.2	by way of payment of any sum in respect of the Insurances, Earnings or Requisition Compensation of its Vessel or a Collateral Vessel; or 

  

	 	10.9.3	by way of transfer of any sum from either of the Earnings Accounts; or 

  

 30 

	 	10.9.4	otherwise arising under or in connection with any Security Document, 

 in or towards satisfaction, or by way of retention on account, of the Indebtedness, in such manner as the Agent may determine. 
  

	 	10.10 	Application of moneys on sale or Total Loss Each Borrower shall procure that each Collateral Owner irrevocably authorises the Agent and the Security Agent to
apply all sums which either of them may receive pursuant to a sale by that Collateral Owner of its Collateral Vessel or a Total Loss of its Collateral Vessel in or towards satisfaction of the prepayment due and payable by virtue of that sale or
Total Loss under Clause 6.3 (Mandatory prepayment on sale or Total Loss), but the Borrowers’ obligation to make that prepayment shall not be affected if those sums are insufficient to satisfy that obligation. 

  

	 	10.11 	Additional security If at any time the aggregate of the Net Fair Market Value of the Collateral Vessels and the value of any additional security (such value to
be the face amount of the deposit (in the case of cash), determined conclusively by appropriate advisers appointed by the Agent (in the case of other charged assets), and determined by the Agent in its discretion (in all other cases)) for the time
being provided to the Security Agent under this Clause 10.11 is less than ninety million Dollars ($90,000,000) the Borrowers shall, within thirty (30) days of the Agent’s request, at the Borrowers’ option: 

  

	 	10.11.1 	pay to the Security Agent or to its nominee a cash deposit in the amount of the shortfall to be secured in favour of the Security Agent as additional security for the
payment of the Indebtedness; or 

  

	 	10.11.2 	give to the Security Agent other additional security in amount and form acceptable to the Security Agent in its discretion; or 

  

	 	10.11.3 	prepay the amount of the Indebtedness which will ensure that the aggregate of the market value of the Collateral Vessels (determined as stated above) and the value of
any such additional security is not less than ninety million Dollars ($90,000,000). 

 Clauses 5.2 (Reborrowing)
and 6.5 (Restrictions) shall apply, mutatis mutandis, to any prepayment made under this Clause 10.11 and the value of any additional security provided shall be determined as stated above. 
  

 31 

	11	Representations 

  

	 	11.1	Representations The Borrowers make the representations and warranties set out in this Clause 11.1 to each Finance Party on the date of this Agreement.

  

	 	11.1.1	Status Each Security Party (which is not an individual) is a corporation, duly incorporated and validly existing under the law of its jurisdiction of
incorporation and has the power to own its assets and carry on its business as it is being conducted. 

  

	 	11.1.2	Binding obligations The obligations expressed to be assumed by each Security Party in each Finance Document to which it is a party are, subject to any general
principles of law limiting its obligations which are specifically referred to in any legal opinion delivered pursuant to Clause 3 (Conditions of Utilisation), legal, valid, binding and enforceable obligations. 

  

	 	11.1.3	Non-conflict with other obligations The entry into and performance by each Security Party of, and the transactions contemplated by, the Finance Documents do not
conflict with: 

  

	 	(a)	any law or regulation applicable to that Security Party; 

  

	 	(b)	the constitutional documents of that Security Party; or 

  

	 	(c)	any document binding on that Security Party or any of its assets, 

 and in borrowing the Loan, the Borrowers are acting for their own account. 
  

	 	11.1.4	Power and authority Each Security Party 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 a party and the transactions contemplated by those Finance Documents. 

  

 32 

	 	11.1.5	Validity and admissibility in evidence All consents, licences, approvals, authorisations, filings and registrations required or desirable:

  

	 	(a)	to enable each Security Party lawfully to enter into, exercise its rights and comply with its obligations in the Finance Documents to which it is a party or to enable
each Finance Party to enforce and exercise all its rights under the Finance Documents; and 

  

	 	(b)	to make the Finance Documents to which any Security Party is a party admissible in evidence in its jurisdiction of incorporation, 

 have been obtained or effected and are in full force and effect, with the exception only of the registrations referred to in Part II of
Schedule 2 (Conditions subsequent). 
  

	 	11.1.6	Governing law and enforcement The choice of English law as the governing law of any Finance Document expressed to be governed by English law will be recognised
and enforced in the jurisdiction of incorporation of each relevant Security Party, and any judgment obtained in England in relation to any such Finance Document will be recognised and enforced in the jurisdiction of incorporation of each relevant
Security Party. 

  

	 	11.1.7	Deduction of Tax No Security Party is required under the law of its jurisdiction of incorporation to make any deduction for or on account of Tax from any payment
it may make under any Finance Document. 

  

	 	11.1.8	No filing or stamp taxes Under the law of jurisdiction of incorporation of each relevant Security Party it is not necessary that the Finance Documents (other
than the Security Documents) be filed, recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration or similar tax be paid on or in relation to the Finance Documents or the transactions contemplated by
the Finance Documents. 

  

	 	11.1.9	No default No Event of Default is continuing or might reasonably be expected to result From the advance of any Drawing. 

  

	 	11.1.10 	No misleading information Any factual information provided by any Security Party to any Finance Party was true and accurate in all material respects as at the
date it was provided. 

  

 33 

	 	11.1.11 	Pari passu ranking The payment obligations of each Security Party under the Finance Documents to which it is a party rank at least pari passu with the claims of
all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally. 

  

	 	11.1.12 	No proceedings pending or threatened No litigation, arbitration or administrative proceedings of or before any court, arbitral body or agency have been started
or (to the best of the Borrowers’ knowledge threatened) which, if adversely determined, might reasonably be expected to have a materially adverse effect on the business, assets, financial condition or credit worthiness of any Security Party.

  

	 	11.1.13 	Disclosure of material facts The Borrowers are not aware of any material facts or circumstances which have not been disclosed to the Agent and which might, if
disclosed, have adversely affected the decision of a person considering whether or not to make loan facilities of the nature contemplated by this Agreement available to the Borrowers. 

  

	 	11.1.14 	No established place of business in the UK or US No Security Party has an established place of business in the United Kingdom or the United States of America.

  

	 	11.1.15 	Completeness of Relevant Documents The copies of any Relevant Documents provided or to be provided by the Borrowers to the Agent in accordance with Clause 3
(Conditions of Utilisation) are, or will be, true and accurate copies of the originals and represent, or will represent, the full agreement between the parties to those Relevant Documents in relation to the subject matter of those Relevant
Documents and there are no commissions, rebates, premiums or other payments due or to become due in connection with the subject matter of those Relevant Documents other than in the ordinary course of business or as disclosed to, and approved in
writing by, the Agent. 

  

	 	11.2	Repetition Each representation and warranty in Clause 11.1 (Representations) is deemed to be repeated by the Borrowers by reference to the facts and
circumstances then existing on the date of each Drawdown Notice and the first day of each Interest Period. 

  

 34 

	12	Undertakings and Covenants 

 The undertakings and covenants in this Clause 12 remain in force for the duration of the Facility Period. 
  

	 	12.1	Information Undertakings 

  

	 	12.1.1	Financial statements The Borrowers shall procure that:- 

  

	 	(a)	the Group supplies to the Agent as soon as the same become available, but in any event within 180 days after every 31 December of each of its financial years, its
combined annual audited Financial Statements for that financial year and within 120 days after every 31 December and 30 June of each of its financial half-years, its semi-annual unaudited Financial Statements and management accounts for
that financial half-year; 

  

	 	(b)	Grand supplies to the Agent as soon as the same become available, but in any event within 180 days after every 31 December of each of its financial years, its
consolidated annual audited Financial Statements for that financial year and within 120 days after every 31 December and 30 June of each of its financial half-years, its semi-annual unaudited Financial Statements for that financial
half-year; 

  

	 	(c)	each Collateral Owner supplies to the Agent as soon as the same become available, but in any event within 180 days after every 31 December of each of its
respective financial years, its respective annual audited Financial Statements for that financial year and within 120 days after every 31 December and 30 June of each of its financial half-years its respective semi-annual unaudited
Financial Statements for that financial half-year, 

  

 35 

 * in each case, (together with updated details of all off-balance sheet, time-charter hire
commitments and annual cash flow information upon the Agent’s first request in writing), which shall each be accompanied by a Compliance Certificate, signed by one director of each of the Group, Grand, each Collateral Owner and each Borrower,
setting out (in reasonable detail) computations as to compliance with Clause 12.2 (Financial covenants) as at the date at which those Financial Statements were drawn up. 
  

	 	12.1.2	Requirements as to Financial Statements Each set of Financial Statements delivered by the Group and the Corporate Guarantors under Clause 12.1.1 (Financial
statements): 

  

	 	(a)	shall be certified by a director of the relevant Borrower, the Group or the Corporate Guarantors (as the context may require) as fairly representing its financial
condition as at the date as at which those Financial Statements were drown up; and 

  

	 	(b)	shall be prepared using GAAP, accounting practices and financial reference periods consistent with those applied in the preparation of the relevant Original Financial
Statements unless, in relation to any set of Financial Statements, the relevant Security Party notifies the Agent that there has been a change in GAAP, the accounting practices or reference periods and the relevant Security Party’s auditors
deliver to the Agent: 

  

	 	(i)	a description of any change necessary for those Financial Statements to reflect the GAAP, accounting practices and reference periods upon which the Original Financial
Statements were prepared; and 

  

	 	(ii)	sufficient information, in form and substance as may be reasonably required by the Agent, to enable the Agent to make an accurate comparison between the financial
position indicated in those Financial Statements and that indicated in the Original Financial Statements. 

  

 36 

	 	12.1.3	Information: miscellaneous The Borrowers shall supply to the Agent and shall procure that each Corporate Guarantor shall supply to the Agent:

  

	 	(a)	all documents dispatched by the Borrower and each Corporate Guarantor to its shareholders (or any class of them) or its creditors generally at the same time as they are
dispatched; 

  

	 	(b)	promptly upon becoming aware of them, details of any litigation, arbitration or administrative proceedings which are current, threatened or pending against any Security
Party, and which might, if adversely determined, have a materially adverse effect on the business, assets, financial condition or credit worthiness of that Security Party; 

  

	 	(c)	promptly, such further information regarding the financial condition, business and operations of any Security Party as the Agent may reasonably request including,
without limitation, cash flow analyses and details of the operating costs of any Collateral Vessel: and 

  

	 	(d)	by not later than one year prior to the Delivery Date of a Vessel, the finalised business plan for that Vessel regarding the management of the Vessel by the Managers
and the Vessel’s employment after its Delivery Date, in form and substance acceptable to the Agent in its discretion. 

  

	 	12.1.4	Notification of default Each Borrower shall:- 

  

	 	(a)	notify the Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence; and 

  

	 	(b)	promptly upon a request by the Agent, supply to the Agent a certificate signed by two of its directors or senior officers 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). 

  

 37 

	 	12.1.5	“Know your customer” checks If: 

  

	 	(a)	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;

  

	 	(b)	any change in the status of a Borrower after the date of this Agreement; or 

  

	 	(c)	a proposed assignment or transfer by a Lender of any of its rights and 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 (c) above, my 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, the Borrowers 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 (c) above, on behalf of any prospective new Lender) in
order for the Agent or that Lender (or, in the case of (c) above, 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. 
  

	 	12.2	Financial covenants The Borrowers shall procure that at all times:- 

  

	 	12.2.1	Group financial ratios the Group’s financial condition, as evidenced by the most recent Financial Statements, shall be such that, on a consolidated basis:

  

	 	(a)	the Group maintains Leverage which does not exceed 75%; and 

  

	 	(b)	Minimum Net Worth is not lower than one hundred and fifty million Dollars ($150,000,000); and 

  

 38 

	 	(c)	throughout the Facility Period the companies whose vessels are managed by Cardiff maintain aggregate Minimum Liquidity in an amount in excess of thirty million Dollars
($30,000,000). 

  

	 	12.2.2	Grand’s financial ratios Grand’s financial condition as evidenced by the most recent Financial Statements shall be such that, on a consolidated basis:

  

	 	(a)	Grand maintains Leverage which does not exceed 75%; and 

  

	 	(b)	Grand maintains a Minimum Net Worth, which is not lower than seventy five million Dollars ($75,000,000). 

 The financial covenants contained in this Clause 12.2 shall be tested semi-annually on the basis of the annual or semi-annual Financial
Statements provided under Clause 12.1.1 and shall be confirmed in the relevant Compliance Certificate. 
  

	 	12.2.3	General undertakings 

  

	 	12.2.4	Authorisations The Borrowers shall promptly: 

  

	 	(a)	obtain, comply with and do all that is necessary to maintain in full force and effect; and 

  

	 	(b)	supply certified copies to the Agent of, 

 any consent, licence, approval or authorisation required under any law or regulation to enable each Security Party to perform its obligations under the Finance Documents to which it is a party and to
ensure the legality, validity, enforceability or admissibility in evidence in the jurisdiction of incorporation of each relevant Security Party of any Finance Document. 
  

	 	12.2.5	Compliance with laws Each Borrower shall comply in all respects with all laws to which it may be subject, if failure so to comply would materially impair its
ability to perform its obligations under the Finance Documents. 

  

 39 

	 	12.2.6	Conduct of business Each Borrower shall carry on and conduct its business in a proper and efficient manner, file all requisite tax returns and pay all tax which
becomes due and payable (except where contested in good faith). 

  

	 	12.2.7	Evidence of good standing The Borrowers will from time to time if requested by the Agent provide the Agent with evidence in form and substance satisfactory to
the Agent that the Security Parties and all corporate shareholders of any Security Party remain in good standing. 

  

	 	12.2.8	Borrowers’ ownership The Borrowers will procure that the Borrowers and the Corporate Guarantors each remain one hundred per centum (100%), directly or
indirectly, beneficially owned by the Personal Guarantor. 

  

	 	12.2.9	Subordination Each Borrower undertakes that all shareholder’s loans made to the Borrowers and the Collateral Owners and all claims of the Corporate
Guarantors against the Borrowers and the Collateral Owners and any sums owed to the Managers are fully subordinated to the Indebtedness. 

  

	 	12.2.10 	Negative pledge and no disposals Neither Borrower shall without the prior written consent of the Agent, and shall procure that none of the Corporate Guarantors
(other than Cardiff) shall without the prior written consent of the Agent, create nor permit to subsist any Encumbrance or other third party rights over any of its present or future assets or undertaking nor dispose of any those assets or of all or
part of that undertaking. 

  

	 	12.2.11 	Merger Neither Borrower shall without the prior written consent of the Agent, and shall procure that none of the Corporate Guarantors shall without the prior
written consent of the Agent, enter into any amalgamation, demerger, merger or corporate reconstruction. 

  

	 	12.2.12 	Change of business Neither Borrower shall without the prior written . consent of the Agent, and shall procure that none of the Corporate Guarantors shall without
the prior written consent of the Agent, make any substantial change to the general nature of its or their business from that carried on at the date of this Agreement. 

  

 40 

	 	12.2.13 	No other business Neither Borrower shall without the prior written consent of the Agent, and shall procure that none of the Corporate Guarantors (other than
Cardiff) shall without the prior written consent of the Agent, engage in any business other than the ownership of its Vessel. 

  

	 	12.2.14 	No place of business in UK or US Neither Borrower shall and no Corporate Guarantor shall have an established place of business in the United Kingdom or the
United States of America at any time during the Facility Period. 

  

	 	12.2.15 	No borrowings Neither Borrower shall without the prior written consent of the Agent, and shall procure that none of the Corporate Guarantors shall without the
prior written consent of the Agent, borrow any money (except for the Loan, the Collateral Loan Indebtedness and unsecured Financial Indebtedness subordinated to the Loan) nor incur any obligations under leases. 

  

	 	12.2.16 	No substantial liabilities Except in the ordinary course of business, neither Borrower shall without the prior written consent of the Agent, and shall procure
that none of the Corporate Guarantors shall without the prior written consent of the Agent, incur any liability to any third party which is in the Agent’s opinion of a substantial nature. 

  

	 	12.2.17 	No loans or other financial commitments Neither Borrower shall without the prior written consent of the Agent make, and shall procure that none of the Corporate
Guarantors shall without the prior written consent of the Agent make, any loan nor enter into any guarantee or indemnity or otherwise voluntarily assume any actual or contingent liability in respect of any obligation of any other person except for
loans made in the ordinary course of business in connection with the chartering, operation or repair of a Vessel. 

  

 41 

	 	12.2.18 	No dividends The Borrowers shall not, and shall procure that the Collateral Owners and Grand shall not, without the prior written consent of the Agent, pay any
dividends or other distributions of a revenue or capital nature, or make any payments of principal or interest on debt to any member of the Group or to any other related entities or persons other than the Collateral Loan Indebtedness.

  

	 	12.2.19 	No change in ownership or control of a Borrower Neither Borrower shall, and shall procure that no Corporate Guarantor shall, permit any change in its beneficial
ownership and control from that advised to the Agent at the date of this Agreement. 

  

	 	12.2.20 	Inspection of records Each Borrower will, and will procure that each Corporate Guarantor will, permit the inspection of its financial records and accounts from
time to time by the Agent or its nominee. 

  

	 	12.2.21 	No change in Relevant Documents The Borrowers shall procure that, without the prior written consent of the Agent, there shall be no termination of, alteration
to, or waiver of any term of, any of the Relevant Documents which are not Finance Documents. 

  

	 	12.2.22 	No transactions The Borrowers shall not, and shall procure that each Corporate Guarantor shall not, enter into any transactions with any other member of the
Group or any other associated company without the prior written consent of the Agent, unless it is reasonably incurred in the normal course of its business. 

  

	 	12.2.23 	No security interest Each Borrower shall not, and shall procure that each Corporate Guarantor shall not, create any form of security interest or quasi security
interest over any of its assets or revenue without the prior written consent of the Agent unless it is reasonably incurred in the normal course of their respective businesses. 

  

	 	12.2.24 	 Evidence of funding The Borrowers shall provide to the Agent evidence, in a form and substance acceptable to the Agent in its discretion,
(comprising, inter alia, a commitment letter executed by a financial institution acceptable to the Agent in its sole discretion) that, at least three (3) months prior to the date any installment is due and payable pursuant to a Building
Contract, sufficient committed funds, together with any required

  

 42 

	 	 
equity contribution, are available to cover the amount of such instalment in full, together with evidence that such committed funding is, or will be in place up to and including the Final
Maturity Date of the Vessel in question. 

  

	 	12.3	Collateral Vessel undertakings 

  

	 	12.3.1	No sale of Collateral Vessel The Borrowers shall procure that no Collateral Owner shall sell or otherwise dispose of its Collateral Vessel or any shares in its
Collateral Vessel nor agree to do so without the prior written consent of the Agent. 

  

	 	12.3.2	No chartering after Event of Default Following the occurrence and during the continuation of an Event of Default the Borrowers shall procure that no Collateral
Owner shall without the prior written consent of the Agent let its Collateral Vessel on charter or renew or extend any charter or other contract of employment of its Collateral Vessel (nor agree to do so). 

  

	 	12.3.3	No change in management Each Borrower shall procure that each Collateral Owner shall procure that, without the prior written consent of the Agent, there shall be
no termination of, alteration to, or waiver of any term of, the Management Agreement in respect of its Collateral Vessel and no Collateral Owner shall without the prior written consent of the Agent permit the Managers to sub-contract or delegate the
commercial or technical management of its Collateral Vessel to any third party. 

  

	 	12.3.4	Registration of Collateral Vessel Each Borrower shall procure that each Collateral Owner undertakes to maintain the registration of its Collateral Vessel under
the flag stated in Clause 1.1 (Definitions and Interpretation) for the duration of the Facility Period unless the Agent agrees otherwise in writing. 

  

	 	12.3.5	Evidence of current COFR Each Borrower shall procure that each Collateral Owner will, if and for so long as its Collateral Vessel trades in the United States of
America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990), obtain, retain and provide the Agent with a copy of, a valid Certificate of Financial Responsibility for its Collateral Vessel under that Act and will
comply strictly with the requirements of that Act. 

  

 43 

	 	12.3.6	ISM Code compliance Each Borrower shall procure that each Collateral Owner will: 

  

	 	(a)	procure that its Collateral Vessel remains for the duration of the Facility Period subject to a SMS; 

  

	 	(b)	maintain a valid and current SMC for its Collateral Vessel throughout the Facility Period and provide a copy to the Agent; 

  

	 	(c)	procure that the ISM Company maintains a valid and current DOC throughout the Facility Period and provide a copy to the Agent; and 

  

	 	(d)	immediately notify the Agent in writing of any actual or threatened withdrawal, suspension, cancellation or modification of the SMC of its Collateral Vessel or of the
DOC of the ISM Company. 

  

	 	12.3.7	ISPS Code compliance Each Borrower shall procure that each Collateral Owner will: 

  

	 	12.3.8	for the duration of the Facility Period comply with the ISPS Code in relation to its Collateral Vessel and procure that its Collateral Vessel and the ISPS Company
comply with the ISPS Code; 

  

	 	12.3.9	maintain a valid and current ISSC for its Collateral Vessel throughout the Facility Period and provide a copy to the Agent; and 

  

	 	12.3.10 	immediately notify the Agent in writing of any actual or threatened withdrawal, suspension, cancellation or modification of the ISSC of its Collateral Vessel.

  

 44 

	 	12.3.11 	Annex VI compliance Each Borrower shall procure that each Collateral Owner will: 

  

	 	12.3.12 	for the duration of the Facility Period comply with Annex VI in relation to its Collateral Vessel and procure that its Collateral Vessel’s master and crew are
familiar with, and that its Collateral Vessel complies with, Annex VI; 

  

	 	12.3.13 	maintain a valid and current IAPPC for its Collateral Vessel throughout the Facility Period and provide a copy to the Agent; and 

  

	 	12.3.14 	immediately notify the Agent in writing of any actual or threatened withdrawal, suspension, cancellation or modification of the IAPPC of its Collateral Vessel.

  

	13	Events of Default 

  

	 	13.1	Events of Default Each of the events or circumstances set out in this Clause 13.1 is an Event of Default. 

  

	 	13.1.1	Non-payment The Borrowers do not pay on the due date any amount payable by them under a Finance Document at the place at and in the currency in which it is
expressed to be payable. 

  

	 	13.1.2	Other obligations A Security Party or any other person (except a Finance Party) does not comply with any provision of any of the Relevant Documents to which that
Security Party or person is a party (other than as referred to in Clause 13.1.1 (Non-payment)). 

 No Event
of Default under this Clause 13.1.2 will occur if the failure to comply is capable of remedy and is remedied within ten (10) Business Days of the Agent giving notice to the Borrowers or the Borrowers becoming aware of the failure to comply.

  

	 	13.1.3	Misrepresentation Any representation, warranty or statement made or deemed to be repeated by a Security Party in any Finance Document or any other document
delivered by or on behalf of a Security Party under or in connection with any Finance Document is or proves to have been incorrect or misleading in any material respect when made or deemed to be repeated. 

  

 45 

	 	13.1.4	Cross default Any Financial Indebtedness of a Security Party: 

  

	 	(a)	is not paid when due or within any originally applicable grace period; or 

  

	 	(b)	is declared to be, or otherwise becomes, due and payable before its specified maturity as a result of an event of default (however described); or

  

	 	(c)	is capable of being declared by a creditor to be due and payable before its specified maturity as a result of such an event. 

  

	 	13.1.5	Insolvency 

  

	 	(a)	A Security Party is unable or admits inability to pay its debts as they fall due, suspends making payments on any of its debts or, by reason of actual or anticipated
financial difficulties, commences negotiations with one or more of its creditors with a view to rescheduling any of its Financial Indebtedness. 

  

	 	(b)	The value of the assets of a Security Party is less than its liabilities (taking into account contingent and prospective liabilities). 

  

	 	(c)	A moratorium is declared in respect of any Financial Indebtedness of a Security Party. 

  

	 	13.1.6	Insolvency proceedings Any corporate action, legal proceedings or other procedure or step is taken for: 

  

	 	(a)	the suspension of payments, a moratorium of any Financial Indebtedness, winding-up, dissolution, administration, bankruptcy or reorganisation (by way of voluntary
arrangement, scheme of arrangement or otherwise) of a Security Party; 

  

	 	(b)	a composition, compromise, assignment or arrangement with any creditor of a Security Party; 

  

 46 

	 	(c)	the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory manager, or trustee or other similar officer in respect of any Security
Party or any of its assets; or 

  

	 	(d)	enforcement of any Encumbrance over any assets of a Security Party, 

 or any analogous procedure or step is taken in any jurisdiction. 
  

	 	13.1.7 	Creditors’ process Any expropriation, attachment, sequestration, distress or execution affects any asset or assets of a Security Party.

  

	 	13.1.8 	Change in ownership or control of a Security Party There is any change in the beneficial ownership or control of a Security Party from that advised to the Agent
by the Borrowers at the date of this Agreement. 

  

	 	13.1.9 	Repudiation A Security Party or any other person (except a Finance Party) repudiates any of the Relevant Documents to which that Security Party or person is a
party or evidences an intention to do so. 

  

	 	13.1.10 	Impossibility or illegality Any event occurs which would, or would with the passage of time, render performance of any of the Relevant Documents by a Security
Party or any other party to any such document impossible, unlawful or unenforceable by a Finance Party or a Security Party. 

  

	 	13.1.11 	Conditions subsequent Any of the conditions referred to in Clause 3.4 (Conditions subsequent) is not satisfied within the time reasonably required by the
Agent. 

  

	 	13.1.12 	Revocation or modification of authorisation Any consent, licence, approval, authorisation, filing, registration or other requirement of any governmental,
judicial or other public body or authority which is now, or which at any time during the Facility Period becomes, necessary to enable a Security Party or any other person (except a Finance Party) to comply with any of its obligations under any of
the Relevant Documents is not obtained, is revoked, suspended, withdrawn or withheld, or is modified in a manner which the Agent considers is, or may be, prejudicial to the interests of a Finance Party, or ceases to remain in full force and effect.

  

 47 

	 	13.1.13 	Curtailment of business A Security Party ceases, or threatens to cease, to carry on all or a substantial part of its business or, as a result of intervention by
or under the authority of any government, the business of a Security Party is wholly or partially curtailed or suspended, or all or a substantial part of the assets or undertaking of a Security Party is seized, nationalised, expropriated or
compulsorily acquired. 

  

	 	13.1.14 	Reduction of capital A Security Party reduces its authorised or issued or subscribed capital. 

  

	 	13.1.15 	Builder and Refund Guarantor If, before the Delivery Date, any of the circumstances set out in Clause 13.1.5 or 13.1.6 occurs in relation to the Builder or the
Refund Guarantor. 

  

	 	13.1.16 	No issue of a Refund Guarantee If the Borrowers do not deliver or cause to be delivered to the Agent a Refund Guarantee which is to the
Agent’s satisfaction. 

  

	 	13.1.17 	Building Contract and Refund Guarantees If at any time during the Facility Period the Building Contract or any of the Refund Guarantees is terminated, revoked,
cancelled or repudiated or otherwise ceases to remain in full force and effect; 

  

	 	13.1.18 	Loss of Collateral Vessel A Collateral Vessel suffers a Total Loss or is otherwise destroyed, abandoned, confiscated, forfeited or condemned as
prize, or a similar event occurs in relation to any other vessel which may from time to time be mortgaged to the Security Agent as security for the payment of all or any part of the Indebtedness, except that a Total Loss, or event similar to a Total
Loss in relation to any other vessel, shall not be an Event of Default if: 

  

	 	(a)	that Collateral Vessel or other vessel is insured in accordance with the Security Documents; and 

  

	 	(b)	no insurer has refused to meet or has disputed the claim for Total Loss and it is not apparent to the Agent in its discretion that any such refusal or dispute is likely
to occur; and 

  

 48 

	 	(c)	payment of all insurance proceeds in respect of the Total Loss is made in full to the Security Agent within one hundred and twenty (120) days of the occurrence of
the casualty giving rise to the Total Loss in question or such longer period as the Agent may in its discretion agree; or 

  

	 	(d)	the Borrower has procured that another vessel has been mortgaged to the Security Agent and such mortgage and security is in form and substance acceptable to the Agent,
in its discretion. 

  

	 	13.1.19 	Challenge to registration The registration of a Collateral Vessel or a Mortgage is contested or becomes void or voidable or liable to cancellation or
termination, or the validity or priority of a Mortgage is contested. 

  

	 	13.1.20 	War The country of registration of a Collateral Vessel becomes involved in war (whether or not declared) or civil war or is occupied by any other power and the
Agent in its discretion considers that, as a result, the security conferred by any of the Security Documents is materially prejudiced. 

  

	 	13.1.21 	Notice of termination A Corporate Guarantor or the Personal Guarantor gives notice to the Security Agent to determine his obligations under the relevant
Guarantee. 

  

	 	13.1.22 	Death of Personal Guarantor The Personal Guarantor dies or becomes of unsound mind and the Borrowers do not procure that, within twenty one (21) days of
being required to do so by the Agent, the Security Agent is provided with a replacement guarantee and indemnity and/or other additional security for the payment of the Indebtedness in form and substance acceptable to the Security Agent.

  

	 	13.1.23 	Material adverse change Any event or series of events occurs which, in the opinion of the Agent, is likely to have a materially adverse effect on the business,
assets, financial condition or credit worthiness of a Security Party. 

  

	 	13.2	Acceleration If an Event of Default is continuing the Agent may by notice to the Borrowers cancel any part of the Maximum Loan Amount not then advanced and:

  

	 	13.2.1 	declare that the Loan, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents are immediately due and payable,
whereupon they shall become immediately due and payable; and/or 

  

 49 

	 	13.2.2 	declare that the Loan is payable on demand, whereupon it shall immediately become payable on demand by the Agent. 

  

	14	Assignment and Sub-Participation 

  

	 	14.1	Lenders’ rights A Lender may with the Agent’s prior written consent assign any of its rights under this Agreement or transfer by novation any of its
rights and obligations under this Agreement to any other branch of that Lender or to any other bank or financial institution, and may grant sub-participations in all or any part of its Commitment. 

  

	 	14.2	Borrowers’ co-operation The Borrowers will co-operate fully with a Lender in connection with any assignment, transfer or sub-participation by that Lender;
will execute and procure the execution of such documents as that Lender may require in that connection; and irrevocably authorise any Finance Party to disclose to any proposed assignee, transferee or sub-participant (whether before or after any
assignment, transfer or sub-participation and whether or not any assignment, transfer or sub-participation shall take place) all information relating to the Security Parties, the Loan, the Relevant Documents, the Vessels and the Collateral Vessels
which any Finance Party may in its discretion consider necessary or desirable. 

  

	 	14.3	Rights of assignee Any assignee of a Lender shall (unless limited by the express terms of the assignment) take the full benefit of every provision of the Finance
Documents benefitting that Lender PROVIDED THAT an assignment will only be effective on notification by the Agent to that Lender and the assignee that the Agent 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 the assignee. 

  

	 	14.4	Transfer Certificates If a Lender wishes to transfer any of its rights and obligations under or pursuant to this Agreement, it may do so by delivering to the
Agent a duly completed Transfer Certificate, in which event on the Transfer Date: 

  

	 	14.4.1 	to the extent that that Lender seeks to transfer its rights and obligations, the Borrowers (on the one hand) and that Lender (on the other) shall be released from all
further obligations towards the other; 

  

 50 

	 	14.4.2 	the Borrowers (on the one hand) and the transferee (on the other) shall assume obligations towards the other identical to those released pursuant to Clause 14.4.1; and

  

	 	14.4.3 	the Agent, each of the Lenders and the transferee shall have the same rights and obligations between themselves as they would have had if the transferee had been an
original party to this Agreement as a Lender 

 PROVIDED THAT the Agent shall only be obliged to execute a Transfer
Certificate once: 
  

	 	(a)	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 the transferee; and 

  

	 	(b)	the transferee has paid to the Agent for its own account a transfer fee of one thousand Dollars ($ 1,000). 

 The Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate, send to the Borrowers a copy of that
Transfer Certificate, 
  

	 	14.5	Finance Documents Unless otherwise expressly provided in any Finance Document or otherwise expressly agreed between a Lender and any proposed transferee and
notified by that Lender to the Agent on or before the relevant Transfer Date, there shall automatically be assigned to the transferee with any transfer of a Lender’s rights and obligations under or pursuant to this Agreement the rights of that
Lender under or pursuant to the Finance Documents (other than this Agreement) which relate to the portion of that Lender’s rights and obligations transferred by the relevant Transfer Certificate. 

  

	 	14.6	No assignment or transfer by the Borrowers No Borrower may assign any of its rights or transfer any of its rights or obligations under the Finance Documents.

  

 51 

	15	The Agent, the Security Agent and the Lenders 

  

	 	15.1	Appointment 

  

	 	15.1.1 	Each Lender appoints the Agent to act as its agent under and in connection with the Finance Documents and each Lender and the Agent appoints the Security Agent to act
as its security agent for the purpose of the Security Documents. 

  

	 	15.1.2 	Each Lender authorises the Agent and each Lender and the Agent authorises the Security Agent to exercise the rights, powers, authorities and discretions specifically
given to the Agent or the Security Agent (as the case may be) under or in connection with the Finance Documents together with any other incidental rights, powers, authorities and discretions. 

  

	 	15.1.3 	Except where the context otherwise requires, references in this Clause 15 to the “Agent” shall mean the Agent and the Security Agent individually and
collectively. 

  

	 	15.2	Authority Each Lender irrevocably authorises the Agent (subject to Clauses 15.4 (Limitations on authority) and 15.18 (Instructions)):

  

	 	15.2.1 	to execute any Finance Document (other than this Agreement) on its behalf; 

  

	 	15.2.2 	to collect, receive, release or pay any money on its behalf; 

  

	 	15.2.3 	acting on the unanimous instructions from time to time of the Lenders to give or withhold any waivers, consents or approvals under or pursuant to any Finance Document;
and 

  

	 	15.2.4 	acting on the unanimous instructions from time to time of the Lenders to exercise, or refrain from exercising, any rights, powers, authorities or discretions under or
pursuant to any Finance Document. 

 The Agent shall have no duties or responsibilities as agent or as security
agent other than those expressly conferred on it by the Finance Documents and shall not be obliged to act on any instructions from the Lenders or the Majority Lenders if to do so would, in the opinion of the Agent, be contrary to any provision of
the Finance Documents or to any law, or would expose the Agent to any actual or potential liability to any third party. 
  

 52 

	 	15.3	Trust The Security Agent agrees and declares, and each of the other Finance Parties acknowledges, that, subject to the terms and conditions of this Clause 15.3,
the Security Agent holds the Trust Property on trust for the Finance Parties absolutely. Each of the other Finance Parties agrees that the obligations, rights and benefits vested in the Security Agent shall be performed and exercised in accordance
with this Clause 15.3. The Security Agent shall have the benefit of all of the provisions of this Agreement benefiting it in its capacity as security agent for the Finance Parties, and all the powers and discretions conferred on trustees by the
Trustee Act 1925 (to the extent not inconsistent with this Agreement). In addition: 

  

	 	15.3.1 	the Security Agent and any attorney, agent or delegate of the Security Agent may indemnify itself or himself out of the Trust Property against all liabilities, costs,
fees, damages, charges, losses and expenses sustained or incurred by it or him in relation to the taking or holding of any of the Trust Property or in connection with the exercise or purported exercise of the rights, trusts, powers and discretions
vested in the Security Agent or any other such person by or pursuant to the Security Documents or in respect of anything else done or omitted to be done in any way relating to the Security Documents; 

  

	 	15.3.2 	the other Finance Parties acknowledge that the Security Agent shall be under no obligation to insure any property nor to require any other person to insure any property
and shall not be responsible for any loss which may be suffered by any person as a result of the lack or insufficiency of any insurance; and 

  

	 	15.3.3 	the Finance Parties agree that the perpetuity period applicable to the trusts declared by this Agreement shall be the period of eighty years from the date of this
Agreement. 

 The provisions of Part I of the Trustee Act 2000 shall not apply to the Security Agent or the Trust
Property. 
  

 53 

	 	15.4	Limitations on authority Except with the prior written consent of all the Lenders, the Agent shall not be entitled to: 

  

	 	15.4.1	release or vary any security given for the Borrowers’ obligations under this Agreement; nor 

  

	 	15.4.2	waive the payment of any sum of money payable by any Security Party under the Finance Documents; nor 

  

	 	15.4.3	change the meaning of the expressions “Majority Lenders” or “Margin”; nor 

  

	 	15.4.4	approve the identity of the Personal Guarantor; nor 

  

	 	15.4.5	exercise, or refrain from exercising, any right, power, authority or discretion, or give or withhold any consent, the exercise or giving of which is, by the terms of
this Agreement, expressly reserved to the Lenders; nor 

  

	 	15.4.6	extend the due date for the payment of any sum of money payable by any Security Party under any Finance Document; nor 

  

	 	15.4.7	take or refrain from taking any step if the effect of such action or inaction may lead to the increase of the obligations of a Lender under any Finance Document; nor

  

	 	15.4.8	agree to change the currency in which any sum is payable under any Finance Document (other than in accordance with the terms of the relevant Finance Document); nor

  

	 	15.4.9	agree to amend this Clause 15.4. 

  

	 	15.5	Liability Neither the Agent nor any of its directors, officers, employees or agents shall be liable to the Lenders for anything done or omitted to be done by the
Agent under or in connection with any of the Relevant Documents unless as a result of the Agent’s gross negligence or wilful misconduct. 

  

 54 

	 	15.6	Acknowledgement Each Lender acknowledges that: 

  

	 	15.6.1	it has not relied on any representation made by the Agent or any of the Agent’s directors, officers, employees or agents or by any other person acting or
purporting to act on behalf of the Agent to induce it to enter into any Finance Document; 

  

	 	15.6.2	it has made and will continue to make without reliance on the Agent, and based on such documents and other evidence as it considers appropriate, its own independent
investigation of the financial condition and affairs of the Security Parties in connection with the making and continuation of the Loan; 

  

	 	15.6.3	it has made its own appraisal of the creditworthiness of the Security Parties; and 

  

	 	15.6.4	the Agent shall not have any duty or responsibility at any time to provide it with any credit or other information relating to any Security Party unless that
information is received by the Agent pursuant to the express terms of a Finance Document. 

 Each Lender agrees
that it will not assert nor seek to assert against any director, officer, employee or agent of the Agent or against any other person acting or purporting to act on behalf of the Agent any claim which it might have against them in respect of any of
the matters referred to in this Clause 15.6. 
  

	 	15.7	Limitations on responsibility The Agent shall have no responsibility to any Security Party or to any Lender on account of: 

  

	 	15.7.1	the failure of a Lender or of any Security Party to perform any of its obligations under a Finance Document; nor 

  

	 	15.7.2	the financial condition of any Security Party; nor 

  

	 	15.7.3	the completeness or accuracy of any statements, representations or warranties made in or pursuant to any Finance Document, or in or pursuant to any document delivered
pursuant to or in connection with any Finance Document; nor 

  

	 	15.7.4	the negotiation, execution, effectiveness, genuineness, validity, enforceability, admissibility in evidence or sufficiency of any Finance Document or of any document
executed or delivered pursuant to or in connection with any Finance Document. 

  

 55 

	 	15.8	The Agent’s rights The Agent may: 

  

	 	15.8.1	assume that all representations or warranties made or deemed repeated by any Security Party in or pursuant to any Finance Document are true and complete, unless, in its
capacity as the Agent, it has acquired actual knowledge to the contrary; 

  

	 	15.8.2	assume that no Default has occurred unless, in its capacity as the Agent, it has acquired actual knowledge to the contrary; 

  

	 	15.8.3	rely on any document or notice believed by it to be genuine; 

  

	 	15.8.4	rely as to legal or other professional matters on opinions and statements of any legal or other professional advisers selected or approved by it;

  

	 	15.8.5	rely as to any factual matters which might reasonably be expected to be within the knowledge of any Security Party on a certificate signed by or on behalf of that
Security Party; and 

  

	 	15.8.6	refrain from exercising any right, power, discretion or remedy unless and until instructed to exercise that right, power, discretion or remedy and as to the manner of
its exercise by the Lenders (or, where applicable, by the Majority Lenders) and unless and until the Agent has received from the Lenders any payment which the Agent may require on account of, or any security which the Agent may require for, any
costs, claims, expenses (including legal and other professional fees) and liabilities which it considers it may incur or sustain in complying with those instructions. 

  

	 	15.9	The Agent’s duties The Agent shall: 

  

	 	15.9.1	if requested in writing to do so by a Lender, make enquiry and advise the Lenders as to the performance or observance of any of the provisions of any Finance Document
by any Security Party or as to the existence of an Event of Default; and 

  

 56 

	 	15.9.2	inform the Lenders promptly of any Event of Default of which the Agent has actual knowledge. 

  

	 	15.10 	No deemed knowledge The Agent shall not be deemed to have actual knowledge of the falsehood or incompleteness of any representation or warranty made or deemed
repeated by any Security Party or actual knowledge of the occurrence of any Default unless a Lender or a Security Party shall have given written notice thereof to the Agent in its capacity as the Agent. Any information acquired by the Agent other
than specifically in its capacity as the Agent shall not be deemed to be information acquired by the Agent in its capacity as the Agent. 

  

	 	15.11 	Other business The Agent may, without any liability to account to the Lenders, generally engage in any kind of banking or trust business with a Security Party or
with a Security Party’s Subsidiaries or associated companies or with a Lender as if it were not the Agent. 

  

	 	15.12 	Indemnity The Lenders shall, promptly on the Agent’s request, reimburse the Agent in their respective Proportionate Shares, for, and keep the Agent fully
indemnified in respect of all liabilities, damages, costs and claims sustained or incurred by the Agent in connection with the Finance Documents, or the performance of its duties and obligations, or the exercise of its rights, powers, discretions or
remedies under or pursuant to any Finance Document, to the extent not paid by the Security Parties and not arising solely from the Agent’s gross negligence or wilful misconduct. 

  

	 	15.13 	Employment of agents In performing its duties and exercising its rights, powers, discretions and remedies under or pursuant to the Finance Documents, the Agent
shall be entitled to employ and pay agents to do anything which the Agent is empowered to do under or pursuant to the Finance Documents (including the receipt of money and documents and the payment of money) and to act or refrain from taking action
in reliance on the opinion of, or advice or information obtained from, any lawyer, banker, broker, accountant, valuer or any other person believed by the Agent in good faith to be competent to give such opinion, advice or information.

  

 57 

	 	15.14 	Distribution of payments The Agent shall pay promptly to the order of each Lender that Lender’s Proportionate Share of every sum of money received by the
Agent pursuant to the Finance Documents (with the exception of any amounts payable pursuant to Clause 9 (Fees) and/or any Fee Letter and any amounts which, by the terms of the Finance Documents, are paid to the Agent for the account of the
Agent alone or specifically for the account of one or more Lenders) and until so paid such amount shall be held by the Agent on trust absolutely for that Lender. 

  

	 	15.15 	Reimbursement The Agent shall have no liability to pay any sum to a Lender until it has itself received payment of that sum. If, however, the Agent does pay any
sum to a Lender on account of any amount prospectively due to that Lender pursuant to Clause 15.14 (Distribution of payments) before it has itself received payment of that amount, and the Agent does not in fact receive payment within five
(5) Business Days after the date on which that payment was required to be made by the terms of the finance Documents, that Lender will, on demand by the Agent, refund to the Agent an amount equal to the amount received by it, together with an
amount sufficient to reimburse the Agent for any amount which the Agent may certify that it has been required to pay by way of interest on money borrowed to fund the amount in question during the period beginning on the date on which that amount was
required to be paid by the terms of the Finance Documents and ending on the date on which the Agent receives reimbursement. 

  

	 	15.16 	Redistribution of payments Unless otherwise agreed between the Lenders and the Agent, if at any time a Lender receives or recovers by way of set-off, the
exercise of any lien or otherwise from any Security Party, an amount greater than that Lender’s Proportionate Share of any sum due from that Security Party to the Lenders under the Finance Documents (the amount of the excess being referred to
in this Clause 15.16 and in Clause 15.17 (Rescission of Excess Amount) as the “Excess Amount”) then: 

  

	 	15.16.1 	that Lender shall promptly notify the Agent (which shall promptly notify each other Lender); 

  

	 	15.16.2 	that Lender shall pay to the Agent an amount equal to the Excess Amount within ten (10) days of its receipt or recovery of the Excess Amount; and

  

	 	15.16.3 	the Agent shall treat that payment as if it were a payment by the Security Party in question on account of the sum due from that Security Party to the Lenders and shall
account to the Lenders in respect of the Excess Amount in accordance with the provisions of this Clause 15.16. 

  

 58 

 However, if a Lender has commenced any legal proceedings to recover sums owing to it under
the Finance Documents and, as a result of, or in connection with, those proceedings has received an Excess Amount, the Agent shall not distribute any of that Excess Amount to any other Lender which had been notified of the proceedings and had the
legal right to, but did not, join those proceedings or commence and diligently prosecute separate proceedings to enforce its rights in the same or another court. 
  

	 	15.17 	Rescission of Excess Amount If all or any part of any Excess Amount is rescinded or must otherwise be restored to any Security Party or to any other third party,
the Lenders which have received any part of that Excess Amount by way of distribution from the Agent pursuant to Clause 15.16 (Redistribution of payments) shall repay to the Agent for the account of the Lender which originally received or
recovered the Excess Amount, the amount which shall be necessary to ensure that the Lenders share rateably in accordance with their Proportionate Shares in the amount of the receipt or payment retained, together with interest on that amount at a
rate equivalent to that (if any) paid by the Lender receiving or recovering the Excess Amount to the person to whom that Lender is liable to make payment in respect of such amount, and Clause 15.16.3 (Redistribution of payments) shall apply
only to the retained amount. 

  

	 	15.18 	Instructions Where the Agent is authorised or directed to act or refrain from acting in accordance with the instructions of the Lenders or of the Majority
Lenders each of the Lenders shall provide the Agent with instructions within three (3) Business Days of the Agent’s request (which request may be made orally or in writing). If a Lender does not provide the Agent with instructions within
that period, that Lender shall be bound by the decision of the Agent. Nothing in this Clause 15.18 shall limit the right of the Agent to take, or refrain from taking, any action without obtaining the instructions of the Lenders or the Majority
Lenders if the Agent in its discretion considers it necessary or appropriate to take, or refrain from taking, such action in order to preserve the rights of the Lenders under or in connection with the Finance Documents. In that event, the Agent will
notify the Lenders of the action taken by it as soon as reasonably practicable, and the Lenders agree to ratify any action taken by the Agent pursuant to this Clause 15.18. 

  

 59 

	 	15.19 	Payments All amounts payable to a Lender under this Clause 15 shall be paid to such account at such bank as that Lender may from time to time direct in writing
to the Agent. 

  

	 	15.20 	“Know your customer” checks 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. 

  

	 	15.21 	Resignation Subject to a successor being appointed in accordance with this Clause 15.21, the Agent may resign as agent and/or security agent at any time without
assigning any reason by giving to the Borrowers and the Lenders notice of its intention to do so, in which event the following shall apply: 

  

	 	15.21.1 	the Lenders may within thirty (30) days after the date of the Agent’s notice appoint a successor to act as agent and/or security agent or, if they fail to do
so, the Agent may appoint any other bank or financial institution as its successor; 

  

	 	15.21.2 	the resignation of the Agent shall take effect simultaneously with the appointment of its successor on written notice of that appointment being given to the Borrowers
and the Lenders; 

  

	 	15.21.3 	the Agent shall thereupon be discharged from all further obligations as agent and/or security agent but shall remain entitled to the benefit of the provisions of this
Clause 15; and 

  

	 	15.21.4 	the Agent’s successor and each of the other parties to this Agreement shall have the same rights and obligations amongst themselves as they would have had if that
successor had been a party to this Agreement. 

  

 60 

	 	15.22 	No fiduciary relationship Except as provided in Clauses 15.3 (Trust) and 15.14 (Distribution of payments), the Agent shall not have any
fiduciary relationship with or be deemed to be a trustee of or for any other person and nothing contained in any Finance Document shall constitute a partnership between any two or more Lenders or between the Agent and any other person.

  

	16	Set-Off 

  

	 	16.1	Set-off A Finance Party may set off any matured obligation due from the Borrowers under any Finance Document (to the extent beneficially owned by that Finance
Party) against any matured obligation owed by that Finance Party to any Borrower, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, that 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. 

  

	17	Payments 

  

	 	17.1	Payments Each amount payable by a Borrower under a Finance Document shall be paid to such account at such bank as the Agent may from time to time direct to the
Borrowers in the Currency of Account and in such funds as are customary at the time for settlement of transactions in the relevant currency in the place of payment. Payment shall be deemed to have been received by the Agent on the date on which the
Agent receives authenticated advice of receipt, unless that advice is received by the Agent on a day other than a Business Day or at a time of day (whether on a Business Day or not) when the Agent in its discretion considers that it is impossible or
impracticable for the Agent to utilise the amount received for value that same day, in which event the payment in question shall be deemed to have been received by the Agent on the Business Day next following the date of receipt of advice by the
Agent. 

  

	 	17.2	No deductions or withholdings Each payment (whether of principal or interest or otherwise) to be made by a Borrower under a Finance Document shall, subject only
to Clause 17.3 (Grossing-up), be made free and clear of and without deduction for or on account of any Taxes or other deductions, withholdings, restrictions, conditions or counterclaims of any nature. 

  

 61 

	 	17.3	Grossing-up If at any time any law requires (or is interpreted to require) a Borrower to make any deduction or withholding from any payment, or to change the
rate or manner in which any required deduction or withholding is made, the Borrowers will promptly notify the Agent and, simultaneously with that payment, will pay to the Agent whatever additional amount (after taking into account any additional
Taxes on, or deductions or withholdings from, or restrictions or conditions on, that additional amount) is necessary to ensure that, after the deduction or withholding, the relevant Finance Parties receive a net sum equal to the sum which they would
have received had no deduction or withholding been made. 

  

	 	17.4	Evidence of deductions If at any time a Borrower is required by law to make any deduction or withholding from any payment to be made by it under a Finance
Document, that Borrower will pay the amount required to be deducted or withheld to the relevant authority within the time allowed under the applicable law and will, no later than thirty (30) days after making that payment, deliver to the Agent
an original receipt issued by the relevant authority, or other evidence acceptable to the Agent, evidencing the payment to that authority of all amounts required to be deducted or withheld. 

  

	 	17.5	Adjustment of due dates If any payment or transfer of funds to be made under a Finance Document, other than a payment of interest on the Loan, shall be due on a
day which is not a Business Day, that payment shall be made on the next succeeding Business Day (unless the next succeeding Business Day falls in the next calendar month in which event the payment shall be made on the next preceding Business Day).
Any such variation of time shall be taken into account in computing any interest in respect of that payment. 

  

	 	17.6	Control Account The Agent shall open and maintain on its books a control account in the names of the Borrowers showing the advance of the Loan and the
computation and payment of interest and all other sums due under this Agreement. The Borrowers’ obligations to repay the Loan and to pay interest and all other sums due under this Agreement shall be evidenced by the entries from time to time
made in the control account opened and maintained under this Clause 17.6 and those entries will, in the absence of manifest error, be conclusive and binding. 

  

 62 

	18	Notices 

  

	 	18.1	Communications in writing Any communication to be made under or in connection with this Agreement shall be made in writing and, unless otherwise stated, may be
made by fax or letter. 

  

	 	18.2	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 to this Agreement
for any communication or document to be made or delivered under or in connection with this Agreement are: 

  

	 	18.2.1	in the case of the Borrowers, c/o Cardiff Marine Inc., Athens Shipmanagement Office of 80 Kifissias Avenue, 151 25 Amaroussion, Greece (fax no: +300 210 809 0585)
marked for the attention of the General Manager; 

  

	 	18.2.2	in the case of each Lender, those appearing opposite its name in Schedule 1 (The Lenders, the Arrangers and the Commitments); 

  

	 	18.2.3	in the case of the Agent, to the Agent at its address at the head of this Agreement (fax no: +49 69 97 7688) marked for the attention of Loan Administration Department,
together with a copy to DVB Bank AG, Greek Representative Office (fax no: +30 210 429 1284); and 

  

	 	18.2.4	in the case of the Security Agent, to the Security Agent at its address at the head of this Agreement (fax no: +49 69 97 7688) marked for the attention of Loan
Administration Department, together with a copy to DVB Bank AG, Greek Representative Office (fax no: +30 210 429 1284); and 

  

	 	18.2.5	in the case of each Arranger, those appearing opposite its name in Schedule 1 (The Lenders, the Arrangers and the Commitments). 

 or any substitute address, fax number, department or officer as any 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 (5) Business Days’ notice. 
  

 63 

	 	18.3	Delivery Any communication or document made or delivered by one party to this Agreement to another under or in connection with this Agreement will only be
effective: 

  

	 	18.3.1	if by way of fax, when received in legible form; or 

  

	 	18.3.2	if by way of letter, when it is actually received; 

 and, if a particular department or officer is specified as part of its address details provided under Clause 18.2 (Addresses), if addressed to that department or officer. 
 Any communication or document to be made or delivered to any one party will be effective only when actually received by that party.

 All notices from or to the Borrowers shall be sent through the Agent. 
  

	 	18.4	Notification of address and fax number Promptly upon receipt of notification of an address, fax number or change of address, pursuant to Clause 18.2
(Addresses) or changing its own address or fax number, the Agent shall notify the other parties to this Agreement. 

  

	 	18.5	English language Any notice given under or in connection with this Agreement must be in English. All other documents provided under or in connection with this
Agreement must be: 

  

	 	18.5.1	in English; or 

  

	 	18.5.2	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. 

  

	19	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. 
  

 64 

	20	Remedies and Waivers 

 No
failure to exercise, nor any delay in exercising, on the part of any Finance Party, any right or remedy under a Finance Document shall operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other
exercise or the exercise of any other right or remedy. The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law. 
  

	21	Joint and several liability 

  

	 	21.1	Nature of liability The representations, warranties, covenants, obligations and undertakings of the Borrowers contained in this Agreement shall be joint and
several so that each Borrower shall be jointly and severally liable with all the Borrowers for all of the same and such liability shall not in any way be discharged, impaired or otherwise affected by: 

  

	 	21.1.1	any forbearance (whether as to payment or otherwise) or any time or other indulgence granted to any other Borrower or any other Security Party under or in connection
with any Finance Document; 

  

	 	21.1.2	any amendment, variation, novation or replacement of any other Finance Document; 

  

	 	21.1.3	any failure of any Finance Document to be legal valid binding and enforceable in relation to any other Borrower or any other Security Party for any reason;

  

	 	21.1.4	the winding-up or dissolution of any other Borrower or any other Security Party; 

  

	 	21.1.5	the release (whether in whole or in part) of, or the entering into of any compromise or composition with, any other Borrower or any other Security Party; or

  

 65 

	 	21.1.6	any other act, omission, thing or circumstance which would or might, but for this provision, operate to discharge, impair or otherwise affect such liability.

  

	 	21.2	No rights as surety Until the Indebtedness has been unconditionally and irrevocably paid and discharged in full, each Borrower agrees that it shall not, by
virtue of any payment made under this Agreement on account of the Indebtedness or by virtue of any enforcement by a Finance Party of its rights under this Agreement or by virtue of any relationship between, or transaction involving, the relevant
Borrower and any other Borrower or any other Security Party: 

  

	 	21.2.1	exercise any rights of subrogation in relation to any rights, security or moneys held or received or receivable by a Finance Party or any other person; or

  

	 	21.2.2	exercise any right of contribution from any other Borrower or any other Security Party under any Finance Document; or 

  

	 	21.2.3	exercise any right of set-off or counterclaim against any other Borrower or any other Security Party; or 

  

	 	21.2.4	receive, claim or have the benefit of any payment, distribution, security or indemnity from any other Borrower or any other Security Party; or 

 

	 	21.2.5	unless so directed by the Agent (when the relevant Borrower will prove in accordance with such directions), claim as a creditor of any other Borrower or any other
Security Party in competition with any Finance party 

 and each Borrower shall hold in trust for the Finance
Parties and forthwith pay or transfer (as appropriate) to the Agent any such payment (including an amount equal to any such set-off), distribution or benefit of such security, indemnity or claim in fact received by it. 
  

	22	Miscellaneous 

  

	 	22.1	No oral variations No variation or amendment of a Finance Document shall be valid unless in writing and signed on behalf of all the Finance Parties.

  

 66 

	 	22.2	Further Assurance If any provision of a Finance Document shall be invalid or unenforceable in whole or in part by reason of any present or future law or any
decision of any court, or if the documents at any time held by or on behalf of the Finance Parties or any of them are considered by the Lenders for any reason insufficient to carry out the terms of this Agreement, then from time to time the
Borrowers will promptly, on demand by the Agent, execute or procure the execution of such further documents as in the opinion of the Lenders are necessary to provide adequate security for the repayment of the Indebtedness. 

 

	 	22.3	Rescission of payments etc. Any discharge, release or reassignment by a Finance Party of any of the security constituted by, or my of the obligations of a
Security Party contained in, a Finance Document shall be (and be deemed always to have been) void if any act (including, without limitation, any payment) as a result of which such discharge, release or reassignment was given or made is subsequently
wholly or partially rescinded or avoided by operation of any law. 

  

	 	22.4	Certificates Any certificate or statement signed by an authorised signatory of the Agent purporting to show the amount of the Indebtedness (or any part of the
Indebtedness) or any other amount referred to in any Finance Document shall, save for manifest error or on any question of law, be conclusive evidence as against the Borrowers of that amount. 

  

	 	22.5	Counterparts This Agreement may be executed in any number of counterparts each of which shall be original but which shall together constitute the same
instrument. 

  

	 	22.6	Contracts (Rights of Third Parties) Act 1999 A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to
enforce or to enjoy the benefit of any term of this Agreement. 

  

	23	Law and Jurisdiction 

  

	 	23.1	Governing law This Agreement shall in all respects be governed by and interpreted in accordance with English law. 

  

	 	23.2	Jurisdiction For the exclusive benefit of the Finance Parties, the parties to this Agreement irrevocably agree that the courts of England are to have
jurisdiction to settle any disputes which may arise out of or in connection with this Agreement and that any proceedings may be brought in those courts. 

  

 67 

	 	23.3	Alternative jurisdictions Nothing contained in this Clause 23 shall limit the right of the Finance Parties to commence any proceedings against the Borrowers in
any other court of competent jurisdiction nor shall the commencement of any proceedings against the Borrowers in one or more jurisdictions preclude the commencement of any proceedings in any other jurisdiction, whether concurrently or not.

  

	 	23.4	Waiver of objections Each Borrower irrevocably waives any objection which it may now or in the future have to the laying of the venue of any proceedings in any
court referred to in this Clause 23, and any claim that those proceedings have been brought in an inconvenient or inappropriate forum, and irrevocably agrees that a judgment in any proceedings commenced in any such court shall be conclusive and
binding on it and may be enforced in the courts of any other jurisdiction. 

  

	 	23.5	Service of process Without prejudice to any other mode of service allowed under any relevant law, each Borrower: 

  

	 	23.5.1	irrevocably appoints Messrs Ince & Co. of International House, 1 St. Katharine’s Way, London E1W 1UN, England (Attention: Mr. Michael Volikas) as its
agent for service of process in relation to any proceedings before the English courts in connection with this Agreement; and 

  

	 	23.5.2	agrees that failure by a process agent to notify any Borrower of the process will not invalidate the proceedings concerned. 

  

	24	Confidentiality 

 This
Agreement and the terms and conditions hereof are and shall remain strictly private and confidential to the Lenders and the Borrowers and their legal advisers and will not be voluntarily disclosed to any other person without the consent of each of
the Lenders and the Borrowers. 
  

 68 

 SCHEDULE 1: The Lenders, the Arrangers and the Commitments 
  

			
	 The Lenders
	  	 The Commitments

	 DVB BANK AG
 Friedrich-Ebert-Anlage 2-14
	  	100%
	 D60325 Frankfurt am Main
	  	
	 Federal Republic of Germany
	  	

 Fax No.: +49 69 97 504 7688 
 Attention: Loans Administration Department 
 With copy to: 
 95 Akti Miaouli 
 Piraeus 185 38 
 Greece 
 Fax No,:+30 210 429 1284 
 Attention: Greek Representative Office 
  

 69 

 SCHEDULE 2: Conditions Precedent and Subsequent 
 Part I: Conditions precedent 
  

	1	Security Parties 

  

	 	(a)	Constitutional Documents Copies of the constitutional documents of each Security Party together with such other evidence as the Agent may reasonably require that
each Security Party is duly incorporated in its country of incorporation and remains in existence with power to enter into, and perform its obligations under, the Relevant Documents to which it is or is to become a party. 

 

	 	(b)	Certificates of good standing A certificate of good standing in respect of each Security Party (if such a certificate can be obtained). 

 

	 	(c)	Board resolutions A copy of a resolution of the board of directors of each Security Party: 

  

	 	(i)	approving the terms of, and the transactions contemplated by, the Relevant Documents to which it is a party and resolving that it execute those Relevant Documents; and

  

	 	(ii)	authorising a specified person or persons to execute those Relevant Documents (and all documents and notices to be signed and/or despatched under those documents) on
its behalf. 

  

	 	(d)	Specimen signatures A specimen of the signature of each person authorised by the resolutions referred to in paragraph (c) above. 

 

	 	(e)	Shareholder resolutions A copy of a resolution signed by all the holders of the issued shares in each Security Party, approving the terms of, and the
transactions contemplated by, the Relevant Documents to which that Security Party is a party. 

  

	 	(f)	Officer’s certificates A certificate of a duly authorised officer of each Security Party certifying that each copy document relating to it specified in this
Part I of Schedule 2 is correct, complete and in full force and effect as at a date no earlier than the date of this Agreement and setting out the names of the directors, officers and shareholders of that Security Party and the proportion of shares
held by each shareholder. 

  

 70 

	 	(g)	Evidence of registration Where such registration is required or permitted under the laws of the relevant jurisdiction, evidence that the names of the directors,
officers and shareholders of each Security Party are duly registered in the companies registry or other registry in the country of incorporation of that Security Party. 

  

	 	(h)	Powers of attorney The notarially attested and legalised power of attorney of each Security Party under which any documents are to be executed or transactions
undertaken by that Security Party. 

  

	 	(i)	Capital structure, equity and debt finance Evidence, in form and substance satisfactory to the Agent, of the capital structure of the Group and that the Personal
Guarantor has, in the opinion of the Agent, sufficient equity and debt finance commitments from other sources in order to fulfil the Borrowers’ obligations under the Building Contracts. 

  

	2	Security and related documents 

  

	 	(a)	Vessel documents Photocopies, certified as true, accurate and complete by a director or the secretary or the legal advisers of the Borrower, of:

  

	 	(i)	the Building Contract in form and substance satisfactory to the Agent; 

  

	 	(ii)	the Management Agreement in form and substance satisfactory to the Agent; 

  

	 	(iii)	such documents as the Agent may reasonably require to evidence the nomination of the Borrower as purchaser of the Vessel pursuant to the Building Contract in form and
substance satisfactory to the Agent; 

  

	 	(iv)	the Refund Guarantee in respect of the relevant First Instalment and Second Instalment due to the Builder under the Building Contract in form and substance satisfactory
to the Agent; and 

  

	 	(v)	the invoice issued by the Builder and countersigned by the Vessel’s classification society evidencing the obligation of the Borrower to pay the relevant Instalment
to the Builder under the Building Contract on a date no later than the proposed Drawdown Date of the Drawing in question. 

  

 71 

	 	(b)	Collateral Vessel documents Photocopies, certified as true, accurate and complete by a director or the secretary or the legal advisers of each Collateral Owner,
of: 

  

	 	(i)	any charterparty or other contract of employment of its Collateral Vessel which will be in force on the Drawdown Date; 

  

	 	(ii)	the Management Agreement in respect of its Collateral Vessel; 

  

	 	(iii)	its Collateral Vessel’s current Safety Construction, Safety Equipment, Safety Radio and Load Line Certificates; 

  

	 	(iv)	its Collateral Vessel’s current Certificate of Financial Responsibility issued pursuant to the United States Oil Pollution Act 1990; 

  

	 	(v)	its Collateral Vessel’s current SMC; 

  

	 	(vi)	the ISM Company’s current DOC; 

  

	 	(vii)	its Collateral Vessel’s current ISSC; 

  

	 	(viii)	its Collateral Vessel’s current IAPPC; 

  

	 	(ix)	its Collateral Vessel’s current Tonnage Certificate; 

  

	 	(x)	that Collateral Owner’s current Carrier Initiative Agreement with the United States’ Customs Service; 

 in each case together with all addenda, amendments or supplements. 
  

	 	(c)	Evidence of Collateral Owner’s title Evidence that on the Drawdown Date (i) each Collateral Vessel will be at least provisionally registered under the
flag stated in Clause 1.l (Definitions and Interpretation) in the ownership of the relevant Collateral Owner and (ii) each Mortgage will be capable of being registered against the relevant Collateral Vessel with second priority.

  

	 	(d)	Evidence of insurance Evidence that each Collateral Vessel is insured in the manner required by the Security Documents and that letters of undertaking will be
issued in the manner required by the Security Documents, together with (if required by the Lender) the written approval of the Insurances by an insurance adviser appointed by the Lender. 

  

 72 

	 	(e)	Evidence of Funding Confirmation from the Agent that Clause 12.2.24 has been complied with for the instalment in question. 

  

	 	(f)	Equity Portion Evidence satisfactory to the Agent that any Equity Portion has been paid to the Agent one day prior to the Drawdown Date for remittance to the
Builder with the relevant portion of the Loan and that it is fully subordinated to the Loan. 

  

	 	(g)	Confirmation of class A Certificate of Confirmation of Class for hull and machinery confirming that each Collateral Vessel is classed with the highest class
applicable to vessels of her type with Lloyd’s Register or such other classification society as may be acceptable to the Lender free of any recommendations or qualifications affecting class, unless otherwise agreed by the Agent in writing. The
Agent shall require to be notified of the class and the classification society of each Vessel at least fifteen (15) days prior to each Drawdown Date. 

  

	 	(h)	Instruction to classification society A letter of instruction from each Collateral Owner to its Collateral Vessel’s classification society.

  

	 	(i)	Survey report A report by a surveyor instructed by the Lender to inspect the Collateral Vessels confirming that the condition of each Collateral Vessel is in all
respects acceptable to the Lender. 

  

	 	(j)	Valuation A valuation of each Collateral Vessel certifying the Net Fair Market Value for each Collated Vessel, assessed on the relevant Drawdown Date.

  

	 	(k)	Mortgagees’ Insurances Evidence of the Lender being covered under the Mortgagees’ Insurances for an amount of not less than one hundred and twenty per
cent (120%) of the Loan and at the expense of the Borrower. 

  

	 	(l)	Security Documents The Security Documents, together with all other documents required by any of them, including, without limitation, the Account Holder’s
confirmation and all notices of assignment and/or charge and evidence that those notices will be duly acknowledged by the recipients. 

  

 73 

	 	(m)	Mandates Such duly signed forms of mandate, and/or other evidence of the opening of the Earnings Accounts, as the Lender may require. 

 

	 	(n)	Managers’ confirmation The written confirmation of the Managers that, throughout the Facility Period unless otherwise agreed by the Lender, they will remain
the commercial and technical managers of each Collateral Vessel and that they will not, without the prior written consent of the Lender, sub-contract or delegate the commercial or technical management of any Collateral Vessel to any third party and
confirming in terms acceptable to the Lender that, following the occurrence of an Event of Default, all claims of the Managers against any Collateral Owner shall be subordinated to the claims of the Lender under the Finance Documents.

  

	 	(o)	No disputes The written confirmation of the Borrower that there is no dispute under any of the Relevant Documents as between the parties to any such document.

  

	3	Legal opinions 

  

	 	(a)	If a Security Party is incorporated in a jurisdiction other than England and Wales or if any Finance Document is governed by the laws of a jurisdiction other than
England and Wales, a legal opinion of the legal advisers to the Lenders in each relevant jurisdiction, substantially in the form or forms provided to the Agent prior to signing this Agreement or confirmation satisfactory to the Agent that such an
opinion will be given. 

  

	4	Other documents and evidence 

  

	 	(a)	Drawdown Notice A duly completed Drawdown Notice. 

  

	 	(b)	Process agent Evidence that any process agent referred to in Clause 23.5 (Service of process) and any process agent appointed under any other Finance
Document has accepted its appointment. 

  

	 	(c)	Other authorisations A copy of any other consent, licence, approval, authorisation or other document, opinion or assurance which the Agent considers to be
necessary or desirable (if it has notified the Borrowers accordingly) in connection with the entry into and performance of the transactions contemplated by any of the Relevant Documents or for the validity and enforceability of any of the Relevant
Documents. 

  

 74 

	 	(d)	Financial statements Copies of the Original Financial Statements of each Corporate Guarantor and the Group. 

  

	 	(e)	Fees Evidence that the fees, costs and expenses then due from the Borrowers under Clause 8 (Indemnities) and Clause 9 (Fees) have been paid or will
be paid by the relevant Drawdown Date. 

  

	 	(f)	“Know your customer” documents Such documentation and other evidence as is reasonably requested by the Agent in order for the Lenders to comply with
all necessary “know your customer” or similar identification procedures in relation to the transactions contemplated in the Finance Documents. 

 Part II: Conditions subsequent 
  

	1	Evidence of Collateral Owners’ title Certificate of ownership and encumbrance (or equivalent) issued by the Registrar of Ships (or equivalent official) of
the flag stated in Clause 1.1 (Definitions and Interpretation) confirming that (a) each Collateral Vessel is permanently registered under that flag in the ownership of the relevant Collateral Owner, (b) each Mortgage has been
registered with second priority against the relevant Collateral Vessel and (c) there are no further Encumbrances registered against any Collateral Vessel other than the first priority mortgage in favour of HSH, under the relevant Collateral
Loan Agreement. 

  

	2	Letters of undertaking Letters of undertaking in respect of the Insurances as required by the Security Documents together with copies of the relevant policies or
cover notes or entry certificates duly endorsed with the interest of the Lender. 

  

	3	Acknowledgements of notices Acknowledgements of all notices of assignment and/or charge given pursuant to the Security Documents. 

  

	4	Legal opinions Such of the legal opinions specified in Part I of this Schedule 2 as have not already been provided to the Lender. 

  

	5	Companies Act registrations If applicable, evidence that the prescribed particulars of the Security Documents have been delivered to the relevant Registrar of
Companies within the statutory time limit. 

  

 75 

	6	Master’s receipt If applicable, the master’s receipt for the Mortgage. 

  

 76 

 SCHEDULE 3: Calculation of Mandatory Cost 
  

	1	The Mandatory Cost is an addition to the interest rate to compensate the Lenders for the cost of compliance with (a) the requirements of the Bank of England and/or
the Financial Services Authority for, in either case, any other authority which replaces all or any of its functions) or (b) the requirements of the European Central Bank. 

  

	2	On the first day of each Interest Period (or as soon as possible thereafter) the Agent shall calculate, as a percentage rate, a rate (the “Additional Cost
Rate”) for each Lender in accordance with the paragraphs set out below. The Mandatory Cost will be calculated by the Agent as a weighted average of the Lenders’ Additional Cost Rates (weighted in proportion to the percentage
participation of each Lender in the Loan) and will be expressed as a percentage rate per annum. 

  

	3	The Additional Cost Rate for any Lender lending from an office in the .euro-zone will be the percentage notified by that Lender to the Agent to be its reasonable
determination of the cost (expressed as a percentage of that Lender’s participation in the relevant Vessel Loan) of complying with the minimum reserve requirements of the European Central Bank as a result of participating in the relevant Vessel
Loan from that office. 

  

	4	The Additional Cost Rate for any Lender lending from an office in the United Kingdom will be calculated by the Agent as follows: 

  

	 	(a)	where the relevant Vessel Loan is denominated in sterling: 

 BY + S(Y - Z) + F x 0.01 per cent per annum 
 100 - (B + S)

  

	 	(b)	where the relevant Vessel Loan is denominated in any currency other than sterling: 

 F x 0.01 per cent per annum 
 300 
 where: 
  

	 	B	is the percentage of eligible liabilities (assuming these to be in excess of any stated minimum) which that Lender is from time to time required to maintain as an
interest free cash ratio deposit with the Bank of England to comply with cash ratio requirements; 

  

 77 

	 	Y	is the percentage rate of interest (excluding the Margin and the Mandatory Cost and, if the relevant Vessel Loan is an overdue amount, the additional rate of interest
specified in Clause 7.9 (Default interest)) payable for the relevant Interest Period on the relevant Vessel Loan; 

  

	 	S	is the percentage (if any) of eligible liabilities which that Lender is required from time to time to maintain as interest bearing special deposits with the Bank of
England; 

  

	 	Z	is the interest rate per annum payable by the Bank of England to that Lender on special deposits; and 

  

	 	F	is the charge payable by that Lender to the Financial Services Authority under paragraph 2.02 or 2.03 (as appropriate) of the Fees Regulations or the equivalent
provisions in any replacement regulations (with, for this purpose, the figure: for the minimum amount in paragraph 2.02b or such equivalent provision deemed to be zero), expressed in pounds per £1 million of the fee base of that Lender.

  

	5	For the purpose of this Schedule: 

  

	 	(a)	“eligible liabilities” and “special deposits” have the meanings given to them at the time of application of the formula by the Bank of
England; 

  

	 	(b)	“fee base” has the meaning given to it in the Fees Regulations; 

  

	 	(c)	“Fees Regulations” means the regulations governing periodic fees contained in the FSA Supervision Manual or such other law or regulation as may
be in force from time to time in respect of the payment of fees for the acceptance of deposits. 

  

	6	In the application of the formula B, Y, S and Z are included in the formula as figures and not as percentages, e.g. if B = 0.5% and Y = 15%, BY is calculated as 0.5. x
15. Each rate calculated in accordance with the formula is, if necessary, rounded upward to four decimal places. 

  

	7	If a Lender does not supply the information required by the Agent to determine its Additional Cost Rate when requested to do so, the applicable Mandatory Cost shall be
determined on the basis of the information supplied by the remaining Lenders. 

  

 78 

	8	If a change in circumstances has rendered, or will render, the formula inappropriate, the Agent shall notify the Borrowers of the manner in which the Mandatory Cost
will subsequently be calculated. The manner of calculation so notified by the Agent shall, in the absence of manifest error, be binding on the Borrowers. 

  

 79 

 SCHEDULE 4: Form of Drawdown Notice 
  

					
	To:	 	DVB BANK AG
		
	From:	 	DRILLSHIP HYDRA OWNERS INC.
		
	 	 	DRILLSHIP PAROS OWNERS INC.

 2007 
 Dear Sirs  
 Drawdown Notice 
 We refer to the Loan Agreement
dated                 2007 made between, amongst others, ourselves and yourselves (the “Agreement”). 
 Words and phrases defined in the Agreement have the same meaning when used in this Drawdown Notice. 
 Pursuant to Clause 4.1 of the Agreement, we irrevocably request that you advance to us a Drawing in the sum of
[                        ] of the Vessel Loan in respect of Hull no.
[            ] on                         200  , which is a
Business Day, by paying the amount of the Drawing in accordance with the provisions of the relevant Building Contract [in] [towards] payment of the [        ] Instalment. 
 We confirm that we have credited with you in full the relevant Equity Portion and we warrant that the representations and warranties contained in Clause
11.1 of the Agreement are true and correct at the date of this Drawdown Notice and will be true and correct on             200  , that no Default has occurred and is continuing,
and that no Default will result from the advance of the Drawing requested in this Drawdown Notice. 
 [We select the period of
[        ] months as the first Interest Period.] 
  

	
	Yours faithfully
	
	  
	
	For and on behalf of
	
	DRILLSHIP HYDRA OWNERS INC.
	
	DRILLSHIP PAROS OWNERS INC.

  

 80 

 SCHEDULE 5: Form of Transfer Certificate 
  

	To:	DVB BANK AG 

 TRANSFER
CERTIFICATE 
 This transfer certificate relates to a secured loan facility agreement (as from time to time amended, varied, supplemented or
novated the “Loan Agreement”) dated                 2007, on the terms and subject to the conditions of which a secured loan facility of up to
$230,000,000 was made available to Drillship Hydra Owners Inc. and Drillship Paros Owners Inc. on a joint and several basis, by a syndicate of banks on whose behalf you act as agent and security agent. 
  

	1	Terms defined in the Loan Agreement shall, unless otherwise expressly indicated, have the same meaning when used in this certificate. The terms
“Transferor” and “Transferee” are defined in the schedule to this certificate. 

  

	2	The Transferor: 

  

	 	2.1	confirms that the details in the Schedule under the heading “Transferor’s Commitment” accurately summarise its Commitment; and

  

	 	2.2	requests the Transferee to accept by way of novation the transfer to the Transferee of the amount of the Transferor’s Commitment specified in the Schedule, by
counter-signing and delivering this certificate to the Agent at its address for communications specified in the Loan Agreement. 

  

	3	The Transferee requests the Agent to accept this certificate as being delivered to the Agent pursuant to and for the purposes of clause 14.4 of the Loan Agreement so as
to take effect in accordance with the terms of that clause on the Transfer Date specified in the Schedule. 

  

	4	The Agent confirms its acceptance of this certificate for the purposes of clause 14.4 of the Loan Agreement. 

  

	5	The Transferee confirms that: 

  

	 	5.1	it has received a copy of the Loan Agreement together with all other information which it has required in connection with this transaction: 

  

 81 

	 	5.2	it has not relied and will not in the future rely on the Transferor or any other party to the Loan Agreement to check or enquire on its behalf into the legality,
validity, effectiveness, adequacy, accuracy or completeness of any such information; and 

  

	 	5.3	it has not relied and will not in the future rely on the Transferor or any other party to the Loan Agreement to keep under review on its behalf the financial condition.
creditworthiness, condition, affairs, status or nature of any Security Party. 

  

	6	Execution of this certificate by the Transferee constitutes its representation and warranty to the Transferor and to all other parties to the Loan Agreement that it has
the power to become a party to the Loan Agreement as a Lender on the terms of the Loan Agreement and has taken all steps to authorise execution and delivery of this certificate. 

  

	7	The Transferee undertakes with the Transferor and each of the other parties to the Loan Agreement that it will perform in accordance with their terms all those
obligations which by the terms of the Loan Agreement will be assumed by it after delivery of this certificate to the Agent and the satisfaction of any conditions subject to which this certificate is expressed to take effect.

  

	8	The Transferor makes no representation or warranty and assumes no responsibility with respect to the legality, validity, effectiveness, adequacy or enforceability of
any Finance Document or any document relating to any Finance Document, and assumes no responsibility for the financial condition of any Finance Party or for the performance and observance by any Security Party of any of its obligations under any
Finance Document or any document relating to any Finance Document and any conditions and warranties implied by law are expressly excluded. 

  

	9	The Transferee acknowledges that nothing in this certificate or in the Loan Agreement shall oblige the Transferor to: 

  

	 	9.1	accept a re-transfer from the Transferee of the whole or any part of the rights, benefits and/or obligations transferred pursuant to this certificate; or

  

	 	9.2	support any losses directly or indirectly sustained or incurred by the Transferee for any reason including, without limitation, the non-performance by any party to any
Finance Document of any obligations under any Finance Document. 

  

 82 

	10	The address and fax number of the Transferee for the purposes of clause 18 of the Loan Agreement are set out in the Schedule. 

  

	11	This certificate may be executed in any number of counterparts each of which shall be original but which shall together constitute the same instrument.

  

	12	This certificate shall be governed by and interpreted in accordance with English law. 

 THE SCHEDULE 
  

	1	Transferor: 

  

	2	Transferee: 

  

	3	Transfer Date (not earlier that the fifth Business Day after the date of delivery of the Transfer Certificate to the Agent):

  

	4	Transferor’s Commitment: 

  

	5	Amount transferred: 

  

	6	Transferee’s address and fax number for the purposes of clause 18 of the Loan Agreement: 

  

									
	[name of Transferor]	 		 	[name of Transferee]
					
	By:	 		 		 	By:	 	
					
	Date:	 		 		 	Date:	 	

  

			
	DVB BANK AG as Agent
		
	By:	 	
		
	Date:	 	

  

 83 

 SCHEDULE 6: Form of Compliance Certificate 
  

			
	 To:
	  	DVB BANK AG
		
	 From:
	  	GRAND INVESTMENT HOLDING LTD.
		
		  	CARDIFF MARINE INC.
		
		  	DRILLSHIP HYDRA OWNERS INC.
		
		  	DRILLSHIP PAROS OWNERS INC.
		
		  	OIL TRANSPORT INVESTMENTS LIMITED
		
		  	INNOVATIVE INVESTMENTS LIMITED
		
		  	AMBASSADOR SHIPPING CORPORATION

 Dated: 

Dear Sirs 
 Drillship Hydra Owners Inc. and
Drillship Paros Owners Inc – Loan Agreement dated [    ] 2007 (the “Agreement”) 
 We refer to the
Agreement. This is a Compliance Certificate. Terms defined in the Agreement have the same meaning when used in this Compliance Certificate unless given a different meaning in this Compliance Certificate. 
 We confirm that: 
  

	 	1.	the Group’s Leverage does not exceed 75%, as required by Clause 12. 2.1 (a); 

  

	 	2.	the Group’s Minimum Net Worth is not lower than one hundred and fifty million Dollars ($150,000,000) as required by Clause 12.2.1. (b); 

 

	 	3.	Cardiff’s Minimum Liquidity is in excess of $30,000,000, as required by Clause 12.2.1 (c); 

  

	 	4.	Grand’s Leverage does not exceed 75%, as required by Clause 12.2.2 (a); 

  

	 	5.	Grand’s Minimum Net Worth is not lower than $75,000,000, as required by Clause 12.2.2 (b); 

  

	 	6.	Clause 10.13 is being complied with. 

 We confirm
that no Default is continuing*. 
  

 84 

					
	Signed:	  	 	  	
		
		  	 Director
  
 of
  
 [GRAND INVESTMENT HOLDING LTD.]
  
 [CARDIFF MARINE INC.]
  
 [DRILLSHIP HYDRA OWNERS INC.]

  
 [DRILLSHIP PAROS OWNERS INC.]
  
 [OIL TRANSPORT INVESTMENTS LIMITED]
  
 [INNOVATIVE INVESTMENTS LIMITED]
  
 [AMBASSADOR SHIPPING CORPORATION]

  

	*	If this statement cannot be made, the certificate should identify any Default that is continuing and the steps, if any, being taken to remedy it.

  

 85 

 IN WITNESS of which the parties to this Agreement have executed this Agreement the day and year first
before written. 
  

					
	SIGNED by EUGENIA PAPAPONTIKOU	  	)	  	
	 duly authorised for and on behalf
	  	)	  	/s/ Eugenia Papapontikou
	of DRILLSHIP HYDRA OWNERS INC.	  	)	  	

  

					
	SIGNED by EUGENIA PAPAPONTIKOU	  	)	  	
	 duly authorised for and on behalf
	  	)	  	/s/ Eugenia Papapontikou
	of DRILLSHIP HYDRA OWNERS INC.	  	)	  	

  

					
	SIGNED by ALEXANDROS DAMIANIDIS	  	)	  	
	 duly authorised for and on behalf
	  	)	  	/s/ Alexandros Damianidis
	of DVB BANK AG (as a Lender)	  	)	  	

  

					
	SIGNED by ALEXANDROS DAMIANIDIS 	  	)	  	
	 duly authorised for and on behalf
	  	)	  	/s/ Alexandros Damianidis
	of DVB BANK AG (as an Arranger)	  	)	  	

  

					
	SIGNED by ALEXANDROS DAMIANIDIS 	  	)	  	
	 duly authorised for and on behalf
	  	)	  	/s/ Alexandros Damianidis
	of DVB BANK AG (as a Agent)	  	)	  	

  

					
	SIGNED by ALEXANDROS DAMIANIDIS 	  	)	  	
	 duly authorised for and on behalf
	  	)	  	/s/ Alexandros Damianidis
	of DVB BANK AG 	  	)	  	
	(as the Security Agent)	  	)	  	

  

 86

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