Document:

EX-10.45

 Exhibit 10.45 
 Dated 19 June 2014 
 MONTE CARLO 71 SHIPPING COMPANY LIMITED

 as Borrower 
 and 
 THE BANKS AND FINANCIAL INSTITUTIONS 

listed in Schedule 1 
 as Lenders 
 and 

ALPHA BANK A.E. 
 as Agent, Swap Bank and 
 Security Trustee 

LOAN AGREEMENT 
 relating to a term loan facility of up to US$20,125,000 to 
 provide post-delivery
finance in respect of the acquisition 
 of a Medium Range Tanker of approximately 50,000 metric tons deadweight 

with the name “ESHIPS TAWEELAH” 
 Watson, Farley & Williams 

 Index 
  

							
	Clause	 	 	  	Page	 
			
	1	 	 Interpretation
	  	 	1	  
	2	 	 Facility
	  	 	15	  
	3	 	 Position of the Lenders, the Swap Bank and the Majority Lenders
	  	 	16	  
	4	 	 Drawdown
	  	 	17	  
	5	 	 Interest
	  	 	18	  
	6	 	 Interest Periods
	  	 	20	  
	7	 	 Default Interest
	  	 	21	  
	8	 	 Repayment and Prepayment
	  	 	22	  
	9	 	 Conditions Precedent
	  	 	24	  
	10	 	 Representations and Warranties
	  	 	25	  
	11	 	 General Undertakings
	  	 	29	  
	12	 	 Corporate Undertakings
	  	 	33	  
	13	 	 Insurance
	  	 	34	  
	14	 	 Ship Covenants
	  	 	39	  
	15	 	 Security Cover
	  	 	44	  
	16	 	 Payments and Calculations
	  	 	45	  
	17	 	 Application of Receipts
	  	 	47	  
	18	 	 Application of Earnings; Swap Payments
	  	 	48	  
	19	 	 Events of Default
	  	 	48	  
	20	 	 Fees and Expenses
	  	 	53	  
	21	 	 Indemnities
	  	 	55	  
	22	 	 No Set-Off or Tax Deduction
	  	 	57	  
	23	 	 Illegality, etc.
	  	 	59	  
	24	 	 Increased Costs
	  	 	60	  
	25	 	 Set-Off
	  	 	62	  
	26	 	 Transfers and Changes in Lending Offices
	  	 	63	  
	27	 	 Variations and Waivers
	  	 	66	  
	28	 	 Notices
	  	 	67	  
	29	 	 Supplemental
	  	 	69	  
	30	 	 Law and Jurisdiction
	  	 	70	  
	Schedule 1 Lenders and Commitments	  	 	72	  
	Schedule 2 Drawdown Notice	  	 	73	  
	Schedule 3 Condition Precedent Documents	  	 	74	  
	Schedule 4 Transfer Certificate	  	 	77	  
	Schedule 5 Mandatory Cost Formula	  	 	81	  
	Schedule 6 Designation Notice	  	 	83	  
	Schedule 7 Form of Compliance Certificate	  	 	84	  
	Execution Pages	  	 	85	  

 THIS AGREEMENT is made on 19 June 2014  

BETWEEN 
  

	(1)	MONTE CARLO 71 SHIPPING COMPANY LIMITED, a corporation incorporated in in the Marshall Islands whose registered office is at Trust Company Complex,
Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960 (the “Borrower”); 

  

	(2)	THE BANKS AND FINANCIAL INSTITUTIONS listed in Schedule 1, as Lenders; 

 

	(3)	ALPHA BANK A.E., acting through its office at 93 Akti Miaouli, 185 38, Piraeus, Greece, as Agent; 

 

	(4)	ALPHA BANK A.E., acting through its office at 93 Akti Miaouli, 185 38, Piraeus, Greece, as Security Trustee; and 

 

	(5)	ALPHA BANK A.E., acting through its office at 93 Akti Miaouli, 185 38, Piraeus, Greece, as Swap Bank. 

BACKGROUND 
  

	(A)	The Lenders have agreed to make available to the Borrower, in one advance, a post- delivery term loan facility of up $20,125,000 for the purpose of financing part of
the acquisition cost of the Ship (as defined below). 

  

	(B)	The Swap Bank may agree to enter into interest rate swap transactions with the Borrower from time to time to hedge the Borrower’s exposure under this Agreement to
interest rate fluctuations. 

  

	(C)	The Lenders and the Swap Bank have agreed to share pad passu in the security to be granted to the Security Trustee pursuant to this Agreement. 

IT IS AGREED as follows: 
  

	1	INTERPRETATION 

  

	1.1	Definitions 

 Subject to
Clause 1.5, in this Agreement: 
 “Affected Lender” has the meaning given in Clause 5.7; 

“Agency and Trust Deed” means the agency and trust deed dated the same date as this Agreement and made between the same
parties as are parties to this Agreement; 
 “Agent” means Alpha Bank A.E., acting in such capacity through its
office at 93 Akti Miaouli, 185 38 Piraeus, Greece, or any successor of it appointed under clause 5 of the Agency and Trust Deed; 

“Agreed Form” means in relation to any document, that document in the form approved in writing by the Agent or as
otherwise approved in accordance with any other approval procedure specified in any relevant provision of any Finance Document; 

“Approved Broker” means each of H. Clarkson & Company Limited of London, England, Arrow Sale & Purchase
(UK) Ltd. of London, England, Golden Destiny SA or any other reputable sale and purchase broker, approved and appointed by the Agent; 

 “Approved Charter” means the time charterparty dated 10 July 2013 (as
may be amended, supplemented and/or novated from time to time) and made between the Borrower and the Approved Charterer for a term of at least 2 years at a gross daily charter hire rate of at least $ 16,000 in the Agreed Form; 

“Approved Charter Assignment” means, in relation to an Approved Charter, an assignment of the rights of the Borrower
under that Approved Charter and any guarantee in relation thereto to be executed by the Borrower in favour of the Security Trustee in the Agreed Form; 
 “Approved Charterer” means Emirates Ship Investment Company (ESHIPS) LLC of Abu Dhabi; 
 “Approved Flag” means the flag of the Republic of the Marshall Islands or such other flag as the Agent may in its sole and absolute discretion, approve as the flag on which the Ship is
or, as the case may be, shall be registered; 
 “Approved Flag State” means the Republic of the Marshall
Islands or any other country in which the Agent may, in its sole and absolute discretion, approve that the Ship is or, as the case may be, shall be registered; 
 “Approved Manager” means Central Mare Inc., a company incorporated in the Republic of the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake
Island, Majuro, Marshall Islands MH96960 as technical manager and Central Shipping Monaco SAM whose registered office is at Palais de la Scala, 1 Avenue Henry Dunant, Monaco MC 98000 as commercial manager or any other company which the Agent may,
with the authorisation of the Majority Lenders, approve from time to time as the commercial and/or technical manager of the Ship; 
 “Approved Manager’s Undertaking” means, a letter of undertaking including (inter alia) an assignment of the Approved Manager’s rights, title and interests in the Insurances,
executed or, as the context may require, to be executed by each Approved Manager in favour of the Security Trustee in the Agreed Form agreeing certain matters in relation to the management of the Ship and subordinating the rights of that Approved
Manager against the Ship and the Borrower to the rights of the Creditor Parties under the Finance Documents and, in the plural, means both of them; 
 “Availability Period” means the period commencing on the date of this Agreement and ending on: 
  

	 	(a)	30 June 2014 (or such later date as the Agent may, with the authorisation of the Majority Lenders, agree with the Borrower); or 

 

	 	(b)	if earlier, the date on which the Total Commitments are fully borrowed, cancelled or terminated; 

“Balloon Instalment” has the meaning given in Clause 8.1(b); 

“Bill of Sale” means a bill of sale in the Agreed Form pursuant to which title to and possession of the Ship is or, as
the context may require, is to be transferred from the Seller to the Borrower; 
 “Borrower” means Monte
Carlo 71 Shipping Company Limited, a corporation incorporated in the Republic of the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro MR 96960, Republic of Marshall Islands;

  
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 “Business Day” means a day (other than a Saturday or Sunday) on which banks
are open for general business in London, Athens, Piraeus, and in respect of a day on which a payment is required to be made under a Finance Document, also in New York City; 

“Charter” means any charter or other contract of employment or any consecutive voyage charter or contract of
affreightment in respect of the Ship having a duration (or capable of exceeding or exceeding a duration) of at least 12 months; 
 “Charterparty Assignment” means a first priority assignment of the rights of the Borrower under the Charter executed or, as the context may require, to be executed by the Borrower in
favour of the Security Trustee in the Agreed Form; 
 “CISADA” means the United States Comprehensive Iran
Sanctions, Accountability and Divestment Act of 2010 as it applies to non-US persons; 
 “Code” means the
US Internal Revenue Code of 1986. 
 “Commitment” means, in relation to a Lender, the amount set opposite
its name in Schedule 1, or, as the case may require, the amount specified in the relevant Transfer Certificate, as that amount may be reduced, cancelled or terminated in accordance with this Agreement (and “Total Commitments” means
the aggregate of the Commitments of all the Lenders); 
 “Compliance Certificate” means a certificate in
the form set out in Schedule 7 (or in any other form which the Agent approves or reasonably requires) to be provided at the time and in the manner set out in Clauses 11.22; 

“Confirmation” and “Early Termination Date” in relation to any continuing Designated Transaction, have
the meanings given in the Master Agreement; 
 “Contractual Currency” has the meaning given in Clause
21.4; 
 “Contribution” means, in relation to a Lender, the part of the Loan which is owing to that
Lender; 
 “Corporate Guarantee” means a corporate guarantee securing the obligations of the Borrower
under this Agreement and the Finance Documents executed or, as the context may require, to be executed by the Corporate Guarantor in favour of the Security Trustee in the Agreed Form; 

“Corporate Guarantor” means Top Ships Inc., a corporation incorporated in the Republic of the Marshall Islands whose
registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960; 

“Creditor Party” means the Agent, the Security Trustee, the Swap Bank or any Lender, whether as at the date of this
Agreement or at any later time and, in the plural, means all of them; 
 “Delivery Date” means the date
on which title to and possession of the Ship is transferred from the Seller to the Borrower pursuant to the Bill of Sale; 

“Designated Transaction” means a Transaction which fulfils the following requirements: 

 

	 	(a)	it is entered into by the Borrower pursuant to the Master Agreement with the Swap Bank which, at the time the Transaction is entered into, is also the Lender;

  

	 	(b)	its purpose is the hedging all of or part of the Borrower’s exposure under this Agreement to fluctuations in LIBOR arising from the funding of the Loan (or any
part thereof) for a period expiring no later than the final Repayment Date; and 

  
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 it is designated by the Borrower, by delivery by the Borrower to the Agent of a notice of
designation in the form set out in Schedule 6, as a Designated Transaction for the purposes of the Finance Documents, and, in the plural, means all of them; 
 “Dollars” and “$” means the lawful currency for the time being of the United States of America; 

“Drawdown Date” means the date requested by the Borrower for the Loan to be advanced, or (as the context requires) the
date on which the Loan is actually borrowed; 
 “Drawdown Notice” means a notice in the form set out in
Schedule 2 (or in any other form which the Agent approves or reasonably requires); 
 “Earnings” means
all moneys whatsoever which are now, or later become, payable (actually or contingently) to the Borrower or the Security Trustee and which arise out of the use or operation of the Ship, including (but not limited to): 

 

	 	(a)	except to the extent that they fall within paragraph (b); 

  

	 	(i)	all freight, hire and passage moneys; 

  

	 	(ii)	compensation payable to the Borrower or the Security Trustee in the event of requisition of the Ship for hire; 

 

	 	(iii)	remuneration for salvage and towage services; 

  

	 	(iv)	demurrage and detention moneys; 

  

	 	(v)	damages for breach (or payments for variation or termination) of any charterparty or other contract for the employment of the Ship; and 

 

	 	(vi)	all moneys which are at any time payable under any Insurances in respect of loss of hire; and 

 

	 	(b)	if and whenever the Ship is employed on terms whereby any moneys falling within paragraphs (a)(i) to (vi) 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 Ship; 

“Earnings Account” means an account in the name of the Borrower with the Agent in Athens designated “Monte Carlo 71
Shipping Company Limited - Earnings Account”, or any other account (with that or another office of the Agent or with a bank or financial institution other than the Agent at the Agent’s sole discretion) which is designated by the Agent as
the Earnings Account for the purposes of this Agreement; 
 “Earnings Account Pledge” means a pledge
agreement creating security over the Earnings Account to be executed by the Borrower in favour of the Security Trustee in the Agreed Form; 
 “EJP Family” means, together, each of the following: 
  

	 	(a)	Mr. Evangelos J. Pistiolis; 

  

	 	(b)	all the lineal descendants in direct line of Mr. Evangelos J. Pistiolis; 

  
 4 

	 	(c)	a husband or wife, or former husband or wife, or widower or widow of any of the above persons; 

 

	 	(d)	the estates, trusts or legal representatives of which any of the above persons are the beneficiaries; and 

 

	 	(e)	each company (other than a member of the Group) legally or beneficially owned or (as the case may be) controlled by one or more of the persons or entities which would
fall within paragraphs (a) to (d) of this definition, 

 and each one of the above shall be referred to
as “a member of the EJP Family”; 
 “Environmental Claim” means: 

 

	 	(f)	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 

  

	 	(g)	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: 
  

	 	(a)	any release of Environmentally Sensitive Material from the Ship; or 

  

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

  

	 	(c)	any other incident in which Environmentally Sensitive Material is released otherwise than from the Ship and in connection with which the Ship is actually or potentially
liable to be arrested and/or where the Borrower and/or any operator or manager of the Ship 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 any of the events or circumstances described in Clause 19.1; 

“FATCA” means Sections 1471 through 1474 of the Code and any regulations thereunder issued by the United States
Treasury; 

  
 5 

 “FATCA Deduction” means a deduction or withholding from a payment under any
Finance Document required by or under FATCA; 
 “FATCA Exempt Party” means a Creditor Party or a Security Party
who is entitled under FATCA to receive payments free from any FATCA Deduction; 
 “FATCA FFI” means a foreign
financial institution as defined in section 1471(d)(4) of the Code which, if any Creditor Party is not a FATCA Exempt Party, could be required to make a FATCA Deduction; 
 “Finance Documents” means, together: 
  

	 	(a)	this Agreement; 

  

	 	(b)	the Agency and Trust Deed; 

  

	 	(c)	the Master Agreement; 

  

	 	(d)	the Master Agreement Assignment; 

  

	 	(e)	the Earnings Account Pledge; 

  

	 	(f)	the Corporate Guarantee; 

  

	 	(g)	the Shares Pledge; 

  

	 	(h)	the Mortgage; 

  

	 	(i)	the General Assignment; 

  

	 	(j)	the Approved Charter Assignment; 

  

	 	(k)	the Approved Manager’s Undertaking; 

  

	 	(l)	any Charterparty Assignment; and 

  

	 	(m)	any other document (whether creating a Security Interest or not) which is executed at any time by the Borrower, the Corporate Guarantor and the Approved Manager or any
other person as security for, or to establish any form of subordination or priorities arrangement in relation to, any amount payable to the Lenders and/or the Swap Bank under this Agreement or any of the other documents referred to in this
definition and, in the singular, means any of them; 

 “Financial Indebtedness” means, in relation
to a person (the “debtor”), any actual or contingent a liability of the debtor: 
  

	 	(a)	for principal, interest or any other sum payable in respect of any moneys borrowed or raised by the debtor; 

 

	 	(b)	under any loan stock, bond, note or other security issued by the debtor; 

  

	 	(c)	under any acceptance credit, guarantee or letter of credit facility or dematerialised equivalent made available to the debtor; 

 

	 	(d)	under a financial lease, a deferred purchase consideration arrangement or any other agreement having the commercial effect of a borrowing or raising of money by the
debtor; 

  
 6 

	 	(e)	under any foreign exchange transaction, any interest or currency swap or any other kind of derivative transaction entered into by the debtor or, if the agreement under
which any such transaction is entered into requires netting of mutual liabilities, the liability of the debtor for the net amount; or 

  

	 	(f)	under a guarantee, indemnity or similar obligation entered into by the debtor in respect of a liability of another person which would fall within paragraphs (a) to
(e) if the references to the debtor referred to the other person; 

 “GAAP” means generally
accepted accounting principles in the United States of America; 
 “General Assignment” means a general
assignment of the Earnings, the Insurances and any Requisition Compensation in the Agreed Form; 
 “Group”
means, together, the Corporate Guarantor and its subsidiaries (whether direct or indirect and, including but not limited to, the Borrower) from time to time during the Security Period and “member of the Group” shall be construed
accordingly; 
 “IACS” means the International Association of Classification Societies;

 “Initial Market Value” means the Market Value of the Ship calculated in accordance with the valuations
relative thereto referred to in paragraph 7 of Schedule 3, Part B; 
 “Insurances” means:

  

	 	(a)	all policies and contracts of insurance or, as the case may be, reinsurance (if applicable), policies or contracts, including entries of the Ship in any protection and
indemnity or war risks association, effected in respect of the Ship, the Earnings or otherwise in relation to the Ship whether before, on or after the date of this Agreement; and 

 

	 	(b)	all rights and other assets relating to, or derived from, any of the foregoing, including any rights to a return of a premium and any rights in respect of any claim
whether or not the relevant policy, contract of insurance or entry has expired on or before the date of this Agreement; 

 “Interest Period” means a period determined in accordance with Clause 6; 
 “ISM Code” means the International Safety Management Code (including the guidelines on its implementation), adopted by the International Maritime Organisation Assembly as Resolutions MSC
104(73) and A.913(22), as the same may be amended or supplemented from time to time (and the terms “safety management system”, “Safety Management Certificate” and “Document of Compliance” have the same
meanings as are given to them in the ISM Code); 
 “ISPS Code” means the International Ship and Port
Facility Security Code as adopted by the International Maritime Organisation, as the same may be amended or supplemented from time to time; 
 “ISSC” means a valid and current International Ship Security Certificate issued under the ISPS Code; 
 “Lender” means a bank or financial institution listed in Schedule 1 and acting through its branch indicated in Schedule 1 (or through another branch notified to the Borrower under Clause
26.14) or its transferee, successor or assign; 

  
 7 

 “LIBOR” means, for an Interest Period: 

 

	 	(a)	the rate per annum equal to the offered quotation for deposits in Dollars for a period equal to, or as near as possible equal to, the relevant Interest Period which
appears on the Screen Rate; or 

  

	 	(b)	if no rate is quoted on the Screen Rate, the rate per annum determined by the Agent to be the arithmetic mean (rounded upwards, if necessary, to the nearest
one-sixteenth of one per cent.) of the rates per annum notified to the Agent by each Reference Bank as the rate at which deposits in Dollars are offered to that Reference Bank by leading banks in the London Interbank Market at that Reference
Bank’s request at or about 11.00 a.m. (London time) on the Quotation Date for that Interest Period for a period equal to that Interest Period and for delivery on the first Business Day of it; 

“Loan” means the principal amount for the time being outstanding under this Agreement; 

“Major Casualty” means any casualty to the Ship in respect of which the claim or the aggregate of the claims against all
insurers, before adjustment for any relevant franchise or deductible exceeds $600,000 or the equivalent in any other currency; 
 “Majority Lenders” means: 
  

	 	(a)	before the Loan is made, Lenders the aggregate of whose Commitments total 66.66 per cent. of the Total Commitments; and 

 

	 	(b)	after the Loan is made, Lenders the aggregate of whose Contributions total 66.66 per cent. of the Loan; 

“Mandatory Cost” means the percentage rate per annum calculated by the Agent in accordance with Schedule 5;

 “Margin” means 3.75 per cent. per annum; 

“Market Value” means the market value of the Ship determined from time to time in accordance with Clause 15.3;

 “Master Agreement” means the master agreement (on the 2002 ISDA (Multicurrency-Crossborder) form) and the
schedule collateral thereto in the Agreed Form dated the same date as this Agreement and entered into between the Borrower and the Swap Bank and includes all Designated Transactions from time to time entered into and Confirmations from time to time
exchanged under the said master agreement; 
 “Master Agreement Assignment” means an assignment of the
Borrower’s rights under the Master Agreement executed or, as the context may require, to be executed by the Borrower in favour of the Security Trustee in the Agreed Form; 

“Mortgage” means the first priority or, as the case may be, preferred ship mortgage on the Ship and, if required pursuant
to the laws of the applicable Approved Flag State, a deed of covenant collateral thereto executed or, as the context may require, to be executed by the Borrower in favour of the Security Trustee in the Agreed Form; 

“Negotiation Period” has the meaning given in Clause 5.10; 

“Notifying Lender” has the meaning given in Clause 23.1 or Clause 24.1 as the context requires; 

“Payment Currency” has the meaning given in Clause 21.4;  

“Permitted Security Interests” means: 

 

	 	(a)	Security Interests created by the Finance Documents; 

  
 8 

	 	(b)	liens for unpaid master’s and crew’s wages in accordance with usual maritime practice; 

 

	 	(c)	liens for salvage; 

  

	 	(d)	liens arising by operation of law for not more than 2 months’ prepaid hire under any charter in relation to the Ship not prohibited by this Agreement;

  

	 	(e)	liens for master’s disbursements incurred in the ordinary course of trading and any other lien arising by operation of law or otherwise in the ordinary course of
the operation, repair or maintenance of the Ship, provided such liens do not secure amounts more than 30 days overdue (unless the overdue amount is being contested by the Borrower in good faith by appropriate steps) and subject, in the case of liens
for repair or maintenance, to Clause 14.13(g); 

  

	 	(f)	any Security Interest created in favour of a plaintiff or defendant in any proceedings or arbitration as security for costs and expenses while the Borrower is actively
prosecuting or defending such proceedings or arbitration in good faith by appropriate steps; and 

  

	 	(g)	Security Interests arising by operation of law in respect of taxes which are not overdue for payment or in respect of taxes being contested in good faith by appropriate
steps and in respect of which appropriate reserves have been made;] 

 “Pertinent Document” means:

  

	 	(a)	any Finance Document; 

  

	 	(b)	any policy or contract of insurance contemplated by or referred to in Clause 13 or any other provision of this Agreement or another Finance Document;

  

	 	(c)	any other document contemplated by or referred to in any Finance Document; and 

 

	 	(d)	any document which has been or is at any time sent by or to a Servicing Bank in contemplation of or in connection with any Finance Document or any policy, contract or
document falling within paragraphs (b) or (c); 

 “Pertinent Jurisdiction”, in relation to a
company, means: 
  

	 	(a)	England and Wales; 

  

	 	(b)	the country under the laws of which the company is incorporated or formed; 

 

	 	(c)	a country in which the company has the centre of its main interests or in which the company’s central management and control is or has recently been exercised;

  

	 	(d)	a country in which the overall net income of the company is subject to corporation tax, income tax or any similar tax; 

 

	 	(e)	a country in which assets of the company (other than securities issued by, or loans to, related companies) having a substantial value are situated, in which the company
maintains a branch or permanent place of business, or in which a Security Interest created by the company must or should be registered in order to ensure its validity or priority; and 

 

	 	(f)	a country the courts of which have jurisdiction to make a winding up, administration or similar order in relation to the company, whether as main or territorial or
ancillary proceedings or which would have such jurisdiction if their assistance were requested by the courts of a country referred to in paragraphs (b) or (c); 

  
 9 

 “Pertinent Matter” means: 

 

	 	(a)	any transaction or matter contemplated by, arising out of, or in connection with a Pertinent Document; or 

 

	 	(b)	any statement relating to a Pertinent Document or to a transaction or matter falling within paragraph (a); 

and covers any such transaction, matter or statement, whether entered into, arising or made at any time before the signing of this
Agreement or on or at any time after that signing; 
 “Potential Event of Default” means an event or
circumstance which, with the giving of any notice, the lapse of time, a determination of the Majority Lenders and/or the satisfaction of any other condition, would constitute an Event of Default; 

“Prohibited Person” means any person (whether designated by name or by reason of being included in a class of persons)
against whom Sanctions are directed; 
 “Quotation Date” means, in relation to any Interest Period (or
any other period for which an interest rate is to be determined under any provision of a Finance Document), the day on which quotations would ordinarily be given by leading banks in the London Interbank Market for deposits in the currency in
relation to which such rate is to be determined for delivery on the first day of that Interest Period or other period; 

“Reference Bank” means, subject to Clause 26.16, the Athens branch of Alpha Bank A.E. and any of its respective
successors; 
 “Relevant Person” has the meaning given in Clause 19.9; 

“Repayment Date” means a date on which a repayment is required to be made under Clause 8; 

“Requisition Compensation” includes all compensation or other moneys payable by reason of any act or event such as is
referred to in paragraph (b) of the definition of “Total Loss”; 
 “Sanctions” means any
sanctions, embargoes, freezing provisions, prohibitions or other restrictions relating to trading, doing business, investment, exporting, financing or making assets available (or other activities similar to or connected with any of the foregoing):

  

	 	(a)	imposed by law or regulation of the United Kingdom, the Council of the European Union, the United Nations or its Security Council; 

 

	 	(b)	imposed by CISADA; or 

  

	 	(c)	otherwise imposed by any law or regulation by which the Borrower is bound or, as regards a regulation, compliance with which is reasonable in the ordinary course of
business of the Borrower and for which a waiver or suspension has not been obtained; 

 “Screen Rate”
means the London interbank offered rate administered by the ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) for Dollars for the relevant period displayed on pages LIBOR01 or LIBOR02 of
the 

  
 10 

 
Reuters screen (or any replacement Reuters page which displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time in place of
Reuters. If such page or service ceases to be available, the Agent may specify another page or service displaying the relevant rate after consultation with the Borrower; 
 “Secured Liabilities” means all liabilities which the Borrower, the Security Parties or any of them have, at the date of this Agreement or at any later time or times, under or in
connection with any Finance Document or any judgment relating to any Finance Document; and for this purpose, there shall be disregarded any total or partial discharge of these liabilities, or variation of their terms, which is effected by, or in
connection with, any bankruptcy, liquidation, arrangement or other procedure under the insolvency laws of any country; 

“Security Interest” means: 
  

	 	(a)	a mortgage, charge (whether fixed or floating) or pledge, any maritime or other lien or any other security interest of any kind; 

 

	 	(b)	the rights of a plaintiff under an action in rem in which the vessel has been arrested or a writ has been issued or similar step taken; and

  

	 	(c)	any arrangement entered into by a person (A) the effect of which is to place another person (B) in a position which is similar, in economic terms, to the
position in which B would have been had he held a security interest over an asset of A; but this paragraph (c) does not apply to a right of set off or combination of accounts conferred by the standard terms of business of a bank or financial
institution; 

 “Security Party” means the Corporate Guarantor, each Approved Manager and any
other person (except a Creditor Party) who, as a surety or mortgagor, as a party to any subordination or priorities arrangement, or in any similar capacity, executes a document falling within the last paragraph of the definition of “Finance
Documents” and, in the plural, means all of them; 
 “Security Period” means the period commencing on the
date of this Agreement and ending on the date on which the Agent notifies the Borrower, the Security Parties and the other Creditor Parties that: 
  

	 	(a)	all amounts which have become due for payment by the Borrower or any Security Party under the Finance Documents have been paid; 

 

	 	(b)	no amount is owing or has accrued (without yet having become due for payment) under any Finance Document; 

 

	 	(c)	neither the Borrower nor any Security Party has any future or contingent liability under Clause 20, 21 or 22 or any other provision of this Agreement or another Finance
Document; and 

  

	 	(d)	the Agent, the Security Trustee and the Majority Lenders do not consider that there is a significant risk that any payment or transaction under a Finance Document would
be set aside, or would have to be reversed or adjusted, in any present or possible future bankruptcy of the Borrower or a Security Party or in any present or possible future proceeding relating to a Finance Document or any asset covered (or
previously covered) by a Security Interest created by a Finance Document; 

 “Security Trustee”
means Alpha Bank A.E., acting in such capacity through its office at 93 Akti Miaouli, 185 38 Piraeus, Greece, or any successor of it appointed under clause 5 of the Agency and Trust Deed; 

  
 11 

 “Seller” means Million Hope Maritime SA a corporation incorporated in the
Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960; 
 “Servicing Bank” means the Agent or the Security Trustee; 

“Shares Pledge” means a first priority pledge of the share capital of the Borrower executed or, as the context may
require, to be executed by the Corporate Guarantor in favour of the Security Trustee, to be in the Agreed Form; 

“Ship” means a Medium Range Tanker of approximately 50,000 metric tons deadweight currently registered in the ownership
of the Seller under the Marshall Islands flag with the name “ESHIPS TAWEELAH” which is to be acquired and registered in the ownership of the Borrower under an Approved Flag with the same name; 

“SMC” means a safety management certificate issued in respect of the Ship in accordance with Rule 13 of the ISM Code;

 “Swap Bank” means Alpha Bank A.E., acting in such capacity through its office at 93 Akti Miaouli, 185 38
Piraeus, Greece; 
 “Swap Exposure” means, as at any relevant date, the amount certified by the Swap Bank
to the Agent to be the aggregate net amount in Dollars which would be payable by the Borrower to the Swap Bank under (and calculated in accordance with Section 6(e) (Payments on Early Termination) the Master Agreement if an Early Termination
Date had occurred on the relevant date in relation to all continuing Designated Transactions; 
 “Total Loss”
means: 
  

	 	(a)	actual, constructive, compromised, agreed or arranged total loss of the Ship; 

 

	 	(b)	any expropriation, confiscation, requisition or acquisition of the Ship, whether for full or part consideration, a consideration less than its 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
not exceeding 1 year without any right to an extension) unless it is within 30 days from the date of such occurrence redelivered to the Borrower’s full control; 

 

	 	(c)	any condemnation of the Ship by any tribunal or by any person or persons claiming to be a tribunal; and 

 

	 	(d)	any arrest, capture, seizure, confiscation or detention of the Ship (including any hijacking, piracy or theft) unless it is within 1 month from the date of such
occurrence redelivered to the Borrower’s full control; 

 “Total Loss Date” means:

  

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

 

	 	(b)	in the case of a constructive, compromised, agreed or arranged total loss of the Ship, the earliest of: 

 

	 	(i)	the date on which a notice of abandonment is given to the insurers; and 

  
 12 

	 	(ii)	the date of any compromise, arrangement or agreement made by or on behalf of the Borrower with the Ship’s insurers in which the insurers agree to treat the Ship as
a total loss; and 

  

	 	(c)	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;

 “Transaction” has the meaning given to it in the Master Agreement; 

“Transfer Certificate” has the meaning given in Clause 26.2; 

“Trust Property” has the meaning given in clause 3.1 of the Agency and Trust Deed; and 

“US Tax Obligor” means: 
  

	 	(a)	Borrower, if it is resident for tax purposes in the United States of America, or 

 

	 	(b)	Borrower or any Security Party some or all of whose payments under the Finance Documents are from sources within the United States for US federal income tax purposes.

  

	1.2	Construction of certain terms 

 In this Agreement: 
 “administration notice” means a notice
appointing an administrator, a notice of intended appointment and any other notice which is required by law (generally or in the case concerned) to be filed with the court or given to a person prior to, or in connection with, the appointment of an
administrator; 
 “approved” means, for the purposes of Clause 13, approved in writing by the Agent;

 “asset” includes every kind of property, asset, interest or right, including any present, future or
contingent right to any revenues or other payment; 
 “company” includes any partnership, joint venture
and unincorporated association; 
 “consent” includes an authorisation, consent, approval, resolution,
licence, exemption, filing, registration, notarisation and legalisation; 
 “contingent liability” means
a liability which is not certain to arise and/or the amount of which remains unascertained; 
 “document”
includes a deed; also a letter or fax; 
 “excess risks” means the proportion of claims for general
average, salvage and salvage charges not recoverable under the hull and machinery policies in respect of the Ship in consequence of its insured value being less than the value at which the Ship is assessed for the purpose of such claims;

 “expense” means any kind of cost, charge or expense (including all legal costs, charges and expenses) and
any applicable value added or other tax; 
 “law” includes any order or decree, any form of delegated
legislation, any treaty or international convention and any regulation or resolution of the Council of the European Union, the European Commission, the United Nations or its Security Council; 

  
 13 

 “legal or administrative action” means any legal proceeding or arbitration
and any administrative or regulatory action or investigation; 
 “liability” includes every kind of debt
or liability (present or future, certain or contingent), whether incurred as principal or surety or otherwise; 

“months” shall be construed in accordance with Clause 1.3; 

“obligatory insurances” means all insurances effected, or which the Borrower is obliged to effect, under Clause 13 or any
other provision of this Agreement or another Finance Document; 
 “parent company” has the meaning given
in Clause 1.4; 
 “person” includes any individual, any partnership, any company; any state, political
sub-division of a state and local or municipal authority; and any international organisation; 
 “policy” means,
in relation to any insurance, includes a slip, cover note, certificate of entry or other document evidencing the contract of insurance or its terms; 
 “protection and indemnity risks” means the usual risks covered by a protection and indemnity association managed in London, including pollution risks and the proportion (if any) of any
sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02 or 1/11/03), clause 8 of
the Institute Time Clauses (Hulls) (1/11/95) or clause 8 of the Institute Time Clauses (Hulls) (1/10/83) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision; 

“regulation” includes any regulation, rule, official directive, request or guideline (either having the force of law or
compliance with which is reasonable in the ordinary course of business of the party concerned) of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation;

 “subsidiary” has the meaning given in Clause 1.4; 

“successor” includes any person who is entitled (by assignment, novation, merger or otherwise) to any person’s
rights under this Agreement or any other Finance Document (or any interest in those rights) or who, as administrator, liquidator or otherwise, is entitled to exercise those rights; and in particular references to a successor include a person to whom
those rights (or any interest in those rights) are transferred or pass as a result of a merger, division, reconstruction or other reorganisation of it or any other person; 

“tax” includes any present or future tax, duty, impost, levy or charge of any kind which is imposed by any state, any
political sub-division of a state or any local or municipal authority (including any such imposed in connection with exchange controls), and any connected penalty, interest or fine; and 

“war risks” includes the risk of mines and all risks excluded by clause 29 of the International Hull Clauses
(1/11/02 or 1/11/03), clause 24 of the Institute Time Clauses (Hulls)(1/11/95) or clause 23 of the Institute Time Clauses (Hulls) (1/10/83). 
  

	1.3	Meaning of “month” 

 A period of one or more “months” ends on the day in the relevant calendar month numerically corresponding to the day of the calendar month on which the period started (“the numerically
corresponding day”), but: 
  

	(a)	on the Business Day following the numerically corresponding day if the numerically corresponding day is not a Business Day or, if there is no later Business Day in the
same calendar month, on the Business Day preceding the numerically corresponding day; or 

  
 14 

	(b)	on the last Business Day in the relevant calendar month, if the period started on the last Business Day in a calendar month or if the last calendar month of the period
has no numerically corresponding day, 

 and “month” and “monthly” shall be
construed accordingly. 
  

	1.4	Meaning of “subsidiary” 

 A company (S) is a subsidiary of another company (P) if: 
  

	(a)	a majority of the issued shares in S (or a majority of the issued shares in S which carry unlimited rights to capital and income distributions) are directly owned by P
or are indirectly attributable to P; or 

  

	(b)	P has direct or indirect control over a majority of the voting rights attaching to the issued shares of 5; or 

 

	(c)	P has the direct or indirect power to appoint or remove a majority of the directors of 5; or 

 

	(d)	P otherwise has the direct or indirect power to ensure that the affairs of S are conducted in accordance with the wishes of P; 

and any company of which S is a subsidiary is a parent company of S. 

 

	1.5	General Interpretation  

In this Agreement: 
  

	(a)	references to, or to a provision of, a Finance Document or any other document are references to it as amended or supplemented, whether before the date of this Agreement
or otherwise; 

  

	(b)	references to, or to a provision of, any law include any amendment, extension, re-enactment or replacement, whether made before the date of this Agreement or otherwise;

  

	(c)	words denoting the singular number shall include the plural and vice versa; and 

 

	(d)	Clauses 1.1 to 1.5 apply unless the contrary intention appears. 

  

	1.6	Headings 

 In interpreting
a Finance Document or any provision of a Finance Document, all clause, sub-clause and other headings in that and any other Finance Document shall be entirely disregarded. 

 

	2	FACILITY 

  

	2.1	Amount of facility 

Subject to the other provisions of this Agreement the Lenders shall make available to the Borrower a post-delivery term loan facility of
up to $20,125,000, in one advance, for the purpose of financing part of the acquisition cost of the Ship. 

  
 15 

	2.2	Lenders’ participations in Loan 

 Subject to the other provisions of this Agreement, each Lender shall participate in the Loan in the proportion which, as at the relevant Drawdown Date, its Commitment bears to the Total Commitments.

  

	2.3	Purpose of Loan 

 The
Borrower undertakes with each Creditor Party to use the Loan only for the purpose stated in the preamble to this Agreement. 
  

	3	POSITION OF THE LENDERS, THE SWAP BANK AND THE MAJORITY LENDERS 

  

	3.1	Interests of Lenders and Swap Bank several 

 The rights of the Lenders and the Swap Bank under this Agreement and the Master Agreement are several; accordingly: 
  

	(a)	each Lender shall be entitled to sue for any amount which has become due and payable by the Borrowers to it under this Agreement; and 

 

	(b)	the Swap Bank shall be entitled to sue for any amount which has become due and payable by the Borrowers to it under the Master Agreement, 

without joining the Agent, the Security Trustee, any other Lender and the Swap Bank as additional parties in the proceedings. 

 

	3.2	Proceedings by individual Lender or Swap Bank 

 However, without the prior consent of the Majority Lenders, no Lender nor the Swap Bank may bring proceedings in respect of: 

 

	(a)	any other liability or obligation of either Borrower or a Security Party under or connected with a Finance Document; or 

 

	(b)	any misrepresentation or breach of warranty by either Borrower or a Security Party in or connected with a Finance Document. 

 

	3.3	Obligations several 

 The
obligations of the Lenders and the Swap Bank under this Agreement and of the Swap Bank under the Master Agreement are several; and a failure of a Lender or the Swap Bank to perform its obligations under this Agreement or of the Swap Bank to perform
its obligations under the Master Agreement shall not result in: 
  

	(a)	the obligations of the other Lenders or (as the case may be) the Swap Bank being increased; nor 

 

	(b)	either Borrower, any Security Party or any other Creditor Party being discharged (in whole or in part) from its obligations under any Finance Document or under the
Master Agreement, 

 and in no circumstances shall a Lender or the Swap Bank have any responsibility for a failure
of another Lender or the Swap Bank to perform its obligations under this Agreement or the Master Agreement. 
  

	3.4	Parties bound by certain actions of Majority Lenders 

 Every Lender, the Swap Bank, each Borrower and each Security Party shall be bound by: 
  

	(a)	any determination made, or action taken, by the Majority Lenders under any provision of a Finance Document; 

  
 16 

	(b)	any instruction or authorisation given by the Majority Lenders to the Agent or the Security Trustee under or in connection with any Finance Document (subject always to
Clause 27.2); 

  

	(c)	any action taken (or in good faith purportedly taken) by the Agent or the Security Trustee in accordance with such an instruction or authorisation.

  

	3.5	Reliance on action of Agent 

 However, the Borrower and each Security Party: 
  

	(a)	shall be entitled to assume that the Majority Lenders have duly given any instruction or authorisation which, under any provision of a Finance Document, is required in
relation to any action which the Agent has taken or is about to take; and 

  

	(b)	shall not be entitled to require any evidence that such an instruction or authorisation has been given. 

 

	3.6	Construction 

 In Clauses
3.4 and 3.5 references to action taken include (without limitation) the granting of any waiver or consent, an approval of any document and an agreement to any matter. 
  

	4	DRAWDOWN 

  

	4.1	Request for Loan 

 Subject
to the following conditions, the Borrower may request the Loan to be advanced by ensuring that the Agent receives a completed Drawdown Notice not later than 11.00 a.m. (Athens time) 3 Business Days prior to the intended Drawdown Date or such other
shorter period as the Agent may agree. 
  

	4.2	Availability 

 The
conditions referred to in Clause 4.1 are that: 
  

	(a)	the Drawdown Date has to be a Business Day during the Availability Period; 

 

	(b)	the Loan shall be made available in one advance and shall not exceed the amount of $20,125,000; 

 

	(c)	if the amount of the Loan actually drawn down by the Borrower pursuant to this Agreement is less than $20,125,000 the undrawn portion of the Loan (and an equal amount
of the Total Commitments), shall be automatically cancelled as at the Drawdown Date; and 

  

	(d)	the aggregate amount of the Loan shall not exceed the Total Commitments; 

  

	4.3	Notification to Lenders of receipt of the Drawdown Notice 

 The Agent shall promptly notify the Lenders that it has received the Drawdown Notice and shall inform each Lender of: 
  

	(a)	the amount of the Loan and the Drawdown Date; 

  
 17 

	(b)	the amount of that Lender’s participation in the Loan; and 

  

	(c)	the duration of the first Interest Period. 

  

	4.4	Drawdown Notice irrevocable 

 The Drawdown Notice must be duly signed by a director or an authorised representative of the Borrower; and once served, it cannot be revoked without the prior consent of the Agent, acting on the
authorisation of the Majority Lenders. 
  

	4.5	Lenders to make available Contributions 

 Subject to the provisions of this Agreement, each Lender shall, on and with value on the Drawdown Date, make available to the Agent for the account of the Borrower the amount due from that Lender on the
Drawdown Date under Clause 2.2. 
  

	4.6	Disbursement of the Loan 

Subject to the provisions of this Agreement, the Agent shall on the Drawdown Date pay to the Borrower the amounts which the Agent receives
from the Lenders under Clause 4.5; and that payment to the Borrower shall be made: 
  

	(a)	to the account which the Borrower specifies in the Drawdown Notice and the Borrower hereby unconditionally and irrevocably authorises the Agent to make such payment on
its behalf; and 

  

	(b)	in the like funds as the Agent received the payments from the Lenders. 

  

	4.7	Disbursement of the Loan to third party 

 The payment by the Agent under Clause 4.6 shall constitute the borrowing of the Loan and the Borrower shall at that time become indebted, as principal and direct obligor, to each Lender in an amount equal
to that Lender’s Contribution. 
  

	5	INTEREST 

  

	5.1	Payment of normal interest 

Subject to the provisions of this Agreement, interest on the Loan in respect of each Interest Period shall be paid by the Borrower on the
last day of that Interest Period. 
  

	5.2	Normal rate of interest 

Subject to the provisions of this Agreement, the rate of interest on the Loan in respect of an Interest Period shall be the aggregate of
(i) the Margin, (ii) the Mandatory Cost (if any) and (iii) LIBOR for that Interest Period subject to Clause 5.6 and 5.7. 
  

	5.3	Payment of accrued interest 

 In the case of an Interest Period longer than 3 months, (subject to the prior agreement of the Agent in accordance with Clause 6.2(c)) accrued interest shall be paid every 3 months during that Interest
Period and on the last day of that Interest Period. 
  

	5.4	Notification of Interest Periods and rates of normal interest The 

 Agent shall notify the Borrower and each Lender of: 
  

	(a)	each rate of interest; and 

  
 18 

	(b)	the duration of each Interest Period, 

 as soon as reasonably practicable after each is determined. 
  

	5.5	Obligation of Reference Bank to quote 

 The Reference Bank shall use all reasonable efforts to supply the quotation required of it for the purposes of fixing a rate of interest under this Agreement unless the Reference Bank ceases to be a
Lender pursuant to Clause 26.16. 
  

	5.6	Absence of quotations by Reference Bank 

 If any Reference Bank fails to supply a quotation, the relevant rate of interest shall be set in accordance with the following provisions of this Clause 5. 

 

	5.7	Market disruption 

 The
following provisions of this Clause 5 apply if: 
  

	(a)	no screen rate is quoted in the Screen Rate available for an Interest Period and the Reference Bank does not, before 1.00 p.m. (London time) on the Quotation Date for
an Interest Period, provide quotations to the Agent in order to fix LIBOR; or 

  

	(b)	at least 1 Business Day before the start of an Interest Period, a Lender may notify the Agent that LIBOR fixed by the Agent would not accurately reflect the cost to
that Lender of funding its respective Contribution (or any part of it) during the Interest Period in the London Interbank Market at or about 11.00 a.m. (London time) on the Quotation Date for the Interest Period; or 

 

	(c)	at least 1 Business Day before the start of an Interest Period, the Agent is notified by a Lender (the “Affected Lender”) that for any reason it is
unable to obtain Dollars in the London Interbank Market in order to fund its Contribution (or any part of it) during the Interest Period. 

  

	5.8	Notification of market disruption 

 The Agent shall promptly notify the Borrower and each of the Lenders and the Swap Bank stating the circumstances falling within Clause 5.7 which have caused its notice to be given. 

 

	5.9	Suspension of drawdown 

If the Agent’s notice under Clause 5.8 is served before Loan is drawn: 

 

	(a)	in a case falling within Clauses 5.7(a) or (b), the Lenders’ obligations to make available the Loan; 

 

	(b)	in a case falling within Clause 5.7(c), the Affected Lender’s obligation to participate in the Loan, 

shall be suspended while the circumstances referred to in the Agent’s notice continue. 

 

	5.10	Negotiation of alternative rate of interest 

 If the Agent’s notice under Clause 5.8 is served after the Loan is made available, the Borrower, the Agent and the Lenders or (as the case may be) the Affected Lender shall use reasonable endeavours
to agree, within 30 days after the date on which the Agent serves its notice under Clause 5.8 (the “Negotiation Period”), an alternative interest rate or (as the case may be) an alternative basis for the Lenders or (as the case may
be) the Affected Lender to fund or continue to fund their or its Contribution during the Interest Period concerned. 

  
 19 

	5.11	Application of agreed alternative rate of interest 

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

 

	5.12	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 are continuing at the end of the Negotiation Period, then the Agent shall,
with the agreement of each Lender or (as the case may be) the Affected Lender, set an interest period and interest rate representing the cost of funding of the Lenders concerned or (as the case may be) the Affected Lender in Dollars or in any
available currency of their or its Contribution plus the Margin and the Mandatory Cost (if any); and the procedure provided for by this Clause 5.12 shall be repeated if the relevant circumstances are continuing at the end of the interest period so
set by the Agent. 
  

	5.13	Notice of prepayment 

 If
the Borrower does not agree with an interest rate set by the Agent under Clause 5.12, the Borrower may give the Agent not less than 15 Business Days’ notice of its intention to prepay the Loan at the end of the interest period set by the Agent.

  

	5.14	Prepayment; termination of Commitments 

 A notice under Clause 5.13 shall be irrevocable; the Agent shall promptly notify the Lenders or (as the case may require) the Affected Lender of the Borrower’s notice of intended prepayment; and:

  

	(a)	on the date on which the Agent serves that notice, the Total Commitments or (as the case may require) the Commitment of the Affected Lender shall be cancelled; and

  

	(b)	on the last Business Day of the interest period set by the Agent, the Borrower shall prepay (without premium or penalty) the Loan or, as the case may be, the Affected
Lender’s Contribution, together with accrued interest thereon at the applicable rate plus the Margin and the Mandatory Cost (if any). 

  

	5.15	Application of prepayment 

The provisions of Clause 8 shall apply in relation to the prepayment. 

 

	6	INTEREST PERIODS 

  

	6.1	Commencement of Interest Periods 

 The first Interest Period applicable to the Loan shall commence on the Drawdown Date and each subsequent Interest Period shall commence on the expiry of the preceding Interest Period. 

 

	6.2	Duration of normal Interest Periods 

 Subject to Clauses 6.3 and 6.4, each Interest Period shall be: 
  

	(a)	1, 3 or 6 months as notified by the Borrower to the Agent not later than 11.00 a.m. (Athens time) 3 Business Days before the commencement of the Interest Period; or

  
 20 

	(b)	3 months, if the Borrower fails to notify the Agent by the time specified in paragraph (a); or 

 

	(c)	such other period as the Agent may, with the authorisation of the Majority Lenders, agree with the Borrower. 

 

	6.3	Duration of Interest Periods for Repayment Instalments 

 In respect of an amount due to be repaid under Clause 8 on a particular Repayment Date, an Interest Period shall end on that Repayment Date. 

 

	6.4	Non-availability of matching deposits for Interest Period selected 

 If, after the Borrower has selected and the Lenders have agreed an Interest Period longer than 3 months, any Lender notifies the Agent by 11.00 a.m. (Athens time) on the third Business Day before the
commencement of the Interest Period that it is not satisfied that deposits in Dollars for a period equal to the Interest Period will be available to it in the London Interbank Market when the Interest Period commences, the Interest Period shall be
of 3 months. 
  

	7	DEFAULT INTEREST 

  

	7.1	Payment of default interest on overdue amounts 

 The Borrower shall pay interest in accordance with the following provisions of this Clause 7 on any amount payable by the Borrower under any Finance Document which the Agent, the Security Trustee or the
other designated payee does not receive on or before the relevant date, that is: 
  

	(a)	the date on which the Finance Documents provide that such amount is due for payment; or 

 

	(b)	if a Finance Document provides that such amount is payable on demand, the date on which the demand is served; or 

 

	(c)	if such amount has become immediately due and payable under Clause 19.4, the date on which it became immediately due and payable. 

 

	7.2	Default rate of interest 

Interest shall accrue on an overdue amount from (and including) the relevant date until the date of actual payment (as well after as
before judgment) at the rate per annum determined by the Agent to be 2.5 per cent. above: 
  

	(a)	in the case of an overdue amount of principal, the higher of the rates set out at Clauses 7.3(a) and (b); or 

 

	(b)	in the case of any other overdue amount, the rate set out at Clause 7.3(b). 

 

	7.3	Calculation of default rate of interest  

 The rates referred to in Clause 7.2 are: 
  

	(a)	the rate applicable to the overdue principal amount immediately prior to the relevant date (but only for any unexpired part of any then current Interest Period
applicable to it); 

  
 21 

	(b)	the aggregate of the Margin and the Mandatory Cost (if any) plus, in respect of successive periods of any duration (including at call) up to 3 months which the Agent
may select from time to time: 

  

	 	(i)	LIBOR; or 

  

	 	(ii)	if the Agent (after consultation with the Reference Banks) determines that Dollar deposits for any such period are not being made available to any Reference Bank by
leading banks in the London Interbank Market in the ordinary course of business, a rate from time to time determined by the Agent by reference to the cost of funds to the Reference Banks from such other sources as the Agent (after consultation with
the Reference Banks) may from time to time determine. 

  

	7.4	Notification of interest periods and default rates 

 The Agent shall promptly notify the Lenders and the Borrower of each interest rate determined by the Agent under Clause 7.3 and of each period selected by the Agent for the purposes of paragraph
(b) of that Clause; but this shall not be taken to imply that the Borrower is liable to pay such interest only with effect from the date of the Agent’s notification. 

 

	7.5	Payment of accrued default interest 

 Subject to the other provisions of this Agreement, any interest due under this Clause shall be paid on the last day of the period by reference to which it was determined; and the payment shall be made to
the Agent for the account of the Creditor Party to which the overdue amount is due. 
  

	7.6	Compounding of default interest 

 Any such interest which is not paid at the end of the period by reference to which it was determined shall thereupon be compounded. 

 

	7.7	Application to Master Agreement 

 For the avoidance of doubt, this Clause 7 does not apply to any amount payable under the Master Agreement in respect of any continuing Designated Transaction as to which Section 9(h) (Interest and
Compensation) of the Master Agreement shall apply. 
  

	8	REPAYMENT AND PREPAYMENT 

  

	8.1	Amount of Repayment Instalments  

 The Borrower shall repay the Loan by: 
  

	(a)	20 consecutive semi-annual instalments in an amount of $706,000 each (the “Repayment Instalments” and each a “Repayment Instalment”);
and 

  

	(b)	a balloon instalment of $6,005,000 (the “Balloon Instalment”). 

 

	8.2	Repayment Dates 

 The
first Repayment Instalment shall be repaid on 28 November 2014 and each subsequent Repayment Instalment shall be repaid at six-monthly intervals thereafter and the last Repayment Instalment, together with the Balloon Instalment, shall be repaid
on or before 28 May 2024. 

  
 22 

	8.3	Final Repayment Date 

 On
the final Repayment Date, the Borrower shall additionally pay to the Agent for the account of the Creditor Parties all other sums then accrued or owing under any Finance Document. 

 

	8.4	Voluntary prepayment 

Subject to the following conditions, the Borrower may prepay the whole or any part of the Loan on the last day of an Interest Period
applicable thereto without penalty or premium pursuant to Clause 8.9. 
  

	8.5	Conditions for voluntary prepayment 

 The conditions referred to in Clause 8.4 are that: 
  

	(a)	a partial prepayment shall be $400,000 or a higher integral multiple thereof (or any other amount acceptable to Agent in its sole discretion); 

 

	(b)	the Agent has received from the Borrower at least 10 days’ prior written notice specifying the amount to be prepaid and the date on which the prepayment is to be
made; 

  

	(c)	the Borrower has provided evidence satisfactory to the Agent that any consent required by the Borrower or any Security Party in connection with the prepayment has been
obtained and remains in force, and that any requirement relevant to this Agreement which affects the Borrower or any Security Party has been complied with; and 

 

	(d)	the Borrower has complied with Clause 8.12 on or prior to the date of prepayment. 

 

	8.6	Effect of notice of prepayment 

 A prepayment notice may not be withdrawn or amended without the consent of the Agent, given with the authorisation of the Majority Lenders, and the amount specified in the prepayment notice shall become
due and payable by the Borrower on the date for prepayment specified in the prepayment notice. 
  

	8.7	Notification of notice of prepayment 

 The Agent shall notify the Lenders promptly upon receiving a prepayment notice, and shall provide any Lender which so requests with a copy of any document delivered by the Borrower under Clause 8.5(c).

  

	8.8	Mandatory prepayment 

 The
Borrower shall be obliged to prepay the whole of the Loan: 
  

	(a)	if the Ship is sold, on or before the date on which the sale is completed by delivery of the Ship to the buyer; or 

 

	(b)	if the Ship becomes a Total Loss, on the earlier of the date falling 90 days after the Total Loss Date and the date of receipt by the Security Trustee of the proceeds
of insurance relating to such Total Loss. 

  

	8.9	Amounts payable on prepayment 

 A prepayment shall be made together with accrued interest (and any other amount payable under Clause 21 or otherwise) in respect of the amount prepaid and, if the prepayment is not made on the last day of
an Interest Period together with any sums payable under Clause 21.1(b) but without premium or penalty. 

  
 23 

	8.10	Application of partial prepayment 

 Each partial prepayment shall be applied first against the Balloon Instalment and thereafter against the then outstanding Repayment Instalments payable pursuant to Clause 8.1 in inverse order of maturity.

  

	8.11	No reborrowing 

 No amount
prepaid may be reborrowed. 
  

	8.12	Unwinding of Designated Transactions under the Master Agreement 

 On or prior to any repayment or prepayment of the Loan (or any part thereof) under this Clause 8 or any other provision of this Agreement, the Borrower shall: 

 

	(a)	wholly or partially reverse, offset, unwind or otherwise terminate one or more of the continuing Designated Transactions so that the notional principal amount of the
continuing Designated Transactions thereafter remaining does not and will not in the future (taking into account the scheduled amortisation) exceed the amount of the Loan as reducing from time to time thereafter pursuant to Clause 8.1; or

  

	(b)	provide the Agent with additional security in all respects acceptable to the Agent to secure the amount determined by the Agent to be equal to the difference between
the notional principal amount of the continuing Designated Transactions and the amount of the Loan as reducing from time to time thereafter pursuant to Clause 8.1. 

 

	8.13	Prepayment of Swap Benefit 

Upon the occurrence of an Event of Default if a Designated Transaction is terminated in circumstances where the Swap Bank would be obliged
to pay an amount to the Borrower under the Master Agreement, the Borrower hereby agrees that such payment shall be applied in prepayment of the Loan in accordance with the provisions of Clause 8.10 and authorise the Swap Bank to pay such amount to
the Agent for such purpose. 
  

	9	CONDITIONS PRECEDENT 

  

	9.1	Documents, fees and no default 

 Each Lender’s obligation to contribute to the Loan is subject to the following conditions precedent: 
  

	(a)	that, on or before the date of this Agreement, the Agent receives: 

  

	 	(i)	the documents described in Part A of Schedule 3 in form and substance satisfactory to the Agent and its lawyers; 

 

	 	(ii)	payment of the arrangement fee payable pursuant to Clause 20.1; 

  

	 	(iii)	payment in full of any expenses payable pursuant to Clause 20.2 which are due and payable on the date of this Agreement; 

 

	(b)	that, on or before the Drawdown Date, the Agent receives: 

  

	 	(i)	the documents described in Part B of Schedule 3 in form and substance satisfactory to the Agent and its lawyers; and 

 

	 	(ii)	payment of any expenses payable pursuant to Clause 20.2 which are due and payable on the Drawdown Date; 

  
 24 

	(c)	that both at the date of the Drawdown Notice and at the Drawdown Date: 

  

	 	(i)	no Event of Default or Potential Event of Default has occurred or would result from the borrowing of the Loan; 

 

	 	(ii)	the representations and warranties in Clause 10 and those of the Borrower or any Security Party which are set out in the other Finance Documents would be true and not
misleading if repeated on each of those dates with reference to the circumstances then existing; and 

  

	 	(iii)	none of the circumstances contemplated by Clause 5.7 has occurred and is continuing; and 

 

	 	(iv)	there has been no material adverse change in the financial condition, state of affairs or prospects of the Borrower, the Corporate Guarantor or any other Security Party
in the light of which the Agent considers that there is a significant risk that the Borrower, the Corporate Guarantor or any other Security Party is, or will later become, unable to discharge its liabilities under the Finance Documents to which it
is a party as they fall due; 

  

	(d)	that, if the ratio set out in Clause 15.1 were applied immediately following the borrowing of the Loan, the Borrower would not be obliged to provide additional security
or prepay part of the Loan under that Clause; 

  

	(e)	evidence that the Borrower is in compliance with the minimum liquidity requirements pursuant to and compliance with Clause 11.20; and 

 

	(f)	that the Agent has received, and found to be acceptable to it, any further opinions, consents, agreements and documents in connection with the Finance Documents which
the Agent may, with the authorisation of the Majority Lenders, request by notice to the Borrower prior to the Drawdown Date. 

  

	9.2	Waiver of conditions precedent 

 If the Majority Lenders, at their discretion, permit the Loan to be borrowed before certain of the conditions referred to in Clause 9.1 are satisfied, the Borrower shall ensure that those conditions are
satisfied within 5 Business Days after the Drawdown Date (or such longer period as the Agent may, with the authorisation of the Majority Lenders, specify). 
  

	10	REPRESENTATIONS AND WARRANTIES 

  

	10.1	General 

 The Borrower
represents and warrants to each Creditor Party as follows. 
  

	10.2	Status 

 The Borrower is
duly incorporated and validly existing and in good standing under the laws of the Republic of the Marshall Islands. 
  

	10.3	Share capital and ownership 

 The Borrower has an authorised share capital of $500 registered and/or bearer shares of no par value, all of which shares have been issued in registered form, fully paid, and the legal title and
beneficial ownership of all of those shares is held by the Corporate Guarantor, free of any Security Interest. 

  
 25 

	10.4	Corporate power 

 The
Borrower has the corporate capacity, and has taken all corporate action and obtained all consents necessary for it: 
  

	(a)	to execute the Approved Charter, to purchase and pay for the Ship pursuant to the Bill of Sale and register the Ship in its name under the Approved Flag;

  

	(b)	to execute the Finance Documents; and 

  

	(c)	to borrow under this Agreement, to enter into the Designated Transactions under the Master Agreement and to make all the payments contemplated by, and to comply with,
those Finance Documents to which it is a party. 

  

	10.5	Consents in force 

 All
the consents referred to in Clause 10.4 remain in force and nothing has occurred which makes any of them liable to revocation. 
  

	10.6	Legal validity; effective Security Interests 

 The Finance Documents to which the Borrower is a party, do now or, as the case may be, will, upon execution and delivery (and, where applicable, registration as provided for in the Finance Documents):

  

	(a)	constitute the Borrower’s legal, valid and binding obligations enforceable against the Borrower in accordance with their respective terms; and

  

	(b)	create legal, valid and binding Security Interests enforceable in accordance with their respective terms over all the assets to which they, by their terms, relate,

 subject to any relevant insolvency laws affecting creditors’ rights generally. 

 

	10.7	No third party Security Interests 

 Without limiting the generality of Clause 10.6, at the time of the execution and delivery of each Finance Document: 
  

	(a)	the Borrower will have the right to create all the Security Interests which that Finance Document purports to create; and 

 

	(b)	no third party will have any Security Interest (except for Permitted Security Interests) or any other interest, right or claim over, in or in relation to any asset to
which any such Security Interest, by its terms, relates. 

  

	10.8	No conflicts 

 The
execution by the Borrower of each Finance Document to which it is a party and the Approved Charter, and the borrowing by the Borrower of the Loan, and its compliance with each Finance Document to which it is a party and the Approved Charter will not
involve or lead to a contravention of: 
  

	(a)	any law or regulation of any Pertinent Jurisdiction or, to its knowledge, of any other jurisdiction; or 

 

	(b)	the constitutional documents of the Borrower; or 

  

	(c)	any contractual or other obligation or restriction which is binding on the Borrower or any of its assets. 

  
 26 

	10.9	No withholding taxes 

 All
payments which the Borrower is liable to make under the Finance Documents to which it is a party may be made without deduction or withholding for or on account of any tax payable under any law of any Pertinent Jurisdiction. 

 

	10.10	No default 

 No Event of
Default or Potential Event of Default has occurred. 
  

	10.11	Information 

 All
information which has been provided in writing by or on behalf of the Borrower or any Security Party to any Creditor Party in connection with any Finance Document satisfied the requirements of Clause 11.5; all audited accounts and financial
statements which have been so provided satisfied the requirements of Clause 11.7 and are true, correct and not misleading and present fairly and accurately the financial position of the Borrower, the Corporate Guarantor and the Group (as the case
may be); and there has been no material adverse change in the financial position or state of affairs of the Borrower, the Corporate Guarantor or the Group from that disclosed in the latest of those accounts. 

 

	10.12	No litigation 

 No legal
or administrative action involving the Borrower (including action relating to any alleged or actual breach of the ISM Code or the ISPS Code) has been commenced or taken or, to the Borrower’s knowledge, is likely to be commenced or taken.

  

	10.13	Compliance with certain undertakings 

 At the date of this Agreement, the Borrower is in compliance with Clauses 11.2, 11.4, 11.9 and 11.13. 
  

	10.14	Taxes paid 

 The Borrower
has paid all taxes applicable to, or imposed on or in relation to the Borrower, its business or the Ship. 
  

	10.15	ISM Code and ISPS Code compliance 

 All requirements of the ISM Code and the ISPS Code as they relate to the Borrower, the Approved Managers and the Ship have been complied with. 

 

	10.16	No money laundering 

Without prejudice to the generality of Clause 2.3, in relation to the borrowing by the Borrower of the Loan, the performance and discharge
of its obligations and liabilities under the Finance Documents, and the transactions and other arrangements affected or contemplated by the Finance Documents to which the Borrower is a party, the Borrower confirms (i) that it is acting for its
own account; (ii) that it will use the proceeds of the Loan for its own benefit, under its full responsibility and exclusively for the purposes specified in this Agreement; and (iii) that the foregoing will not involve or lead to a
contravention of any law, official requirement or other regulatory measure or procedure implemented to combat “money laundering” (as defined in Article 1 of Directive 2005/60/EC of the European Parliament and of the Council of the European
Union of 26 October 2005) and comparable United States Federal and state laws. The Borrower shall further submit any documents and 

  
 27 

 
declarations on request, if such documents or declarations are required by any Creditor Party to comply with its domestic money laundering and/or legal identification requirements. 

 

	10.17	No immunity 

 Neither the
Borrower, nor any of its assets is entitled to immunity on the grounds of sovereignty or otherwise from any legal action or proceeding (which shall include, without limitation, suit attachment prior to judgement, execution or other enforcement).

  

	10.18	Repetition 

 The
representations and warranties in this Clause 10 shall be deemed to be repeated by the Borrower: 
  

	(a)	on the date of service of the Drawdown Notice; 

  

	(b)	on the Drawdown Date; and 

  

	(c)	with the exception of Clauses 10.9, 10.10, 10.11 and 10.12, on the first day of each Interest Period and on the date of any Compliance Certificate issued pursuant to
Clause 11.20, 

 as if made with reference to the facts and circumstances existing on each such day. 

  

	10.19	Validity and completeness of the Approved Charter 

 The Approved Charter constitutes valid, binding and enforceable obligations of the parties thereto in accordance with its terms and: 

 

	(a)	the copy of the Approved Charter delivered to the Agent before the date of this Agreement is a true and complete copy; and 

 

	(b)	no amendments or additions to the Approved Charter have been agreed nor has the Borrower or the Approved Charterer waived any of their respective rights thereunder.

  

	10.20	No rebates etc. 

 There is
no agreement or understanding to allow or pay any rebate, premium, commission, discount or other benefit or payment to the Borrower, the Seller or a third party in connection with the purchase of the Ship, other than as disclosed to the Agent in
writing on or prior to the date of this Agreement. 
  

	10.21	Sanctions 

 As regards
Sanctions: 
  

	(a)	The Borrower is not a Prohibited Person or is it owned or controlled by, or acting directly or indirectly on behalf of or for the benefit of, a Prohibited Person and
nor does it own or control a Prohibited Person; and 

  

	(b)	no proceeds of the Loan shall be made available, directly or indirectly, to or for the benefit of a Prohibited Person or otherwise shall be, directly or indirectly,
applied in a manner or for a purpose prohibited by Sanction. 

  

	10.22	FATCA 

 Neither the
Borrower nor any Security Party is a FATCA FFI or a US Tax Obligor. 

  
 28 

	11	GENERAL UNDERTAKINGS 

  

	11.1	General 

 The Borrower
undertakes with each Creditor Party to comply with the following provisions of this Clause 11 at all times during the Security Period except as the Agent may, with the authorisation of the Majority Lenders, otherwise permit. 

 

	11.2	Title; negative pledge  

The Borrower will: 
  

	(a)	hold the legal title to, and own the entire beneficial interest in the Ship, the Insurances and Earnings, free from all Security Interests and other interests and
rights of every kind, except for those created by the Finance Documents and the effect of assignments contained in the Finance Documents and except for Permitted Security Interests; 

 

	(b)	not create or permit to arise any Security Interest (except for Permitted Security Interests) over any other asset, present or future (including, but not limited to,
the Borrower’s rights against the Swap Bank under the Master Agreement or all or any part of the Borrower’s interest in any amount payable to it by the Swap Bank under the Master Agreement); and 

 

	(c)	procure that its liabilities under the Finance Documents to which it is party do and will rank at least pad passu with all other present and future unsecured
liabilities, except for liabilities which are mandatorily preferred by law. 

  

	11.3	No disposal of assets 

The Borrower will not sell, transfer, lease or otherwise dispose of: 

 

	(a)	all or a substantial part of its assets (including, without limitation, the Ship), whether by one transaction or a number of transactions, whether related or not; or

  

	(b)	any debt payable to it or any other right (present, future or contingent right) to receive a payment, including any right to damages or compensation.;

 but paragraph (a) does not apply to any charter of the Ship as to which Clause 14.13 applies. 

 

	11.4	No other liabilities or obligations to be incurred 

 The Borrower will not incur any liability or obligation except: 
  

	(a)	liabilities and obligations under the Finance Documents to which it is a party and/or the Approved Charter; 

 

	(b)	liabilities or obligations reasonably incurred in the ordinary course of operating and chartering the Ship; and 

 

	(c)	in respect of Designated Transactions under the Master Agreement. 

  

	11.5	Information provided to be accurate 

 All financial and other information which is provided in writing by or on behalf of the Borrower under or in connection with any Finance Document will be true and not misleading and will not omit any
material fact or consideration. 

  
 29 

	11.6	Provision of financial statements 

 The Borrower will send or procure that these are sent to the Agent: 
  

	(a)	as soon as possible, but in no event later than 180 days after the end of each financial year of the Borrower (commencing with the year ending on 31 December
2014), the annual audited individual accounts of the Borrower for that financial year; 

  

	(b)	as soon as possible, but in no event later than 180 days after the end of each financial year of the Corporate Guarantor (commencing with the financial year ending on
31 December 2013) the annual audited consolidated accounts of the Group for that Financial Year; 

  

	(c)	promptly after each request by the Agent, such further financial or other information in respect of the Borrower, the Ship, the Corporate Guarantor, the other Security
Parties and any other member of the Group (including, without limitation, any information regarding any sale and purchase agreements, investment brochures, charter agreements and shipbuilding contracts) which may be requested by the Agent from time
to time. 

  

	11.7	Form of financial statements 

 All accounts (audited and unaudited) delivered under Clause 11.6 will: 
  

	(a)	be prepared in accordance with all applicable laws and GAAP consistently applied and, in the case of any audited financial accounts, be prepared by an approved auditor;

  

	(b)	give a true and fair view of the state of affairs of the Borrower, the Corporate Guarantor or, as the case may be, the Group at the date of those financial statements
and of its profit for the period to which those accounts relate; and 

  

	(c)	fully disclose or provide for all significant liabilities of the Borrower, the Corporate Guarantor or, as the case may be, the Group. 

 

	11.8	Shareholder and creditor notices and press releases 

 The Borrower will send the Agent, upon the request of the Agent, copies of all communications which are dispatched to the Borrower’s shareholders or creditors or any class of them and copies of any
relevant press releases issued by the Borrower or any other Security Party. 
  

	11.9	Consents 

 The Borrower
will maintain in force and promptly obtain or renew, and will promptly send certified copies to the Agent of, all consents required: 
  

	(a)	for the Borrower to perform its obligations under any Finance Document to which it is or, as the case may be, will be a party and/or the Approved Charter;

  

	(b)	for the validity or enforceability of any Finance Document to which it is or, as the case may be, will be a party and/or the Approved Charter; and

  

	(c)	for the Borrower to continue to own and operate the Ship, 

 and the Borrower will comply with the terms of all such consents. 
  

	11.10	Maintenance of Security Interests 

 The Borrower will: 
  

	(a)	at its own cost, do all that it reasonably can to ensure that any Finance Document validly creates the obligations and the Security Interests which it purports to
create; and 

  
 30 

	(b)	without limiting the generality of paragraph (a), at its own cost, promptly register, file, record or enrol any Finance Document with any court or authority in all
Pertinent Jurisdictions, pay any stamp, registration or similar tax in all Pertinent Jurisdictions in respect of any Finance Document, give any notice or take any other step which, in the opinion of the Majority Lenders, is or has become necessary
or desirable for any Finance Document to be valid, enforceable or admissible in evidence or to ensure or protect the priority of any Security Interest which it creates. 

 

	11.11	Notification of litigation 

The Borrower will provide the Agent with details of any legal or administrative action involving the Borrower, the Ship, the Group, any
Security Party, the Approved Manager, the Earnings or the Insurances as soon as such action is instituted or it becomes apparent to the Borrower that it is likely to be instituted, unless it is clear that the legal or administrative action cannot be
considered material in the context of any Finance Document. 
  

	11.12	Approved Charter 

 The
Borrower will not agree to any amendment or supplement to, or waive or fail to enforce, the Approved Charter or, as the case may be, a Charter or any of its provisions. 
  

	11.13	Principal place of business 

 The Borrower will maintain its place of business, and keep its corporate documents and records, at the address stated at Clause 28.2; and the Borrower will not establish, or do anything as a result of
which it would be deemed to have, a place of business in any country other than the Principate of Monaco or Greece. 
  

	11.14	Confirmation of no default 

The Borrower will, within 2 Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by
an authorised representative or director of the Borrower and which states that: 
  

	(a)	no Event of Default or Potential Event of Default has occurred; or 

  

	(b)	no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given.

  

	11.15	Notification of default 

The Borrower will notify the Agent as soon as the Borrower becomes aware of: 

 

	(a)	the occurrence of an Event of Default; or 

  

	(b)	any matter which indicates that an Event of Default may have occurred; 

 and will keep the Agent fully up-to-date with all developments. 
  

	11.16	Ownership 

 The Borrower
shall procure that there is no change in the legal ownership of its shares throughout the Security Period. 

  
 31 

	11.17	Provision of further information 

 The Borrower will, as soon as practicable after receiving the request, provide the Agent with any additional financial or other information relating: 

 

	(a)	to the Borrower, the Ship, the Earnings or the Insurances (including but not limited to any sales or purchases of any vessels owned by any member of the Group, the
incurrence of Financial Indebtedness by any members of the Group, the refinancing or restructuring of any loan or credit facilities to which any members of the Group are a party and details of the employment of the vessels owned a member of the
Group); or 

  

	(b)	to any other matter relevant to, or to any provision of, a Finance Document or the Master Agreement, 

which may be requested by the Agent, the Security Trustee, the Swap Bank or any Lender at any time. 

 

	11.18	Provision of copies and translation of documents 

 The Borrower will supply the Agent with a sufficient number of copies of the documents referred to above to provide 1 copy for each Creditor Party; and if the Agent so requires in respect of any of those
documents, the Borrower will provide a certified English translation prepared by a translator approved by the Agent or have them notarised and/or legalised by a competent authority. 

 

	11.19	“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 the Borrower or any Security Party 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 paragraph (c), any prospective new Lender) to
comply with “know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, the Borrower shall promptly upon the request of the Agent or the Lender concerned
supply, or procure the supply of, such documentation and other evidence as is requested by the Agent (for itself or on behalf of any Lender) or the Lender concerned (for itself or, in the case of the event described in paragraph (c), on behalf of
any prospective new Lender) in order for the Agent, the Lender concerned or, in the case of the event described in paragraph (c), 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. 
  

	11.20	Minimum Liquidity 

 The
Borrower undertakes with the Agent that at all times during the Security Period it shall maintain in the Earnings Account credit balances of not less than $1,000,000. 
  

	11.21	Compliance Check 

Compliance with the undertakings contained in Clause 11.20 and Clause 15.1 shall be determined 10 Business Days after the last date of
each financial year of the Borrower, being the date on which the Borrower shall deliver to the Agent a Compliance Certificate demonstrating (inter alia) their compliance (or not, as the case may be) with the provisions of such Clauses duly signed by
the chief financial officer of the Corporate Guarantor. 

  
 32 

	11.22	Sanctions 

  

	(a)	The Borrower undertakes to ensure, or as the case may be, to procure that it: 

 

	 	(i)	is not a Prohibited Person; 

  

	 	(ii)	is not owned or controlled by or acting directly or indirectly on behalf of or for the benefit of, a Prohibited Person; and 

 

	 	(iii)	does not own or control a Prohibited Person; and 

  

	(b)	no proceeds of the Loan or any part of it shall be made available, directly or indirectly, to or for the benefit of a Prohibited Person nor shall they be otherwise
directly or indirectly, applied in a manner or for a purpose prohibited by Sanctions. 

  

	11.23	Application of FATCA 

 The
Borrower shall not become a FATCA FFI or a US Tax Obligor, and shall procure that each Security Party shall not become a FATCA FFI or a US Tax Obligor. 
  

	12	CORPORATE UNDERTAKINGS 

  

	12.1	General 

 The Borrower
also undertakes with each Creditor Party to comply with the following provisions of this Clause 12 at all times during the Security Period except as the Agent may, with the authorisation of the Majority Lenders, otherwise permit in writing.

  

	12.2	Maintenance of status 

The Borrower will maintain its separate corporate existence and remain in good standing under the laws of the Republic of the Marshall
Islands. 
  

	12.3	Negative undertakings  

The Borrower will not: 
  

	(a)	change the nature of its business; or 

  

	(b)	pay any dividend or make any other form of distribution or effect any form of redemption, purchase or return of share capital; or 

 

	(c)	provide any form of credit or financial assistance to: 

  

	 	(i)	a person who is directly or indirectly interested in the Borrower’s share or loan capital; or 

 

	 	(ii)	any company in or with which such a person is directly or indirectly interested or connected, 

or enter into any transaction with or involving such a person or company on terms which are, in any respect, less favourable to the
Borrower than those which it could obtain in a bargain made at arms’ length; 
  

	(d)	open or maintain any account with any bank or financial institution except accounts with the Agent and the Security Trustee for the purposes of the Finance Documents;

  
 33 

	(e)	issue, allot or grant any person a right to any shares in its capital or repurchase or reduce its issued share capital; 

 

	(f)	acquire any shares or other securities other than US or UK Treasury bills and certificates of deposit issued by major North American or European banks, or enter into
any transaction in a derivative other than the Designated Transactions under the Master Agreement; or 

  

	(g)	enter into any form of amalgamation, merger or de-merger, acquisition, divesture, split-up or any form of reconstruction or reorganisation. 

 

	13	INSURANCE 

  

	13.1	General 

 The Borrower
also undertakes with each Creditor Party to comply with the following provisions of this Clause 13 at all times during the Security Period except as the Agent may, with the authorisation of the Majority Lenders, otherwise permit in writing.

  

	13.2	Maintenance of obligatory insurances 

 The Borrower shall keep the Ship insured at the expense of the Borrower against: 
  

	(a)	fire and usual marine risks (including hull and machinery and excess risks); 

 

	(b)	war risks; 

  

	(c)	protection and indemnity risks; and 

  

	(d)	any other risks against which the Security Trustee considers, having regard to practices and other circumstances prevailing at the relevant time, it would in the
opinion of the Security Trustee be reasonable for the Borrower to insure and which are specified by the Security Trustee by notice to the Borrower. 

  

	13.3	Terms of obligatory insurances 

 The Borrower shall effect such insurances: 
  

	(a)	in Dollars; 

  

	(b)	in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of (i) 120 per cent. of the Loan and the
Swap Exposure and (ii) the Market Value of the Ship (determined in accordance with Clause 15.3); and 

  

	(c)	in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and
indemnity club entry and in the international marine insurance market; 

  

	(d)	in relation to protection and indemnity risks in respect of the Ship’s full tonnage; 

 

	(e)	on approved terms; and 

  

	(f)	through approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war
risks and protection and indemnity risks associations. 

  
 34 

	13.4	Further protections for the Creditor Parties 

 In addition to the terms set out in Clause 13.3, the Borrower shall procure that the obligatory insurances shall: 
  

	(a)	subject always to paragraph (b), name the Borrower as the sole named assured unless the interest of every other named assured is limited: 

 

	 	(i)	in respect of any obligatory insurances for hull and machinery and war risks; 

 

	 	(A)	to any provable out-of-pocket expenses that it has incurred and which form part of any recoverable claim on underwriters; and 

 

	 	(B)	to any third party liability claims where cover for such claims is provided by the policy (and then only in respect of discharge of any claims made against it); and

  

	 	(ii)	in respect of any obligatory insurances for protection and indemnity risks, to any recoveries it is entitled to make by way of reimbursement following discharge of any
third party liability claims made specifically against it; 

 and every other named assured has undertaken in
writing to the Security Trustee (in such form as it requires) that any deductible shall be apportioned between the Borrower and every other named assured in proportion to the gross claims made or paid by each of them and that it shall do all things
necessary and provide all documents, evidence and information to enable the Security Trustee to collect or recover any moneys which at any time become payable in respect of the obligatory insurances; 

 

	(b)	whenever the Security Trustee requires, name (or be amended to name) the Security Trustee as additional named assured for its rights and interests, warranted no
operational interest and with full waiver of rights of subrogation against the Security Trustee, but without the Security Trustee thereby being liable to pay (but having the right to pay) premiums, calls or other assessments in respect of such
insurance; 

  

	(c)	name the Security Trustee as loss payee with such directions for payment as the Security Trustee may specify; 

 

	(d)	provide that all payments by or on behalf of the insurers under the obligatory insurances to the Security Trustee shall be made without set-off, counterclaim or
deductions or condition whatsoever; 

  

	(e)	provide that such obligatory insurances shall be primary without right of contribution from other insurances which may be carried by the Security Trustee or any other
Creditor Party; and 

  

	(f)	provide that the Security Trustee may make proof of loss if the Borrower fails to do so. 

 

	13.5	Renewal of obligatory insurances 

 The Borrower shall: 
  

	(a)	at least 21 days before the expiry of any obligatory insurance: 

  

	 	(i)	notify the Security Trustee of the brokers (or other insurers) and any protection and indemnity or war risks association through or with whom the Borrower proposes to
renew that obligatory insurance and of the proposed terms of renewal; and 

  

	 	(ii)	obtain the Security Trustee’s approval to the matters referred to in paragraph (i); 

  
 35 

	(b)	at least 14 days before the expiry of any obligatory insurance, renew that obligatory insurance in accordance with the Security Trustee’s approval pursuant to
paragraph (a); and 

  

	(c)	procure that the approved brokers and/or the war risks and protection and indemnity associations with which such a renewal is effected shall promptly after the renewal
notify the Security Trustee in writing of the terms and conditions of the renewal. 

  

	13.6	Copies of policies; letters of undertaking 

 The Borrower shall ensure that all approved brokers provide the Security Trustee with pro forma copies of all policies relating to the obligatory insurances which they are to effect or renew and of a
letter or letters or undertaking in a form required by the Security Trustee and including undertakings by the approved brokers that: 
  

	(a)	they will have endorsed on each policy, immediately upon issue, a loss payable clause and a notice of assignment complying with the provisions of Clause 13.4;

  

	(b)	they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee in accordance with the said loss payable clause;

  

	(c)	they will advise the Security Trustee immediately of any material change to the terms of the obligatory insurances; 

 

	(d)	they will notify the Security Trustee, not less than 14 days before the expiry of the obligatory insurances, in the event of their not having received notice of renewal
instructions from the Borrower or its agents and, in the event of their receiving instructions to renew, they will promptly notify the Security Trustee of the terms of the instructions; and 

 

	(e)	they will not set off against any sum recoverable in respect of a claim relating to the Ship under such obligatory insurances any premiums or other amounts due to them
or any other person whether in respect of the Ship or otherwise, they waive any lien on the policies, or any sums received under them, which they might have in respect of such premiums or other amounts, and they will not cancel such obligatory
insurances by reason of non-payment of such premiums or other amounts, and will arrange for a separate policy to be issued in respect of the Ship forthwith upon being so requested by the Security Trustee. 

 

	13.7	Copies of certificates of entry 

 The Borrower shall ensure that any protection and indemnity and/or war risks associations in which the Ship is entered provides the Security Trustee with: 

 

	(a)	a certified copy of the certificate of entry for the Ship; 

  

	(b)	a letter or letters of undertaking in such form as may be required by the Security Trustee; and 

 

	(c)	a certified copy of each certificate of financial responsibility for pollution by oil or other Environmentally Sensitive Material issued by the relevant certifying
authority in relation to the Ship. 

  

	13.8	Deposit of original policies 

 The Borrower shall ensure that all policies relating to obligatory insurances are deposited with the approved brokers through which the insurances are effected or renewed. 

  
 36 

	13.9	Payment of premiums 

 The
Borrower shall punctually pay all premiums or other sums payable in respect of the obligatory insurances and produce all relevant receipts when so required by the Security Trustee. 

 

	13.10	Guarantees 

 The Borrower
shall ensure that any guarantees required by a protection and indemnity or war risks association are promptly issued and remain in full force and effect. 
  

	13.11	Restrictions on employment 

The Borrower shall not employ the Ship, nor permit her to be employed, outside the cover provided by any obligatory insurances.

  

	13.12	Compliance with terms of insurances 

 The Borrower shall neither do nor omit to do (nor permit to be done or not to be done) any act or thing which would or might render any obligatory insurance invalid, void, voidable or unenforceable or
render any sum payable under an obligatory insurance repayable in whole or in part; and, in particular: 
  

	(a)	the Borrower shall take all necessary action and comply with all requirements which may from time to time be applicable to the obligatory insurances, and (without
limiting the obligation contained in Clause 13.6(c)) ensure that the obligatory insurances are not made subject to any exclusions or qualifications to which the Security Trustee has not given its prior approval; 

 

	(b)	the Borrower shall not make any changes relating to the classification or classification society or manager or operator of the Ship approved by the underwriters of the
obligatory insurances; 

  

	(c)	the Borrower shall make (and promptly supply copies to the Agent of) all quarterly or other voyage declarations which may be required by the protection and indemnity
risks association in which the Ship is entered to maintain cover for trading to the United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other applicable legislation) and, if applicable,
shall procure that the Approved Manager complies with this requirement; and 

  

	(d)	the Borrower shall not employ the Ship, nor allow it to be employed, otherwise than in conformity with the terms and conditions of the obligatory insurances, without
first obtaining the consent of the insurers and complying with any requirements (as to extra premium or otherwise) which the insurers specify. 

  

	13.13	Alteration to terms of insurances 

 The Borrower shall neither make or agree to any alteration to the terms of any obligatory insurance nor waive any right relating to any obligatory insurance. 

 

	13.14	Settlement of claims 

 The
Borrower shall not settle, compromise or abandon any claim under any obligatory insurance for Total Loss or for a Major Casualty, and shall do all things necessary and provide all documents, evidence and information to enable the Security Trustee to
collect or recover any moneys which at any time become payable in respect of the obligatory insurances and shall do all things necessary to ensure such collection or recovery is made. 

  
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	13.15	Provision of copies of communications 

 The Borrower shall provide the Security Trustee, at the time of each such communication, copies of all written communications between the Borrower and: 

 

	(a)	the approved brokers; and 

  

	(b)	the approved protection and indemnity and/or war risks associations; and 

  

	(c)	the approved insurance companies and/or underwriters, which relate directly or indirectly to: 

 

	 	(i)	the Borrower’s obligations relating to the obligatory insurances including, without limitation, all requisite declarations and payments of additional premiums or
calls; and 

  

	 	(ii)	any credit arrangements made between the Borrower and any of the persons referred to in paragraphs (a) or (b) relating wholly or partly to the effecting or
maintenance of the obligatory insurances. 

  

	13.16	Provision of information and further undertakings 

 In addition, the Borrower shall promptly provide the Security Trustee (or any persons which it may designate) with any information which the Security Trustee (or any such designated person) requests for
the purpose of: 
  

	(a)	obtaining or preparing any report from an independent marine insurance broker as to the adequacy of the obligatory insurances effected or proposed to be effected;
and/or 

  

	(b)	effecting, maintaining or renewing any such insurances as are referred to in Clause 13.17 or dealing with or considering any matters relating to any such insurances,

 and the Borrower shall: 
  

	 	(i)	do all things necessary and provide the Agent and the Security Trustee with all documents and information to enable the Security Trustee to collect or recover any
moneys in respect of the Insurances which are payable to the Security Trustee pursuant to the Finance Documents; and 

  

	 	(ii)	promptly provide the Agent with full information regarding any Major Casualty in consequence whereof the Ship has become or may become a Total Loss and agree to any
settlement of such casualty or other accident or damage to the Ship only with the Agent’s prior written consent, 

 and the Borrower shall, forthwith upon demand, indemnify the Security Trustee in respect of all fees and other expenses incurred by or for the account of the Security Trustee in connection with any such
report as is referred to in paragraph (a). 
  

	13.17	Mortgagee’s interest, marine insurance and additional perils insurance 

The Security Trustee shall be entitled from time to time to effect, maintain and renew a mortgagee’s interest marine insurance and
mortgagee’s additional perils insurance in the amount of not less than 110 per cent. of the Loan and (if required by the Security Trustee) the Swap Exposure, on such terms, through such insurers and generally in such manner as the Security
Trustee may from time to time consider appropriate and the Borrower shall upon demand fully indemnify the Security Trustee in respect of all premiums and other expenses which are incurred in connection with or with a view to effecting, maintaining
or renewing any such insurance or dealing with, or considering, any matter arising out of any such insurance. 

  
 38 

	13.18	Review of insurance requirements 

 The Agent shall be entitled to review the requirements of this Clause 13 from time to time in order to take account of any changes in circumstances after the date of this Agreement which are, in the
opinion of the Agent, significant and capable of affecting the Borrower, the Ship and its Insurances (including, without limitation, changes in the availability or the cost of insurance coverage or the risks to which the Borrower may be subject),
and may appoint insurance consultants in relation to this review at the cost of the Borrower. 
  

	13.19	Modification of insurance requirements 

 The Agent shall notify the Borrower of any proposed modification under Clause 13.18 to the requirements of this Clause 13 which the Agent reasonably consider appropriate in the circumstances, and such
modification shall take effect on and from the date it is notified in writing to the Borrower as an amendment to this Clause 13 and shall bind the Borrower accordingly. 
  

	13.20	Compliance with mortgagee’s instructions 

 The Agent shall be entitled (without prejudice to or limitation of any other rights which it may have or acquire under any Finance Document) to require the Ship to remain at any safe port or to proceed to
and remain at any safe port designated by the Agent until the Borrower implements any amendments to the terms of the obligatory insurances and any operational changes required as a result of a notice served under Clause 13.19. 

 

	14	SHIP COVENANTS 

  

	14.1	General 

 The Borrower
also undertakes with each Creditor Party to comply with the following provisions of this Clause 14 at all times during the Security Period except as the Agent, with the authorisation of the Majority Lenders, may otherwise permit in writing.

  

	14.2	Ship’s name and registration 

 The Borrower shall keep the Ship registered in its name under the Approved Flag; shall not do or omit to do or allow to be done anything as a result of which such registration might be cancelled or
imperilled; and shall not change the name or port of registry of the Ship. 
  

	14.3	Repair and classification 

The Borrower shall, and shall procure that the Approved Manager shall, keep the Ship in a good and safe condition and state of repair, sea
and cargo worthy in all respects: 
  

	(a)	consistent with first-class ship ownership and management practice; 

  

	(b)	so as to maintain the highest class for vessels of the same type, age and specifications as the Ship with a first class classification society acceptable to the Agent,
which is a member of IACS and acceptable to the Agent, free of outstanding or overdue recommendations and conditions of such classification society affecting the Ship’s class; and 

 

	(c)	so as to comply with all laws and regulations applicable to vessels registered at ports in the relevant Approved Flag State or to vessels trading to any jurisdiction to
which the Ship may trade from time to time, including but not limited to the ISM Code or the ISPS Code. 

  
 39 

	14.4	Classification society undertaking 

 The Borrower shall instruct the classification society of the Ship referred to in Clause 14.3 (and procure that the classification society undertakes with the Security Trustee): 

 

	(a)	to send to the Security Trustee, following receipt of a written request from the Security Trustee, certified true copies of all original class records and any other
related records held by the classification society in relation to the Ship; 

  

	(b)	to allow the Security Trustee (or its agents), at any time and from time to time, to inspect the original class and related records of the Borrower and the Ship at the
offices of the classification society and to take copies of them; 

  

	(c)	to notify the Security Trustee immediately in writing if the classification society: 

 

	 	(i)	receives notification from the Borrower or any person that the Ship’s classification society is to be changed; or 

 

	 	(ii)	becomes aware of any facts or matters which may result in or have resulted in a change, suspension, discontinuance, withdrawal or expiry of the Ship’s class under
the rules or terms and conditions of the Borrower’s or the Ship’s membership of the classification society; and 

  

	(d)	following receipt of a written request from the Security Trustee: 

  

	 	(i)	to confirm that the Borrower is not in default of any of its contractual obligations or liabilities to the classification society and, without limiting the foregoing,
that it has paid in full all fees or other charges due and payable to the classification society; or 

  

	 	(ii)	if the Borrower is in default of any of its contractual obligations or liabilities to the classification society, to specify to the Security Trustee in reasonable
detail the facts and circumstances of such default, the consequences of such default, and any remedy period agreed or allowed by the classification society. 

 

	14.5	Modification 

 The
Borrower shall not make any modification or repairs to, or replacement of, the Ship or equipment installed on it which would or might materially alter the structure, type or performance characteristics of the Ship or materially reduce its value.

  

	14.6	Removal of parts 

 The
Borrower shall not remove any material part of the Ship, or any item of equipment installed on, the Ship unless the part or item so removed is forthwith replaced by a suitable part or item which is in the same condition as or better condition than
the part or item removed, is free from any Security Interest or any right in favour of any person other than the Security Trustee and becomes on installation on the Ship the property of the Borrower and subject to the security constituted by the
Mortgage Provided that the Borrower may install equipment owned by a third party if the equipment can be removed without any risk of damage to the Ship. 
  

	14.7	Surveys 

 The Borrower
shall submit the Ship regularly to all periodical or other surveys which may be required for classification purposes and, if so required by the Security Trustee provide the Security Trustee, with copies of all survey reports. 

  
 40 

	14.8	Inspection 

 The Borrower
shall permit the Security Trustee (by surveyors or other persons appointed by it for that purpose) to board the Ship at all reasonable times to inspect its condition or to satisfy themselves about proposed or executed repairs and shall afford all
proper facilities for such inspections at the Borrower’s expense. 
  

	14.9	Prevention of and release from arrest  

 The Borrower shall promptly discharge: 
  

	(a)	all liabilities which give or may give rise to maritime or possessory liens on or claims enforceable against the Ship, the Earnings or the Insurances;

  

	(b)	all taxes, dues and other amounts charged in respect of the Ship, the Earnings or the Insurances; and 

 

	(c)	all other outgoings whatsoever in respect of the Ship, the Earnings or the Insurances, 

and, forthwith upon receiving notice of the arrest of the Ship, or of its detention in exercise or purported exercise of any lien or
claim, the Borrower shall procure its release by providing bail or otherwise as the circumstances may require. 
  

	14.10	Compliance with laws etc.  

The Borrower shall: 
  

	(a)	comply, or procure compliance with the ISM Code, the ISPS Code, all Environmental Laws and all other laws or regulations relating to the Ship, its ownership, operation
and management or to the business of the Borrower and the Approved Managers (including, but not limited to, the International Management Code for the Safe Operation of Ships and for Pollution Prevention); 

 

	(b)	not employ the Ship nor allow its employment in any manner contrary to any law or regulation in any relevant jurisdiction including but not limited to the ISM Code and
the ISPS Code; and 

  

	(c)	in the event of hostilities in any part of the world (whether war is declared or not), not cause or permit the Ship to enter or trade to any zone which is declared a
war zone by any government or by the Ship’s war risks insurers unless the prior written consent of the Security Trustee has been given and the Borrower has (at its expense) effected any special, additional or modified insurance cover which the
Security Trustee may require. 

  

	14.11	Provision of information 

The Borrower shall promptly provide the Security Trustee with any information which it requests regarding: 

 

	(a)	the Ship, its employment, position and engagements; 

  

	(b)	the Earnings and payments and amounts due to the Ship’s master and crew; 

 

	(c)	any expenses incurred, or likely to be incurred, in connection with the operation, maintenance or repair of the Ship and any payments made in respect of the Ship;

  

	(d)	any towages and salvages; and 

  

	(e)	the Borrower’s, the Approved Managers’ or the Ship’s compliance with the ISM Code and the ISPS Code, 

  
 41 

 
and, upon the Security Trustee’s request, provide copies of any current charter relating to the Ship and of any current charter guarantee, and copies of the Borrower’s or the Approved
Manager’s Document of Compliance, Safety Management Certificate and ISSC. 
  

	14.12	Notification of certain events 

 The Borrower shall immediately notify the Security Trustee by fax, confirmed forthwith by letter, of: 
  

	(a)	any casualty which is or is likely to be or to become a Major Casualty; 

  

	(b)	any occurrence as a result of which the Ship has become or is, by the passing of time or otherwise, likely to become a Total Loss; 

 

	(c)	any requirement or recommendation made by any insurer or classification society or by any competent authority which is not immediately complied with;

  

	(d)	any arrest or detention of the Ship, any exercise or purported exercise of any lien on the Ship or its Earnings or any requisition of the Ship for hire;

  

	(e)	any intended dry docking of the Ship; 

  

	(f)	any Environmental Claim made against the Borrower or in connection with the Ship, or any Environmental Incident; 

 

	(g)	any claim for breach of the ISM Code or the ISPS Code being made against the Borrower, an Approved Manager or otherwise in connection with the Ship; or

  

	(h)	any other matter, event or incident, actual or threatened, the effect of which will or could lead to the ISM Code or ISPS Code not being complied with,

 and the Borrower shall keep the Security Trustee advised in writing on a regular basis and in such detail as the
Security Trustee shall require of the Borrower’s, the Approved Manager’s or any other person’s response to any of those events or matters. 
  

	14.13	Restrictions on chartering, appointment of managers etc. The Borrower shall not: 

 

	(a)	let the Ship on demise charter for any period; 

  

	(b)	other than the Approved Charter, enter into any time or consecutive voyage charter, in respect of the Ship for a term which exceeds, or which by virtue of any optional
extensions may exceed, 12 months; 

  

	(c)	enter into any charter in relation to the Ship under which more than 2 months’ hire (or the equivalent) is payable in advance; 

 

	(d)	charter the Ship otherwise than on bona fide arm’s length terms at the time when the Ship is fixed; 

 

	(e)	appoint a manager of the Ship other than the Approved Managers or agree to any alteration to the terms of each Approved Manager’s appointment;

  

	(f)	de-activate or lay up the Ship; or 

  

	(g)	put the Ship into the possession of any person for the purpose of work being done upon it in an amount exceeding or likely to exceed $600,000 (or the equivalent in any
other currency) 

  
 42 

 
unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the Ship or its Earnings for the cost of such work or
for any other reason. 
  

	14.14	Notice of Mortgage 

 The
Borrower shall keep the Mortgage registered against the Ship as a valid first priority mortgage, carry on board the Ship a certified copy of the Mortgage and place and maintain in a conspicuous place in the navigation room and the Master’s
cabin of the Ship a framed printed notice stating that the Ship is mortgaged by the Borrower to the Security Trustee. 
  

	14.15	Sharing of Earnings  

 The
Borrower shall not: 
  

	(a)	enter into any agreement or arrangement for the sharing of any Earnings; 

  

	(b)	enter into any agreement or arrangement for the postponement of any date on which the Earnings are due; and 

 

	(c)	the reduction of the amount of any Earnings or otherwise for the release or adverse alteration of any right of the Borrower to the Earnings. 

 

	14.16	ISPS Code 

 The Borrower
shall comply with the ISPS Code and in particular, without limitation, shall: 
  

	(a)	procure that the Ship and the company responsible for the Ship’s compliance with the ISPS Code comply with the ISPS Code; and 

 

	(b)	maintain for the Ship an ISSC; and 

  

	(c)	notify the Agent immediately in writing of any actual or threatened withdrawal, suspension, cancellation or modification of the ISSC. 

 

	14.17	Charterparty Assignment 

  

	(a)	If the Borrower enters into any Charter, it shall at the request of the Agent, execute in favour of the Security Trustee a Charterparty Assignment (such Charterparty
Assignment to be notified to, acknowledged by, the relevant charterer and any charter guarantor); and 

  

	(b)	without limiting the generality of the above, if that Charter is a bareboat charter, procure that the bareboat charterer shall execute in favour of the Security Trustee
an assignment of (inter alia) all its rights, title and interest in and to the Insurances in respect of the Ship effected either by the Borrower or by the bareboat charterer and a customary letter of undertaking in favour of the Security Trustee
whereby (inter alia) the interests of the bareboat charterer under the bareboat charter are subordinated to the interests of the Security Trustee under the Finance Documents, each in the Agreed Form, 

and shall deliver to the Agent such other documents equivalent to those referred to at paragraphs 3, 4 and 5 of Schedule 3, Part A as the
Agent may require. 

  
 43 

	15	SECURITY COVER 

  

	15.1	Minimum required security cover 

 Clause 15.2 applies if the Agent notifies the Borrower that: 
  

	(a)	the Market Value of the Ship; plus 

  

	(b)	the net realisable value of any additional security previously provided under this Clause 15, is below 125 per cent. of the Loan and the Swap Exposure.

  

	15.2	Provision of additional security; prepayment 

 If the Agent serves a notice on the Borrower under Clause 15.1, the Borrower shall, within 1 month after the date on which the Agent’s notice is served (the “Prepayment Date”),
prepay such part at least of the Loan as will eliminate the shortfall unless at least 1 Business Day before the Prepayment Date the Borrower has provided, or ensured that a third party has provided, additional security which, in the opinion of
the Majority Lenders, has a net realisable value at least equal to the shortfall and is documented in such terms as the Agent, with the authorisation of the Majority Lenders, may approve or require. 

 

	15.3	Valuation of Ship 

 The
Market Value of the Ship at any date is that shown by one valuation prepared: 
  

	(a)	as at a date not more than 30 days previously; 

  

	(b)	by an Approved Broker nominated and appointed by the Agent for this purpose; 

 

	(c)	with or without physical inspection of the Ship (as the Agent may require); 

 

	(d)	on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a willing seller and a willing buyer, free of any existing
charter or other contract of employment; and 

  

	(e)	after deducting the estimated amount of the usual and reasonable expenses which would be incurred in connection with the sale. 

 

	15.4	Value of additional vessel security 

 The net realisable value of any additional security which is provided under Clause 15.2 and which consists of a Security Interest over a vessel shall be that shown by a valuation complying with the
requirements of Clause 15.3. 
  

	15.5	Valuations binding 

 Any
valuation under Clause 15.2, 15.3 or 15.4 shall be binding and conclusive as regards the Borrower, as shall be any valuation which the Majority Lenders make of any additional security which does not consist of or include a Security Interest.

  

	15.6	Provision of information 

The Borrower shall promptly provide the Agent and the Approved Broker or expert acting under Clause 15.3 or 15.4 with any information
which the Agent or the Approved Broker or expert may request for the purposes of the valuation; and, if the Borrower fails to provide the information by the date specified in the request, the valuation may be made on any basis and assumptions which
the Approved Broker or the Majority Lenders (or the expert appointed by them) consider prudent. 
  

	15.7	Frequency of valuations 

The Borrower acknowledges and agrees that the Agent may commission valuation(s) of the Ship at least once annually and at such other times
as the Agent may deem necessary. 

  
 44 

	15.8	Payment of valuation expenses 

 Without prejudice to the generality of the Borrower’s obligations under Clauses 20.2, 20.3 and 21.3, the Borrower shall at any time during the Security Period, the Agent the amount of the fees and
expenses of any Approved Broker or expert instructed by the Agent under this Clause and all legal and other expenses incurred by any Creditor Party in connection with any matter arising out of this Clause. 

 

	15.9	Application of prepayment 

Clause 8 shall apply in relation to any prepayment pursuant to Clause 15.2(b). 

 

	16	PAYMENTS AND CALCULATIONS 

  

	16.1	Currency and method of payments 

 All payments to be made by the Lenders or by the Borrower under a Finance Document shall be made to the Agent or to the Security Trustee, in the case of an amount payable to it: 

 

	(a)	by not later than 11.00 a.m. (New York City time) on the due date; 

  

	(b)	in same day Dollar funds settled through the New York Clearing House Interbank Payments System (or in such other Dollar funds and/or settled in such other manner as the
Agent shall specify as being customary at the time for the settlement of international transactions of the type contemplated by this Agreement); 

  

	(c)	in the case of an amount payable by a Lender to the Agent or by the Borrower to the Agent or any Lender, to the account of the Agent - with reference “Monte Carlo
71 Shipping Company Limited” (SWIFT address: CRBAGRAA), or to such other account/branch with such other bank as the Agent may from time to time notify to the Borrower and the other Creditor Parties; and 

 

	(d)	in the case of an amount payable to the Security Trustee, to such account as it may from time to time notify to the Borrower and the other Creditor Parties.

  

	16.2	Payment on non-Business Day 

 If any payment by the Borrower under a Finance Document would otherwise fall due on a day which is not a Business Day: 
  

	(a)	the due date shall be extended to the next succeeding Business Day; or 

  

	(b)	if the next succeeding Business Day falls in the next calendar month, the due date shall be brought forward to the immediately preceding Business Day;

 and interest shall be payable during any extension under paragraph (a) at the rate payable on the original
due date. 
  

	16.3	Basis for calculation of periodic payments 

 All interest and any other payments under any Finance Document which are of an annual or periodic nature shall accrue from day to day and shall be calculated on the basis of the actual number of days
elapsed and a 360 day year. 

  
 45 

	16.4	Distribution of payments to Creditor Parties  

 Subject to Clauses 16.5, 16.6 and 16.7: 
  

	(a)	any amount received by the Agent under a Finance Document for distribution or remittance to a Lender, the Swap Bank or the Security Trustee shall be made available by
the Agent to that Lender, the Swap Bank or, as the case may be, the Security Trustee by payment, with funds having the same value as the funds received, to such account as the Lender or the Swap Bank or the Security Trustee may have notified to the
Agent not less than 5 Business Days previously; and 

  

	(b)	amounts to be applied in satisfying amounts of a particular category which are due to the Lenders and/or the Swap Bank generally shall be distributed by the Agent to
each Lender and the Swap Bank pro rata to the amount in that category which is due to it. 

  

	16.5	Permitted deductions by Agent 

 Notwithstanding any other provision of this Agreement or any other Finance Document, the Agent may, before making an amount available to a Lender or the Swap Bank, deduct and withhold from that amount any
sum which is then due and payable to the Agent from that Lender or the Swap Bank under any Finance Document or any sum which the Agent is then entitled under any Finance Document to require that Lender or the Swap Bank to pay on demand. 

 

	16.6	Agent only obliged to pay when monies received 

 Notwithstanding any other provision of this Agreement or any other Finance Document, the Agent shall not be obliged to make available to the Borrower or any Lender or the Swap Bank any sum which the Agent
is expecting to receive for remittance or distribution to the Borrower or that Lender or the Swap Bank until the Agent has satisfied itself that it has received that sum. 

 

	16.7	Refund to Agent of monies not received 

 If and to the extent that the Agent makes available a sum to the Borrower or a Lender or the Swap Bank, without first having received that sum, the Borrower or (as the case may be) the Lender concerned or
the Swap Bank shall, on demand: 
  

	(a)	refund the sum in full to the Agent; and 

  

	(b)	pay to the Agent the amount (as certified by the Agent) which will indemnify the Agent against any funding or other loss, liability or expense incurred by the Agent as
a result of making the sum available before receiving it. 

  

	16.8	Agent may assume receipt 

Clause 16.7 shall not affect any claim which the Agent has under the law of restitution, and applies irrespective of whether the Agent had
any form of notice that it had not received the sum which it made available. 
  

	16.9	Creditor Party accounts 

Each Creditor Party shall maintain accounts showing the amounts owing to it by the Borrower and each Security Party under the Finance
Documents and all payments in respect of those amounts made by the Borrower and any Security Party. 
  

	16.10	Agent’s memorandum account 

 The Agent shall maintain a memorandum account showing the amounts advanced by the Lenders and all other sums owing to the Agent, the Security Trustee and each Lender from the Borrower and each Security
Party under the Finance Documents and all payments in respect of those amounts made by the Borrower and any Security Party. 

  
 46 

	16.11	Accounts prima facie evidence 

 If any accounts maintained under Clauses 16.9 and 16.10 show an amount to be owing by the Borrower or a Security Party to a Creditor Party, those accounts shall be prima facie evidence that that amount is
owing to that Creditor Party. 
  

	17	APPLICATION OF RECEIPTS 

  

	17.1	Normal order of application 

 Except as any Finance Document may otherwise provide, any sums which are received or recovered by any Creditor Party under or by virtue of any Finance Document shall be applied: 

 

	(a)	FIRST: in or towards satisfaction of any amounts then due and payable under the Finance Documents and the Master Agreement in the following proportions:

  

	 	(i)	first, in or towards satisfaction pro rata of all amounts then due and payable to the Creditor Parties under the Finance Documents (in the case of the Master Agreement,
in respect of any Transactions) other than those amounts referred to at (ii) and (iii) below (including, but without limitation, all amounts payable by the Borrower under Clauses 20, 21 and 22 of this Agreement or by the Borrower or any
Security Party under any corresponding or similar provision in any other Finance Document); 

  

	 	(ii)	secondly, in or towards satisfaction pro rata of any and all amounts of interest or default interest payable to the Creditor Parties under any of the Finance Documents
(in the case of the Master Agreement, in respect of any Transactions and, for this purpose, the expression “interest” shall include any net amount which the Borrower shall have become liable to pay or deliver under section
Section 9(h) (Interest and Compensation) of the Master Agreement (in respect of any Transactions) but shall have failed to pay or deliver to the Swap Bank at the time of application or distribution under this Clause 17); and

  

	 	(iii)	thirdly, in or towards satisfaction pro rata of the Loan and the Swap Exposure (in the case of the latter, calculated as at the actual Early Termination Date applying
to each particular Transaction, or if no such Early Termination Date shall have occurred, calculated as if an Early Termination Date occurred on the date of application or distribution hereunder); 

 

	(b)	SECONDLY: in retention of an amount equal to any amount not then due and payable under any Finance Document (in the case of the Master Agreement, in respect of any
Transaction) but which the Agent, by notice to the Borrower, the Security Parties and the other Creditor Parties, states that in its opinion will or may become due and payable in the future and, upon those amounts becoming due and payable, in or
towards satisfaction of them in accordance with the foregoing provisions of this Clause; and 

  

	(c)	THIRDLY: any surplus shall be paid to the Borrower or to any other person appearing to be entitled to it. 

 

	17.2	Variation of order of application 

 The Agent may, with the authorisation of the Majority Lenders, by notice to the Borrower, the Security Parties and the other Creditor Parties provide for a different manner of application from that set
out in Clause 17.1 either as regards a specified sum or sums or as regards sums in a specified category or categories. 

  
 47 

	17.3	Notice of variation of order of application 

 The Agent may give notices under Clause 17.1(a) from time to time; and such a notice may be stated to apply not only to sums which may be received or recovered in the future, but also to any sum which has
been received or recovered on or after the third Business Day before the date on which the notice is served. 
  

	17.4	Appropriation rights overriden 

 This Clause 17 and any notice which the Agent gives under Clause 17.1(a) shall override any right of appropriation possessed, and any appropriation made, by the Borrower or any Security Party. 

 

	18	APPLICATION OF EARNINGS; SWAP PAYMENTS 

  

	18.1	Payment of Earnings and Swap Payments 

 The Borrower undertakes with each Creditor Party to ensure that, throughout the Security Period thereafter (and subject only to the provisions of the General Assignment): 

 

	(a)	all the Earnings of the Ship are paid to the Earnings Account; and 

  

	(b)	all payments by the Swap Bank to the Borrower under each Designated Transaction are paid to the Earnings Account. 

 

	18.2	Location of accounts 

 The
Borrower shall promptly: 
  

	(a)	comply with any requirement of the Agent as to the location or re-location of the Earnings Account; and 

 

	(b)	execute any documents which the Agent specifies to create or maintain in favour of the Security Trustee a Security Interest over (and/or rights of set-off,
consolidation or other rights in relation to) the Earnings Account. 

  

	18.3	Debits for fees, expenses etc. 

 The Agent shall be entitled (but not obliged) from time to time to debit the Earnings Account without prior notice in order to discharge any amount due and payable under Clause 20 or 21 to a Creditor
Party or payment of which any Creditor Party has become entitled to demand under Clause 20 or 21. 
  

	19	EVENTS OF DEFAULT 

  

	19.1	Events of Default 

 An
Event of Default occurs if: 
  

	(a)	the Borrower or any Security Party fails to pay when due any sum payable under a Finance Document or under any document relating to a Finance Document; or

  

	(b)	any breach occurs of Clause 9.2, 11.2, 11.3, 11.9, 11.19, 11.20, 11.21, 12.2, 12.3, 14.2, 15.1 or 15.2; or 

 

	(c)	any breach by the Borrower or any Security Party occurs of any provision of a Finance Document (other than a breach covered by paragraphs (a) or (b)) which, in the
opinion of the Majority Lenders, is capable of remedy, and such default continues unremedied 7 days after written notice from the Agent requesting action to remedy the same; or 

  
 48 

	(d)	(subject to any applicable grace period specified in the Finance Document) any breach by the Borrower or any Security Party occurs of any provision of a Finance
Document (other than a breach falling within paragraphs (a), (b) or (c)); or 

  

	(e)	any representation, warranty or statement made or repeated by, or by an officer of, the Borrower or a Security Party in a Finance Document or in the Drawdown Notice or
any other notice or document relating to a Finance Document is untrue or misleading when it is made or repeated; or 

  

	(f)	any of the following occurs in relation to any Financial Indebtedness of a Relevant Person: 

 

	 	(i)	any Financial Indebtedness of a Relevant Person is not paid when due or, if so payable, on demand; or 

 

	 	(ii)	any Financial Indebtedness of a Relevant Person becomes due and payable or capable of being declared due and payable prior to its stated maturity date as a consequence
of any event of default; or 

  

	 	(iii)	a lease, hire purchase agreement or charter creating any Financial Indebtedness of a Relevant Person is terminated by the lessor or owner or becomes capable of being
terminated as a consequence of any termination event; or 

  

	 	(iv)	any overdraft, loan, note issuance, acceptance credit, letter of credit, guarantee, foreign exchange or other facility, or any swap or other derivative contract or
transaction, relating to any Financial Indebtedness of a Relevant Person ceases to be available or becomes capable of being terminated as a result of any event of default, or cash cover is required, or becomes capable of being required, in respect
of such a facility as a result of any event of default; or 

  

	 	(v)	any Security Interest securing any Financial Indebtedness of a Relevant Person becomes enforceable; or 

 

	(g)	any of the following occurs in relation to a Relevant Person: 

  

	 	(i)	a Relevant Person becomes, in the opinion of the Majority Lenders, unable to pay its debts as they fall due; or 

 

	 	(ii)	any assets of a Relevant Person are subject to any form of execution, attachment, arrest, sequestration or distress or any form of freezing order in respect of a sum
of, or sums aggregating, $100,000 or more or the equivalent in another currency or currencies; or 

  

	 	(iii)	any administrative or other receiver is appointed over any asset of a Relevant Person; or 

 

	 	(iv)	an administrator is appointed (whether by the court or otherwise) in respect of a Relevant Person; or 

 

	 	(v)	any formal declaration of bankruptcy or any formal statement to the effect that a Relevant Person is insolvent or likely to become insolvent is made by a Relevant
Person or by the directors of a Relevant Person or, in any proceedings, by a lawyer acting for a Relevant Person; or 

  

	 	(vi)	a provisional liquidator is appointed in respect of a Relevant Person, a winding up order is made in relation to a Relevant Person or a winding up resolution is passed
by a Relevant Person; or 

  
 49 

	 	(vii)	a resolution is passed, an administration notice is given or filed, an application or petition to a court is made or presented or any other step is taken by (aa) a
Relevant Person, (bb) the members or directors of a Relevant Person, (cc) a holder of Security Interests which together relate to all or substantially all of the assets of a Relevant Person, or (dd) a government minister or public or regulatory
authority of a Pertinent Jurisdiction for or with a view to the winding up of that or another Relevant Person or the appointment of a provisional liquidator or administrator in respect of that or another Relevant Person, or that or another Relevant
Person ceasing or suspending business operations or payments to creditors, save that this paragraph does not apply to a fully solvent winding up of a Relevant Person other than the Borrower or the Corporate Guarantor which is, or is to be, effected
for the purposes of an amalgamation or reconstruction previously approved by the Majority Lenders and effected not later than 3 months after the commencement of the winding up; or 

 

	 	(viii)	an administration notice is given or filed, an application or petition to a court is made or presented or any other step is taken by a creditor of a Relevant Person
(other than a holder of Security Interests which together relate to all or substantially all of the assets of a Relevant Person) for the winding up of a Relevant Person or the appointment of a provisional liquidator or administrator in respect of a
Relevant Person in any Pertinent Jurisdiction, unless the proposed winding up, appointment of a provisional liquidator or administration is being contested in good faith, on substantial grounds and not with a view to some other insolvency law
procedure being implemented instead and either (aa) the application or petition is dismissed or withdrawn within 30 days of being made or presented, or (bb) within 30 days of the administration notice being given or filed, or the other relevant
steps being taken, other action is taken which will ensure that there will be no administration and (in both cases (aa) or (bb)) the Relevant Person will continue to carry on business in the ordinary way and without being the subject of any actual,
interim or pending insolvency law procedure; or 

  

	 	(ix)	a Relevant Person or its directors take any steps (whether by making or presenting an application or petition to a court, or submitting or presenting a document setting
out a proposal or proposed terms, or otherwise) with a view to obtaining, in relation to that or another Relevant Person, any form of moratorium, suspension or deferral of payments, reorganisation of debt (or certain debt) or arrangement with all or
a substantial proportion (by number or value) of creditors or of any class of them or any such moratorium, suspension or deferral of payments, reorganisation or arrangement is effected by court order, by the filing of documents with a court, by
means of a contract or in any other way at all; or 

  

	 	(x)	any meeting of the members or directors, or of any committee of the board or senior management, of a Relevant Person is held or summoned for the purpose of considering
a resolution or proposal to authorise or take any action of a type described in paragraphs (iv) to (ix) or a step preparatory to such action, or (with or without such a meeting) the members, directors or such a committee resolve or agree
that such an action or step should be taken or should be taken if certain conditions materialise or fail to materialise; or 

  

	 	(xi)	in a country other than England, any event occurs, any proceedings are opened or commenced or any step is taken which, in the opinion of the Majority Lenders is similar
to any of the foregoing; or 

  

	(h)	the Borrower ceases or suspends carrying on its business or a part of its business which, in the reasonable opinion of the Majority Lenders, is material in the context
of this Agreement; or 

  
 50 

 it becomes unlawful in any Pertinent Jurisdiction or impossible: 

 

	 	(i)	for the Borrower or any Security Party to discharge any liability under a Finance Document or to comply with any other obligation which the Majority Lenders consider
material under a Finance Document; or 

  

	 	(ii)	for the Agent, the Security Trustee or the Lenders to exercise or enforce any right under, or to enforce any Security Interest created by, a Finance Document; or

  

	(j)	any official consent necessary to enable the Borrower to own, operate or charter the Ship or to enable the Borrower or any Security Party to comply with any provision
which the Majority Lenders consider material of a Finance Document or the Approved Charter is not granted, expires without being renewed, is revoked or becomes liable to revocation or any condition of such a consent is not fulfilled; or

  

	(k)	it appears to the Majority Lenders that, without their prior consent, a change has occurred or probably has occurred after the date of this Agreement in the legal or
the direct ownership of any of the shares in the Borrower or any other Security Party or in the control of the voting rights attaching to any of those shares; or 

 

	(l)	any provision which the Majority Lenders consider material of a Finance Document proves to have been or becomes invalid or unenforceable, or a Security Interest created
by a Finance Document proves to have been or becomes invalid or unenforceable or such a Security Interest proves to have ranked after, or loses its priority to, another Security Interest or any other third party claim or interest; or

  

	(m)	the security constituted by a Finance Document is in any way imperilled or in jeopardy; or 

 

	(n)	any of the following occurs in relation to the Master Agreement: 

  

	 	(i)	notice of an Early Termination Date is given by the Swap Bank under Section 6(a) of the Master Agreement; or 

 

	 	(ii)	a person entitled to do so gives notice of Early Termination Date under Section (b)(iv) of the Master Agreement; or 

 

	 	(iii)	an Event of Default (as defined in Section 14 of the Master Agreement) occurs; or 

 

	 	(iv)	the Master Agreement is terminated, cancelled, suspended, rescinded or revoked or otherwise ceases to remain in full force and effect for any reason except with the
consent of the Swap Bank; or 

  

	(o)	the Approved Charter is terminated or becomes invalid or unenforceable or otherwise ceases to be in full force and effect for any reason prior to its stated termination
date; or 

  

	(p)	without the prior written consent of the Agent any member of the EJP Family (either directly and/or indirectly through companies beneficially owned by any members of
the EJP Family and/or trusts of foundations of which any member of the EJP Family are beneficiaries) ceases to own in aggregate at least 15 per cent. of the share capital of the Corporate Guarantor; 

 

	(q)	without the prior written consent of the Agent, Mr Evangelos J. Pistiolis ceases to be the chief executive officer of the Corporate Guarantor; 

 

	(r)	without the prior written consent of the Agent, the shares of the Corporate Guarantor cease to be listed in the NASDAQ; or 

  
 51 

	(s)	any other event occurs or any other circumstances arise or develop including, without limitation: 

 

	 	(i)	a change in the financial position, state of affairs or prospects of the Borrower, or the Corporate Guarantor; or 

 

	 	(ii)	any accident or other event involving the Ship or another vessel owned, chartered or operated by a Relevant Person; or 

 

	 	(iii)	the threat or commencement of legal or administrative action involving the Borrower, the Ship, either of the Approved Manager or any Security Party,

 in the light of which the Majority Lenders consider that there is a significant risk that the Borrower, the
Corporate Guarantor or any other Security Party is, or will later become, unable to discharge its or his liabilities under the Finance Documents as they fall due; or 
  

	19.2	Actions following an Event of Default 

 On, or at any time after, the occurrence of an Event of Default: 
  

	(a)	the Agent may, and if so instructed by the Majority Lenders, the Agent shall: 

 

	 	(i)	serve on the Borrower a notice stating that all or part of the Commitments and of the other obligations of each Lender to the Borrower under this Agreement are
cancelled; and/or 

  

	 	(ii)	serve on the Borrower a notice stating that all or part of the Loan together with accrued interest and all other amounts accrued or owing under this Agreement are
immediately due and payable or are due and payable on demand; and/or 

  

	 	(iii)	take any other action which, as a result of the Event of Default or any notice served under paragraph (i) or (ii), the Agent and/or the Lenders and/or the Swap
Bank are entitled to take under any Finance Document or any applicable law; and/or 

  

	(b)	the Security Trustee may, and if so instructed by the Agent, acting with the authorisation of the Majority Lenders, the Security Trustee shall take any action which, as
a result of the Event of Default or any notice served under paragraph (a) (i) or (ii), the Security Trustee, the Agent and/or the Lenders and/or the Swap Bank are entitled to take under any Finance Document or any applicable law.

  

	19.3	Termination of Commitments 

On the service of a notice under Clause 19.2(a)(i), the Commitments and all other obligations of each Lender to the Borrower under this
Agreement shall be cancelled. 
  

	19.4	Acceleration of Loan 

 On
the service of a notice under Clause 19.2(a)(ii), all or, as the case may be, the part of the Loan specified in the notice together with accrued interest and all other amounts accrued or owing from the Borrower or any Security Party under this
Agreement and every other Finance Document shall become immediately due and payable or, as the case may be, payable on demand. 
  

	19.5	Multiple notices; action without notice 

 The Agent may serve notices under Clauses 19.2(a)(i) or (ii) simultaneously or on different dates and it and/or the Security Trustee may take any action referred to in Clause 19.2 if no such notice
is served or simultaneously with or at any time after the service of both or either of such notices. 

  
 52 

	19.6	Notification of Creditor Parties and Security Parties 

 The Agent shall send to each Lender, the Security Trustee, the Swap Bank and each Security Party ‘a copy or the text of any notice which the Agent serves on the Borrower under Clause 19.2; but the
notice shall become effective when it is served on the Borrower, and no failure or delay by the Agent to send a copy or the text of the notice to any other person shall invalidate the notice or provide the Borrower or any Security Party with any
form of claim or defence. 
  

	19.7	Creditor Party’s rights unimpaired 

 Nothing in this Clause shall be taken to impair or restrict the exercise of any right given to individual Lenders or the Swap Bank under a Finance Document or the general law; and, in particular, this
Clause is without prejudice to Clause 13.1. 
  

	19.8	Exclusion of Creditor Party liability 

 No Creditor Party, and no receiver or manager appointed by the Security Trustee, shall have any liability to the Borrower or a Security Party: 

 

	(a)	for any loss caused by an exercise of rights under, or enforcement of a Security Interest created by, a Finance Document or by any failure or delay to exercise such a
right or to enforce such a Security Interest; or 

  

	(b)	as mortgagee in possession or otherwise, for any income or principal amount which might have been produced by or realised from any asset comprised in such a Security
Interest or for any reduction (however caused) in the value of such an asset, 

 except that this does not exempt a
Creditor Party or a receiver or manager from liability for losses shown to have been directly and mainly caused by the dishonesty or the wilful misconduct of such Creditor Party’s own officers and employees or (as the case may be) such
receiver’s or manager’s own partners or employees. 
  

	19.9	Relevant Persons 

 In this
Clause 19, a “Relevant Person” means the Borrower, the Security Parties, and any other members of the Group but excluding any company which is dormant and the value of whose gross assets is $50,000 or less. 

 

	19.10	Interpretation 

 In Clause
19.1(f), references to an event of default or a termination event include any event, howsoever described, which is similar to an event of default in a facility agreement or a termination event in a finance lease; and in Clause 19.1(g)
“petition” includes an application. 
  

	19.11	Position of Swap Bank 

Neither the Agent nor the Security Trustee shall be obliged, in connection with any action taken or proposed to be taken under or pursuant
to the foregoing provisions of this Clause 19, to have any regard to the requirements of the Swap Bank except to the extent that the Swap Bank is also a Lender. 
  

	20	FEES AND EXPENSES 

  

	20.1	Arrangement fee 

 The
Borrower shall pay to the Agent on the date of this Agreement, a non-refundable arrangement fee of $150,937.50 (representing 0.75 per cent. of the Total Commitments) for distribution among the Lenders pro rata to their Commitments. 

  
 53 

	20.2	Costs of negotiation, preparation etc. 

 The Borrower shall pay to the Agent on its demand the amount of all expenses incurred by the Agent or the Security Trustee in connection with the negotiation, preparation, execution or registration of any
Finance Document or any related document or with any transaction contemplated by a Finance Document or a related document (including, without limitation, out of pocket expenses, legal fees and any related VAT). 

 

	20.3	Costs of variations, amendments, enforcement etc. 

 The Borrower shall pay to the Agent, on the Agent’s demand, for the account of the Creditor Party concerned the amount of all expenses incurred by a Creditor Party in connection with: 

 

	(a)	any amendment or supplement to a Finance Document, or any proposal for such an amendment or supplement to be made; 

 

	(b)	any consent or waiver by the Lenders, the Swap Bank, the Majority Lenders or the Creditor Party concerned under or in connection with a Finance Document, or any request
for such a consent or waiver; 

  

	(c)	the valuation of any security provided or offered under Clause 15 or any other matter relating to such security; 

 

	(d)	where the Security Trustee, in its absolute opinion, considers that there has been a material change to the insurances in respect of the Ship, the review of the
insurance of the Ship pursuant to Clause 13.18; and 

  

	(e)	the opinions of the independent insurance consultant referred to in paragraph 10 of Part D of Schedule 3; or 

 

	(f)	any step taken by the Creditor Party concerned with a view to the preservation, protection, exercise or enforcement of any right or Security Interest created by a
Finance Document or for any similar purpose. 

 There shall be recoverable under paragraph (d) the full amount
of all legal expenses, whether or not such as would be allowed under rules of court or any taxation or other procedure carried out under such rules. 
  

	20.4	Documentary taxes 

 The
Borrower shall promptly pay any tax payable on or by reference to any Finance Document, and shall, on the Agent’s demand, fully indemnify each Creditor Party against any claims, expenses, liabilities and losses resulting from any failure or
delay by the Borrower to pay such a tax. 
  

	20.5	Financial Services Authority fees 

 The Borrower shall pay to the Agent, on the Agent’s demand, for the account of the Lender concerned the amounts which the Agent from time to time notifies the Borrower that a Lender has notified the
Agent to be necessary to compensate it for the cost attributable to its Contribution resulting from the imposition from time to time under or pursuant to the Bank of England Act 1998 and/or by the Bank of England and/or by the Financial Services
Authority (or other United Kingdom governmental authorities or agencies) of a requirement to pay fees to the Financial Services Authority calculated by reference to liabilities used to fund its Contribution. 

  
 54 

	20.6	Certification of amounts 

A notice which is signed by a Creditor Party, which states that a specified amount, or aggregate amount, is due to that Creditor Party
under this Clause 20 and which indicates (with a breakdown unless such amount relates to the expenses referred in Clause 20.3(f) and any other expenses incurred by a Creditor Party at any time after the occurrence of an Event of Default) the matters
in respect of which the amount, or aggregate amount, is due shall be prima facie evidence that the amount, or aggregate amount, is due. 
  

	21	INDEMNITIES 

  

	21.1	Indemnities regarding borrowing and repayment of Loan 

 The Borrower shall fully indemnify the Agent and each Lender on the Agent’s demand and the Security Trustee on its demand in respect of all claims, expenses, liabilities and losses which are made or
brought against or incurred by that Creditor Party, or which that Creditor Party reasonably and with due diligence estimates that it will incur, as a result of or in connection with: 

 

	(a)	the Loan not being borrowed on the date specified in the Drawdown Notice for any reason other than a default by the Lender claiming the indemnity;

  

	(b)	the receipt or recovery of all or any part of the Loan or an overdue sum otherwise than on the last day of an Interest Period or other relevant period;

  

	(c)	any failure (for whatever reason) by the Borrower to make payment of any amount due under a Finance Document on the due date or, if so payable, on demand (after giving
credit for any default interest paid by the Borrower on the amount concerned under Clause 7); 

  

	(d)	the occurrence and/or continuance of an Event of Default or a Potential Event of Default and/or the acceleration of repayment of the Loan under Clause 19,

 and in respect of any tax (other than tax on its overall net income) for which a Creditor Party is liable in
connection with any amount paid or payable to that Creditor Party (whether for its own account or otherwise) under any Finance Document. 
  

	21.2	Breakage costs 

 Without
limiting its generality, Clause 21.1 covers any claim, expense, liability or loss, including a loss of a prospective profit, incurred by a Lender: 
  

	(a)	in liquidating or employing deposits from third parties acquired or arranged to fund or maintain all or any part of its Contribution and/or any overdue amount (or an
aggregate amount which includes its Contribution or any overdue amount); and 

  

	(b)	in terminating, or otherwise in connection with, any interest and/or currency swap or any other transaction entered into (whether with another legal entity or with
another office or department of the Lender concerned) to hedge any exposure arising under this Agreement or that part which the Lender concerned determines is fairly attributable to this Agreement of the amount of the liabilities, expenses or losses
(including losses of prospective profits) incurred by it in terminating, or otherwise in connection with, a number of transactions of which this Agreement is one. 

 

	21.3	Environmental Indemnity 

Without prejudice to its generality, Clause 21.4 covers any claims, demands, proceedings, liabilities, taxes, losses or expenses of every
kind which arise, or are asserted, under or in connection with any law relating to safety at sea, pollution or the protection of the environment, the ISM Code or the ISPS Code. 

  
 55 

	21.4	Miscellaneous indemnities 

The Borrower shall fully indemnify each Creditor Party severally on their respective demands in respect of all claims, expenses,
liabilities and losses which may be made or brought against or incurred by a Creditor Party, in any country, as a result of or in connection with: 
  

	(a)	any action taken, or omitted or neglected to be taken, under or in connection with any Finance Document by the Agent, the Security Trustee or any other Creditor Party
or by any receiver appointed under a Finance Document; or 

  

	(b)	any other Pertinent Matter, 

other than claims, expenses, liabilities and losses which are shown to have been caused by the dishonesty or wilful misconduct of the
officers or employees of the Creditor Party concerned. 
 Without prejudice to its generality, this Clause 21.3 covers any
claims, expenses, liabilities and losses which arise, or are asserted, under or in connection with any law relating to safety at sea, the ISM Code, the ISPS Code or any Environmental Law. 

 

	21.5	Currency indemnity 

 If
any sum due from the Borrower or any Security Party to a Creditor Party under a Finance Document or under any order or judgment relating to a Finance Document has to be converted from the currency in which the Finance Document provided for the sum
to be paid (the “Contractual Currency”) into another currency (the “Payment Currency”) for the purpose of: 
  

	(a)	making or lodging any claim or proof against the Borrower or any Security Party, whether in its liquidation, any arrangement involving it or otherwise; or

  

	(b)	obtaining an order or judgment from any court or other tribunal; or 

  

	(c)	enforcing any such order or judgment, 

 the Borrower shall indemnify the Creditor Party concerned against the loss arising when the amount of the payment actually received by that Creditor Party is converted at the available rate of exchange
into the Contractual Currency. 
 In this Clause 21.4, the “available rate of exchange” means the rate at which
the Creditor Party concerned is able at the opening of business (Athens time) on the Business Day after it receives the sum concerned to purchase the Contractual Currency with the Payment Currency. 

This Clause 21.4 creates a separate liability of the Borrower which is distinct from its other liabilities under the Finance Documents and
which shall not be merged in any judgment or order relating to those other liabilities. 
  

	21.6	Application to Master Agreement 

 For the avoidance of doubt, Clause 21.4 does not apply in respect of sums due from the Borrower to the Swap Bank under or in connection with the Master Agreement as to which sums the provisions of the
Master Agreement shall apply. 
  

	21.7	Certification of amounts 

A notice which is signed by 2 officers of a Creditor Party, which states that a specified amount, or aggregate amount, is due to that
Creditor Party under this Clause 21 and which 

  
 56 

 
indicates (without necessarily specifying a detailed breakdown) the matters in respect of which the amount, or aggregate amount, is due shall be prima facie evidence that the amount, or aggregate
amount, is due. 
  

	21.8	Sums deemed due to a Lender 

 For the purposes of this Clause 21, a sum payable by the Borrower to the Agent or the Security Trustee for distribution to a Lender shall be treated as a sum due to that Lender. 

 

	22	NO SET-OFF OR TAX DEDUCTION 

  

	22.1	No deductions 

 All
amounts due from the Borrower under a Finance Document shall be paid: 
  

	(a)	without any form of set-off, counter-claim or condition; and 

  

	(b)	free and clear of any tax deduction except a tax deduction which the Borrower is required by law to make. 

 

	22.2	Grossing-up for taxes 

 If
the Borrower is required by law to make a tax deduction from any payment: 
  

	(a)	the Borrower shall notify the Agent as soon as it becomes aware of the requirement; 

 

	(b)	the Borrower shall pay the tax deducted to the appropriate taxation authority promptly, and in any event before any fine or penalty arises; and

  

	(c)	the amount due in respect of the payment shall be increased by the amount necessary to ensure that each Creditor Party receives and retains (free from any liability
relating to the tax deduction) a net amount which, after the tax deduction, is equal to the full amount which it would otherwise have received. 

  

	22.3	Evidence of payment of taxes 

 Within 1 month after making any tax deduction, the Borrower shall deliver to the Agent documentary evidence satisfactory to the Agent that the tax had been paid to the appropriate taxation authority.

  

	22.4	Exclusion of tax on overall net income 

 In this Clause 22 “tax deduction” means any deduction or withholding for or on account of any present or future tax except tax on a Creditor Party’s overall net income or a FATCA
Deduction. 
  

	22.5	Application to Master Agreement 

 For the avoidance of doubt, Clause 22 does not apply in respect of sums due from the Borrower to the Swap Bank under or in connection with the Master Agreement as to which sums the provisions of section
2(d) (Deduction or Withholding for Tax) of the Master Agreement shall apply. 

  
 57 

	22.6	FATCA Information 

  

	(a)	Subject to paragraph (c) below, each party to a Finance Document shall, within ten Business Days of a reasonable request by another party to a Finance Document:

  

	 	(i)	confirm to that other party whether it is: 

  

	 	(A)	a FATCA Exempt Party; or 

  

	 	(B)	not a FATCA Exempt Party; 

  

	 	(ii)	supply to that other party such forms, documentation and other information relating to its status under FATCA as that other party reasonably requests for the purposes
of that other party’s compliance with FATCA; and 

  

	 	(iii)	supply to that other party such forms, documentation and other information relating to its status as that other party reasonably requests for the purposes of that other
party’s compliance with any other law, regulation, or exchange of information regime. 

  

	(b)	If a party to a Finance Document confirms to another party to a Finance Document pursuant to paragraph (a)(i) above that it is a FATCA Exempt Party and it subsequently
becomes aware that it is not or has ceased to be a FATCA Exempt Party, that party shall notify that other party reasonably promptly. 

  

	(c)	Paragraph (a) above shall not oblige any Creditor Party to do anything, and paragraph (a)(iii) above shall not oblige any party to do anything, which would or
might in its reasonable opinion constitute a breach of: 

 any law or regulation; 

 

	 	(ii)	any fiduciary duty; or 

  

	 	(iii)	any duty of confidentiality. 

  

	(d)	If a party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or other information requested in accordance with paragraph
(a)(i) or (ii) above (including, for the avoidance of doubt, where paragraph (c) above applies), then such party shall be treated for the purposes of the Finance Documents (and payments under them) as if it is not a FATCA Exempt Party
until such time as the party in question provides the requested confirmation, forms, documentation or other information. 

  

	22.7	FATCA Deduction and gross-up by Borrower 

  

	(a)	If Borrower or a Security Party is required to make a FATCA Deduction, such party shall make that FATCA Deduction and any payment required in connection with that FATCA
Deduction within the time allowed and in the minimum amount required by FATCA. 

  

	(b)	If a FATCA Deduction is required to be made by Borrower or a Security Party, the amount of the payment due from such party shall be increased to an amount which (after
making any FATCA Deduction) leaves an amount equal to the payment which would have been due if no FATCA Deduction had been required. 

  

	(c)	Borrower shall promptly upon becoming aware that any party must make a FATCA Deduction (or that there is any change in the rate or the basis of a FATCA Deduction)
notify the Agent accordingly. Similarly, a Creditor Party shall notify the Agent on becoming so aware in respect of a payment payable to that Creditor Party. If the Agent receives such notification from a Creditor Party it shall notify Borrower.

  

	(d)	Within thirty days of making either a FATCA Deduction or any payment required in connection with that FATCA Deduction, Borrower or the Security Party making that FATCA
Deduction or payment shall deliver to the Agent for the Creditor Party entitled to the payment evidence reasonably satisfactory to that Creditor Party that the FATCA Deduction has been made or (as applicable) any appropriate payment has been paid to
the relevant governmental or taxation authority. 

  
 58 

	22.8	FATCA Deduction by a Creditor Party 

  

	(a)	Each Creditor Party may make any FATCA Deduction it is required by FATCA to make, and any payment required in connection with that FATCA Deduction, and no Creditor
Party shall be required to increase any payment in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction. A Creditor Party which becomes aware that it must make a FATCA
Deduction in respect of a payment to another party (or that there is any change in the rate or the basis of such FATCA Deduction) shall notify that party and the Agent. 

 

	(b)	If the Agent is required to make a FATCA Deduction in respect of a payment to a Creditor Party under Clause 16.4 (Distribution of payments to Creditor Parties)
which relates to a payment by Borrower or a Security Party, the amount of the payment due from that party shall be increased to an amount which (after the Agent has made such FATCA Deduction), leaves the Agent with an amount equal to the payment
which would have been made by the Agent if no FATCA Deduction had been required. 

  

	(c)	The Agent shall promptly upon becoming aware that it must make a FATCA Deduction in respect of a payment to a Creditor Party under Clause 16.4 (Distribution of
payments to Creditor Parties) which relates to a payment by Borrower or a Security Party (or that there is any change in the rate or the basis of such a FATCA Deduction) notify Borrower and the relevant Creditor Party. 

 

	(d)	Borrower shall (within three Business Days of demand by the Agent) pay to a Creditor Party an amount equal to the loss, liability or cost which that Creditor Party
determines will be or has been (directly or indirectly) suffered by that Creditor Party as a result of another Creditor Party making a FATCA Deduction in respect of a payment due to it under a Finance Document. This paragraph shall not apply to the
extent a loss, liability or cost is compensated for by an increased payment under paragraph (b) above. 

  

	(e)	A Creditor Party making, or intending to make, a claim under paragraph (d) above shall promptly notify the Agent of the FATCA Deduction which will give, or has
given, rise to the claim, following which the Agent shall notify Borrower. 

  

	(f)	A Creditor Party must, on receiving a payment from Borrower or a Security Party under this Clause 22.8, notify the Agent. 

 

	23	ILLEGALITY, ETC 

  

	23.1	Illegality 

 This Clause
23 applies if a Lender (the “Notifying Lender”) notifies the Agent that it has become, or will with effect from a specified date, become: 
  

	(a)	unlawful or prohibited as a result of the introduction of a new law, an amendment to an existing law or a change in the manner in which an existing law is or will be
interpreted or applied; or 

  

	(b)	contrary to, or inconsistent with, any regulation, 

 for the Notifying Lender to maintain or give effect to any of its obligations under this Agreement in the manner contemplated by this Agreement. 

  
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	23.2	Notification of illegality 

The Agent shall promptly notify the Borrower, the Security Parties, the Security Trustee and the other Lenders of the notice under Clause
23.1 which the Agent receives from the Notifying Lender. 
  

	23.3	Prepayment; termination of Commitment 

 On the Agent notifying the Borrower under Clause 23.2, the Notifying Lender’s Commitment shall terminate; and thereupon or, if later, on the date specified in the Notifying Lender’s notice under
Clause 23.1 as the date on which the notified event would become effective the Borrower shall prepay the Notifying Lender’s Contribution in accordance with Clause 8. 

 

	23.4	Mitigation 

 If
circumstances arise which would result in a notification under Clause 23.1 then, without in any way limiting the rights of the Notifying Lender under Clause 23.1, the Notifying Lender shall use reasonable endeavours to transfer its obligations,
liabilities and rights under this Agreement and the Finance Documents to another office or financial institution not affected by the circumstances but the Notifying Lender shall not be under any obligation to take any such action if, in its opinion,
to do would or might: 
  

	(a)	have an adverse effect on its business, operations or financial condition; or 

 

	(b)	involve it in any activity which is unlawful or prohibited or any activity that is contrary to, or inconsistent with, any regulation; or 

 

	(c)	involve it in any expense (unless indemnified to its satisfaction) or tax disadvantage. 

 

	24	INCREASED COSTS 

  

	24.1	Increased costs 

 This
Clause 24 applies if a Lender (the “Notifying Lender”) notifies the Agent that the Notifying Lender considers that as a result of: 
  

	(a)	the introduction or alteration after the date of this Agreement of a law or an alteration after the date of this Agreement in the manner in which a law is interpreted
or applied (disregarding any effect which relates to the application to payments under this Agreement of a tax on the Lender’s overall net income); or 

 

	(b)	complying with any regulation (including any which relates to capital adequacy or liquidity controls or which affects the manner in which the Notifying Lender allocates
capital resources to its obligations under this Agreement) which is introduced, or altered, or the interpretation or application of which is altered, after the date of this Agreement, 

the Notifying Lender (or a parent company of it) has incurred or will incur an “increased cost”. 

 

	24.2	Meaning of “increased cost” 

 In this Clause 24, “increased cost” means, in relation to a Notifying Lender: 
  

	(a)	an additional or increased cost incurred as a result of, or in connection with, the Notifying Lender having entered into, or being a party to, this Agreement or a
Transfer Certificate, of funding or maintaining its Commitment or Contribution or performing its obligations under this Agreement, or of having outstanding all or any part of its Contribution or other unpaid sums; 

  
 60 

	(b)	a reduction in the amount of any payment to the Notifying Lender under this Agreement or in the effective return which such a payment represents to the Notifying Lender
or on its capital; 

  

	(c)	an additional or increased cost of funding all or maintaining all or any of the advances comprised in a class of advances formed by or including the Notifying
Lender’s Contribution or (as the case may require) the proportion of that cost attributable to the Contribution; or 

  

	(d)	a liability to make a payment, or a return foregone, which is calculated by reference to any amounts received or receivable by the Notifying Lender under this
Agreement; 

 but not an item attributable to a change in the rate of tax on the overall net income of the
Notifying Lender (or a parent company of it) or an item covered by the indemnity for tax in Clause 22.1 or by Clause 22 or an item arising directly out of 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, Creditor Party or any of its affiliates). 
 For the purposes of this Clause 24.2 the Notifying Lender may in good faith allocate or spread costs and/or losses among its assets and liabilities (or any class of its assets and liabilities) on such
basis as it considers appropriate. 
  

	24.3	Notification to Borrower of claim for increased costs 

 The Agent shall promptly notify the Borrower and the Security Parties of the notice which the Agent received from the Notifying Lender under Clause 24.1. 

 

	24.4	Payment of increased costs 

The Borrower shall pay to the Agent, on the Agent’s demand, for the account of the Notifying Lender the amounts which the Agent from
time to time notifies the Borrower that the Notifying Lender has specified to be necessary to compensate the Notifying Lender for the increased cost. 
  

	24.5	Notice of prepayment 

 If
the Borrower is not willing to continue to compensate the Notifying Lender for the increased cost under Clause 24.4, the Borrower may give the Agent not less than 14 days’ notice of its intention to prepay the Notifying Lender’s
Contribution at the end of an Interest Period. 
  

	24.6	Prepayment; termination of Commitment 

 A notice under Clause 24.5 shall be irrevocable; the Agent shall promptly notify the Notifying Lender of the Borrower’s notice of intended prepayment; and: 

 

	(a)	on the date on which the Agent serves that notice, the Commitment of the Notifying Lender shall be cancelled; and 

 

	(b)	on the date specified in its notice of intended prepayment, the Borrower shall prepay (without premium or penalty) the Notifying Lender’s Contribution, together
with accrued interest thereon at the applicable rate plus the Margin and the Mandatory Cost (if any). 

  
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	24.7	Application of prepayment 

Clause 8 shall apply in relation to the prepayment made pursuant to this Clause 24. 

 

	24.8	Mitigation 

 If
circumstances arise which would result in a notification under Clause 24.3 then, without in any way limiting the rights of the Notifying Lender under Clause 24.4, the Notifying Lender shall use reasonable endeavours to transfer its obligations,
liabilities and rights under this Agreement and the Finance Documents to another office or financial institution (subject to such financial institution being an affiliate of the Notifying Lender) approved by the Borrower (such approval not to be
unreasonably withheld or delayed) not affected by the circumstances but the Notifying Lender shall not be under any obligation to take any such action if, in its reasonable opinion, to do so would: 

 

	(a)	have an adverse effect on its business, operations or financial condition; 

 

	(b)	involve it in any activity which is unlawful or prohibited or any activity that is contrary to, or in consistent with, any regulation; or 

 

	(c)	involve it in any expense (unless indemnified to its reasonable satisfaction) or tax disadvantage. 

 

	25	SET-OFF 

  

	25.1	Application of credit balances 

 Each Creditor Party may without prior notice: 
  

	(a)	apply any balance (whether or not then due) which at any time stands to the credit of any account in the name of the Borrower at any office in any country of that
Creditor Party in or towards satisfaction of any sum then due from the Borrower to that Creditor Party under any of the Finance Documents; and 

  

	(b)	for that purpose: 

  

	 	(i)	break, or alter the maturity of, all or any part of a deposit of the Borrower; 

 

	 	(ii)	convert or translate all or any part of a deposit or other credit balance into Dollars; and 

 

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

 

	25.2	Existing rights unaffected 

No Creditor Party shall be obliged to exercise any of its rights under Clause 25.1; and those rights shall be without prejudice and in
addition to any right of set-off, combination of accounts, charge, lien or other right or remedy to which a Creditor Party is entitled (whether under the general law or any document). 

 

	25.3	Sums deemed due to a Lender 

 For the purposes of this Clause 25, a sum payable by the Borrower to the Agent or the Security Trustee for distribution to, or for the account of, a Lender shall be treated as a sum due to that Lender;
and each Lender’s proportion of a sum so payable for distribution to, or for the account of, the Lenders shall be treated as a sum due to such Lender. 

  
 62 

	25.4	No Security Interest 

This Clause 25 gives the Creditor Parties a contractual right of set-off only and does not create any equitable charge or other Security
Interest over any credit balance of the Borrower. 
  

	26	TRANSFERS AND CHANGES IN LENDING OFFICES 

  

	26.1	Transfer by Borrower 

 The
Borrower may not, without the consent of the Agent, given on the instructions of all the Lenders transfer any of its rights, liabilities or obligations under any Finance Document. 

 

	26.2	Transfer by a Lender 

Subject to Clause 26.4, a Lender (the “Transferor Lender”) may at any time, without needing the consent of
the Borrower or any Security Party, cause: 
  

	(a)	its rights in respect of all or part of its Contribution; or 

  

	(b)	its obligations in respect of all or part of its Commitment; or 

  

	(c)	a combination of (a) and (b); or 

  

	(d)	all or part of its credit risk under this Agreement and the other Finance Documents, 

to be syndicated to or, (in the case of its rights) assigned, pledged or transferred to, or (in the case of its obligations) pledged or
assumed by, any other bank or financial institution or a trust; fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (a
“Transferee Lender”) by delivering to the Agent a completed certificate in the form set out in Schedule 4 with any modifications approved or required by the Agent (a “Transfer Certificate”) executed by the
Transferor Lender and the Transferee Lender. 
 However any rights and obligations of the Transferor Lender in its capacity as
Agent or Security Trustee will have to be dealt with separately in accordance with the Agency and Trust Deed. 
  

	26.3	Transfer Certificate, delivery and notification 

 As soon as reasonably practicable after a Transfer Certificate is delivered to the Agent, it shall (unless it has reason to believe that the Transfer Certificate may be defective): 

 

	(a)	sign the Transfer Certificate on behalf of itself, the Borrower, the Security Parties, the Security Trustee, each of the other Lenders and the Swap Bank;

  

	(b)	on behalf of the Transferee Lender, send to the Borrower and each Security Party letters or faxes notifying them of the Transfer Certificate and attaching a copy of it;

  

	(c)	send to the Transferee Lender copies of the letters or faxes sent under paragraph (b) above, 

but the Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Transferor Lender and the Transferee Lender
once it is satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to the transfer to that Transferee Lender. 

  
 63 

	26.4	Effective Date of Transfer Certificate 

 A Transfer Certificate becomes effective on the date, if any, specified in the Transfer Certificate as its effective date Provided that it is signed by the Agent under Clause 26.3 on or before that
date. 
  

	26.5	No transfer without Transfer Certificate 

 Except as provided in Clause 26.17, no assignment or transfer of any right or obligation of a Lender under any Finance Document (other than the Master Agreement) is binding on, or effective in relation
to, the Borrower, any Security Party, the Agent or the Security Trustee unless it is effected, evidenced or perfected by a Transfer Certificate. 
  

	26.6	Lender re-organisation; waiver of Transfer Certificate 

 However, if a Lender enters into any merger, de-merger or other reorganisation as a result of which all its rights or obligations vest in another person (the “successor”), the Agent may,
if it sees fit, by notice to the successor and the Borrower and the Security Trustee waive the need for the execution and delivery of a Transfer Certificate; and, upon service of the Agent’s notice, the successor shall become a Lender with the
same Commitment and Contribution as were held by the predecessor Lender. 
  

	26.7	Effect of Transfer Certificate 

 A Transfer Certificate takes effect in accordance with English law as follows: 
  

	(a)	to the extent specified in the Transfer Certificate, all rights and interests (present, future or contingent) which the Transferor Lender has under or by virtue of the
Finance Documents (other than the Master Agreement) are assigned to the Transferee Lender absolutely, free of any defects in the Transferor Lender’s title and of any rights or equities which the Borrower or any Security Party had against the
Transferor Lender; 

  

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

 

	(c)	the Transferee Lender becomes a Lender with the Contribution previously held by the Transferor Lender and a Commitment of an amount specified in the Transfer
Certificate; 

  

	(d)	the Transferee Lender becomes bound by all the provisions of the Finance Documents (other than the Master Agreement) which are applicable to the Lenders generally,
including those about pro-rata sharing and the exclusion of liability on the part of, and the indemnification of, the Agent and the Security Trustee and, to the extent that the Transferee Lender becomes bound by those provisions (other than those
relating to exclusion of liability), the Transferor Lender ceases to be bound by them; 

  

	(e)	any part of the Loan which the Transferee Lender advances after the Transfer Certificate’s effective date ranks in point of priority and security in the same way
as it would have ranked had it been advanced by the transferor, assuming that any defects in the transferor’s title and any rights or equities of the Borrower or any Security Party against the Transferor Lender had not existed;

  

	(f)	the Transferee Lender becomes entitled to all the rights under the Finance Documents (other than the Master Agreement) which are applicable to the Lenders generally,
including but not limited to those relating to the Majority Lenders and those under Clause 5.7 and Clause 20, and to the extent that the Transferee Lender becomes entitled to such rights, the Transferor Lender ceases to be entitled to them; and

  

	(g)	in respect of any breach of a warranty, undertaking, condition or other provision of a Finance Document or any misrepresentation made in or in connection with a Finance
Document (other than the Master Agreement), the Transferee Lender shall be entitled to 

  
 64 

	 	
recover damages by reference to the loss incurred by it as a result of the breach or misrepresentation, irrespective of whether the original Lender would have incurred a loss of that kind or
amount. 

 The rights and equities of the Borrower or any Security Party referred to above include, but are not
limited to, any right of set off and any other kind of cross-claim. 
  

	26.8	Maintenance of register of Lenders 

 During the Security Period the Agent shall maintain a register in which it shall record the name, Commitment, Contribution and administrative details (including the lending office) from time to time of
each Lender holding a Transfer Certificate and the effective date (in accordance with Clause 26.4) of the Transfer Certificate; and the Agent shall make the register available for inspection by any Lender, the Security Trustee and the Borrower
during normal banking hours, subject to receiving at least 3 Business Days’ prior notice. 
  

	26.9	Reliance on register of Lenders 

 The entries on that register shall, in the absence of manifest error, be conclusive in determining the identities of the Lenders and the amounts of their Commitments and Contributions and the effective
dates of Transfer Certificates and may be relied upon by the Agent and the other parties to the Finance Documents for all purposes relating to the Finance Documents. 
  

	26.10	Authorisation of Agent to sign Transfer Certificates 

 The Borrower, the Security Trustee, each Lender and the Swap Bank irrevocably authorise the Agent to sign Transfer Certificates on its behalf. 

 

	26.11	Registration fee 

 In
respect of any Transfer Certificate, the Agent shall be entitled to recover a registration fee of $2,500 from the Transferor Lender or (at the Agent’s option) the Transferee Lender. 

 

	26.12	Sub-participation; subrogation assignment 

 A Lender may sub-participate all or any part of its rights and/or obligations under or in connection with the Finance Documents (other than the Master Agreement) without the consent of, or any notice to,
the Borrower, any Security Party, the Agent or the Security Trustee; and the Lenders may assign, in any manner and terms agreed by the Majority Lenders, the Agent and the Security Trustee, all or any part of those rights to an insurer or surety who
has become subrogated to them. 
  

	26.13	Disclosure of information 

A Lender may disclose to a potential Transferee Lender or sub-participant any information which the Lender has received in relation to the
Borrower, any Security Party or their affairs under or in connection with any Finance Document. 
  

	26.14	Change of lending office 

A Lender 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. 

  
 65 

	26.15	Notification 

 On
receiving such a notice, the Agent shall notify the Borrower and the Security Trustee; and, until the Agent receives such a notice, it shall be entitled to assume that a Lender is acting through the lending office of which the Agent last had notice.

  

	26.16	Replacement of Reference Bank 

 If any Reference Bank ceases to be a Lender or is unable on a continuing basis to supply quotations for the purposes of Clause 5 then, unless the Borrower, the Agent and the Majority Lenders otherwise
agree, the Agent, acting on the instructions of the Majority Lenders, and after consulting the Borrower, shall appoint another bank (whether or not a Lender) to be a replacement Reference Bank; and, when that appointment comes into effect, the
first-mentioned Reference Bank’s appointment shall cease to be effective. 
  

	26.17	Security over Lenders’ rights 

 In addition to the other rights provided to Lenders under this Clause 26, each Lender may without consulting with or obtaining consent from the Borrower or any Security Party, at any time charge, assign
or otherwise create a Security Interest in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender including, without limitation: 

 

	(a)	any charge, assignment or other Security Interest to secure obligations to a federal reserve or central bank; and 

 

	(b)	in the case of any Lender which is a fund, any charge, assignment or other Security Interest granted to any holders (or trustee or representatives of holders) of
obligations owed, or securities issued, by that Lender as security for those obligations or securities; 

  

	 	except	that no such charge, assignment or Security Interest shall: 

  

	 	(i)	release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or Security Interest for the
Lender as a party to any of the Finance Documents; or 

  

	 	(ii)	require any payments to be made by the Borrower or any Security Party or grant to any person any more extensive rights than those required to be made or granted to the
relevant Lender under the Finance Documents. 

  

	27	VARIATIONS AND WAIVERS 

  

	27.1	Variations, waivers etc. by Majority Lenders 

 Subject to Clause 27.2, a document shall be effective to vary, waive, suspend or limit any provision of a Finance Document, or any Creditor Party’s rights or remedies under such a provision or the
general law, only if the document is signed, or specifically agreed to by fax, by the Borrower, by the Agent on behalf of the Majority Lenders, by the Agent and the Security Trustee in their own rights, and, if the document relates to a Finance
Document to which a Security Party is party, by that Security Party. 
  

	27.2	Variations, waivers etc. requiring agreement of all Lenders 

 However, as regards the following, Clause 27.1 applies as if the words “by the Agent on behalf of the Majority Lenders” were replaced by the words “by or on behalf of every Lender and the
Swap Bank”: 
  

	(a)	a reduction in the Margin; 

  
 66 

	(b)	a postponement to the date for, or a reduction in the amount of, any payment of principal, interest, fees or other sum payable under this Agreement;

  

	(c)	an increase in any Lender’s Commitment; 

  

	(d)	a change to the definition of “Majority Lenders”; 

  

	(e)	a change to Clause 3 or this Clause 27; 

  

	(f)	any release of, or material variation to, a Security Interest, guarantee, indemnity or subordination arrangement set out in a Finance Document; and

  

	(g)	any other change or matter as regards which this Agreement or another Finance Document expressly provides that each Lender’s consent is required.

  

	27.3	Exclusion of other or implied variations 

 Except for a document which satisfies the requirements of Clauses 27.1 and 27.2, no document, and no act, course of conduct, failure or neglect to act, delay or acquiescence on the part of the Creditor
Parties or any of them (or any person acting on behalf of any of them) shall result in the Creditor Parties or any of them (or any person acting on behalf of any of them) being taken to have varied, waived, suspended or limited, or being precluded
(permanently or temporarily) from enforcing, relying on or exercising: 
  

	(a)	a provision of this Agreement or another Finance Document; or 

  

	(b)	an Event of Default; or 

  

	(c)	a breach by the Borrower or a Security Party of an obligation under a Finance Document or the general law; or 

 

	(d)	any right or remedy conferred by any Finance Document or by the general law, 

 and there shall not be implied into any Finance Document any term or condition requiring any such provision to be enforced, or such right or remedy to be exercised, within a certain or reasonable time.

  

	28	NOTICES 

  

	28.1	General 

 Unless otherwise
specifically provided, any notice under or in connection with any Finance Document shall be given by letter or fax and references in the Finance Documents to written notices, notices in writing and notices signed by particular persons shall be
construed accordingly. 
  

	28.2	Addresses for communications 

 A notice by letter of fax shall be sent: 
  

					
	(a)	  	to the Borrower:	  	c/o the Technical Manager
		  		  	1 Vassilisis Sofias &
		  		  	Megalou Alexandrou Street
		  		  	Marousi 151 24
		  		  	Greece
			
		  		  	Fax No: +30 210 8056441
			
	 	  	 	  	Attn: the Chief Financial Officer

  
 67 

					
	(b)	  	to a Lender:	  	At the address below its name in Schedule 1 or (as the case may be) in the relevant Transfer Certificate.
			
	(c)	  	to the Agent:	  	 Shipping Division
 93 Akti
Miaouli
 185 38 Piraeus

Greece
 Fax No: +30 210
4290268

			
		  		  	Attn: the Manager
			
	(d)	  	to the Security Trustee:	  	Shipping Division
		  		  	93 Akti Miaouli
		  		  	185 38 Piraeus
		  		  	Greece
		  		  	Fax No: +30 210 4290268
			
		  		  	Attn: the Manager
			
	(e)	  	to the Swap Bank:	  	Shipping Division
		  		  	93 Akti Miaouli
		  		  	185 38 Piraeus
		  		  	Greece
			
		  		  	Fax No: +30 210 4290268
			
		  		  	Attn: the Manager

 or to such other address as the relevant party may notify the Agent or, if the relevant party is the Agent
or the Security Trustee, the Borrower, the Lenders, the Swap Bank and the Security Parties. 
  

	28.3	Effective date of notices 

Subject to Clauses 28.4 and 28.5: 
  

	(a)	a notice which is delivered personally or posted shall be deemed to be served, and shall take effect, at the time when it is delivered; and 

 

	(b)	a notice which is sent by fax shall be deemed to be served, and shall take effect, 2 hours after its transmission is completed. 

 

	28.4	Service outside business hours 

 However, if under Clause 28.3 a notice would be deemed to be served: 
  

	(a)	on a day which is not a business day in the place of receipt; or 

  

	(b)	on such a business day, but after 5 p.m. local time, 

 the notice shall (subject to Clause 28.5) be deemed to be served, and shall take effect, at 9 a.m. on the next day which is such a business day. 

  
 68 

	28.5	Illegible notices 

Clauses 28.3 and 28.4 do not apply if the recipient of a notice notifies the sender within 1 hour after the time at which the notice would
otherwise be deemed to be served that the notice has been received in a form which is illegible in a material respect. 
  

	28.6	Valid notices 

 A notice
under or in connection with a Finance Document shall not be invalid by reason that its contents or the manner of serving it do not comply with the requirements of this Agreement or, where appropriate, any other Finance Document under which it is
served if: 
  

	(a)	the failure to serve it in accordance with the requirements of this Agreement or other Finance Document, as the case may be, has not caused any party to suffer any
significant loss or prejudice; or 

  

	(b)	in the case of incorrect and/or incomplete contents, it should have been reasonably clear to the party on which the notice was served what the correct or missing
particulars should have been. 

  

	28.7	Electronic communication 

Any communication to be made between the Agent and a Lender or the Swap Bank or the Borrower or any Security Party under or in connection
with the Finance Documents may be made by electronic mail or other electronic means, if the Agent and, in the case of a communication to a Creditor Party, the relevant Creditor Party: 

 

	(a)	agree that, unless and until notified to the contrary, this is to be an accepted form of communication; 

 

	(b)	notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means; and

  

	(c)	notify each other of any change to their respective addresses or any other such information supplied to them. 

Any electronic communication made between the Agent and a Lender or the Swap Bank will be effective only when actually received in
readable form and, in the case of any electronic communication made by a Creditor Party to the Agent, only if it is addressed in such a manner as the Agent shall specify for this purpose. 

 

	28.8	English language 

 Any
notice under or in connection with a Finance Document shall be in English. 
  

	28.9	Meaning of “notice” 

 In this Clause 28, “notice” includes any demand, consent, authorisation, approval, instruction, waiver or other communication. 

 

	29	SUPPLEMENTAL 

  

	29.1	Rights cumulative, non-exclusive 

 The rights and remedies which the Finance Documents give to each Creditor Party are: 
  

	(a)	cumulative; 

  
 69 

	(b)	may be exercised as often as appears expedient; and 

  

	(c)	shall not, unless a Finance Document explicitly and specifically states so, be taken to exclude or limit any right or remedy conferred by any law.

  

	29.2	Severability of provisions 

If any provision of a Finance Document is or subsequently becomes void, unenforceable or illegal, that shall not affect the validity,
enforceability or legality of the other provisions of that Finance Document or of the provisions of any other Finance Document. 
  

	29.3	Counterparts 

 A Finance
Document may be executed in any number of counterparts. 
  

	29.4	Third Party rights 

 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. 

 

	30	LAW AND JURISDICTION 

  

	30.1	English law 

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

	30.2	Exclusive English jurisdiction 

 Subject to Clause 30.3, the courts of England shall have exclusive jurisdiction to settle any Dispute. 
  

	30.3	Choice of forum for the exclusive benefit of the Creditor Parties 

 Clause 30.2 is for the exclusive benefit of the Creditor Parties, each of which reserves the right: 
  

	(a)	to commence proceedings in relation to any Dispute in the courts of any country other than England and which have or claim jurisdiction to that Dispute; and

  

	(b)	to commence such proceedings in the courts of any such country or countries concurrently with or in addition to proceedings in England or without commencing proceedings
in England. 

 The Borrower shall not commence any proceedings in any country other than England in relation to a
Dispute. 
  

	30.4	Process agent 

 The
Borrower irrevocably appoints Top Properties (London) Limited at its registered office for the time being, presently at 247 Gray’s Inn Road, WC1X 8QZ London, England to act as its agent to receive and accept on its behalf any process or other
document relating to any proceedings in the English courts which are connected with a Dispute. 

  
 70 

	30.5	Creditor Party rights unaffected 

 Nothing in this Clause 30 shall exclude or limit any right which any Creditor Party may have (whether under the law of any country, an international convention or otherwise) with regard to the bringing of
proceedings, the service of process, the recognition or enforcement of a judgment or any similar or related matter in any jurisdiction. 
  

	30.6	Meaning of “proceedings” and “Dispute” 

 In this Clause 30, “proceedings” means proceedings of any kind, including an application for a provisional or protective measure and a “Dispute” means any dispute arising
out of or in connection with this Agreement (including a dispute relating to the existence, validity or termination of this Agreement) or any non-contractual obligation arising out of or in connection with this Agreement. 

THIS AGREEMENT has been entered into on the date stated at the beginning of this Agreement. 

  
 71 

 SCHEDULE 1 
 LENDERS AND COMMITMENTS 
  

							
	Lender	  	Lending Office	  	Commitment	 
	 	  	 	  	(US Dollars)	 
			
	 ALPHA BANK A.E.
	  	 93 Akti Miaouli

185 38 Piraeus

Greece
	  	 	20,125,000	  

  
 72 

 SCHEDULE 2 
 DRAWDOWN NOTICE 
 To: [—] 

Attention: [Loans Administration] 

2014 
  

	1	We refer to the loan agreement (the “Loan Agreement”) dated      June 2014 and made between ourselves, as Borrower, the Lenders
referred to therein, and yourselves as Agent, Swap Bank and as Security Trustee in connection with a secured post-delivery term loan facility of up to US$20,125,000. Terms defined in the Loan Agreement have their defined meanings when used in this
Drawdown Notice. 

  

	2	We request to borrow as follows: 

  

	(a)	Amount: US$[—]; 

  

	(b)	Drawdown Date: [—]; 

  

	(c)	Duration of the first Interest Period shall be [—] months; and 

 

	(d)	Payment instructions: account of [—] and numbered
[—] with [—] of [—]. 

 

	3	We represent and warrant that: 

  

	(a)	the representations and warranties in Clause 10 of the Loan Agreement would remain true and not misleading if repeated on the date of this notice with reference to the
circumstances now existing; and 

  

	(b)	no Event of Default or Potential Event of Default has occurred or will result from the borrowing of the Loan. 

 

	4	This notice cannot be revoked without the prior consent of the Majority Lenders. 

 [Name of Signatory] 
  

					
		 	  
	 	
		 	for and on behalf of	 	
		 	MONTE CARLO 71 SHIPPING	 	
		 	COMPANY LIMITED	 	

  
 73 

 SCHEDULE 3 
 CONDITION PRECEDENT DOCUMENTS 
 PART A 

The following are the documents referred to in Clause 9.1(a). 
  

	1	A duly executed original of: 

  

	(a)	this Agreement; 

  

	(b)	the Master Agreement; 

  

	(c)	the Master Agreement Assignment; 

  

	(d)	the Corporate Guarantee; 

  

	(e)	the Earnings Account Pledge; 

  

	(f)	the Shares Pledge; and 

  

	(g)	the Agency and Trust Agreement, 

and of each document required to be delivered pursuant thereto. 

 

	2	Copies of the certificate of incorporation and constitutional documents of the Borrower, the Corporate Guarantor and any other Security Party and any company
registration documents in respect of the Borrower and any Security Party (including, without limitation, any corporate register excerpts) required by the Agent. 

 

	3	Copies of resolutions of the shareholders and directors of the Borrower and each Security Party authorising the execution of each of the Finance Documents to which each
is a party and, in the case of the Borrower, authorising named officers and attorneys in fact to give the Drawdown Notice and other notices under this Agreement and, ratifying the execution of the Bill of Sale. 

 

	4	The original of any power of attorney under which any Finance Document is executed on behalf of the Borrower, the Corporate Guarantor or any other Security Party.

  

	5	The originals of any mandates or other documents required in connection with the opening or operation of the Earnings Account. 

 

	6	Documentary evidence that the agent for service of process named in Clause 30 has accepted its appointment. 

 

	7	All documents required by the Agent in respect of the Borrower, the Corporate Guarantor and any other Security Parties to satisfy the Lenders’ “know your
customer” requirements. 

  

	8	Copies of all consents which the Borrower or any other Security Party requires to enter into, or make any payment under any Finance Document. 

 

	9	Favourable legal opinions from lawyers appointed by the Agent on such matters concerning the laws of the Republic of the Marshall Islands and such other relevant
jurisdictions as the Agent may require. 

  

	10	Copies of the Approved Charter and of all documents signed or issued by the Borrower and the Approved Charterer under or in connection with it.

  
 74 

	11	Evidence that the fees payable to the Agent pursuant to Clause 20.1 have been paid by the Borrower. 

 

	12	Such documentary evidence as the Agent and its legal advisers may reasonably require in relation to the due authorisation and execution of the Approved Charterer of the
Approved Charter and of all documents to be executed by the Approved Charterer thereunder. 

  

	13	If the Agent ender so requires, in respect of any of the documents referred to above, a certified English translation prepared by a translator approved by the Agent.

 PART B 
 The following are the documents referred to in Clause 9.1(d). 
  

	1	A duly executed original of each of, the Mortgage, the General Assignment, the Approved Charter Assignment (and of each document to be delivered pursuant to each of
them). 

  

	2	Documentary evidence that: 

  

	(a)	the Ship has been unconditionally delivered by the Seller, and accepted by, the Borrower, and the full contract price payable by the Borrower (in addition to the part,
if any, to be financed by the Loan) has been duly paid together with a copy of each of the documents delivered by the Seller to the Borrower (including but not limited to, the bill of sale, the commercial invoice and the protocol of delivery and
acceptance); 

  

	(b)	the Ship is provisionally, or as the case may be, permanently registered in the name of the Borrower under an Approved Flag; 

 

	(c)	the Ship is in the absolute and unencumbered ownership of the Borrower save as contemplated by the Finance Documents; 

 

	(d)	the Ship maintains the highest class with a classification society which is a member of IACS as the Agent may approve free of all recommendations and conditions of such
classification society; 

  

	(e)	the Mortgage has been duly registered or recorded against the Ship as a valid first preferred or, as the case may be, priority ship mortgage in accordance with the laws
of the applicable Approved Flag State; and 

  

	(f)	the Ship is insured in accordance with the provisions of this Agreement and all requirements therein in respect of insurances have been complied with.

  

	3	Documents establishing that the Ship will, as from the Drawdown Date, be managed by each Approved Manager on terms acceptable to the Lender, together with:

  

	(a)	each Approved Manager’s Letter of Undertaking duly executed by the relevant Approved Manager; and 

 

	(b)	copies of the Technical Manager’s Document of Compliance and of the Ship’s Safety Management Certificate (together with any other details of the applicable
safety management system which the Agent may requires). 

  

	4	One valuation of the Ship, addressed to the Agent, stated to be for the purposes of this Agreement and dated not earlier than 30 days before the Delivery Date and
prepared in accordance with Clause 15.3 which shows an average value for the Ship acceptable to the Agent. 

  
 75 

	5	Favourable legal opinions from lawyers appointed by the Agent on such matters concerning the law of the Marshall Islands or the Approved Flag State on which the Ship is
registered and such other relevant jurisdictions as the Agent may require. 

  

	6	A favourable opinion from an independent insurance consultant acceptable to the Agent on such matters relating to the insurances for the Ship as the Agent may require.

  

	7	Documentary evidence that the agent for service of process named in Clause 30 has accepted its appointment. 

 

	8	Evidence satisfactory to the Agent that the Borrower has complied with its obligations under pursuant to Clause 11.20. 

 

	9	If the Agent so requires, in respect of any of the documents referred to above, a certified English translation prepared by a translator approved by the Agent.

 Each of the documents specified in paragraphs 2, 3, 5 and 6 of Part A and every other copy document delivered under this
Schedule shall be certified as a true and up to date copy by a director or the secretary (or equivalent officer) of the Borrower. 

  
 76 

 SCHEDULE 4 
 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 respectively. 
  

	To:	[Name of Agent] for itself and for and on behalf of the Borrower, [each Security Party], [, the Security Trustee and each Lender, as defined in the Loan Agreement
referred to below. 

 [—] 

 

	1	This Certificate relates to a Loan Agreement (the “Loan Agreement”) dated [—] and made between
(1) (the “Borrower”), (2) the banks and financial institutions named therein, (3) [—] as Agent, Swap Bank and
(4) [—] as Security Trustee for a loan facility of up to US$[—]. 

 

	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 Borrower, [each Security Party], the Security Trustee and each Lender and the
Swap Bank; 
 “Transferor” means [full name] of [lending office]; and 

“Transferee” means [full name] of [lending office]. 

 

	3	The effective date of this Certificate is [—] Provided that this Certificate shall not come into effect
unless it is signed by the Agent on or before that date. 

  

	4	The Transferor assigns to the Transferee absolutely all rights and interests (present, future or contingent) which the Transferor has as Lender under or by virtue of
the Loan Agreement and every other Finance Document (other than the Master Agreement) in relation to [—] per cent. of its Contribution, which percentage represents $[—]. 

  

	5	By virtue of this Transfer Certificate and Clause 26 of the Loan Agreement, the Transferor is discharged [entirely from its Commitment which amounts to $[—]] [from [—] per cent. of its Commitment, which percentage represents $[—]] and the Transferee
acquires a Commitment of $[—]. 

  

	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 (other than the Master Agreement) which Clause 26 of the Loan Agreement provides will become binding on it upon this Certificate taking effect. 

  

	7	The Agent, at the request of the Transferee (which request is hereby made) accepts, for the Agent itself and for and on behalf of every other Relevant Party, this
Certificate as a Transfer Certificate taking effect in accordance with Clause 26 of the Loan Agreement. 

  

	8	The Transferor: 

  

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

  

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

  

	 	(ii)	this Certificate is valid and binding as regards the Transferor; 

  
 77 

	(b)	warrants to the Transferee that the Transferor 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 the Transferor 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 the Loan Agreement and each other Finance Document; 

 

	(b)	agrees that it will have no rights of recourse on any ground against either the Transferor, the Agent, the Security Trustee or any Lender or the Swap Bank in the event
that: 

  

	 	(i)	any of the Finance Documents prove to be invalid or ineffective, 

  

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

  

	 	(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 Borrower or Security Party under the Finance Documents; 

  

	(c)	agrees that it will have no rights of recourse on any ground against the Agent, the Security Trustee or any Lender 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 it needs to take or obtain in connection with
this transaction; and 

  

	 	(ii)	this Certificate is valid and binding as regards the Transferee; and 

  

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

 

	10	The Transferor and the Transferee each undertake with the Agent and the Security Trustee severally, on demand, fully to indemnify the Agent and/or the Security Trustee
in respect of any claim, proceeding, liability or expense (including all legal expenses) which they or either of them 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 or the Security Trustee’s own officers or employees. 

  

	11	The Transferee shall repay to the Transferor on demand so much of any sum paid by the Transferor under paragraph 10 as exceeds one-half of the amount demanded by the
Agent or the Security Trustee in respect of a claim, proceeding, liability or expense which was not reasonably foreseeable at the date of this Certificate; but nothing in this paragraph shall affect the liability of each of the Transferor and the
Transferee to the Agent or the Security Trustee for the full amount demanded by it. 

  

					
	[Name of Transferor]	 		 	[Name of Transferee]
			
	By:	 		 	By:
			
	Date:	 		 	Date:

  
 78 

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

  
 79 

 Administrative Details of Transferee 

Name of Transferee: 
 Lending Office:

 Contact Person 
 (Loan
Administration Department): 
 Telephone: 
 Fax: 
 Contact Person 
 (Credit Administration Department): 
 Telephone: 

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 Lender to ascertain whether any other documents are required for this purpose. 

  
 80 

 SCHEDULES 
 MANDATORY COST FORMULA 
  

	1	The Mandatory Cost is an addition to the interest rate to compensate Lenders for the cost of compliance with (a) the requirements of the Financial Services
Authority (or 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 a lending office in a Participating Member State will be the percentage notified by that Lender to the Agent. This
percentage will be certified by that Lender in its notice to the Agent to be its reasonable determination of the cost (expressed as a percentage of that Lender’s participation in the Loan made from that lending office) of complying with the
minimum reserve requirements of the European Central Bank in respect of loans made from that lending office. 

  

	4	The Additional Cost Rate for any Lender lending from a lending office in the United Kingdom will be calculated by the Agent as follows: 

 

							
		  	     E x 0.01    
	 	per cent. per annum	  	
		  	300	 	  	

 Where: 
  

	 	E	is designed to compensate Lenders for amounts payable under the Fees Rules and is calculated by the Agent as being the average of the most recent rates of charge
supplied by the Reference Bank to the Agent pursuant to paragraph 6 below and expressed in pounds per £1,000,000. 

  

	5	For the purposes of this Schedule: 

  

	(a)	“Eligible Liabilities” and “Special Deposits” have the meanings given to them from time to time under or pursuant to the Bank of
England Act 1998 or (as may be appropriate) by the Bank of England; 

  

	(b)	“Fees Rules” means the rules on 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; 

  

	(c)	“Fee Tariffs” means the fee tariffs specified in the Fees Rules under the activity group A.1 Deposit acceptors (ignoring any minimum fee or zero rated
fee required pursuant to the Fees Rules but taking into account any applicable discount rate); 

  

	(d)	“Participating Member State” means any member state of the European Union that adopts or has adopted the euro as its lawful currency in accordance with
legislation of the European Union relating to European Monetary Union; and 

  

	(e)	“Tariff Base” has the meaning given to it in, and will be calculated in accordance with, the Fees Rules. 

  
 81 

	6	If requested by the Agent, the Reference Bank shall, as soon as practicable after publication by the Financial Services Authority, supply to the Agent, the rate of
charge payable by the Reference Bank to the Financial Services Authority pursuant to the Fees Rules in respect of the relevant financial year of the Financial Services Authority (calculated for this purpose by the Reference Bank as being the average
of the Fee Tariffs applicable to the Reference Bank for that financial year) and expressed in pounds per £1,000,000 of the Tariff Base of the Reference Bank. 

 

	7	Each Lender shall supply any information required by the Agent for the purpose of calculating its Additional Cost Rate. In particular, but without limitation, each
Lender shall supply the following information in writing on or prior to the date on which it becomes a Lender: 

  

	(a)	the jurisdiction of its lending office; and 

  

	(b)	any other information that the Agent may reasonably require for such purpose. 

 Each Lender shall promptly notify the Agent in writing of any change to the information provided by it pursuant to this paragraph. 

 

	8	The rates of charge of the Reference Bank for the purpose of E above shall be determined by the Agent based upon the information supplied to it pursuant to paragraph 6
above and on the assumption that, unless a Lender notifies the Agent to the contrary, each Lender’s obligations in relation to cash ratio deposits and special Deposits are the same as those of a typical bank from its jurisdiction of
incorporation with a lending office in the same jurisdiction as its lending office. 

  

	9	The Agent shall have no liability to any person if such determination results in an Additional Cost Rate which over or under compensates any Lender and shall be
entitled to assume that the information provided by any Lender or the Reference Bank pursuant to paragraphs 3, 6 and 7 above is true and correct in all respects. 

 

	10	The Agent shall distribute the additional amounts received as a result of the Mandatory Cost to the Lenders on the basis of the Additional Cost Rate for each Lender
based on the information provided by each Lender and each Reference Bank pursuant to paragraphs 3, 6 and 7 above. 

  

	11	Any determination by the Agent pursuant to this Schedule in relation to a formula, the Mandatory Cost, an Additional Cost Rate or any amount payable to a Lender shall,
in the absence of manifest error, be conclusive and binding on all parties. 

 The Agent may from time to time, after consultation
with the Borrowers and the Lenders, determine and notify to all parties any amendments which are required to be made to this Schedule in order to comply with any change in law, regulation or any requirements from time to time imposed by the
Financial Services Authority or the European Central Bank (or, in any case, any other authority which replaces all or any of its functions) and any such determination shall, in the absence of manifest error, be conclusive and binding on all parties.

  
 82 

 SCHEDULE 6 
 DESIGNATION NOTICE 
 Alpha Bank A.E. 

93 Akti Miaouli 
 185 38 Piraeus 

Greece 

[0] 2014 
 Dear
Sirs 
 Loan Agreement dated [—] June 2014 made between (i) ourselves
as Borrower, (ii) the Lenders, and (iii) yourselves as Swap Bank, Agent and Security Trustee (the “Loan Agreement”). 

Words and expressions defined in the Loan Agreement shall be used in this Designation Notice. We refer to:- 

 

	1	The Loan Agreement; 

  

	2	the Master Agreement dated [—] June 2014 made between ourselves and the Swap Bank; and 

 

	3	a Confirmation delivered pursuant to the said Master Agreement dated [—] 2014 and addressed by the Swap Bank to us.

 In accordance with the terms of the Loan Agreement, we hereby give you notice of the said Confirmation and hereby confirm that
the Transaction evidenced by it will be designated as a “Designated Transaction” for the purposes of the Loan Agreement and the Finance Documents. 
 Yours faithfully, 
  

	
	  

	
	MONTE CARLO 71 SHIPPING COMPANY LIMITED

  
 83 

 SCHEDULE 7 
 FORM OF COMPLIANCE CERTIFICATE 
  

	To:	Alpha Bank A.E. 

 93 Akti Miaouli

 185 38 Piraeus 
 Greece 
  

			
	 [—]
	  	201[—]

 Dear Sirs, 
 We
refer to a loan agreement dated [—] June 2014 (the “Loan Agreement”) made between (amongst others) yourselves and ourselves in relation to a term loan facility of up to
$20,125,000. 
 Words and expressions defined in the Loan Agreement shall have the same meaning when used in this compliance certificate.

 The Borrowers represent that no Event of Default or Potential Event of Default has occurred as at the date of this certificate [except for
the following matter or event [set out all material details of matter or event]]. In addition as of [—], the Borrowers confirm compliance with the minimum liquidity
requirements set out in Clause 11.20 of the Loan Agreement and the security cover ratio set out in Clause 15.1 of the Loan Agreement on the date of this certificate 
 We now certify that, as at [—]: 
  

	(a)	the security cover ratio is 125 per cent or above; and 

  

	(b)	the average credit balances standing to the credit of the accounts pursuant to and in compliance with Clause 11.20 is $1,000,000 or above. 

This certificate shall be governed by, and construed in accordance with, English law. 

 

	
	  

	
	 for and on behalf of

MONTE CARLO 71 SHIPPING COMPANY LIMITED

  
 84 

 EXECUTION PAGES 

 

							
	BORROWER	  		  		  	
				
	SIGNED by	  	)	  		  	
	/s/ Andreas Louka	  	)	  		  	NADINE AKLEFI
	for and on behalf of	  	)	  		  	Solicitor
	MONTE CARLO 71	  	)	  		  	Watson, Farley & Williams
	SHIPPPING COMPANY LIMITED	  	)	  		  	348 Syngrou Avenue
	in the presence of:	  	)	  		  	
				
	LENDER	  		  		  	
				
	SIGNED by	  	)	  		  	
	 /s/ Konstantinos Flokos

/s/ Christina Aroni
	  	)	  		  	
	for and on behalf of	  	)	  		  	WATSON FARLEY & WILLAMS
	ALPHA BANK A.E.	  	)	  		  	348 Syngrou Avenue
	in the presence of	  	)	  		  	Kallithea 176-74
	/s/ Jessica Lever	  		  		  	Athens, Greece
	SWAP BANK	  		  		  	TRAINEE SOLICITOR
				
	SIGNED by	  	)	  		  	
	 /s/ Konstantinos Flokos

/s/ Christina Aroni
	  	)	  		  	
	for and on behalf of	  	)	  		  	WATSON FARLEY & WILLAMS
	ALPHA BANK A.E.	  	)	  		  	348 Syngrou Avenue
	in the presence of	  	)	  		  	Kallithea 176-74
	/s/ Jessica Lever	  		  		  	Athens, Greece
	AGENT	  		  		  	TRAINEE SOLICITOR
				
	SIGNED by	  	)	  		  	
	 /s/ Konstantinos Flokos

/s/ Christina Aroni
	  	)	  		  	
	for and on behalf of	  	)	  		  	WATSON FARLEY & WILLAMS
	ALPHA BANK A.E.	  	)	  		  	348 Syngrou Avenue
	in the presence of	  	)	  		  	Kallithea 176-74
	/s/ Jessica Lever	  		  		  	Athens, Greece
	SECURITY TRUSTEE	  		  		  	TRAINEE SOLICITOR
				
	SIGNED by	  	)	  		  	
	 /s/ Konstantinos Flokos

/s/ Christina Aroni
	  	)	  		  	
	for and on behalf of	  	)	  		  	WATSON FARLEY & WILLAMS
	ALPHA BANK A.E.	  	)	  		  	348 Syngrou Avenue
	in the presence of	  	)	  		  	Kallithea 176-74
	/s/ Jessica Lever	  		  		  	Athens, Greece
		  		  		  	TRAINEE SOLICITOREX-10.1

 Exhibit 10.1 
  

 
  

CREDIT AGREEMENT 
 Dated
as of [            ], 2014, 
 Among 

TRANSOCEAN PARTNERS LLC, 

as Borrower, 
 and

 TRANSOCEAN FINANCING GMBH, 

as Lenders 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	 ARTICLE 1 DEFINITIONS; INTERPRETATION
	  	 	1	  
	 Section 1.1
	 	Definitions	  	 	1	  
	 Section 1.2
	 	Time of Day	  	 	20	  
	 Section 1.3
	 	Terms Generally	  	 	20	  
	 Section 1.4
	 	Accounting Terms; GAAP	  	 	20	  
		
	 ARTICLE 2 THE CREDIT FACILITY
	  	 	21	  
	 Section 2.1
	 	Commitments for Revolving Loans	  	 	21	  
	 Section 2.2
	 	Types of Loans and Minimum Borrowing Amounts	  	 	21	  
	 Section 2.3
	 	Manner of Borrowings; Continuations and Conversions of Borrowings	  	 	21	  
	 Section 2.4
	 	Interest Periods	  	 	23	  
	 Section 2.5
	 	Funding of Loans	  	 	24	  
	 Section 2.6
	 	Applicable Interest Rates and Payments	  	 	24	  
	 Section 2.7
	 	Default Rate	  	 	24	  
	 Section 2.8
	 	Repayment of Loans; Evidence of Debt	  	 	25	  
	 Section 2.9
	 	Optional Prepayments	  	 	26	  
	 Section 2.10
	 	Mandatory Prepayments of Loans	  	 	26	  
	 Section 2.11
	 	Breakage Costs	  	 	26	  
	 Section 2.12
	 	Commitment Reductions and Terminations	  	 	27	  
	 Section 2.13
	 	Extensions of Commitment Termination Date	  	 	28	  
	 Section 2.14
	 	Increase in Commitment	  	 	28	  
		
	 ARTICLE 3 FEES AND PAYMENTS
	  	 	30	  
	 Section 3.1
	 	Fees	  	 	30	  
	 Section 3.2
	 	Place and Application of Payments	  	 	30	  
	 Section 3.3
	 	Withholding Taxes	  	 	31	  
		
	 ARTICLE 4 CONDITIONS PRECEDENT
	  	 	34	  
	 Section 4.1
	 	Conditions for Effectiveness	  	 	34	  
	 Section 4.2
	 	Conditions for All Borrowings	  	 	35	  
		
	 ARTICLE 5 REPRESENTATIONS AND WARRANTIES
	  	 	35	  
	 Section 5.1
	 	Corporate Organization	  	 	35	  
	 Section 5.2
	 	Power and Authority; Validity	  	 	36	  
	 Section 5.3
	 	No Violation	  	 	36	  
	 Section 5.4
	 	Litigation	  	 	36	  
	 Section 5.5
	 	Use of Proceeds; Margin Regulations	  	 	36	  
	 Section 5.6
	 	Investment Company Act	  	 	36	  
	 Section 5.7
	 	True and Complete Disclosure	  	 	37	  
	 Section 5.8
	 	Financial Statements	  	 	37	  
	 Section 5.9
	 	No Material Adverse Change	  	 	37	  
	 Section 5.10
	 	Taxes	  	 	37	  

  
 i 

							
	 Section 5.11
	 	Consents	  	 	37	  
	 Section 5.12
	 	Insurance	  	 	37	  
	 Section 5.13
	 	Intellectual Property	  	 	38	  
	 Section 5.14
	 	Ownership of Property	  	 	38	  
	 Section 5.15
	 	Employee Benefit Plans	  	 	38	  
	 Section 5.16
	 	Anti-Corruption Laws and Sanctions	  	 	39	  
	 Section 5.17
	 	Compliance with Certain Laws	  	 	39	  
	 Section 5.18
	 	Solvency	  	 	39	  
		
	 ARTICLE 6 COVENANTS
	  	 	39	  
	 Section 6.1
	 	Corporate Existence	  	 	39	  
	 Section 6.2
	 	Maintenance	  	 	40	  
	 Section 6.3
	 	Taxes	  	 	40	  
	 Section 6.4
	 	ERISA	  	 	40	  
	 Section 6.5
	 	Insurance	  	 	40	  
	 Section 6.6
	 	Financial Reports and Other Information	  	 	41	  
	 Section 6.7
	 	Lender Inspection Rights	  	 	43	  
	 Section 6.8
	 	Conduct of Business	  	 	43	  
	 Section 6.9
	 	Use of Proceeds; Margin Regulations; Borrower Activities	  	 	43	  
	 Section 6.10
	 	Restrictions on Fundamental Changes	  	 	44	  
	 Section 6.11
	 	Liens	  	 	44	  
	 Section 6.12
	 	Subsidiary Indebtedness	  	 	47	  
	 Section 6.13
	 	Use of Property and Facilities; Environmental Laws	  	 	48	  
	 Section 6.14
	 	Transactions with Affiliates	  	 	48	  
	 Section 6.15
	 	Sale and Leaseback Transactions	  	 	49	  
	 Section 6.16
	 	Compliance with Laws; Policies and Procedures	  	 	49	  
	 Section 6.17
	 	Maximum Leverage Ratio	  	 	49	  
		
	 ARTICLE 7 EVENTS OF DEFAULT AND REMEDIES
	  	 	49	  
	 Section 7.1
	 	Events of Default	  	 	49	  
	 Section 7.2
	 	Non-Bankruptcy Defaults	  	 	52	  
	 Section 7.3
	 	Bankruptcy Defaults	  	 	52	  
	 Section 7.4
	 	Expenses	  	 	52	  
	 Section 7.5
	 	Distribution and Application of Proceeds	  	 	52	  
		
	 ARTICLE 8 CHANGE IN CIRCUMSTANCES
	  	 	53	  
	 Section 8.1
	 	Illegality	  	 	53	  
	 Section 8.2
	 	Increased Costs and Reduced Return	  	 	53	  
	 Section 8.3
	 	Discretion of Lender as to Manner of Funding	  	 	55	  
		
	 ARTICLE 9 MISCELLANEOUS
	  	 	55	  
	 Section 9.1
	 	No Waiver	  	 	55	  
	 Section 9.2
	 	Non-Business Day	  	 	55	  
	 Section 9.3
	 	Documentary Taxes	  	 	55	  
	 Section 9.4
	 	Survival of Representations	  	 	55	  
	 Section 9.5
	 	Survival of Indemnities	  	 	56	  
	 Section 9.6
	 	Setoff; Sharing of Payments	  	 	56	  

  
 ii 

							
	 Section 9.7
	 	Notices	  	 	57	  
	 Section 9.8
	 	Counterparts	  	 	58	  
	 Section 9.9
	 	Successors and Assigns	  	 	58	  
	 Section 9.10
	 	Sales and Transfers of Borrowings and Notes; Participations	  	 	58	  
	 Section 9.11
	 	Amendments, Waivers and Consents	  	 	61	  
	 Section 9.12
	 	Headings	  	 	61	  
	 Section 9.13
	 	Legal Fees and Other Costs; Indemnification; Damages Waiver	  	 	61	  
	 Section 9.14
	 	Governing Law; Submission to Jurisdiction; Waiver of Jury Trial	  	 	63	  
	 Section 9.15
	 	Confidentiality	  	 	65	  
	 Section 9.16
	 	Effect of Inclusion of Exceptions	  	 	65	  
	 Section 9.17
	 	Severability	  	 	65	  
	 Section 9.18
	 	Change in Tax Laws	  	 	66	  
	 Section 9.19
	 	Final Agreement	  	 	66	  
	 Section 9.20
	 	Officer’s Certificates	  	 	66	  
	 Section 9.21
	 	No Fiduciary Duty	  	 	66	  

  
 iii 

 Exhibits: 
  

					
	Exhibit 2.3	  	-	  	Form of Borrowing Request
	Exhibit 2.8	  	-	  	Form of Master Note
	Exhibit 3.3-1	  	-	  	Form of Tax Compliance Certificate (Non-Partnership Lenders)
	Exhibit 3.3-2	  	-	  	Form of Tax Compliance Certificate (Non-Partnership Participants)
	Exhibit 3.3-3	  	-	  	Form of Tax Compliance Certificate (Partnership Participants)
	Exhibit 3.34	  	-	  	Form of Tax Compliance Certificate (Partnership Lenders)
	Exhibit 6.6	  	-	  	Form of Compliance Certificate
	Exhibit 6.12	  	-	  	Form of Subsidiary Guaranty
	Exhibit 9.10	  	-	  	Form of Assignment Agreement
			
	Schedules:	  		  	
			
	Schedule 1.1-C	  	-	  	Commitments
	Schedule 1.1-P	  	-	  	Pricing Grid

  
 iv 

 CREDIT AGREEMENT 

THIS CREDIT AGREEMENT (this “Agreement”), dated as of
            , 2014, between TRANSOCEAN PARTNERS LLC (the “Borrower”), a Marshall Islands limited liability company, and TRANSOCEAN FINANCING GMBH, a Swiss limited liability
company (the “Lenders”). 
 WITNESSETH: 

WHEREAS, the Borrower has requested that the Lenders establish a revolving credit facility in the aggregate principal amount of $300,000,000
(as such amount may increase or decrease in accordance with the terms hereof), pursuant to which, among other things, revolving loans may be made to the Borrower; and 

WHEREAS, the Lenders are willing to make such revolving credit facility available to the Borrower on the terms and subject to the conditions
and requirements hereinafter set forth; 
 NOW, THEREFORE, in consideration of the premises and of the mutual covenants herein contained,
the parties hereto agree as follows: 
 ARTICLE 1 DEFINITIONS; INTERPRETATION. 

Section 1.1 Definitions . Unless otherwise defined herein, the following terms shall have the following meanings,
which meanings shall be equally applicable to both the singular and plural forms of such terms: 
 “Acquisition Period”
means a period commencing with the date on which payment of the purchase price for a Specified Acquisition is made and ending on the earlier of (a) the last day of the fourth fiscal quarter following the fiscal quarter in which such payment is
made, and (b) the date on which the Borrower notifies the Lenders that it desires to end the Acquisition Period for such Specified Acquisition; provided, that (i) once any Acquisition Period is in effect, the next Acquisition Period
may not commence until the termination of such Acquisition Period then in effect and (ii) the Borrower may not terminate an Acquisition Period under clause (b) above unless, after giving effect to the termination of such Acquisition Period
(and before giving effect to any subsequent Acquisition Period), the Borrower shall be in compliance with Section 6.17 and no Default or Event of Default shall have occurred and be continuing. 

“Adjusted LIBOR” means, for any Eurocurrency Loan for any Interest Period, a rate per annum (expressed as a
percentage) determined in accordance with the following formula: 
  

							
	Adjusted LIBOR	 	=	 	LIBO Rate for such Interest Period	 	
		 		 	1.00 - Statutory Reserve Rate	 	

 “Affiliate” means, with respect to a specified Person, another Person that directly, or
indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person; provided, however, that, except for purposes of Section 6.14, the Borrower and its Subsidiaries shall not be deemed
to be Affiliates of Holdings and its Subsidiaries (other than the Borrower and its Subsidiaries) and that Holdings and its Subsidiaries (other than the Borrower and its Subsidiaries) shall not be deemed to be Affiliates of the Borrower and its
Subsidiaries. 

 “Agreement” means this Credit Agreement, as the same may be amended, restated
and supplemented from time to time. 
 “Alternate Base Rate” means, for any day (or, if such day is not a Business Day, the
next preceding Business Day), a rate per annum equal to the greatest of the then determinable of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 50 basis points (0.50%), and
(c) Adjusted LIBOR (for U.S. dollar borrowings) for a one month Interest Period commencing two Business Days thereafter, as appearing at approximately 11:00 a.m. London time on the Applicable Screen on such day plus 100 basis points (1.00%).
Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or Adjusted LIBOR shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate,
or Adjusted LIBOR, as the case may be. 
 “Anti-Corruption Laws” means all laws, rules and regulations of any jurisdiction
applicable to the Borrower and its Subsidiaries from time to time concerning or relating to bribery, money laundering, or corruption, including, without limitation, the United States Foreign Corrupt Practices Act of 1977, as amended from time to
time, and the United Kingdom’s Bribery Act 2010, as amended from time to time. 
 “Applicable Commitment Fee Rate”
means, for any day, based on the Leverage Ratio as of the most recent date of determination as provided herein, the applicable percentage per annum for the commitment fee payable pursuant to Section 3.1(a) for such Leverage Ratio as shown on
the Pricing Grid. 
 “Applicable Margin” means, for any day, (i) for Eurocurrency Loans, the applicable percentage per
annum appearing as the “Applicable Margin for Eurocurrency Borrowings” set forth in the Pricing Grid based on the Leverage Ratio as of the most recent date of determination as provided herein, and (ii) for Base Rate Loans, the
applicable percentage per annum appearing as the “Applicable Margin for Base Rate Borrowings” set forth in the Pricing Grid based on the Leverage Ratio as of the most recent date of determination as provided herein. 

“Applicable Percentage” means, at any time for each Lender, the percentage of the total Commitments of all Lenders then in
effect represented at such time by such Lender’s Commitment; provided, that if the Commitments are terminated, each Lender’s Applicable Percentage shall be calculated based on such Lender’s pro rata share of the total Revolving
Loans then outstanding or, if no Revolving Loans are then outstanding, its Commitment in effect immediately before such termination, subject to (x) any assignments by such Lender of its Obligations pursuant to Section 9.10(a) or
Section 2.13, and (y) any reallocations of Commitments and Revolving Loans pursuant to Section 2.14(e). 
 “Assignment
Agreement” means an agreement in substantially the form of Exhibit 9.10 (or such other form as may be approved by the parties hereto) whereby a Lender conveys part or all of its Commitment and Revolving Loans to another Person that
is, or thereupon becomes, a Lender, or to another Lender that increases its Commitments and outstanding Revolving Loans, pursuant to Section 9.10. 

“Assumption Agreement” has the meaning ascribed to such term in Section 2.14(d). 

“Bankruptcy Event” means, with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency
proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person appointed for it charged with the reorganization, receivership, custodianship, or liquidation of its business
or properties or, in the good faith determination of any Lender, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment. 

  
 2 

 “Base Rate Borrowing” means a Borrowing of Base Rate Loans made pursuant to a
Borrowing Request as provided in Section 2.3(a) or converted from an outstanding Eurocurrency Borrowing or Borrowings pursuant to Section 2.3(b) or Section 8.1(b). 

“Base Rate Loan” means a Revolving Loan bearing interest prior to maturity at the rate specified in Section 2.6(a). 

“Borrower” means Transocean Partners LLC, a Marshall Islands limited liability company. 

“Borrowing” means any extension of credit of the same Type made by the Lenders on the same date by way of Revolving Loans
having a single Interest Period, including any Borrowing advanced, continued or converted. A Borrowing is “advanced” on the day the Lenders advance funds comprising such Borrowing to the Borrower, is “continued” (in
the case of Eurocurrency Loans) on the date a new Interest Period commences for such Borrowing, and is “converted” (in the case of Eurocurrency Loans) when such Borrowing is changed from one Type of Revolving Loan to the other, all
as requested by the Borrower pursuant to Section 2.3. 
 “Borrowing Multiple” means, for any Borrowing, $500,000. 

“Borrowing Request” has the meaning ascribed to such term in Section 2.3(a). 

“Business Day” means any day other than a Saturday or Sunday on which banks are not authorized or required to close in New
York, New York and, if the applicable Business Day relates to the advance or continuation of, conversion into, or payment on a Eurocurrency Borrowing, any day other than a Saturday or Sunday on which banks are dealing in Dollar deposits in the
applicable interbank eurocurrency market in London, England. 
 “Calculation Date” means the last Business Day of each
calendar quarter. 
 “Capitalized Lease Obligations” means, for any Person, the aggregate amount of such Person’s
liabilities under all leases of real or personal property (or any combination thereof or interest therein) which is required to be capitalized on the balance sheet of such Person as determined in accordance with GAAP. Notwithstanding anything to the
contrary in this Agreement or any other Credit Document, for purposes of calculating Capitalized Lease Obligations pursuant to the terms of this Agreement or any other Credit Document, GAAP will be deemed to treat leases that would have been
classified as operating leases in accordance with generally accepted accounting principles in the United States of America as in effect on December 31, 2013 in a manner consistent with the treatment of such leases under generally accepted
accounting principles in the United States of America as in effect on December 31, 2013, notwithstanding any modifications or interpretive changes thereto that may occur thereafter. 

“Cash Equivalents” means (i) securities issued or directly and fully guaranteed or insured by the United States of
America or any agency or instrumentality thereof having maturities of not more than twelve (12) months from the date of acquisition, (ii) time deposits and certificates of deposits maturing within one year from the date of acquisition
thereof or repurchase agreements with financial institutions whose short-term unsecured debt rating is A or above as obtained from either S&P or Moody’s, (iii) 

  
 3 

 
commercial paper or Eurocommercial paper with a rating of at least A-1 by S&P or at least P-1 by Moody’s,
with maturities of not more than twelve (12) months from the date of acquisition, (iv) repurchase obligations entered into with any Person whose short-term senior unsecured debt rating from S&P is at least A-1 or from Moody’s is
at least P-1, which are secured by a fully perfected security interest in any obligation of the type described in (i) above and have a market value at the time such repurchase is entered into of not less than 100% of the repurchase obligation
of such Person thereunder, (v) marketable direct obligations issued by any state of the United States of America or any political subdivision of any such state or any public instrumentality thereof maturing within twelve (12) months from
the date of acquisition thereof or providing for the resetting of the interest rate applicable thereto not less often than annually and, at the time of acquisition, having one of the two highest ratings obtainable from either S&P or
Moody’s, and (vi) money market funds which have at least $1,000,000,000 in assets and which invest primarily in securities of the types described in clauses (i) through (v) above. 

“Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or
taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or
issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and
Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel
Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the
date enacted, adopted or issued. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 

“Commitment” means, relative to any Lender, such Lender’s obligations to make Revolving Loans pursuant to
Section 2.1, initially in the amount and percentage set forth on Schedule 1.1-C hereto, or pursuant to Section 9.10, as such obligations may be reduced or increased from time to time as expressly provided pursuant to this Agreement.

 “Commitment Date” has the meaning ascribed to such term in Section 2.14(b). 

“Commitment Increase” has the meaning ascribed to such term in Section 2.14(a). 

“Commitment Termination Date” means the earliest of (i) the fifth anniversary of the Effective Date, subject to the
extension thereof pursuant to Section 2.13, (ii) the date on which the Commitment is terminated in full or reduced to zero pursuant to Section 2.12, and (iii) the occurrence of any Event of Default described in
Section 7.1(f) or (g) with respect to the Borrower, or the occurrence and continuance of any other Event of Default and either (x) the declaration of the Revolving Loans to be due and payable pursuant to Section 7.2, or
(y) in the absence of such declaration, the giving of written notice by the Required Lenders to the Borrower pursuant to Section 7.2 that the Commitment has been terminated. 

“Completion” means, with respect to any Material Project, that construction, refurbishment or such other improvement of the
relevant Vessel has been completed and such Vessel has been delivered to a charter party pursuant to a Satisfactory Drilling Contract. 

  
 4 

 “Compliance Certificate” means a certificate in the form of Exhibit 6.6.

 “Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however
denominated) or that are franchise Taxes or branch profits Taxes. 
 “Consolidated Affiliates” means those Affiliates of
the Borrower that are not Subsidiaries of the Borrower, but are variable interest entities whose accounts are consolidated with those of the Borrower under GAAP. 

“Consolidated Group” means, collectively, the Borrower and its Subsidiaries and Consolidated Affiliates. Each Person that is
the Borrower or a Subsidiary or Consolidated Affiliate thereof included in the Consolidated Group at any time is referred to herein as a “Member of the Consolidated Group.” 

“Consolidated Net Assets” means, as of any date of determination, an amount equal to the aggregate book value of the assets
of the Consolidated Group and, to the extent of the equity interest of the Consolidated Group therein, SPVs at such time, minus the current liabilities of the Consolidated Group, all as determined on a consolidated basis in accordance with
GAAP based on the most recent quarterly or annual consolidated financial statements referred to in Section 5.8 or delivered (or publicly filed) as provided in Section 6.6(a), as the case may be. 

“Consolidated Net Income” means, for any period, the consolidated net income (or loss) of the Consolidated Group, determined
on a consolidated basis in accordance with GAAP; provided that there shall be excluded (a) the income (or deficit) of any Person accrued prior to the date it becomes a Subsidiary or is merged into or consolidated with the Borrower or any
of its Subsidiaries, (b) the income (or deficit) of any Person (other than a Subsidiary of the Borrower) in which the Borrower or any of its Subsidiaries has an ownership interest, except to the extent that any such income is actually received
by the Borrower or such Subsidiary in the form of dividends or similar distributions and (c) the undistributed earnings of any Subsidiary to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary is
not at the time permitted by the terms of any contractual obligation (other than under any Credit Document) or requirement of law applicable to such Subsidiary. 

“Consolidated Tangible Net Worth” means, as of any date of determination, consolidated shareholders equity of the
Consolidated Group determined in accordance with GAAP (excluding the effect on shareholders equity of cumulative foreign exchange translation adjustments) less the net book amount of all assets of the Consolidated Group that would be
classified as intangible assets on the consolidated balance sheet of the Consolidated Group as of such date prepared in accordance with GAAP. For purposes of this definition, SPVs shall be accounted for pursuant to the equity method of accounting.

 “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

“Credit Documents” means (i) this Agreement, (ii) the Notes and (iii) any Subsidiary Guaranties in effect from
time to time. 
 “Currency Rate Protection Agreement” means any foreign currency exchange and future agreements,
arrangements and options designed to protect against fluctuations in currency exchange rates. 
 “Declining Lender” has the
meaning ascribed to such term in Section 2.13. 

  
 5 

 “Default” means any event or condition the occurrence of which would, with the
passage of time or the giving of notice, or both, constitute an Event of Default. 
 “Disclosed Matters” has the meaning
ascribed to such term in Section 5.4. 
 “Dollar” and “U.S. Dollar” and the sign “$” mean
lawful money of the United States of America. 
 “Dollar Equivalent” means, on any date of determination (i) with
respect to any amount in Dollars, such amount, and (ii) with respect to any amount in any currency other than U.S. Dollars, the equivalent in Dollars of such amount 

“EBITDA” means Consolidated Net Income plus, without duplication, to the extent deducted in determining
Consolidated Net Income, (a) Interest Expense, (b) Income Taxes and franchise tax expense, (c) depreciation expense, (d) amortization expense (including amortization of intangibles), (e) other non-cash charges,
(f) extraordinary non-cash losses, and (g) transaction fees, charges and other amounts related to the TP LLC Formation Transactions (including any financing fees, legal fees and expenses, due diligence fees or any other fees and expenses
in connection therewith) to the extent paid within six (6) months of the Effective Date, minus, to the extent included in determining Consolidated Net Income, extraordinary gains and losses and other non-cash items which would increase
or decrease Consolidated Net Income, all calculated on a consolidated basis in accordance with GAAP; provided, however, that EBITDA for a given period may, at the Borrower’s option, be adjusted to include (without duplication) the
amount of all applicable Material Project EBITDA Adjustments in respect of all Material Projects then in effect, provided that such aggregate amount of such Material Project EBITDA Adjustment shall not exceed 20% of EBITDA for any such period
calculated without including any Material Project EBITDA Adjustments. 
 For purposes of this definition, and without duplication of any
Material Project EBITDA Adjustments, Consolidated Net Income and EBITDA shall be calculated after giving effect on a pro forma basis (including the pro forma effect of (x) any expense or cost reductions that have occurred or, in the reasonable
judgment of the Borrower, are reasonably expected to occur and (y) the expected income, based on current market rates, from any Vessel Acquisition (regardless of whether these operating improvements, cost savings or expected income could then
be reflected in pro forma financial statements prepared in accordance with Regulation S-X under the Securities Act or any other regulation or policy of the SEC related thereto)) for the period of such calculation to: 

(1) the incurrence of any Indebtedness by the Borrower or any Subsidiary (and the application of the proceeds thereof) and any repayment,
repurchase, retirement, extinguishment or redemption of other Indebtedness (and the application of the proceeds therefrom) (other than the incurrence or repayment of Indebtedness in the ordinary course of business for working capital purposes
pursuant to any revolving credit arrangement) occurring during the applicable test period or at any time subsequent to the last day of the applicable test period and on or prior to the test date, as if such incurrence, repayment, repurchase,
retirement, extinguishment, issuance or redemption, as the case may be (and the application of the proceeds thereof), occurred on the first day of the test period; and 

(2) any Specified Acquisition, Vessel Acquisition or Vessel Sale, including any EBITDA attributable to such Specified Acquisition, Vessel
Acquisition or Vessel Sale occurring during the test period or at any time subsequent to the last day of the test period and on or prior to the test date), as if such Specified Acquisition, Vessel Acquisition or Vessel Sale (including the incurrence
of, or assumption or liability for, any Indebtedness incurred in connection therewith) occurred on the first day of the test period (and without regard to clause (a) of the definition of Consolidated Net Income). 

  
 6 

 “Effective Date” means the date on which this Agreement shall become effective
in accordance with Section 4.1. 
 “Electronic System” means any electronic system, including e-mail, e-fax, Intralinks®, ClearPar®, Debtdomain®, SyndTrak® and any other internet or extranet-based site, whether such electronic system is owned, operated or hosted by any Lender or any
of its Related Parties or any other Persons, providing for access to data protected by passcodes or other security system. 

“Eligible Assignee” means any Person that meets the requirements to be an assignee pursuant to Section 9.10(a) (subject
to such consents, if any, as may be required pursuant to Section 9.10(a)(iii)). 
 “Environmental Claims” means any and all
administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of non-compliance or violation, investigations or proceedings relating to any Environmental Law
(“Claims”) or any permit issued under any Environmental Law, including, without limitation, (i) any and all Claims by governmental or regulatory authorities for enforcement, cleanup, removal, response, remedial or other actions
or damages pursuant to any applicable Environmental Law, and (ii) any and all Claims by any third party seeking damages, contribution, indemnification, cost recovery, compensation or injunctive relief resulting from Hazardous Materials or
arising from alleged injury or threat of injury to the environment. 
 “Environmental Law” means any federal, state or
local statute, law, rule, regulation, ordinance, code, policy or rule of common law now or hereafter in effect, including any judicial or administrative order, consent, decree or judgment, relating to pollution or protection of the environment,
health, safety or natural resources, in each case, relating to the use, handling, transportation, treatment, storage, disposal, release or discharge of any Hazardous Materials. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any successor thereto.

 “ERISA Affiliate” means, any trade or business (whether or not incorporated) that, together with the Borrower, is
treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code. 

“ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or the
regulations issued thereunder with respect to a Plan (other than an event for which the 30 day notice period is waived); (b) the existence with respect to any Plan of any “unpaid minimum required contribution” or
“accumulated funding deficiency” (as defined or otherwise set forth in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412 of the Code or
Section 303 of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the
termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans under Section 4041(c) of ERISA or to appoint a
trustee to administer any Plan under Section 4042(b) of ERISA; (f) the incurrence by the Borrower or any of its ERISA Affiliates of any 

  
 7 

 
liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by
any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability, or stating that a Multiemployer Plan is in endangered or critical status under Section 305 of ERISA, or a
determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA. 

“Eurocurrency”, when used in reference to any Revolving Loan or Borrowing, means such Revolving Loan, or the Revolving Loans
comprising such Borrowing, shall bear interest at a rate determined by reference to Adjusted LIBOR and the Applicable Margin. 

“Eurocurrency Borrowing” means a Borrowing of Eurocurrency Loans made pursuant to a Borrowing Request as provided in
Section 2.3(a) or continued as Eurocurrency Loans or converted to Eurocurrency Loans from Base Rate Loans pursuant to Section 2.3(b). 

“Eurocurrency Loan” means a Revolving Loan bearing interest before maturity at the rate specified in Section 2.6(b). 

“Event of Default” means any of the events or circumstances specified in Section 7.1. 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or
deducted from a payment to a Recipient: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws
of, or having its principal office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on
amounts payable to or for the account of such Lender with respect to an interest in a Revolving Loan or Commitment pursuant to a law in effect on the date on which such Lender becomes a party hereto, (c) Taxes attributable to such
Recipient’s failure to comply with Section 3.3(f), and (d) any U.S. federal withholding Taxes imposed under FATCA. 

“Extending Lender” has the meaning ascribed to such term in Section 2.13. 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version
that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b)(1) of the Code, any
intergovernmental agreement entered into in connection with such sections of the Code and any legislation, law, regulation or practice enacted or promulgated pursuant to such intergovernmental agreement. 

“Federal Funds Effective Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the nearest 1/100
of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is
not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the nearest 1/100 of 1%) of the quotations for such day for such transactions received by the Lenders from three Federal funds brokers of recognized
standing selected by it. 

  
 8 

 “Foreign Lender” means (a) if the Borrower is a U.S. Person, a Lender that
is not a U.S. Person, and (b) if the Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes. 

“Foreign Plan” means any pension, profit sharing, deferred compensation, or other employee benefit plan, program or
arrangement maintained by the Borrower or any non-U.S. Subsidiary of the Borrower, but shall not include any benefit provided by a foreign government or its agencies. 

“GAAP” means generally accepted accounting principles from time to time in effect as set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and the statements and pronouncements of the Financial Accounting Standards Board or in such other statements, opinions and pronouncements by
such other entity as may be approved by a significant segment of the U.S. accounting profession, including, as applicable, the International Financial Reporting Standards. 

“Governmental Authority” means the government of the United States of America, any other nation, or any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining
to government (including any supranational bodies such as the European Union or the European Central Bank). 
 “Guarantor”
means any Subsidiary of the Borrower required to execute and deliver a Subsidiary Guaranty hereunder as provided in Section 6.12(j), in each case unless and until the relevant Subsidiary Guaranty is terminated as provided in Section 6.12(j).

 “Guaranty” by any Person means all contractual obligations (other than endorsements in the ordinary course of business
of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business) of such Person guaranteeing any Indebtedness of any other Person (the “primary obligor”) in any manner, whether
directly or indirectly, including, without limitation, all obligations incurred through an agreement, contingent or otherwise, by such Person: (i) to purchase such Indebtedness or to purchase any property or assets constituting security
therefor, primarily for the purpose of assuring the owner of such Indebtedness of the ability of the primary obligor to make payment of such Indebtedness; or (ii) to advance or supply funds (x) for the purchase or payment of such
Indebtedness, or (y) to maintain working capital or other balance sheet condition, or otherwise to advance or make available funds for the purchase or payment of such Indebtedness, in each case primarily for the purpose of assuring the owner of
such Indebtedness of the ability of the primary obligor to make payment of such Indebtedness; or (iii) to lease property, or to purchase securities or other property or services, of the primary obligor, primarily for the purpose of assuring the
owner of such Indebtedness of the ability of the primary obligor to make payment of such Indebtedness; or (iv) otherwise to assure the owner of such Indebtedness of the primary obligor against loss in respect thereof. For the purpose of all
computations made under this Agreement, the amount of a Guaranty in respect of any Indebtedness shall be deemed to be equal to the amount that would apply if such Indebtedness was the direct obligation of such Person rather than the primary obligor
or, if less, the maximum aggregate potential liability of such Person under the terms of the Guaranty. 
 “Hazardous
Material” has the meaning ascribed to such term in the Comprehensive Environmental Response Compensation and Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization Acts of 1986, and shall also include petroleum,
including crude oil or 

  
 9 

 
any fraction thereof, petroleum distillates, asbestos and asbestos containing materials, polychlorinated biphenyls or any other substance defined as “hazardous” or
“toxic” or words with similar meaning and effect under any Environmental Law applicable to the Borrower or other Members of the Consolidated Group. 

“Highest Lawful Rate” means the maximum nonusurious interest rate, if any, that any time or from time to time may be
contracted for, taken, reserved, charged or received on any Loans, under laws applicable to any of the Lenders which are presently in effect or, to the extent allowed by applicable law, under such laws which may hereafter be in effect and which
allow a higher maximum nonusurious interest rate than applicable laws now allow. Determination of the rate of interest for the purpose of determining whether any Loans are usurious under all applicable laws shall be made by amortizing, prorating,
allocating, and spreading, in equal parts during the period of the full stated term of the Loans, all interest at any time contracted for, taken, reserved, charged or received from the Borrower in connection with the Loans. 

“Holdings” means Transocean Ltd., a Swiss corporation registered in Zug, Switzerland. 

“Impacted Interest Period” has the meaning ascribed to such term in the definition herein of “LIBO Rate.”

 “Income Taxes” means, with reference to any period, all foreign, federal, state and local income tax expense imposed by
any Governmental Authority on the income of the Consolidated Group, calculated on a consolidated basis for such period. 
 “Increase
Date” has the meaning ascribed to such term in Section 2.14(a). 
 “Increasing Lender” has the meaning ascribed to
such term in Section 2.14(b). 
 “Indebtedness” means, for any Person, the following obligations of such Person, without
duplication: (i) obligations of such Person for borrowed money; (ii) obligations of such Person representing the deferred purchase price of property or services other than accounts payable and accrued liabilities arising in the ordinary
course of business and other than amounts which are being contested in good faith and for which reserves in conformity with GAAP have been provided; (iii) obligations of such Person evidenced by bonds, notes, bankers acceptances, debentures or
other similar instruments of such Person, or obligations of such Person arising, whether absolute or contingent, out of letters of credit issued for such Person’s account or pursuant to such Person’s application securing Indebtedness;
(iv) obligations of other Persons, whether or not assumed, secured by Liens (other than Permitted Liens) upon property or payable out of the proceeds or production from property now or hereafter owned or acquired by such Person, but only to the
extent of such property’s fair market value; (v) Capitalized Lease Obligations of such Person; (vi) obligations under Interest Rate Protection Agreements and Currency Rate Protection Agreements; and (vii) obligations of such
Person pursuant to a Guaranty of any of the foregoing obligations of another Person; provided, however, Indebtedness shall exclude (x) Non-recourse Debt, and (y) any Indebtedness attributable to the mark-to-market treatment of
obligations of the type described in clause (vi) in the definition of Indebtedness and any actual fair value adjustment arising from any Interest Rate Protection Agreements and Currency Rate Protection Agreements that have not been cancelled or
otherwise terminated before their scheduled expiration, in each case in respect of Interest Rate Protection Agreements and Currency Rate Protection Agreements entered into in the ordinary course of business and not for investment or speculative
purposes. For purposes of this Agreement, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture to the extent such Indebtedness is recourse to such Person. 

  
 10 

 “Indemnified Parties” has the meaning ascribed to such term in Section 9.13(b).

 “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by
or on account of any Loan Party under any Credit Document and (b) to the extent not otherwise described in the preceding clause (a), Other Taxes. 

“Information” has the meaning ascribed to such term in Section 9.15. 

“Interest Expense” means, with reference to any period, the net cash interest expense of the Consolidated Group calculated on
a consolidated basis for such period. 
 “Interest Payment Date” means (a) with respect to any Base Rate Loan, the
last day of each March, June, September and December and (b) with respect to any Eurocurrency Loan, the last day of the Interest Period applicable to the Borrowing of which such Eurocurrency Loan is a part and, in the case of a Eurocurrency
Borrowing with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period. 

“Interest Period” means with respect to any Eurocurrency Borrowing, the period commencing on the date of such Borrowing and
ending on the numerically corresponding day in the calendar month that is one, two, three or six months thereafter (or with the consent of each Lender making a Eurocurrency Loan as part of such Borrowing, any other period), in each case as the
Borrower may elect, subject to Section 2.4. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of
such Borrowing. 
 “Interest Rate Protection Agreement” means any interest rate swap, interest rate cap, interest rate
collar, or other interest rate hedging agreement or arrangement designed to protect against fluctuations in interest rates. 

“Interpolated Rate” means, at any time, for any Interest Period, the rate per annum (rounded to the same number of
decimal places as the LIBO Screen Rate) determined by the Lenders (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the LIBO Screen
Rate for the longest period for which the LIBO Screen Rate is available for Dollars that is shorter than the Impacted Interest Period; and (b) the LIBO Screen Rate for the shortest period for which the LIBO Screen Rate is available for Dollars
that exceeds the Impacted Interest Period, in each case, at such time. 
 “Investment Grade Rating” means the long-term
senior unsecured publicly held debt rating or corporate credit rating of a Person equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P. 

“IRS” means the United States Internal Revenue Service. 

“Lender” means each Person signing this Agreement as a “Lender” and having a Commitment as set forth on
Schedule 1.1-C, and any other Person that shall have become a party hereto pursuant to an Assignment Agreement or an Assumption Agreement, other than any such Person that ceases to be a party hereto
pursuant to an Assignment Agreement. 

  
 11 

 “Lender’s Account” means the account of each Lender designated in writing
from time to time by such Lender to the Borrower for such purpose. 
 “Lender Parties” has the meaning ascribed to such
term in Section 9.21. 
 “Leverage Ratio” means, as of any date of determination, the ratio of (i) Net Funded Debt on
such date to (ii) EBITDA for the four (4) consecutive fiscal quarters ending on or immediately prior to such date for which financial statements have been delivered to the Lenders pursuant to this Agreement; provided that, except as
otherwise agreed by the Borrower and the Lenders, for the first three full fiscal quarters ending after the Effective Date, EBITDA shall be calculated as follows: 

(a) EBITDA for the four-fiscal quarter period ending
[                    ]1 shall be equal to EBITDA for such fiscal quarter, multiplied by four;

 (b) EBITDA for the four-fiscal quarter period ending
[                    ]2 shall be equal to EBITDA for the two fiscal quarter period then ended,
multiplied by two; and 
 (c) EBITDA for the four-fiscal quarter period ending
[                    ]3 shall be equal to EBITDA for the three fiscal quarter period then ended,
multiplied by 4/3. 
 “LIBO Rate” means, with respect to any Eurocurrency Borrowing, for any Interest Period, except as
otherwise agreed by the Lenders and the Borrower, the London interbank offered rate for a period equal in length to such Interest Period as published by The Wall Street Journal (or, in the event such rate is not published by The Wall Street Journal,
as published by such other publicly available service that publishes such rate from time to time as selected by the Lenders in their reasonable discretion) (in each case, the “LIBO Screen Rate”) at approximately 11:00 A.M. (London
time) two (2) Business Days prior to the first day of such Interest Period, provided, that if the LIBO Screen Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement, and provided,
further, if the LIBO Screen Rate shall not be available at such time for such Interest Period (an “Impacted Interest Period”), the LIBO Rate for such Eurocurrency Borrowing shall be the Interpolated Rate, provided, that
if any Interpolated Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 
 “LIBO
Screen Rate” has the meaning ascribed to such term in the definition herein of “LIBO Rate.” 

“Lien” means any interest in any property or asset in favor of a Person other than the owner of such property or asset and
securing an obligation owed to, or a claim by, such Person, whether such interest is based on the common law, statute or contract, including, but not limited to, the security interest lien arising from a mortgage, encumbrance, pledge, conditional
sale, security agreement or trust receipt, or a lease (including a capital lease), consignment or bailment for security purposes. 
  

	1 	Insert last day of first full fiscal quarter ending after the Effective Date. 

	2 	Insert last day of second full fiscal quarter ending after the Effective Date. 

	3 	Insert last day of third full fiscal quarter ending after the Effective Date. 

  
 12 

 “Loan” means (i) a Base Rate Loan or (ii) a Eurocurrency Loan, as the
case may be, and “Loans” means two or more of any such Loans. 
 “Loan Party” means each of (i) the
Borrower and (ii) any Subsidiary that has executed and delivered a Subsidiary Guaranty as provided in Section 6.12(j), in each case unless and until the relevant Subsidiary Guaranty is terminated as provided in Section 6.12(j). 

“Material Adverse Effect” means a material adverse effect on (i) the business, assets, financial condition or results of
operations of the Borrower and other Members of the Consolidated Group, taken as a whole, (ii) the Borrower’s ability to perform any of its payment obligations under this Agreement or the other Credit Documents, or (iii) the rights
and remedies of the Lenders under the Credit Documents. 
 “Material Indebtedness” has the meaning ascribed to such term in
Section 7.1(e). 
 “Material Plan” has the meaning ascribed to such term in Section 7.1(i). 

“Material Project” means (a) the construction of any Vessel or (b) any refurbishment, refitting, redesign or
other material improvement to an existing Vessel for which the aggregate capital cost to the Borrower and its Subsidiaries exceeds $50,000,000. 

“Material Project EBITDA Adjustment” means, with respect to any Material Project: 

(a) if the scheduled date of Completion will occur in the next twelve months, EBITDA of the Borrower may, at the Borrower’s option, be
adjusted to include in the current fiscal quarter an amount equal to the amount (determined in good faith by the Borrower based on the then-current completion percentage of such Material Project) of the projected EBITDA of the Borrower attributable
to such Material Project for the first 12-month period following the scheduled Completion of such Material Project (such amount to be determined based on the relevant Satisfactory Drilling Contract); provided that if actual Completion does
not occur by the scheduled date for Completion, the foregoing amount shall be reduced, for quarters ending after the scheduled date for Completion to (but excluding) the first full quarter in which the actual date of Completion occurs, by the
following percentage amounts depending on the period of delay (based on the actual period of delay or then-estimated delay, whichever is longer): (i) 90 days or less, 0%, (ii) longer than 90 days, but not more than 180 days, 25%,
(iii) longer than 180 days but not more than 270 days, 50%, (iv) longer than 270 days but not more than 365 days, 75%, and (v) longer than 365 days, 100%; and 

(b) beginning with the first full fiscal quarter after the fiscal quarter in which Completion for a Material Project occurs, EBITDA of the
Borrower shall be adjusted to include: (i) for such first full fiscal quarter, the amount of EBITDA attributable to such Material Project during such fiscal quarter multiplied by 4, (ii) for the first two full fiscal quarters after
the first full fiscal quarter in which Completion has occurred, the amount of EBITDA attributable to such Material Project during such two fiscal quarters multiplied by 2, and (iii) for the first three full fiscal quarters after the
first full fiscal quarter in which Completion has occurred, the amount of EBITDA attributable to such Material Project during such three fiscal quarters multiplied by 4/3. 

  
 13 

 Notwithstanding the foregoing, no such additions shall be allowed with respect to any Material
Project unless: 
 (i) not later than 20 days (or such shorter time period as may be reasonably agreed by the Required Lenders) prior to the
delivery of a certificate required by the terms and provisions of Section 6.6(b) if Material Project EBITDA Adjustments will be made to EBITDA of the Borrower in determining compliance with Section 6.17, the Borrower shall have delivered
to the Lenders a proposed determination of Material Project EBITDA Adjustments setting forth (1) the scheduled date of Completion for such Material Project and (2) projections of EBITDA of the Borrower attributable to such Material
Project, along with a reasonably detailed explanation of the basis therefor, and 
 (ii) prior to the date such certificate is required to be
delivered, the Required Lenders shall have approved (such approval not to be unreasonably withheld, delayed or conditioned) such Material Project EBITDA Adjustments and shall have received such other information and documentation as the Required
Lenders may reasonably request, all in form and substance satisfactory to the Lenders. 
 “Maturity Date” means the
earlier of (i) the Commitment Termination Date, and (ii) the date on which the Loans have become due and payable pursuant to Section 7.2 or 7.3. 

“Moody’s” means Moody’s Investors Service, Inc. or any successor thereto. 

“Multiemployer Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA, which is
subject to Title IV of ERISA and to which the Borrower or any ERISA Affiliate is making or accruing an obligation to make contributions, or has within any of the preceding five plan years made or accrued an obligation to make contributions. 

“Net Funded Debt” means, as of any date of determination, with respect to the Members of the Consolidated Group on a
consolidated basis, (a)(i) obligations for borrowed money which, in accordance with GAAP, would be shown as short-term debt on their consolidated balance sheet, including obligations under notes, acceptances and other short-term instruments, and
(ii) obligations for borrowed money which, in accordance with GAAP, would be shown as long-term debt (including current maturities) on their consolidated balance sheet minus (b)(i) to the extent included therein, any Indebtedness of the
type described under clause (vi) of the definition thereof and (ii) the aggregate amount of unrestricted cash and Cash Equivalents included on the consolidated balance sheet of the Consolidated Group as of such date. 

“Non-recourse Debt” means (i) any Indebtedness incurred by any Project Financing Subsidiary to finance the acquisition,
improvement, design, engineering, construction, development, completion, maintenance or operation of, or otherwise to pay costs and expenses relating to or incurred in connection with the foregoing for, any Vessel, which Indebtedness does not
provide for recourse against the Borrower or any other Member of the Consolidated Group (other than to such Project Financing Subsidiary with respect to customary non-recourse exceptions, and such recourse as exists under a Performance Guaranty
given for the benefit of such Project Financing Subsidiary) or any property or asset of the Borrower or any other Member of the Consolidated Group (other than equity interests of, and such Vessel and related assets of, such Project Financing
Subsidiary, and such recourse as exists under a Performance Guaranty given for the benefit of such Project Financing Subsidiary) and (ii) any refinancing of such Indebtedness that does not increase the outstanding principal amount thereof
(other than to pay costs incurred in connection therewith and the capitalization of any interest, fees or premium) at the time of the refinancing, increase the property subject to any Lien securing such Indebtedness, or provide for recourse against
any other Member of the Consolidated Group. 

  
 14 

 “Note” has the meaning ascribed to such term in Section 2.8(d). 

“Obligations” means all obligations of the Borrower (i) to pay fees, costs and expenses under this Agreement or the
other Credit Documents, (ii) to pay principal and interest on all Revolving Loans, and (iii) to pay any other obligations to any Lender arising under this Agreement or the other Credit Documents, in each case including any such interest,
fees or other monetary obligations accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether such interest, fees or other monetary obligations are allowed or allowable in such
proceeding. 
 “Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or
former connection between such Recipient and the jurisdiction imposing such Taxes (other than a connection arising from such Recipient having executed, delivered, enforced, become a party to, performed its obligations under, received payments under,
received or perfected a security interest under, or engaged in any other transaction pursuant to, or enforced, any Credit Document, or sold or assigned an interest in any Revolving Loan or Credit Document). 

“Other Taxes” means any present or future stamp, court, documentary, intangible, recording, filing or similar excise or
property Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, or from the registration, receipt or perfection of a security interest under, or otherwise with respect to, any Credit
Document, except any such Taxes that are imposed with respect to an assignment. 
 “Participant” has the meaning ascribed
to such term in Section 9.10(c). 
 “Participant Register” has the meaning specified in Section 9.10(c). 

“Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act of 2001, Pub. L. 107-56, signed into law October 26, 2001, as amended from time to time. 
 “PBGC” means
the Pension Benefit Guaranty Corporation or any successor thereto. 
 “Performance Guaranties” means all Guaranties of the
Borrower or any other Member of the Consolidated Group delivered in connection with the construction financing of Vessels for which firm drilling contracts have been obtained by the Borrower or any other Member of the Consolidated Group or a SPV.

 “Performance Letters of Credit” means all letters of credit issued as support for Non-recourse Debt or a Performance
Guaranty. 
 “Permitted Business” has the meaning ascribed to such term in Section 6.8. 

“Permitted Jurisdiction” means any of the Cayman Islands or the United States or any State thereof (including the District of
Columbia). 
 “Permitted Liens” means the Liens permitted as described in Section 6.11. 

  
 15 

 “Person” means an individual, partnership, corporation, limited liability
company, association, trust, unincorporated organization or any other entity or organization, including any Governmental Authority. 

“Plan” means any employee benefit pension plan (other than a Multiemployer Plan), subject to the provisions of Title IV of
ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as
defined in Section 3(5) of ERISA. 
 “Pricing Grid” means the table specifying the Applicable Commitment Fee Rates and
Applicable Margins based on the Leverage Ratio from time to time in effect, as set forth on Schedule1.1-P hereto. 
 “Prime
Rate” means the fluctuating interest rate per annum as shall be in effect from time to time equal to the rate of interest published as the prime rate by The Wall Street Journal. Any change in such rate published by The Wall Street Journal
shall take effect at the opening of business on the day specified in the publication of such change. 
 “Project Financing
Subsidiary” means any Subsidiary of the Borrower (other than any Loan Party) created for the sole purpose of incurring Non-recourse Debt to finance the acquisition, improvement, design, engineering, construction, development, completion,
maintenance and operation of, or otherwise pay the costs and expenses relating to or incurred in connection with the foregoing for, any Vessel, and to conduct the business activities for which such Non-recourse Debt was incurred,
provided that substantially all of the assets of such Person are comprised of such Vessel so financed. 
 “Purchasing
Lender” has the meaning ascribed to such term in Section 2.14(e). 
 “Recipient” means any Lender. 

“Register” has the meaning ascribed to such term in Section 9.10(b). 

“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers,
employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates. 

“Replacement Lender” has the meaning ascribed to such term in Section 2.13. 

“Required Lenders” means, at any time, Lenders having Revolving Credit Exposures and unused Commitments representing more
than 50% of the sum of the total Revolving Credit Exposures and unused Commitments at such time or, if the Commitments have been terminated or expired, Lenders having more than 50% of the sum of the total Revolving Credit Exposures of all Lenders at
such time. 
 “Revolving Credit Exposure” means, with respect to any Lender at any time, the sum at such time, without
duplication, of such Lender’s Applicable Percentage of the Revolving Obligations. 
 “Revolving Loan” means each of
the Loans made pursuant to Section 2.1. 
 “Revolving Obligations” means, at any time, the sum of the principal amount of
all Revolving Loans outstanding at such time. 

  
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 “Sale-Leaseback Transaction” means any arrangement whereby the Borrower or any
other Member of the Consolidated Group shall sell or transfer any property, real or personal, used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease property that it intends to use for substantially the
same purpose or purposes as the property sold or transferred; provided, however, Sale-Leaseback Transaction shall exclude any transaction between Members of the Consolidated Group. 

“Sanctioned Country” means, at any time of determination, a country or territory that is the subject or target of any
Sanctions. 
 “Sanctioned Person” means, at any time of determination, (a) any Person or vessel listed in any
Sanctions-related list of designated Persons published by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or by the United Nations Security Council, the European Union, any EU member state,
or Norway, (b) any Person operating, organized, domiciled, registered or resident in a Sanctioned Country, (c) any Person or vessel owned or controlled by, or acting on behalf of, any such Person described in clause (a) or (b), or
(d) any Person or vessel with which any Lender is prohibited under Sanctions relevant to it from dealing or engaging in transactions. For purposes of the foregoing, ownership or control of a Person shall be deemed to include where a Sanctioned
Person (i) owns or has power to vote 25% or more of the issued and outstanding equity interests having ordinary voting power for the election of directors of the Person or other individuals performing similar functions for the Person, or
(ii) has the power to direct or cause the direction of the management and policies of the Person, whether by ownership of equity interests, contracts or otherwise. 

“Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by
(a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United Nations Security Council, the European Union, Her
Majesty’s Treasury of the United Kingdom, or Norway. 
 “Satisfactory Drilling Contract” means any drilling contract
(or any letter of intent with respect thereto) with an initial term of at least six months in form and substance that is reasonably customary in the offshore drilling market, entered into by the Borrower or any Subsidiary with a Person
(a) having an Investment Grade Rating (or with respect to which a letter of credit has been provided), (b) that has an established record of fulfilling payment obligations in a timely manner with Holdings, the Borrower or any of their
respective Subsidiaries or (c) that is otherwise reasonably acceptable to the Lenders. 
 “S&P” means
Standard & Poor’s Ratings Group or any successor thereto. 
 “SEC” means the Securities and Exchange
Commission and any Governmental Authority succeeding to the regulatory jurisdiction thereof. 
 “Significant Subsidiary”
has the meaning ascribed to it under Regulation S-X promulgated under the Securities Exchange Act of 1934, as amended. 

“Solvent” when used with respect to any Person, means that, as of any date of determination, (a) the amount of the
“present fair saleable value” of the assets of such Person will, as of such date, exceed the amount of all “liabilities of such Person, contingent or otherwise”, as of such date, as such quoted terms are determined in accordance
with applicable federal and state laws governing determinations of the 

  
 17 

 
insolvency of debtors, (b) the present fair saleable value of the assets of such Person will, as of such date, be greater than the amount that will be required to pay the liability of such
Person on its debts as such debts become absolute and matured, (c) such Person will not have, as of such date, an unreasonably small amount of capital with which to conduct its business, and (d) such Person will be able to pay its debts as
they mature. For purposes of this definition, (i) “debt” means liability on a “claim”, and (ii) “claim” means any (x) right to payment, whether or not such a right is reduced to
judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured or (y) right to an equitable remedy for breach of performance if such breach gives rise to a right to
payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured or unmatured, disputed, undisputed, secured or unsecured. 

“Specified Acquisition” means any one or more related transactions (a) pursuant to which the Borrower or any of its
Subsidiaries acquires, for an aggregate principal purchase price of not less than $50,000,000, (i) the equity interests in any other Person that constitutes a Subsidiary of the Borrower after such acquisition or (ii) other property or
assets (including, without limitation, a Vessel Acquisition, but other than acquisitions of equity interests of a Person, capital expenditures and acquisitions of inventory or supplies in the ordinary course of business) of, or of an operating
division or business unit of, any other Person, and (b) which is designated by the Borrower (by written notice to the Lenders) as a “Specified Acquisition”. 

“Specified Jurisdictions” means the Marshall Islands, Cyprus, Hungary, India and the United Kingdom. 

“SPV” means any Person (excluding the Borrower) that is designated by the Borrower as a SPV, provided that the
Borrower shall not designate as a SPV any Subsidiary that owns, directly or indirectly, any other Subsidiary that has total assets (including assets of any Subsidiaries of such other Subsidiary, but excluding any assets that would be eliminated in
consolidation with the Borrower and its Subsidiaries) which equate to at least five percent (5%) of the Consolidated Group’s Total Assets, or that had net income (including net income of any Subsidiaries of such other Subsidiary, all
before discontinued operations and income or loss resulting from extraordinary items, but excluding revenues and expenses that would be eliminated in consolidation with the Consolidated Group and excluding any loss or gain resulting from the early
extinguishment of Indebtedness) during the most recently completed fiscal year of the Borrower, in excess of the greater of (i) $1,000,000, and (ii) fifteen percent (15%) of the net income (before discontinued operations and income or
loss resulting from extraordinary items and excluding any loss or gain resulting from the early extinguishment of Indebtedness) for the Consolidated Group, all as determined on a consolidated basis in accordance with GAAP during such fiscal year of
the Borrower. The Borrower may elect to treat any Subsidiary as a SPV (provided such Subsidiary would otherwise qualify as such), and may rescind any such prior election, by giving written notice thereof to the Lenders specifying the name of such
Subsidiary or SPV, as the case may be, and the effective date of such election, which shall be a date within sixty (60) days after the date such notice is given. The election to treat a particular Person as a SPV may only be made once. 

“Statutory Reserve Rate” means the aggregate of the maximum reserve, liquid asset or similar percentages (including any
marginal, special, emergency or supplemental reserves) expressed as a decimal established by any Governmental Authority of the United States or any jurisdiction to which any Lender is subject for eurocurrency funding. Such reserve, liquid asset or
similar percentages shall include those imposed pursuant to Regulation D of the Board of Governors of the Federal Reserve System. Eurocurrency Loans shall be deemed to be subject to such reserve requirements without benefit of or

  
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credit for proration, exemptions or offsets that may be available from time to time to any Lender under Regulation D or any other applicable law, rule or regulation. The Statutory Reserve Rate
shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 
 “Subsidiary”
means, for any Person, any other Person (other than, except in the context of Section 6.6(a), a SPV) of which more than fifty percent (50%) of the outstanding stock or comparable equity interests having ordinary voting power for the
election of the board of directors, managers, or comparable governing board or body of such other Person (irrespective of whether or not at the time stock or other equity interests of any other class or classes of such corporation or other entity
shall have or might have voting power by reason of the happening of any contingency), is at the time directly or indirectly owned by any such Person or by one or more of its Subsidiaries. 

“Subsidiary Debt Basket Amount” has the meaning ascribed to such term in Section 6.12(i). 

“Subsidiary Guaranty” means any Guaranty of any Subsidiary delivered pursuant to Section 6.12(j). 

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding),
assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Total Assets” means, as of any date of determination, the aggregate book value of the assets of the Consolidated Group
determined on a consolidated basis in accordance with GAAP as of such date. 
 “TP LLC Formation Transactions” means,
collectively, the transfer to the Borrower and/or its Subsidiaries of interests in certain offshore drilling rigs, initially the rigs known as Discoverer Inspiration, Discoverer Clear Leader, and Development Driller III and
of interests in drilling contracts and other related assets, together with any related transactions and agreements with Holdings and its Subsidiaries for the formation of the Borrower and its Subsidiaries and subsequent operation of the Borrower and
such rigs, with the ultimate goal of completing the TP LLC IPO. 
 “TP LLC IPO” means the initial public offering
of equity interests in the Borrower. 
 “Trade Date” has the meaning ascribed to such term in Section 9.10(a). 

“Type”, when used in reference to any Revolving Loan or Borrowing, refers to whether the rate of interest on such Revolving
Loan, or on the Revolving Loans comprising such Borrowing, is determined by reference to Adjusted LIBOR or the Alternate Base Rate. 

“Unfunded Vested Liabilities” means, for any Plan or Foreign Plan at any time, the amount (if any) by which the present value
of all vested nonforfeitable accrued benefits under such Plan or Foreign Plan (determined on the basis of the actuarial assumptions specified for funding purposes in the most recent actuarial valuation for such Plan or Foreign Plan) exceeds the fair
market value of all assets of such Plan or Foreign Plan allocable to such benefits, determined as of the then most recent valuation date for such Plan or Foreign Plan, but only to the extent that such excess represents a potential liability of the
Borrower or any other Member of the Consolidated Group to the PBGC or such Plan or Foreign Plan. 
 “U.S. Person” means a
“United States person” within the meaning of Section 7701(a)(30) of the Code. 

  
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 “U.S. Tax Compliance Certificate” has the meaning assigned to such term in
Section 3.3(f). 
 “Vessel” means a drill ship, offshore mobile drilling unit, offshore drilling rig, submersible rig,
semi-submersible rig or other maritime drilling rig. 
 “Vessel Acquisition” means the acquisition by the Borrower or any
Subsidiary of the Borrower, in one transaction or a series of related transactions, of one or more Vessels (whether new construction or otherwise, and whether directly or by acquiring equity interests of a Person that owns such Vessel(s)) and any
related assets from a Person (other than a Subsidiary of the Borrower); provided that the aggregate consideration for such acquisition is $50,000,000 or more. 

“Vessel Sale” means the sale or other disposition by the Borrower or any Subsidiary of the Borrower, in one transaction or a
series of related transactions, of one or more Vessels (whether directly or by selling the equity interests of a Person that owns such Vessel(s)) and any related assets to a Person (other than the Borrower or a Subsidiary of the Borrower);
provided that the aggregate consideration for such sale or other disposition is $50,000,000 or more. 
 “Withdrawal
Liability” shall mean liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 

“Withholding Agent” means any Loan Party and any Lender. 

Section 1.2 Time of Day. Unless otherwise expressly provided, all references to time of day in this Agreement and the other Credit
Documents shall be references to New York, New York time. 
 Section 1.3 Terms Generally. The definitions of terms herein shall
apply equally to the singular and plural forms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including”
shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any
definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise modified (subject to
any restrictions on such amendments, restatements, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words
“herein”, “hereof’ and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles,
Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (e) the words “asset” and “property” shall be construed to have the same meaning and
effect and to refer to any and all tangible and intangible assets and properties, including intellectual property, cash, securities, accounts and contract rights, (f) with respect to the determination of any period of time, the word
“from” means “from and including” and the word “to” means “to but excluding” and (g) reference to any law, rule or regulation means such as amended, modified, codified or reenacted, in whole or in part,
and in effect from time to time. 
 Section 1.4 Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms
of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided, that if the Borrower notifies the Lenders that the Borrower requests an amendment to any provision hereof to eliminate
the effect of any change occurring after the date hereof in GAAP or 

  
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in the application thereof on the operation of such provision (or if any Lender notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose),
regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become
effective until such notice shall have been withdrawn or such provision amended in accordance herewith. Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein (including, without limitation,
Net Funded Debt and EBITDA) shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election under Financial Accounting Standards Board Account Standards Codification 825 (or any
other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Borrower or any Subsidiary at “fair value”, as defined therein. 

ARTICLE 2 THE CREDIT FACILITY. 

Section 2.1 Commitments for Revolving Loans. Subject to the terms and conditions hereof, each Lender severally and not jointly
agrees to make one or more loans (each referred to herein as a “Loan” or “Revolving Loan”) to the Borrower from time to time prior to the Commitment Termination Date applicable to such Lender on a revolving basis in
an aggregate amount not to exceed at any time outstanding an amount equal to its Commitment, subject to any increases or reductions thereof pursuant to the terms of this Agreement; provided, however, that no Lender shall be required to
make any Loan if, after giving effect thereto, (i) the aggregate principal amount of the Loans of all Lenders would thereby exceed the Commitment then in effect; or (ii) the Revolving Credit Exposure of such Lender would thereby exceed its
Commitment then in effect. Each Borrowing of Loans shall be made ratably from the Lenders in proportion to their respective Applicable Percentages. Loans of each Lender may be repaid, in whole or in part, and all or any portion of the principal
amounts thereof reborrowed, before the Commitment Termination Date applicable to such Lender, subject to the terms and conditions hereof. Funding of Loans for any Borrowing shall be in U.S. Dollars. 

Section 2.2 Types of Loans and Minimum Borrowing Amounts. Borrowings may be outstanding as either Base Rate Loans or Eurocurrency
Loans, as selected by the Borrower pursuant to Section 2.3. Each Borrowing of Base Rate Loans shall be in Dollars and shall be in an amount of not less than $1,000,000; each Borrowing of Eurocurrency Loans shall be in Dollars and shall be in an
amount of not less than $5,000,000 and in an integral multiple of the Borrowing Multiple. 
 Section 2.3 Manner of Borrowings;
Continuations and Conversions of Borrowings. 
 (a) Notice of Borrowings. Except as otherwise permitted by each Lender, the
Borrower shall give notice (i) to each Lender by no later than 12:00 P.M. New York time at least three (3) Business Days before the date on which the Borrower requests the Lenders to advance a Borrowing of Eurocurrency Loans, and
(ii) to each Lender by no later than 12:00 P.M. New York time at least one (1) Business Day before the date on which the Borrower requests the Lenders to advance a Borrowing of Base Rate Loans, in each case pursuant to a duly completed
Borrowing Request substantially in the form of Exhibit 2.3 (each a “Borrowing Request”) executed on behalf of the Borrower. 

(b) Notice of Continuation or Conversion of Outstanding Borrowings. The Borrower may from time to time elect to change or continue the
type of interest rate borne by each Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Borrowing, a portion thereof, as follows: (i) if such Borrowing is of Eurocurrency Loans, on the last day of
the Interest Period applicable thereto the Borrower may continue part or all of such Borrowing as Eurocurrency Loans in the same currency for an Interest Period specified by the Borrower in the applicable notice as set forth below, or if

  
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such Borrowing is denominated in Dollars, the Borrower may earlier convert part or all of such Borrowing into Base Rate Loans so long as it pays the breakage costs, expenses and funding losses
provided in Section 2.11; and (ii) if such Borrowing is of Base Rate Loans, the Borrower may convert all or part of such Borrowing into Eurocurrency Loans denominated in Dollars for an Interest Period specified by the Borrower on any
Business Day, in each case pursuant to notices of continuation or conversion as set forth below. The Borrower may select multiple Interest Periods for Borrowings of Eurocurrency Loans, provided, that at no time shall the number of different
Interest Periods for outstanding Borrowings of Eurocurrency Loans exceed ten (10) (it being understood for such purposes that (x) Interest Periods of the same duration, but commencing on different dates, shall be counted as different
Interest Periods, and (y) all Interest Periods commencing on the same date and of the same duration for Loans denominated in the same currency shall be counted as one Interest Period regardless of the number of Borrowings or Loans involved.
Notices of the continuation of such Eurocurrency Loans for an additional Interest Period or of the conversion of part or all of such Eurocurrency Loans into Base Rate Loans or of such Base Rate Loans into Eurocurrency Loans denominated in Dollars
must be given to each Lender by no later than 12:00 P.M. New York time at least three (3) Business Days before such continuation or conversion with respect to Eurocurrency Loans to be so continued or converted, in each case before the date of
the requested continuation or conversion. 
 (c) Manner of Notice. The Borrower shall give such notices concerning the advance,
continuation, or conversion of a Borrowing pursuant to this Section 2.3 by approved electronic communication or by facsimile transmission (which notice shall be irrevocable once given) pursuant to a Borrowing Request which shall specify the
date of the requested advance, continuation or conversion (which shall be a Business Day), the amount of the requested Borrowing, whether such Borrowing is to be advanced, continued, or converted, the type of Loans to comprise such new, continued or
converted Borrowing and, if such Borrowing is to be comprised of Eurocurrency Loans, the Interest Period applicable thereto. In addition, such notices with respect to Borrowings being advanced or continued in Dollars, or converted from Base Rate
Loans to Eurocurrency Loans denominated in Dollars, may be given by telephone notice to any Lender, promptly confirmed in writing as provided in this Section 2.3(c). The Borrower agrees that any Lender may rely on any such approved electronic
communication, facsimile transmission, or telephonic notice given by any Person it in good faith believes is an authorized representative of the Borrower without the necessity of independent investigation (and in the case of any permitted telephonic
notice, if such notice conflicts with any written confirmation, such telephonic notice shall govern if such Lender has acted in reliance thereon). 

(d) Notice to the Lenders. Each Lender shall give prompt notice by electronic communication or facsimile transmission to each other
Lender of any notice received pursuant to this Section 2.3 relating to a Borrowing. Each Lender shall give notice to the Borrower and each other Lender by like means of the interest rate applicable to each Borrowing of Eurocurrency Loans
promptly after such Lender has made such determination. In addition, each Lender may give such notice by telephone, promptly confirmed in writing as provided in this Section 2.3(d). 

(e) Borrower’s Failure to Notify. If the Borrower fails to give notice pursuant to Section 2.3(a) or Section 2.3(b), as
the case may be, of the continuation or conversion of any outstanding principal amount of any outstanding Borrowing of Eurocurrency Loans, and has not notified each Lender by 12:00 P.M. New York time at least three (3) Business Days before the
last day of the Interest Period for any outstanding Borrowing of Eurocurrency Loans denominated in U.S. Dollars, the Borrower shall be deemed to have requested, as applicable, the continuation of such Borrowing as a Eurocurrency Loan with an
Interest Period of one (1) month, in each case so long as no Event of Default shall have occurred 

  
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and be continuing or would occur as a result of such Borrowing but otherwise disregarding the conditions to Borrowings set forth in Section 4.2. Upon the occurrence and during the
continuance of any Event of Default, and upon notice thereof from any Lender to the Borrower (i) each Eurocurrency Loan will automatically, on the last day of the then existing Interest Period therefor, convert into a Base Rate Loan, and
(ii) the obligation of the Lenders to continue Eurocurrency Loans or convert Base Rate Loans into Eurocurrency Loans shall be suspended. 

(f) Conversion. If the Borrower shall elect to convert any particular Borrowing comprised of Loans denominated in Dollars pursuant to
this Section 2.3 from one Type of Loan to the other Type only in part, then, from and after the date on which such conversion shall be effective, such particular Borrowing shall, for all purposes of this Agreement (including, without
limitation, for purposes of subsequent application of this sentence), be deemed to instead constitute two Borrowings (each originally advanced on the same date as such particular Borrowing), one comprised of (subject to subsequent conversion in
accordance with this Agreement) Eurocurrency Loans in an aggregate principal amount equal to the portion of such Borrowing so elected by the Borrower to be comprised of Eurocurrency Loans and the second comprised of (subject to subsequent conversion
in accordance with this Agreement) Base Rate Loans in an aggregate principal amount equal to the portion of such particular Borrowing so elected by the Borrower to be comprised of Base Rate Loans. If the Borrower shall elect to have multiple
Interest Periods apply to any particular Borrowing comprised of Eurocurrency Loans denominated in the same currency, then, from and after the date such multiple Interest Periods commence, such particular Borrowing shall, for all purposes of this
Agreement (including, without limitation, for purposes of subsequent application of this sentence), be deemed to constitute a number of separate Borrowings (each originally commencing on the same date as such particular Borrowing) equal to the
number of, and corresponding to, the different Interest Periods so selected, each such deemed separate Borrowing corresponding to a particular selected Interest Period comprised of (subject to subsequent conversion in accordance with this Agreement)
Eurocurrency Loans in an aggregate principal amount equal to the portion of such particular Borrowing so elected by the Borrower to have such Interest Period. This Section 2.3(f) shall be applied appropriately in the event that the Borrower
shall make the elections described in the two preceding sentences at the same time with respect to the same particular Borrowing. 

Section 2.4 Interest Periods. As provided in Section 2.3, at the time of each request for a Borrowing of Eurocurrency Loans,
or for the continuation or conversion of any Borrowing of Eurocurrency Loans, the Borrower shall select the Interest Period(s) to be applicable to such Loans from among the available options, subject to the limitations in Section 2.3;
provided, however, that: 
 (a) the Borrower may not select an Interest Period that extends beyond the Commitment
Termination Date then applicable to any Lender; 
 (b) whenever the last day of any Interest Period would otherwise be a day
that is not a Business Day, the last day of such Interest Period shall either be (i) extended to the next succeeding Business Day, or (ii) in the case of Eurocurrency Loans only, reduced to the immediately preceding Business Day if the
next succeeding Business Day is in the next calendar month; and 
 (c) for purposes of determining an Interest Period, a
month means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month; provided, however, that if there is no such numerically corresponding day in the month in which an
Interest Period is to end or if an Interest Period begins on the last Business Day of a calendar month, then in the case of Eurocurrency Loans only, such Interest Period shall end on the last Business Day of the calendar month in which such Interest
Period is to end. 

  
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 Section 2.5 Funding of Loans. Not later than 3:00 P.M. New York time with respect to
any Revolving Loan, on the date of any requested advance of a new Borrowing of Loans, each Lender, subject to all other provisions hereof, shall make available to the Borrower, in funds immediately available for the benefit of the Borrower and
according to the payment instructions of the Borrower, the proceeds of each such Borrowing. No Lender shall be responsible to the Borrower for any failure by another Lender to fund its portion of a Borrowing, and no such failure by a Lender shall
relieve any other Lender from its obligation, if any, to fund its portion of a Borrowing. 
 Section 2.6 Applicable Interest Rates
and Payments. 
 (a) Base Rate Loans. Each Base Rate Loan shall bear interest (computed on the basis of a 365-day year or 366-day
year, as the case may be, for Base Rate Loans bearing interest determined by reference to the Prime Rate, and on the basis of a 360 day year for all other Base Rate Loans, in each case for the actual days elapsed, excluding the date of repayment) on
the unpaid principal amount thereof from the date such Base Rate Loan is made until maturity (whether by acceleration or otherwise) or conversion to a Eurocurrency Loan, at a rate per annum equal to the lesser of (i) the Highest Lawful Rate, or
(ii) the sum of the Alternate Base Rate from time to time in effect plus the Applicable Margin for Base Rate Loans. The Borrower agrees to pay such interest on each Interest Payment Date for such Base Rate Loans and at maturity (whether
by acceleration or otherwise). 
 (b) Eurocurrency Loans. Each Eurocurrency Loan shall bear interest (computed on the basis of a
360-day year and actual days elapsed, excluding the date of repayment) on the unpaid principal amount thereof from the date such Loan is made until maturity (whether by acceleration or otherwise) or until conversion to a Base Rate Loan, at a rate
per annum equal to the lesser of (i) the Highest Lawful Rate, or (ii) the sum of (x) Adjusted LIBOR, plus (y) the Applicable Margin for Eurocurrency Loans. The Borrower agrees to pay such interest on each Interest Payment
Date for such Eurocurrency Loans and at maturity (whether by acceleration or otherwise) or conversion to Base Rate Loans. 
 (c) Rate
Determinations. Each Lender shall determine each interest rate applicable to the Loans hereunder insofar as such interest rate involves a determination of the Alternate Base Rate, Adjusted LIBOR, or LIBO Rate, or any applicable default rate
pursuant to Section 2.7, and such determination shall be conclusive and binding except in the case of such Lender’s manifest error or willful misconduct. Each Lender shall promptly give notice to the Borrower of each determination of
Adjusted LIBOR with respect to each Eurocurrency Borrowing. 
 Section 2.7 Default Rate. If any payment of principal or interest
on any Loan is not made when due after the expiration of the grace period therefor provided in Section 7.1(a) (whether by acceleration or otherwise), such principal or interest amount shall bear interest (computed on the basis of a year of 360,
365 or 366 days, as applicable, and actual days elapsed) after any such grace period expires until such amount then due is paid in full, which the Borrower agrees to pay on demand, at a rate per annum equal to: 

(a) for any Base Rate Loan, the lesser of (i) the Highest Lawful Rate, or (ii) the sum of (x) two percent
(2%) per annum, plus (y) the rate of interest in effect on such Base Rate Loan as otherwise provided in Section 2.6(a); and 

  
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 (b) for any Eurocurrency Loan, the lesser of (i) the Highest Lawful Rate, or
(ii) the sum of (x) two percent (2%) per annum, plus (y) the rate of interest in effect on such Eurocurrency Loan as otherwise provided in Section 2.6(b) at the time of such default until the end of the Interest Period for
such Eurocurrency Loan and, thereafter, at a rate per annum pursuant to this clause (y) equal to the rate of interest as otherwise provided in Section 2.6(a). 

It is the intention of the Lenders to conform strictly to usury laws applicable to them. Accordingly, if the transactions contemplated hereby
or any Loan or other Obligation would be usurious as to any of the Lenders under laws applicable to it (including the laws of the United States of America and the State of New York or any other jurisdiction whose laws may be mandatorily applicable
to such Lender notwithstanding the other provisions of this Agreement, the Notes or any other Credit Document), then, in that event, notwithstanding anything to the contrary in this Agreement, the Notes or any other Credit Document, it is agreed as
follows: (i) the aggregate of all consideration which constitutes interest under laws applicable to such Lender that is contracted for, taken, reserved, charged or received by such Lender under this Agreement, the Notes or any other Credit
Document or otherwise shall under no circumstances exceed the Highest Lawful Rate, and any excess shall be credited by such Lender on the principal amount of the Loans; and (ii) in the event that the maturity of the Loans is accelerated by
reason of an election of the holder or holders thereof resulting from any Event of Default hereunder or otherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest under laws applicable to
such Lender may never include more than the Highest Lawful Rate, and excess interest, if any, provided for in this Agreement, the Notes, any other Credit Document or otherwise shall be automatically canceled by such Lender as of the date of such
acceleration or prepayment and, if theretofore paid, shall be credited by such Lender on the principal amount of the Loans (or if the principal amount of the Loans shall have been paid in full, refunded by such Lender to the Borrower). 

Section 2.8 Repayment of Loans; Evidence of Debt. 

(a) Repayment of Loans. The Borrower hereby promises to pay to each Lender, on the Commitment Termination Date for such Lender, the
unpaid amount of each Loan then outstanding and owed to such Lender. 
 (b) Record of Loans by Lenders. Each Lender shall maintain in
accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and accrued interest payable and paid to such
Lender from time to time hereunder. 
 (c) Evidence of Obligations. The entries made in the accounts maintained pursuant to
Section 2.8(b) shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender to maintain such accounts or any error therein shall not in any manner affect
the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement. 
 (d) Notes. The Loans outstanding
to the Borrower from each Lender shall, at the written request of such Lender, be evidenced by a promissory note of the Borrower payable to such Lender in the form of Exhibit 2.8 (Master Note) or, if such Lender so requests in writing, by one
or more individual promissory notes of the Borrower in similar form (each a “Note”). The Borrower agrees to execute and deliver to each Lender requesting one or more promissory notes as aforesaid, an original of each such promissory
note, appropriately completed, to evidence the respective Loans made by such Lender hereunder, within ten (10) Business Days after the Borrower receives a written request therefor. 

  
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 (e) Recording of Loans and Payments on Notes. Each holder of a Note shall record on its
books and records or on a schedule to its appropriate Note (and prior to any transfer of any Note shall endorse thereon or on schedules forming a part thereof appropriate notations to evidence) the amount of each Loan outstanding from it to the
Borrower evidenced by such Note, all payments of principal and interest and the principal balance from time to time outstanding thereon, the type of such Loan and, if a Eurocurrency Loan the Interest Period and interest rate applicable thereto. Such
record, whether shown on the books and records of a holder of a Note or on a schedule to its Note, shall be prima facie evidence as to all such matters; provided, however, that the failure of any holder to record any of the foregoing
or any error in any such record shall not limit or otherwise affect the obligation of the Borrower to repay all Loans outstanding to it hereunder together with accrued interest thereon. At the request of any holder of a Note and upon such holder
tendering to the Borrower the Note to be replaced, the Borrower shall furnish a new Note to such holder to replace any outstanding Note and at such time the first notation appearing on the schedule on the reverse side of, or attached to, such new
Note shall set forth the aggregate unpaid principal amount of all Loans evidenced by such Note, if any, then outstanding thereon. 

Section 2.9 Optional Prepayments. The Borrower shall have the privilege of prepaying any Base Rate Borrowing without premium or
penalty at any time in whole or at any time and from time to time in part (but, if in part, then in an amount which is equal to or greater than $1,000,000); provided, however, that the Borrower shall have given notice of such prepayment to
the Lenders no later than 12:00 P.M. on the date of such prepayment. The Borrower shall have the privilege of prepaying any Eurocurrency Borrowing (a) without premium or penalty in whole or in part (but, if in part, then in an amount which is
equal to or greater than $5,000,000 and in an integral multiple of the Borrowing Multiple or such smaller amount as needed to prepay a particular Borrowing in full) only on the last Business Day of an Interest Period for such Borrowing, and
(b) at any other time without premium or penalty except for the breakage costs, expenses and funding losses that are required to be paid pursuant to Section 2.11; provided, however, that the Borrower shall have given notice of such
prepayment to the Lenders no later than 12:00 P.M. at least three (3) Business Days before the last Business Day of such Interest Period or the proposed prepayment date. Any such prepayments shall be made by the payment of the principal amount
to be prepaid and accrued and unpaid interest thereon to the date of such prepayment. Unless otherwise specified in writing by the Borrower, optional prepayments shall be applied first, to the Loans, and second to any other Obligations then
outstanding. 
 Section 2.10 Mandatory Prepayments of Loans. In the event and on each occasion that the aggregate principal
amount of outstanding Loans exceeds the Commitment then in effect, the Borrower shall promptly prepay Borrowings in an aggregate amount sufficient to eliminate such excess. Immediately upon determining the need to make any such prepayment, the
Borrower shall notify the Lenders of such required prepayment and of the identity of the particular Borrowings being prepaid. If any Lender shall notify the Borrower that such Lender has determined that any prepayment is required under this
Section 2.10, the Borrower shall make such prepayment no later than the second Business Day following such notice. Any mandatory prepayment pursuant hereto shall not be limited by the notice provision for prepayments set forth in
Section 2.9. Each such prepayment shall be accompanied by a payment of all accrued and unpaid interest on the Loans prepaid and any applicable breakage costs, expenses and funding losses pursuant to Section 2.11. 

Section 2.11 Breakage Costs. If any Lender incurs any cost, expense or loss (excluding loss of anticipated profits and other
indirect or consequential damages) by reason of the liquidation or re-employment of deposits or other funds acquired by such Lender to fund or maintain any Eurocurrency Loan as a result of any of the following events (other than any such occurrence
as a result of a change of circumstance described in Section 8.1): 

  
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 (a) any payment, prepayment or conversion of any such Loan on a date other than
the last day of its Interest Period (whether by acceleration, mandatory prepayment or otherwise); 
 (b) any failure to make
a principal payment of any such Loan on the due date therefor; 
 (c) any failure by the Borrower to borrow, continue or
prepay, or convert to, any such Loan on the date specified in a notice given pursuant to Section 2.3 (other than by reason of a default of such Lender); or 

(d) any assignment of such Eurocurrency Loan that is required by the Borrower pursuant to Section 2.13; 

then the Borrower shall pay to such Lender such amount as will reimburse such Lender for such loss, cost or expense. Such loss, cost or expense to any
Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) with respect to a Eurocurrency Loan, the amount of interest which would have accrued on the principal amount of such Eurocurrency Loan had
such event not occurred, at the LIBO Rate that would have been applicable to such Eurocurrency Loan (excluding, for the avoidance of doubt, the Applicable Margin for such Eurocurrency Loan), for the period from the date of such event to the last day
of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Eurocurrency Loan) over (ii) the amount of interest that would accrue on
such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for deposits in the applicable currency of a comparable amount and period from other banks in the London or
European interbank market. If any Lender makes such a claim for compensation, it shall provide to the Borrower a certificate executed by an officer of such Lender setting forth the amount of such loss, cost or expense in reasonable detail (including
an explanation of the basis for and the computation of such loss, cost or expense) no later than ninety (90) days after the event giving rise to the claim for compensation, and the amounts shown on such certificate shall be prima facie
evidence of such Lender’s entitlement thereto. Within ten (10) days of receipt of such certificate, the Borrower shall pay directly to such Lender such amount as will compensate such Lender for such loss, cost or expense as provided
herein, unless such Lender has failed to timely give notice to the Borrower of such claim for compensation as provided herein, in which event the Borrower shall not have any obligation to pay such claim. 

Section 2.12 Commitment Reductions and Terminations. The Borrower shall have the right at any time and from time to time, upon
three (3) Business Days’ prior and irrevocable written notice to the Lenders, to terminate or reduce the Commitments without premium or penalty, in whole or in part, with any partial reduction (i) to be in an amount not less than
$5,000,000 as determined by the Borrower and in integral multiples of $5,000,000 and (ii) as to the Commitments to be allocated ratably among the Lenders in proportion to their respective Commitments; provided, that the Commitment may
not be reduced to an amount less than the sum of the aggregate principal amount of outstanding Loans, after giving effect to payments on such proposed termination or reduction date. Any termination of Commitments pursuant to this Section 2.12
is permanent and may not be reinstated. 

  
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 Section 2.13 Extensions of Commitment Termination Date. No earlier than 90 days and
at least 30 days prior to any anniversary of the Closing Date, the Borrower may (but in no event on more than two occasions during the term of this Agreement), by written notice to the Lenders, request that the Commitment Termination Date then in
effect be extended for a one-year period. If a Lender agrees, in its individual and sole discretion, to so extend its Commitment (an “Extending Lender”), it shall deliver to the Borrower a written notice of its agreement to do so no
earlier than 60 days, but not later than 30 days, prior to such anniversary date (and such agreement shall be irrevocable until such anniversary date). The Commitment of any Lender that declines or fails to accept or respond to the Borrower’s
request for extension of the Commitment Termination Date (a “Declining Lender”) shall be terminated on the Commitment Termination Date then in effect for such Lender (without regard to any extension by other Lenders), and on such
Commitment Termination Date the Borrower shall pay in full the unpaid principal amount of all Revolving Loans owing to such Declining Lender, together with all accrued and unpaid interest thereon and all fees accrued and unpaid under this Agreement
to the date of such payment of principal and all other amounts due to such Declining Lender under this Agreement. The Borrower shall promptly notify each Extending Lender of the aggregate Commitments of the Declining Lenders. Each Extending Lender
may offer to increase its respective Commitment by an aggregate amount up to the aggregate amount of the Declining Lenders’ Commitments and such Extending Lender shall deliver to the Borrower a notice of its offer to so increase its Commitment
no later than 15 days prior to such anniversary date (and such offer shall be irrevocable until such anniversary date). To the extent the aggregate amount of extended Commitments is less than the aggregate amount of Commitments so requested to be
extended pursuant to the foregoing, the Borrower shall have the right to require any Declining Lender to (and any such Declining Lender shall) assign in full its rights and obligations under this Agreement to one or more Eligible Assignees (which
may be, but need not be, one or more of the existing Lenders) which at the time agree to, in the case of any such Person that is an existing Lender, increase its Commitment and in the case of any other such Person (a “Replacement
Lender”) become a party to this Agreement; provided that (i) such assignment is otherwise in compliance with Section 9.10(a), (ii) such Declining Lender receives payment in full of the unpaid principal amount of all
Revolving Loans owing to such Declining Lender, together with all accrued and unpaid interest thereon and all fees accrued and unpaid under this Agreement to the date of such payment of principal and all other amounts due to such Declining Lender
under this Agreement and (iii) any such assignment shall be effective on the date on or before such anniversary date as may be specified by the Borrower and agreed to by the Replacement Lenders or the Extending Lenders, as the case may be. If,
but only if, Extending Lenders and Replacement Lenders have agreed to provide Commitments in an aggregate amount greater than 50% of the aggregate amount of the Commitments outstanding immediately prior to such anniversary date, the Commitment
Termination Date of such Extending Lenders and Replacement Lenders shall be extended by one year. 
 Section 2.14 Increase in
Commitment. 
 (a) The Borrower may, at any time prior to the Commitment Termination Date, by notice to the Lenders, request that the
amount of the Commitment be increased by an amount of $25,000,000 or an integral multiple of $25,000,000 above such amount (each a “Commitment Increase”) to be effective as of a date that is at least 90 days prior to the earliest
scheduled Commitment Termination Date then in effect (the “Increase Date”) as specified in the related notice to the Lenders; provided, however, that (i) in no event shall the aggregate amount of Commitment Increases
pursuant to this Section 2.14 exceed $200,000,000, and (ii) on the proposed Increase Date for each requested Commitment Increase, the conditions set forth in Section 4.2(b) and (c) for a Borrowing on the Increase Date shall be
satisfied, both before and after giving effect to such Commitment Increase. 

  
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 (b) Each notice from the Borrower to the Lenders requesting a Commitment Increase shall include
(i) the proposed amount of such requested Commitment Increase, (ii) the proposed Increase Date and (iii) the date by which Lenders wishing to participate in the Commitment Increase must commit to an increase in the amount of their
respective Commitments (the “Commitment Date”). Each Lender that is willing to participate in such requested Commitment Increase (each an “Increasing Lender”) shall, in its sole discretion, give written
notice to the Borrower on or prior to the Commitment Date of the amount by which it is willing to increase its Commitment. If the Lenders notify the Borrower that they are willing to increase the amount of their respective Commitments by an
aggregate amount that exceeds the amount of the requested Commitment Increase, the requested Commitment Increase shall be allocated among the Lenders willing to participate therein in such amounts as are agreed between the Borrower and the Lenders.

 (c) If the aggregate amount by which the Lenders are willing to participate in any requested Commitment Increase on any such Commitment
Date is less than the requested Commitment Increase, then the Borrower may extend offers to one or more Eligible Assignees to participate in any portion of the requested Commitment Increase that has not been committed to by the Lenders as of the
applicable Commitment Date; provided, however, that the Commitment of each such Eligible Assignee shall be in an amount of $10,000,000 or an integral multiple of $5,000,000 above such amount. 

(d) On each Increase Date, each Eligible Assignee that accepts an offer to participate in a requested Commitment Increase (each such Eligible
Assignee, an “Additional Lender”) shall become a Lender party to this Agreement as of such Increase Date, and the Commitment of each Increasing Lender for such requested Commitment Increase shall be increased by the amount approved for
such Increasing Lender (or by the amount allocated to such Lender pursuant to Section 2.14(b)) as of such Increase Date; provided, that each Increasing Lender and Additional Lender shall have received on or before such Increase Date the
following, each dated as of such date and in form and substance satisfactory to such Increasing Lender(s) and Additional Lender(s): 
  

	 	(i)	(A) certified copies of resolutions of the board of directors of the Borrower (or other appropriate governing body with comparable authority) approving the Commitment Increase, and (B) a certificate of the
President, a Vice President or the Chief Financial Officer of the Borrower as to the satisfaction of the conditions set forth in Section 4.2(b) and (c) as of the date of, and after giving effect to, such Commitment Increase;

  

	 	(ii)	an assumption or joinder agreement from each Additional Lender, if any, in form and substance satisfactory to the Borrower and such Additional Lender (each an “Assumption Agreement”), duly executed by
such Additional Lender and the Borrower; and 

  

	 	(iii)	confirmation from each Increasing Lender of the increase in the amount of its Commitment in a writing satisfactory to the Borrower. 

On each Increase Date, upon fulfillment of the conditions set forth in the immediately preceding sentence of this Section 2.14(d), the Increasing Lenders
and Additional Lender(s), as applicable, shall notify the Lenders and the Borrower, on or before 1:00 P.M. (New York City time), by facsimile or other electronic means, of the occurrence of the Commitment Increase to be effected on such
Increase Date, shall record in the Register the relevant information with respect to each Increasing Lender and each Additional 

  
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Lender on such date, and shall revise and distribute to the Lenders and the Borrower a new Schedule 1.1-C to reflect the Commitments and Applicable
Percentages of all Lenders (including any Additional Lenders) after giving effect to such Commitment Increase. Upon the effectiveness of such Commitment Increase, the Commitments of each of the Lenders (including any Additional Lenders), and the
outstanding amount of all Revolving Loans shall be reallocated among such Lenders in accordance with such Commitments and Applicable Percentages. 

(e) In order to effect the reallocations described in Section 2.14(d), each Additional Lender and each Increasing Lender (each a
“Purchasing Lender”) shall be deemed to have purchased the rights, title and interest in, and all obligations in respect of, a pro rata portion of the Applicable Percentages and/or Commitments and outstanding Revolving Loans, as
applicable, of the other Lenders, so that the Commitments and Applicable Percentages of all Lenders (including any Additional Lenders) will be as set forth on the revised Schedule 1.1-C. Such purchases
shall be deemed to have been effected by way of, and subject to the terms and conditions of, Assignment Agreements without the payment of any related assignment fees and, except for any new or replacement Notes to be provided to any Purchasing
Lenders in the principal amounts of their respective Commitments, no other documents or instruments shall be, or shall be required to be, executed in connection with such assignments (all of which are hereby waived). The Lenders shall make cash
settlements among themselves with respect to such reallocations and assignments. To the extent such reallocations and payments to Lenders in respect of Revolving Loans on the Increase Date result in losses, costs or expenses to such Lenders of the
types subject to reimbursement by the Borrower pursuant to Section 2.11, the Borrower shall promptly pay such amounts to the affected Lenders. 

ARTICLE 3 FEES AND PAYMENTS. 

Section 3.1 Fees. 

(a) Commitment Fees. The Borrower agrees to pay to each Lender a commitment fee, which shall accrue at the Applicable Commitment Fee
Rate on the daily unused amount of the Commitment of such Lender during the period from and including the Effective Date to but excluding the date on which such Lender’s Commitment terminates pursuant to the terms of this Agreement. Accrued
commitment fees shall be payable in arrears on the third (3rd) Business Day following the last calendar day of March, June, September and December of each year, commencing on the third (3rd) Business Day following [            ], 2014 (with the payment due on such initial payment date to be calculated for the period
commencing on the Effective Date and ending on [            ], 2014), on the date(s) on which such Lender’s Commitment shall have terminated, and on the Maturity Date. All commitment
fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 

(b) Payment of Fees. All fees payable under this Section 3.1 shall be paid on the dates due, in immediately available funds, to the
applicable Lenders. 
 Section 3.2 Place and Application of Payments. 

(a) All payments of principal of and interest on the Revolving Loans, and all fees and other amounts payable by the Borrower under the Credit
Documents shall be made by the Borrower to the applicable Lenders, without defense, setoff or counterclaim, free of any restriction or condition, in immediately available funds on the due date thereof, no later than 2:00 P.M. in such location as
such Lender may designate in writing to the Borrower. Any payments received by a Lender from the Borrower after the time specified in the preceding sentence shall be deemed to have been received on the next Business Day. 

  
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 Section 3.3 Withholding Taxes. 

(a) Defined Terms. For purposes of this Section 3.3, the term “applicable law” includes FATCA. 

(b) Payments Free of Taxes. Any and all payments by or on account of any obligation of any Loan Party under any Credit Document shall be
made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in good faith by an applicable Withholding Agent) requires deduction or withholding of any Tax from any such payment by a
Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and,
if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that, after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums
payable under this Section 3.3), the applicable Recipient receives an amount equal to the sum it would have received had not such deduction or withholding been made. 

(c) Payment of Other Taxes by the Borrower. The Loan Parties shall timely pay to the relevant Governmental Authority in accordance with
applicable law, or at the option of any Lender timely reimburse it for the payment of, any Other Taxes. 
 (d) Indemnification by the Loan
Parties. The Loan Parties shall jointly and severally indemnify each Recipient, within 15 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts
payable under this Section 3.3) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified
Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender shall be conclusive absent manifest error. 

(e) Evidence of Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to
this Section 3.3, the Borrower or such other Loan Party shall deliver to the Lenders the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment, or
other evidence of such payment reasonably satisfactory to the Lenders. 
 (f) Status of Lenders. 

 

	 	(i)	 Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Credit Document shall deliver
to the Borrower, at the time or times reasonably requested by the Borrower, such properly completed and executed documentation reasonably requested by the Borrower as will permit such payments to be made without withholding or at a reduced rate of
withholding. In addition, any Lender, if reasonably requested by 

  
 31 

	 	
the Borrower, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower as will enable the Borrower to determine whether or not such Lender is
subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in
clauses (ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially
prejudice the legal or commercial position of such Lender. 

  

	 	(ii)	Without limiting the generality of the foregoing, in the event that the Borrower is or becomes a U.S. Person, 

  

	 	(A)	any Lender that is a U.S. Person shall deliver to the Borrower on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the
Borrower), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax; 

  

	 	(B)	any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower (in such number of copies as shall be requested) on or prior to the date on which such Foreign Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower), whichever of the following is applicable: 

(1) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party
(x) with respect to payments of interest under any Credit Document, executed originals of IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax
treaty and (y) with respect to any other applicable payments under any Credit Document, IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other
income” article of such tax treaty; 
 (2) executed originals of IRS Form W-8ECI; 

(3) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of
the Code, (x) a certificate substantially in the form of Exhibit 3.3-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of
the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed
originals of IRS Form W-8BEN; or 

  
 32 

 (4) to the extent a Foreign Lender is not the beneficial owner, executed
originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of Exhibit 3.3-2 or Exhibit 3.3-3, IRS Form W-9, and/or other certification documents from each
beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax
Compliance Certificate substantially in the form of Exhibit 3.3-4 on behalf of each such direct and indirect partner; 
  

	 	(C)	any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower (in such number of copies as shall be requested) on or prior to the date on which such Foreign Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in withholding Tax, duly
completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower to determine the withholding or deduction required to be made; and 

 

	 	(D)	if a payment made to a Lender under any Credit Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA
(including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower at the time or times prescribed by law and at such time or times reasonably requested by the Borrower such
documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower as may be necessary for the Borrower to comply with their
obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement. 

 Each Lender agrees that if any form or
certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower in writing of its legal inability to do so. 

(g) Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund
of any Taxes as to which it has been indemnified pursuant to this Section 3.3 (including by the payment of additional amounts pursuant to this Section 3.3), it shall pay to the indemnifying party an amount equal to such refund (but only to
the extent of indemnity payments made under this Section 3.3 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid
by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the 

  
 33 

 
request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this Section 3.3(g) (plus any penalties, interest or other charges imposed by the
relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this Section 3.3(g), in no event will the indemnified party
be required to pay any amount to an indemnifying party pursuant to this Section 3.3(g) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax
subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This Section 3.3(g) shall not be
construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 

(h) Survival. Each party’s obligations under this Section 3.3 shall survive any assignment of rights by, or the replacement
of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Credit Document. 

ARTICLE 4 CONDITIONS PRECEDENT. 

Section 4.1 Conditions for Effectiveness. This Agreement shall become effective, and the obligation of each Lender to advance any
initial Revolving Loans, shall only take effect, on the date (the “Effective Date”) on which each of the following conditions has been satisfied (or waived in accordance with Section 9.11): 

(a) The Lender shall have received counterparts of this Agreement duly executed (including by facsimile or other electronic
means) by all parties to this Agreement. 
 (b) The Lender shall have received evidence that, substantially concurrently with
the Effective Date, the TP LLC IPO shall occur. 
 (c) Each of the representations and warranties of the Loan Parties set
forth herein and in the other Credit Documents shall be true and correct in all material respects as of the Effective Date, except to the extent that any such representation or warranty relates solely to an earlier date, in which case it shall have
been true and correct in all material respects as of such earlier date. 
 (d) No Default or Event of Default shall have
occurred and be continuing. 
 (e) Payment of all fees and all expenses incurred through the Effective Date then due and
owing to the Lenders pursuant to this Agreement, and as otherwise agreed in writing by the Borrower. 
 (f) Each Lender that
is organized under the laws of any jurisdiction other than the United States of America or any State thereof shall have delivered to the Borrower any applicable forms as described in Section 3.3(f) or clause (i) of Section 9.10(e).

  
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 Section 4.2 Conditions for All Borrowings. The obligation of each Lender to make any
advance of any Borrowing is subject to satisfaction of the following conditions precedent (but subject to Section 2.3(c)): 

(a) Notices. The Lender shall have received the Borrowing Request required by the first sentence of Section 2.3(a);

 (b) Warranties True and Correct. In the case of any advance of any Borrowing, each of the representations and
warranties of the Borrower and the other Loan Parties set forth herein (other than, in the case of any such Borrowing, issuance or increase occurring after the Effective Date, the representations and warranties set forth in Sections 5.4 and 5.9) and
in the other Credit Documents (other than, in the case of any such Borrowing, issuance, increase or extension occurring after the Effective Date, those that relate to the representations and warranties set forth in Sections 5.4 and 5.9) shall be
true and correct in all material respects (except any such representation or warranty that is qualified or limited by its terms by materiality, in which case such representation or warranty shall be true and correct) as of the time of such
Borrowing, except as a result of the transactions permitted hereunder or thereunder, and except to the extent that any such representation or warranty relates solely to an earlier date, in which case it shall have been true and correct in all
material respects as of such earlier date; 
 (c) No Default. No Default or Event of Default shall have occurred and
be continuing or would occur as a result of any such Borrowing; and 
 (d) Regulations T, U and X. Such Borrowing or
other extension of credit shall not result in the Borrower or any Lender being in non-compliance with or in violation of Regulation T, U or X of the Board of Governors of the Federal Reserve System. 

Each acceptance by the Borrower of the proceeds of any Borrowing shall be deemed to be a representation and warranty by the Borrower on the date of such
acceptance, that all conditions precedent to such Borrowing set forth in this Section 4.2 (and in Section 4.1 with respect to any initial Borrowing) have, except to the extent waived in accordance with the terms hereof, been satisfied or
fulfilled, unless the Borrower gives to the Lenders written notice to the contrary, in which case none of the Lenders shall be required to fund such Borrowing, unless the Required Lenders shall have previously waived in writing such non-compliance.

 ARTICLE 5 REPRESENTATIONS AND WARRANTIES. 

The Borrower represents and warrants to each Lender as follows: 

Section 5.1 Corporate Organization. The Borrower and each other material Member of the Consolidated Group: (i) is duly
organized and existing in good standing under the laws of the jurisdiction of its organization or registration (as the case may be); (ii) has all necessary organizational power and authority to own the property and assets it uses in its
business and otherwise to carry on its present business; and (iii) is duly licensed or qualified and in good standing in each jurisdiction in which the nature of the business transacted by it or the nature of the property owned or leased by it
makes such licensing or qualification necessary, except where the failure to be so licensed or qualified or to be in good standing, as the case may be, would not have a Material Adverse Effect. 

  
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 Section 5.2 Power and Authority; Validity. Each of the Borrower and the other Loan
Parties has the organizational power and authority to execute, deliver and carry out the terms and provisions of the Credit Documents to which it is a party and has taken all necessary company action to authorize the execution, delivery and
performance of such Credit Documents. Each of the Borrower and the other Loan Parties has duly executed and delivered each Credit Document to which it is a party and each such Credit Document constitutes the legal, valid and binding obligation of
the Borrower or such other Loan Party, as the case may be, enforceable against it in accordance with its terms, subject as to enforcement only to bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of
creditors’ rights generally and equitable principles. 
 Section 5.3 No Violation. Neither the execution, delivery or
performance by the Borrower or the other Loan Parties of the Credit Documents to which it is a party nor compliance by it with the terms and provisions thereof, nor the consummation by it of the transactions contemplated herein or therein, will
(i) contravene in any material respect any applicable provision of any law, statute, rule or regulation, or any applicable order, writ, injunction or decree of any court or governmental instrumentality, (ii) conflict with or result in any
breach of any term, covenant, condition or other provision of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any Lien, other than any Permitted Lien, upon any of the property or
assets of the Borrower or any other Member of the Consolidated Group, the terms of any material contractual obligation to which the Borrower or any other Member of the Consolidated Group is a party or by which they or any of their properties or
assets are bound or to which they may be subject, or (iii) violate or conflict with any provision of the memorandum of association and articles of association, charter, articles or certificate of incorporation, partnership or limited liability
company agreement, by-laws, or other applicable governance documents of the Borrower or any other Member of the Consolidated Group. 

Section 5.4 Litigation. Except as may be described in the Borrower’s Registration Statement on Form S-1 (No. 333-196958) or
in any filing of Holdings with the SEC prior to the Effective Date (the matters set forth therein being collectively referred to as the “Disclosed Matters”), there are no actions, suits, proceedings or counterclaims (including,
without limitation, derivative or injunctive actions) pending or, to the knowledge of the Borrower, threatened against the Borrower or any other Member of the Consolidated Group that are reasonably likely to have a Material Adverse Effect. 

Section 5.5 Use of Proceeds; Margin Regulations. 

(a) Use of Proceeds. The proceeds of the Revolving Loans have been and are only being used for permitted investments and future
acquisitions, capital expenditures, working capital and other general corporate purposes of the Consolidated Group, and none of such proceeds have been or are being used for any purpose contrary to the provisions of Section 6.9. 

(b) Margin Stock. None of the Borrower nor any other Member of the Consolidated Group is engaged in the business of extending credit for
the purpose of purchasing or carrying margin stock. No proceeds of the Revolving Loans will be used for a purpose which violates Regulations T, U or X of the Board of Governors of the Federal Reserve System. After application of the proceeds of the
Revolving Loans, and any acquisitions permitted hereunder, less than 25% of the assets of the Borrower and the other Members of the Consolidated Group consists of “margin stock” (as defined in Regulation U of the Board of Governors
of the Federal Reserve System). 
 Section 5.6 Investment Company Act. None of the Borrower nor any other Member of the
Consolidated Group is an “investment company” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended. 

  
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 Section 5.7 True and Complete Disclosure. All factual information (taken as a whole,
and excluding information of a general economic or industry nature) furnished by the Borrower or any other Member of the Consolidated Group in writing to any Lender in connection with any Credit Document or any transactions contemplated in any of
the foregoing, did not, as of the date such information was furnished (or, if such information expressly related to a specific date, as of such specific date), contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements therein (taken as a whole), in light of the circumstances under which such information was furnished, not materially misleading, except for such statements, if any, as have been updated, corrected, supplemented,
superseded or modified pursuant to a written correction or supplement furnished to such Lenders prior to the Effective Date. 

Section 5.8 Financial Statements. The financial statements of the Borrower’s accounting predecessor heretofore delivered to
the Lenders for its fiscal year ended December 31, 2013, and for its fiscal quarter and year-to-date period ended March 31, 2014, have been prepared in accordance with GAAP applied on a basis consistent, except as otherwise noted therein,
in accordance with GAAP, with the Borrower’s accounting predecessor’s financial statements for the previous fiscal year. Such annual and quarterly financial statements fairly present in all material respects on a combined basis the
financial position of the Borrower as of the dates thereof, and the results of operations for the periods indicated, subject in the case of interim financial statements to normal year-end audit adjustments and omission of certain footnotes (as
permitted by the SEC). As of the Effective Date, the Borrower and its Subsidiaries, considered as a whole, had no material contingent liabilities or material Indebtedness required under GAAP to be disclosed in a consolidated balance sheet of the
Borrower that were not included in the financial statements referred to in this Section 5.8 or disclosed in the notes thereto or in writing to the Lenders unless otherwise permitted under this Agreement. 

Section 5.9 No Material Adverse Change. Except for the Disclosed Matters, there has not occurred since December 31, 2013, any
events, changes, developments or conditions, singly or in the aggregate, that have had or could reasonably be expected to have a Material Adverse Effect. 

Section 5.10 Taxes. The Borrower and all other Members of the Consolidated Group have filed all material tax returns required to
be filed, whether in the United States or in any foreign jurisdiction, and have paid all Taxes shown to be due and payable on such returns or on any assessments made against the Borrower or such other Members of the Consolidated Group or any of
their properties, other than any such assessments, fees, charges or levies (i) that are not more than ninety (90) days past due, or which can thereafter be paid without penalty, (ii) which are being contested in good faith by
appropriate proceedings and for which reserves have been provided in conformity with GAAP, or (iii) which the failure to pay could not reasonably be expected to have a Material Adverse Effect. 

Section 5.11 Consents. On the Effective Date, all material consents and approvals of, and filings and registrations with, and all
other actions of, all governmental agencies, authorities or instrumentalities required to have been obtained or made by the Borrower in order for the Borrower to obtain the Revolving Loans hereunder have been or will have been obtained or made and
are or will be in full force and effect. 
 Section 5.12 Insurance. The Borrower and all other material Members of the
Consolidated Group maintain in effect, with responsible insurance companies, including captive insurance companies, or through self-insurance, insurance against any loss or damage as to all insurable property and assets owned by it and as to its
operations (other than business interruption insurance) and related liabilities, which insurance is of a character and in or in excess of such amounts as are customarily maintained by companies similarly situated and owning like property or assets
or conducting like operations (subject to self-insured retentions and deductibles), and insurance with respect to employers’ and public and product liability risks (subject to self-insured retentions and deductibles). 

  
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 Section 5.13 Intellectual Property. The Borrower and all other Members of the
Consolidated Group own or hold valid licenses to use all the patents, trademarks, permits, service marks, and trade names that are necessary to the operation of the business of the Borrower and all other Members of the Consolidated Group as
presently conducted, except where the failure to own, or hold valid licenses to use, such patents, trademarks, permits, service marks, and trade names could not reasonably be expected to have a Material Adverse Effect. 

Section 5.14 Ownership of Property. The Borrower and all other Members of the Consolidated Group have good title to or a valid
leasehold interest in all of their real property and good title to, or a valid leasehold interest in, all of their other property, subject to no Liens except Permitted Liens, except where the failure to have such title or leasehold interest in such
property could not reasonably be expected to have a Material Adverse Effect. 
 Section 5.15 Employee Benefit Plans. 

(a) The Borrower, each other Member of the Consolidated Group and each of their respective ERISA Affiliates are in compliance with all
applicable provisions and requirements of ERISA and the Code and the regulations and published interpretations thereunder with respect to each Plan, and have performed all their respective obligations under each Plan, except for any such
non-compliance or non-performance which could not reasonably be expected to result in a Material Adverse Effect. No liability to the PBGC (other than required premium payments), the IRS, any Plan or any trust established under Title IV of ERISA has
been or is expected to be incurred by the Borrower or any other Member of the Consolidated Group or any of their ERISA Affiliates with respect to any Plan, except for any such liability which could not reasonably be expected to result in a Material
Adverse Effect. No ERISA Event has occurred or is reasonably expected to occur which could reasonably be expected to result in a Material Adverse Effect. No Plan has Unfunded Vested Liabilities which could reasonably be expected to result in a
Material Adverse Effect. As of the most recent valuation date for each Multiemployer Plan, the potential liability of the Borrower and the other Members of the Consolidated Group and their respective ERISA Affiliates for a complete withdrawal from
such Multiemployer Plan (within the meaning of Section 4203 of ERISA), when aggregated with such potential liability for a complete withdrawal from all other Multiemployer Plans, based on information available pursuant to Section 101(l) of
ERISA, could not reasonably be expected to result in a Material Adverse Effect. The Borrower and each other Member of the Consolidated Group and each of their ERISA Affiliates have complied with the requirements of Section 515 of ERISA with
respect to each Multiemployer Plan and are not in material “default” (as defined in Section 4219(c)(5) of ERISA) with respect to payments to a Multiemployer Plan, except for any such non-compliance which could not reasonably be
expected to result in a Material Adverse Effect. 
 (b) The Borrower and each other Member of the Consolidated Group are in compliance with
all applicable laws and regulations with respect to each Foreign Plan, and have performed all of their respective obligations thereunder, except for any such non-compliance or non-performance which could not reasonably be expected to result in a
Material Adverse Effect. Without limiting the foregoing, no Foreign Plan has Unfunded Vested Liabilities that could reasonably be expected to result in a Material Adverse Effect. 

  
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 Section 5.16 Anti-Corruption Laws and Sanctions. The Borrower has implemented and
maintains in effect and enforces policies and procedures intended to ensure material compliance by the Borrower and all other Members of the Consolidated Group, together with their respective officers, directors, employees and agents, with
Anti-Corruption Laws and all applicable Sanctions. The Borrower and all other Members of the Consolidated Group and, to the Borrower’s knowledge, their respective officers, employees, directors, representatives and agents that will act in any
capacity in connection with or benefit from the credit facility established hereby, are in material compliance with Anti-Corruption Laws and all applicable Sanctions in all material respects. None of the Borrower or any other Member of the
Consolidated Group nor, to the Borrower’s knowledge, any of their respective officers, directors, employees, representatives or agents that will act in any capacity in connection with or benefit from the credit facility established hereby, is a
Sanctioned Person. No Borrowings or any proceeds thereof will be used directly or, to the Borrower’s knowledge, indirectly, to finance activities or business of or with any Sanctioned Person or in any Sanctioned Country, or otherwise in a
manner that would result in the violation of Anti-Corruption Laws or any Sanctions applicable to any Member of the Consolidated Group or, to the Borrower’s knowledge, relevant to any of the Lenders. 

Section 5.17 Compliance with Certain Laws. Each of the Borrower and the other Members of the Consolidated Group are in material
compliance with all laws, regulations, and orders of any Governmental Authorities applicable to it or its properties or operations, except where (i) any such non-compliance, individually or in the aggregate, could not reasonably be expected to
result in a Material Adverse Effect, or (ii) the Borrower or such Member of the Consolidated Group is contesting such law, regulation, ordinance or order in good faith by appropriate proceedings and reserves in conformity with GAAP have been
provided therefor as applicable. Without limiting the foregoing, the Borrower and each other Member of the Consolidated Group is in compliance, in all material respects, with (i) the Trading with the Enemy Act, as amended, and each of the
foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto, or any comparable legislation, regulations or orders
adopted or issued by any Governmental Authority of the European Union, as if such statute, regulations, legislation, or order applied in full to the Borrower and each other Member of the Consolidated Group, and (ii) the Patriot Act and its
implementing regulations as if such statute and regulations applied in full to the Borrower and each other Member of the Consolidated Group. 

Section 5.18 Solvency. The Borrower is, and after giving effect to the obligations of the Borrower under this Agreement and the
other Credit Documents, will be and will continue to be, when taken together with the other Members of the Consolidated Group, Solvent. 

ARTICLE 6 COVENANTS. 
 The
Borrower covenants and agrees that, so long as any Revolving Loan, Note or Commitment is outstanding hereunder, or any other Obligation is due and payable hereunder: 

Section 6.1 Corporate Existence. Each of the Borrower and all other material Members of the Consolidated Group will preserve and
maintain its organizational existence, except (i) for the dissolution of any material Subsidiaries of the Borrower whose assets are transferred to the Borrower or any of its Subsidiaries, (ii) for mergers or other business combinations
permitted under Section 6.10, and mergers or other business combinations of any Subsidiary of the Borrower with or into the Borrower or another Subsidiary of the Borrower, (iii) where the failure to preserve, renew or keep in full force
and effect the existence of any Subsidiary of the Borrower could not reasonably be expected to have a Material Adverse Effect, (iv) in connection with the sale, lease, transfer or other disposition of assets (or equity interests) not otherwise
prohibited by this Agreement or (v) as otherwise expressly permitted in this Agreement. 

  
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 Section 6.2 Maintenance. Each of the Borrower and all other material Members of the
Consolidated Group will maintain, preserve and keep its properties and equipment necessary to the proper conduct of its business in reasonably good repair, working order and condition (normal wear and tear excepted) and will from time to time make
all reasonably necessary repairs, renewals, replacements, additions and betterments thereto so that at all times such properties and equipment are reasonably preserved and maintained, in each case with such exceptions as could not, individually or
in the aggregate, be reasonably expected to have a Material Adverse Effect; provided, however, that nothing in this Section 6.2 shall prevent the Borrower or any other material Members of the Consolidated Group from discontinuing
the operation or maintenance of any such properties or equipment if such discontinuance is, in the reasonable judgment of the Borrower or any other material Members of the Consolidated Group, as applicable, desirable in the conduct of its business.

 Section 6.3 Taxes. Each of the Borrower and the other Members of the Consolidated Group will duly pay and discharge all Taxes
upon or against it or its properties within ninety (90) days after becoming due or, if later, prior to the date on which penalties are imposed for such unpaid Taxes, unless and to the extent that (i) the same is being contested in good
faith and by appropriate proceedings and reserves have been established in conformity with GAAP, or (ii) the failure to effect such payment or discharge could not reasonably be expected to have a Material Adverse Effect. 

Section 6.4 ERISA. Each of the Borrower and the other Members of the Consolidated Group will timely pay and discharge all
obligations and liabilities arising under ERISA or otherwise with respect to each Plan or Foreign Plan of a character which if unpaid or unperformed might result in the imposition of a material Lien against any properties or assets of the Borrower
or any other material Member of the Consolidated Group, and will promptly notify the Lenders upon an officer of the Borrower becoming aware thereof, of (i) the occurrence of any reportable event (as defined in ERISA) relating to a Plan (other
than a Multiemployer Plan) so long as the event thereunder could reasonably be expected to have a Material Adverse Effect, other than any such event with respect to which the PBGC has waived notice by regulation; (ii) receipt of any notice from
PBGC of its intention to seek termination of any Plan or Multiemployer Plan or appointment of a trustee therefor; (iii) the intention of the Borrower or any other Member of the Consolidated Group to terminate or withdraw from any Plan if such
termination or withdrawal would result in liability under Title IV of ERISA, unless such termination or withdrawal could not reasonably be expected to have a Material Adverse Effect; and (iv) the receipt by the Borrower or any other Members of
the Consolidated Group of notice of the occurrence of any event that could reasonably be expected to result in the incurrence of any liability (other than routine claims for benefits), fine or penalty to the Borrower or any other Members of the
Consolidated Group, or any plan amendment that could reasonably be expected to increase the contingent liability of the Borrower and any other Members of the Consolidated Group, taken as a whole, in either case in connection with any post-retirement benefit under a welfare plan (subject to ERISA), unless such event or amendment could not reasonably be expected to have a Material Adverse Effect. The Borrower will also promptly notify the Lenders
of (i) any material contributions to any Foreign Plan that have not been made by the required due date for such contribution if such default could reasonably be expected to have a Material Adverse Effect; (ii) any Foreign Plan that is not
funded to the extent required by the law of the jurisdiction whose law governs such Foreign Plan based on the actuarial assumptions reasonably used at any time if such underfunding (together with any penalties likely to result therefrom) could
reasonably be expected to have a Material Adverse Effect, and (iii) any material change anticipated to any Foreign Plan that could reasonably be expected to have a Material Adverse Effect. 

Section 6.5 Insurance. Each of the Borrower and all other material Members of the Consolidated Group will maintain or cause to be
maintained, with responsible insurance companies, including captive insurance companies, or through self-insurance, insurance as to its operations (other than business interruption insurance) and related liabilities, and against any loss or damage
to all 

  
 40 

 
insurable property and assets owned by it, such insurance to be of a character and in or in excess of such amounts as are customarily maintained by companies similarly situated and conducting
like operations or owning like property or assets (subject to self-insured retentions and deductibles) and will (subject to self-insured retentions and deductibles) maintain or cause to be maintained insurance
with respect to employers’ and public and product liability risks. 
 Section 6.6 Financial Reports and Other Information.

 (a) Periodic Financial Statements and Other Documents. The Borrower, the other Members of the Consolidated Group, and any SPVs will
maintain a system of accounting in such manner as will enable preparation of financial statements in accordance with GAAP and will furnish to the Lenders and their respective authorized representatives such information about the business and
financial condition of the Borrower, the other Members of the Consolidated Group and any SPVs as any Lender may reasonably request; and, without any request, will furnish to the Lenders: 

(i) not later than the earlier of (x) sixty (60) days after the end of each of the first three (3) fiscal
quarters of each fiscal year of the Borrower and (y) five (5) days after the date the Borrower is required to file (taking into account any extensions of time contemplated by Rule 12b-25 under the Securities Exchange Act of 1934, as
amended) with the SEC its report on Form 10-Q with respect to each of such fiscal quarters, the consolidated balance sheet of the Consolidated Group as at the end of such fiscal quarter and the related consolidated statements of income and retained
earnings and of cash flows for such fiscal quarter and for the portion of the fiscal year ended with the last day of such fiscal quarter, all of which shall be in reasonable detail or in the form filed with the SEC, and certified by the chief
financial officer of the Borrower, that they fairly present in all material respects the financial condition of the Consolidated Group as of the dates indicated and the results of their operations and changes in their cash flows for the periods
indicated and that they have been prepared in accordance with GAAP, in each case, subject to normal year-end audit adjustments and the omission of any footnotes as permitted by the SEC (publicly filing the
Borrower’s Form 10-Q with the SEC in any event will satisfy the requirements of this clause (i), subject to Section 6.6(b), and shall be deemed furnished and delivered on the date such information has been posted on the SEC website
accessible through http://www.sec.gov/edgar/searchedgar/webusers.htm or such successor webpage of the SEC thereto); 
 (ii)
not later than the earlier of (x) one hundred twenty (120) days after the end of each fiscal year of the Borrower and (y) five (5) days after the date the Borrower is required to file (taking into account any extensions of time
contemplated by Rule 12b-25 under the Securities Exchange Act of 1934, as amended) with the SEC its report on Form 10-K with respect to such fiscal year, the consolidated balance sheet of the Consolidated Group as at the end of such fiscal year and
the related consolidated statements of income and retained earnings and of cash flows for such fiscal year and, to the extent available, setting forth consolidated comparative figures as of the end of and for the preceding fiscal year for the
Borrower’s accounting predecessor, audited by an independent nationally-recognized accounting firm and in the form filed with the SEC (publicly filing the Borrower’s Form 10-K with the SEC in any event will satisfy the requirements of this
clause (ii), subject to Section 6.6(b), and shall be deemed furnished and delivered on the date such information has been posted on the SEC website accessible through http://www.sec.gov/edgar/searchedgar/webusers.htm or such successor webpage
of the SEC thereto); and 

  
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 (iii) within ten (10) days after the sending or filing thereof, copies of
all financial statements, projections, documents and other communications that the Borrower sends to its unitholders generally or publicly files with the SEC or any similar governmental authority (and is publicly available); provided that
publicly filing such documents with the SEC in any event will satisfy the requirements of this clause (iii), subject to Section 6.6(b), and shall be deemed furnished and delivered on the date such information has been posted on the SEC website
accessible through http://www.sec.gov/edgar/searchedgar/webusers.htm or such successor webpage of the SEC thereto. 
 (b) Compliance
Certificates. Within the respective time periods set forth in clauses (i) and (ii) of Section 6.6(a) for furnishing financial statements, the Borrower shall deliver or cause to be delivered (i) any additional financial
information in respect of any Consolidated Affiliates and SPVs as reasonably requested by any Lender, and (ii) (x) a written certificate signed by the Borrower’s Chief Financial Officer or other financial officer of the Borrower, in
his or her capacity as such, to the effect that no Default or Event of Default then exists or, if any such Default or Event of Default exists as of the date of such certificate, setting forth a description of such Default or Event of Default and
specifying the action, if any, taken by the Borrower or any other Member of the Consolidated Group to remedy the same, and (y) a Compliance Certificate in the form of Exhibit 6.6 showing compliance with the covenants specified therein.

 (c) Notice of Events Relating to Environmental Laws and Claims. Promptly after any officer of the Borrower obtains knowledge of any
of the following (other than Disclosed Matters, except as provided in clause (iv) below), the Borrower will provide or cause to be provided to the Lenders written notice in reasonable detail of any of the following that, individually or in the
aggregate, could reasonably be expected to have a Material Adverse Effect: 
 (i) any pending or threatened Environmental
Claim against the Borrower or any other Member of the Consolidated Group or any SPV or any property owned or operated by the Borrower or any other Member of the Consolidated Group or any SPV; 

(ii) any condition or occurrence on any property owned or operated by the Borrower or any other Member of the Consolidated
Group or any SPV that results in noncompliance by the Borrower or any other Member of the Consolidated Group or any SPV with any Environmental Law; 

(iii) the taking of any material remedial action in response to the actual or alleged presence of any Hazardous Material on any
property owned or operated by the Borrower or any other Member of the Consolidated Group or any SPV other than in the ordinary course of business; and 

(iv) any material adverse development or occurrence in respect of any Disclosed Matter occurring or taking place subsequent to
the Effective Date which has not been otherwise disclosed pursuant to Section 6.6(a)(iii). 
 (d) Notices of Default, Litigation,
Etc. The Borrower will promptly, and in any event within five (5) Business Days, after an officer of the Borrower has knowledge thereof, give or cause to be given written notice in reasonable detail to the Lenders of: (i) the
occurrence of any Default or Event of Default; (ii) any litigation or governmental proceeding of the type described in Section 5.4; (iii) any 

  
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circumstance (including, without limitation, any termination of any Plan or Foreign Plan or any ERISA Event) that has had or could reasonably be expected to have a Material Adverse Effect;
(iv) the occurrence of any event which has resulted in a breach of, or is reasonably expected to result in a breach of, Section 6.17; (v) the Borrower or any other Member of the Consolidated Group, or any of their respective officers,
directors, employees, representatives or agents that act in any capacity in connection with or benefit from the credit facility established hereby, becoming a Sanctioned Person; and (vi) any notice received by it or any other Member of the
Consolidated Group or any SPV from the holder(s) of Indebtedness of the Borrower or any other Member of the Consolidated Group or any SPV in an amount which, in the aggregate, exceeds $75,000,000 (or, if denominated in a currency other than U.S.
Dollars, the Dollar Equivalent of $75,000,000), where such notice states or claims the existence or occurrence of any default or event of default with respect to such Indebtedness under the terms of any indenture, loan or credit agreement,
debenture, note, or other document evidencing or governing such Indebtedness. 
 (e) Other Information. Upon request therefor, the
Borrower shall furnish such other information regarding the operations, business affairs, and financial condition of the Members of the Consolidated Group as any Lender may reasonably request. 

Section 6.7 Lender Inspection Rights. Upon reasonable notice from any Lender, the Borrower will permit any Lender (and such
Persons as such Lender may reasonably designate) during normal business hours at such entity’s sole expense unless a Default or Event of Default shall have occurred and be continuing, in which event at the Borrower’s expense, to visit and
inspect any of the properties of the Borrower or any other Member of the Consolidated Group, to examine all of their books and records, to make copies and extracts therefrom, and to discuss their respective affairs, finances and accounts with their
respective officers and independent public accountants (and by this provision the Borrower authorizes such accountants to discuss with any Lender (and such Persons as such Lender may reasonably designate) the affairs, finances and accounts of the
Borrower and all other Members of the Consolidated Group), all as often, and to such extent, as may be reasonably requested. The chief financial officer of the Borrower and/or his or her designee shall be afforded the opportunity to be present at
any meeting of the Lenders and such accountants. 
 Section 6.8 Conduct of Business. The Borrower and all other Members of the
Consolidated Group will at all times remain primarily engaged in (i) the contract drilling business, and the provision of turnkey drilling services, (ii) the provision of services to the energy industry, (iii) other existing
businesses described in the Borrower’s Registration Statement on Form S-1 (No. 333-196958), or (iv) any related businesses (each a “Permitted Business”). 

Section 6.9 Use of Proceeds; Margin Regulations; Borrower Activities. 

(a) Use of Proceeds. The proceeds of the Revolving Loans shall only be used for permitted investments and future acquisitions, for
capital expenditures, and for other general corporate purposes of the Consolidated Group, and in any event for purposes consistent with the representations and warranties set forth in Section 5.16. 

(b) Margin Stock. None of the Borrower nor any other Member of the Consolidated Group shall (i) engage in the business of extending
credit for the purpose of purchasing or carrying margin stock or (ii) use any proceeds of the Revolving Loans for a purpose which violates Regulations T, U or X of the Board of Governors of the Federal Reserve System. After application of the
proceeds of the Revolving Loans, less than 25% of the assets of each of the Borrower and the other Members of the Consolidated Group will consist of “margin stock” (as defined in Regulation U of the Board of Governors of the Federal
Reserve System). 

  
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 Section 6.10 Restrictions on Fundamental Changes. The Borrower shall not merge,
consolidate, amalgamate or complete a scheme of arrangement with any other Person, or cause or permit any dissolution or winding up of the Borrower, or liquidation of its assets, or sell, transfer or otherwise dispose of all or substantially all of
the Borrower’s assets, except that: 
 (a) The Borrower may merge with or into, or consolidate, amalgamate or complete a
scheme of arrangement with, any other Person if upon the consummation of any such merger, consolidation, amalgamation or scheme of arrangement (x) the Borrower is the surviving Person to any such merger, consolidation, amalgamation or scheme of
arrangement, or (y) the surviving Person (I) is organized under the laws of a Permitted Jurisdiction and (II) shall assume all obligations of the Borrower under this Agreement and the other Credit Documents pursuant to an assumption
agreement in form and substance reasonably satisfactory to the Lenders; and 
 (b) The Borrower may sell or transfer all or
substantially all of its assets (including stock in its Subsidiaries) to any Person, so long as (x) such Person is a Subsidiary of the Borrower (or a Person who will contemporaneously therewith become a Subsidiary of the Borrower), and
(y) such Subsidiary (I) is organized under the laws of a Permitted Jurisdiction and (II) shall assume all obligations of the Borrower under this Agreement and the other Credit Documents pursuant to an assumption agreement, or pursuant to a
new credit agreement and promissory notes, in each case in form and substance reasonably satisfactory to the Lenders; 
 provided that in the case of
any transaction described in the preceding clauses (a) and (b), no Default or Event of Default (including, without limitation, pursuant to Section 7.1(j)) shall exist immediately prior to, or after giving effect to, such transaction.

 Section 6.11 Liens. The Borrower and the other Members of the Consolidated Group shall not create, incur, assume or
suffer to exist any Lien of any kind on any property or asset of any kind of the Borrower or any such other Member of the Consolidated Group, except the following (collectively, the “Permitted Liens”): 

(a) Liens existing on the Effective Date; 

(b) Liens arising in the ordinary course of business by operation of law, deposits, pledges or other Liens in connection with
workers’ compensation, unemployment insurance, old age benefits, social security obligations, taxes, assessments, public or statutory obligations or other similar charges, good faith deposits, pledges or other Liens in connection with (or to
obtain letters of credit in connection with) bids, performance, return-of-money or payment bonds, contracts or leases to which the Borrower or any other Members of the Consolidated Group are parties or other deposits required to be made in the
ordinary course of business; provided that in each case the obligation secured is not for Indebtedness for borrowed money and is not overdue or, if overdue, is being contested in good faith by appropriate proceedings and reserves in
conformity with GAAP have been provided therefor; 
 (c) mechanics’, workmen’s, materialmen’s,
landlords’, carriers’, maritime or other similar Liens arising in the ordinary course of business (or deposits to obtain the release of such Liens) related to obligations not overdue for more than thirty (30) days if such Liens arise
with 

  
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respect to domestic assets and for more than ninety (90) days if such Liens arise with respect to foreign assets, or, if so overdue, that are being contested in good faith by appropriate
proceedings and reserves in conformity with GAAP have been provided therefor, or if such Liens otherwise could not reasonably be expected to have a Material Adverse Effect; 

(d) Liens for Taxes not more than ninety (90) days past due or which can thereafter be paid without penalty or which are
being contested in good faith by appropriate proceedings and reserves in conformity with GAAP have been provided therefor, or if such Liens otherwise could not reasonably be expected to have a Material Adverse Effect; 

(e) Liens imposed by ERISA (or comparable foreign laws in respect of any Foreign Plan) which are being contested in good faith
by appropriate proceedings and reserves in conformity with GAAP have been provided therefor, or if such Liens otherwise could not reasonably be expected to have a Material Adverse Effect; 

(f) Liens arising out of judgments or awards against the Borrower or any other Member of the Consolidated Group, or in
connection with surety or appeal bonds or the like in connection with bonding such judgments or awards, the time for appeal from which or petition for rehearing of which shall not have expired or for which the Borrower or such other Member of the
Consolidated Group shall be prosecuting on appeal or proceeding for review, and for which it shall have obtained (within thirty (30) days with respect to a judgment or award rendered in the United States or within sixty (60) days with
respect to a judgment or award rendered in a foreign jurisdiction after entry of such judgment or award or expiration of any previous such stay, as applicable) a stay of execution or the like pending such appeal or proceeding for review;
provided, that the aggregate amount of uninsured or underinsured liabilities (net of customary deductibles, and including interest, costs, fees and penalties, if any) of the Borrower and the other Members of the Consolidated Group secured by
such Liens shall not exceed the Dollar Equivalent of $100,000,000 at any one time outstanding; 
 (g) Liens on fixed
or capital assets acquired, constructed, improved, altered or repaired by the Borrower or any other Member of the Consolidated Group and related contracts, intangibles and other assets that are incidental thereto (including accessions thereto and
replacements thereof) or otherwise arise therefrom; provided that (i) such Liens secure Indebtedness otherwise permitted by this Agreement, (ii) such Liens and the Indebtedness secured thereby are incurred prior to or within 365
days after such acquisition or the later of the completion of such construction, improvement, alteration or repair or the date of commercial operation of the assets constructed, improved, altered or repaired, (iii) the Indebtedness secured
thereby does not exceed the cost of acquiring, constructing, improving, altering or repairing such fixed or capital assets, as the case may be, and (iv) such Lien shall not apply to any other property or assets of the Borrower or any other
Member of the Consolidated Group; 
 (h) Liens securing Interest Rate Protection Agreements or Currency Rate Protection
Agreements incurred in the ordinary course of business and not for speculative purposes; 
 (i) Liens on property existing at
the time such property is acquired by the Borrower or any other Member of the Consolidated Group and not created in contemplation of such acquisition (or on repairs, renewals, replacements, additions, accessions and betterments thereto), and Liens
on the assets of any Person at the time such Person becomes a Member of the Consolidated Group and not created in contemplation of such Person becoming a Member of the Consolidated Group (or on repairs, renewals, replacements, additions, accessions
and betterments thereto); 

  
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 (j) any extension, renewal or replacement (or successive extensions, renewals or
replacements) in whole or in part of any Lien referred to in the foregoing subsections (a) through (i); provided, however, that the principal amount of Indebtedness or other obligations secured thereby does not exceed the principal
amount or the amount of such other obligation, as applicable, secured at the time of such extension, renewal or replacement (other than amounts incurred to pay costs of such extension, renewal or replacement), and that such extension, renewal or
replacement is limited to the property already subject to the Lien so extended, renewed or replaced (together with accessions and improvements thereto and replacements thereof); 

(k) rights reserved to or vested in any Governmental Authority by the terms of any right, power, franchise, grant, license or
permit, or by any provision of law, to terminate such right, power, franchise, grant, license or permit or to purchase, condemn, expropriate or recapture or to designate a purchaser of any of the property of a Person; 

(l) rights reserved to or vested in any Governmental Authority to control, regulate or use any property of a Person; 

(m) rights of a common owner of any interest in property held by a Person and such common owner as tenants in common or through
other common ownership; 
 (n) encumbrances (other than to secure the payment of Indebtedness), easements, restrictions,
servitudes, permits, conditions, covenants, exceptions or reservations in any property or rights-of-way of a Person for the purpose of roads, pipelines, transmission lines, transportation lines, distribution lines, removal of gas, oil, coal, metals,
steam, minerals, timber or other natural resources, and other like purposes, or for the joint or common use of real property, rights-of-way, facilities or equipment, or defects, irregularity and deficiencies in title of any property or
rights-of-way; 
 (o) Liens created by or resulting from zoning, planning and environmental laws and ordinances and municipal
regulations; 
 (p) Liens created or evidenced by or resulting from financing statements filed by lessors of property (but
only with respect to the property so leased); 
 (q) Liens on property securing Non-recourse Debt; 

(r) Liens on the stock or assets of SPVs; 

(s) other Liens created in connection with securitization programs, if any, of the Borrower and the other Members of the
Consolidated Group; 
 (t) Liens securing Indebtedness or other obligations (i) of the Borrower in favor of any wholly
owned Subsidiary of the Borrower, and (ii) of any wholly owned Subsidiary of the Borrower in favor of the Borrower or another wholly owned Subsidiary of the Borrower; 

  
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 (u) right of first refusal arrangements, any obligation to offer a Person the
option to purchase all or a portion of any asset, non-compete arrangements and other similar arrangements, in each case to the extent not securing Indebtedness for borrowed money; and 

(v) Liens (not otherwise permitted by clauses (a) through (u) of this Section 6.11) securing Indebtedness (or
other obligations) not exceeding at the time of incurrence thereof (together with all such other Liens securing Indebtedness (or other obligations) outstanding pursuant to this clause (v) at such time) ten percent (10%) of Consolidated
Tangible Net Worth. 
 Section 6.12 Subsidiary Indebtedness. The Borrower shall not permit any other Members of the Consolidated
Group (other than the Borrower) to incur, assume or suffer to exist any Indebtedness, except: 
 (a) existing Indebtedness
outstanding on the Effective Date, and any subsequent extensions, renewals or refinancings thereof (i) so long as such Indebtedness is not increased in amount (other than amounts incurred to pay costs of such extension, renewal or refinancing),
the scheduled maturity date thereof is not shortened (except to the extent such shortened maturity date is subsequent to the Maturity Date), any scheduled amortization of principal thereunder prior to the Maturity Date is not shortened, the interest
rate per annum applicable thereto is not increased above the then prevailing market rates of interest for similar Indebtedness, and the payments thereunder prior to the Maturity Date are not increased, or (ii) such extensions, renewals or
refinancings are otherwise expressly permitted by, and are effected pursuant to, another clause in this Section 6.12 (other than clause (l) hereof); 

(b) Indebtedness under the Credit Documents; 

(c) intercompany loans and advances to the Borrower or other Members of the Consolidated Group, and intercompany loans and
advances from any of such other Members of the Consolidated Group or SPVs to the Borrower or any other Members of the Consolidated Group; 

(d) Indebtedness under any Interest Rate Protection Agreements or any Currency Rate Protection Agreements; 

(e) Indebtedness (i) under unsecured lines of credit for overdrafts or for working capital purposes in foreign
countries with financial institutions, and (ii) arising from the honoring by a bank or other Person of a check, draft or similar instrument inadvertently drawing against insufficient funds, all such Indebtedness not to exceed the Dollar
Equivalent of $150,000,000 in the aggregate at any time outstanding, provided that amounts under overdraft lines of credit or outstanding as a result of drawings against insufficient funds shall be outstanding for one (1) Business Day
before being included in such aggregate amount; 
 (f) Indebtedness of a Person existing at the time such Person
becomes a Member of the Consolidated Group or is merged, consolidated or amalgamated with or into the Borrower or any other Member of the Consolidated Group and not incurred in contemplation of such transaction, and extensions, renewals or
refinancings thereof that do not increase the amount of such Indebtedness (other than amounts included to pay costs of such extension, renewal or refinancing); 

  
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 (g) Indebtedness (i) under Performance Guaranties and Performance Letters of
Credit, and (ii) with respect to letters of credit issued in the ordinary course of business; 
 (h) Indebtedness
created in connection with securitization programs, if any; 
 (i) Indebtedness (not otherwise permitted under any
other clause of this Section 6.12) in an aggregate principal amount outstanding for all Subsidiaries not exceeding at the time of incurrence thereof (together with all such other Indebtedness outstanding pursuant to this clause (i) at such
time) ten percent (10%) of Consolidated Net Assets (the “Subsidiary Debt Basket Amount”); 
 (j)
other Indebtedness of a Subsidiary not otherwise permitted under any other clause of this Section 6.12 so long as such Subsidiary has in force a Subsidiary Guaranty in substantially the form of Exhibit 6.12, provided that such
Subsidiary Guaranty shall contain a provision that such Subsidiary Guaranty and all obligations thereunder of such Subsidiary shall be terminated upon delivery to the Lenders by the Borrower of a certificate stating that (x) the aggregate
principal amount of Indebtedness of all Subsidiaries outstanding pursuant to the preceding clause (i) and this clause (j) is equal to or less than the Subsidiary Debt Basket Amount, and (y) no Default or Event of Default has occurred
and is continuing; and 
 (k) extensions, renewals or replacements of Indebtedness permitted by clauses (b) through
(j) of this Section 6.12 that do not increase the amount of such Indebtedness (other than amounts incurred to pay costs of such extension, renewal or refinancing). 

Section 6.13 Use of Property and Facilities; Environmental Laws. Each of the Borrower and the other Members of the Consolidated
Group shall comply in all material respects with all Environmental Laws applicable to or affecting the properties or business operations of the Borrower or any other Member of the Consolidated Group, where the failure to comply could reasonably be
expected to have a Material Adverse Effect. 
 Section 6.14 Transactions with Affiliates. Except as otherwise specifically
permitted herein, the Borrower and the other Members of the Consolidated Group shall not (except pursuant to contracts and agreements outstanding as of (i) with respect to the Borrower, the Effective Date, or (ii) with respect to any other
Member of the Consolidated Group, the Effective Date or, if later, the date such Person first became a Member of the Consolidated Group, including, without limitation, any Plans or related trusts), enter into or engage in any material transaction or
arrangement or series of related transactions or arrangements which in the aggregate would be material with any Affiliate (other than the Borrower or any other Member of the Consolidated Group), including without limitation, the purchase from, sale
to or exchange of property with, any merger, consolidation or amalgamation with or into, or the rendering of any service by or for, any Affiliate (other than the Borrower or any other Member of the Consolidated Group), unless such transaction or
arrangement or series of related transactions or arrangements are in the ordinary course of business and, taken as a whole, are no less favorable to the Borrower or such other Member of the Consolidated Group than would be obtained in an arms’
length transaction with a Person not an Affiliate (other than the Borrower or any other Member of the Consolidated Group). Notwithstanding the foregoing, the following transactions and arrangements will not be prohibited by the provisions of this
covenant: (a) the declaration or making any lawful dividend or distribution; (b) investments in and other transactions with Affiliates that are joint ventures whose operations are managed or controlled by a Member of the Consolidated
Group, where such investments or other transactions are made or effected on customary terms pursuant to the requirements of the business of the Consolidated Group and applicable law; (c) the TP LLC Formation Transactions and
TP LLC IPO, and any other 

  
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transactions or arrangements between the Borrower and its Subsidiaries on the one hand and Holdings and its Subsidiaries on the other hand, in each case so long as such transactions and
arrangements are fair and reasonable to the Borrower and its Subsidiaries in all material respects, taking into account the totality of the relationship between Holdings and its Subsidiaries, on the one hand, and the Borrower and its Subsidiaries,
on the other hand; (d) any transaction or arrangement approved by the Borrower’s conflicts committee; and (e) amendments, extensions, replacements and other modifications of transactions with Affiliates otherwise permitted by this
Agreement, provided that such amendments, extensions, replacements or other modifications, taken as a whole, are no less favorable in any material respect to the Consolidated Group than the transaction or transactions being amended, extended,
replaced or modified or remains fair and reasonable to the Borrower and its Subsidiaries in all material respects taking into account the totality of the relationship between Holdings and its Subsidiaries, on the one hand, and the Borrower and its
Subsidiaries, on the other hand. 
 Section 6.15 Sale and Leaseback Transactions. The Borrower will not, nor will it permit any
of its Subsidiaries to, enter into, assume, or suffer to exist any Sale-Leaseback Transaction, except any such transaction that may be entered into, assumed or suffered to exist without violating any other provision of this Agreement, including
without limitation, Sections 6.11, 6.12 and 6.17. 
 Section 6.16 Compliance with Laws; Policies and Procedures. 

(a) Without limiting any of the other covenants in this Article 6, the Borrower and the other Members of the
Consolidated Group shall (i) conduct their business, and otherwise be, in material compliance with all applicable laws, regulations, ordinances and orders of any governmental or judicial authorities; provided, however, that this
Section 6.16 shall not require the Borrower or any other Member of the Consolidated Group to comply with any such law, regulation, ordinance or order if (x) it shall be contesting such law, regulation, ordinance or order in good faith by
appropriate proceedings and reserves in conformity with GAAP have been provided therefor, or (y) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect, and (ii) comply in all material respects
with all obligations it might have under the Patriot Act and with Anti-Corruption Laws and all Sanctions applicable to any Member of the Consolidated Group. 

(b) The Borrower shall maintain in effect and enforce policies and procedures intended to ensure material compliance by the
Borrower and all other Members of the Consolidated Group and their respective officers, directors, employees and agents with Anti-Corruption Laws and Sanctions. 

Section 6.17 Maximum Leverage Ratio. The Borrower will not permit the Leverage Ratio, as of the last day of any fiscal quarter
commencing with the first full fiscal quarter ending after the Effective Date, (i) occurring other than during an Acquisition Period, to be greater than 5.00 to 1.00, or (ii) occurring during an Acquisition Period, to be greater than 5.50
to 1.00; provided that for purposes of this Section 6.17, EBITDA may include, at Borrower’s option, any Material Project EBITDA Adjustments. 

ARTICLE 7 EVENTS OF DEFAULT AND REMEDIES. 

Section 7.1 Events of Default. Any one or more of the following shall constitute an Event of Default: 

(a) default by the Borrower in the payment of (i) any principal amount of any Revolving Loan when due, or
(ii) interest due in respect of the principal amount of any Revolving Loan or any fees or other amounts payable hereunder within three (3) Business Days following the date when due; 

  
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 (b) default in the observance or performance of any covenant set forth in
Section 6.10, 6.11, or 6.17; 
 (c) default by the Borrower or any other Loan Party in the observance or performance of
any provision hereof or of any other Credit Document not mentioned in clauses (a) or (b) above, which is not remedied within thirty (30) days after notice thereof to the Borrower by any Lender; 

(d) any representation or warranty made or deemed made herein, in any other Credit Document, or in any certificates delivered
pursuant to Section 6.6(b), by the Borrower or any other Loan Party proves untrue in any material respect as of the date of the making, or deemed making, thereof; 

(e) (x) the Borrower and/or any other Members of the Consolidated Group shall have failed to pay when due (beyond
any applicable grace periods) any principal payments due in respect of Indebtedness in an aggregate principal amount of more than the Dollar Equivalent of $100,000,000 of the Borrower and/or other Members of the Consolidated Group owed to any
Persons other than Members of the Consolidated Group (“Material Indebtedness”); or (y) any Material Indebtedness of the Borrower and/or other Members of the Consolidated Group shall (i) not be paid at maturity (beyond any
applicable grace periods), or (ii) be declared to be, or otherwise become, due and payable prior to the stated maturity thereof, or be required to be prepaid, redeemed or repurchased prior to such stated maturity, as a result of any default in
respect of such Material Indebtedness; 
 (f) the Borrower or any Significant Subsidiary (i) has entered
involuntarily against it an order for relief under the United States Bankruptcy Code or a comparable action is taken under any bankruptcy or insolvency law of another country or political subdivision of such country, (ii) generally does not
pay, or admits its inability generally to pay, its debts as they become due, (iii) makes a general assignment for the benefit of creditors, (iv) applies for, seeks, consents to, or acquiesces in, the appointment of a receiver, custodian,
trustee, liquidator or similar official for it or any substantial part of its property under the United States Bankruptcy Code or under the bankruptcy or insolvency laws of another country or a political subdivision of such country,
(v) institutes any proceeding seeking to have entered against it an order for relief under the United States Bankruptcy Code or any comparable law, to adjudicate it insolvent, or seeking dissolution, winding up, liquidation, reorganization,
arrangement, adjustment or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors or fails to file an answer or other pleading denying the material allegations of or consents to or
acquiesces in any such proceeding filed against it, (vi) makes any board of directors resolution in direct furtherance of any matter described in clauses (i)-(v) above, or (vii) fails to contest in
good faith any appointment or proceeding described in this Section 7.1(f); 
 (g) a custodian, receiver, trustee,
liquidator or similar official is appointed for the Borrower or any Significant Subsidiary, or any substantial part of its property under the United States Bankruptcy Code or under the bankruptcy or insolvency laws of another country or a political
subdivision of such country, or a proceeding described in Section 7.1(f)(v) is instituted against the Borrower or any Significant Subsidiary, and such appointment continues undischarged or such proceeding continues undismissed and unstayed for
a period of sixty (60) days (or one hundred twenty (120) days in the case of any such event occurring outside the United States of America); 

  
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 (h) the Borrower and any other Members of the Consolidated Group fail within
thirty (30) days with respect to any judgments or court orders that are rendered in the United States or sixty (60) days with respect to any judgments or court orders that are rendered in foreign jurisdictions (or such earlier date as any
execution on such judgments or orders shall take place) to vacate, pay, bond or otherwise discharge any judgments or orders for the payment of money the uninsured portion of which is in excess of the Dollar Equivalent of $100,000,000 in the
aggregate and which are not stayed on appeal or otherwise being appropriately contested in good faith in a manner that stays execution; 

(i) (x) the Borrower or any other Member of the Consolidated Group fails to pay when due an amount that it is liable to pay to
the PBGC or to a Plan or a Multiemployer Plan under Title IV of ERISA; or a notice of intent to terminate a Plan having Unfunded Vested Liabilities of the Borrower or any other Members of the Consolidated Group in excess of the Dollar Equivalent of
$100,000,000 (a “Material Plan”) is filed under Title IV of ERISA; or the PBGC institutes proceedings under Title IV of ERISA to terminate or to cause a trustee to be appointed to administer any Material Plan or a proceeding is
instituted by a fiduciary of any Material Plan against the Borrower or other Members of the Consolidated Group to collect any liability under Section 515 or 4219(c)(5) of ERISA, and in each case such proceeding is not dismissed within thirty
(30) days thereafter; or a condition exists by reason of which the PBGC would be entitled to obtain a decree adjudicating that any Material Plan must be terminated, and (y) the occurrence of one or more of the matters in the preceding
clause (x) could reasonably be expected to result in liabilities to the Borrower or any other Member of the Consolidated Group in excess of the Dollar Equivalent of $100,000,000; 

(j) (i) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities
Exchange Act of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan), other than Holdings and its
Subsidiaries, becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership” of all securities that such
person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time (such right, an “option right”)), directly or indirectly, of 50% or more of the common units of the Borrower on a
fully-diluted basis (and taking into account all such securities that such person or group has the right to acquire pursuant to any option right); (ii) during any period of 12 consecutive months commencing after the Effective Date, a majority
of the members of the board of directors or other equivalent governing body of the Borrower cease to be composed of individuals (x) appointed or elected by Holdings and its Subsidiaries or (y) nominated by individuals described in the
preceding clause (x); or (iii) the unitholders of the Borrower remove Transocean Partners Holding Limited as the “Transocean Member” (as defined in the limited liability company agreement of the Borrower); or 

(k) the obligations of any Subsidiary Guarantor pursuant to any Subsidiary Guaranty ceases for any reason (other than as
expressly permitted under this Agreement) to be in full force and effect, or the Borrower or any other Loan Party shall so assert. 

  
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 Section 7.2 Non-Bankruptcy Defaults. When any
Event of Default (other than those described in subsections (f) or (g) of Section 7.1 with respect to the Borrower) has occurred and is continuing, any Lender shall, by notice to the Borrower: (a) if so directed by the Required
Lenders, or may with the consent of the Required Lenders, terminate the remaining Commitments to the Borrower hereunder on the date stated in such notice (which may be the date thereof); and (b) if so directed by the Required Lenders, or may
with the consent of the Required Lenders, declare the principal of and the accrued interest on all outstanding Revolving Loans to be forthwith due and payable and thereupon all outstanding Revolving Loans, including both principal and interest
thereon, shall be and become immediately due and payable together with all other accrued amounts payable under the Credit Documents without further demand, presentment, protest or notice of any kind, including, but not limited to, notice of intent
to accelerate and notice of acceleration, each of which is expressly waived by the Borrower. 
 Section 7.3 Bankruptcy Defaults.
When any Event of Default described in subsections (f) or (g) of Section 7.1 has occurred and is continuing with respect to the Borrower, then all outstanding Revolving Loans shall immediately become due and payable together with all
other accrued amounts payable under the Credit Documents without presentment, demand, protest or notice of any kind, each of which is expressly waived by the Borrower; and all obligations of the Lenders to extend further credit pursuant to any of
the terms hereof shall immediately terminate. 
 Section 7.4 Expenses. The Borrower agrees to pay to each Lender all reasonable
out-of-pocket expenses incurred or paid by such Lender, including reasonable attorneys’ fees and court costs, in connection with any Event of Default or the enforcement of any of the Credit Documents. 

Section 7.5 Distribution and Application of Proceeds. After the occurrence of and during the continuance of an Event of Default,
any payment to any Lender hereunder shall be distributed and applied as follows (unless otherwise agreed by the Borrower and all Lenders): 

(a) First, to the payment of any and all reasonable out-of-pocket costs and expenses of the Lenders, including, without
limitation, reasonable attorneys’ fees and out-of-pocket costs and expenses, as provided by this Agreement or by any other Credit Document, incurred in connection with the collection of such payment or in respect of the enforcement of any
rights of the Lenders under this Agreement or any other Credit Document, pro rata in the proportion in which the amount of such costs and expenses unpaid to each Lender bears to the aggregate amount of the costs and expenses unpaid to all
Lenders collectively, until all such fees, costs and expenses have been paid in full; 
 (b) Second, to the payment of any
due and unpaid fees to any Lender as provided by this Agreement or any other Credit Document, pro rata in the proportion in which the amount of such fees due and unpaid to each Lender bears to the aggregate amount of the fees due and unpaid
to all Lenders collectively, until all such fees have been paid in full; 
 (c) Third, to the payment of accrued and unpaid
interest on the Revolving Loans to the date of such application, pro rata in the proportion in which the amount of such interest, accrued and unpaid to each Lender bears to the aggregate amount of such interest accrued and unpaid to all
Lenders collectively, until all such accrued and unpaid interest has been paid in full; 
 (d) Fourth, to the payment of the
outstanding due and payable principal amount of each of the Revolving Loans, pro rata in the proportion in which the outstanding principal amount of such Revolving Loans owing to each Lender bears to the aggregate amount of all outstanding
Revolving Loans; 

  
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 (e) Fifth, to the payment of any other outstanding Obligations then due and
payable, pro rata in the proportion in which the outstanding Obligations owing to each Lender bears to the aggregate amount of all such Obligations until all such Obligations have been paid in full; and 

(f) Sixth, to the Borrower or as the Borrower may direct. 

ARTICLE 8 CHANGE IN CIRCUMSTANCES. 

Section 8.1 Illegality. 

(a) Notwithstanding any other provisions of this Agreement or any Note, if at any time any Change in Law shall occur that makes it unlawful for
any Lender to make or maintain Eurocurrency Loans, such Lender shall promptly give written notice thereof and of the basis therefor in reasonable detail to the Borrower, and such Lender’s obligations to fund affected Eurocurrency Loans or make,
continue or convert such Eurocurrency Loans under this Agreement, shall thereupon be suspended until it is no longer unlawful for such Lender to make or maintain such Eurocurrency Loans. 

(b) Upon the giving of the notice to the Borrower referred to in Section 8.1(a) in respect of any such Eurocurrency Loan, and provided the
Borrower shall not have prepaid such Eurocurrency Loan pursuant to Section 2.9, (i) any outstanding amount of such Eurocurrency Loan of such Lender shall be automatically converted to a Base Rate Loan in Dollars on the last day of the
Interest Period then applicable thereto or on such earlier date as required by law, and (ii) such Lender shall make or continue its portion of any requested Borrowing of such Eurocurrency Loan as a Base Rate Loan in U.S. Dollars, which Base
Rate Loan shall, for all other purposes, be considered part of such Borrowing. 
 (c) Any Lender that has given any notice pursuant to
Section 8.1(a) shall, upon determining that it would no longer be unlawful for it to make such Eurocurrency Loans, give prompt written notice thereof to the Borrower, and upon giving such notice, its obligation to make, allow conversions into
and maintain such Eurocurrency Loans shall be reinstated. 
 Section 8.2 Increased Costs and Reduced Return. 

(a) If any Change in Law: 

(i) subjects any Lender to any Tax (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through
(d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its Revolving Loans, Commitments, or other obligations under the Credit Documents, or its deposits, reserves, other liabilities or capital attributable thereto; or

 (ii) imposes, modifies or deems applicable any reserve, special deposit, compulsory loan, insurance charge or similar
requirement (including, without limitation, any such requirement imposed by the Board of Governors of the Federal Reserve System, but excluding for any Eurocurrency Loan any such requirement included in an applicable Statutory Reserve Rate) against
assets of, deposits with or for the account of, or credit extended by, any Lender or imposes on any Lender or on the London interbank market any other condition, cost or expense (other than Taxes) affecting its Revolving Loans, or its obligation to
advance or maintain Revolving Loans; 

  
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 and the result of any of the foregoing is to increase the cost to such Lender of advancing, continuing,
converting, or maintaining any Revolving Loan, or maintaining its obligation to make any such Revolving Loan, or to reduce the amount of any sum received or receivable by such Lender in connection therewith under this Agreement or any other Credit
Document, then, subject to Section 8.2(d), from time to time, within ten (10) days after receipt of a certificate from such Lender pursuant to Section 8.2(d) setting forth in reasonable detail such determination and the basis thereof,
the Borrower shall be obligated to pay to such Lender such additional amount or amounts as will compensate such Lender for such increased costs or reductions suffered. 

(b) If any Lender shall have determined that any Change in Law affecting such Lender regarding liquidity or capital adequacy has or would have
the effect of reducing the rate of return on such Lender’s capital, or on the capital of any Person controlling such Lender, as a consequence of its obligations hereunder to a level below that which such Lender could have achieved but for such
Change in Law (taking into consideration such Lender’s or its controlling Person’s policies with respect to capital adequacy in effect immediately before such Change in Law or compliance) then, subject to Section 8.2(d), from time to
time, within ten (10) days after its receipt of a certificate from such Lender pursuant to Section 8.2(d) setting forth in reasonable detail such determination and the basis thereof, the Borrower shall pay to such Lender such additional
amount or amounts as will compensate such Lender for such reductions suffered. 
 (c) If the cost to any Lender of making or maintaining any
Revolving Loan to the Borrower is increased (or the amount of any sum received or receivable by any Lender is reduced) by an amount deemed by such Lender to be material, by reason of the fact that the Borrower is incorporated in, or conducts
business in, a jurisdiction other than the United States of America, the Cayman Islands, or other Specified Jurisdictions, the Borrower shall, subject to Section 8.2(d), indemnify such Lender for such increased cost or reduction within fifteen
(15) days after demand by such Lender. A certificate of such Lender claiming compensation under this Section 8.2(c) and setting forth the additional amount or amounts to be paid to it hereunder (and the basis for the calculation of such amount
or amounts) shall be conclusive in the absence of manifest error. Notwithstanding the foregoing, no Lender shall be entitled to compensation under this Section 8.2(c) to the extent the increased costs for which such Lender is claiming
compensation have been or are being incurred at the time such Lender becomes a party to this Agreement, except to the extent that such Lender’s assignor was entitled immediately prior to the assignment to such Lender to receive compensation
with respect to such increased costs pursuant to this Section 8.2(c). The foregoing provisions shall not apply to Taxes on payments by any Loan Party hereunder, which shall be governed solely by Section 3.3. 

(d) Each Lender that determines to seek compensation or additional interest under this Section 8.2 shall give written notice to the
Borrower of the circumstances that entitle such Lender to such compensation no later than one hundred eighty (180) days after such Lender receives actual notice or obtains actual knowledge of the law, rule, order or interpretation or occurrence
of another event giving rise to a claim hereunder. In any event the Borrower shall not have any obligation to pay any amount with respect to claims accruing prior to the 180th day preceding such written demand, except if the law, rule, order or
interpretation giving rise to such request for compensation has retroactive effect, such one hundred eighty (180) day period shall be extended to include such retroactive period. Each Lender shall use reasonable efforts to avoid the need for,
or reduce the amount of, such compensation, additional 

  
 54 

 
interest, and any payment under Section 3.3, if such action or designation will not, in the sole judgment of such Lender made in good faith, be otherwise disadvantageous to it;
provided that (i) the foregoing shall not in any way affect the rights of any Lender or the obligations of the Borrower under this Section 8.2, and (ii) no Lender shall be obligated to make its Eurocurrency Loans hereunder at
any office located in the United States of America. A certificate of any Lender claiming compensation or additional interest under this Section 8.2, and setting forth the additional amount or amounts to be paid to it hereunder and accompanied
by a statement prepared by such Lender describing in reasonable detail the calculations thereof, shall be conclusive absent manifest error. In determining such amount, such Lender may use any reasonable averaging and attribution methods. 

Section 8.3 Discretion of Lender as to Manner of Funding. Each Lender shall be entitled to fund and maintain its funding of all or
any part of its Revolving Loans in any manner it sees fit. 
 ARTICLE 9 MISCELLANEOUS. 

Section 9.1 No Waiver. No delay or failure on the part of any Lender, or on the part of the holder or holders of any Notes, in the
exercise of any power, right or remedy under this Agreement or any other Credit Document, or any departure from the terms of this Agreement or any other Credit Document on any occasion, shall operate as a waiver thereof or as an acquiescence in any
Default or Event of Default, nor shall any single or partial exercise thereof preclude any other or further exercise of any other power, right or remedy. Without limiting the generality of the foregoing, the making or continuation of any Revolving
Loans shall not be construed as a waiver of any Default or Event of Default, regardless of whether any Lender may have had notice or knowledge of such Default or Event of Default at the time. To the fullest extent permitted by applicable law, the
powers, rights and remedies under this Agreement and the other Credit Documents of the Lenders and the holder or holders of any Notes are cumulative to, and not exclusive of, any powers, rights or remedies any of them would otherwise have. 

Section 9.2 Non-Business Day. Subject to Section 2.4, if any payment of principal or
interest on any portion of any Revolving Loan or any other Obligation shall fall due on a day which is not a Business Day, interest or fees (as applicable) at the rate, if any, such portion of any Revolving Loan or other Obligation bears for the
period prior to maturity shall continue to accrue in the manner set forth herein on such Obligation from the stated due date thereof to the next succeeding Business Day, on which the same shall instead be payable. 

Section 9.3 Documentary Taxes. The Borrower agrees that it will pay any documentary, stamp, debt issuance, or similar taxes
payable with respect to this Agreement and the other Credit Documents that may be levied or otherwise become payable on any Revolving Loans or this Agreement, any Note, any Subsidiary Guaranty, or any other Credit Document under the laws of any
jurisdiction, including interest and penalties, in the event any such taxes are levied or assessed, irrespective of when such levy or assessment is made, other than any such taxes imposed as a result of any transfer of an interest in a Credit
Document. Each Lender that determines to seek compensation under this Section 9.3 shall give written notice to the Borrower of the circumstances that entitle such Lender to such compensation no later than one hundred eighty (180) days
after such Lender receives actual notice or obtains actual knowledge of the law, rule, order or interpretation or occurrence of another event giving rise to a claim hereunder. In any event, the Borrower shall not have any obligation to pay any
amount with respect to claims accruing prior to the 180th day preceding such written demand. 

Section 9.4 Survival of Representations. All representations and warranties made herein or in certificates given pursuant hereto
shall survive the execution and delivery of this Agreement and the other Credit Documents, and shall continue in full force and effect with respect to the date as of which they were made as long as the Borrower has any Obligation hereunder or any
Commitment hereunder is in effect. 

  
 55 

 Section 9.5 Survival of Indemnities. All indemnities and all provisions relative to
reimbursement to the Lenders of amounts sufficient to protect the yield of the Lenders with respect to the Revolving Loans, including, but not limited to, Sections 2.11, 3.3, 7.4, 8.2, 9.3, and 9.13 hereof, shall, subject to Section 8.2(c),
survive the termination of this Agreement and the other Credit Documents and the payment of the Revolving Loans and all other Obligations and, with respect to any Lender, any replacement by the Borrower of such Lender pursuant to the terms hereof,
in each case for a period of one (1) year. 
 Section 9.6 Setoff; Sharing of Payments. 

(a) In addition to any rights now or hereafter granted under applicable law and not by way of limitation of any such rights, upon the
occurrence of, and throughout the continuance of, any Event of Default, each Lender is hereby authorized by the Borrower and each other Loan Party at any time or from time to time, without notice to the Borrower or any other Loan Party or other
Person, any such notice being hereby expressly waived, to set off and to appropriate and to apply any and all deposits (general or special, including, but not limited to, Indebtedness evidenced by certificates of deposit, whether matured or
unmatured, but not including trust accounts, and in whatever currency denominated) and any other Indebtedness at any time owing by that Lender to or for the credit or the account of the Borrower or any other Loan Party, whether or not matured,
against and on account of the due and unpaid obligations and liabilities of the Borrower or any other Loan Party to that Lender or that subsequent holder under the Credit Documents, irrespective of whether or not that Lender shall have made any
demand hereunder, or the obligations are owed to a branch or office of such Lender different from the branch or office holding such deposit or other obligation. Each Lender shall promptly give notice to the Borrower of any action taken by it under
this Section 9.6(a), provided that any failure of such Lender to give such notice shall not affect the validity of such setoff. 

(b) Each Lender agrees with each other Lender a party hereto that if such Lender receives and retains any payment, whether by setoff or
application of deposit balances or otherwise, in respect of the Revolving Loans in excess of its ratable share of payments on all such Obligations then owed to the Lenders hereunder, then such Lender shall (i) notify the other Lenders of such
fact, and (ii) purchase for cash at face value, but without recourse, ratably from each of the other Lenders such amount of the Revolving Loans held by each such other Lender as shall be necessary to cause such Lender to share such excess
payment ratably with all the other Lenders; provided, however, that if any such purchase is made by any Lender, and if such excess payment or part thereof is thereafter recovered from such purchasing Lender, the related purchases from the
other Lenders shall be rescinded ratably and the purchase price restored as to the portion of such excess payment so recovered, but without interest. The provisions of this Section 9.6(b) shall not be construed to apply to (x) any payment
made by the Borrower pursuant to and in accordance with the express terms of this Agreement, or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Revolving Loans to any assignee
or participant, other than to the Borrower or any Subsidiary thereof (as to which the provisions of this Section 9.6(b) shall apply). Each Loan Party consents to the foregoing and agrees, to the extent it may effectively do so under applicable
law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against each Loan Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of each
Loan Party in the amount of such participation. 

  
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 Section 9.7 Notices. 

(a) Except as otherwise specified herein, all notices under the Credit Documents shall be in writing (including facsimile or other electronic
means) and shall be given to a party hereunder at its address or facsimile number set forth below or such other address or facsimile number as such party may hereafter specify by written notice to the Borrower, given by courier, by United States
certified or registered mail, by telegram or by other telecommunication device capable of creating a written record of such notice and its receipt. Notices under the Credit Documents to the Lenders shall be addressed to the Lenders at the respective
addresses, facsimile numbers, or telephone numbers set forth below or, in the case of Persons becoming Lenders pursuant to Assignment Agreements, on their applicable Assignment Agreements, and to the Borrower: 

 

			
	To the Borrower:	  	Transocean Partners LLC
		  	Transocean Deepwater House
		  	Kingswells Causeway
		  	Prime Four Business Park
		  	Aberdeen, AB15 8PU
		  	Scotland
		  	United Kingdom
		  	Attention:      [                              
          ]
		  	Fax
No.:        [                                
        ]
		  	E-mail:          [                           
             ]
		
	To the Lender:	  	Transocean Financing GmbH
		  	Turmstrasse 30
		  	CH-6300 Zug
		  	Switzerland
		  	Attention:      [                              
          ]
		  	Fax
No.:        [                                
        ]
		  	E-mail:          [                           
             ]
		
	        with a copy to:	  	Transocean Offshore Deepwater Drilling Inc.
		  	4 Greenway Plaza
		  	Houston, Texas 77046
		  	Attention: R. Thaddeus Vayda, Vice President,
		  	Investor Relations and Communications
		  	Fax No.:         (713) 232-7027
		  	E-mail:           Thad.Vayda@deepwater.com

 Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have
been given when received; notices sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next
business day for the recipient). Notices delivered through Electronic Systems, to the extent provided in Section 9.7(b), shall be effective as provided in Section 9.7(b). 

  
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 (b) Electronic Communications. Notices and other communications to any Lender hereunder
may be delivered or furnished by Electronic Systems pursuant to procedures approved by such Lender. The Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to
procedures approved by it; provided, that approval of such procedures may be limited to particular notices or communications. 

(i) Notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an
acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet
website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described in the foregoing clause (i), of notification that such notice or communication is available and identifying the website address
therefor; provided, that for both clauses (i) and (ii) above, if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent
at the opening of business on the next business day for the recipient. 
 Section 9.8 Counterparts. This Agreement may be
executed in any number of counterparts, and by the different parties on different counterpart signature pages, each of which when executed shall be deemed an original, but all such counterparts taken together shall constitute one and the same
Agreement. 
 Section 9.9 Successors and Assigns. This Agreement shall be binding upon the Borrower and each of the Lenders, and
their respective successors and assigns, and shall inure to the benefit of the Borrower, each of the Lenders, and their respective successors and assigns, including any subsequent holder of any Note; provided, however, (i) except as
provided in Section 6.10, neither the Borrower nor any other Loan Party may assign any of its rights or obligations under this Agreement or any other Credit Document without the written consent of all Lenders, and (ii) no Lender may assign
any of its rights or obligations under this Agreement or any other Credit Document except in accordance with Section 9.10. Nothing in this Agreement, express or implied, shall be construed to confer on any Person (other than the parties hereto,
their respective successors and assigns permitted hereby, and to the extent expressly contemplated hereby, the Related Parties of the Lenders and the Indemnified Parties as defined in Section 9.13) any legal or equitable right, remedy or claim
under or by reason of this Agreement. 
 Section 9.10 Sales and Transfers of Borrowings and Notes; Participations. 

(a) Assignments by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations
under this Agreement (including all or a portion of its Commitment and the Revolving Loans at the time owing to it); provided that any such assignment shall be subject to the following conditions: 

(i) Minimum Amounts. 

(A) in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and/or the Revolving
Loans at the time owing to it that equal at least the amount specified in clause (i)(B) of this Section 9.10(a), or in the case of an assignment to a Lender, an Affiliate of a Lender, no minimum amount need be assigned; and 

  
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 (B) in any case not described in clause (i)(A) of this Section 9.10(a), the
aggregate amount of the Commitment (which for this purpose includes Revolving Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Revolving Loans of the assigning Lender
subject to each such assignment (determined as of the date the Assignment Agreement with respect to such assignment is delivered to the Borrower or, if “Trade Date” is specified in the Assignment Agreement, as of the Trade Date)
shall not be less than $5,000,000, unless, so long as no Default or Event of Default has occurred and is continuing, the Borrower otherwise consents (such consent not to be unreasonably withheld or delayed). 

(ii) Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the
assigning Lender’s rights and obligations under this Agreement with respect to the Revolving Loans and the Commitment assigned. 

(iii) Required Consents. No consent shall be required for any assignment except to the extent required by clause (i)(B)
of this Section 9.10(a) and, in addition, the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (x) an Event of Default has occurred and is continuing at the time of such assignment
or (y) such assignment is to a Lender or an Affiliate of a Lender. 
 (iv) Assignment and Assumption. The parties
to each assignment shall execute and deliver to the Borrower an Assignment Agreement. 
 (v) No Assignment to Natural
Persons. No such assignment shall be made to a natural Person. 
 From and after the effective date specified in each Assignment Agreement, the assignee
thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment Agreement, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the
interest assigned by such Assignment Agreement, be released from its obligations under this Agreement (and, in the case of an Assignment Agreement, covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender
shall cease to be a party hereto) but shall continue to be entitled to the benefits of Section 8.2 and Section 9.13 with respect to facts and circumstances occurring prior to the effective date of such assignment. Any assignment or
transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with
Section 9.10(c). 
 (b) Register. The Borrower shall maintain a copy of each Assignment Agreement delivered to it and a register
for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Revolving Loans owing to, each Lender pursuant to the terms hereof from time to time (the
“Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder
for all purposes of this Agreement. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

  
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 (c) Participations. Any Lender may at any time, upon written notice to the Borrower but
without the consent of the Borrower, sell participations to any Person (other than a natural Person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such
Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Revolving Loans owing to it); provided, that (i) such Lender’s obligations under this Agreement shall remain
unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, and (iii) the Borrower and Lenders shall continue to deal solely and directly with such Lender in connection
with such Lender’s rights and obligations under this Agreement. 
 Any agreement or instrument pursuant to which a Lender sells
such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided, that such agreement or instrument may
provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in Section 9.11(i) (A), (B) or (C) that directly and adversely affects such Participant. The Borrower
agrees that each Participant shall be entitled to the benefits of Sections 2.11, 3.3, and 8.2 (subject to the requirements and limitations therein, including the requirements under Section 3.3(f) (it being understood that the documentation
required under Section 3.3(f) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 9.10(a); provided, that such Participant shall
not be entitled to receive any greater payment under Sections 3.3 or 8.2 with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results
from a Change in Law that occurs after the Participant acquired the applicable participation. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.6 as though it were a Lender; provided,
that such Participant also agrees to be subject to Section 9.6 as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name
and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Revolving Loans and other Obligations under the Credit Documents (the “Participant Register”);
provided, that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments,
Revolving Loans or its other Obligations under any Credit Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Revolving Loan or other Obligation is in registered form under
Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such participating Lender shall treat each Person whose name is recorded in the Participant
Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. 
 (d)
Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a
Federal Reserve Bank; provided, that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a Party hereto. 

(e) Certain Transfers. If, pursuant to this Section 9.10 any interest in this Agreement or any Revolving Loan or Note is
transferred to any transferee which is (1) organized under the laws of any jurisdiction other than the United States of America or any State thereof, or (2) organized under the laws of the United States of America or any State thereof and
disregarded for U.S. federal income tax purposes 

  
 60 

 
as an entity separate from a person organized under the laws of any jurisdiction other than the United States of America or any State thereof, the transferor Lender shall cause such transferee,
concurrently with the effectiveness of such transfer, (i) to furnish to the transferor Lender and the Borrower two duly completed and signed copies of either U.S. Internal Revenue Service Form W-8BEN or U.S. Internal Revenue Service Form W-8ECI
or such successor forms as shall be adopted from time to time by the relevant United States taxing authorities (wherein such transferee claims entitlement to complete exemption from U.S. federal withholding tax on all interest payments hereunder if
such payments were U.S. source), (ii) to agree (for the benefit of the transferor Lender and the Borrower) to provide the transferor Lender and the Borrower new forms as contemplated by Section 3.3(f) upon the expiration or obsolescence of
any previously delivered form and comparable statements in accordance with applicable U.S. laws and regulations and amendments duly executed and completed by such transferee, and to comply from time to time with all applicable U.S. laws and
regulations with regard to such withholding tax exemption, and (iii) to represent and warrant to the transferor Lender and the Borrower that the transferee is entitled to complete exemption from U.S. federal withholding tax under FATCA with
respect to all payments to be received pursuant to any Credit Document as if such payments were U.S. source (or to furnish to the transferor Lender and the Borrower the applicable U.S. Internal Revenue Service forms certifying that the transferee is
entitled to such exemption). 
 Section 9.11 Amendments, Waivers and Consents. Any provision of the Credit
Documents may be amended or waived if, but only if, such amendment or waiver is in writing and is signed (a) by the Borrower and (b) by the Required Lenders, provided however, that: 

(i) no amendment or waiver shall (A) increase any Commitment of any Lender without the consent of such Lender,
(B) (other than in accordance with Section 2.13), postpone or extend the Commitment Termination Date or Maturity Date without the consent of all Lenders, (C) reduce the amount of or postpone the date for any scheduled payment of any
principal of or interest (including, without limitation, any reduction in the rate of interest unless such reduction is otherwise provided herein) on any Revolving Loan or of any fee payable hereunder, without the consent of each Lender owed any
such Obligation, or (D) except as otherwise expressly permitted under this Agreement, release all or substantially all of the Subsidiary Guarantors from their obligations under the Subsidiary Guaranties without the consent of all Lenders; and

 (ii) no amendment or waiver shall, unless signed by each Lender, change the provisions of this Section 9.11 or the
definition of Required Lenders or the number of Lenders required to take any action under any other provision of the Credit Documents, or any provision providing for the pro rata nature of payments by or to Lenders. 

Section 9.12 Headings. Section headings used in this Agreement are for reference only and shall not affect the construction of
this Agreement. 
 Section 9.13 Legal Fees and Other Costs; Indemnification; Damages Waiver. 

(a) The Borrower, upon demand by any Lender, agrees to pay the reasonable out-of-pocket costs and expenses of the such Lender (including,
without limitation, the reasonable fees and disbursements of legal counsel to such Lender) in connection with the preparation and execution of the Credit Documents (limited to a single law firm as counsel in each appropriate jurisdiction (and which
may include a special or local counsel acting in one or more jurisdictions) and such other counsel as may be engaged with the Borrower’s prior written consent (such consent not to be unreasonably withheld or delayed)), and any amendment, waiver
or consent related thereto (including in respect of any workout or restructuring in respect of the Revolving Loans), whether or not the transactions contemplated herein or therein are consummated. 

  
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 (b) The Borrower further agrees to indemnify each Lender and their respective Related Parties
(collectively, the “Indemnified Parties”), against all losses, claims, damages, penalties, judgments, liabilities and expenses (including, without limitation, all reasonable attorneys’ fees and other reasonable out-of-pocket
expenses of litigation or preparation therefor, whether or not such Indemnified Party is a party thereto) which any of them may pay or incur as a result of (a) any action, suit or proceeding by any third party or Governmental Authority against
such Indemnified Party and relating to any Credit Document, the Revolving Loans, or the application or proposed application by the Borrower or any other Member of the Consolidated Group of the proceeds of any Revolving Loan, REGARDLESS OF WHETHER
SUCH CLAIMS OR ACTIONS ARE FOUNDED IN WHOLE OR IN PART UPON THE ALLEGED SIMPLE OR CONTRIBUTORY NEGLIGENCE OF ANY OF THE INDEMNIFIED PARTIES AND/OR ANY OF THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES OR ATTORNEYS, (b) any investigation of
any third party or any Governmental Authority involving any Lender (as a lender hereunder), and related to any use made or proposed to be made by the Borrower of the proceeds of any Revolving Loan or any transaction financed or to be financed in
whole or in part, directly or indirectly with the proceeds of any Revolving Loan, and (c) any investigation of any third party or any Governmental Authority, litigation or proceeding involving any Lender (as a lender hereunder) and related to
any environmental cleanup, audit, compliance or other matter relating to any Environmental Law or the presence of any Hazardous Material (including, without limitation, any losses, liabilities, damages, injuries, costs, expenses or claims asserted
or arising under any Environmental Law) with respect to the Borrower or any other Member of the Consolidated Group, regardless of whether caused by, or within the control of, the Borrower or any other Member of the Consolidated Group; provided,
however, that (x) the Borrower shall not be obligated to indemnify any Indemnified Party for any of the foregoing arising out of such Indemnified Party’s gross negligence, or willful or unlawful misconduct, or material breach of its
express contractual obligations under this Agreement, as determined pursuant to a final non-appealable judgment of a court of competent jurisdiction or as expressly agreed in writing by such Indemnified Party, (y) the Borrower’s
obligations to pay or reimburse the Indemnified Parties for legal fees and expenses shall be limited to (1) the reasonable and documented legal fees and expenses of a single law firm as counsel for all such Indemnified Parties, taken together,
in each appropriate jurisdiction (which may include in each case another law firm as special or local counsel acting in one or more of multiple jurisdictions), except that in the case where an Indemnified Party determines in good faith that a
conflict of interest does or may exist in connection with such legal representation and such Indemnified Party advises the Borrower of such actual or potential conflict of interest and engages its own separate counsel, the reasonable and documented
legal fees and expenses of such separate counsel shall also be paid or reimbursed, and (2) other reasonable out-of-pocket expenses (other than legal fees and expenses as described in clause (1) above) incurred in investigating or
defending any of the foregoing, and (z) the Borrower shall not be liable pursuant to this Section 9.13(b) for any amounts claimed in respect of litigation, investigations, proceedings or claims solely between Indemnified Parties in respect
of actions or omissions of any Indemnified Parties and not arising out of any acts or omissions of the Borrower or its affiliates. The Borrower, upon demand by any Lender at any time, shall reimburse such Lender for any reasonable legal or other
expenses incurred in connection with investigating or defending against any of the foregoing, except if the same is excluded from indemnification pursuant to the provisions of the preceding sentence. Each Indemnified Party agrees to contest any
indemnified claim if requested by the Borrower, in a manner reasonably directed by the Borrower, with counsel selected by the Indemnified Party and approved by the Borrower, which approval shall not be unreasonably withheld or delayed. Any
Indemnified Party that proposes or intends to settle 

  
 62 

 
or compromise any such indemnified claim shall give the Borrower written notice of the terms of such settlement or compromise reasonably in advance of settling or compromising such claim or
proceeding and shall obtain the Borrower’s prior written consent thereto, which consent shall not be unreasonably withheld or delayed; provided, that the Indemnified Party shall not be restricted from settling or compromising any such
claim if the Indemnified Party waives its right to indemnity from the Borrower in respect of such claim and such settlement or compromise does not materially increase the Borrower’s liability pursuant to this Section 9.13(b) to any Related
Party of such Indemnified Party. 
 (c) To the fullest extent permitted by applicable law, no Indemnified Party and neither the Borrower nor
any other Loan Party shall assert, and hereby waives, any claim against any Indemnified Party, the Borrower or any other Loan Party, or any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual
damages) arising out of, in connection with, or as a result of, this Agreement, any other Credit Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan, or the use of the proceeds
thereof. No Indemnified Party referred to in Section 9.13(b) shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other
information transmission systems in connection with this Agreement or the other Credit Documents or the transactions contemplated hereby or thereby. 

(d) Each party’s obligations under this Section 9.13, together with its obligations (if any) pursuant to Section 3.3(d) shall
survive the termination of this Agreement and the other Credit Documents and the payment of the Obligations owing hereunder and thereunder. 

Section 9.14 Governing Law; Submission to Jurisdiction; Waiver of Jury Trial. 

(A) THIS AGREEMENT AND THE OTHER CREDIT DOCUMENTS, THE RIGHTS AND DUTIES OF THE PARTIES HERETO AND THERETO, AND ANY CLAIMS, DISPUTES OR
CAUSES OF ACTION (WHETHER IN CONTRACT, TORT, OR OTHERWISE) ARISING THEREFROM OR RELATING THERETO, SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THEREOF.

 (B) TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE BORROWER AND ANY OTHER LOAN PARTY IRREVOCABLY AND
UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE AGAINST THE ADMINISTRATIVE AGENT, ANY LENDER, ANY ISSUING BANK,
OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY, AND OF
THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY SUCH COURT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, SOLELY FOR THE PURPOSE OF ADJUDICATING AND ENFORCING ITS
RIGHTS OR OBLIGATIONS WITH RESPECT TO THIS AGREEMENT AND THE OTHER CREDIT DOCUMENTS AND RELATED TRANSACTIONS, TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF 

  
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ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. NOTHING IN THIS
AGREEMENT OR IN ANY OTHER CREDIT DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR ANY ISSUING BANK MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT AGAINST THE
BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO EXPRESSLY AND IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE
STATE OF NEW YORK AND THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET FORTH ABOVE AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH SUCH
LITIGATION. 
 (C) EACH OF THE BORROWER AND ANY OTHER LOAN PARTY HEREBY (1) IRREVOCABLY DESIGNATES CAPITOL SERVICES, INC., 1218
CENTRAL AVENUE, SUITE 100, ALBANY, NEW YORK 12205, AS THE DESIGNEE, APPOINTEE AND AGENT OF THE BORROWER AND ANY OTHER LOAN PARTY TO RECEIVE, FOR AND ON BEHALF OF THE BORROWER, AND ANY OTHER LOAN PARTY, SERVICE OF PROCESS IN SUCH JURISDICTION IN ANY
LEGAL ACTION OR PROCEEDING WITH RESPECT HERETO, AND (2) IRREVOCABLY CONSENTS TO SERVICE OF PROCESS, BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL SERVICE WITHIN OR WITHOUT THE STATE OF NEW YORK, OR BY NOTICE GIVEN IN ACCORDANCE WITH
SECTION 9.7, IN ANY SUCH LEGAL ACTION OR PROCEEDING. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 

(D) TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO EXPRESSLY AND IRREVOCABLY WAIVES ANY OBJECTION WHICH IT
MAY HAVE OR HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. TO THE EXTENT THAT THE BORROWER OR ANY OTHER
LOAN PARTY HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OF NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR
ITS PROPERTY, EACH OF THE BORROWER AND SUCH OTHER LOAN PARTY HEREBY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THIS AGREEMENT AND THE OTHER CREDIT DOCUMENTS. 

(E) TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY
LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT OR THE 

  
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TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER
PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS
AGREEMENT AND THE OTHER CREDIT DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

Section 9.15 Confidentiality. Each of the Lenders agrees to maintain the confidentiality of the Information (as defined below),
except that Information may be disclosed (a) to their respective Affiliates and to existing and prospective Lenders, Participants and counterparties to any hedge agreement or swap or derivative transaction relating to the Borrower’s
Obligations, and in each case to their respective directors, officers, employees and agents, including accountants, legal counsel and other advisors who have reason to use such Information in connection with the evaluation of the transactions
contemplated by this Agreement (subject to similar confidentiality provisions as provided herein) solely for purposes of evaluating such Information, (b) to the extent requested by any regulatory authority, (c) to the extent required by
applicable law or regulation or by any subpoena or similar legal process, (d) in connection with the exercise of any remedies hereunder or any proceedings relating to this Agreement or the other Credit Documents, (e) with the consent of
the Borrower, (f) to any rating agency or insurer or the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to this Agreement, in each case when required by it,
provided that, prior to any disclosure, such agency or insurer shall acknowledge in writing the confidential nature of such Information received by it from any Lender, or (g) to the extent such Information (i) becomes publicly
available other than as a result of a breach of this Section 9.15, or (ii) becomes available on a non-confidential basis from a source other than the Borrower or its Affiliates, or the Lenders or their respective Affiliates, excluding any
Information from such source which, to the actual knowledge of the Lender receiving such Information, has been disclosed by such source in violation of a duty of confidentiality to the Borrower. For purposes hereof, “Information”
means all information received by the Lenders from the Borrower or its Subsidiaries or Affiliates relating to Members of the Consolidated Group or their respective businesses, other than any such information that is available to the Lenders on a
non-confidential basis prior to such receipt by the Lenders, excluding any Information from a source which, to the actual knowledge of the Lender receiving such Information, has been disclosed by such source in violation of a duty of confidentiality
to the Borrower or its Subsidiaries or Affiliates. Each Lender shall be considered to have complied with its obligations if it has exercised the same degree of care to maintain the confidentiality of such Information as it would accord its own
confidential information. 
 Section 9.16 Effect of Inclusion of Exceptions. It is not intended that the specification of any
exception to any covenant herein shall imply that the excepted matter would, but for such exception, be prohibited or required. 

Section 9.17 Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. 

  
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 Section 9.18 Change in Tax Laws. If there is a material change in federal, state or
foreign tax laws which materially affects the ability of any of the Borrower and other Members of the Consolidated Group to comply with the financial covenants, standards or terms found in this Agreement, the Borrower and the Lenders agree to enter
into negotiations in order to amend such provisions (with the agreement of the Required Lenders or, if required by Section 9.11, all of the Lenders) so as to equitably reflect such changes with the desired result that the criteria for
evaluating the financial condition of any of the Borrower and other Members of the Consolidated Group shall be the same after such changes as if such changes had not been made. Unless and until such provisions have been so amended, the provisions of
this Agreement shall govern. 
 Section 9.19 Final Agreement. This Agreement and the other Credit Documents constitute the
entire understanding among the Loan Parties and the Lenders and supersede all earlier or contemporaneous agreements, whether written or oral, concerning the subject matter of the Credit Documents. There are no unwritten oral agreements between the
parties. 
 Section 9.20 Officer’s Certificates. It is not intended that any certificate of any officer or director of the
Borrower delivered to any Lender pursuant to this Agreement shall give rise to any personal liability on the part of such officer or director. 

Section 9.21 No Fiduciary Duty. Each Lender and its affiliates (collectively, solely for purposes of this paragraph, the
“Lender Parties”), may have economic interests that conflict with those of the Borrower. The Borrower agrees that nothing in the Credit Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or
fiduciary or other implied duty between any of the Lender Parties and the Borrower or their respective shareholders or Affiliates. The Borrower acknowledges and agrees that (i) the transactions contemplated by the Credit Documents are
arm’s-length commercial transactions between the Lender Parties, on the one hand, and the Borrower, on the other, (ii) in connection therewith and with the process leading to such transaction, each of the Lender Parties is acting solely as
a principal and not the agent or fiduciary of the Borrower or any other Loan Party or its management, unitholders, stockholders, creditors or any other Person, (iii) no Lender Party has assumed an advisory or fiduciary responsibility in favor
of the Borrower or any other Loan Party with respect to the transactions contemplated hereby or the process leading thereto (irrespective of whether any Lender Party or any of its Affiliates has advised or is currently advising the Borrower or any
other Loan Party on other matters) or any other obligation to the Borrower or any other Loan Party except the obligations expressly set forth in the Credit Documents and (iv) the Borrower has consulted its own legal and financial advisors to
the extent it deemed appropriate. The Borrower further acknowledges and agrees that it is responsible for making its own independent judgment with respect to such transactions and the process leading thereto. The Borrower agrees that it will
not claim that any Lender Party has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to the Borrower or any other Loan Party in connection with such transaction or the process leading thereto. 

[Remainder of Page Intentional Left Blank; Signature Pages Follow] 

  
 66 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their duly authorized officers as of the day and year first above written. 
  

			
	BORROWER:
	
	TRANSOCEAN PARTNERS LLC,
	as Borrower
		
	By:	 	 
		 	Name:
		 	Title:

 [SIGNATURE PAGE TO TRANSOCEAN PARTNERS LLC CREDIT AGREEMENT] 

 
			
	TRANSOCEAN FINANCING GMBH,
	as a Lender
		
	By:	 	
		 	  

		 	Name:
		 	Title:

 [SIGNATURE PAGE TO TRANSOCEAN PARTNERS LLC CREDIT AGREEMENT] 

 Schedule 1.1-C 

COMMITMENT AMOUNTS 
  

									
	 Lender
	  	Commitment	 	  	Percentage	 
	 Transocean Financing GmbH
	  	$	300,000,000	  	  	 	100.0	% 
	 Total
	  	$	300,000,000	  	  	 	100.0	% 

  

 Schedule 1.1-P 

PRICING GRID 
  

													
	 Credit Facility Pricing
	  	Level I	 	  	Level II	 	  	Level III	 
	 Applicable Margin for Eurocurrency Borrowings

(Basis Points Per Annum)
	  	 	162.5	  	  	 	175.0	  	  	 	225.0	  
	 Applicable Margin for Base Rate Borrowings

(Basis Points Per Annum)
	  	 	62.5	  	  	 	75.0	  	  	 	125.0	  
	 Commitment Fee

(Basis Points Per Annum)
	  	 	22.5	  	  	 	27.5	  	  	 	32.5	  

 For the purposes of this Pricing Grid, the following terms have the following meanings: 

“Level I Status” exists at any date if, as of the last day of the fiscal quarter of the Borrower, the Leverage Ratio is less
than or equal to 2.75 to 1.00. 
 “Level II Status” exists at any date if, as of the last day of the fiscal quarter of the
Borrower, the Leverage Ratio is less than or equal to 3.50 to 1.00 and greater than 2.75 to 1.00. 
 “Level III Status”
exists at any date if, as of the last day of the fiscal quarter of the Borrower, the Leverage Ratio is greater than 3.50 to 1.00. 

“Status” means either Level I Status, Level II Status or Level III Status. 

The Applicable Margin and Applicable Commitment Fee Rate shall be determined based on the Leverage Ratio set forth in the most recently
delivered Compliance Certificate. Adjustments, if any, to the Applicable Margin and Applicable Commitment Fee Rate shall be effective five (5) Business Days after the Lenders have received the applicable Compliance Certificate, except that the
Applicable Margin on a Eurocurrency Loan shall be adjusted after the last day of the then current Interest Period with respect thereto. If the Borrower fails to deliver a Compliance Certificate to the Lenders at the time required by
Section 6.6(b), then the Applicable Margin and Applicable Commitment Fee Rate shall be deemed to be determined at Level III Status until the date the applicable Compliance Certificate is so delivered (at which time, the Status shall be based
upon the Leverage Ratio set forth in such Compliance Certificate).

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