Document:

exv10w1

Exhibit 10.1

AMENDMENT NO. 5

TO 

CREDIT AGREEMENT

          AMENDMENT NO. 5 (this “Amendment”), dated as of August 23, 2010, to that certain
Second Amended and Restated Credit Agreement, dated as of June 11, 2010 (as amended, restated,
amended and restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among Trico Marine Services, Inc. (the “Borrower”), the guarantors party
thereto from time to time (the “Guarantors”), the lenders party thereto from time to time
(the “Lenders”), and Obsidian Agency Services, Inc. (the “Administrative Agent” and
“Collateral Agent”). Capitalized terms used but not defined herein have the meanings
provided in the Credit Agreement.

R E C I T A L S

          WHEREAS, the parties hereto desire to make certain amendments to certain provisions of the
Credit Agreement as specified herein, pursuant to and in accordance with Section 14.12 of the
Credit Agreement;

          WHEREAS, the Lenders party hereto constitute the Required Lenders under the Credit Agreement;

          WHEREAS, as a result of certain negative developments with respect to the financial condition
of the Borrower and in consideration, for among other things, certain other accommodations and
waivers made to the Borrower and/or its affiliates;

          NOW, THEREFORE, based upon the above Recitals, the mutual premises and agreements contained
herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

          SECTION 1. AMENDMENT.

          (a) Clauses (b) and (c) of Section 11.14 of the Credit Agreement are hereby amended to amend
and restate each such clause in its entirety to read as follows:

     “(b) either the Second-Lien Notes Forbearance Agreement shall cease to be in
full force and effect after delivery thereof pursuant to Section 11.14(a)(y)(i) above
or any forbearance period provided therein shall terminate for any reason and, to the
extent the Second-Lien Notes Forbearance Agreement or the forbearance period provided
therein have not been renewed or extended prior to such date on terms acceptable to
the Lenders in their sole discretion, any of the Borrower, Trico Operators, Trico
Assets or Trico Cayman shall fail to commence in the Bankruptcy Court for the
District of Delaware (i) a voluntary case concerning themselves under the Bankruptcy
Code or (ii) an involuntary proceeding against the Borrower in which the Borrower voluntarily consents to an

 

 

order for relief under Chapter 11 of the Bankruptcy Code within 72 hours, in each
case, on or prior to the later to occur of (i) August 27, 2010 and (ii) two Business
Days after such cessation or termination;

     (c) (i) on or prior to August 27, 2010, the failure to occur of either (x) the
commencement in the Bankruptcy Court for the District of Delaware (A) by each of the
Borrower, Trico Operators, Trico Assets and Trico Cayman of a voluntary case
concerning themselves under the Bankruptcy Code or (B) an involuntary proceeding
against the Borrower in which the Borrower voluntarily consents to an order for
relief under Chapter 11 of the Bankruptcy Code within 72 hours or (y) the delivery
to the Administrative Agent and the Lenders of a fully executed forbearance
agreement (such forbearance agreement, the “Convertible Debenture Forbearance
Agreement”), in form and substance reasonably acceptable to the Lenders, from
Convertible Debentures Holders which hold not less than 51% of the outstanding
principal amount of the Convertible Debentures; or (ii) at any time after the
Convertible Debenture Forbearance Agreement is delivered to the Administrative Agent
and the Lenders pursuant to Section 11.14(c)(i)(x) above, the Convertible Debenture
Forbearance Agreement shall cease to be in full force and effect or any forbearance
period provided therein shall terminate for any reason and, to the extent the
Convertible Debenture Forbearance Agreement or the forbearance period provided
therein have not been renewed or extended prior to such date on terms acceptable to
the Lenders in their sole discretion, any of the Borrower, Trico Operators, Trico
Assets or Trico Cayman shall fail to (i) commence in the Bankruptcy Court for the
District of Delaware a voluntary case concerning themselves under the Bankruptcy
Code or (ii) voluntarily consent to an order for relief under Chapter 11 of the
Bankruptcy Code for an involuntary proceeding against the Borrower within 72 hours,
in each case within two Business Days of such cessation or termination;”

          SECTION 2. AGREEMENT IN FULL FORCE AND EFFECT AS AMENDED.

          Except as specifically amended hereby, all provisions of the Credit Agreement shall remain in
full force and effect. After this Amendment becomes effective, all references to the Credit
Agreement and corresponding references thereto or therein such as “hereof”, “herein”, or words of
similar effect referring to the Credit Agreement shall be deemed to mean the Credit Agreement as
amended hereby. This Amendment shall not be deemed to expressly or impliedly waive, amend or
supplement any provision of the Credit Agreement other than as expressly set forth herein.

          SECTION 3. REPRESENTATIONS.

          The Borrower and each of the Guarantors represents and warrants as of the date of this
Amendment as follows:

          (a) it is duly incorporated or organized, validly existing and in good standing under the
laws of its jurisdiction of incorporation or organization;

- 2 -

 

          (b) the execution, delivery and performance by it of this Amendment and the Credit Agreement
as amended hereby are within its powers, have been duly authorized, and do not contravene (A) its
charter, by-laws, or other organizational documents, or (B) any applicable law;

          (c) no consent, license, permit, approval or authorization of, or registration, filing or
declaration with any governmental authority, is required in connection with the execution,
delivery, performance, validity or enforceability of this Amendment and the Credit Agreement as
amended hereby by or against it;

          (d) this Amendment has been duly executed and delivered by it;

          (e) each of this Amendment and the Credit Agreement as amended hereby constitutes its legal,
valid and binding obligation, enforceable against it in accordance with its terms, except as
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting the enforcement of creditors’ rights generally or by general principles of
equity; and

          (f) no Default or Event of Default has occurred and is continuing.

          SECTION 4. LEGAL FEES.

          The Borrower covenants and agrees to pay in full, to the extent invoiced, on or prior to the
date of the execution of this Amendment, all reasonable legal fees of Latham & Watkins LLP, counsel
to the Administrative Agent, incurred in connection with the execution of this Amendment.

          SECTION 5. CONDITIONS TO EFFECTIVENESS.

          The effectiveness of this Amendment is conditioned upon the delivery to the Administrative
Agent of duly executed signature pages by all parties hereto.

          SECTION 6. GENERAL RELEASE.

          In consideration of, among other things, the execution and delivery of this Amendment by the
Administrative Agent and the Lenders, and the accommodations to the Borrower and the other Credit
Parties set forth herein, each of the Borrower and the other Credit Parties, on behalf of itself
and its successors and assigns (collectively, the “Releasors”), hereby forever waives,
releases and discharges to the fullest extent permitted by law, and hereby agrees to hold each
Releasee (as defined below) harmless from, any and all claims (including, without limitation,
crossclaims, counterclaims, rights of set-off and recoupment), causes of action, demands, suits,
costs, expenses and damages (collectively, the “Claims”), that any Releasor now has, of
whatsoever nature and kind, whether known or unknown, whether arising at law or in equity, against
any or all of the Administrative Agent, the Collateral Agent, and/or the Lenders, in each case, in
any capacity and their respective affiliates, shareholders and “controlling persons” (within the
meaning of the federal securities laws), and their respective successors and assigns and each and
all of the officers, directors, employees, consultants, agents, attorneys and other representatives
of each of the foregoing (collectively, the “Releasees”), based in whole or in part

- 3 -

 

on facts, whether or not now known, existing on or before the date hereof. The execution by
the Borrower and the Credit Parties hereof shall constitute a ratification, adoption, and
confirmation by the Borrower and the other Credit Parties of the foregoing general releases of all
Claims against any Releasee which are based in whole or in part on facts, whether or not now known
or unknown, existing on or prior to the date hereof. In entering into this Amendment, the Borrower
and the other Credit Parties have consulted with, and been represented by, legal counsel and
expressly disclaim any reliance on any representations, acts or omissions by any of the Releasees
and hereby agree and acknowledge that the validity and effectiveness of the releases set forth
above do not depend in any way on any such representations, acts and/or omissions or the accuracy,
completeness or validity hereof. The provisions of this Section shall survive the termination of
the Credit Agreement (as amended hereby) and the other Credit Documents and payment in full of the
Obligations.

          SECTION 7. MISCELLANEOUS.

          (a) This Amendment may be executed in any number of counterparts (including by facsimile), and
by the different parties hereto on the same or separate counterparts, each of which shall be deemed
to be an original instrument but all of which together shall constitute one and the same agreement.

          (b) The descriptive headings of the various sections of this Amendment are inserted for
convenience of reference only and shall not be deemed to affect the meaning or construction of any
of the provisions hereof.

          (c) This Amendment may not be amended or otherwise modified except as provided in the Credit
Agreement.

          (d) The failure or unenforceability of any provision hereof shall not affect the other
provisions of this Amendment.

          (e) Whenever the context and construction so require, all words used in the singular number
herein shall be deemed to have been used in the plural number, and vice versa, and the masculine
gender shall include the feminine and neuter and the neuter shall include the masculine and
feminine.

          (f) The Credit Agreement as amended by this Amendment represents the final agreement among the
parties with respect to the matters set forth therein and may not be contradicted by evidence of
prior, contemporaneous or subsequent oral agreements among the parties. There are no unwritten
oral agreements among the parties with respect to such matters.

          (g) THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE
GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE CHOICE OF LAW PROVISIONS SET FORTH
IN THE CREDIT AGREEMENT AND SHALL BE SUBJECT TO THE WAIVER OF JURY TRIAL AND NOTICE PROVISIONS OF
THE CREDIT AGREEMENT.

[Remainder of Page Intentionally Left Blank]

- 4 -

 

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

	 	 	 	 	 
	 	TRICO MARINE SERVICES, INC.,

as the Borrower

 	 
	 	By:  	 /s/ Geoffrey A. Jones	 
	 	 	Name:  	 Geoffrey A. Jones	 
	 	 	Title:  	 Sr. Vice President & CFO	 
	 
	 	TRICO MARINE ASSETS, INC.,

as a Guarantor

 	 
	 	By:  	 /s/ Brett A. Cenkus	 
	 	 	Name:  	 Brett A. Cenkus	 
	 	 	Title:  	 President	 
	 
	 	TRICO MARINE OPERATORS, INC.,

as a Guarantor

 	 
	 	By:  	 /s/ Brett A. Cenkus	 
	 	 	Name:  	 Brett A. Cenkus	 
	 	 	Title:  	 President	 
	 
	 	TRICO MARINE INTERNATIONAL, INC.,

as a Guarantor

 	 
	 	By:  	 /s/ Brett A. Cenkus	 
	 	 	Name:  	 Brett A. Cenkus	 
	 	 	Title:  	 President	 
	 
	 	TRICO MARINE SERVICES (HONG KONG) LIMITED, as a Guarantor

By: Trico Marine Assets, Inc., its Sole Member

 	 
	 	By:  	 /s/ Brett A. Cenkus	 
	 	 	Name:  	 Brett A. Cenkus	 
	 	 	Title:  	 President	 

 

 

	 	 	 	 	 
	 	COASTAL INLAND MARINE SERVICES LIMITED

as a Guarantor

 	 
	 	By:  	 /s/ Geoffrey A. Jones	 
	 	 	Name:  	 Geoffrey A. Jones	 
	 	 	Title:  	 Director	 
	 
	 	SERVICIOS DE APOYO MARITIMO DE
MEXICO,
      S. DE R.L. DE C.V.,
as a Guarantor

 	 
	 	By:  	 /s/ Geoffrey A. Jones	 
	 	 	Name:  	 Geoffrey A. Jones	 
	 	 	Title:  	 Manager	 
	 
	 	TRICO SERVICOS MARITIMOS LTDA.

     as a Guarantor

 	 
	 	By:  	 /s/ Tomás Salazar	 
	 	 	Name:  	 Tomás Salazar	 
	 	 	Title:  	 Manager	 
	 
	 	TRICO MARINE CAYMAN, L.P.

     as a Guarantor

By: Trico Holdco LLC, its general partner

By: Trico Marine Services, Inc., its sole member

 	 
	 	By:  	 /s/ Geoffrey A. Jones	 
	 	 	Name:  	 Geoffrey A. Jones	 
	 	 	Title:  	 Sr. Vice President & CFO	 
	 
	 	TRICO HOLDCO LLC

     as a Guarantor

By: Trico Marine Services, Inc., its sole member
	 
	 
	 	By:  	 /s/ Geoffrey A. Jones	 
	 	 	Name:  	 Geoffrey A. Jones	 
	 	 	Title:  	 Sr. Vice President & CFO	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	TRICO INTERNATIONAL HOLDINGS B.V.

     as a Guarantor

 	 
	 	By:  	 /s/ Geoffrey A. Jones	 
	 	 	Name:  	 Geoffrey A. Jones	 
	 	 	Title:  	 Director A	 
	 
	 	TRICO MARINE INTERNATIONAL HOLDINGS B.V.,

     as a Guarantor

 	 
	 	By:  	 /s/ Geoffrey A. Jones	 
	 	 	Name:  	 Geoffrey A. Jones	 
	 	 	Title:  	 Director A	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	SPECIAL VALUE CONTINUATION PARTNERS,
LP,
 as Lender

By: Tennenbaum Capital Partners, LLC

Its: Investment Manager

 	 
	 	By:  	 /s/ David Hollander	 
	 	 	Name:  	 David Hollander	 
	 	 	Title:  	 Partner	 
	 
	 	TENNENBAUM OPPORTUNITIES PARTNERS V,
LP,
 as Lender

By: Tennenbaum Capital Partners, LLC

Its: Investment Manager

 	 
	 	By:  	 /s/ David Hollander	 
	 	 	Name:  	 David Hollander	 
	 	 	Title:  	 Partner	 
	 
	 	TENNENBAUM DIP OPPORTUNITY FUND,
LLC, 
as Lender

By: Tennenbaum Capital Partners, LLC

Its: Investment Manager

 	 
	 	By:  	 /s/ David Hollander	 
	 	 	Name:  	 David Hollander	 
	 	 	Title:  	 Partner	 
	 
	 	OBSIDIAN AGENCY SERVICES, INC.,

as Administrative Agent

 	 
	 	By:  	 /s/ David Hollander	 
	 	 	Name:  	 David Hollander	 
	 	 	Title:  	 Vice Presidentexv10w2

 

 

Exhibit 10.2

Execution Copy

$35,000,000

SENIOR SECURED, SUPER-PRIORITY

DEBTOR-IN-POSSESSION CREDIT AGREEMENT

among

TRICO MARINE SERVICES, INC.,

as Borrower,

THE GUARANTORS PARTY HERETO,

THE LENDERS PARTY HERETO,

and

OBSIDIAN AGENCY SERVICES, INC.,

as Agent

Dated
as of August 24, 2010

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	SECTION 1. Defined Terms
	 	 	2	 
	 
	 	 	 	 
	SECTION 2. Amount and Terms of Credit Facility
	 	 	25	 
	 
	 	 	 	 
	2.01 Commitments
	 	 	25	 
	2.02 [Intentionally Omitted]
	 	 	26	 
	2.03 Disbursement of Funds
	 	 	26	 
	2.04 Notes
	 	 	26	 
	2.05 [Intentionally Omitted]
	 	 	27	 
	2.06 Pro Rata Borrowings
	 	 	27	 
	2.07 Interest
	 	 	27	 
	2.08 Interest Periods
	 	 	28	 
	2.09 Increased Costs, Illegality, etc.
	 	 	28	 
	2.10 Compensation
	 	 	29	 
	2.11 Change of Lending Office
	 	 	30	 
	2.12 Replacement of Lenders
	 	 	30	 
	2.13 Obsidian Agency Services as Agent
	 	 	31	 
	2.14 [Intentionally Omitted]
	 	 	31	 
	2.15 Super-Priority Nature of Obligations and Lenders’ Liens
	 	 	31	 
	 
	 	 	 	 
	SECTION 3. [Intentionally Omitted]
	 	 	33	 
	 
	 	 	 	 
	SECTION 4. Commitment Commission; Reductions of Commitment
	 	 	33	 
	 
	 	 	 	 
	4.01 Fees
	 	 	33	 
	4.02 [Intentionally Omitted]
	 	 	33	 
	4.03 Termination of Commitments
	 	 	33	 
	 
	 	 	 	 
	SECTION 5. Prepayments; Payments; Taxes
	 	 	34	 
	 
	 	 	 	 
	5.01 Voluntary Prepayments
	 	 	34	 
	5.02 Mandatory Repayments
	 	 	34	 
	5.03 Method and Place of Payment
	 	 	35	 
	5.04 Net Payments; Taxes
	 	 	35	 
	5.05 Exit Fee
	 	 	38	 
	 
	 	 	 	 
	SECTION 6. Conditions Precedent
	 	 	38	 
	 
	 	 	 	 
	6.01 Conditions Precedent to the Effective Date
	 	 	38	 
	6.02 Conditions Precedent to the Funding on the Final Order Funding Date
	 	 	42	 
	 
	 	 	 	 
	SECTION 7. Conditions Precedent to each Funds Release
	 	 	44	 
	 
	 	 	 	 
	7.01 No Default; Representations and Warranties
	 	 	44	 
	7.02 Request for Funds
	 	 	45	 
	7.03 Funds Release in Accordance with Approved Budget
	 	 	45	 

(i)

 

	 	 	 	 	 
	 	 	Page	 
	7.04 Benefit of Funds Release
	 	 	45	 
	7.05 Order of Release of Funds in Advance Account
	 	 	45	 
	 
	 	 	 	 
	SECTION 8. Representations, Warranties and Agreements
	 	 	45	 
	 
	 	 	 	 
	8.01 Corporate/Limited Liability Company/Limited Partnership Status
	 	 	46	 
	8.02 Corporate Power and Authority
	 	 	46	 
	8.03 No Violation
	 	 	46	 
	8.04 Governmental Approvals
	 	 	46	 
	8.05 Financial Statements; Financial Condition; Undisclosed Liabilities;
Projections; etc.
	 	 	47	 
	8.06 Litigation
	 	 	47	 
	8.07 True and Complete Disclosure
	 	 	48	 
	8.08 Use of Proceeds; Margin Regulations
	 	 	48	 
	8.09 Tax Returns and Payments
	 	 	48	 
	8.10 Compliance with ERISA
	 	 	49	 
	8.11 The Security Documents
	 	 	50	 
	8.12 Subsidiaries
	 	 	50	 
	8.13 Compliance with Statutes, etc.
	 	 	50	 
	8.14 Investment Company Act
	 	 	50	 
	8.15 Environmental Matters
	 	 	50	 
	8.16 Labor Relations
	 	 	51	 
	8.17 Patents, Licenses, Franchises and Formulas
	 	 	51	 
	8.18 Indebtedness
	 	 	51	 
	8.19 Insurance
	 	 	52	 
	8.20 Properties
	 	 	52	 
	8.21 Legal Names; Type of Organization (and Whether a Registered
Organization); Jurisdiction of Organization; etc.
	 	 	52	 
	8.22 Concerning the Mortgaged Vessels
	 	 	52	 
	8.23 Citizenship
	 	 	52	 
	8.24 Vessel and Vessel Classification
	 	 	52	 
	8.25 Mexican JV
	 	 	52	 
	8.26 Reorganization Matters
	 	 	53	 
	8.27 EMSL Matters
	 	 	54	 
	 
	 	 	 	 
	SECTION 9. Affirmative Covenants
	 	 	54	 
	 
	 	 	 	 
	9.01 Information Covenants
	 	 	54	 
	9.02 Books, Records and Inspections
	 	 	57	 
	9.03 Maintenance of Property; Insurance
	 	 	58	 
	9.04 Existence; Franchises
	 	 	58	 
	9.05 Compliance with Statutes, etc.
	 	 	58	 
	9.06 Compliance with Environmental Laws
	 	 	58	 
	9.07 ERISA
	 	 	59	 
	9.08 End of Fiscal Years; Fiscal Quarters
	 	 	59	 
	9.09 Performance of Obligations
	 	 	60	 
	9.10 Payment of Taxes
	 	 	60	 
	9.11 Additional Security; Additional Guarantors; Further Assurances
	 	 	60	 
	9.12 Use of Proceeds
	 	 	62	 

(ii)

 

	 	 	 	 	 
	 	 	Page	 
	9.13 Ownership of Credit Parties
	 	 	62	 
	9.14 Flag of Mortgaged Vessels; Vessel Classifications
	 	 	62	 
	9.15 Deposit of Earnings
	 	 	62	 
	9.16 Mexican JV Option
	 	 	63	 
	9.17 [Intentionally Omitted]
	 	 	63	 
	9.18 Notice of Asset Sales
	 	 	63	 
	9.19 Payments on Prepetition Second-Lien Notes
	 	 	63	 
	9.20 Direct Deposits into Advance Account
	 	 	63	 
	9.21 [Intentionally Omitted]
	 	 	63	 
	9.22 Compliance with Approved Budget
	 	 	63	 
	9.23 Professional Fee Reserve.
	 	 	63	 
	 
	 	 	 	 
	SECTION 10. Negative Covenants
	 	 	64	 
	 
	 	 	 	 
	10.01 Liens
	 	 	64	 
	10.02 Consolidation, Merger, Purchase or Sale of Assets, etc.
	 	 	68	 
	10.03 Dividends
	 	 	70	 
	10.04 Indebtedness
	 	 	71	 
	10.05 Advances, Investments and Loans
	 	 	73	 
	10.06 Transactions with Affiliates
	 	 	74	 
	10.07 Maintenance Capital Expenditures
	 	 	75	 
	10.08 Minimum Monthly Consolidated EBITDA
	 	 	75	 
	10.09 Minimum Consolidated Cash Flow
	 	 	75	 
	10.10 Minimum Liquidity
	 	 	77	 
	10.11 Limitations on Modifications of Certificate of Incorporation, By-Laws
and Certain Other Agreements, etc.
	 	 	77	 
	10.12 Restrictions on Use of Proceeds, Cash Collateral and Carve-Out
	 	 	78	 
	10.13 Limitation on Certain Restrictions on Subsidiaries
	 	 	79	 
	10.14 Limitation on Issuance of Capital Stock
	 	 	79	 
	10.15 Change of Legal Names; Type of Organization (and whether a Registered
Organization); Jurisdiction of Organization etc.
	 	 	79	 
	10.16 Business
	 	 	79	 
	10.17 ERISA
	 	 	80	 
	10.18 Voluntary Prepayments, Etc. of Indebtedness
	 	 	80	 
	10.19 Collateral Maintenance
	 	 	80	 
	10.20 Negative Pledge
	 	 	80	 
	10.21 Professional Fees
	 	 	80	 
	10.22 EMSL Matters
	 	 	81	 
	 
	 	 	 	 
	SECTION 11.81
	 	 	 	 
	 
	 	 	 	 
	11.01 Payments
	 	 	81	 
	11.02 Representations, etc.
	 	 	81	 
	11.03 Covenants
	 	 	81	 
	11.04 Default Under Other Agreements
	 	 	81	 
	11.05 Bankruptcy, etc.
	 	 	82	 
	11.06 ERISA
	 	 	82	 
	11.07 Security Documents
	 	 	83	 
	11.08 Guaranties
	 	 	83	 

(iii)

 

	 	 	 	 	 
	 	 	Page	 
	11.09 Judgments
	 	 	83	 
	11.10 Change of Control
	 	 	83	 
	11.11 Indebtedness of the Trico Supply Group
	 	 	83	 
	11.12 Mexican JV
	 	 	83	 
	11.13 Second Lien Notes Documentation.
	 	 	84	 
	11.14 Final Order
	 	 	84	 
	11.15 Dismissal or Conversion
	 	 	84	 
	11.16 Appointment of Trustee
	 	 	84	 
	11.17 Relief From Stay
	 	 	84	 
	11.18 Superpriority Claim or Lien
	 	 	84	 
	11.19 Change to Interim or Final Order
	 	 	84	 
	11.20 Enforcement Action
	 	 	84	 
	11.21 Proposal of Plan
	 	 	84	 
	11.22 Assertion of Claim Against Agent or Lenders
	 	 	84	 
	11.23 Violation of Order
	 	 	85	 
	11.24 Order Against Lenders
	 	 	85	 
	11.25 Allowance of Claim
	 	 	85	 
	11.26 Committee Request for Allowance of Claim
	 	 	85	 
	11.27 Payment of Prepetition Indebtedness
	 	 	85	 
	11.28 Sale of Assets
	 	 	85	 
	11.29 Subsequent Debtor-in-Possession Financing by Debtors
	 	 	85	 
	11.30 Other Subsequent Debtor-in-Possession Financing
	 	 	86	 
	11.31 Refinancing of the Prepetition First Lien Loans
	 	 	86	 
	11.32 Remedies
	 	 	86	 
	 
	 	 	 	 
	SECTION 12. The Agent.
	 	 	88	 
	 
	 	 	 	 
	12.01 Appointment
	 	 	88	 
	12.02 Nature of Duties
	 	 	89	 
	12.03 Lack of Reliance on the Agent
	 	 	89	 
	12.04 Certain Rights of the Agent
	 	 	89	 
	12.05 Reliance
	 	 	90	 
	12.06 Indemnification
	 	 	90	 
	12.07 The Agent in its Individual Capacity
	 	 	90	 
	12.08 Holders
	 	 	90	 
	12.09 Resignation by the Agent
	 	 	91	 
	12.10 No Other Duties, Etc
	 	 	91	 
	 
	 	 	 	 
	SECTION 13. Guaranty
	 	 	91	 
	 
	 	 	 	 
	13.01 Guaranty
	 	 	91	 
	13.02 Bankruptcy
	 	 	92	 
	13.03 Nature of Liability
	 	 	92	 
	13.04 Independent Obligation
	 	 	92	 
	13.05 Authorization
	 	 	92	 
	13.06 Reliance
	 	 	93	 
	13.07 Subordination
	 	 	94	 
	13.08 Waiver
	 	 	94	 
	13.09 Payment
	 	 	95	 

(iv)

 

	 	 	 	 	 
	 	 	Page	 
	SECTION 14. Miscellaneous
	 	 	95	 
	 
	 	 	 	 
	14.01 Payment of Expenses, etc.
	 	 	95	 
	14.02 Right of Setoff
	 	 	97	 
	14.03 Notices
	 	 	97	 
	14.04 Benefit of Agreement; Assignments; Participations
	 	 	98	 
	14.05 No Waiver; Remedies Cumulative; No Consent to Charges on Collateral
	 	 	100	 
	14.06 Payments Pro Rata
	 	 	100	 
	14.07 Calculations; Computations
	 	 	101	 
	14.08 GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL
	 	 	101	 
	14.09 Counterparts
	 	 	102	 
	14.10 [Intentionally Omitted]
	 	 	102	 
	14.11 Headings Descriptive
	 	 	102	 
	14.12 Amendment or Waiver; etc.
	 	 	103	 
	14.13 Survival
	 	 	104	 
	14.14 Domicile of Loans
	 	 	104	 
	14.15 Register
	 	 	104	 
	14.16 Confidentiality
	 	 	104	 
	14.17 USA PATRIOT Act Notice
	 	 	105	 
	14.18 [Intentionally Omitted]
	 	 	105	 
	14.19 General Release
	 	 	105	 
	14.20 [Intentionally Omitted].
	 	 	106	 
	14.21 Terms Generally
	 	 	106	 

(v)

 

Page

	 	 	 	 	 

	SCHEDULE I

	 	-
	 	Loan Commitments
	SCHEDULE II

	 	-
	 	Lender Addresses
	SCHEDULE III

	 	-
	 	ERISA
	SCHEDULE IV

	 	-
	 	Subsidiaries
	SCHEDULE V

	 	-
	 	Existing Indebtedness
	SCHEDULE VI

	 	-
	 	Insurance
	SCHEDULE VII

	 	-
	 	Legal Name; Type of Organization and Whether a Registered Organization; Jurisdiction
of Organization; Etc.
	SCHEDULE VIII

	 	-
	 	Existing Liens
	SCHEDULE IX

	 	-
	 	Existing Investments
	SCHEDULE X

	 	-
	 	Projections
	SCHEDULE XI

	 	-
	 	Affiliate Transactions
	SCHEDULE XII

	 	-
	 	Tax Matters
	SCHEDULE XIII

	 	-
	 	[Intentionally Omitted]
	SCHEDULE XIV

	 	-
	 	Collateral Vessels
	SCHEDULE XV

	 	-
	 	Approved Classification Societies
	SCHEDULE XVI

	 	-
	 	[Intentionally Omitted]
	SCHEDULE XVII

	 	-
	 	Required Insurance
	SCHEDULE XVIII

	 	-
	 	Mexican JV Installment Sale Arrangements
	SCHEDULE 2.15(III)

	 	 	 	Prepetition Perfected Liens
	SCHEDULE 6.1(c)

	 	-
	 	Disclosed Events
	SCHEDULE 8.06

	 	-
	 	Litigation

	 	 	 

	EXHIBIT A

	 	Request for Funds Release
	EXHIBIT B-1

	 	New Money Loan Note
	EXHIBIT B-2

	 	Refinancing Loan Note
	EXHIBIT C

	 	[Intentionally Omitted]
	EXHIBIT D

	 	Section 5.04(b)(ii) Certificate
	EXHIBIT E

	 	[Intentionally Omitted]
	EXHIBIT F

	 	Officers’ Certificate
	EXHIBIT G

	 	[Intentionally Omitted]
	EXHIBIT H

	 	[Intentionally Omitted]
	EXHIBIT I

	 	Compliance Certificate
	EXHIBIT J

	 	Assignment and Assumption Agreement
	EXHIBIT K

	 	Intercompany Subordination Agreement
	EXHIBIT L

	 	Form of Vessel Mortgage
	EXHIBIT M-1

	 	Assignment of Earnings
	EXHIBIT M-2

	 	Assignment of Insurance
	EXHIBIT N

	 	Interim Order
	EXHIBIT O

	 	Approved Budget
	EXHIBIT P

	 	Notice of Borrowing

(vi)

 

               SENIOR SECURED, SUPER-PRIORITY DEBTOR-IN-POSSESSION CREDIT AGREEMENT, dated as of August
24, 2010 (this “Agreement”), among TRICO MARINE SERVICES, INC., a Delaware corporation (the
“Borrower”), the Guarantors from time to time party hereto, the Lenders from time to time
party hereto, and OBSIDIAN AGENCY SERVICES, INC. as Agent (the “Agent”). All capitalized
terms used herein and defined in Section 1 are used herein as therein defined.

W I T N E S S E T H:

               WHEREAS, the Borrower, the Guarantors, the lenders party thereto, the Agent, as administrative
agent and as collateral agent, are parties to that certain Second Amended and Restated Credit
Agreement, dated as of June 11, 2010, (as amended to date, the “Prepetition First Lien Loan
Agreement”);

               WHEREAS, on August 25, 2010 (the “Petition Date”), each of the Borrower and the Debtor
Guarantors commenced a Chapter 11 Case (each, a “Chapter 11 Case” and, collectively, the
“Chapter 11 Cases”), by filing separate voluntary petitions for reorganization under
Chapter 11, 11 U.S.C. 101 et seq. (the “Bankruptcy Code”), with the United States
Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) and the Borrower and
the Debtor Guarantors continue to operate their businesses and manage their properties as
debtors-in-possession pursuant to Section 1107(b) and 1108 of the Bankruptcy Code;

               WHEREAS, prior to the Petition Date, the Prepetition First Lien Lenders (as defined below)
provided financing to the Borrower pursuant to the Prepetition First Lien Loan Agreement;

               WHEREAS, the parties hereto acknowledge and agree that, among other things, developments with
respect to the financial condition of Borrower and its Subsidiaries since the date of the
Commitment Letter (as defined below) have resulted in a termination of the Lenders original
commitments under the Commitment Letter, provided however, notwithstanding such termination of
original commitments, the Lenders have agreed, pursuant to the Fee Letter (as defined herein) to
replace such commitments under the Commitment Letter with new commitments to make the New Money
Loans (as defined below) and the Refinancing Loans (as defined below) to the Borrower in the
amounts and on and subject to the terms and conditions set forth herein;

               WHEREAS, the Borrower, the Guarantors, the Lenders and Agent desire to enter into this
Agreement to, among other things, provide for the Loans contemplated hereunder;

               Accordingly, the parties hereto agree as follows:

 

 

ARTICLE I

Definitions

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

          “363 Sale” shall have the meaning provided in Section 11.32(d).

          “Advance Account” shall mean the deposit account number 8980004997 of the Borrower at
Union Bank, N.A.

          “Advance Account Agreement” shall mean that certain Amended and Restated Special
Deposit Account Control Agreement (Security Interest in Deposit Account), dated as of the date
hereof, by and among the Agent, the Borrower, Union Bank, N.A. and Obsidian Agency Services, Inc.,
as agent under that certain Second Amended & Restated Security Agreement dated as of June 11,
2010, among the Borrower, Trico Marine Operators, Inc., Trico Marine Assets, Inc., with respect to
the Advance Account.

          “Affiliate” shall mean, with respect to any Person, any other Person directly or
indirectly controlling (including, but not limited to, all directors and officers of such Person),
controlled by, or under direct or indirect common control with, such Person. A Person shall be
deemed to control another Person if such Person possesses, directly or indirectly, the power (i) to
vote 10% or more of the securities having ordinary voting power for the election of directors (or
equivalent governing body) of such Person or (ii) to direct or cause the direction of the
management and policies of such other Person, whether through the ownership of voting securities,
by contract or otherwise; provided, however, that neither the Agent nor any
Affiliate thereof shall be considered an Affiliate of the Borrower or any Subsidiary thereof.

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

          “Aggregate Appraised Value” shall mean at any time, the sum of the Appraised Value of
all Mortgaged Vessels owned by the Borrower and the Guarantors which have not been sold,
transferred, lost or otherwise disposed of.

          “Agreement” shall mean this Credit Agreement.

          “Applicable Margin” shall mean a percentage per annum equal to 11.5%.

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

          “Appraised Value” of any Mortgaged Vessel at any time shall mean the fair market value
of such Vessel on an individual charter free basis as set forth on the Appraisal most recently
delivered to, or obtained by, the Agent prior to such time pursuant to Section 9.01(h).

-2-

 

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

               “Approved Budget” shall mean the 13-week post-petition budget (which shall be attached
to the Interim Order) approved by the Bankruptcy Court and satisfactory to the Required Lenders and
attached hereto as Exhibit O, as such budget may be subsequently amended, supplemented or
replaced by the Borrower with the written consent of the Required Lenders and without further
approval of the Bankruptcy Court.

               “Asset Sale” shall mean any transaction or series of related transactions pursuant to
which the Borrower, any of its Subsidiaries (other than the Trico Supply Group) or the Mexican JV
directly or indirectly sells, issues, conveys, transfers, exchanges, leases, charters (other than
operating leases and charters entered into in the ordinary course of business consistent with past
practices), assigns, disposes or otherwise transfers to any Person (other than (i) with respect to
an Asset Sale by the Borrower or any Guarantor, to the Borrower or any Guarantor or (ii) with
respect to an Asset Sale by a Subsidiary that is not the Borrower or a Guarantor, to the Borrower
or any of its Subsidiaries) any property or assets (including interests therein), whether now owned
or hereafter acquired, of the Borrower or any of its Subsidiaries; provided,
however, that (i) the sale, lease, conveyance, disposition or other transfer by the
Borrower or any of its Subsidiaries of inventory in the ordinary course of business and (ii) the
sale, lease, conveyance, disposition or other transfer of all or substantially all of the assets of
the Borrower pursuant to Section 10.02(vi) will not be deemed to be Asset Sales;
provided, further, that an Event of Loss shall be deemed an Asset Sale.

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

               “Assignment of Charters” shall mean the Charter Assignment substantially in the form
of Exhibit B to the Assignment of Earnings.

               “Assignment of Earnings” shall mean the Assignment of Earnings in the form of
Exhibit M-1.

               “Assignment of Insurances” shall mean the Assignment of Insurances in the form of
Exhibit M-2.

               “Avoidance Action” shall have the meaning set forth in Section 2.15(a).

               “Bankruptcy Code” shall have the meaning set forth in the recitals of this Agreement.

               “Bankruptcy Court” shall have the meaning set forth in the recitals of this Agreement.

               “Bankruptcy Rules” shall mean the Federal Rules of Bankruptcy Procedure and local
rules of bankruptcy procedure for the Bankruptcy Court, as applicable, as the same may from time to
time be in effect and applicable to the Chapter 11 Cases.

-3-

 

               “Borrower” shall have the meaning set forth in the first paragraph of this Agreement.

               “Borrowing” shall mean the borrowing of Loans from all the Lenders having Commitments
on a Loan Funding Date.

               “Business Day” shall mean (i) for all purposes other than as covered by the following
clause (ii), any day except Saturday, Sunday and any day which shall be in New York, New York or
London, the United Kingdom, a legal holiday or a day on which banking institutions are authorized
or required by law or other government action to close and (ii) with respect to all notices and
determinations in connection with, and payments of principal and interest on, Loans, any day which
is a Business Day described in clause (i) above and which is also a day for trading by and between
banks in U.S. dollar deposits in the applicable interbank LIBOR market.

               “Capital Expenditures” shall mean, with respect to any Person, all expenditures by
such Person which should be capitalized in accordance with GAAP (excluding Capitalized Lease
Obligations).

               “Capital Stock” shall mean (i) in the case of a corporation, corporate stock, (ii) in
the case of an association or business entity, any and all shares, interests, participations,
rights or other equivalents of corporate stock, (iii) in the case of a partnership or limited
liability company, partnership or membership interests (whether general or limited) and (iv) any
other interest or participation that confers on a Person the right to receive a share of the
profits and losses of, or distribution of assets of, the issuing Person.

               “Capitalized Lease Obligations” shall mean, with respect to any Person, the
obligations of such Person to pay rent or other amounts under any lease of (or other arrangement
conveying the right to use) real or personal property, or a combination thereof, which obligations
are required to be classified and accounted for as capital leases on a balance sheet of such person
under GAAP and, for purposes hereof, the amount of such obligations at any time shall be the
capitalized amount thereof at such time determined in accordance with GAAP.

               “Carve-Out” shall mean, subject to the limitations set forth below, (i) amounts
payable pursuant to 28 U.S.C. § 1930(a)(6) and to the Clerk of the Bankruptcy Court and (ii)
allowed (whether allowed prior to or after the date of the Termination Notice) and unpaid fees and
expenses of the attorneys, accountants and other professionals retained in the Chapter 11 Cases by
the Debtors or any official committee of unsecured creditors pursuant to Bankruptcy Code sections
327, 328, 330, 331, 363, 503 or 1103 and owed pursuant to the terms of such professionals’
respective engagement letters or other agreements of engagement (other than any success fee,
transaction fee, or other similar fee set forth in such professionals’ respective engagement
letters or other agreements) incurred from the Petition Date to the date of the Termination Notice,
plus the Priority Professional Expenses; provided that, in addition to any requirements for
filing monthly and quarterly interim fee applications and for final fee applications, any
professional seeking access to the Carve-Out must have previously provided a written monthly fee
statement (identifying monthly fees and expenses only) to the Debtors and the Agent no later than
the twentieth day of any subsequent month (e.g., for illustration only, the

-4-

 

Debtor’s professionals must submit a fee statement for August 2010 no later than September 20,
2010), provided further that any professional that fails to timely provide the foregoing
written monthly fee statement to the Debtors and to Agent shall be prohibited from seeking payment
from the Carve-Out for (and payments from the Carve-Out shall not include) any fees and expenses
for the applicable month (e.g., for illustration only, if a professional fails to timely submit a
fee statement for September 2010, that professional may not seek payment of any fees and expenses
from the Carve-Out for the month of September 2010).

               “Cash Collateral” shall mean and include all “cash collateral,” as defined in the
Bankruptcy Code section 363, in which any of the Agent (for the benefit of the Lenders), the
Prepetition First Lien Agent (for the benefit of the Prepetition First Lien Lenders) and/or
Prepetition Indenture Trustee (for the benefit of the Prepetition Second-Lien Noteholders) have a
lien, security interest or other interest (including, without limitation, any adequate protection
liens or security interests), in each case whether existing on the Petition Date, arising pursuant
to the Interim Order, the Final Order or otherwise.

               “Cash Equivalents” shall mean, as to any Person, (i) (x) Dollars and (y) in the case
of any Foreign Subsidiary of the Borrower, Euros and such local currencies held by any such Foreign
Subsidiary from time to time in the ordinary course of its business, (ii) securities issued or
directly and fully guaranteed or insured by (x) in the case of a Foreign Subsidiary of the Borrower
organized in Norway, Norway or any agency of instrumentality thereof (provided that the
full faith and credit of Norway is pledged in support thereof) and (y) in all cases, the United
States or any agency or instrumentality thereof (provided that the full faith and credit of
the United States is pledged in support thereof), in either case having maturities of not more than
six months from the date of acquisition, (iii) marketable direct obligations issued by any state of
the United States or any political subdivision of any such state or any public instrumentality
thereof maturing within six months from the date of acquisition thereof and, at the time of
acquisition, having one of the two highest ratings obtainable from either S&P or Moody’s, (iv) time
deposits, certificates of deposit and bankers acceptances of any Lender or any commercial bank
organized under the laws of the United States, any State thereof or any other country which is a
member of the Organization for Economic Cooperation and Development and, in each case, having total
assets in excess of $10,000,000,000 (or an equivalent amount in the currency of any member
country), (v) repurchase obligations with a term of not more than seven days for underlying
securities of the types described in clause (ii)(y) above entered into with any bank meeting the
qualifications specified in clause (iv) above, (vi) commercial paper issued by any Person
incorporated in the United States rated at least A-1 or the equivalent thereof by S&P or at least
P-1 or the equivalent thereof by Moody’s and in each case maturing not more than six months after
the date of acquisition by such Person, (vii) investments in money market funds substantially all
of whose assets are comprised of securities of the types described in clauses (i) through (vi)
above and (viii) in the case of Foreign Subsidiaries of the Borrower, overnight deposits and demand
deposit accounts (in the respective local currencies) maintained in the ordinary course of
business.

               “Cash Operating Disbursements” shall mean, for any period, amounts paid in cash from a
Credit Party Account during such period for the purpose of funding (i) payroll, (ii) general and
administrative expenses, (iii) rental and lease expense, (iv) debt service, (v) capital
expenditures, including, without limitation and for the avoidance of doubt, all periodic

-5-

 

payments with respect to ship building contracts, (vi) operating expenses of foreign
Subsidiaries and joint ventures, (vii) Restructuring Costs and (viii) other operating expenses.

               “Cash Operating Receipts” shall mean, for any period, the aggregate cumulative cash
deposited into any Credit Party Account during such period so long as such cash (i) is not proceeds
of Indebtedness for borrowed money incurred by the Borrower or its Subsidiaries (other than the
Trico Supply Group) or proceeds of tax refunds and (ii) has not been transferred to such Credit
Party Account from another Credit Party Account.

               “CERCLA” shall mean the Comprehensive Environmental Response, Compensation, and
Liability Act of 1980, as amended, 42 U.S.C. § 9601 et seq. and all implementing regulations.

               “Challenge Action” shall mean (x) any investigation into and discovery with respect to
(i) the validity, perfection, enforceability, priority, amount or extent of the Prepetition First
Lien Debt and Prepetition First Liens and (ii) any potential claims, counterclaims, offsets,
setoffs, defenses, contested matters or causes of action of the Debtors or their respective estates
against or with respect to the Prepetition First Lien Debt and Prepetition Lender Liens and (y) the
prosecution, commencement or litigation of any of the foregoing potential claims, counterclaims,
offsets, defenses, contested matters or causes of action. Any Challenge Action must be made and
filed, as applicable, by the Creditors’ Committee, or if no Creditors’ Committee has been formed,
by a party in interest with standing, on or before the Investigation Termination Date.

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

               “Chapter 11 Case” and “Chapter 11 Cases” shall have the respective meanings
assigned to them in the recitals of this Agreement.

               “Claims” shall have the meaning provided in Section 14.19.

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

               “Collateral” shall mean collectively, (i) all of the property, assets and interests in
property and assets of the Debtors (or any successor trustee or other estate representative in any
Chapter 11 Case or Successor Case) and all other “property of the estate” (within the meaning of
the Bankruptcy Code) of the Debtors (or any successor trustee or other estate representative in any
Chapter 11 Case or Successor Case), of any kind or nature whatsoever, real or personal, tangible or
intangible or mixed now existing or hereafter acquired or created, including, without

-6-

 

limitation, all accounts, inventory, goods, contracts, contract rights, investment property,
instruments, documents, chattel paper, patents, trademarks, copyrights, and licenses therefor,
general intangibles, payment intangibles, rights, interests, intercompany notes and obligations,
tax or other refunds, insurance proceeds, letters of credit, letter-of-credit rights, supporting
obligations, machinery and equipment, real property (including all facilities), fixtures, leases
(and proceeds from the disposition thereof), all of the issued and outstanding capital stock
entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)), and all of the issued
and outstanding capital stock not entitled to vote (within the meaning of Treas. Reg. Section
1.956-2(c)(2)) of each subsidiary of each Debtor, all of the capital stock of all other Persons
that are not Subsidiaries directly owned by each Debtor, money, investment property, deposit
accounts, all commercial tort claims and other causes of action, Cash Collateral, and all cash and
non-cash proceeds, rents, products, substitutions, accessions, and profits of any of the collateral
described above; provided, however, that Collateral shall exclude actions for
preferences, fraudulent conveyances, and other avoidance power claims under sections 544, 545, 547,
548, 550 and 553 of the Bankruptcy Code; provided, further, however that
the proceeds of such actions shall be available to pay any administrative claim held by the Agent
and the Lenders and (ii) all of the property, assets and interests in property and assets of the
Non-Debtor Credit Parties, of any kind or nature whatsoever, real or personal, tangible or
intangible or mixed now existing or hereafter acquired or created, including, without limitation,
all accounts, inventory, goods, contracts, contract rights, investment property, instruments,
documents, chattel paper, patents, trademarks, copyrights, and licenses therefor, general
intangibles, payment intangibles, rights, interests, intercompany notes and obligations, tax or
other refunds, insurance proceeds, letters of credit, letter-of-credit rights, supporting
obligations, machinery and equipment, real property (including all facilities), fixtures, leases
(and proceeds from the disposition thereof), all of the issued and outstanding capital stock
entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)), and all of the issued
and outstanding capital stock not entitled to vote (within the meaning of Treas. Reg. Section
1.956-2(c)(2)) of each subsidiary of each Non-Debtor Credit Party, all of the capital stock of all
other Persons that are not Subsidiaries directly owned by each Non-Debtor Credit Party, money,
investment property, deposit accounts, all commercial tort claims and other causes of action, and
all cash and non-cash proceeds, rents, products, substitutions, accessions, and profits of any of
the collateral described above.

               “Collateral Vessels” shall mean, collectively, all Vessels of the Credit Parties,
which Vessels as of the date hereof are listed on Schedule XIV, and, individually, any of
such Vessels.

               “Committee” shall mean any official committee appointed pursuant to Bankruptcy Code
section 1102.

               “Committee Challenge Fees” shall mean fees and expenses of the Creditor’s Committee
(but not the Borrower or any of its Subsidiaries) in investigating, taking discovery with respect
to, filing and prosecuting the Challenge Actions; provided however, Committee Challenge
Fees shall not at any time exceed $25,000 of the proceeds of the Loans and the Cash Collateral,
collectively.

               “Commitment” shall mean with respect to any Lender, such Lender’s New Money Loan
Commitments and Refinancing Loan Commitments, as applicable.

-7-

 

               “Commitment Letter” shall mean that certain Commitment Letter for Existing Credit
Commitment Purchase and DIP Facility, dated June 7, 2010, by and between Tennenbaum Opportunity
Fund, LLC and the Borrower, and shall include the Fee Letter and any other fee letter executed in
connection therewith (in each case, as such letters may be amended, restated, amended and restated
or otherwise modified from time to time).

               “Commitment Parties” shall have the meaning provided in Section 10.01(xxi).

               “Consolidated Cash Flow” shall mean for any period, the Cash Operating Receipts
minus the Cash Operating Disbursements for such period.

               “Consolidated EBITDA” shall mean, for any period, Consolidated Net Income for such
period, before deducting therefrom (i) consolidated interest expense of the Borrower, its
Subsidiaries (other than the Trico Supply Group) and the Mexican JV for such period, (ii) provision
for taxes based on income that were included in arriving at Consolidated Net Income for such
period, (iii) the amount of all amortization of intangibles and depreciation to the extent that
same was deducted in arriving at Consolidated Net Income for such period and without giving effect
(x) to any extraordinary gains or extraordinary non-cash losses (except to the extent that any such
extraordinary non-cash losses require a cash payment in a future period) and (y) to any or gains or
losses from sales of assets other than from sales of inventory in the ordinary course of business,
(iv) Restructuring Costs amortized in such period; and (v) expenses incurred in connection with
stock based compensation; provided, that, the calculation of Consolidated EBITDA
shall exclude any and all non-cash gains and losses in connection with embedded derivatives related
to the Senior Notes.

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

               “Contingent Obligation” shall mean, as to any Person, any obligation of such Person as
a result of such Person being a general partner of any other Person, unless the underlying
obligation is expressly made non-recourse as to such general partner, and any obligation of such
Person guaranteeing or intended to guarantee any Indebtedness, leases, dividends or other
obligations (“primary obligations”) of any other Person (the “primary obligor”) in any manner,
whether directly or indirectly, including, without limitation, any obligation of such Person,
whether or not contingent, (i) to purchase any such primary obligation or any property constituting
direct or indirect security therefor, (ii) to advance or supply funds (x) for the purchase or
payment of any such primary obligation or (y) to maintain working capital or equity capital of the
primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to
purchase property, securities or services primarily for the purpose of assuring the owner of any
such primary obligation of the ability of the primary obligor to make

-8-

 

payment of such primary obligation or (iv) otherwise to assure or hold harmless the holder of
such primary obligation against loss in respect thereof; provided, however, that
the term Contingent Obligation shall not include endorsements of instruments for deposit or
collection in the ordinary course of business or customary and reasonable indemnity obligations in
effect on the Effective Date or entered into in connection with any acquisition or disposition of
assets permitted by this Agreement. The amount of any Contingent Obligation shall be deemed to be
an amount equal to the stated or determinable amount of the primary obligation in respect of which
such Contingent Obligation is made or, if not stated or determinable, the maximum reasonably
anticipated liability in respect thereof (assuming such Person is required to perform thereunder)
as determined by such Person in good faith.

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

               “Credit Documents” shall mean this Agreement (including the Guaranty), each Note, each
Security Document, each subordination agreement and after the execution and delivery thereof, each
additional Security Document executed pursuant to Section 9.11.

               “Credit Event” shall mean the making of the Loans or a Funds Release.

               “Credit Parties” shall mean the Borrower and all Guarantors, and “Credit
Party” shall mean any one of them.

               “Credit Party Account” shall mean any Dollar-denominated account that is (i) in the
name of the Borrower, Trico Assets, Trico Operators or Trico Marine International and (ii) subject
to a Deposit Account Control Agreement.

               “Creditors’ Committee” shall mean any Committee representing unsecured creditors.

               “Debtors” shall mean the Borrower and the Debtor Guarantors, and “Debtor”
shall mean any one of them.

               “Debtor Guarantors” shall mean, collectively, the following entities: Trico Assets;
Trico Operators; Trico Marine International; Trico Holdco; and Trico Cayman, and “Debtor
Guarantor” shall mean any one of them.

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

               “Deposit Account Control Agreement” shall mean, with respect to any deposit account, a
control agreement between the Credit Party who owns such account, the Agent and the financial
institution at which such deposit account is maintained, in each case in form and substance
acceptable to the Agent in its sole discretion.

-9-

 

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

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

               “Domestic Subsidiary” shall mean, as to any Person, each Subsidiary of such Person
that is organized under the laws of the United States, any state thereof or the District of
Columbia.

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

               “Effective Date” shall have the meaning set forth in Section 6.01.

               “Eligible Transferee” shall mean and include a commercial bank, an insurance company,
a finance company, a financial institution, any fund that invests in loans or any other “accredited
investor” (as defined in Regulation D of the Securities Act).

               “EMSL” shall mean Eastern Marine Services Limited.

               “EMSL Loan” shall have the meaning set forth in Section 10.04(xxi).

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

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

-10-

 

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

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

               “Event of Default” shall have the meaning provided in Section 11.

               “Event of Loss” shall mean any of the following events: (x) the actual or
constructive total loss of a Mortgaged Vessel or the agreed or compromised or arranged total loss
of a Mortgaged Vessel; or (y) the capture, condemnation, confiscation, requisition, purchase,
seizure or forfeiture of (in each case, other than temporary seizure for customs lasting no more
than 15 days), or any taking of title to, a Mortgaged Vessel. An Event of Loss shall be deemed to
have occurred: (i) in the event of an actual loss of a Mortgaged Vessel, at the time and on the
date of such loss or if that is not known at noon Greenwich Mean Time on the date which such
Mortgaged Vessel was last heard from; (ii) in the event of damage which results in a constructive
or agreed or compromised or arranged total loss of a Mortgaged Vessel, at the time and on the date
of the event giving rise to such damage; or (iii) in the case of an event referred to in clause (y)
above, at the time and on the date on which such event is expressed to take effect by the Person
making the same.

          “Excluded Taxes” shall have the meaning provided in Section 5.04(a).

          “Existing Indebtedness” shall have the meaning provided in Section 8.18.

          “Exit Fee” shall have the meaning provided in Section 5.05.

          “Expenses” shall have the meaning provided in Section 14.01(a).

          “FATCA” means Sections 1471 through 1474 of the Code and any official
administrative interpretations thereof.

               “Fee Letter” shall mean that certain Amended and Restated Fee Letter, dated August
[___], 2010, by and among the Borrower and Special Value Continuation Partners, LP, Tennenbaum
Opportunities Partners V, LP, and Tennenbaum DIP Opportunity Fund, LLC (as amended, restated,
amended and restated or otherwise modified from time to time).

               “Fees” shall mean all amounts payable pursuant to or referred to in Section
4.01.

               “Final Order” shall mean, collectively, the order of the Bankruptcy Court entered in
the Chapter 11 Cases after a final hearing under Bankruptcy Rule 4001(c)(2) or such other
procedures as approved by the Bankruptcy Court which order shall be satisfactory in form and
substance to the Agent and the Required Lenders in their sole discretion, and the operation or
effect of which has not been stayed, reversed, or amended (without consent of the Agent and the

-11-

 

Required Lenders, to be granted in their sole discretion), together with all extensions,
modifications and amendments thereto, in each such case, in form and substance satisfactory to the
Agent and the Required Lenders in their sole discretion, which, among other matters but not by way
of limitation, (a) authorize and approve on a final basis this Agreement, the making of the Loans
hereunder, and the granting of the super-priority claim and senior priming and other Liens referred
to in Section 2.15, (b) modify the automatic stay to permit the creation and perfection of
the Agent’s Liens on the Collateral, (c) authorize the Debtors to refinance in full and approve the
indefeasible repayment in full in cash of the Prepetition First Lien Debt; (d) grant on a final
basis adequate protection to the Prepetition First Lien Agent (on behalf of itself and the
Prepetition First Lien Lenders); (e) provide for the automatic vacation of such stay to permit the
enforcement of the Agent’s and/or the Lenders’ remedies under this Agreement or any other Credit
Document, including without limitation the enforcement of such remedies against the Collateral
(subject in the case of the Debtors to the Waiting Period, as set forth in Section 11.32),
(e) except as provided herein or therein, prohibit actions adverse to the Agent or any Lender
(solely in their capacity as such) or their respective rights and remedies under the this
Agreement, any other Credit Document or the Interim Order and the Final Order, (f) except as
provided herein or therein, prohibit the incurrence of debt or granting of Liens on the Collateral,
(g) waive any and all rights to surcharge the Collateral pursuant to section 506(c) of the
Bankruptcy Code, (h) authorize, on a final basis, the use of Cash Collateral; (i) authorize the
payment by the Debtors of all of the fees, costs and expenses provided for in this Agreement or any
other Credit Document, and (j) find that the Agent and the Lenders have acted in good faith for the
purposes of Section 364(e) of the Bankruptcy Code.

               “Final Order Funding Date” shall mean the date not more than five Business Days after
entry of the Final Order.

               “Financial Covenants” shall collectively mean the financial covenants as set forth in
Sections 10.07, 10.08, 10.09 and 10.10.

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

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

               “Foreign Subsidiary” shall mean, as to any Person, each Subsidiary of such Person
which is not a Domestic Subsidiary.

               “Funds Release” shall mean any release of funds from the Advance Account to or on
behalf of the Borrower.

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               “GAAP” shall mean generally accepted accounting principles in the United States
consistently applied.

               “Guaranteed Creditors” shall mean and include each of the Agent and the Lenders.

               “Guaranteed Obligations” shall mean the full and prompt payment in cash when due
(whether at the stated maturity, by acceleration or otherwise) of each Obligation of the Borrower
(including Obligations which, but for the automatic stay under Section 362(a) of the Bankruptcy
Code, would become due and any expenses incurred and interest accruing after the commencement of
any bankruptcy, insolvency, receivership or similar proceeding at the rate provided for herein,
whether or not such expenses or interest is an allowed claim in any such proceeding).

               “Guarantor” shall mean each direct or indirect Subsidiary of the Borrower, excluding
the Trico Supply Group, but including, without limitation: Trico Assets, Trico Operators, Trico
Marine International, Trico Marine Services (Hong Kong) Limited, Coastal Inland Marine Services
Limited, Servicios de Apoyo Maritimo de Mexico, S. de R.L. de C.V., Trico Servicos Maritimos Ltda,
Trico Cayman, Trico Holdco, Trico International Holdings B.V. and Trico Marine International
Holdings B.V., and “Guarantors” shall mean, collectively, all of them.

               “Guaranty” shall mean the Guaranty set forth in Section 13 hereof and any
other guaranty delivered by any Person in respect of the Obligations.

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

               “Indebtedness” shall mean, as to any Person, without duplication, (i) all indebtedness
(including principal, interest, fees and charges) of such Person for borrowed money or for the
deferred purchase price of property or services, (ii) the maximum amount available to be drawn
under all letters of credit, bankers’ acceptances and similar obligations issued for the account of
such Person and all unpaid drawings in respect of such letters of credit, bankers’ acceptances and
similar obligations, (iii) all Indebtedness of the types described in clause (i), (ii), (iv), (v),
(vi) or (vii) of this definition secured by any Lien on any property owned by such Person, whether
or not such Indebtedness has been assumed by such Person (provided that, if the Person has
not assumed or otherwise become liable in respect of such Indebtedness, such Indebtedness shall be
deemed to be in an amount equal to the fair market value of the property to which such Lien relates
as determined in good faith by such Person), (iv) the aggregate amount

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of all Capitalized Lease Obligations of such Person, (v) all obligations of such Person to pay
a specified purchase price for goods or services, whether or not delivered or accepted,
i.e., take-or-pay and similar obligations, (vi) all Contingent Obligations of such Person,
and (vii) all obligations under any Interest Rate Protection Agreement, any Other Hedging Agreement
or under any similar type of agreement. Notwithstanding the foregoing, Indebtedness shall not
include (i) trade payables and accrued expenses incurred by any Person in accordance with customary
practices and in the ordinary course of business of such Person or (ii) milestone payments and
similar obligations incurred by any Person under any vessel purchase contract.

               “Indemnity” shall have the meaning provided in Section 14.01(b).

               “Initial Loan Funding Date” the first Loan Funding Date on which Loans are funded
under this Agreement.

               “Intercompany Loan” shall have the meaning provided in Section 10.05(vii).

               “Intercompany Subordination Agreement” shall mean the Intercompany Subordination
Agreement substantially in the form of Exhibit K (appropriately completed).

               “Intercreditor Encumbered Collateral” shall have the meaning provided in
Section 2.15(b)(ii).

               “Interest Determination Date” shall mean with respect to the Initial Loan Funding Date
and with respect to all Loans funded on the Initial Loan Funding Date and at any time during the 90
day period following such Initial Loan Funding Date (and for such 90 day period), the date that is
the second Business Day prior to the Initial Loan Funding Date, and thereafter, the date that is
two Business Days before the date that is 90 days after the immediately preceding Interest
Determination Date.

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

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

               “Interim Order” shall mean, collectively, the order of the Bankruptcy Court entered in
the Chapter 11 Cases after an interim hearing (assuming satisfaction of the standards prescribed in
Section 364 of the Bankruptcy Code and Bankruptcy Rule 4001 and other applicable law), which order
shall be in the form of the attached Exhibit N, with such modifications thereto as the
Required Lenders shall approve in their sole discretion, together with all extensions,
modifications, and amendments thereto, in each such case in form and substance satisfactory to the
Agent and the Required Lenders in their sole discretion.

               “Investigation Termination Date” shall mean (a) with respect to any Creditors’
Committee, the date that is sixty (60) from the date of such Creditors’ Committee’s formation and
(b) with respect to any other party in interest, the date that is seventy-five (75) days from the
Petition Date.

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               “Investments” shall have the meaning provided in Section 10.05.

               “IRS” shall mean the Internal Revenue Service.

               “Junior Financing” shall have the meaning specified in Section 10.18.

               “Junior Financing Documentation” shall mean any documentation governing any
Junior Financing.

               “Leaseholds” of any Person shall mean all the right, title and interest of such Person
as lessee or licensee in, to and under leases or licenses of land, improvements and/or fixtures.

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

               “LIBOR Rate” shall mean the three-month London Interbank Offered Rate (rounded upward
to the nearest 1/16 of one percent) for deposits of Dollars for a period equivalent to such period
at or about 11:00 A.M. (Los Angeles time) on such date of determination as is displayed on
Bloomberg, provided that if on such date no such rate is so displayed or, such index ceases
to exist or is no longer published or announced, then “LIBOR Rate” shall mean the three-month
London Interbank Offered Rate (rounded upward to the nearest 1/16 of one percent) for deposits of
Dollars for a period equivalent to such period as published in The Wall Street Journal on such date
of determination.

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

               “Liquidity” shall mean the sum of (i) the balance of all cash or Cash Equivalents in
all unrestricted Credit Party Accounts and (ii) the balance of all cash or Cash Equivalents in the
Advance Account.

               “Loans” shall mean collectively, the New Money Loans and the Refinancing Loans.

               “Loan Funding Date” shall mean any date on which any Loans hereunder are funded by the
Lenders.

               “Maintenance Capital Expenditures” shall mean Capital Expenditures incurred in
connection with the maintenance, and repair of Mortgaged Vessels which are owned by any Subsidiary
of the Borrower.

               “MARAD Notes” shall mean the 6.11% MARAD Bonds accepted by Trico Marine International,
Inc. and guaranteed by the U.S. Maritime Administration.

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

               “Material Adverse Effect” shall mean (i) a material adverse effect (w) on the rights
or remedies of the Agent and/or the Lenders, (x) on the ability of the Borrower and its
Subsidiaries taken as a whole to perform its or their obligations to the Agent and the Lenders, (y)
on the Transaction or (z) on the property, assets, operations, liabilities or financial condition
of the Borrower and its direct and indirect Subsidiaries taken as a whole, or (ii) a material
impairment of the Collateral or the Agent’s Liens thereon, on behalf of the Lenders, or the
priority of such Liens.

               “Maturity Date” shall mean the earliest of (i) the March 11, 2011, (ii) the effective
date of any plan of reorganization or liquidation with respect to any Debtor, (iii) the closing
date of a sale pursuant to Section 363 of the Bankruptcy Code or otherwise of all or substantially
all of the assets of any of the Debtors, Trico Supply or Trico Shipping, (iv) the date of
conversion of any Chapter 11 Case to a case under chapter 7 of the Bankruptcy Code, and (v) the
dismissal of any Chapter 11 Case and (vi) the acceleration of the Loans following an Event of
Default.

               “Mexican JV” shall mean Naviera Mexicana de Servicios, S. de R.L. de C.V.

               “Monthly Payment Date” shall mean the last Business Day of each calendar month
occurring after the Effective Date.

               “Mortgaged Vessels” shall mean, at any time, each Collateral Vessel which is subject
to or required to be subject to a Vessel Mortgage at such time. On the Effective Date, Mortgaged
Vessels are the Collateral Vessels set forth in Schedule XIV hereto.

               “Net Cash Proceeds” shall mean, with respect to any Asset Sale, the gross cash
proceeds (including any cash received by way of deferred payment pursuant to a promissory note,
receivable or otherwise, but only as and when received) received by the Borrower or any of its
Subsidiaries from such Asset Sale net of:

               (a) all out-of-pocket expenses and fees relating to such Asset Sale (including legal,
accounting and investment banking fees and sales commissions);

               (b) taxes paid or payable in connection with such Asset Sale; and

               (c) amounts (i) used to repay Indebtedness that is required to be repaid or otherwise
required to be retained or identified for the benefit of a lender, or (ii) by which any
commitment for revolving indebtedness is required to be permanently reduced, each in connection
with such Asset Sale (other than mandatory repayments under any Indebtedness if such prepayment
is not approved pursuant to the order of the Bankruptcy Court approving such sale).

               “New Money Loan Commitments” shall mean, for each Lender, the amount set forth
opposite such Lender’s name on Schedule I hereto directly below the column entitled “New
Money Loan Commitment” as the same may be adjusted from time to time as a result of assignments to
or from such Lender pursuant to Section 2.12 or 14.04(b).

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               “New Money Loan Note” shall have the meaning provided in Section 2.04(a).

               “New Money Loans” shall mean the loans made pursuant to Section 2.01(a).

               “Non-Debtor Credit Parties” shall mean all Credit Parties that are not Debtors.

               “Non-Debtor Subsidiary” shall mean all Subsidiaries of the Borrower that are not
Debtors.

               “Note” shall have the meaning provided in Section 2.04(a).

               “Notice of Borrowing” shall mean a borrowing notice in the form attached hereto as
Exhibit P given by the Borrower to the Agent at the Notice Office in connection with any
request to Borrow Loans at least three Business Days prior to any Loan Funding Date.

               “Notice Office” shall mean the office of the Agent located at 2951 28th
Street, Suite 1000, Santa Monica, CA 90405, or such other office as the Agent may hereafter
designate in writing as such to the other parties hereto.

               “Objection” shall have the meaning provided in Section 14.01(a).

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

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

               “Operating Accounts” shall mean all deposit accounts of the Credit Parties other than
the Advance Account.

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

               “Parent Company Liens” shall mean, collectively, the Liens on the Capital Stock of
Trico Holdco LLC, the Trico Marine Cayman Intercompany Loan, the TMS Intercompany Indebtedness and
the assets of Trico Marine Cayman, L.P. and Trico Holdco LLC, in each case, to the extent pledged
to Wilmington Trust FSB, as collateral agent for the benefit of (i) the “Collateral Agent”, (ii)
the “Working Capital Facility Agent” and the “Working Capital Facility Lenders” under the Trico
Shipping Working Capital Facility and (iii) the “Trustee” and the “Noteholders” (in each case of
(i), (ii) and (iii), as such capitalized terms are defined in the Wilmington Pledge and Security
Agreement in effect on the date hereof) pursuant to the Wilmington Pledge and Security Agreement or
the other Security Documents (as defined in the Wilmington Pledge and Security Agreement in effect
on the date hereof).

               “PATRIOT Act” shall have the meaning provided in Section 14.17.

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               “Payment Office” shall mean the office of the Agent located at 2951 28th
Street, Suite 1000, Santa Monica, CA 90405, or such other office as the Agent may hereafter
designate in writing as such to the other parties hereto.

               “Permitted Encumbrance” shall mean easements, rights-of-way, restrictions,
encroachments, exceptions to title and other similar charges or encumbrances on any property of the
Borrower or any of its Subsidiaries arising in the ordinary course of business which do not
materially detract from the value of such.

               “Permitted Liens” shall have the meaning provided in Section 10.01.

               “Permitted Priority Liens” shall mean all non-avoidable, valid, enforceable and
perfected liens and security interests in the Debtors’ assets which existed as of the Petition Date
in favor of such third parties holding liens or security interests which are superior in priority,
after giving effect to any existing subordination arrangements, to the Prepetition First Lien
Agent’s prepetition security interests in and liens on the Debtors’ assets, and in each case, as
expressly permitted to be prior to the Agent’s lien as described in Section 2.15(b).

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

               “Petition Date” shall have the meaning provided in the recitals to this Agreement.

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

               “Pledge and Security Agreements” shall mean the Pledge and Security Agreement
delivered by the Borrower and/or the Guarantors to the Agent (as amended, restated, amended and
restated or otherwise modified from time to time).

               “Prepetition Collateral” all existing collateral securing the Prepetition First Lien
Debt prior to the Petition Date.

               “Prepetition Convertible Debentures” shall mean the 3.00% Senior Convertible
Debentures of the Borrower, due 2027, dated February 7, 2007 (as the same may be amended, restated,
supplemented or otherwise modified from time to time pursuant to Section 10.18).

               “Prepetition Encumbered Collateral” shall have the meaning provided in Section
2.15(b)(iii).

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               “Prepetition First Lien Agent” shall mean Obsidian Agency Services, Inc., as
administrative agent and/or collateral agent, as applicable, under the Prepetition First Lien Loan
Agreement.

               “Prepetition First Lien Debt” shall mean all “Obligations” as defined in the
Prepetition First Lien Loan Agreement, and other amounts owed, as of the Petition Date, to the
Prepetition First Lien Agent and Prepetition First Lien Lenders under the Prepetition First Lien
Loan Agreement and the other Prepetition First Lien Loan Documentation related thereto.

               “Prepetition First Lien Lenders” shall mean the lenders party to the Prepetition First
Lien Loan Agreement.

               “Prepetition First Lien Loan Agreement” shall have the meaning set forth in the
recitals of this Agreement.

               “Prepetition First Lien Loan Documentation” shall mean, collectively, the Prepetition
First Lien Loan Agreement, and all agreements, documents, notes, mortgages, security agreements,
pledges, guarantees, subordination agreements, instruments, amendments, and any other agreements
executed and/or delivered pursuant thereto or in connection therewith.

               “Prepetition First Liens” shall mean the liens that secure the Prepetition First Lien
Debt.

               “Prepetition First Lien Security Documents” shall mean the Security Documents as
defined in the Prepetition First Lien Loan Agreement.

               “Prepetition Indebtedness” shall mean Indebtedness of any of the Debtors incurred
prior to the Petition Date, including, without limitation, the Prepetition First Lien Debt, the
Prepetition Second Lien Debt and the Prepetition Convertible Debentures.

               “Prepetition Indenture Trustee” shall mean Deutsche Bank National Trust Company
(successor to Wells Fargo Bank, N.A.), as trustee under the Prepetition Second-Lien Indenture and
any successor trustee thereto.

               “Prepetition Lender Liens” shall mean the Prepetition First Liens and the Prepetition
Second-Liens.

               “Prepetition Perfected Liens” shall have the meaning provided in Section
2.15(b)(iii).

               “Prepetition Second-Lien Debt” shall mean all “Obligations” as defined in the
Prepetition Second-Lien Indenture, and other amounts owed, as of the Petition Date, to the
Prepetition Indenture Trustee and the Prepetition Second-Lien Note Holders and the other
Prepetition Second-Lien Loan Notes Documentation related thereto.

               “Prepetition Second-Lien Indenture” shall mean the Indenture, as amended from time to
time, pursuant to which the Prepetition Second-Lien Notes, dated as of May 14, 2009 have been
issued.

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               “Prepetition Second-Lien Notes Documentation” shall mean, collectively, the
Prepetition Second-Lien Indenture, and all agreements, documents, notes, mortgages, security
agreements, pledges, guarantees, subordination agreements, instruments, amendments, and any other
agreements executed and/or delivered pursuant thereto or in connection therewith.

               “Prepetition Second-Lien Note Holder” shall mean a holder of the Prepetition
Second-Lien Notes.

               “Prepetition Second-Lien Notes” shall mean the 8.125% Secured Convertible Debentures
of the Borrower, due 2013, dated as of May 14, 2009 (as the same may be amended, restated,
supplemented or otherwise modified from time to time pursuant to Section 10.18), in an
initial aggregate principal amount of $202,812,000 (as such amount may be reduced from time to time
pursuant to prepayments, redemptions or repurchases permitted by Section 10.05).

               “Prepetition Second-Lien Notes Collateral Documents” shall mean the “Security
Documents” as defined in the Prepetition Second-Lien Notes Indenture.

               “Prepetition Second-Liens” shall mean the liens that secure the Prepetition
Second-Lien Debt.

               “Priority Professional Expenses” shall mean, with respect to the period following the
delivery of a Termination Notice, fees and expenses of Vinson & Elkins LLP, Cahill Gordon &
Reindel LLP and Morris, Nichols, Arsht & Tunnell LLP as counsel to the Debtors in an amount not to
exceed $500,000, fees and expenses of other professionals retained by the Debtors in an amount not
to exceed $500,000, and fees and expenses of professionals retained by the Creditors’ Committee
professionals in an amount not to exceed $150,000, in each case minus any retainers held by the
applicable professionals as of the date of the Termination Notice; provided however that following
the occurrence and during the continuance of an Event of Default and following the delivery of a
Termination Notice (the “Post-Termination Notice Period”), any payments actually made to any of the
foregoing professionals incurred during such Post-Termination Notice Period pursuant to Bankruptcy
Code sections 327, 328, 330, 331, 503 or 1103 or otherwise, shall (i) reduce the Priority
Professional Expenses on a dollar-for-dollar basis (with reduction to the appropriate portion of
the Priority Profession Expenses (i.e., the portion relating to the period before or the portion
relating to the period after the Post Termination Notice Period)) and (ii) not be paid from the
proceeds of any Loans or Collateral (including Cash Collateral) until such time as all retainers,
if any, held by such professionals have been reduced to zero by application of such retainer to
Priority Professional Expenses.

               “Professional Fee Reserve” means a reserve that is established as a subaccount within
the Advance Account into which deposits are made and from which withdrawals are taken in accordance
with the provisions of Section 9.23.

               “Projections” shall mean the detailed projected consolidated financial statements of
the Borrower and its Subsidiaries provided to the Lenders in connection with the Effective Date and
attached hereto as Schedule X.

               “Qualified Preferred Interests” shall mean any preferred stock of the Borrower so long
as the terms of any such preferred stock (i) do not contain any mandatory put, redemption,

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repayment, sinking fund or other similar provision occurring prior to one year after the
Maturity Date, (ii) do not require the cash payment of dividends, (iii) do not contain any
covenants other than financial reporting requirements and (iv) do not grant the holder thereof any
voting rights except for voting rights on fundamental matters such as mergers, consolidations,
sales or all or substantially all of the assets of the issuer thereof, or liquidations involving
the issuer thereof.

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

               “Refinancing Date” shall mean the date on which all conditions set forth in
Section 6.02 have been satisfied (or waived in the Required Lenders’ sole discretion).

               “Refinancing Loan Commitments” shall mean, for each Lender, the amount set forth
opposite such Lender’s name on Schedule I hereto directly below the column entitled
“Refinancing Loan Commitment” as the same may be adjusted from time to time as a result of
assignments to or from such Lender pursuant to Section 2.12 or 14.04(b).

               “Refinancing Loan Note” shall have the meaning provided in Section 2.04(a).

               “Refinancing Loans” shall have the loans made pursuant to Section 2.01(b).

               “Register” shall have the meaning provided in Section 14.15.

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

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

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

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

               “Releasees” shall have the meaning provided in Section 14.19.

               “Releasors” shall have the meaning provided in Section 14.19.

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

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

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               “Required Insurance” shall have the meaning specified in Section 6.01.

               “Required Lenders” shall mean Lenders the outstanding principal amount of whose Loans
and unfunded Commitments, if any, represent an amount greater than 50% of the aggregate outstanding
principal amount of all Loans and unfunded Commitments, if any.

               “Restructuring Costs” shall mean the fees, costs and expenses incurred by the Credit
Parties (including the incurrence by the Credit Parties of the obligation to reimburse the fees,
costs and expenses incurred by any other Person) in connection with the restructuring efforts of
the Borrower and its Subsidiaries (including preparation for a bankruptcy filing, pursuit of an
out-of-court restructuring and the negotiation and execution of forbearance agreements and
financing arrangements for the Borrower and its Subsidiaries and the fees and expenses incurred by
the Credit Parties in the Chapter 11 Cases).

               “Returns” shall have the meaning provided in Section 8.09.

               “Specified Assets” means (i) all Collateral constituting an “Excluded Asset” (as such
term is defined in the Pledge and Security Agreement); and (ii) other Collateral of the Non-Debtor
Guarantors (other than any Collateral Vessel) which cannot be perfected by the filing of a UCC
Financing Statement in the appropriate jurisdiction or by possession and which is not purported to
be covered by the grant of Liens under or the entry into any other Security Document.

               “SEC” shall mean the Securities and Exchange Commission or any successor thereto.

               “Section 5.04(b)(ii) Certificate” shall have the meaning provided in Section
5.04(b)(ii).

               “Secured Creditors” shall have the meaning assigned that term in the Security
Documents.

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

               “Security Documents” shall mean each Pledge and Security Agreement, each Assignment of
Earnings, each Assignment of Insurances, each Assignment of Charters, each Vessel Mortgage, the
Advance Account Agreement, each Deposit Account Control Agreement, and any other document or
agreement requested to be executed by the Agent or the Required Lenders with respect to the
Collateral, including without limitation any securities account control agreements, foreign law
pledges and other foreign law security documents, and, after execution and delivery thereof, each
additional security document delivered pursuant to Section 9.11.

               “Senior Notes” shall mean the Prepetition Convertible Debentures and the Prepetition
Second-Lien Notes.

               “Specified Proceeds” shall have the meaning set forth in Section 5.02(a).

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

               “Successor Case” shall mean any chapter 7 or chapter 11 case subsequent to, or
superseding, any Chapter 11 Case (including without limitation any Chapter 7 proceeding if any of
the Chapter 11 Cases is converted to a case under Chapter 7 of the Bankruptcy Code).

               “Taxes” shall have the meaning provided in Section 5.04.

               “Termination Notice” shall mean a notice from the Agent to the Debtors and their
counsel, counsel to any Creditor’s Committee and the U.S. Trustee that an Event of Default has
occurred and that, following the expiration of the Waiting Period, the Cash Collateral and the
balance in the Advance Account are no longer available to the Borrower.

               “Test Period” shall mean each relevant test period as set forth in Section
10.08.

               “TMS Intercompany Indebtedness” shall mean the loan agreement in the principal amount
of $395,000,000 made between the Borrower, as lender, and the Trico Shipping, as borrower, dated on
or around May 15, 2008.

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

               “Trico Assets” shall mean Trico Marine Assets, Inc., a Delaware corporation.

               “Trico Cayman” shall mean Trico Marine Cayman, L.P., a Cayman Islands limited
partnership.

               “Trico Holdco” shall mean Trico Holdco LLC, a Delaware limited liability company.

               “Trico Marine Cayman Intercompany Loan” shall mean the loan in the original principal
amount of $33,486,076.35 made by Trico Cayman, acting through its general partner, Trico Holdco, to
Trico Supply pursuant to that certain Loan Agreement, dated as of November 8, 2007.

               “Trico Marine International” shall mean Trico Marine International, Inc., a Louisiana
corporation.

               “Trico Operators” shall mean Trico Marine Operators, Inc., a Louisiana corporation.

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

               “Trico Shipping Senior Secured Notes” shall mean Trico Shipping’s 117/8%
Senior Secured Notes due November 1, 2014, issued pursuant to the Senior Secured Note Indenture.

               “Trico Shipping Senior Secured Notes Documents” shall mean the Trico Shipping Senior
Secured Notes and all other documents, instruments and agreements executed and delivered in
connection with the Trico Shipping Senior Secured Notes, including, but not limited to, the Trico
Shipping Senior Secured Notes Indenture.

               “Trico Shipping Senior Secured Notes Indenture” shall mean the Indenture, dated as of
October 30, 2009, pursuant to which the Trico Shipping Senior Secured Notes, have been issued (as
in effect on the date hereof).

               “Trico Shipping Working Capital Facility” shall mean that certain Credit Agreement,
dated as of October 30, 2009, among Trico Marine Cayman, LP, Trico Holdco LLC, Trico Supply, the
subsidiary guarantors listed therein, Trico Shipping, as borrower, the lenders party thereto from
time to time and Nordea Bank Finland plc, New York Branch, as administrative agent (as amended
through and including the Effective Date), and all other documents, instruments and agreements
executed and delivered in connection with the Trico Shipping Working Capital Facility, including
but not limited to the TMS Guaranty (as defined therein) by the Borrower and the related Security
Documents (as defined therein).

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

               “Trico Supply Group” shall mean Trico Supply and its Subsidiaries.

               “Trico Supply Intercompany Loan” shall mean the loan from Trico Marine Operators, Inc.
to Trico Supply in the initial principal amount of $194,000,000 pursuant to the Trico Supply
Intercompany Loan Documentation.

               “Trico Supply Intercompany Loan Documentation” shall mean that certain promissory note
dated November 8, 2007 between Trico Supply and Trico Marine Operators, Inc.

               “Trust Estate Liens” shall mean (i) the rights of the Debtors and any successor
trustee or estate representative in the Chapter 11 Cases and any Successor Case, (ii) any
intercompany claim of any Debtor or any Subsidiary or Affiliate of any Debtor, (iii) any Lien of
any creditor or other party in interest in the Chapter 11 Cases or any Successor Case, (iv) subject
to entry of the Final Order, any Lien which is avoided or otherwise preserved for the benefit of
any Debtor’s Estate under Section 551 or any other provision of the Bankruptcy Code, and (v) any
Liens granted on or after the Petition Date to provide adequate protection to any party.

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

               “Unencumbered Collateral” shall have the meaning provided in Section
2.15(b)(i).

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

	 	 	  “Vessel” shall mean sea going vessels and tankers.

               “Vessel Mortgages” shall mean the Vessel Mortgages substantially the form of
Exhibit L, or, in each case, such other form as may be reasonably satisfactory to the
Agent.

               “Waiting Period” shall have the meaning provided in Section 11.

               “Wholly-Owned Foreign Subsidiary” shall mean, as to any Person, any Wholly-Owned
Subsidiary of such Person that is also a Foreign Subsidiary of such Person.

               “Wholly-Owned Subsidiary” shall mean, as to any Person, (i) any corporation 100% of
whose Capital Stock (other than director’s qualifying shares and/or other nominal amounts of shares
required to be held other than by such Person under applicable law) is at the time owned by such
Person and/or one or more Wholly-Owned Subsidiaries of such Person and (ii) any partnership,
limited liability company, association, joint venture or other entity in which such Person and/or
one or more Wholly-Owned Subsidiaries of such Person has a 100% equity interest at such time.
Unless otherwise indicated herein, or the context otherwise requires, all references herein to any
Wholly-Owned Subsidiary or Wholly-Owned Subsidiaries shall mean and be deemed to be references to a
Wholly-Owned Subsidiary or Wholly-Owned Subsidiaries, as the case may be, of the Borrower.

               “Wilmington Pledge and Security Agreement” shall mean that certain Pledge and
Security Agreement dated as of October 30, 2009, made by Trico Shipping and certain of its
direct and indirect subsidiaries in favor of Wilmington Trust FSB, as collateral agent, as
such agreement may be amended from time to time with the written consent of Required
Lenders.

ARTICLE II

The Credits

               SECTION 2. Amount and Terms of Credit Facility.

               2.01 Commitments. Subject to the terms and conditions set forth herein, and upon
reliance on the representation and warranties of the Credit Parties set forth herein and in the
other Credit Documents:

          (a) New Money Loans. Each Lender severally agrees to lend to the Borrower (in
respect of its New Money Loan Commitment) on the Effective Date an amount

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not exceeding its New Money Loan Commitment. The amount of each Lender’s New Money Loan Commitment is set forth on
Schedule I hereto and the aggregate amount of New Money Loan Commitments for all Lenders
is $10,000,000 (New Money Loans repaid or prepaid may not be reborrowed);

          (b) Refinancing Loans. Each Lender severally agrees to lend to the Borrower (in
respect of its Refinancing Loan Commitment) on the Final Order Funding Date an amount not
exceeding its Refinancing Loan Commitment. The amount of each Lender’s Refinancing Loan
Commitment is set forth on Schedule I hereto and the aggregate amount of the Refinancing
Loan Commitments for all Lenders is $25,000,000 (Refinancing Loans repaid or prepaid may not be
reborrowed); and

Except for the amounts funded on account of the Refinancing Loans which shall be directly applied
in payment of the Prepetition First Lien Debt, all amounts funded by the Lenders pursuant to this
Section 2.01 shall be deposited into the Advance Account, to be applied and used in
accordance with the provisions of this Agreement. The obligations of the Lenders to fund any Loans
under this Section 2.01 shall be subject to Lenders having received from Borrower a Notice
of Borrowing with respect to the applicable Loan Funding Date.

               2.02 [Intentionally Omitted].

               2.03 Disbursement of Funds. (a) On the Effective Date, each Lender will make
available and fund its pro rata portion of the Loans to be funded on the Effective
Date in immediately available funds.

          (b) On the Final Order Funding Date, each Lender will make available and fund its
pro rata portion of the Loans to be funded on the Final Order Effective Date in
immediately available funds.

               2.04 Notes. (a) The Borrower’s obligation to pay the principal of, and interest on,
the Loans made by each Lender shall be evidenced in the Register maintained by the Agent pursuant
to Section 14.15 and shall, if requested by such Lender as provided below, also be
evidenced by promissory notes duly executed and delivered by the Borrower substantially in the
form of, in the case of the New Money Loans, Exhibit B-1 (“New Money Loan Note”) or
in the case of the Refinancing Loans, Exhibit B-2 (“Refinancing Loan
Note”), as applicable, with blanks appropriately completed in conformity herewith (each a
“Note” and, collectively, the “Notes”).

          (b) Each Note shall (i) be executed by the Borrower, (ii) be payable to the Lender or its
registered assigns and be dated the Effective Date (or, in the case of Notes issued after the
Effective Date, be dated the date of the issuance thereof), (iii) be in a stated principal amount
equal to the applicable outstanding Loans of such Lender at such time and be payable
in the principal amount of the applicable Loans evidenced thereby, (iv) mature on the
Maturity Date, (v) bear interest as provided in Section 2.07, (vi) be subject to
voluntary prepayment and mandatory repayment as provided in Sections 5.01 and
5.02 and (vii) be entitled to the benefits of this Agreement and the other Credit
Documents.

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

          (d) Notwithstanding anything to the contrary contained above in this Section 2.04 or
elsewhere in this Agreement, Notes shall only be delivered to Lenders which at any time
specifically request the delivery of such Notes. No failure of any Lender to request or obtain a
Note evidencing its Loans to the Borrower shall affect or in any manner impair the obligations of
the Borrower to pay the Loans (and all related Obligations) incurred by the Borrower which would
otherwise be evidenced thereby in accordance with the requirements of this Agreement, and shall
not in any way affect the security or guaranties therefor provided pursuant to the various Credit
Documents. Any Lender which does not have a Note(s) evidencing its outstanding Loan(s) shall in
no event be required to make the notations otherwise described in preceding clause (c). At any
time when any Lender requests the delivery of a Note to evidence any of its Loans, the Borrower
shall (at its expense) promptly execute and deliver to the respective Lender the requested Note
in the appropriate amount or amounts to evidence such Loans.

               2.05 [Intentionally Omitted].

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

               2.07 Interest. (a) The Borrower agrees to pay interest in respect of the unpaid
principal amount of each Loan from the date of Borrowing thereof until the maturity thereof
(whether by acceleration or otherwise) at a rate per annum which shall, during each Interest Period
applicable thereto, be equal to the sum of the Applicable Margin as in effect from time to time
during such Interest Period plus the greater of (i) the LIBOR Rate for such Interest Period
and (ii) 2.50%.

          (b) Upon the occurrence and during the continuance of any Event of Default, principal and,
to the extent permitted by law, interest (including overdue interest) in respect of
each Loan, and any fees or other amounts owed hereunder and under any other Credit Document
shall, in each case, bear interest at a rate per annum equal to the rate which is 2% in excess of
the rate then borne by such Loans (or, in the case of any such fees and other amounts, at a rate
per annum equal to the rate which is 2% in excess of the rate then borne on the Loans). Interest
that accrues under this Section 2.07(b) shall be payable on demand. Payment or acceptance
of the increased rates of interest provided for in this Section 2.07(b) is not a
permitted alternative to timely payment and shall not constitute a waiver of any Event of Default
or otherwise prejudice or limit any rights or remedies of the Agent or any Lender.

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          (c) Accrued (and theretofore unpaid) interest in respect of Loans shall be payable in
arrears on each Monthly Payment Date, on any repayment or prepayment (on the amount repaid or
prepaid), at maturity (whether by acceleration or otherwise) and, after such maturity, on demand.

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

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

               2.08 Interest Periods. All Interest Periods applicable to the Loans shall be
three-month Interest Periods (each an “Interest Period”).

               2.09 Increased Costs, Illegality, etc. (a) In the event that any Lender shall have
determined (which determination shall, absent manifest error, be final and conclusive and binding
upon all parties hereto but, with respect to clause (i) below, may be made only by the Agent):

          (i) on any Interest Determination Date that, by reason of any changes arising after the
date of this Agreement affecting the applicable LIBOR market, adequate and fair means do not
exist for ascertaining the applicable interest rate on the basis provided for in the
definition of LIBOR Rate; or

          (ii) at any time, that such Lender shall incur increased costs or reductions in the
amounts received or receivable hereunder with respect to any Loan because of (x) any change
since the Effective Date in any applicable law or governmental rule, regulation, order,
guideline or request (whether or not having the force of law) or in the interpretation or
administration thereof and including the introduction of any new law or governmental rule,
regulation, order, guideline or request, such as but not limited to: (A) a change in the
basis of taxation of payment to any Lender of the principal of or interest on such Loan or
any other amounts payable hereunder (except for the imposition of, or any change in, the
rate of any Excluded Tax), but without duplication of any increased
costs with respect to Taxes which are addressed in Section 5.04, or (B) a
change in official reserve requirements but, in all events, excluding reserves required
under Regulation D to the extent included in the computation of the LIBOR Rate, and/or (y)
other circumstances arising since the Effective Date affecting such Lender or the interbank
LIBOR market or the position of such Lender in such market; or

          (iii) at any time, that the making or continuance of any Loan has been made (x)
unlawful by any law or governmental rule, regulation or order, (y) impossible by compliance
by any Lender in good faith with any governmental request (whether or not having force of
law) and/or (z) impracticable as a result of a contingency occurring after the Effective
Date which materially and adversely affects the LIBOR market;

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then, and in any such event, such Lender (or the Agent, in the case of clause (i) above) shall
promptly give notice (by telephone confirmed in writing) to the Borrower and, except in the case of
clause (i) above, to the Agent of such determination (which notice the Agent shall promptly
transmit to each of the other Lenders). Thereafter, the Borrower agrees to pay to such Lender,
upon such Lender’s written request therefor, such additional amounts (in the form of an increased
rate of, or a different method of calculating, interest or otherwise as such Lender in its sole
discretion shall determine) as shall be required to compensate such Lender for such increased costs
or reductions in amounts received or receivable hereunder (a written notice as to the additional
amounts owed to such Lender, showing in reasonable detail the basis for the calculation thereof,
submitted to the Borrower by such Lender shall, absent manifest error, be final and conclusive and
binding on all the parties hereto).

               (b)
[Intentionally Omitted].

               (c) If any Lender determines that after the Effective Date the introduction or effectiveness
of or any change in any applicable law or governmental rule, regulation, order, guideline,
directive or request (whether or not having the force of law) concerning capital adequacy, or any
change in interpretation or administration thereof by any governmental authority, central bank or
comparable agency will have the effect of increasing the amount of capital required or expected
to be maintained by such Lender or any corporation controlling such Lender based on the existence
of such Lender’s Loans hereunder or its obligations hereunder, then the Borrower agrees (to the
extent applicable) to pay to such Lender, upon its written demand therefor, such additional
amounts as shall be required to compensate such Lender or such other corporation for the
increased cost to such Lender or such other corporation or the reduction in the rate of return to
such Lender or such other corporation as a result of such increase of capital. In determining
such additional amounts, each Lender will act reasonably and in good faith and will use averaging
and attribution methods which are reasonable, provided that such Lender’s determination
of compensation owing under this Section 2.09(c) shall, absent manifest error, be final
and conclusive and binding on all the parties hereto. Each Lender, upon determining that any
additional amounts will be payable pursuant to this Section 2.09(c), will give prompt
written notice thereof to the Borrower, which notice shall show in reasonable detail the basis
for calculation of such additional amounts.

                    2.10 Compensation. The Borrower agrees to compensate each Lender, upon its written request (which request
shall set forth in reasonable detail the basis for requesting such compensation), for all
reasonable losses, expenses and liabilities (including, without limitation, any such loss, expense
or liability incurred by reason of the liquidation or reemployment of deposits or other funds
required by such Lender to fund its Loans but excluding loss of anticipated profits) which such
Lender may sustain in respect of Loans made to the Borrower: (i) if for any reason (other than a
default by such Lender or the Agent) a Borrowing does not occur on a date specified therefor in a
Notice of Borrowing (whether or not withdrawn by the Borrower or deemed withdrawn pursuant to
Section 2.09(a)); (ii) if any prepayment or repayment (including any prepayment or
repayment made pursuant to Section 2.09(a), Section 5.01, Section 5.02 or
as a result of an acceleration of the Loans pursuant to Section 11) of any of its Loans, or
assignment of any of its Loans pursuant to Section 2.12, occurs on a date which is not the
last day of an Interest Period with respect thereto; (iii) if any prepayment of any

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of its Loans is not made on any date specified in a notice of prepayment given by the Borrower; or (iv) as a
consequence of any other default by the Borrower to repay Loans or make payment on any Note held by
such Lender when required by the terms of this Agreement.

               2.11 Change of Lending Office. Each Lender agrees that upon the occurrence of any
event giving rise to the operation of Section 2.09(a)(ii) or (iii), Section
2.09(b), Section 3.06 or Section 5.04 with respect to such Lender, it will, if
requested by the Borrower, use reasonable efforts (subject to overall policy considerations of such
Lender) to designate another lending office for any Loans affected by such event, provided
that such designation is made on such terms that such Lender and its lending office suffer no
economic, legal or regulatory disadvantage, with the object of avoiding the consequence of the
event giving rise to the operation of such Section. Nothing in this Section 2.11 shall
affect or postpone any of the obligations of the Borrower or the rights of any Lender provided in
Sections 2.09, 3.06 and 5.04.

               2.12 Replacement of Lenders. (y) Upon the occurrence of any event giving rise to the
operation of Section 2.09(a)(ii) or (iii), Section 2.09(b) or Section
5.04 with respect to any Lender which results in such Lender charging to the Borrower increased
costs in excess of those being generally charged by the other Lenders, or (z) as provided in
Section 14.12(b) in the case of certain refusals by a Lender to consent to certain proposed
changes, waivers, discharges or terminations with respect to this Agreement which have been
approved by the Required Lenders, the Borrower shall have the right to either replace such Lender
(the “Replaced Lender”) with one or more Eligible Transferees (collectively, the
“Replacement Lender”) and each of whom shall be required to be reasonably acceptable to the
Agent, provided that:

          (i) at the time of any replacement pursuant to this Section 2.12, the
Replacement Lender shall enter into one or more Assignment and Assumption Agreements
pursuant to Section 14.04(b) (and with all fees payable pursuant to said Section
14.04(b) to be paid by the Replacement Lender) pursuant to which the Replacement Lender
shall acquire all of the outstanding Loans of the Replaced Lender and, in connection
therewith, shall pay to the Replaced Lender in respect thereof an
amount equal to the sum (without duplication) of (I) an amount equal to the principal
of, and all accrued interest on, all outstanding Loans of the Replaced Lender and (II) an
amount equal to all accrued, but theretofore unpaid, Fees owing to the Replaced Lender
pursuant to Section 4.01; and

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

               Upon the execution of the respective Assignment and Assumption Agreement, the payment of
amounts referred to in clauses (i) and (ii) above and, if so requested by the Replacement Lender,
delivery to the Replacement Lender of the appropriate Notes executed by the Borrower, the
Replacement Lender shall become a Lender hereunder and the Replaced Lender shall cease to
constitute a Lender hereunder, except with respect to indemnification provisions under this
Agreement (including, without limitation, Sections 2.09, 2.10, 3.06,
5.04, 12.06 and 14.01), which shall survive as to such Replaced Lender.

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               2.13 Obsidian Agency Services as Agent. Notwithstanding anything to the
contrary set forth in this Agreement or any other Loan Document, at any time that Obsidian Agency
Services, Inc. serves as the Agent hereunder, (a) the Lenders shall directly fund the Loans to the
Borrower by funding such Loans into the Advance Account, (b) each Lender shall provide wire
instructions to the Borrower with respect to payments to be received from the Borrower hereunder
and the Borrower shall directly make any payments required or permitted hereunder to the Lenders
and (c) neither the Lenders nor the Borrower shall remit any funds to the Agent to forward to
another party hereunder.

               2.14 [Intentionally Omitted].

               2.15 Super-Priority Nature of Obligations and Lenders’ Liens. Each Credit Party
represents, warrants, covenants and agrees that:

               (a) All Obligations of the Debtors to the Agent and the Lenders shall constitute and each of
them are hereby granted an allowed super-priority administrative expense claim (the “DIP
Financing Superpriority Claim”) pursuant to section 364(c)(1) of the Bankruptcy Code, having
priority over any and all other administrative claims against the Debtors, now existing or
hereafter arising, of any kind whatsoever, including without limitation, all administrative
expenses of the kinds specified in or arising or ordered under Bankruptcy Code sections 105(a),
326, 328, 330, 331, 503(b), 506(c) (subject to entry of a Final Order), 507, 546(c) (subject to
entry of a Final Order), 726, 1113, and 1114 or otherwise, whether or not such expenses or claims
may become secured by a judgment lien or other non-consensual lien, levy or attachment, which
allowed claims shall be payable from and have recourse to all prepetition and postpetition
property of the Debtors and all proceeds thereof including, without limitation, any proceeds or
property recovered in connection with the pursuit of claims or causes of action arising under
chapter 5 of the Bankruptcy Code, if any (the “Avoidance Actions”) (subject to entry of a
Final Order); provided, that the DIP Financing Superpriority Claim shall be subject and
subordinate only to the payment of the Carve-Out and then solely upon the occurrence and during
the continuance of an Event of Default in accordance with the terms and conditions set forth
herein.

               (b) All Obligations under the Credit Documents:

          (i) Pursuant to section 364(c)(2) of the Bankruptcy Code, shall at all times be
secured by first priority liens upon all Collateral owned by the Debtors or in which
the Debtors have rights that is unencumbered on the Petition Date (such Collateral,
the “Unencumbered Collateral”). No liens on the Unencumbered Collateral
shall be senior to liens in favor of the Agent and the Lenders securing the
Obligations;

          (ii) Pursuant to section 364(d) of the Bankruptcy Code, shall at all times be
secured by priming liens upon all Collateral owned by the Debtors or in which the
Debtors have rights that is encumbered by Liens securing the Prepetition First Lien
Debt, if any, and the Prepetition Second-Lien Debt, for the avoidance of doubt,
including Liens on all intercompany notes securing such Indebtedness (such
Collateral, the “Intercreditor Encumbered Collateral”). No

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liens on the
Intercreditor Encumbered Collateral shall be senior to liens in favor of the Agent
and the Lenders securing the Obligations; and

     (iii) Pursuant to section 364(c)(3) of the Bankruptcy Code, shall at all times
be secured by junior Liens upon all Collateral owned by the Debtors or in which the
Debtors have rights that is subject to security interests acceptable to the Agent
(including, without limitation, the TMS Intercompany Indebtedness and the Trico
Marine Cayman Intercompany Loan) and set forth on Schedule 2.15(iii) (such
liens, the “Prepetition Perfected Liens”) (such Collateral, the
“Prepetition Encumbered Collateral”). The only liens on the Prepetition
Encumbered Collateral that shall be senior to liens in favor of the Agent and the
Lenders securing the Obligations shall be the Prepetition Perfected Liens (to the
extent such liens are not avoided).

in each case, during the continuance of an Event of Default, subject to the Carve-Out.

               (c) The Obligations shall be secured by first priority senior liens in favor of the Agent
and the Lenders, in each case, in all Collateral (other than the Specified Assets) in which the
Non-Debtor Credit Parties have rights, subject only to the Permitted Liens.

               (d) (i) The Liens set forth in Section 2.15(b) above and granted pursuant to
sections 364(c)(2), 364(c)(3) and 364(d) of the Bankruptcy Code shall be, with the exception of
the Carve-Out solely during the continuance of an Event of Default and as otherwise specifically
described in Section 2.15(b) above, first priority and superior to any security,
mortgage, collateral interest or lien or claim to the Collateral.

          (ii) Without limiting the foregoing, the Liens set forth in Section 2.15(b)
above will be senior in priority to any and all adequate protection liens of any prepetition
secured creditors, and are not subject or subordinate to (A) any Lien or security interest
that is avoided and preserved for the benefit of any Debtor and its estate, (B) except as
otherwise provided in this Agreement or any other Credit Document, Liens arising after the
Petition Date, including any Liens or security interests granted in favor of any federal,
state, municipal or other governmental unit, commission, board or court for any liability of
any Debtor, (C) any intercompany or affiliate Liens of any Credit Party or (D) any claim or
charge under section 506(c) of the Bankruptcy Code.

               (e) Upon the maturity (whether by acceleration or otherwise) of any of the Obligations under
this Agreement or any of the other Credit Documents, the Lenders shall be entitled to immediate
payment of such Obligations without further application to or order of the Bankruptcy Court.

               (f) Each Credit Party agrees that (a) the Obligations (and all liens securing such
Obligations) hereunder shall not be discharged or released by the entry of an order confirming a
plan of reorganization or liquidation in any Chapter 11 Case (and each Debtor pursuant to Section
1141(d)(4) of the Bankruptcy Code, hereby waives any such discharge or release) and (ii) the
super-priority administrative claim granted to the Agent and the Lenders pursuant to the Interim
Order (or the Final Order, when applicable) and described in this

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Section 2.15, and the
Liens granted to the Agent pursuant to the Interim Order (or the Final Order, when applicable)
and described in this Section 2.15, shall not be affected in any manner by the entry of
an order confirming a plan of reorganization or liquidation in any Chapter 11 Case, upon any
conversion to a case under Chapter 7 of the Bankruptcy Code, or upon dismissal of any bankruptcy
case.

          (g) Upon the Effective Date, and on behalf of themselves and their estates, and for so long
as any Obligations shall be outstanding, each Debtor hereby irrevocably waives any right,
pursuant to Sections 364(c) or 364(d) of the Bankruptcy Code or otherwise, to grant any Lien of
equal or greater priority than the Liens securing the Obligations, or to approve a claim of equal
or greater priority than the Obligations.

          (h) None of the Borrower, any Guarantor or any of its Subsidiaries shall be entitled,
directly or indirectly, to (i) charge or surcharge the Collateral or the Prepetition Collateral,
whether by operation of Bankruptcy Code sections 105, 506(c) (subject to entry of the Final
Order) or 552(b) (subject to entry of the Final Order) or otherwise or (ii) direct the exercise
of remedies or seek (whether by order of this Court or otherwise) to marshal or otherwise control
the disposition of Collateral or the Prepetition Collateral after an Event of Default, or
termination or breach under this Agreement.

          SECTION 3. [Intentionally Omitted].

          SECTION 4. Commitment Commission; Reductions of Commitment.

          4.01 Fees. (a) [Intentionally Omitted].

          (b) [Intentionally Omitted].

          (c) [Intentionally Omitted].

          (d) The Borrower agrees to pay to the Agent and each Lender all fees included in the
Commitment Letter (including any fee letter executed in connection therewith), this Agreement or
any other Credit Document including, without limitation, as and when required thereunder or
hereunder, the Exit Fee.

          (e) The Borrower agrees to pay to the Agent and each Lender such fees as may be agreed to in
writing from time to time by the Borrower, the Agent and/or such Lender.

          (f) [Intentionally Omitted].

          (g) [Intentionally Omitted].

          4.02 [Intentionally Omitted].

               4.03 Termination of Commitments. The applicable Commitments of each Lender shall
automatically terminate upon the making of such Loans by such Lender on the applicable funding
date, or if earlier, the Maturity Date.

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               SECTION 5. Prepayments; Payments; Taxes.

               5.01 Voluntary Prepayments. The Borrower shall have the right to prepay the Loans,
without premium or penalty (other than as required by Section 5.05), in whole or in part at
any time and from time to time on the following terms and conditions:

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

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

          (iii) at the time of any prepayment of Loans pursuant to this Section 5.01 on
any date other than the last day of the Interest Period applicable thereto, the Borrower
shall pay the amounts required to be paid pursuant to Section 2.10;

               (iv) Voluntary prepayments made pursuant to this Section 5.01 shall be applied first
to the payment of all fees and expenses of the Agent and lenders, (other than the Exit Fee required
pursuant to Section 5.05), then to all accrued and unpaid interest on the Loans that are
prepaid through the date of such prepayment, and then, pro rata to outstanding principal and the
related Exit Fee required pursuant to Section 5.05.

               5.02 Mandatory Repayments. (a) The Borrower shall immediately deposit or cause to be deposited directly into the
Advance Account all Net Cash Proceeds from Asset Sales (other than, if no Event of Default then
exists, Net Cash Proceeds from Asset Sales permitted by Section 10.02(iv), (v),
(vi), (viii), (x) or (xiv)), all distributions made by EMSL or the
Mexican JV to any Credit Party, and all proceeds of EMSL Loans, and all such deposited amounts
shall be applied to the repayment of the Obligations, provided that if such Net Cash
Proceeds, payments and/or distributions result from the disposition of Vessels that are owned by
EMSL or Trico Marine International or if such proceeds are proceeds of the EMSL Loans (all such Net
Cash Proceeds, payments, distributions and/or loan proceeds referred to in this proviso,
collectively, the “Specified Proceeds”), then, so long as no Event of Default shall have
occurred and be continuing, all Specified Proceeds received from and after the Effective Date
(measured on an aggregate basis) shall be applied in the following order:

     (i) the first $15,000,000 of Specified Proceeds (or portion thereof) shall remain in
the Advance Account and shall be available to be used by the Borrower for working capital
needs in accordance with the Approved Budget and this Agreement;

     (ii) the next $1,250,000 (or portion thereof) of Specified Proceeds shall be applied to
the repayment of the Obligations (unless the Required Lenders otherwise consent in writing
to permit such amounts to remain in the Advance Account to be used by the Borrower for
working capital needs in accordance with the Approved Budget and this Agreement);

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     (iii) the next $3,750,000 (or portion thereof) of Specified Proceeds shall remain in
the Advance Account and shall be available to be used by the Borrower for working capital
needs in accordance with the Approved Budget and this Agreement;

     (iv) the next $5,000,000 (or portion thereof) of Specified Proceeds shall be applied as
follows: 50% of such Specified Proceeds shall be applied to the repayment of the Obligations
(unless the Required Lenders otherwise consent in writing to permit such amounts to remain
in the Advance Account to be used by the Borrower for working capital needs in accordance
with the Approved Budget and this Agreement) and 50% of such Specified Proceeds shall remain
in the Advance Account and shall be available to be used by the Borrower for working capital
needs in accordance with the Approved Budget and this Agreement; and

     (v) thereafter, all Specified Proceeds shall be applied to the repayment of the
Obligations.

          (b) Mandatory prepayments required pursuant to this Section 5.02 shall be applied
first to the payment of all fees and expenses of Agent and the Lenders (excluding the Exit Fee
required pursuant to Section 5.05), then to all accrued and unpaid interest on the Loans
that are prepaid through the date of such prepayment, and then, pro rata to outstanding principal
and the related Exit Fee required pursuant to Section 5.05.

          (c) Notwithstanding anything to the contrary contained elsewhere in this Agreement, all then
outstanding Loans shall be repaid in full on the Maturity Date together with the Exit Fee
required pursuant to Section 5.05.

               5.03 Method and Place of Payment. Except as otherwise specifically provided herein,
(i) all Obligations under this Agreement and under any Note shall be the obligation of the Borrower
and (ii) all payments under this Agreement and under any Note shall be made to the Lender or
Lenders entitled thereto not later than 12:00 Noon (New York time) on the date when due and shall
be made in Dollars in immediately available funds at the Payment Office. Any payments under this
Agreement or under any Note which are made later than 12:00 Noon (New York time) on any day shall
be deemed to have been made on the next succeeding Business Day. Whenever any payment to be made
hereunder or under any Note shall be stated to be due on a day which is not a Business Day, the due
date thereof shall be extended to the next succeeding Business Day and, with respect to payments of
principal, interest shall be payable at the applicable rate during such extension.

               5.04 Net Payments; Taxes. (a) All payments made by any Credit Party hereunder or under
any other Credit Document will be made without setoff, counterclaim or other defense. Except as
provided in Section 5.04(b), all such payments will be made free and clear of, and without
deduction or withholding for, any present or future taxes, levies, imposts, duties, fees,
assessments or other charges of whatever nature now or hereafter imposed by any jurisdiction or by
any political subdivision or taxing authority thereof or therein with respect to such payments (but
excluding, with respect to the Agent, any Lender or any other recipient of any payment to be made
by or on account of any obligation of the Borrower hereunder, (i) taxes imposed on or measured by
its overall net income (however denominated), and franchise taxes

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imposed (in lieu of net income
taxes), by the jurisdiction (or any political subdivision or taxing authority thereof) under the
laws of which such recipient is organized or in which its principal office is located or, in the
case of any Lender, in which its applicable lending office is located, (ii) any branch profits
taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction
in which the principle office or applicable lending office of the Agent or the Lender, as the case
may be, is located , (iii) in the case of a Foreign Lender, any withholding tax that is imposed on
amounts payable to such Foreign Lender at the time such Foreign Lender designates a new lending
office or is attributable to such Foreign Lender’s failure to comply with Section 5.04(b),
except to the extent that such Foreign Lender was entitled at the time of the designation of the
new lending office to receive additional amounts from the Borrower with respect to such withholding
tax pursuant to Section 5.04(a), and (iv) any withholding taxes imposed by FATCA
(collectively, the “Excluded Taxes”)), and all interest, penalties or similar liabilities
with respect to such non-excluded taxes, levies, imposts, duties, fees, assessments or other
charges (all such non-excluded taxes, levies, imposts, duties, fees, assessments or other charges
being referred to collectively as “Taxes”). If any Credit Party shall be required to
deduct or withhold any Taxes from or in respect of any amount payable under any Credit Document or
as a result of any judgment or award arising out of or related to any Credit Document, then (i) the
sum payable shall be increased as necessary so that after making all required deductions (including
deductions
applicable to additional sums payable under this Section) the Agent and each Lender, as the case
may be, receives an amount equal to the sum it would have received had no such deductions been
made, (ii) the Borrower shall make such deductions and (iii) the Borrower shall timely pay the full
amount deducted to the relevant governmental authority in accordance with applicable law. The
Borrower will furnish to the Agent as soon as practicable after the date the payment of any Taxes
is due pursuant to applicable law certified copies of tax receipts or other evidence of such
payment reasonably acceptable to the Agent. The Borrower agrees to indemnify and hold harmless
each Lender, and reimburse such Lender upon its written request, for the amount of any Taxes so
levied or imposed and paid by such Lender; provided that, no Lender shall be indemnified
for any Taxes hereunder unless such Lender shall make written demand on the Borrower for
reimbursement hereunder no later than 180 days after the earlier of (i) the date on which such
Lender makes payment of such Taxes and (ii) the date on which the relevant jurisdiction or any
political subdivision or taxing authority thereof makes initial written demand upon such Lender for
payment of such Taxes.

          (b) Each Lender that is not an “exempt recipient” (as such term is defined in Section
1.6049-4(c)(1)(ii) in the United States Treasury Regulations), as reasonably determined by the
Borrower or the Agent, if requested by the Borrower or the Agent, shall deliver such
documentation (including Form W-9) prescribed by applicable law or reasonably requested by the
Borrower or the Agent as will enable the Borrower or the Agent to determine whether or not such
Lender is subject to backup withholding or information reporting requirements. In addition, each
Foreign Lender agrees to deliver to the Borrower and the Agent on or prior to the Effective Date
(i) two accurate and complete original signed copies of Internal Revenue Service Form W-8ECI or
Form W-8BEN (with respect to a complete exemption under an income tax treaty) (or successor
forms) certifying to such Foreign Lender’s entitlement as of such date to a complete exemption
from United States withholding tax with respect to payments to be made under this Agreement and
under any Note, or (ii) if the Foreign Lender is not a “bank” within the meaning of Section
881(c)(3)(A) of the Code and cannot deliver either Internal Revenue Service Form W-8ECI or Form
W-8BEN (with

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respect to a complete exemption under an income tax treaty) (or any successor forms)
pursuant to clause (i) above, (x) a certificate substantially in the form of Exhibit D
(any such certificate, a “Section 5.04(b)(ii) Certificate”) and (y) two accurate and
complete original signed copies of Internal Revenue Service Form W-8BEN (with respect to the
portfolio interest exemption) (or successor form) certifying to such Foreign Lender’s entitlement
as of such date to a complete exemption from United States withholding tax with respect to
payments of interest to be made under this Agreement and under any Note. In addition, each
Foreign Lender shall (and shall cause other persons acting on its behalf to) take any reasonable
action (including entering into an agreement with the Internal Revenue Service) to comply with
any information gathering and reporting requirements, in each case, that are required to obtain
the maximum available exemption from United States federal withholding taxes under FATCA with
respect to payments received by or on behalf of such Foreign Lender. In addition, each Foreign
Lender agrees that from time to time after the Effective Date, when a lapse in time or change in
circumstances renders the previous certification obsolete or inaccurate in any material respect,
such Foreign Lender will deliver to the Borrower and the Agent two new accurate and complete
original signed copies of Internal Revenue Service Form W-8ECI, Form W-8BEN (with respect to the
benefits of any income tax treaty), or Form W-8BEN (with respect to the portfolio interest
exemption) and a Section 5.04(b)(ii)
Certificate, as the case may be, and such other forms as may be required in order to confirm
or establish the entitlement of such Foreign Lender to a continued exemption from or reduction in
United States withholding tax with respect to payments under this Agreement and any Note, or such
Foreign Lender shall immediately notify the Borrower and the Agent of its inability to deliver
any such Form or Certificate, in which case such Foreign Lender shall not be required to deliver
any such Form or Certificate pursuant to this Section 5.04(b). Notwithstanding anything
to the contrary contained in Section 5.04(a), but subject to Section 14.04(b) and
the immediately succeeding sentence, (x) the Borrower shall be entitled, to the extent it is
required to do so by law, to deduct or withhold Taxes imposed by the United States (or any
political subdivision or taxing authority thereof or therein) from interest, Fees or other
amounts payable hereunder for the account of any Foreign Lender to the extent that such Foreign
Lender has not provided to the Borrower U.S. Internal Revenue Service Forms and the Section
5.04(b)(ii) Certificate, as applicable, that establish a complete exemption from such deduction
or withholding and (y) the Borrower shall not be obligated pursuant to Section 5.04(a) to
gross-up payments to be made to a Foreign Lender in respect of Taxes imposed by the United States
if (I) such Foreign Lender has not provided to the Borrower the Internal Revenue Service Forms
and the Section 5.04(b)(ii) Certificate, as applicable, required to be provided to the Borrower
pursuant to this Section 5.04(b) or (II) in the case of a payment, other than interest,
to a Foreign Lender described in clause (ii) above, to the extent that such Forms do not
establish a complete exemption from withholding of such Taxes. Notwithstanding anything to the
contrary contained in the preceding sentence or elsewhere in this Section 5.04 and except
as set forth in Section 14.04(b), the Borrower agrees to pay any additional amounts and
to indemnify each Foreign Lender with respect to Taxes in the manner set forth in Section
5.04(a) in respect of any amounts deducted or withheld by it as described in the immediately
preceding sentence as a result of any changes that are effective after the Effective Date in any
applicable law, treaty, governmental rule, regulation, guideline or order, or in the
interpretation thereof, relating to the deducting or withholding of Taxes.

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          (c) If the Agent or a Lender determines, in its sole discretion, that it has received a
refund of any Taxes as to which it has been indemnified by the Borrower or with respect to which
the Borrower has paid additional amounts pursuant to this Section 5.04, it shall pay to
the Borrower an amount equal to such refund (but only to the extent of indemnity payments made,
or additional amounts paid, by the Borrower under this Section with respect to the Taxes giving
rise to such refund), net of all out-of-pocket expenses of the Agent or such Lender, as the case
may be, and without interest (other than any interest paid by the relevant jurisdiction or any
political subdivision or taxing authority thereof with respect to such refund), provided,
however, that (i) the Agent or Lender, as the case may be, may determine, in its sole discretion
consistent with the policies of the Agent or Lender, as the case may be, whether to seek a
refund; and (ii) the Borrower, upon the request of the Agent or such Lender, agrees to repay the
amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the
relevant jurisdiction or any political subdivision or taxing authority thereof) to the Agent or
such Lender in the event the Agent or such Lender is required to repay such refund to such
jurisdiction or any political subdivision or taxing authority thereof. This paragraph shall not
be construed to require the Agent or any Lender to make available its tax returns (or any other
information that it deems confidential) to the Borrower or any other Person.

               5.05 Exit Fee. The Borrower agrees to pay in immediately available funds to the
Agent for the account of each Lender an exit fee (the “Exit Fee”) on (i) each date on which
any prepayment or repayment of the Loans is made or required to be made (including, for the
avoidance of doubt, the Maturity Date) in an amount equal to 1.0% times the principal amount of
such Lender’s Loans prepaid or repaid or required to be prepaid or repaid on such date and (ii)
upon any termination of any unfunded Commitment (for any reason, including without limitation as a
result of the occurrence of an Event of Default), in an amount equal to 1.0% times the principal
amount of such Lender’s unfunded Commitments so terminated. Such Exit Fee shall be fully earned
and non-refundable on each date that it is payable.

               SECTION 6. Conditions Precedent.

               6.01 Conditions Precedent to the Effective Date. The obligation of each Lender to make
Loans as provided under Section 2 hereof is subject to the satisfaction (or written waiver,
in the Required Lenders’ sole discretion) of each of the following conditions (the date on which
all such conditions have been satisfied or waived, the “Effective Date”):

     (a) Entry of Interim Order. Entry of the Interim Order by the Bankruptcy
Court, the operation or effect of which has not been stayed, modified, vacated, reversed, or
amended.

     (b) [Intentionally Omitted].

     (c) No Material Adverse Effect. Except as set forth on Schedule
6.1(c), no occurrence, development or change shall have occurred after March 31, 2010
that, in the commercially reasonable judgment of the Lenders, has had or could be reasonably
expected to have a material adverse effect upon the business, operations or financial
condition of the Credit Parties and their direct and indirect Subsidiaries, taken as a
whole.

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          (d) New and Inconsistent Information. The Lenders not becoming aware after
June 8, 2010 of any new or inconsistent information or other matter (other than the matters
set forth in Schedule 6.1(c)) not previously disclosed to the Lenders in writing
relating to the Borrower or its direct or indirect Subsidiaries or the transactions
contemplated by this Agreement which the Lenders, in their commercially reasonable judgment,
deem material and adverse relative to the information or other matters disclosed to the
Lender in writing prior to June 8, 2010.

          (e) No Default; Representations and Warranties. At the time of the Effective
Date (i) there shall exist no Default or Event of Default, (ii) all representations and
warranties contained herein and in each other Credit Document shall be true and correct in
all material respects as of the Effective Date (it being understood and agreed that any
representation or warranty which by its terms is made as of a specified date shall be
required to be true and correct only as of such specified date), provided
however, that
notwithstanding the foregoing, any representation and warranty which by it terms is
qualified as to “materiality” or “material adverse effect” or similar qualification, shall
be true and correct in all respects as of the Effective Date, and (iii) the Credit Parties
shall have complied in all material respects with all of their obligations under the
Commitment Letter.

          (f) Execution of Agreement; Notes. The Borrower, the Agent and each of the
Lenders shall have signed a counterpart of this Agreement there shall have been delivered to
the Agent, for the account of each of the Lenders that has requested same, the appropriate
Notes executed by the Borrower, in each case in the amount, maturity and as otherwise
provided herein.

          (g) Security Documents. The Borrower shall have delivered to the Agent
executed and effective copies of all Security Documents requested by the Agent in respect of
the Collateral, including, without limitation, (i) the Pledge and Security Agreement, (ii)
the Assignments of Earnings, (iii) the Assignments of Insurances, (iv) the Assignments of
Charters, (v) each of the Vessel Mortgages, (vi) the Advance Account Agreement, (vii) the
Deposit Account Control Agreements and (iii) all other Security Documents reasonably
requested by the Required Lenders, in each case in form and substance acceptable to the
Required Lenders.

          (h) Fees, etc. The Borrower shall have paid to the Agent and the Lenders
(including out of the proceeds of a Borrowing) all costs, fees and expenses (including,
without limitation, recording taxes and fees and legal fees and expenses) and other
compensation set forth in the, the Commitment Letter or the Credit Documents to the extent
then due.

          (i) Valid Liens. The Liens of the Agent on behalf of the Secured Creditors in
the Collateral shall be fully perfected, and the Borrower shall have provided, or caused to
be provided to the Agent, reasonably satisfactory confirmation of validity, perfection and
priority of the Agent’s Liens and security interests on behalf of the Secured Creditors in
the Collateral (including any Collateral in which the Non-Debtor Credit Parties have
rights).

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               (j) Corporate Documents; Proceedings; etc.

                    (i) The Agent shall have received a certificate from each Credit Party, dated
the Effective Date, signed by the chairman of the board, the chief executive
officer, the president, any vice president of each Credit Party (or, to the extent
any Credit Party does not have such officers, an officer, director or manager that
is an authorized signatory thereof for such purposes), and attested to by the
secretary or any assistant secretary of such Credit Party (or to the extent that any
Credit Party does not have such officers, an officer, director or manager that is an
authorized signatory thereof for such purposes), in the form of Exhibit F,
with appropriate insertions, together with copies of the Certificate of
Incorporation and By-Laws (or equivalent organizational documents) of such Credit
Party and the resolutions
of such Credit Party referred to in such certificate, and each of the foregoing
shall be reasonably acceptable to the Agent.

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

     (k) Officer’s Certificate. The Agent and Lenders shall have received a
certificate, in form and substance satisfactory to the Required Lenders, dated the Effective
Date, and signed by the chairman of the board, the chief executive officer, the president or
any vice president of the Borrower, (i) certifying on behalf of the Borrower that all of the
conditions set forth in this Section 6.01 have been satisfied or waived on such
date, other than those conditions which are subject to the satisfaction of the Lenders or
the Agent, and (ii) setting forth in reasonable detail the amount of all obligations which,
pursuant to applicable law, could reasonably be expected to have a lien claim prior to the
liens securing the Obligations pursuant to each of the Vessel Mortgages.

     (l) Opinions of Counsel. The Agent shall have received from Vinson & Elkins
L.L.P., New York counsel to each Credit Party, a favorable opinion reasonably satisfactory
in form and substance to the Agent and addressed to the Agent and each of the Lenders and
dated the Effective Date covering such matters incident to the transactions contemplated
herein as the Agent may reasonably request and such other opinions of counsel (including,
without limitation, local and foreign counsel to the Credit Parties) as the Required Lenders
shall reasonably request, including without limitation, opinions from foreign maritime
counsel to the Credit Parties regarding the Vessel Mortgages.

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     (m) Certificates of Ownership; Searches; Class Certificates; Insurance. The
Agent shall have received each of the following with respect to each Mortgaged Vessel being
secured on such Effective Date:

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

     (ii) the results of maritime registry searches with respect to each Mortgaged
Vessel, indicating no record liens other than Liens in favor of the Agent and/or the
Lenders and Permitted Liens (provided that the Liens of Agent
and/or the Lenders shall have the priority required by Section 2.15(b) or
(c), as applicable;

     (iii) class certificates (other than the Brazilian-flagged vessel named the
Walker I) from a classification society listed on Schedule XV hereto or
another classification society reasonably acceptable to the Agent, indicating that
such Mortgaged Vessel meets the criteria specified in Section 8.24;

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

     (n) Proof of Insurance. The Borrower shall have provided, or caused to be
provided to the Agent, reasonably satisfactory proof of the type of insurance maintained as
required under Section 9.03, and proof that the Agent has been named as additional
insured and loss payee on all policies.

     (o) 13-Week Cash Flow, Budget and Business Plan. On or prior to the Effective
Date, the Agent shall have received copies of an updated 13-week cash flow forecast, and
business plan including Projections, which forecast, and Projections shall be in form and
substance satisfactory to the Required Lenders and which Projections shall be certified by
the Chief Executive Officer or Chief Financial Officer of Borrower, which certifications,
shall among other things, certify that such Projections have been prepared in good faith
based on reasonable assumptions, and that such Projections contain no statements or
conclusions which are based upon or include information known to the

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Borrower to be
misleading in any material respect or which fail to take into account material information
known to the Borrower regarding the matters reported therein.

     (p) No Cross-Defaults. The Agent and the Lenders shall have received
satisfactory evidence that no defaults or events of default exist, or would arise as a
result of the Transaction, the transactions contemplated by this Agreement, the other Credit
Documents or the commencement of the Chapter 11 Cases, in each case, under the outstanding
credit facilities or other material indebtedness of the direct and indirect Subsidiaries of
any Credit Party (other than the Debtors) which defaults would entitle the holders of such
indebtedness to accelerate (or with the passage of time or giving of notice would permit the
holders to accelerate), or if any such defaults or events of default exist or would arise,
the Agent and the Lenders shall have received copies of forbearance agreements or similar
documentation with respect to such facilities or indebtedness, in
each case in form and substance satisfactory to the Required Lenders, together with an
officer’s certificate from the Borrower, in form and substance satisfactory to the Required
Lenders, certifying, among other things, that the waivers, forbearance agreements or other
similar documentation so provided are true, correct and complete copies thereof and all such
agreements are in full force and effect and no provisions thereof have been amended, waived
or otherwise terminated.

     (q) First Day Motions and First Day Orders. Except as expressly provided
herein with respect to the Interim Order, the Final Order and any order with respect to the
use of cash collateral, all first day motions to be filed by the Debtors and first day
orders to be entered by the Debtors shall be in form and substance reasonably satisfactory
to the Required Lenders.

     (r) Litigation. Other than the Chapter 11 Cases and other than with respect to
matters set forth on Schedule 8.06, there shall be no actions, suits, investigations
or proceedings pending or threatened by any entity (private or governmental) affecting any
Debtor or any Subsidiaries of any Debtor that (i) would reasonably be likely to have a
Material Adverse Effect or (ii) other than with respect to objections which have been
overruled by the Interim Order purports to affect the legality, validity or enforceability
of the Transactions, this Agreement or any other Credit Document.

               The occurrence of the Effective Date and the acceptance of the proceeds of the Loans funded on
the Effective Date shall constitute a representation and warranty by the Borrower to the Agent and
each of the Lenders that all conditions specified in Section 6.01 have been satisfied or
waived as of that time.

               6.02 Conditions Precedent to the Funding on the Final Order Funding Date. In
addition to the satisfaction or waiver of the conditions set forth in Section 6.01, the
obligation of the Required Lenders to make the loans on the Final Order Funding Date are subject to
the satisfaction (or waiver, in the Required Lenders’ sole discretion) of the following conditions:

               (a) Entry of Final Order. Entry of the Final Order by the Bankruptcy Court.

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     (b) No Material Adverse Effect. Except as set forth on Schedule
6.1(c), no occurrence, development or change shall have occurred after March 31, 2010
that, in the commercially reasonable judgment of the Lenders, has had or could be reasonably
expected to have a material adverse effect upon the business, operations or financial
condition of the Credit Parties and their direct and indirect Subsidiaries, taken as a
whole.

     (c) New and Inconsistent Information. The Lenders not becoming aware after
June 8, 2010 of any new or inconsistent information or other matter (other than the matters
set forth in Schedule 6.1(c))not previously disclosed to the Lenders in writing
relating to the Borrower or its direct or indirect Subsidiaries or the transactions
contemplated by this Agreement which the Lenders, in their commercially reasonable judgment,
deem material and adverse relative to the information or other matters disclosed to the
Lender in writing prior to June 8, 2010.

     (d) No Default; Representations and Warranties. At the time of the Final Order
Funding Date (i) there shall exist no Default or Event of Default, and (ii) all
representations and warranties contained herein and in each other Credit Document shall be
true and correct in all material respects with the same effect as though such
representations and warranties had been made on the Final Order Funding Date (it being
understood and agreed that any representation or warranty which by its terms is made as of a
specified date shall be required to be true and correct in all material respects only as of
such specified date) provided however, that notwithstanding the foregoing,
any representation and warranty which by it terms is qualified as to “materiality” or
“material adverse effect” or similar qualification, shall be true and correct in all
respects as if the Final Order Funding Date.

     (e) Fees, etc. The Borrower shall have paid to the Agent and the Lenders
(including out of the proceeds of a Borrowing) all costs, fees and expenses (including,
without limitation, recording taxes and fees and legal fees and expenses) and other
compensation set forth in the Commitment Letter (including, the Fee Letter) or the Credit
Documents to the extent then due.

     (f) Officer’s Certificate. The Agent and Lenders shall have received a
certificate, in form and substance satisfactory to the Required Lenders, dated the Effective
Date, and signed by the chairman of the board, the chief executive officer, the president or
any vice president of the Borrower, certifying on behalf of the Borrower that, among other
matters reasonably requested to be certified by Agent, that all of the conditions set forth
in this Section 6.02 have been satisfied on such date, other than those conditions
which are subject to the satisfaction of the Lenders or the Agent.

     (g) No Cross-Defaults. The Agent and the Lenders shall have received
satisfactory evidence that no defaults or events of default exist, or would arise as a
result of the Transaction, the transactions contemplated by this Agreement, the other Credit
Document or the commencement of the Chapter 11 Cases, in each case, under the outstanding
credit facilities or other material indebtedness of the direct and indirect Subsidiaries of
any Credit Party (other than the Debtors) which defaults would entitle the holders of such
indebtedness to accelerate (or with the passage of time or giving of notice

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would permit the
holders to accelerate), or if any such defaults or events of default exist or would arise,
the Agent and the Lenders shall have received copies of all waivers or forbearance
agreements or other similar documentation with respect to such facilities or indebtedness,
in each case in form and substance satisfactory to the Required Lenders, together with an
officer’s certificate, in form and substance satisfactory to the Required Lenders,
certifying, among other things, that the waivers, forbearance agreements or other similar
documentation so provided are true, correct and complete copies thereof and all such
agreements are in full force and effect and no provisions thereof have been amended, waived
or otherwise terminated. With respect to the Indebtedness under the Trico Shipping Senior
Secured Notes and the Trico Shipping Working Capital Facility, the Lenders hereby waive the
condition set forth in this clause (g) solely as it relates to the failure of Trico Supply,
Trico Shipping and the subsidiary guarantors under the Trico Shipping Working Capital
Facility, on a consolidated basis, to maintain (i) as of July 31, 2010, LTM Consolidated
Cash Flow (as defined in the Trico Shipping Working Capital
Facility) at the levels required therein of not less than $54,800,000 but solely to the
extent that LTM Consolidated Cash Flow is not less than $50,000,000 as of July 31, 2010,
(ii) as of August 31, 2010, LTM Consolidated Cash Flow at the levels required therein of not
less than $51,000,000 but solely to the extent that LTM Consolidated Cash Flow is not less
than $42,000,000 as of August 31, 2010 or (iii) as of August 31, 2010, Liquidity (as defined
in the Trico Shipping Working Capital Facility) of not less than $20,000,000, but solely to
the extent that such Liquidity is not less than $3,500,000 as of August 31, 2010, and in the
case of clauses (i), (ii) and (iii) above so long as no enforcement action is being taken in
respect of or in connection with such Indebtedness, including without limitation, any
exercise on any collateral or any acceleration of such Indebtedness.

     (h) Litigation. Other than the Chapter 11 Cases and other than with respect to
the matters set forth on Schedule 8.06, there shall be no actions, suits,
investigations or proceedings pending or threatened by any entity (private or governmental)
affecting any Debtor or any Subsidiaries of any Debtor that (i) would reasonably be likely
to have a Material Adverse Effect or (ii) other than with respect to objections which have
been overruled by the Interim Order purports to affect the legality, validity or
enforceability of the Transactions, this Agreement or any other Credit Document.

               The occurrence of the Final Order Funding Date and the acceptance of the proceeds of the Loans
funded on the Final Order Funding Date shall constitute a representation and warranty by the
Borrower to the Agent and each of the Lenders that all conditions specified in Section 6.02
have been satisfied or waived as of that time.

                    SECTION 7. Conditions Precedent to each Funds Release. The occurrence of each Funds
Release is subject, at the time of each such Funds Release, to the satisfaction of the following
conditions:

               7.01 No Default; Representations and Warranties. At the time of each Funds Release
and also after giving effect thereto (i) there shall exist no Default or Event of Default, (ii) all
representations and warranties contained herein and in each other Credit Document shall be true and
correct in all material respects with the same effect as though such representations and warranties
had been made on the date of such Funds Release (it being understood and agreed

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that any
representation or warranty which by its terms is made as of a specified date shall be required to
be true and correct in all material respects only as of such specified date), (iii) absent the
requested Funds Release, the aggregate amount on deposit in the Operating Accounts shall be less
than $1,000,000 within one Business Day of the requested date of such Funds Release and (iv) not
more than two Funds Releases shall have been made in any calendar week.

               7.02 Request for Funds. Prior to any Funds Release, the Agent shall have received a
request for such Funds Release in the form attached hereto as Exhibit A from the Borrower,
which request shall set forth the following:

               (a) the amount of the funds requested in respect of such Funds Release,

               (b) the date of such Funds Release, and

               (c) a certification as to the Borrower’s compliance with Section 7.01.

               7.03 Funds Release in Accordance with Approved Budget. Prior to any Funds Release,
the Agent shall have reasonably determined that the release of the requested funds is in accordance
with the provisions of the Approved Budget.

               7.04 Benefit of Funds Release. The occurrence of any Funds Release occurring on or after
the Effective Date and the acceptance of the benefits of such Funds Release on such date shall
constitute a representation and warranty by the Borrower to the Agent and each of the Lenders that
all conditions specified in this Section 7 have been satisfied as of that time. All of the
certificates and other documents and papers referred to in this Section 7 shall be
delivered to the Agent at the Notice Office.

               7.05 Order of Release of Funds in Advance Account. Funds released from the Advance
Account pursuant to this Section 7, shall be taken from amounts deposited into the Advance
Account as follows: (i) proceeds of Loans that are deposited into the Advance Account shall be
released until all such proceeds have been released, (ii) proceeds from all other amounts deposited
into the Advance Account other than Net Cash Proceeds from Assets Sale shall be released until all
such proceeds have been released and (iii) proceeds from Net Cash Proceeds from Assets Sale
deposited into the Advance Account shall be released until all such proceeds have been released.
The Borrower shall not be permitted to request any release of funds that are in excess of the
balance in the Advance Account.

               SECTION 8. Representations, Warranties and Agreements. In order to induce the
Lenders to enter into this Agreement and to make the Loans provided for herein, the Borrower makes
the following representations, warranties and agreements, in each case after giving effect to the
Transaction as consummated on the Effective Date, all of which shall survive the execution and
delivery of this Agreement and the Notes and the making of the Loans, with the occurrence of each
Credit Event on or after the Effective Date being deemed to constitute a representation and
warranty that the matters specified in this Section 8 are true and correct in all material
respects on and as of the Effective Date and on the date of each such Credit Event (it being
understood and agreed that any representation or warranty which by its terms is made as of a
specified date shall be required to be true and correct in all material respects only as of such
specified date):

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               8.01 Corporate/Limited Liability Company/Limited Partnership Status. The Borrower
and each of its Subsidiaries (i) is a duly organized and validly existing corporation, limited
liability company or partnership, as the case may be, in good standing under the laws of the
jurisdiction of its organization, (ii) has the corporate or other applicable power and authority to
own its property and assets and to transact the business in
which it is engaged and presently proposes to engage and (iii) is duly qualified and is
authorized to do business and is in good standing in each jurisdiction where the ownership, leasing
or operation of its property or the conduct of its business requires such qualifications, except
for failures to be so qualified which, either individually or in the aggregate, could not
reasonably be expected to have a Material Adverse Effect.

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

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

               8.04 Governmental Approvals. No order, consent, approval, license, authorization or
validation of, or filing, recording or registration with (except for those that have otherwise been
obtained or made on or prior to the Effective Date, including, without limitation, the Interim
Order (or the Final Order, when applicable)), or exemption by, any governmental or public body or
authority, or any subdivision thereof, is required to be obtained or made by, or on behalf of, any
Credit Party to authorize, or is required to be obtained or made by, or on behalf of, any Credit
Party in connection with, (i) the execution, delivery and performance of any Credit Document (other
than such filings, recordations or registrations as may be required to perfect a

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Lien in the
Collateral
granted pursuant to the Credit Documents) or (ii) the legality, validity, binding effect or
enforceability of any Credit Document.

               8.05 Financial Statements; Financial Condition; Undisclosed Liabilities; Projections;
etc. (a) The consolidated balance sheet of the Borrower and its Subsidiaries for the
Borrower’s fiscal year ended on December 31, 2009, and the consolidated balance sheet of the
Borrower and its Subsidiaries for the Borrower’s fiscal quarter ended on March 31, 2010 and (in
each case) the related consolidated statements of income, cash flows and shareholders’ equity of
the Borrower and its Subsidiaries for such fiscal year or fiscal quarter ended on such dates, as
the case may be, copies of which have been furnished to the Agent and the Lenders prior to the
Effective Date, present fairly in all material respects the consolidated financial position of the
Borrower and its Subsidiaries at the dates of such balance sheets and the consolidated results of
the operations of the Borrower and its Subsidiaries for the periods covered thereby. All of the
foregoing historical financial statements have been prepared in accordance with GAAP consistently
applied (except, in the case of the aforementioned quarterly financial statements, for normal
year-end audit adjustments and the absence of footnotes).

               (b) [Intentionally Omitted].

               (c) Except as fully disclosed in the financial statements referred to in Section
8.05(a) or Schedule 6.01(c), there were as of the Effective Date no liabilities or
obligations with respect to the Borrower or any of its Subsidiaries of any nature whatsoever
(whether absolute, accrued, contingent or otherwise and whether or not due) which, either
individually or in the aggregate, could reasonably be expected to be material to the Borrower and
its Subsidiaries taken as a whole. As of the Effective Date, except as set forth on Schedule
6.01(c), the Credit Parties know of no reasonable basis for the assertion against it or any
of its Subsidiaries of any liability or obligation of any nature whatsoever that is not fully
disclosed in the financial statements or referred to in Section 8.05(a) which, either
individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

               (d) On and as of the Effective Date, the Projections which have been delivered to the Agent
and the Lenders prior to the Effective Date have been prepared in good faith and are based on
reasonable assumptions, and there are no statements or conclusions in any of the Projections
which are based upon or include information known to the Borrower to be misleading in any
material respect or which fail to take into account material information known to the Borrower
regarding the matters reported therein; it being recognized by the Lenders, however, that
projections as to future events are not be viewed as facts and that actual results during the
period or periods covered by the Projections may differ from the projections results.

               (e) Except as set forth in Schedule 6.1(c), since March 31, 2010, no event has
occurred or other circumstances arisen that has had, or could reasonably be expected to have, a
Material Adverse Effect.

               8.06 Litigation. Other than the Chapter 11 Cases and certain matters described on Schedule 8.06) ,
there are no actions, suits or proceedings pending or, to the knowledge of any Credit Party,
threatened (i) with respect to the Transaction or any Credit Document or

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(ii) that could reasonably
be expected to have, either individually or in the aggregate, a Material Adverse Effect.

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

               8.08 Use of Proceeds; Margin Regulations. (a) All proceeds of the Loans shall be
used solely (i) to pay fees and expenses incurred in connection with the Transaction, (ii) to
refinance the Prepetition First Lien Debt, (iii) to fund operating expenses and other working
capital needs of the Debtors in accordance with the Approved Budget, and (iv) to payment of fees,
expenses, and interest to the Agent and Lenders under this Agreement and any other Credit Document.
Notwithstanding the foregoing, proceeds of the Refinancing Loans shall only be used to refinance
the Prepetition First Lien Debt and to pay costs, fees and expenses in connection therewith.

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

               8.09 Tax Returns and Payments. Except as set forth in Schedule XII, the
Borrower and each of its Subsidiaries have timely filed or caused to be timely filed with the
appropriate taxing authority all returns, statements, forms and reports for taxes (the
“Returns”) required to be filed by, or with respect to the income, properties or operations
of, the Borrower and/or any of its Subsidiaries. The Returns accurately reflect in all material
respects all liability for taxes of the Borrower and its Subsidiaries as a whole for the periods
covered thereby. The Borrower and each of its Subsidiaries has paid all taxes and assessments
payable by it, other than those that are being contested in good faith and adequately disclosed and
fully provided for on the financial statements of the Borrower and its Subsidiaries in accordance
with GAAP. There is no action, suit, proceeding, investigation, audit or claim now pending or, to
the best knowledge of the
Borrower or any of its Subsidiaries, threatened by any authority regarding any taxes relating
to the Borrower or any of its Subsidiaries that, either individually or in the aggregate, could
reasonably be expected to result in a Material Adverse Effect. Except as set forth on Schedule
XII, neither the Borrower nor any of its Subsidiaries has entered into an agreement or waiver
or been requested to enter into an agreement or waiver extending any statute of limitations
relating to the payment or collection of taxes of the Borrower or any of its Subsidiaries, or is
aware of any circumstances that would cause the taxable years or other taxable periods of the
Borrower or any of its Subsidiaries not to be subject to the normally applicable

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statute of
limitations. Neither the Borrower nor any of its Subsidiaries has incurred, or will incur, any
material tax liability in connection with the Transaction or any other transactions contemplated
hereby (it being understood that the representation contained in this sentence does not cover any
future tax liabilities of the Borrower or any of its Subsidiaries arising as a result of the
operation of their businesses in the ordinary course of business).

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

               (b) Each Foreign Pension Plan has been maintained in compliance with its terms and with the
requirements of any and all applicable laws, statutes, rules, regulations and orders, except as
would not result in a Material Adverse Effect, and has been maintained,

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

               8.11 The Security Documents. Each of the Security Documents, when taken together
with the Interim Order (and when entered, the Final Order) creates in favor of the Agent for the
benefit of the Secured Creditors a legal, valid and enforceable fully perfected lien on and
security interest in all right, title and interest of the Credit Parties party thereto in the
Collateral described therein having the priority described in Section 2.15(b) or
(c), as applicable. No filings or recordings are required in order to perfect the security
interests created under any Security Document except for filings or recordings which shall have
been made on or prior to the Effective Date.

               8.12 Subsidiaries. On the Effective Date, the Borrower had no Subsidiaries other
than those Subsidiaries listed on Schedule IV (which Schedule identifies the correct legal
name, direct owner, percentage ownership and jurisdiction of organization of each such Subsidiary
on the Effective Date).

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

               8.14 Investment Company Act. No Credit Party is an “investment company” or a company “controlled” by an “investment
company,” within the meaning of the Investment Company Act of 1940, as amended.

               8.15 Environmental Matters. Except as could not, either individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect:

               (a) The Borrower and each of its Subsidiaries are in compliance with all applicable
Environmental Laws and the requirements of any permits issued under such Environmental Laws. There
are no pending or, to the knowledge of the Borrower, threatened Environmental Claims against the
Borrower or any of its Subsidiaries or any vessel or Real Property owned, leased or operated by the
Borrower or any of its Subsidiaries (including any such claim against the Borrower or any of its
Subsidiaries or any vessel or Real Property arising out of the ownership, lease or operation by the
Borrower or any of its Subsidiaries of any vessel or Real Property formerly owned, leased or
operated by the Borrower or any of its Subsidiaries

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but no longer owned, leased or operated by the
Borrower or any of its Subsidiaries). All licenses, permits, registrations or approvals required
for the business of the Borrower and each of its Subsidiaries under any Environmental Law have been
secured and the Borrower and each of its Subsidiaries is in compliance therewith. To the knowledge
of the Borrower, there are no facts, circumstances, conditions or occurrences in respect of any
vessel or Real Property currently owned or operated by the Borrower or any of its Subsidiaries that
are reasonably likely (i) to form the basis of an Environmental Claim against the Parent, any of
its Subsidiaries or any vessel or Real Property owned by the Borrower or any of its Subsidiaries,
or (ii) to cause such vessel or Real Property to be subject to any restrictions on its ownership,
occupancy, use or transferability under any Environmental Law.

               (b) Hazardous Materials have not at any time been generated, used, treated or stored on, or
transported to or from, or Released on or from, any vessel or Real Property owned, leased or
operated by the Borrower or any of its Subsidiaries or, to the knowledge of the Borrower, any
property adjoining or adjacent to any Real Property, by the Borrower or its Subsidiaries during the
time the Borrower or its Subsidiaries owned, lease or operated any vessel or Real Property, in
violation of Environmental Laws.

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

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

               8.18 Indebtedness. Schedule V sets forth a list of all Indebtedness
(excluding the Obligations, the obligations in respect of Senior Notes and other items of
Indebtedness that are independently justified under Section 10.04 (other than under clause
(iii) thereof)) of the Borrower and its Subsidiaries as of the Effective Date and which is to
remain outstanding after giving effect to the Transaction (the “Existing Indebtedness”), in
each case (other than in the case of loans made by the Borrower to its Subsidiaries) showing the
approximate aggregate

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principal amount thereof and the name of the borrower and any other entity
which directly or indirectly guarantees such debt. On the Effective Date, the Borrower is not the
obligor in respect of any Intercompany Loan.

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

               8.20 Properties. The Borrower and each of its Subsidiaries have good and marketable
title to all properties owned by them, including all property reflected in the balance sheets
referred to in Section 8.05(a) (except as sold or otherwise disposed of since the date of
such balance sheet in the ordinary course of business or as permitted by the terms of this
Agreement), free and clear of all Liens, other than Permitted Liens.

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

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

               8.23 Citizenship. The Borrower and each other Credit Party which owns or operates
one or more Mortgaged Vessels is qualified to own and operate such Mortgaged Vessels under the laws
of Dominica, Mexico or the United States, as may be applicable, or such other jurisdiction in which
any such Mortgaged Vessels are permitted, or will be permitted, to be flagged in accordance with
the terms of the respective Vessel Mortgages.

               8.24 Vessel and Vessel Classification. Schedule XIV sets forth a complete
and accurate list of all Vessels owned by any Credit Party or in which any Credit Party retains any
title (provided that each Purchase and Sale Agreement listed on Schedule XVIII shall not be
considered to include any retention of title to the seller thereunder). Each Mortgaged Vessel
(other than the Brazilian-flagged vessel the Walker I) is or will be, classified with a
classification society listed on Schedule XV hereto or another internationally recognized
classification society reasonably acceptable to the Agent, free of any conditions or
recommendations, other than as permitted, or will be permitted, under the Vessel Mortgages.

               8.25 Mexican JV.

               (a) Trico Operators owns a 49% interest in the Mexican JV.

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          (b) For any fiscal year of the Mexican JV in which the Mexican JV declares a
profit, the holders of equity in the Mexican JV other than Trico Operators are only entitled
to receive $100, and Trico Operators is entitled to receive all additional distributions
from the Mexican JV (not including existing payments made by the Mexican JV to the holders
of equity in the Mexican JV other than Trico Operators on a per day per vessel basis,
consistent with past practices, which shall be in an amount not to exceed $850,000 during
any one year period during the term of the this Agreement.

          (c) Trico Operators has an option to purchase all of the equity interest in the Mexican
JV other than the interest owned by Trico Operators for a purchase price of $685,000 during
calendar year 2010.

          (d) Trico Operators has the legal right to control the timing and amount of all
distributions paid with respect to the equity of the Mexican JV.

                    8.26 Reorganization Matters.

               (a) The Chapter 11 Cases were commenced on the Petition Date in accordance with applicable
law and proper notice thereof and of the hearings for the approval of the Interim Order and the
Final Order has been given. The Debtors shall give, on a timely basis as specified in the
Interim Order or the Final Order, as applicable, all notices required to be given to all parties
specified in the Interim Order or Final Order, as applicable.

               (b) After the entry of the Interim Order (pursuant to and to the extent permitted in the
Interim Order) and the Final Order, the Obligations will constitute allowed administrative
expense claims in the Chapter 11 Cases having priority over all administrative expense claims and
unsecured claims against the Debtors now existing or hereafter arising, of any kind whatsoever,
including, without limitation, all Trust Estate Liens, all administrative expense claims of the
kind specified in Sections 105, 326, 330, 331, 503(b), 506(c), 507(a), 507(b), 546(c), 726, 1114
or any other provision of the Bankruptcy Code or otherwise, as provided under Section 364(c)(l)
of the Bankruptcy Code, subject, as to priority only, to (i) the
Carve-Out upon the occurrence and during the continuance of an Event of Default and (ii) the
Permitted Priority Liens.

               (c) After the entry of the Interim Order (pursuant to and to the extent provided in the
Interim Order) and the Final Order, the Obligations will be secured by a valid and perfected Lien
on all of the Collateral owned by the Debtors at all times senior to the Trust Estate Liens and
have the priority set forth in Section 2.15(b) or (c) hereof, as applicable, and
be subject, as to priority only, to (i) the Carve-Out upon the occurrence and during the
continuance of an Event of Default and (ii) the Permitted Priority Liens.

               (d) The Interim Order (with respect to the period prior to entry of the Final Order) or the
Final Order (with respect to the period on and after entry of the Final Order), as the case may
be, will be in full force and effect has not been reversed, stayed, modified, vacated or amended
without the prior written consent of the Required Lenders.

               (e) Notwithstanding the provisions of Section 362 of the Bankruptcy Code, and subject to the
applicable provisions of the Interim Order (or the Final Order, if applicable)

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upon the maturity
(whether by acceleration or otherwise) of any of the Obligations, the Agent and the Lenders shall
be entitled to immediate payment of such Obligations and, upon five (5) Business Days’ prior
written notice to the Borrower, to enforce the remedies provided for hereunder or under
applicable law, without further application to or order by the Bankruptcy Court.

               8.27 EMSL Matters. No officer of EMSL has been authorized to make any demand for the
repayment of the EMSL Loans, and no officer of EMSL can be authorized to make any such demand
without the approval or consent of at least one director appointed by Trico Marine Services (Hong
Kong) Limited.

               SECTION 9. Affirmative Covenants. The Borrower hereby covenants and agrees that on
and after the Effective Date and until no Notes are outstanding and all Loans, together with
interest, Fees and all other Obligations (other than indemnities described in Section 14.13
which are not then due and payable) incurred hereunder and thereunder, are paid in full:

               9.01 Information Covenants. The Borrower will furnish to the Agent:

     (a) (i) Monthly Financial Statements. Within 30 days after the close of each
fiscal month of the Borrower (other than each March, June, September and December, for which
the applicable period shall be 45 days), the consolidated and consolidating balance sheet of
the Borrower and its Subsidiaries (provided, that, for purposes of the consolidating
financial statements, the Trico Supply Group will be treated as a single group) as at the
end of such monthly accounting period and the related consolidated and consolidating
statements of income and retained earnings for such
monthly accounting period, in each case setting forth comparative figures for the
corresponding monthly accounting period in the prior fiscal year and comparable budgeted
figures for such monthly accounting period as set forth in the respective budget delivered
pursuant to Section 9.01(d) or as of the Effective Date, all of which shall be
certified by the chief financial officer of the Borrower that they fairly present in all
material respects in accordance with GAAP the financial condition of the Borrower and its
Subsidiaries as of the dates indicated and the results of their operations for the periods
indicated, subject to normal year-end audit adjustments and the absence of footnotes.

     (ii) Quarterly Financial Statements. Within 45 days after the close of the
first three quarterly accounting periods in each fiscal year of the Borrower, (i) the
consolidated and consolidating balance sheet of the Borrower and its Subsidiaries as at the
end of such quarterly accounting period and the related consolidated and consolidating
statements of income and retained earnings and statement of cash flows for such quarterly
accounting period and for the elapsed portion of the fiscal year ended with the last day of
such quarterly accounting period, in each case setting forth comparative figures for the
corresponding quarterly accounting period in the prior fiscal year and comparable budgeted
figures for such quarterly accounting period as set forth in the Approved Budget or as of
the Effective Date, all of which shall be certified by the chief financial officer of the
Borrower that they fairly present in all material respects in accordance with GAAP the
financial condition of the Borrower and its Subsidiaries as of the dates indicated and the
results of their operations for the periods indicated, subject to

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normal year-end audit
adjustments and the absence of footnotes, and (ii) management’s discussion and analysis of
the important operational and financial developments during such quarterly accounting
period.

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

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

          (d) Cash Flow Forecast/Budget Update. (i) No later than Thursday of each calendar
week, based on information available, and projections made, as of the last Business Day of the
immediately preceding calendar week, (i) an updated cash flow projection for the 13-week period
beginning on the calendar week in which such projection is due, which projection shall include a
variance report describing in reasonable detail the variance(s) in actual cash flow from (x)
projected cash flow for the week ended on such last Business Day and (y) the Approved Budget, and
(ii) a report reflecting the amounts on deposit in each Operating Account as of such last
Business Day.

               (ii) On 10th day of each month (or if such day is not a Business Day, the next succeeding
Business Day) Borrower shall present to Agent and Lenders an updated 13-week budget for approval by
the Required Lenders. The Required Lenders may approve such budget in their sole discretion, and
upon written approval by the Required Lenders thereof, such budget shall then be the Approved
Budget.

          (e) Officer’s Certificates. At the time of the delivery of the financial statements
provided for in Sections 9.01(a) and (b), a compliance certificate from the chief
financial officer of the Borrower in the form of Exhibit I certifying on behalf of the
Borrower that, to such officer’s knowledge after due inquiry, no Default or Event of Default has
occurred and is continuing or, if any Default or Event of Default has occurred and is

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continuing,
specifying the nature and extent thereof, which certificate shall (i) set forth in reasonable
detail the calculations required to establish whether the Credit Parties were in compliance with
the provisions of the Financial Covenants at the end of such fiscal month, quarter or year, as
the case may be, and (ii) certify that there have been no changes to any of the information
contained on Schedule VII since the Effective Date (other than such changes that have
been previously notified to the Agent and solely to the extent permitted hereunder and under the
Security Documents) or, if later, since the date of the most recent certificate delivered
pursuant to this Section 9.01(e), or if there have been any such changes, a list in
reasonable detail of such changes.

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

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

     (i) any Environmental Claim pending or threatened in writing against the Borrower or
any of its Subsidiaries or any vessel or Real Property owned, operated or occupied by the
Borrower or any of its Subsidiaries;

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

     (iii) any condition or occurrence on any vessel or Real Property owned, operated or
occupied by the Borrower or any of its Subsidiaries that could reasonably be expected to
cause such vessel or Real Property to be subject to any restrictions on the ownership,
occupancy, use or transferability by the Borrower or such Subsidiary of such vessel or Real
Property under any Environmental Law; and

     (iv) the taking of any removal or remedial action in response to the actual or alleged
presence of any Hazardous Material on any vessel or Real Property owned, operated or
occupied by the Borrower or any of its Subsidiaries as required by any

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Environmental Law or
any governmental or other administrative agency; provided that in any event the
Borrower shall deliver to the Agent all notices received by the Borrower or any of its
Subsidiaries from any government or governmental agency under, or pursuant to, CERCLA or OPA
that identify the Borrower or any of its Subsidiaries as potentially responsible parties for
remediation costs or otherwise notify the Borrower or any of its Subsidiaries of potential
liability under CERCLA or OPA, as the case may be.

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

          (h) Appraisal Reports. Together with the balance sheets delivered pursuant to
Section 9.01(b), and at any other time within 30 days of the written request of the
Agent, Appraisals for each Mortgaged Vessel of recent date in form and substance and from two
Approved Appraisers. All such Appraisals shall be conducted by, and made at the expense of, the
Borrower (it being understood that the Agent may and, at the request of the Required Lenders,
shall, upon notice to the Borrower, obtain such Appraisals and that the cost of all such
Appraisals will be for the account of the Borrower); provided that unless an Event of
Default has occurred and is continuing, in no event shall the Borrower be required to pay for
Appraisals obtained pursuant to this Section 9.01(h) on more than once in any single
fiscal year of the Borrower, with the cost of any such reports in excess thereof to be paid by
the Lenders on a pro rata basis.

          (i) Other Information. Promptly after the filing or delivery thereof, copies of any
filings and registrations with, and reports to, the SEC by the Borrower or any of its
Subsidiaries and copies of all financial statements, proxy statements, notices and reports as the
Borrower or any of its Subsidiaries shall send generally to holders of their Capital Stock or of
any of its Indebtedness (including the Prepetition First Lien Debt and the Prepetition Second
Lien Debt), in their capacity as such holders (to the extent not theretofore delivered to the
Lenders pursuant to this Agreement) and, with reasonable promptness, such other information or
documents (financial or otherwise) as the Agent on its own behalf or on behalf of the Required
Lenders may reasonably request from time to time.

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

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

               9.04 Existence; Franchises. The Borrower will, and will cause each of its
Subsidiaries to, do or cause to be done all things necessary to preserve and keep in full force and
effect its existence and its material rights, franchises, licenses, permits, copyrights, trademarks
and patents (if any) used in its business; provided, however, that nothing in this
Section 9.04 shall prevent (i) sales or other
dispositions of assets, consolidations, mergers, dissolutions or liquidations by or involving
the Borrower or any of its Subsidiaries which are permitted in accordance with Section
10.02 or (ii) the withdrawal by the Borrower or any of its Subsidiaries of its qualification as
a foreign corporation, partnership or limited liability company, as the case may be, in any
jurisdiction if such withdrawal could not, either individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect.

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

               9.06 Compliance with Environmental Laws. The Borrower will, and will cause each of
its Subsidiaries to, comply with all applicable Environmental Laws, except such non-compliances as
could not, either individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect, comply in all material respects with all permits issued pursuant to Environmental
Laws applicable to, or required by, the ownership or use of any vessel or Real Property now or
hereafter owned, operated or occupied by the Borrower or any of its Subsidiaries (except such
non-compliances as could not, either individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect), and will pay or cause to be paid all costs and expenses incurred
in connection with maintaining such compliance (except to the extent being contested in good
faith), and will keep or cause to be kept each such vessel and all such Real Property free and
clear of any Liens imposed pursuant to such Environmental Laws (other than Liens arising from any
cost or other obligation arising under Environmental Law that the Borrower or such Subsidiary is
contesting in good faith). Neither the Borrower nor any of its Subsidiaries will generate, use,
treat, store, release or dispose of, or permit the generation, use,

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treatment, storage, release or
disposal of, Hazardous Materials on any vessel or Real Property now or hereafter owned or operated
or occupied by the Borrower or any of its Subsidiaries, or transport or permit the transportation
of Hazardous Materials to or from any ports, vessels or Real Properties except in compliance in all
material respects with all applicable Environmental Laws. The Borrower will, and will cause each
of its Subsidiaries to, maintain insurance on the vessels and Real Properties owned, leased or
operated by it in at least such amounts as are in accordance with normal industry practice for
similarly situated insureds, against losses from oil spills and other environmental pollution.

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

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

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               9.09 Performance of Obligations. The Borrower will, and will cause each of its
Subsidiaries to, perform all of its obligations under the terms of each mortgage, indenture,
security agreement, loan agreement or credit agreement and each other agreement, contract or
instrument by which it is bound, except (i) where the performance of such agreements or instruments
is prohibited or restricted by the Bankruptcy Code or the Bankruptcy Court or (ii) such
non-performances as could not, either individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect.

               9.10 Payment of Taxes. The Borrower will, and will cause each of its Subsidiaries to, pay and discharge, all
taxes, assessments and governmental charges or levies imposed upon it or upon its income or
profits, or upon any properties belonging to it, in each case on a timely basis, and all lawful
claims which, if unpaid, might become a Lien or charge upon any properties of the Borrower and any
of its Subsidiaries not otherwise permitted under Section 10.01; provided that
neither the Borrower nor any of its Subsidiaries shall be required to pay any such tax, assessment,
charge, levy or claim (i) the payment of which is prohibited or restricted by the Bankruptcy Code
or the Bankruptcy Court or (ii) which is being contested in good faith and by proper proceedings if
it has maintained adequate reserves with respect thereto in accordance with GAAP.

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

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

               (c) (i) The Borrower will cause each direct or indirect Subsidiary of the Borrower which
owns any direct or indirect interest in Trico Assets or Trico Operators or which owns any direct
interest in Trico Cayman (other than Trico Holdco), or any Collateral Vessel, in each case,
promptly following such Subsidiary’s acquisition of such interest to execute and deliver, (a) a
counterpart or joinder to this Agreement (including the Guaranty) or such other Guaranty, in each
case, as may be acceptable to the Agent, (b) a counterparty to or

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a joinder to the Pledge and
Security Agreements or such other Security Documents, in each case, as may be acceptable to the
Agent, (c) counterparts or joinders to or such other Security Documents as the Agent may request,
and (d) if applicable, a counterparty to the Prepetition Intercreditor Agreement, and, (e) in
connection therewith, promptly execute and deliver all further instruments, and take all further
action, that the Agent may reasonably require (including, without limitation, the provision of
officers’ certificates, resolutions, good standing certificates and opinions of counsel) in each
case to the reasonable satisfaction of the Agent.

          (ii) The Borrower will cause each direct or indirect Subsidiary of the Borrower that
has not executed the applicable Credit Documents as a Guarantor (other than a Subsidiary in
the Trico Supply Group), including, without limitation, any new direct or indirect
Subsidiary of the Borrower formed or acquired after the Effective Date, to execute and
deliver upon its formation (a) a counterpart or joinder to this Agreement (including the
Guaranty) or such other Guaranty, in each case, as may be acceptable to Agent, (b) a
counterparty to or a joinder to the Pledge and Security Agreements or such other Security
Documents, in each case, as may be acceptable to Agent, (c) counterparts or joinders to or
such other Security Documents as Agent may request, (d) if applicable, a counterparty to the
Prepetition Intercreditor Agreement, and (e) in connection therewith, promptly execute and
deliver all further instruments, and take all further action, that the Agent may reasonably
require (including, without limitation, the provision of officers’ certificates,
resolutions, good standing certificates and opinions of counsel) in each case to the
reasonable satisfaction of the Agent.

               (d) Upon the acquisition by the Borrower or any direct or indirect Subsidiary of the
Borrower (other than a Subsidiary in the Trico Supply Group) of a vessel, the Borrower or such
Subsidiary shall execute and deliver to the Agent (to the extent it has not previously done so)
(i) a counterpart or joinder to this Agreement (including the Guaranty) or such other Guaranty,
in each case, as may be acceptable to Agent, (ii) a counterpart to or a joinder to the Pledge and
Security Agreements or such other Security Documents, in each case, as may be acceptable to
Agent, (iii) counterparts or joinders to or such other Security Documents as Agent may request,
including, a Vessel Mortgage, Assignment of Earnings and Assignment of Insurances applicable to
such vessel, (iv) if applicable, a counterpart to the Prepetition Intercreditor Agreement, and,
(v) in connection therewith, promptly execute and deliver all further instruments, and take all
further action, that the Agent may reasonably require (including, without limitation, the
provision of officers’ certificates, resolutions, good standing certificates and opinions of
counsel) in each case to the reasonable satisfaction of the Agent.

               (e) In the event that a Mortgaged Vessel is subject to a charter or other similar contract
or enters into a charter or other similar contract with a term of twelve (12) months or greater,
including any extension option, the relevant Credit Party will execute and deliver Assignments of
Charters and, to the extent required, the Borrower will cause the relevant counterparty to the
charter or other similar contract to execute and deliver a consent thereto.

               (f) [Intentionally Omitted]

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               (g) If requested by the Agent, the Borrower shall use commercially reasonable efforts to
cause any manager of a Mortgaged Vessel to deliver a subordination agreement reasonably
satisfactory in form and substance to the Agent.

               9.12 Use of Proceeds. The Borrower will use the proceeds of the Loans only as
provided in Section 8.08, provided that the proceeds of the Refinancing Loans shall
only be used to refinance the Prepetition First Lien Debt and any fees, costs and expenses incurred
in connection therewith. All proceeds of the Loans made on the Effective Date, net of the amounts
contemplated in
 Section 8.08(a)(i) that are actually so used on the Effective Date, shall be deposited
into the Advance Account and shall released only in accordance with, and upon satisfaction of, the
conditions set forth in Section 7.

               9.13 Ownership of Credit Parties. (a) The Borrower shall directly or indirectly own
100% of the Capital Stock or other equity interests of each other Credit Party.

               (b) The Borrower shall directly or indirectly own 100% of the Capital Stock or other equity
interests of each Subsidiary which owns a Mortgaged Vessel.

               9.14 Flag of Mortgaged Vessels; Vessel Classifications. (a) The Borrower will, and
will cause each of its Subsidiaries to, cause each Mortgaged Vessel to be registered under the laws
and flag of Cyprus, Malta, Norway, England, Bahamas, Vanuatu, Dominica, Mexico, the United States
or any other jurisdiction acceptable to the Required Lenders; provided that (x) only the
Mortgaged Vessels registered under the laws and flag of Vanuatu and Mexico on the Effective Date
shall be permitted to be registered under the laws and flag of either such jurisdiction and (y) the
Borrower will not, and will not permit any of its Subsidiaries to, change the flag of any Mortgaged
Vessel from the flag of such Mortgaged Vessel on the Effective Date, or to register any Mortgaged
Vessel in the bareboat charter or similar registry of any country that is different from such
Vessel’s underlying country of registration on the Effective Date, in each case, without the prior
written consent of the Required Lenders (such consent not to be unreasonably withheld).

               (b) The Borrower will, and will cause each of its Subsidiaries to, insure that the
representation set forth in Section 8.24 is true and correct in all respects.

               9.15 Deposit of Earnings. Each Credit Party will cause the earnings derived from
each of the respective Mortgaged Vessels (other than the M/V Hondo River and M/V Spirit River, so
long as such vessels secure the MARAD Notes and to the extent required under the documentation
securing such MARAD Notes), to the extent constituting Earnings and Insurance Collateral, to be
deposited by the respective account debtor into one or more of the accounts maintained for such
Credit Party or the Borrower from time to time by or on behalf of the Agent and over which the
Agent shall have a first priority security interest.
Without limiting any Credit Party’s
obligations in respect of this Section 9.15, each Credit Party agrees that, in the event it
receives any earnings constituting Earnings and Insurance Collateral, or any such earnings are
deposited other than in one of the accounts, it shall promptly deposit all such proceeds into one
of the accounts maintained for such Credit Party or the Borrower from time to time by or on behalf
of the Agent and over which the Agent shall have a first priority security interest.

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               9.16 Mexican JV Option. Promptly after any such change, the Borrower shall, or shall
cause Trico Operators to, provide written notice to the Agent of the change in the exercise price
of the option
of Trico Operators to purchase the remaining equity interest in the Mexican JV, which notice
shall set forth the effective date of such change and the new exercise price.

               9.17 [Intentionally Omitted].

               9.18 Notice of Asset Sales. At least one 10 days prior to the consummation of any
Asset Sale the Borrower shall deliver to the Agent a written notice (the “Asset Sale
Notice”) which shall include (A) a reasonable description of the Asset Sale, including, without
limitation, the assets in such Asset Sale and whether such assets include any Collateral, (B) the
gross cash proceeds of such Asset Sale, (C) the Net Cash Proceeds (including reasonable detail with
respect to the calculations related thereto), (D) the date of the expected consummation of the
Asset Sale and (E) if the Agent is required to release any Collateral with respect to such Asset
Sale, any required release documentation with respect to the Collateral to be executed by the Agent
and released to the Company after either (I) the Net Cash Proceeds from such sale have been
delivered to the Agent or (II) the Agent has received evidence reasonably satisfactory to the Agent
that the Net Cash Proceeds from such sale will be delivered to the Agent directly by the purchaser
of such assets in such Asset Sale on the date of the consummation of such Asset Sale.

               9.19 Payments on Prepetition Second-Lien Notes. The Borrower shall not make any
payments on the Prepetition Second-Lien Notes.

               9.20 Direct Deposits into Advance Account. All distributions made by EMSL or the
Mexican JV to any Credit Party, and all proceeds of the EMSL Loans shall be directly deposited into
the Advance Account.

               9.21 [Intentionally Omitted].

               9.22 Compliance with Approved Budget. The Borrower and its Subsidiaries shall use
Cash Collateral and funds released from the Advance Account solely (i) to pay costs and expenses in
accordance with the Approved Budget, (ii) to make payments to the Lenders and the Agent required
pursuant to this Agreement and the other Credit Documents and (iii) to refinance and indefeasibly
repay in cash the Prepetition First Lien Debt. With respect to any period, the Borrower shall at
all times have an Approved Budget in effect.

               9.23 Professional Fee Reserve.

               (a) Deposits. The Borrower shall make the following cash deposits into the Advance
Account for allocation to the Professional Fee Reserve:

          (i) on or prior to the fifth day of each calendar month, an amount equal to one half of
the amount in the Approved Budget for fees and expenses of the attorneys, accountants and
other professionals retained by the Debtors and the Creditors’ Committee for such calendar
month; and

          (ii) on the twentieth day of each calendar month an amount equal to the greater of (x)
one half of the amount in the Approved Budget for fees and expenses of the attorneys,
accountants and other professionals retained by the Debtors and the

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Creditors’ Committee for
such calendar month; and (y) the aggregate outstanding amount of all unpaid invoices (or
portion thereof for invoices which have been partially paid) for fees and expenses of the
attorneys, accountants and other professionals retained by the Debtors and the Creditors’
Committee on such day minus the balance in the Professional Fee Reserve prior to the deposit
under this clause (ii) on such day.

               If an Event of Default has occurred and is continuing, then if so requested by the Agent, the
Borrower will no longer be required to pay the payments required pursuant to this Section
9.23(a).

               (b) Withdrawals. On the date that payments are made for fees and expenses of the
attorneys, accountants and other professionals retained by the Debtors or the Creditors’ Committee,
the Borrower shall withdraw amounts from the Professional Fee Reserve to pay such fee and expenses;
provided that because the Professional Fee Reserve and the funds therein are a part of the
Collateral, from and after the date of the Termination Notice, amounts withdrawn from the
Professional Fee Reserve may only be applied to pay fees and expenses which are covered by the
Carve-Out.

               (c) Withdrawal Request. The Borrower must give the Agent notice of any requested
withdrawal by the Borrower from the Professional Fee Reserve not less than five (5) Business Days
prior to the date of the applicable withdrawal.

               SECTION 10. Negative Covenants. The Borrower hereby covenants and agrees that on
and after the Effective Date and thereafter for so long as this Agreement is in effect and until no
Notes are outstanding and all Loans, together with interest, Fees and all other Obligations (other
than any indemnities described in Section 14.13 which are not then due and payable)
incurred hereunder and thereunder, are paid in full:

               10.01 Liens. The Borrower will not, and will not permit any of its Subsidiaries to,
create, incur, assume or suffer to exist any Lien upon or with respect to any property or assets
(real or personal, tangible or intangible) of the Borrower or any of its Subsidiaries, whether now
owned or hereafter acquired, or sell any such property or assets subject to an understanding or
agreement, contingent or otherwise, to repurchase such property or assets (including sales of
accounts receivable with recourse to the Borrower or any of its Subsidiaries), or collaterally
assign any right to receive income or permit the filing of any financing statement under the UCC or
any other similar notice of Lien under any similar recording or notice statute; provided
that the
provisions of this Section 10.01 shall not prevent the creation, incurrence,
assumption or existence of the following (Liens described below are herein referred to as
“Permitted Liens”):

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

     (ii) Liens in respect of property or assets of the Borrower or any of its Subsidiaries
imposed by law (other than such Liens described in clause (xiii) below), which were incurred
in the ordinary course of business and do not secure Indebtedness

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for borrowed money, such
as carriers’, warehousemen’s, materialmen’s and mechanics’ liens and other similar Liens
which are in existence less than 60 days from the date of creation thereof, and (x) which do
not in the aggregate materially detract from the value of the Borrower’s or such
Subsidiary’s property or assets or materially impair the use thereof in the operation of the
business of the Borrower or such Subsidiary or (y) which are being contested in good faith
by appropriate proceedings, which proceedings have the effect of preventing the forfeiture
or sale of the property or assets subject to any such Lien;

     (iii) Liens in existence on the Effective Date which are listed, and the property
subject thereto described, in Schedule VIII;

     (iv) Liens created pursuant to the Security Documents and the Interim Order (or Final
Order, when applicable);

     (v) Liens upon assets of any of the Non-Debtor Subsidiaries subject to Capitalized
Lease Obligations to the extent such Capitalized Lease Obligations are permitted by
Section 10.04(iv), provided that, (x) such Liens only serve to secure the
payment of Indebtedness arising under such Capitalized Lease Obligation and (y) the Lien
encumbering the asset giving rise to the Capitalized Lease Obligation does not encumber any
other asset of the Borrower or any Subsidiary of the Borrower;

     (vi) Liens upon Real Property, equipment, machinery or vessels (including, in each
case, any accounts receivable and other general intangibles associated therewith) of the
Trico Supply Group acquired or constructed after the Effective Date and used in the ordinary
course of business of the Trico Supply Group and placed at the time of the acquisition or
construction thereof by or within 270 days after such acquisition or the completion of such
construction, as the case may be, to secure Indebtedness incurred to pay all or a portion of
the purchase price or construction cost thereof or to secure Indebtedness incurred solely
for the purpose of financing the acquisition or construction of any such equipment,
machinery or vessels or extensions, renewals or replacements of any of the foregoing for the
same or a lesser amount, provided that, except as otherwise permitted by clause
(xvii) of this Section 10.01, (x) the Indebtedness secured by such Liens is
permitted by Section 10.04(v) and (y) in all events, the Lien encumbering the
equipment, machinery or vessels (and related accounts receivable and other general
intangibles) so acquired or constructed does not encumber any other asset of the Trico
Supply Group and, provided, further, that individual financings of
equipment, machinery or vessels by a single lender or a group of co-lenders may be
cross-collateralized to other financings of equipment, machinery or vessels provided solely
by such lender or group of lenders;

     (vii) zoning restrictions, easements, trackage rights, leases (other than Capital
Leases), licenses, special assessments, rights-of-way, restrictions, encroachments and other
similar charges or encumbrances, and minor title deficiencies, in each case not securing
Indebtedness and not materially interfering with the ordinary conduct of the business of the
Borrower or any of its Subsidiaries;

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     (viii) Liens arising from precautionary UCC financing statement filings regarding
operating leases entered into in the ordinary course of business;

     (ix) Liens arising out of the existence of judgments or awards in respect of which the
Borrower or any of its Subsidiaries shall in good faith be prosecuting an appeal or
proceedings for review and in respect of which there shall have been secured a subsisting
stay of execution pending such appeal or proceedings, provided that the aggregate
amount of all cash (including the stated amount of all letters of credit) and the fair
market value of all other property subject to such Liens does not exceed $20,000,000 at any
time outstanding;

     (x) statutory and common law landlords’ liens under leases to which the Borrower or any
of its Subsidiaries is a party;

     (xi) deposits or pledges required in the ordinary course of business in connection
with, or to secure payment of, payroll taxes, workmen’s compensation, unemployment
insurance, old age pensions or other social security obligations (other than any Lien
imposed by ERISA) and Liens securing the performance of bids, tenders, leases and contracts
in the ordinary course of business, statutory obligations, surety bonds, performance bonds
and other obligations of a like nature incurred in the ordinary course of business and
consistent with past practice, provided that, in each case, such Liens (I) do not
encumber any Collateral, (II) do not secure the payment of Indebtedness and (III) do not in
the aggregate impair in any material respect the use of the property of the Borrower or any
of its Subsidiaries in the operation of their business;

     (xii) Permitted Encumbrances;

     (xiii) Liens for wages of the crew, including the master of a Collateral Vessel,
relating to the current voyage of a Collateral Vessel, Liens for wages of stevedores when
employed directly by the shipowner, operator, the master, ship’s husband, or agent of a
Collateral Vessel, Liens for general average or salvage(including contract salvage), Liens
on a Collateral Vessel covered by valid policies of insurance held by the Agent and meeting
the requirements of Schedule XVII hereof, and Liens on a Collateral Vessel not
covered by such insurance incurred in the ordinary course of business and in existence for
less than 30 days;

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

     (xv) Liens on property or assets of the Trico Supply Group arising out of the sale and
lease-back transactions permitted under Section 10.02, so long as such Liens attach
only to the property sold and being leased in such transaction and any accessions thereto or
proceeds thereof and related property;

     (xvi) Liens on property or assets of the Trico Supply Group not otherwise permitted
pursuant to this Section 10.01 which secure obligations permitted under this
Agreement (other than Indebtedness for, or in respect of, borrowed money) not exceeding
$5,000,000 in the aggregate at any time outstanding and which apply to property and/or

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assets with an aggregate fair market value (as determined by Trico Supply in good faith) not
to exceed at any time the amount referenced above in this clause (xvi);

     (xvii) Liens on the Second-Lien Notes Collateral (as defined in the Prepetition First
Lien Loan Agreement) created pursuant to the Prepetition Second-Lien Note Documentation and
subject to the terms of the Prepetition Intercreditor Agreement;

     (xviii) Liens on assets of Trico Supply and its Subsidiaries and Parent Company Liens
securing the Trico Shipping Working Capital Facility; provided that the aggregate
principal amount of the Indebtedness secured thereunder shall not exceed $65,000,000, at any
one time outstanding; provided further that the aggregate principal amount
of Indebtedness secured by Liens permitted by this clause (xviii) and clause (xix) below
shall not exceed $465,000,000 at any one time outstanding;

     (xix) Liens on assets of Trico Supply and its Subsidiaries and Parent Company Liens
securing the Trico Shipping Senior Secured Notes Documents; provided that the
aggregate principal amount of the Indebtedness secured thereunder shall not exceed at any
one time outstanding $465,000,000 less the aggregate principal amount of the senior notes
issued thereunder which are redeemed, repurchased or otherwise retired; provided
further that that the aggregate principal amount of Indebtedness secured by Liens
permitted by clause (xviii) above and this clause (xix) shall not exceed $465,000,000 at any
one time outstanding;

     (xx) Liens on cash or Cash Equivalents of the Trico Supply Group to cash collateralize
letters of credit referred to in Section 10.04(xx) in a stated amount not to exceed
$15,000,000;

     (xxi) Liens on the Deposit (as defined in the Trico Shipping Commitment Letter (as
defined below)) in favor of Special Value Continuation Partners, LP, Tennenbaum
Opportunities Partners V, LP and Tennenbaum DIP Opportunity Fund, LLC (collectively, the
“Commitment Parties”) to secure obligations to pay the Tennenbaum Expenses (as
defined in the Trico Shipping Commitment Letter) and the other sums payable by Trico
Shipping under the Trico Shipping Commitment Letter. As used herein, “Trico Shipping
Commitment Letter” shall mean that certain Commitment Letter
among Trico Shipping AS and the Commitment Parties dated as of June 21, 2010, as
amended from time to time; and

     (xxii) (x) Liens relating to the cash collateralization of letters of credit permitted
under Section 10.04(xix), and (y) upon the expiration of any such letter of credit, the
direct cash collateralization of the obligations supported by such letter of credit,
provided the amount of cash collateral so provided shall not exceed the face amount of such
expired letter of credit;

     (xxiii) Liens existing on the date hereof securing the MARAD Notes; and

     (xxiv) Liens securing the Prepetition First Lien Debt.

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In connection with the granting of Liens described in clause (v) above by the Borrower or any of
its Subsidiaries, the Agent shall be authorized to take any actions deemed appropriate by it in
connection therewith (including, without limitation, by executing appropriate lien releases or lien
subordination agreements in favor of the holder or holders of such Liens, in either case solely
with respect to the item or items of equipment or other assets subject to such Liens).

               10.02 Consolidation, Merger, Purchase or Sale of Assets, etc. The Borrower will not,
and will not permit any of its Subsidiaries to, wind up, liquidate or dissolve its affairs or enter
into any partnership, joint venture, or transaction of merger or consolidation, or convey, sell,
lease, charter or otherwise dispose of all or any part of its property or assets, or any of the
Collateral or enter into any sale-leaseback transactions, except that:

     (i) [Intentionally Omitted];

     (ii) (x) Investments by the Borrower and its Subsidiaries shall be permitted in
accordance with Section 10.05 and (y) Capital Expenditures by the Subsidiaries of
the Borrower shall be permitted to the extent not in violation of Section 10.07;

     (iii) the Trico Supply Group may sell any asset, including vessels (and any related
equipment and spare parts), provided that (x) no Default or Event of Default is then
in existence or would result from each such sale, (y) each such sale is made at least at
fair market value (as determined in good faith by the chief executive officer or the chief
financial officer of the applicable member of the Trico Supply Group) and (z) other than in
the case of transfers to joint ventures for purposes of employment of vessels in Mexico or
Brazil, 75% of the consideration in respect of each such sale shall consist of cash or Cash
Equivalents received by the respective member of Trico Supply Group which owned such vessel
on the date of consummation of each such sale, provided that for purposes of the 75%
cash or Cash Equivalent consideration requirement in the foregoing clause (z), (a) the
amount of any Indebtedness of Trico Supply Group (as shown on Trico Supply’s or the relevant
Subsidiary’s most recent balance sheet or in the notes thereto) that is assumed by the
transferee of any such assets and (b) the amount of any trade-in value applied to the
purchase price of any replacement assets acquired in connection with such sale transfer or
disposition shall be deemed to be cash;

     (iv) any Subsidiary of the Borrower may lease (as lessee) or license (as licensee) real
or personal property pursuant to leases or licenses, as applicable, in existence as of the
Effective Date or in the ordinary course of business consistent with past practices (so long
as any such lease or license does not create a Capitalized Lease Obligation except to the
extent permitted by Section 10.04(iv));

     (v) any Subsidiary of the Borrower may sell or discount, in each case without recourse
and in the ordinary course of business, overdue accounts receivable arising in the ordinary
course of business, but only in connection with the compromise or collection thereof
consistent with customary industry practice (and not as part of any bulk sale or financing
transaction), provided that no such sale or discount may exceed $100,000 individually or
$250,000 in the aggregate from and after the Effective Date without the prior written
consent of Required Lenders;

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     (vi) the Borrower or any Subsidiary may sell or otherwise transfer all or any part of
its business, properties or assets to the Borrower or any Guarantor with, in the case of any
properties or assets with a value in excess of $100,000 (individually or in the aggregate
for all such sales or transfers conducted pursuant to clause (vi)), 10 days’ prior written
notice to Agent, in each case so long as all actions necessary or desirable to preserve,
protect and maintain the security interest and Lien of the Agent in any Collateral involved
in any such transaction are taken to the satisfaction of the Agent;

     (vii) any Subsidiary of the Borrower may merge with and into, or be dissolved or
liquidated into, the Borrower or any Guarantor, so long as (w) Agent shall have received 10
days’ prior written notice thereof, (x) in the case of any such merger, dissolution or
liquidation involving the Borrower, the Borrower is the surviving corporation of any such
merger, dissolution or liquidation, (y) except as provided in preceding clause (x), in the
cases of any such merger, dissolution or liquidation involving a Guarantor, a Guarantor is
the surviving corporation of any such merger, dissolution or liquidation, and (z) in all
cases, the security interests granted to the Agent for the benefit of the Secured Creditors
hereunder, under the Interim Order (or the Final Order, when applicable) or pursuant to the
Security Documents shall remain in full force and effect and perfected (to at least the same
extent as in effect immediately prior to such merger, dissolution or liquidation);

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

     (ix) any Foreign Subsidiary of the Trico Supply Group may sell or otherwise transfer
all or any part of its business, properties or assets to any Wholly-Owned Foreign Subsidiary
of the Trico Supply Group;

     (x) any Subsidiary of the Borrower may sell obsolete or worn-out equipment or materials
in the ordinary course of business, provided that, other than with respect to such sales
conducted by the Trico Supply Group, if the book value or the fair market value of such
equipment exceeds $100,000, Agent shall have received 10 days’ prior written notice thereof;

     (xi) any Subsidiary in the Trico Supply Group may enter into sale-leaseback
transactions provided that the aggregate remaining present value outstanding under
the

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leases relating to such sale-leaseback transactions entered into pursuant to this clause
(xi) does not exceed at any one time outstanding $4,000,000;

     (xii) sales, transfers, leases or other dispositions of assets by the Trico Supply
Group not otherwise permitted by this Section 10.02; provided that the
aggregate gross proceeds of any or all assets sold, transferred, leased or otherwise
disposed of in reliance upon this paragraph (xii) shall not exceed during any fiscal year
$5,000,000;

     (xiii) Trico Marine International may sell the vessels M/V Hondo River and M/V Spirit
River with the prior written consent of the Required Lenders (which consent shall not be
unreasonably withheld); and

     (xiv) Certain installment sale arrangements between Trico Assets and the Mexican JV
existing on the Effective Date and listed on Schedule XVIII shall be permitted.

To the extent the Required Lenders waive the provisions of this Section 10.02 with respect
to the sale of any Collateral, or any Collateral is sold as permitted by this Section
10.02, such Collateral (unless sold or otherwise transferred to either Borrower or a Subsidiary
of the Borrower) shall be sold free and clear of the Liens created by the Security Documents, and
the Agent shall be authorized to take any actions deemed appropriate in order to effect the
foregoing. Notwithstanding anything to the contrary contained above in this Section 10.02,
in no event shall the Borrower of any of its Subsidiaries sell, lease or otherwise dispose of
assets otherwise permitted under this Section 10.02 that, in the aggregate, constitute all
or any substantial part of the assets of the Borrower and its Subsidiaries taken as a whole,
provided that this sentence shall not apply to sales, leases and other dispositions
otherwise permitted pursuant to Sections 10.02(v), (vi) and (viii).

Notwithstanding anything to the contrary herein, Trico Operators shall not convey, sell or
otherwise dispose of all or any portion of its equity interest in the Mexican JV or its right to
acquire any equity interest in the Mexican JV, in each case, without the prior written consent of
the Lenders.

               10.03 Dividends. The Borrower will not, and will not permit any of its Subsidiaries
to, authorize, declare or pay any Dividends with respect to the Borrower or any of its
Subsidiaries, except that:

     (i) any Subsidiary of the Borrower may pay cash Dividends to the Borrower or to any
other Wholly-Owned Subsidiary of the Borrower which is a Credit Party and any Subsidiary of
the Borrower which is not a Guarantor also may pay cash Dividends to the Borrower or to any
Wholly-Owned Subsidiary of the Borrower;

     (ii) [Intentionally Omitted]; and

     (iii) the Borrower may pay Dividends on its Qualified Preferred Interests solely
through the issuance of additional shares of its Qualified Preferred Interests but not in
cash.

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               10.04 Indebtedness. The Borrower will not, and will not permit any of its
Subsidiaries to, contract, create, incur, assume or suffer to exist any Indebtedness,
except:

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

               (ii) Indebtedness under the Prepetition First Lien Loan Documentation;

               (iii) Existing Indebtedness listed on Schedule V;

               (iv) Indebtedness of any Subsidiary in the Trico Supply Group evidenced by Capitalized
Lease Obligations, provided that (x) at the time of, and after giving effect
thereto, no Default or Event of Default shall be in existence and (y) in no event shall the
sum of the aggregate principal amount of all Capitalized Lease Obligations permitted by this
clause (iv) exceed $25,000,000 at any time outstanding;

               (v) purchase money Indebtedness of any Subsidiary in the Trico Supply Group described
in Section 10.01(vi), provided that no Default or Event of Default exists at
the time of the incurrence thereof and after giving effect thereto and after giving effect
thereto;

               (vi) unsecured Indebtedness of the Trico Supply Group, provided that no Default
or Event of Default exists at the time of the incurrence thereof and after giving effect
thereto;

               (vii) intercompany Indebtedness to the extent permitted by Section 10.05(vii);

               (viii) (x) Contingent Obligations of any Subsidiary of the Borrower (other than the
Borrower and the Guarantors) with respect to Indebtedness and lease obligations of any other
Subsidiary of the Borrower otherwise permitted under this Agreement and (y)
Contingent Obligations of the Borrower and the Guarantors in the form of guaranties of
obligations of their Subsidiaries under operating leases entered into in the ordinary course
of business;

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

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

               (xi) Indebtedness of the Borrower under the Senior Notes outstanding on the date
hereof, minus any repayments or prepayments thereof;

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     (xii) intercompany Indebtedness existing under the Trico Supply Intercompany Loan
Documentation, the TMS Intercompany Indebtedness and the Trico Marine Cayman Intercompany
Loan;

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

     (xiv) so long as no Default or Event of Default then exists or would result therefrom,
additional Indebtedness of the Trico Supply Group not to exceed $5,000,000 in aggregate
principal amount at any time outstanding, which Indebtedness shall be unsecured;

     (xv) Indebtedness consisting of a subordinated non-recourse guarantee issued by the
Guarantors (and any additional Subsidiary that becomes a Guarantor after the Effective Date)
for the benefit of the holders of Prepetition Second-Lien Notes as credit support for the
Borrower’s obligations under the Prepetition Second-Lien Notes Indenture;

     (xvi) Indebtedness under the Trico Shipping Working Capital Facility; provided
that the aggregate principal amount of Indebtedness thereof shall not exceed $65,000,000 at
any one time outstanding; provided further that that the aggregate principal
amount of Indebtedness permitted by this clause (xvi) and clause (xvii) below shall not
exceed $465,000,000 at any one time outstanding;

     (xvii) Indebtedness under the Trico Shipping Senior Secured Notes Documents;
provided that the aggregate principal amount of Indebtedness thereof shall not
exceed at any one time outstanding $400,000,000 less the aggregate principal amount of the
senior notes issued thereunder which are redeemed, repurchased or otherwise retired;
provided further that that the aggregate principal amount of Indebtedness
permitted by clause (xvi) above and this clause (xvii) shall not exceed $465,000,000 at any
one time outstanding

     (xviii) Notwithstanding the foregoing, the guarantees of the Parent of the Trico
Shipping Working Capital Facility and the Trico Shipping Senior Secured Notes Documents
shall be subordinated to the Obligations;

     (xix) (x) Letters of credit issued under the Existing Credit Agreement (as defined in
the Prepetition First Lien Loan Agreement) and permitted to be cash collateralized pursuant
to Section 8.08(a)(y) of the Prepetition First Lien Loan Agreement and (y) any letters of
credit issued to replace such letters of credit, provided that the face amount of any such
replacement letters of credit shall not exceed the letters of credit being replaced;

     (xx) Letters of credit of the Trico Supply Group in a stated amount not to exceed
$15,000,000 minus the stated amount of letters of credit then outstanding under the Trico
Shipping Working Capital Facility; provided that such letters of credit may not
provide credit support for other Indebtedness for borrowed money; and

     (xxi) Loans from EMSL to Trico Marine Services (Hong Kong) Limited (“EMSL
Loans”); but solely to the extent that (a) such loans are unsecured, and (b) no

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     officer
of EMSL shall have been authorized to make demand for the repayment of the EMSL Loans.

               10.05 Advances, Investments and Loans. The Borrower will not, and will not permit
any of its Subsidiaries to, directly or indirectly, lend money or credit or make advances to any
Person, or purchase or acquire any stock, obligations or securities of, or any other interest in,
or make any capital contribution to, any other Person, or purchase or own a futures contract or
otherwise become liable for the purchase or sale of currency or other commodities at a future date
in the nature of a futures contract (each of the foregoing an “Investment” and,
collectively, “Investments”), except that the following shall be permitted:

     (i) the Subsidiaries of the Borrower may acquire and hold accounts receivables owing to
any of them;

     (ii) the Subsidiaries of the Borrower may acquire and hold cash and Cash Equivalents;

     (iii) the Borrower and its Subsidiaries may hold the Investments held by them on the
Effective Date and described on Schedule IX, provided that such Investments
may be renewed or reinvested upon the expiration or maturity thereof, and provided further
that any additional Investments made with respect thereto shall be permitted only if
permitted under the other provisions of this Section 10.05;

     (iv) the Subsidiaries of the Borrower may acquire and own investments (including debt
obligations) received in connection with the bankruptcy or reorganization of suppliers and
customers and in good faith settlement of delinquent obligations of, and other disputes
with, customers and suppliers arising in the ordinary course of business;

     (v) (i) the Trico Supply Group may make loans and advances to their officers, employees
and consultants in the ordinary course of business not to exceed $500,000 in the aggregate
at any time outstanding (calculated without regard to write-downs or write-offs thereof) and
(ii) advances of payroll payments and expenses to employees in the ordinary course of
business;

     (vi) (x) [Intentionally Omitted], (y) the Subsidiaries of the Borrower may perform
their obligations under Other Hedging Agreements entered into in the ordinary course of
business prior to the Effective Date, and (z) the Trico Supply Group may enter into and
perform their obligations under Other Hedging Agreements entered into in the
ordinary course of business so long as each such Other Hedging Agreement is
non-speculative in nature;

     (vii) Subject to the proviso below, (A) the Borrower and its Subsidiaries may make
intercompany loans and advances between and among one another, (B) Subsidiaries of the
Borrower may make intercompany loans and advances to the Borrower and/or the Guarantors and
(C) Wholly-Owned Subsidiaries of the Borrower that are not Credit Parties may make
intercompany loans and advances between or among one another (collectively referred to
herein as “Intercompany Loans”), in each case so long as each Intercompany Loan made
to a Credit Party is subject to the provisions of a

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subordination agreement (including the
Intercompany Subordination Agreement) acceptable to the Agent (which agreement must have
been executed by the obligor and obligee of each such Intercompany Loan); provided that no
Credit Party may make a loan to any Subsidiary which is not Credit Party;

     (viii) the Borrower and its Subsidiaries may incur Contingent Obligations permitted
pursuant to Section 10.04(viii);

     (ix) the Trico Supply Group may hold Investments arising out of non-cash consideration
for the sale of assets permitted by Section 10.02(ii);

     (x) the Trico Supply Group may hold Investments permitted pursuant to Section
10.04;

     (xi) the Trico Supply Group may acquire equity interests in a Person which immediately
after such acquisition and the related transactions becomes a Subsidiary of the Trico Supply
Group, provided that no Default or Event of Default exists at the time thereof or
after giving effect thereto;

     (xii) so long as no Default or Event of Default then exists or would result therefrom,
the Trico Supply Group may make cash capital contributions and/or loans to joint ventures
and other Subsidiaries of the Trico Supply Group in an aggregate amount not to exceed
$10,000,000 in any fiscal year of the Borrower;

     (xiii) [Intentionally Omitted]; and

     (xiv) the Borrower and its Subsidiaries may make cash capital contributions and/or
loans to joint ventures and other Subsidiaries of the Borrower with the prior written
consent of the Required Lenders in each instance.

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

     (i) Dividends may be paid to the extent provided in Section 10.03;

     (ii) loans may be made and other transactions (including the incurrence of Contingent
Obligations) may be entered into by the Borrower and its Subsidiaries to the extent
permitted by Sections 10.02, 10.04 and 10.05;

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

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

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

     (vi) other transactions existing on the Effective Date and set forth on Schedule
XI.

               10.07 Maintenance Capital Expenditures. The Borrower will not, and will not permit
any of its Subsidiaries (other than the Trico Supply Group) to, make any Capital Expenditures,
except that the Subsidiaries of the Borrower may make Maintenance Capital Expenditures in an amount
not to exceed $2,000,000 in the aggregate during the term of this Agreement.

               10.08 Minimum Monthly Consolidated EBITDA. The Borrower will not permit the
Consolidated EBITDA for any month ending on the dates set forth below to be less than the amount
set forth below opposite such month:

	 	 	 	 	 
	 	 	Minimum Monthly
	 	 	Consolidated EBITDA
	Period Ended	 	(in millions)
	August 31, 2010
	 	 	($3.50	)
	September 30, 2010
	 	 	($1.50	)
	October 31, 2010
	 	 	($1.75	)
	November 30, 2010
	 	 	($1.75	)
	December 31, 2010
	 	 	($1.60	)
	January 31, 2011
	 	 	($1.40	)
	February 28, 2011
	 	 	($1.40	)

               10.09 Minimum Consolidated Cash Flow. (i) The Borrower will not permit its
Consolidated Cash Flow for the period beginning on the Effective Date or the day immediately
following the last day of the prior period, as applicable, and ending on the date set forth below
to be less than the amount set forth below opposite such end date:

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	 	 	Minimum Monthly
	 	 	Consolidated Cash Flow
	Trailing Four Week Period Ending	 	(in millions)
	September 10, 2010
	 	 	($3.75	)
	October 8, 2010
	 	 	($6.60	)
	November 5, 2010
	 	 	($0.75	)
	December 3, 2010
	 	 	$0.25	 
	December 31, 2011
	 	 	($1.50	)
	January 28, 2011
	 	 	($8.00	)
	February 25, 2011
	 	 	($1.00	)

               (ii) The Borrower will not permit its Consolidated Cash Flow for the period beginning on
August 20, 2010 and ending on the date set forth below to be less than the amount set forth below
opposite such end date:

	 	 	 	 	 
	 	 	Minimum Cumulative
	 	 	Consolidated Cash Flow
	Cumulative Period Ending	 	(in millions)
	September 10, 2010
	 	 	($3.75	)
	October 8, 2010
	 	 	($10.00	)
	November 5, 2010
	 	 	($11.00	)
	December 3, 2010
	 	 	($10.00	)
	December 31, 2011
	 	 	($11.50	)
	January 28, 2011
	 	 	($18.00	)
	February 25, 2011
	 	 	($18.75	)

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For purposes of determining compliance with this Section 10.09, and notwithstanding
anything to the contrary herein, all fees and expenses of any professional seeking access to the
Carve-Out shall be deemed paid in cash at the time such fees and expenses are submitted, whether or
not such fees are actually paid.

               10.10 Minimum Liquidity. The Borrower will not permit Liquidity as of the dates set
forth below to be less than the amount set forth opposite such date:

	 	 	 
	 	 	Minimum Liquidity
	 	 	Requirement (in
	Period Ended	 	millions)
	September 3, 2010

	 	$7.5
	September 17, 2010
	 	$5.5
	October 1, 2010
	 	$4.0
	October 15, 2010 and the last day of each two week 

period thereafter
	 	$3.5

For purposes of determining compliance with this Section 10.10, and notwithstanding
anything to the contrary herein, all fees and expenses of any professional seeking access to the
Carve-Out
shall be deemed paid in cash at the time such fees and expenses are submitted, whether or not such
fees are actually paid.

               10.11 Limitations on Modifications of Certificate of Incorporation, By-Laws and Certain
Other Agreements, etc. The Borrower will not, and will not permit any of its Subsidiaries
(other than the Trico Supply Group) to:

     (i) amend, modify or change its certificate or articles of incorporation (including,
without limitation, by the filing or modification of any certificate or articles of
designation), certificate of formation, limited liability company agreement or by-laws (or
the equivalent organizational documents), as applicable, or any agreement entered into by it
with respect to its Capital Stock or other equity interests, or enter into any new agreement
with respect to its Capital Stock or other equity interests;

     (ii) amend, modify or change any provision of the Trico Supply Intercompany Loan
Documentation, except for (x) amendments to the interest rate and other terms thereof
necessary to comply with applicable law or any rule, regulation, judgment or similar act of
any governmental authority and (y) modifications to expressly subordinate any and all
payments arising under the Trico Supply Intercompany Loan Documentation to payments arising
under each of the Trico Shipping Senior Secured Notes Documents and Trico Shipping Working
Capital Facility and (z) modifications to permit interest to accrue if Trico Supply has
insufficient funds available to make such interest payment, or such payment would result in
a default under other indebtedness of Trico Supply, and

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provide that any such accrued and
unpaid interest will be added to the principal amount thereof and accrue interest; or

          (iii) prepay, discharge or forgive all or any portion of the Trico Supply Intercompany
Loan.

               10.12 Restrictions on Use of Proceeds, Cash Collateral and Carve-Out. No proceeds of
the Loans, Collateral, Cash Collateral (including any prepetition retainer funded by the
Prepetition First Lien Lenders), Prepetition Collateral or, in each case, any proceeds of any of
the foregoing (other than proceeds of the Loans and Cash Collateral up to an amount not to exceed
$25,000 in the aggregate with respect to Committee Challenge Fees) or any portion of the Carve-Out
shall be used by any of the Debtors, any other Credit Party or any of their Subsidiaries, any
Committee, and any trustee or other estate representative appointed in the Chapter 11 Cases or any
Successor Case, or any other person, party or entity to (i) request authorization to obtain
postpetition loans or other financial accommodations pursuant to Bankruptcy Code section 364(c) or
(d), or otherwise, other than from the Lenders, except for the purpose of repayment the Loan in
full and in cash; (ii) investigate (except as set forth below), assert, join, commence, support or
prosecute any action for any claim, counter-claim, action, proceeding, application, motion,
objection, defense, or other contested matter seeking any order, judgment, determination or similar
relief against, or adverse to the interests of, in any capacity,
Prepetition First Lien Agent, any Prepetition First Lien Lender, the Agent and/or any Lenders
(or any of their respective officers, directors, employees, agents, attorneys, affiliates, assigns,
or successors, with respect to any transaction occurrence, omission, or action, including, without
limitation, (a) any Avoidance Actions or other actions arising under chapter 5 of the Bankruptcy
Code; (b) any so-called “lender liability” claims and causes of action; (c) any action with respect
to the validity, enforceability, priority and extent of the Loans and/or the Prepetition First Lien
Debt, or the validity, extent, and priority of the Liens securing the Obligations, the Prepetition
First Liens, or the adequate protection liens; (d) any action seeking to invalidate, set aside,
avoid or subordinate, in whole or in part, the Liens securing the Obligations, the Prepetition
First Liens, or the adequate protection liens; and/or (e) any objection to the reimbursement of any
fees, costs or expenses of any of Agent, Lenders, Prepetition First Lien Agent and/or Prepetition
First Lien Lenders or any other action that has the effect of preventing, hindering or delaying
(whether directly or indirectly) the Agent’s, the Lenders’, the Prepetition First Lien Agent’s,
and/or the Prepetition First Lien Lenders’ assertion, enforcement or realization on the Cash
Collateral, the Prepetition Collateral or the Collateral in accordance with this Agreement and the
Credit Documents, the Prepetition First Lien Loan Documentation, the Prepetition Second-Lien Notes
Documentation or the Interim Order (or the Final Order, when applicable); or (iii) pay any or all
claims for fees and expenses of any other person or entity, in connection with the investigation
of, the assertion of or joinder in any claim, cause of action, counterclaim, action, proceeding,
application, litigation, motion, objection, defense or other contested matter, the purpose of which
is to seek or the result of which would be to obtain any order, judgment, determination,
declaration or similar relief: (x) invalidating, setting aside, avoiding, recharacterizing or
subordinating, in whole or in part, any claim, indebtedness, liens and/or security interests of the
Prepetition First Lien Agent, any Prepetition First Lien Lender, the Agent and/or the Lenders; or
(y) objecting to or commencing any action that prevents or affirmatively delays the exercise by the
Agent or the Lenders of any of its respective rights and remedies under any Credit Document, the
Interim Order (or the Final Order, when applicable) or

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(z) seeking any affirmative legal or
equitable remedy against the Agent or any Lender (or any of their respective directors, agents,
professionals, attorneys, employees, officers, subsidiaries, affiliates or assigns).

               10.13 Limitation on Certain Restrictions on Subsidiaries. The Borrower will not, and will
not permit any of its Subsidiaries to, directly or indirectly, create or otherwise cause or suffer
to exist or become effective any encumbrance or restriction on the ability of any such Subsidiary
to (a) pay dividends or make any other distributions on its capital stock or any other interest or
participation in its profits owned by the Borrower or any of its Subsidiaries, or pay any
Indebtedness owed to the Borrower or any of its Subsidiaries, (b) make loans or advances to the
Borrower or any of its Subsidiaries or (c) transfer any of its properties or assets to the Borrower
or any of its Subsidiaries, except for such encumbrances or restrictions existing under or by
reason of (i) applicable law, (ii) this Agreement and the other Credit Documents, the Senior Notes,
the Trico Marine Cayman Intercompany Loan, the TMS Intercompany Indebtedness, the Trico Supply
Intercompany Loan Documentation, the Trico Shipping Senior Secured Notes Documentation (as in
effect on the Effective Date) and the Trico Shipping Working Capital Credit Facility (as in effect
on the Effective Date), (iii) customary provisions restricting subletting or assignment of any
lease governing any leasehold interest of
the Borrower or any of its Subsidiaries which is in effect and outstanding on the Effective Date,
(iv) customary provisions restricting assignment of any agreement entered into by the Borrower or
any of its Subsidiaries in the ordinary course of business, (v) restrictions on the transfer of any
asset pending the close of the sale of such asset pursuant to documentation in effect and
outstanding on the Effective Date, and (vi) restrictions on the transfer of any asset subject to a
Lien permitted by Section 10.01(iii) or (v).

               10.14 Limitation on Issuance of Capital Stock. (a) The Borrower will not, and will
not permit any of its Subsidiaries to, issue (i) any preferred stock or other preferred equity
interests or (ii) any redeemable common stock or other redeemable common equity interests.

          (b) The Borrower will not permit any of its Subsidiaries to issue any Capital Stock or other
equity interests (including by way of sales of treasury stock) or any options or warrants to
purchase, or securities convertible into, Capital Stock or other equity interests, except (i) for
transfers and replacements of then outstanding shares of Capital Stock or other equity interests,
(ii) for stock splits, stock dividends and issuances which do not decrease the percentage
ownership of the Borrower or any Credit Party in any class of the Capital Stock or other equity
interests of such Credit Party, (iii) to qualify directors to the extent required by applicable
law, or (iv) issuances by Wholly-Owned Subsidiaries to the Borrower or another Wholly-Owned
Subsidiary.

               10.15 Change of Legal Names; Type of Organization (and whether a Registered
Organization); Jurisdiction of Organization etc. No Credit Party will change its legal name,
its type of organization, its status as a registered organization (in the case of a registered
organization), its jurisdiction of organization, its location, or its organizational identification
number (if any).

               10.16 Business. The Borrower will not, and will not permit any of its Subsidiaries
to, engage in any business other than any business conducted by the Borrower and

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its Subsidiaries
on the Effective Date and any other business or activities as may be substantially similar,
incidental or related thereto.

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

               10.18 Voluntary Prepayments, Etc. of Indebtedness. (a) The Borrower will not, and will not permit any of its Subsidiaries to, directly or
indirectly, voluntarily prepay, redeem, purchase, defease or otherwise satisfy prior to the
scheduled maturity thereof in any manner (i) the Senior Notes or (ii) any other Indebtedness that
is required to be subordinated to the Obligations pursuant to the terms of the Credit Documents
(collectively, “Junior Financing”) or make any payment in violation of any subordination
terms of any Prepetition Second-Lien Notes Documentation or other Junior Financing Documentation.

               (b) The Borrower will not, and will not permit any of its Subsidiaries to, directly or
indirectly, amend, modify or change any term or condition of any documentation related to the
Senior Notes, including, but not limited to the Prepetition Second-Lien Notes Documentation,
except as expressly provided in Section 5.3 of the Prepetition Intercreditor Agreement, or any
other Junior Financing Documentation.

               (c) Except pursuant to a confirmed reorganization plan, and except as specifically permitted
hereunder, no Debtor shall, (i) without the express prior written consent of the Agent and the
Required Lenders or (ii) pursuant to an order of the Bankruptcy Court after notice and hearing,
make any payment or transfer with respect to any Lien or Indebtedness incurred or arising prior
to the filing of the Chapter 11 Case that is subject to the automatic stay provisions of the
Bankruptcy Code whether by way of “adequate protection” under the Bankruptcy Code or otherwise.

               10.19 Collateral Maintenance. The Borrower will not permit the Aggregate Appraised
Value of the Mortgaged Vessels over which Agent has a first priority Lien to equal less than 120%
of the aggregate outstanding principal amount of all Loans at any time.

               10.20 Negative Pledge. Except as may have been pledged prior to the Effective Date
and other than with respect to Intercompany Loans that are fully made by and owed to Subsidiaries
that are members of the Trico Supply Group, the Credit Parties shall not (and shall not permit any
of its Subsidiaries to) sell, pledge or otherwise transfer any of its rights, title or interests in
any Intercompany Loan except to the Agent as security for the Loans.

               10.21 Professional Fees. The Borrower shall not permit the cumulative amount of all
Restructuring Costs for the period from the period beginning on the Petition Date and ending on the
20th day of each calendar month after the Petition Date (including all invoices and
other fee statements of professional submitted on such 20th day) to exceed the
cumulative amount set forth for Restructuring Costs in the Approved Budget or Approved Budgets for
such period, such covenant to be tested on the 20th day of each calendar month. For
purposes of

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determining compliance with this Section 10.21, and notwithstanding anything to
the contrary herein, all fees and expenses of any professional seeking access to the Carve-Out
shall be deemed paid in cash at the time such fees and expenses are submitted, whether or not such
fees are actually paid.

               10.22 EMSL Matters. At any time that the EMSL Loans are outstanding, the Borrower
shall not permit any director of EMSL appointed by Trico Marine Services (Hong Kong) Limited to
consent to or approve an authorization for any officer of EMSL to make any demand for the repayment
of the EMSL Loans.

               SECTION 11. Events of Default. For purposes of this Agreement and the other Credit
Documents, notwithstanding the provisions of Section 363 of the Bankruptcy Code and without notice,
application or motion to, hearing before, or order of the Bankruptcy Court or any notice to any
Credit Party, any of the following shall be an “Event of Default”:

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

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

               11.03 Covenants. The Borrower or any of its Subsidiaries shall (i) default in the
due performance or observance by it of any term, covenant or agreement contained in Sections
9.01(g), 9.08, 9.11(c), 9.11(d), 9.13, 9.16, 9.20,
9.22 or Section 10 of this Agreement; (ii) a default in the performance or
observance by it of any term, covenant, or agreement contained in Sections 1.3, 1.4, 1.5, 1.6, 1.7,
1.9, 1.10(c), 1.11, 1.13, 1.14(a) or 1.15 of any Vessel Mortgage; or (iii) default in the due
performance or observance by it of any other term, covenant or agreement (other than those referred
to in Section 11.01, 11.02 or clause (i) or (ii) of this Section 11.03)
contained in this Agreement or in any other Credit Document and, in the case of this clause (iii),
such default shall continue unremedied for a period of 30 days after written notice to the
defaulting party by the Agent or the Required Lenders; or

               11.04 Default Under Other Agreements. (i) The Borrower or any of its Subsidiaries
(other than the Debtors in respect of Indebtedness incurred or arising prior to the Petition Date)
shall default in any payment of any Indebtedness (other than the Obligations, any Indebtedness of
the Trico Supply Group not in excess of $1,000,000, the TMS Intercompany Indebtedness, the Trico
Marine Cayman Intercompany Loan, the Trico Supply Intercompany Loan Documentation and any other
intercompany loans) beyond the period of grace, if any, provided in the instrument or
agreement under which such Indebtedness was created or (ii) the Borrower or any of its Subsidiaries
(other than the Debtors in respect of Indebtedness incurred or arising prior to the Petition Date)
shall default in the observance or performance of any agreement or condition relating to any
Indebtedness (other than the Obligations, any Indebtedness of the Trico Supply Group not in excess
of $1,000,000, the TMS Intercompany

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Indebtedness, the Trico Marine Cayman Intercompany Loan, the
Trico Supply Intercompany Loan Documentation and any other intercompany loans) or contained in any
instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or
condition exist, the effect of which default or other event or condition is to cause, or to permit
the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or
holders) to cause (determined without regard to whether any notice is required), any such
Indebtedness to become due prior to its stated maturity; provided, that other than
in the case of the MARAD Notes, it shall not be a Default or Event of Default under this Section
11.04 unless the aggregate principal amount of all Indebtedness as described in the preceding
clauses (i) and (ii) is at least $1,000,000; provided further, that unless any
enforcement action is taken in respect of or in connection with such Indebtedness, including
without limitation, any exercise on any collateral or any acceleration of such Indebtedness, a
default in the observance or performance of any agreement or condition relating to any Indebtedness
of the Trico Supply Group shall not be a Default or an Event of Default under this Section 11.04
until such default has continued unremedied and unwaived for a period of 30 days; or

               11.05 Bankruptcy, etc. Any of the Credit Parties or any of their Subsidiaries shall
(i) commence a voluntary case or other voluntary proceeding concerning itself under Title 11 of the
Bankruptcy Code in any jurisdiction other than the District of Delaware; (ii) move or cause to be
moved any voluntary case or other voluntary proceeding concerning itself under Title 11 of the
Bankruptcy Code commenced in the District of Delaware (including without limitation, any of the
Chapter 11 Cases) to any other jurisdiction; (iii) commence a voluntary case or other voluntary
proceeding under any foreign bankruptcy or insolvency laws; (iv) have an involuntary case or other
involuntary proceeding commenced against it in any jurisdiction (including any foreign
jurisdiction) and, the petition or request for relief in any such involuntary proceeding is not
controverted within 10 days after service of summons, and if controverted not dismissed within 60
days, after commencement of the case; or a custodian (as defined in the Bankruptcy Code) is
appointed for, or takes charge of, all or substantially all of its property, or (v) commences any
other proceeding under any reorganization, arrangement, adjustment of debt, relief of debtors,
dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or hereafter
in effect relating to it or there is commenced against it any such proceeding which remains
undismissed for a period of 60 days, or (vi) except in connection with the Bankruptcy Cases, be
adjudicated insolvent or bankrupt; or any order of relief or other order approving any such case or
proceeding is entered; or (vii) suffer any appointment of any custodian or the like for it or any
substantial part of its property to continue undischarged or unstayed for a period of 60 days; or
(viii) make a general assignment for the benefit of creditors; or (ix) take any corporate or
organizational action for the purpose of effecting any of the foregoing.

               11.06 ERISA. (a) A contribution required to be made with respect to a Plan or a Foreign Pension Plan is
not timely made, or the Borrower or any of its Subsidiaries has incurred or is reasonably likely to
incur liabilities pursuant to one or more employee welfare benefit plans (as defined in Section
3(1) of ERISA) that provide benefits to retired employees or other former employees (other than as
required by Section 601 of ERISA) or Plans or Foreign Pension Plans, or the Borrower or any of its
Subsidiaries has incurred or is reasonably likely to incur any liability on account of a group
health plan (as defined in Section 607(1) of ERISA, Section 4980B(g)(2) of the Code or 45 Code of
Federal Regulations Section 160.103) under

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Section 4980B of the Code and/or the Health Insurance
Portability and Accountability Act of 1996; (b) there shall result from any such event or events
the imposition of a lien, the granting of a security interest, or a liability or a material risk of
incurring a liability; and (c) such lien, security interest or liability, individually and/or in
the aggregate, in the opinion of the Required Lenders, has had, or could reasonably be expected to
have, a Material Adverse Effect; or

               11.07 Security Documents. At any time after the execution and delivery thereof, any
of the Security Documents shall cease to be in full force and effect, or shall cease to give the
Agent for the benefit of the Secured Creditors the Liens (other than with respect to Liens created
under the Pledge and Security Agreement over Collateral of the Debtors over which a Lien has also
been granted and remains in effect pursuant to the Interim Order and when entered, the Final
Order), rights, powers and privileges purported to be created thereby (including, without
limitation, a perfected security interest in, and Lien on, all of the Collateral (except to the
extent a Lien has been granted and remains in effect in such Collateral pursuant to the Interim
Order and when entered, the Final Order), in favor of the Agent, superior to and prior to the
rights of all third Persons to the extent permitted by Section 2.15(b) hereof and Permitted
Liens (in the case of Non-Debtor Credit Parties); or

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

               11.09 Judgments. One or more judgments or decrees shall be entered against the
Borrower or any of its Subsidiaries involving in the aggregate for the Borrower and its
Subsidiaries a liability (not paid or fully covered by a reputable and solvent insurance company)
and such judgments and decrees either shall be final and non-appealable or shall not be vacated,
discharged or stayed or bonded pending appeal for any period of 60 consecutive days, and the
aggregate amount of all such judgments, to the extent not covered by insurance equals or exceeds
$1,000,000; or

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

               11.11 Indebtedness of the Trico Supply Group. The commencement of any enforcement
action by any creditor of any Person in the Trico Supply Group, and with respect to any action by
an unsecured creditor, such action remains undismissed or unstayed for 30 days after commencement;
provided that it shall not be a Default or Event of Default under this Section 11.11 unless
the aggregate principal amount of all such Indebtedness is at least $1,000,000; or

               11.12 Mexican JV. (i) Any distribution is made by the Mexican JV to any Person other
than (a) to Trico Operators or (b) as contemplated in Section 8.25(b) or (ii) the lien in
favor of the Agent for the benefit of the Secured Creditors on the equity interests in the Mexican
JV held by Trico Operators ceases for any reason to be a valid and effective lien on such equity
interest; or

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               11.13
Second Lien Notes Documentation. Any of the Obligations for any reason shall cease
to be “Senior Permitted Indebtedness” under, and as defined in the Prepetition Second Lien Notes
Indenture or the Liens securing the Prepetition Second-Lien Debt shall cease to be second in
priority to the Liens of the Agent on behalf of the Lenders securing the Obligations; or

               11.14 Final Order. The failure to enter the Final Order within 30 days of the
Petition Date; or

               11.15 Dismissal or Conversion. Dismissal of any of the Chapter 11 Cases with respect
to any of the Debtors or conversion of any such Chapter 11 Case to a chapter 7 case; or

               11.16 Appointment of Trustee. Appointment of a chapter 11 trustee or examiner or
other person with expanded powers with respect to any of the Debtors in any Chapter 11 Case; or

               11.17 Relief From Stay. Entry of an order granting relief from the automatic stay to
permit foreclosure on any asset of any of the Debtors the value of which, individually or in the
aggregate for all assets for which such relief is granted from and after the Petition Date, exceeds
$1,000,000 ; or

               11.18 Superpriority Claim or Lien. Entry of an order granting any other
superpriority claim or lien equal to or superior in priority to that granted to the Agent or the
Lenders; or

               11.19 Change to Interim or Final Order. Except to the extent acceptable to the Required Lenders in their sole discretion,
modification, reversal, amendment, vacation or stay of the effectiveness of the Interim Order or
the Final Order; or

               11.20 Enforcement Action. The commencement of any enforcement action by any material
creditor of any direct or indirect Subsidiary of the Borrower, and with respect to any action by an
unsecured creditor, such action remains undismissed or unstayed for 30 days after commencement,
except where any such action against an entity that is not a Credit Party could not reasonably be
expected to result in a Material Adverse Effect; or

               11.21 Proposal of Plan. The proposal by the Debtors of any plan of reorganization or
liquidation (or the failure of the Debtors to diligently oppose any plan of reorganization or
liquidation proposed by any other Person (other than the Agent on behalf of the Lenders)) for any
of the Debtors that does not provide for the indefeasible payment in full in cash of the Loans and
all other Obligations on the effective date of such plan of reorganization or liquidation; or

               11.22 Assertion of Claim Against Agent or Lenders. The commencement of any action
(whether under Bankruptcy Rule 2004 or otherwise), litigation, contested matter or adversary
proceeding or assertion of any setoff or offset by any Credit Party against any of the Agent or the
Lenders; or

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               11.23 Violation of Order. Any material violation by the Credit Parties of the
Interim Order or the Final Order; or

               11.24 Order Against Lenders. The entry by any court with valid jurisdiction of an
order or judgment in any of the Chapter 11 Cases modifying, limiting, subordinating,
recharacterizing or avoiding the priority, validity or amount of any indebtedness owed to the
Lenders or the perfection, priority or validity of the Prepetition First Liens or post-petition
liens in favor of the Agent or the Lender on any Collateral or imposing, surcharging or assessing
against the Prepetition First Lien Lenders, the Lenders or their respective claims or any
Collateral any costs or expenses, whether pursuant to Section 506(c) of the Bankruptcy Code or
otherwise; or

               11.25 Allowance of Claim. Any Debtor files any application for approval or allowance
of, or any order is entered approving or allowing, any administrative expense claim in any of the
Chapter 11 Cases, having any priority over, or being pari passu with, the superadministrative
priority of the Agent or the Lenders hereunder, under the Interim Order, the Final Order or the
Security Documents (other than those covered by the Carve-Out); or

               11.26 Committee Request for Allowance of Claim. Any Committee files any application
for approval or allowance of, or any order is entered approving or allowing, any administrative
expense claim in any of the Chapter 11 Cases, having any priority over, or being pari passu with,
the superadministrative priority of the Agent or the Lenders hereunder, under the Interim Order,
the Final Order or the Security Documents (other than those covered by the Carve-Out) and either
(i) the Debtors do not immediately and diligently oppose such application or (ii) an order is
entered approving such application; or

               11.27 Payment of Prepetition Indebtedness. The payment of any Prepetition
Indebtedness of any Debtor other than (a) payments on account of prepetition amounts allowed and
approved by the Bankruptcy Court pursuant to any Debtor’s first day motions and specifically
provided for in the Approved Budget and (b) payments to any Lender under the Prepetition First Lien
Loan Agreement, except as otherwise consented to in writing by the Required Lenders; or

               11.28 Sale of Assets. Any sale, transfer or other disposition of any material assets
of any Debtor or of any Subsidiary of any Debtor without the prior written consent of the Required
Lenders (other than with regard to Trico Supply and its Subsidiaries, for which the Agent has been
provided not less than 10 days’ prior written notice of any such sale, transfer or disposition or
as permitted by Section 10.02); or

               11.29 Subsequent Debtor-in-Possession Financing by Debtors. Except to the extent the
Required Lenders support the motion or application in their sole and absolute discretion, any
motion or application is filed by or on behalf of any Debtor in any of the Chapter 11 Cases seeking
the entry of an order, or an order is entered in any of the Chapter 11 Cases, approving any
subsequent debtor-in-possession facility for borrowed money or other extensions of credit unless
such motion or applications and such order expressly provide for the indefeasible payment and
complete satisfaction in full in cash to the Lenders of all Obligations prior to, or

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concurrently
with, any initial borrowings or other extensions of credit under such subsequent facility; or

               11.30 Other Subsequent Debtor-in-Possession Financing. Except to the extent the
Required Lenders support the motion or application in their sole and absolute discretion, any
motion or application is filed by or on behalf of any Committee or other party in interest in any
of the Chapter 11 Cases seeking the entry of an order, or an order is entered in any of the Chapter
11 Cases, approving any subsequent Debtor-in-Possession facility for borrowed money or other
extensions of credit unless such motion or applications and such order expressly provide for the
indefeasible payment and complete satisfaction in full in cash to the Lenders of all Obligations
prior to, or concurrently with, any initial borrowings or other extensions of credit under such
subsequent facility and either (i) the Debtors do not immediately and diligently oppose such
application or (ii) an order is entered
approving such subsequent debtor-in-Possession facility for borrowed money or other extension
of credit; or

               11.31 Refinancing of the Prepetition First Lien Loans. Failure of (a) the
refinancing of the Prepetition First Lien Loans to be approved in the Final Order within 30 days
after the Petition Date and (b) all Prepetition First Lien Debt under the Prepetition First Lien
Loan Agreement to be indefeasibly repaid in full in cash within five (5) days after the entry of
the Final Order.

               11.32 Remedies.

               (a) Upon the occurrence of any Event of Default then, and in any such event, and at any time
thereafter, if any Event of Default shall then be continuing, the Agent and the Lenders shall
continue to have all rights and remedies available to them under this Agreement, the other Credit
Documents and under applicable law, and notwithstanding the provisions of Section 362 of the
Bankruptcy Code, without any application, motion or notice to, hearing before, or order from, the
Bankruptcy Court, the Agent, upon the written request of the Required Lenders and upon five (5)
Business Days’ written notice to the Debtors and their counsel, counsel to any Creditors’
Committee, counsel to each of the Prepetition First Lien Agent and the U.S. Trustee (the
“Waiting Period”), take any or all of the following actions, without prejudice to the
rights of the Agent, any Lender or the holder of any Note to enforce its claims against any
Credit Party: (i) terminate the use of any Cash Collateral; (ii) declare the principal of and
any accrued interest in respect of all Loans and the Notes and all Obligations owing hereunder
and thereunder to be, whereupon the same shall become, forthwith due and payable without
presentment, demand, protest or other notice of any kind, all of which are hereby waived by each
Credit Party; (iii) terminate any outstanding Commitments; (iv) require Trico Operators to
exercise its option to purchase the equity interests in the Mexican JV held by parties other than
Trico Operators; (v) enforce, as Agent, all of the Liens and security interests created pursuant
to the Security Documents; (vi) [intentionally omitted]; and (vii) upon five (5) Business Days’
written notice to the Debtors and any landlord, lienholder, licensor or other third party owner
of any leased or licensed premises or intellectual property that an Event of Default under this
Agreement has occurred and is continuing, the Agent (a) may, unless otherwise provided in any
separate agreement by and between the applicable landlord or licensor, and the Agent or the
Lenders (the terms of which shall be reasonably acceptable to the parties thereto), enter upon
any leased or licensed

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premises of the Debtors for the purpose of exercising any remedy with
respect to Collateral located thereon and (b) shall be entitled to all of the Debtors’ rights and
privileges as lessee or licensee under the applicable license and to use any and all trademarks,
trade names, copyrights, licenses, patents or any other similar assets of the Debtors, which are
owned by or subject to a lien of any third party and which are used by Debtors in its businesses,
in either the case of clause (a) or (b) above without interference from lienholders or licensors
thereunder, subject to such lienholders or licensors rights under applicable law; provided,
however, that the Agent or the Lenders shall pay only rent and additional rent, fees, royalties
or other obligations of the Debtors that first arise after the Agent’s or the Lenders’ written
notice referenced above and that are payable during the period of such occupancy or use by
the Agent or the Lenders, as the case may be, calculated on a per diem basis (nothing herein
shall require the Debtors, the Agent or the Lenders to assume any lease or license under
Bankruptcy Code Section 365(a) as a precondition to the rights afforded to the Agent and the
Lenders in this paragraph). To the extent that any of the foregoing rights and remedies would
otherwise be in violation of the automatic stay of Section 362 of the Bankruptcy Code, such stay
shall be deemed modified, as set forth in the Interim Order, or upon entry of the Final Order,
the Final Order, to the extent necessary to permit the Agent and the Lenders to exercise such
rights and remedies.

               During the Waiting Period, the Debtors and their Subsidiaries shall not use any Cash
Collateral or any DIP Loan proceeds to pay any expenses except those provided for in the Approved
Budget.

               (b) If any Event of Default shall then be continuing, notwithstanding the provisions of
Section 362 of the Bankruptcy Code, without any application, motion or notice to, hearing before,
or order from, the Bankruptcy Court, and without any prior notice thereof, at the request of the
Agent the Credit Parties shall dock one or more of their vessels (as specified by Agent) at one
or more ports reasonably selected by the Agent.

               (c) The Bankruptcy Court shall retain exclusive jurisdiction with respect to all matters
relating to the exercise of rights and remedies under this Agreement and the other Credit
Documents, the Interim Order and the Final Order. The only issue as to which the Debtors may
seek Bankruptcy Court intervention at any hearing seeking to delay or prevent the Agent or the
Lenders from exercising remedies shall be whether an Event of Default has in fact, occurred and
is continuing.

               (d) The Agent (on behalf of the Lenders) and the Prepetition First Lien Agent (on behalf of
the Prepetition First Lien Lenders) shall have the right to “credit bid” the allowed amount of
the Loans and/or the Prepetition First Lien Debt, as applicable, as applicable, during any sale
of any of the Debtors’ assets pledged as Collateral or pledged as collateral to secure the
Prepetition First Lien Debt, including without limitation, sales occurring pursuant to section
363 of the Bankruptcy Code or included as part of any plan subject to confirmation under section
1129(b)(2)(A)(iii) of the Bankruptcy Code. Additionally, and without limiting the foregoing, in
the sole discretion of the Agent, after the occurrence and during the continuance of an Event of
Default, upon direction by the Agent (on behalf of the Lenders), the Debtors shall engage in a
sale of any or all of the Collateral designated by the Lenders under Sections 363 and 365 of the
Bankruptcy Code (each, a “363

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Sale”), in a sale that will be conducted on a time schedule
selected by the Agent (subject to availability of the Bankruptcy Court’s calendar), and at which
the Agent (on behalf of the Lenders) shall be permitted to credit bid all or any portion of the
Obligations, including unaccreted original issue discount. In the event the Debtors do not
timely file a 363 Sale motion, the Agent (on behalf of the Lenders) may file such a motion on the
Debtors’ behalf, and if the Agent files such a motion on the Debtor’s behalf, the Debtors shall
reasonably cooperate in all aspects of the sale, including providing witnesses at hearings and
depositions without need for a subpoena as well as marshalling assets at the direction of the
Agent (on behalf of the Lenders). The rights of the Agent (on behalf of the Lenders) to direct
the
Debtors to conduct one or more 363 Sales on shortened notice and to file a motion for
approval of a 363 Sale on the Debtors’ behalf if the Debtors fail to timely file such motion are
material remedies without which the Lenders would not provide the Loan. Such rights are
protected by Section 364(e) of the Bankruptcy Code and may not be subsequently conditioned,
limited, modified, vacated, reversed or eliminated for cause under Section 363(k) of the
Bankruptcy Code or otherwise, regardless whether the Debtors’ estates are administratively
insolvent before or after the exercise of such rights.

Each of the Borrower, Trico Operators and the other Credit Parties hereby irrevocably makes,
constitutes and appoints the Agent as its true and lawful attorney-in-fact, with full power of
substitution, from time to time during the continuance of an Event of Default, and without assent
by any of them, to exercise its option to purchase the equity interests in the Mexican JV held by
parties other than it. This power of attorney is a power coupled with an interest and shall be
irrevocable. The costs and expenses of the Agent incurred in connection with any exercise of this
power of attorney shall be payable on demand, and is otherwise subject to reimbursement pursuant to
Section 14.01.

                    SECTION 12. The Agent.

               12.01 Appointment. The Lenders hereby irrevocably designate and appoint Obsidian
Agency Services, Inc., as Agent (for purposes of Sections 12.02, 12.03,
12.05, 12.06, 12.09, 12.10 and Section 14.01, the term
“Agent” also shall include the Agent (and/or any of its affiliates) in its capacity as
collateral agent pursuant to the Security Documents, this Agreement and the financings contemplated
hereby) to act as specified herein and in the other Credit Documents. Each Lender hereby
irrevocably authorizes, and each holder of any Note by the acceptance of such Note shall be deemed
irrevocably to authorize, the Agent to take such action on its behalf under the provisions of this
Agreement, the other Credit Documents and any other instruments and agreements referred to herein
or therein and to exercise such powers and to perform such duties hereunder and thereunder as are
specifically delegated to or required of the Agent by the terms hereof and thereof and such other
powers as are reasonably incidental thereto. The Agent may perform any of its respective duties
hereunder by or through its officers, directors, agents, employees or affiliates. Each Lender
irrevocably appoints the Agent as security trustee on its behalf with regard to (i) the security,
powers, rights, titles, benefits and interests (both present and future) constituted by and
conferred on the Lenders or any of them or for the benefit thereof under or pursuant to any Credit
Document (including, without limitation, the benefit of all covenants, undertakings,
representations, warranties and obligations given, made or undertaken to any Lender in any Credit
Document), (ii) all moneys, property and other assets paid or transferred to or vested in any
Lender or any agent of any Lender or received or

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recovered by any Lender or any agent of any Lender
pursuant to, or in connection with, any Credit Document whether from any Credit Party or any other
Person and (iii) all money, investments, property and other assets at any time representing or
deriving from any of the foregoing, including all interest, income and other sums at any time
received or receivable by any Lender or any agent of any Lender in respect of the same (or any part
thereof). The Agent hereby accepts such appointment.

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

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

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

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refraining from acting
hereunder or under any other Credit Document in accordance with the instructions of the Required
Lenders.

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

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

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

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

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               12.09 Resignation by the Agent. (a) The Agent may resign from the performance
of all its respective functions and duties hereunder and/or under the other Credit Documents at any
time by giving 15 Business Days’ prior written notice to the Lenders and, unless a Default or an
Event of Default under Section 11.05 then exists, the Borrower. Such resignation shall
take effect upon the appointment of a successor Agent pursuant to clauses (b) and (c) below or as
otherwise provided below.

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

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

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

               12.10 No Other Duties, Etc. Anything herein to the contrary notwithstanding, the
agent listed on the cover page hereof shall not have any powers, duties or responsibilities under
this Agreement or any of the other Credit Documents, except in its capacity, as applicable, as
Agent or Lender hereunder.

                    SECTION 13. Guaranty.

               13.01 Guaranty. In order to induce the Agent and the Lenders to enter into this
Agreement and to extend credit hereunder, and in recognition of the direct benefits to be received
by the Borrower from the proceeds of the Loans, the Guarantors hereby agree with the Guaranteed
Creditors as follows: the Guarantors hereby and unconditionally and irrevocably guarantee to the
Guaranteed Creditors, as primary obligor and not merely as surety, the full and prompt payment when
due, whether upon maturity, acceleration or otherwise, of any and all of the Guaranteed Obligations
to the Guaranteed Creditors. If any or all of the Guaranteed Obligations becomes due and payable
hereunder, the Guarantors, unconditionally and irrevocably, promise to pay such indebtedness to the
Agent and/or the other Guaranteed Creditors, or order, on demand, together with any and all
reasonable documented out-of-pocket expenses which may be incurred by the Agent and the other
Guaranteed Creditors in collecting any of the Guaranteed Obligations. If claim is ever made upon
any Guaranteed Creditor for repayment or recovery of any amount or amounts received in payment or
on account of any of

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the Guaranteed Obligations and any of the aforesaid payees repays all or part
of said amount by reason of (i) any judgment, decree or order of any court or administrative body
having jurisdiction over such payee or any of its property or (ii) any settlement or compromise of
any such claim effected by such payee with any such claimant (including the Borrower), then and in
such event the Guarantors agree that any such judgment, decree, order, settlement or compromise
shall be binding upon the Guarantors, notwithstanding any revocation of this Guaranty or other
instrument evidencing any liability of the Borrower, and the Guarantors shall be and remain liable
to the aforesaid payees hereunder for the amount so repaid or recovered to the same extent as if
such amount had never originally been received by any such payee.

               13.02 Bankruptcy. Additionally, the Guarantors unconditionally and irrevocably
guarantee to the Guaranteed Creditors the payment of any and all of the Guaranteed Obligations
whether or not due or payable by the Borrower upon the occurrence of any of the events specified in
Section 11.05, and unconditionally, irrevocably, jointly and severally promises to pay such
indebtedness to the Guaranteed Creditors, or order, on demand.

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

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

               13.05 Authorization. The Guarantors authorize the Guaranteed Creditors without
notice or demand (except as shall be required by applicable statute or this Agreement and cannot be
waived), and without affecting or impairing its liability hereunder, from time to time to:

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

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

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

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

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

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

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

     (h) take any other action which would, under otherwise applicable principles of common
law, give rise to a legal or equitable discharge of the Guarantors from their liabilities
under this Guaranty.

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

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               13.07 Subordination. Any indebtedness of the Borrower now or hereafter owing to the
Guarantors is hereby subordinated to the Guaranteed Obligations of the Borrower owing to the
Guaranteed Creditors; and if the Agent so requests at a time when an Event of Default exists, all
such indebtedness of the Borrower to the Guarantors shall be collected, enforced and received by
the Guarantors for the benefit of the Guaranteed Creditors and be paid over to the Agent on behalf
of the Guaranteed Creditors on account of the Guaranteed Obligations, but without affecting or
impairing in any manner the liability of the Guarantors under the other provisions of this
Guaranty. Prior to the transfer by the Guarantors of any note or negotiable instrument evidencing
any such indebtedness of the Borrower to the Guarantors, the Guarantors shall mark such note or
negotiable instrument with a legend that the same is subject to this subordination. Without
limiting the generality of the foregoing, the Guarantors hereby agree with the Guaranteed Creditors
that they will not exercise any right of subrogation which they may at any time otherwise have as a
result of this Guaranty (whether contractual, under Section 509 of the Bankruptcy Code or
otherwise) until all Guaranteed Obligations have been paid in full in cash. If and to the extent
required in order for the Guaranteed Obligations of any Guarantor to be enforceable under
applicable federal, state and other laws relating to the insolvency of debtors, the maximum
liability of such Guarantor hereunder shall be limited to the greatest amount which can lawfully be
guaranteed by such Guarantor under such laws, after giving effect to any rights of contribution,
reimbursement and subrogation arising under this Section 13.07.

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

          (b) The Guarantors waive all presentments, demands for performance, protests and notices,
including, without limitation, notices of nonperformance, notices of protest, notices of
dishonor, notices of acceptance of this Guaranty, and notices of the existence, creation or
incurring of new or additional Guaranteed Obligations. The Guarantors assume all responsibility
for being and keeping themselves informed of the Borrower’s

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financial condition and assets, and
of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and
the nature, scope and extent of the risks which the Guarantors assume and incur hereunder, and
agree that neither the Agent nor any of the other Guaranteed Creditors shall have any duty to
advise the Guarantors of information known to them regarding such circumstances or risks.

               13.09 Payment. All payments made by the Guarantors pursuant to this Section
13 shall be made in Dollars. All payments made by the Guarantors pursuant to this Section
13 will be made without setoff, counterclaim or other defense.

                    SECTION 14. Miscellaneous.

               14.01 Payment of Expenses, etc.

          (a) Within ten Business Days of receipt of a written invoice (containing summary detail and
redacted to preserve privilege), with a copy provided to the U.S. Trustee, counsel to the Debtors
and counsel to the Committee, the Borrower shall pay all reasonable costs and expenses of the
Agent (including, without limitation, the reasonable fees and disbursements of Latham & Watkins
LLP, Young Conaway Stargatt & Taylor LLP, Blank Rome LLP and the Agent’s local counsel and the
Agent’s consultants and advisers) incurred in connection with the consideration, investigation,
negotiation, documentation, execution, consummation, delivery, administration, amendment and
enforcement of the Interim Order, the Final Order, this Agreement, the other Credit Documents and
the documents and instruments referred to herein and therein and any amendment, waiver or consent
relating hereto or thereto, and participation in the Chapter 11 Cases, including without
limitation, legal, accounting, appraisal, investigation, audit, inspection, insurance, title
insurance, and other similar fees and costs, regardless of whether or not the Loan or any other
financing is consummated (the “Expenses”), provided there has been no objection by the
U.S. Trustee, the Debtors or the Committee received by the Agent within ten days after their
receipt of the foregoing invoice (an “Objection”). Any written Objection to such fees or
expenses must contain a specific basis for the Objection and a quantification of the undisputed
amount of the fees and expenses invoiced; failure to object with specificity or to quantify the
undisputed amount of the invoice subject to such objection will constitute a waiver of any
objection to such invoice. None of such costs, fees, charges, and expenses shall be subject to
Bankruptcy Court approval or required to be maintained in accordance with the United States
Trustee Guidelines and no recipient of any such payment shall be required to file with respect
thereto any interim or final fee application with the Bankruptcy Court; provided,
that to the extent the Debtors fail to reimburse the Agent and/or the Lenders for any
such fees and expenses that are not subject to objection as provided herein, the applicable
professionals shall be permitted to apply any amounts held in escrow or retainer (whether
obtained prior to, on, or after, the Petition Date) against such unpaid fees and expenses without
the need to file any application with the Bankruptcy Court; provided, further,
that the Bankruptcy Court shall have jurisdiction to determine any dispute concerning such
invoices; provided, however, if an objection to a professional’s invoice is timely received, the
Debtors shall only be required to timely pay the undisputed amount of the invoice and the
Bankruptcy Court shall have jurisdiction to determine the disputed portion of such invoice if the
parties are unable to resolve the dispute.

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          (b) The Expenses shall include the Exit Fee and any fees, payments and expenses related to
or described in Sections 14.01(d) and 14.19 (the “Indemnity”);
provided, that payment of the Indemnity and the Exit Fee shall not be subject to
any Objection or the procedures related to the Objection described in Section 14.01(a).

          (c) All unpaid Expenses shall constitute part of the Loans and shall be secured by the
Collateral and afforded all priorities and protections afforded to the Loans under the Interim
Order, the Final Order, this Agreement and any other Credit Document.

          (d) The Borrower further agrees to: (i) pay all out-of-pocket costs and expenses of the
Agent and of each of the Lenders in connection with the enforcement of the Interim Order, the
Final Order, this Agreement and the other Credit Documents and the documents and instruments
referred to herein and therein or in connection with any refinancing or restructuring of the
credit arrangements provided under this Agreement in the nature of a “work-out” or pursuant to
any insolvency or bankruptcy proceedings (including, in each case without limitation, the
reasonable fees and disbursements of counsel and consultants for the Agent and counsel for each
of the Lenders) (provided that, in each case, upon the request of the Agent or the applicable
Lenders, the Borrower further agrees to pay any such amounts under this clause (i) in advance);
(ii) pay and hold the Agent and each of the Lenders harmless from and against any and all present
and future stamp, documentary, transfer, sales and use, value added, excise and other similar
taxes with respect to the foregoing matters, the performance of any obligation under this
Agreement or any other Credit Document or any payment thereunder, and save the Agent and each of
the Lenders harmless from and against any and all liabilities with respect to or resulting from
any delay or omission (other than to the extent attributable to the Agent or such Lender) to pay
such taxes; and (iii) indemnify the Agent and each Lender, and each of their respective officers,
directors, employees, representatives, agents, affiliates, trustees and investment advisors from
and hold each of them harmless against any and all liabilities, obligations (including removal or
remedial actions), losses, damages, penalties, claims, actions, judgments, suits, costs, expenses
and disbursements (including reasonable attorneys’ and consultants’ fees and disbursements)
incurred by, imposed on or assessed against any of them as a result of, or arising out of, or in
any way related to, or by reason of, (a) any investigation, litigation or other proceeding
(whether or not the Agent or any Lender is a party thereto and whether or not such investigation,
litigation or other proceeding is brought by or on behalf of any Credit Party) related to the
entering into and/or performance of the Interim Order, the Final Order, this Agreement or any
other Credit Document or the proceeds of any Loans hereunder or the consummation of the
Transaction or any other transactions contemplated herein or in any other Credit Document or the
exercise of any of their rights or remedies provided herein or in the other Credit Documents, or
(b) the Release of Hazardous Materials by the Borrower or any of the Borrower’s Subsidiaries into
the air, surface water or groundwater or on the surface or subsurface of any Vessel or Real
Property at any time owned, operated or occupied by the Borrower, or any of the Borrower’s
Subsidiaries, the generation, storage, transportation, handling, disposal or Release of Hazardous
Materials by the Borrower or any of the Borrower’s Subsidiaries at any location, whether or not
owned, leased or operated by the Borrower or any of the Borrower’s Subsidiaries, the
non-compliance of any vessel or Real Property with Environmental Laws (including applicable
permits thereunder) applicable to any vessel or Real Property, or any Environmental Claim asserted against the Borrower or any

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of the Borrower’s Subsidiaries, or any vessel or Real
Property at any time owned, operated or occupied by the Borrower or any of the Borrower’s
Subsidiaries, including, in each case, without limitation, the reasonable fees and disbursements
of counsel and other consultants incurred in connection with any such investigation, litigation
or other proceeding (but excluding any losses, liabilities, claims, damages or expenses to the
extent incurred by reason of the gross negligence or willful misconduct of the Person to be
indemnified (as determined by a court of competent jurisdiction in a final and non-appealable
decision) or caused by the actions or inactions of the Person to be indemnified. To the extent
that the undertaking to indemnify, pay or hold harmless the Agent or any Lender set forth in the
preceding sentence may be unenforceable because it is violative of any law or public policy, the
Borrower shall make the maximum contribution to the payment and satisfaction of each of the
indemnified liabilities which is permissible under applicable law.

               14.02 Right of Setoff. In addition to any rights now or hereafter granted under
applicable law or otherwise, and not by way of limitation of any such rights, upon the occurrence
and during the continuance of an Event of Default, the Agent and each Lender is hereby authorized
at any time or from time to time, without presentment, demand, protest or other notice of any kind
to any Credit Party or to any other Person, any such notice being hereby expressly waived, to set
off and to appropriate and apply any and all deposits (general or special) and any other
Indebtedness at any time held or owing by the Agent or such Lender (including, without limitation,
by branches and agencies of the Agent or such Lender wherever located) to or for the credit or the
account of the Borrower or any of its Subsidiaries against and on account of the Obligations and
liabilities of the Credit Parties to the Agent or such Lender under this Agreement or under any of
the other Credit Documents, including, without limitation, all interests in Obligations purchased
by such Lender pursuant to Section 14.06(b), and all other claims of any nature or
description arising out of or connected with this Agreement or any other Credit Document,
irrespective of whether or not the Agent or such Lender shall have made any demand hereunder and
although said Obligations, liabilities or claims, or any of them, shall be contingent or unmatured.

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

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14.03 or in accordance with the latest unrevoked direction from such party given in accordance
with this Section 14.03.

               14.04 Benefit of Agreement; Assignments; Participations.

          (a) This Agreement shall be binding upon and inure to the benefit of and be enforceable by
the respective successors and assigns of the parties hereto; provided, however,
that the Borrower may not assign or transfer any of its rights, obligations or interest hereunder
or under any other Credit Document without the prior written consent of the Lenders, and,
provided further, that, although any Lender may transfer, assign or grant participations
in its rights hereunder, such Lender shall remain a “Lender” for all purposes hereunder (and may
not transfer or assign all or any portion of its Loans and related outstanding Obligations
hereunder except as provided in Sections 2.12 and 14.04(b)) and the transferee,
assignee or participant, as the case may be, shall not constitute a “Lender” hereunder and,
provided further, that no Lender shall transfer or grant any participation under which
the participant shall have rights to approve any amendment to or waiver of this Agreement or any
other Credit Document except to the extent such amendment or waiver would (i) extend the final
scheduled maturity of any Loan or Note in which such participant is participating, or reduce the
rate or extend the time of payment of interest or Fees thereon (except in connection with a
waiver of applicability of any post-default increase in interest rates) or reduce the principal
amount thereof (it being understood that any amendment or modification to the financial
definitions in this Agreement or to Section 14.07(a) shall not constitute a reduction in
the rate of interest or Fees payable hereunder) or increase the amount of the participant’s
participation over the amount thereof then in effect (it being understood that a waiver of any
Default or Event of Default shall not constitute a change in the terms of such participation, and
that an increase in any Commitment (or the available portion thereof) or Loan shall be permitted
without the consent of any participant if the participant’s participation is not increased as a
result thereof), (ii) consent to the assignment or transfer by the Borrower of any of its rights
and obligations under this Agreement or (iii) release all or substantially all of the Collateral
under all of the Security Documents (except as expressly provided in the Credit Documents)
supporting the Loans hereunder in which such participant is participating. In the case of any
such participation, the participant shall not have any rights under this Agreement or any of the
other Credit Documents (the participant’s rights against such Lender in respect of such
participation to be those set forth in the agreement executed by such Lender in favor of the
participant relating thereto) and all amounts payable by the Borrower hereunder shall be
determined as if such Lender had not sold such participation.

          (b) Notwithstanding the foregoing, any Lender (or any Lender together with one or more other
Lenders) may (x) assign all or a portion of its Loans and related outstanding Obligations
hereunder to (i) (A) its parent company and/or any affiliate of such other Lender which is at
least 50% owned by such Lender or its parent company or (B) to one or more other Lenders or any
affiliate of any such Lender which is at least 50% owned by such other Lender or its parent
company (provided that any fund that invests in loans and is managed or advised by the
same investment advisor of another fund which is a Lender (or by an Affiliate of such investment
advisor) shall be treated as an affiliate of such other Lender for the purposes of this
sub-clause (x)(i)(B)), or (ii) in the case of any Lender that is a fund that invests in loans,
any other fund that invests in loans and is managed or advised by the same investment advisor of

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any Lender or by an Affiliate of such investment advisor or (iii) to one or more Lenders or (y)
assign all, or if less than all, a portion equal to at least $1.0 million in the aggregate for
the assigning Lender or assigning Lenders, of such Loans and related outstanding Obligations
hereunder to one or more Eligible Transferees (treating any fund that invests in bank loans and
any other fund that invests in bank loans and is managed or advised by the same investment
advisor of such fund or by an Affiliate of such investment advisor as a single Eligible
Transferee), each of which assignees shall become a party to this Agreement as a Lender by
execution of an Assignment and Assumption Agreement, provided that in the case of any
assignment of Loans or Commitments (i) any such assignment shall be of proportionate percentages
of the New Money Loan and the Refinancing Loan (or if not yet funded, the Refinancing Loan
Commitment), (ii) at such time, Schedule I shall be deemed modified to reflect the
outstanding Loans of such new Lender and of the existing Lenders, (iii) upon the surrender of the
relevant Notes by the assigning Lender, new Notes will be issued, at the Borrower’s expense, to
such new Lender and to the assigning Lender upon the request of such new Lender or assigning
Lender, such new Notes to be in conformity with the requirements of Section 2.04 (with
appropriate modifications) to the extent needed to reflect the revised outstanding Loans, (iv)
the consent of (x) the Agent and (y) so long as no Default or Event of Default is then in
existence, the Borrower shall, in each case, be required in connection with any such assignment
pursuant to clause (y) above (each of which consents shall not be unreasonably withheld or
delayed), (v) the Agent shall receive at the time of each such assignment, from the assigning or
assignee Lender, the payment of a non-refundable assignment fee of $3,500 and (vi) no such
transfer or assignment will be effective until recorded by the Agent on the Register pursuant to
Section 14.15. To the extent of any assignment pursuant to this Section
14.04(b), the assigning Lender shall be relieved of its obligations hereunder with respect to
its assigned Loans. At the time of each assignment pursuant to this Section 14.04(b) to
a Person which is not already a Lender hereunder and which is not a United States person (as such
term is defined in Section 7701(a)(30) of the Code) for U.S. Federal income tax purposes, the
respective assignee Lender shall, to the extent legally entitled to do so, provide to the
Borrower the appropriate Internal Revenue Service Forms (and, if applicable, a Section
5.04(b)(ii) Certificate described in Section 5.04(b)) to the extent such forms would
provide a complete exemption from or reduction in United States withholding tax. In addition,
each respective assignee Lender that is not an “exempt recipient” (as such term is defined in
Section 1.6049-4(c)(1)(ii) in the United States Treasury Regulations), as reasonably determined
by the Borrower or the Agent, shall deliver such documentation (including Form W-9) prescribed by
applicable law or reasonably requested by the Borrower or the Agent as will enable the Borrower
or the Agent to determine whether or not such assignee Lender is subject to backup withholding or
information reporting requirements. To the extent that an assignment of all or any portion of a
Lender’s Loans and related outstanding Obligations pursuant to Section 2.12 or this
Section 14.04(b) would, at the time of such assignment, result in increased costs under
Section 2.10 or additional amounts or indemnification under Section 5.04 hereof
from those being charged by the respective assigning Lender prior to such assignment, then the
Borrower shall not be obligated to pay such increased costs, additional amounts or
indemnification (although the Borrower, in accordance with and pursuant to the other provisions
of this Agreement, shall be obligated to pay any other increased costs of the type described
above resulting from changes after the date of the respective assignment).

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

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

               Additionally, so long as the Loans have not been indefeasibly repaid in full in cash and the
Commitments hereunder terminated, no action, inaction or acquiescence by any of the Agent, the
Lenders, the Prepetition First Lien Agent or the Prepetition First Lien Lenders, including funding
the Debtors’ ongoing operations under the Interim Order or otherwise, shall be deemed to be or
shall be considered as evidence of any alleged consent by any of the Agent, the Lenders, the
Prepetition First Lien Agent or the Prepetition First Lien Lenders, to a charge against the
Collateral or the Prepetition Collateral pursuant to Bankruptcy Code sections 506(c) (subject to
entry of a Final Order), 552(b) (subject to entry of a Final Order) or 105(a), and no such costs,
fees or expenses shall be so charged against the Collateral or the Prepetition Collateral without
the prior written consent of each of the Agent, the Lenders, the Prepetition First Lien Agent and
the Prepetition First Lien Lenders to the extent of their respective interests in such Collateral
or the Prepetition Collateral (such consent to be granted or withheld in such party’s sole and
absolute discretion). The Agent, the Lenders, the Prepetition First Lien Agent and the Prepetition
First Lien Lenders shall not be subject in any way whatsoever to the equitable doctrine of
“marshaling” or any similar doctrine with respect to the Collateral or the Prepetition Collateral.

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

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

               14.07 Calculations; Computations. (a) The financial statements to be furnished to
the Lenders pursuant hereto shall be made and prepared in accordance with GAAP in the United States
consistently applied throughout the periods involved (except as set forth in the notes thereto or
as otherwise disclosed in writing by the Borrower to the Lenders to the extent, in each case,
permitted by the terms of this Agreement); provided that, except as otherwise specifically
provided herein, all computations of the Applicable Margin, and all computations and all
definitions (including accounting terms) used in determining compliance with the Financial
Covenants, shall utilize generally accepted accounting principles and policies in conformity with,
and consistent with, those used to prepare the historical audited consolidated financial statements
of the Borrower and its Subsidiaries referred to in Section 8.05(a).

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

               14.08 GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL.
(a) THIS AGREEMENT AND THE OTHER CREDIT DOCUMENTS AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER AND THEREUNDER SHALL, EXCEPT AS PROVIDED IN CERTAIN OF THE VESSEL MORTGAGES, BE CONSTRUED
IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK; PROVIDED THAT THE AGENT AND
THE LENDERS SHALL RETAIN ALL RIGHTS ARISING UNDER FEDERAL LAW (INCLUDING THE BANKRUPTCY CODE). ANY
LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT MAY BE
BROUGHT IN THE BANKRUPTCY COURT, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT OR ANY OTHER
CREDIT DOCUMENT, EACH PARTY HERETO HEREBY IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS
PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID BANKRUPTCY COURT. EACH
PARTY HERETO HEREBY FURTHER IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH COURT LACKS PERSONAL
JURISDICTION OVER SUCH PARTY, AND AGREES NOT TO PLEAD OR CLAIM, IN ANY LEGAL ACTION

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PROCEEDING WITH
RESPECT TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENTS BROUGHT IN ANY THE AFOREMENTIONED COURT,
THAT SUCH COURT LACKS PERSONAL JURISDICTION OVER SUCH PARTY. EACH PARTY HERETO FURTHER IRREVOCABLY
CONSENTS TO THE SERVICE OF PROCESS OUT OF THE AFOREMENTIONED COURT IN ANY SUCH ACTION OR PROCEEDING
BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO SUCH PERSON
AT THE ADDRESS SET FORTH IN SECTION 14.03, SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER
SUCH MAILING. THE BORROWER HEREBY IRREVOCABLY WAIVES ANY OBJECTION TO SUCH SERVICE OF PROCESS AND
FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY ACTION OR PROCEEDING COMMENCED
HEREUNDER OR UNDER ANY OTHER CREDIT DOCUMENT THAT SERVICE OF PROCESS WAS IN ANY WAY INVALID OR
INEFFECTIVE. NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY
OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY
OTHER PARTY HERETO.

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

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

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

               14.10 [Intentionally Omitted].

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

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               14.12 Amendment or Waiver; etc. (a) Neither this Agreement nor any other Credit
Document nor any terms hereof or thereof may be changed, waived, discharged or terminated unless
such change, waiver, discharge or termination is in writing signed by the respective Credit Parties
party hereto or thereto and the Required Lenders (although additional parties may be added to (and
annexes may be modified to reflect such additions), and Subsidiaries of the Borrower may be
released from, the Guaranty and the Security Documents in accordance with the provisions hereof and
thereof without the consent of the other Credit Parties party thereto or the Required Lenders),
provided that no such change, waiver, discharge or termination shall, without the consent
of each Lender (with Obligations being directly affected in the case of the following clause (i)),
(i) extend the final scheduled maturity of any Loan or Note, or reduce the rate or extend the time
of payment of interest thereon, or reduce the amount, or extend the time of payment, of any Fees
(except in connection with the waiver of applicability of any post-default increase in interest
rates), or reduce the principal amount of any Loan (it being understood that any amendment or
modification to the financial definitions in this Agreement or to Section 14.07(a) shall
not constitute a reduction in the rate of interest or the amount of Fees for the purposes of this
clause (i)), (ii) release all or substantially all of the Collateral (except as expressly provided
in the Credit Documents) under all the Security Documents, (iii) amend, modify or waive any
provision of this Section 14.12, (except for technical amendments with respect to
additional extensions of credit pursuant to this Agreement which afford the protections to such
additional extensions of credit of the type provided to the Commitments on the Effective Date),
(iv) reduce the percentage specified in the definition of Required Lenders (it being understood
that, with the consent of the Required Lenders, additional extensions of credit pursuant to this
Agreement may be included in the determination of the Required Lenders on substantially the same
basis as the extensions of Commitments are included on the Effective Date) or (v) consent to the
assignment or transfer by the Borrower of any of their respective rights and obligations under this
Agreement; provided further, that no such change, waiver, discharge or termination shall
(1) increase the Commitments of any Lender over the amount thereof then in effect without the
consent of such Lender (it being understood that waivers or modifications of conditions precedent,
covenants, Defaults or Events of Default shall not constitute an increase of the Commitment of any
Lender, and that an increase in the available portion of any Commitment of any Lender shall not
constitute an increase of the Commitment of such Lender), (2) without the consent of the Agent,
amend, modify or waive any provision of Section 12 or any other provision as same relates
to the rights or obligations of the Agent or (3) without the consent of the Agent, amend, modify or
waive any provision relating to the rights or obligations of the Agent.

          (b) If, in connection with any proposed change, waiver, discharge or termination of any of
the provisions of this Agreement as contemplated by clauses (i) through (v), inclusive, of the
first proviso to Section 14.12(a), the consent of the Required Lenders is obtained but
the consent of one or more of such Lenders whose consent is required is not obtained, then the
Borrower shall have the right, so long as all non-consenting Lenders whose individual consent is
required are treated as described in either clauses (A) or (B) below, to either (A) replace such
non-consenting Lender or Lenders with one or more Replacement Lenders pursuant to Section
2.12 so long as at the time of such replacement, each such Replacement Lender consents to the
proposed change, waiver, discharge or termination or (B) repay each outstanding Loan of such
Lender in accordance with Section 5.01, provided that, unless the Loans that are
repaid, pursuant to preceding clause (B) are immediately replaced in

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full at such time through
the addition of new Lenders, provided further, that in any event, the Borrower shall not have the
right to replace a Lender, terminate its Loan or repay its Loans solely as a result of the
exercise of such Lender’s rights (and the withholding of any required consent by such Lender)
pursuant to the second proviso to Section 14.12(a).

               14.13 Survival. All indemnities set forth herein including, without limitation, in
Sections 2.09, 2.10, 5.04, 12.06 and 14.01 shall survive
the execution, delivery and termination of this Agreement and the Notes and the making and
repayment of the Obligations.

               14.14 Domicile of Loans. Each Lender may transfer and carry its Loans at, to or for
the account of any office, Subsidiary or Affiliate of such Lender. Notwithstanding anything to the
contrary contained herein, to the extent that a transfer of Loans pursuant to this
Section 14.14 would, at the time of such transfer, result in increased costs under
Section 2.09, 2.10, or 5.04 from those being charged by the respective
Lender prior to such transfer, then the Borrower shall not be obligated to pay such increased costs
(although the Borrower shall be obligated to pay any other increased costs of the type described
above resulting from changes after the date of the respective transfer).

               14.15 Register. The Borrower hereby designates the Agent to serve as its agent,
solely for purposes of this Section 14.15, to maintain a register (the “Register”)
on which it will record the Loans made by each of the Lenders and each repayment in respect of the
principal amount of the Loans of each Lender. Failure to make any such recordation, or any error
in such recordation, shall not affect the Borrower’s obligations in respect of such Loans. With
respect to any Lender, the transfer of the rights to the principal of, and interest on, any Loan
shall not be effective until such transfer is recorded on the Register maintained by the Agent with
respect to ownership of such Loans and prior to such recordation all amounts owing to the
transferor with respect to such Loans shall remain owing to the transferor. The registration of
assignment or transfer of all or part of any Loans shall be recorded by the Agent on the Register
only upon the acceptance by the Agent of a properly executed and delivered Assignment and
Assumption Agreement pursuant to Section 14.04(b). Coincident with the delivery of such an
Assignment and Assumption Agreement to the Agent for acceptance and registration of assignment or
transfer of all or part of a Loan, or as soon thereafter as practicable, the assigning or
transferor Lender shall surrender the Note (if any) evidencing such Loan, and thereupon one or more
new Notes in the same aggregate principal amount shall be issued to the assigning or transferor
Lender and/or the new Lender at the request of any such Lender. The Borrower agrees to indemnify
the Agent from and against any and all losses, claims, damages and liabilities of whatsoever nature
which may be imposed on, asserted against or incurred by the Agent in performing its duties under
this Section 14.15.

               14.16 Confidentiality. (a) Subject to the provisions of clause (b) of this
Section 14.16, each Lender agrees that it will use its commercially reasonable efforts not
to disclose without the prior consent of the Borrower (other than to its employees, auditors,
advisors or counsel or to another Lender if such Lender or such Lender’s holding or parent company
or board of trustees in its sole discretion determines that any such party should have access to
such information, provided such Persons shall be subject to the provisions of this Section
14.16 to the same extent as such Lender) any information with respect to the Borrower or any of
its Subsidiaries which is now or in the future furnished pursuant to this Agreement or

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any other
Credit Document, provided that any Lender may disclose any such information (i) as has
become generally available to the public other than by virtue of a breach of this Section
14.16(a) by the respective Lender, (ii) as may be required or appropriate in any report,
statement or testimony submitted to any municipal, state or Federal regulatory body having or
claiming to have jurisdiction over such Lender or to the Federal Reserve Board or the Federal
Deposit Insurance Corporation or similar organizations (whether in the United States or elsewhere)
or their successors, (iii) as may be required or appropriate in respect to any summons or subpoena
or in connection with any litigation, (iv) in order to comply with any law, order, regulation or
ruling applicable to such Lender, (v) to the Agent, (vi) to any direct or indirect contractual
counterparty in any swap, hedge or similar agreement (or to any such contractual counterparty’s
professional advisor), so long as such contractual counterparty (or such professional advisor)
agrees to be bound by the provisions of this Section 14.16, and (vii) to any prospective or
actual transferee or participant in connection with any contemplated transfer or participation of
any of the Notes or any interest therein by such Lender, provided that such prospective
transferee agrees to be bound by the confidentiality provisions contained in this Section
14.16.

          (b) The Borrower hereby acknowledges and agrees that each Lender may share with any of its
affiliates, and such affiliates may share with such Lender, any information related to the
Borrower or any of its Subsidiaries (including, without limitation, any non-public customer
information regarding the creditworthiness of the Borrower and its Subsidiaries), provided such
Persons shall be subject to the provisions of this Section 14.16 to the same extent as
such Lender.

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

               14.18 [Intentionally Omitted].

               14.19 General Release. In consideration of, among other things, the execution and
delivery of this Agreement by the Agent and the Lenders, and any financial accommodations which the
Agent or any Lender elects to extend to the Borrower or any other Credit Party after the date
hereof, each of the Borrower and the other Credit Parties, on behalf of itself and its successors
and assigns (collectively, “Releasors”), hereby forever waives, releases and discharges to
the fullest extent permitted by law, and hereby agrees to hold each Releasee (as defined below)
harmless from, any and all claims (including, without limitation, crossclaims, counterclaims,
rights of set-off and recoupment), causes of action, demands, suits, costs, expenses and damages
(collectively, the
“Claims”), that any Releasor now has, of whatsoever nature and kind,
whether known or unknown, whether arising at law or in equity, against any or all of the Agent and
the Lenders, in each case, in any capacity and their respective affiliates, shareholders and
“controlling persons” (within the meaning of the federal securities laws), and their respective
successors and assigns and each and all of the officers, directors, employees, consultants, agents,
attorneys and other representatives of each of the foregoing (collectively, the

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“Releasees”), based in whole or in part on facts, whether or not now known, existing on or
before the Effective Date. The receipt by the Borrower or any other Credit Party of any Loans or
other financial accommodations made by the Agent or any Lender after the date hereof shall
constitute a ratification, adoption, and confirmation by the Borrower and the other Credit Parties
of the foregoing general releases of all Claims against any Releasee which are based in whole or in
part on facts, whether or not now known or unknown, existing on or prior to the date of receipt of
any such Loans or other financial accommodations. In entering into this Agreement, the Borrower
and the other Credit Parties have consulted with, and been represented by, legal counsel and
expressly disclaim any reliance on any representations, acts or omissions by any of the Releasees
and hereby agree and acknowledge that the validity and effectiveness of the releases set forth
above do not depend in any way on any such representations, acts and/or omissions or the accuracy,
completeness or validity hereof. The provisions of this Section 14.19 shall survive the
termination of this Agreement and the other Credit Documents and payment in full of the
Obligations.

               14.20 [Intentionally Omitted].

               14.21 Terms Generally. The definitions of terms herein shall apply equally to the
singular and plural forms of the terms defined. Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and gender-neutral 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, amended and restated, supplemented, renewed or otherwise
modified (subject to any restrictions on such amendments, restatements, amendments and
restatements, supplements, renewals or modifications set forth herein or therein), (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 and (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 cash, securities, accounts and contract
rights.

* * *

-106-

 

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

Address:

	 	 	 	 	 
	c/o Trico Marine Services, Inc.

10001 Woodloch Forest Drive, Suite 610 
The Woodlands, TX 77380

Attention:  Geoff Jones    
Tel. No.:  (713) 780-9926  
Fax No.:  (713) 750-0062
 	TRICO MARINE SERVICES, INC.,  
      as the Borrower

 	 	 	 
	By:  	
 /s/ Geoffrey A. Jones	 
	 	Name:  	 Geoffrey A. Jones	 
	 	Title:  	

 Sr. Vice President & CFO	 
	 

	 	 	 	 	 
	 	TRICO MARINE ASSETS, INC.,

     as a Guarantor

 	 
	 	By:  	 /s/ Brett A. Cenkus	 
	 	 	Name:  	 Brett A. Cenkus	 
	 	 	Title:  	 President	 
	 
	 	TRICO MARINE OPERATORS, INC.,

     as a Guarantor

 	 
	 	By:  	 /s/ Brett A. Cenkus	 
	 	 	Name:  	 Brett A. Cenkus	 
	 	 	Title:  	 President	 
	 
	 	TRICO MARINE INTERNATIONAL, INC.,

     as a Guarantor

 	 
	 	By:  	 /s/ Brett A. Cenkus	 
	 	 	Name:  	 Brett A. Cenkus	 
	 	 	Title:  	 President	 
	 

	 	 	 	 	 
	 	
TRICO MARINE SERVICES (HONG KONG) 

     LIMITED, as a Guarantor

     By: Trico Marine Assets, Inc., its Sole Member
	 
	 	 	 
	 	By: 	 /s/ Brett A. Cenkus	 
	 	 	Name:  Brett A. Cenkus	 
	 	 	Title:    President	 
	 

 

	 	 	 	 	 
	 	COASTAL INLAND MARINE SERVICES LIMITED,

as a Guarantor

 	 
	 	By:  	 /s/ Geoffrey A. Jones	 
	 	 	Name:  	 Geoffrey A. Jones	 
	 	 	Title:  	 Director	 
	 

	 	 	 	 	 
	 	SERVICIOS DE APOYO MARITIMO DE MEXICO, S. DE
R.L. DE C.V.,

as a Guarantor

 	 
	 	By:  	 /s/ Geoffrey A. Jones	 
	 	 	Name:  	 Geoffrey A. Jones	 
	 	 	Title:  	 Manager	 
	 

	 	 	 	 	 
	 	TRICO SERVICOS MARITIMOS LTDA.

as a Guarantor

 	 
	 	By:  	 /s/ Tomás Salazar	 
	 	 	Name:  	 Tomás Salazar	 
	 	 	Title:  	 Manager	 
	 

	 	 	 	 	 
	 	TRICO MARINE CAYMAN, L.P.

as a Guarantor

         By: Trico Holdco LLC, its general partner

         By: Trico Marine Services, Inc., its sole member

 	 
	 	By:  	 /s/ Geoffrey A. Jones	 
	 	 	Name:  	 Geoffrey A. Jones	 
	 	 	Title:  	 Sr. Vice President & CFO	 

 

	 	 	 	 	 

	 	 	 	 	 
	 	TRICO HOLDCO LLC

as a Guarantor

         By: Trico Marine Services, Inc., its sole member

 	 
	 	By:  	 /s/ Geoffrey A. Jones	 
	 	 	Name:  	 Geoffrey A. Jones	 
	 	 	Title:  	 Sr. Vice President & CFO	 
	 

	 	 	 	 	 
	 	TRICO INTERNATIONAL HOLDINGS B.V.

as a Guarantor

 	 
	 	By:  	 /s/ Geoffrey A. Jones	 
	 	 	Name:  	 Geoffrey A. Jones	 
	 	 	Title:  	 Director A	 
	 

	 	 	 	 	 
	 	TRICO MARINE INTERNATIONAL HOLDINGS B.V.,

as a Guarantor

 	 
	 	By:  	 /s/ Geoffrey A. Jones	 
	 	 	Name:  	 Geoffrey A. Jones	 
	 	 	Title:  	 Director A	 

 

	 	 	 	 	 

Address:

	 	 	 	 	 	 	 	 	 

	Obsidian Agency Services, Inc.	 	 	 	OBSIDIAN AGENCY SERVICES, INC.,	 	 
	2951 28th Street, Suite 1000	 	 	 	as Agent	 	 
	Santa Monica, CA 90405
	 	 	 	 	 	 	 	 
	Attn: Emily May or Pedro Urrutia
	 	 	 	 	 	 	 	 
	Telephone: (310) 566-1000

	 	 	 	By:	 	 /s/ David Hollander	 	 
	Facsimile: (310) 899-4950

	 	 	 	 	 	 

Name:  David Hollander
	 	 
	 

	 	 	 	 	 	Title:    Vice President	 	 

	 	 	 	 	 	 	 	 	 	 	 

	Special Value Continuation Partners, LP	 	 	 	SPECIAL VALUE CONTINUATION PARTNERS,	 	 
	c/o Tennenbaum Capital Partners, LLC	 	 	 	LP, as Lender	 	 
	2951 28th St, Suite 1000
	 	 	 	 	 	 	 	 	 	 
	Santa Monica, CA 90405	 	 	 	By: Tennenbaum Capital Partners, LLC	 	 
	Attn: Howard Levkowitz and Liz Greenwood	 	 	 	Its: Investment Manager	 	 
	Tel. No.: (310) 556-1000
	 	 	 	 	 	 	 	 	 	 
	Fax No.: (310) 899-4950
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 /s/ David Hollander	 	 
	 

	 	 	 	 	 	 	 	 

Name: David Hollander
	 	 
	 

	 	 	 	 	 	 	 	Title:   Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Tennenbaum Opportunities Partners V, LP	 	 	 	TENNENBAUM OPPORTUNITIES PARTNERS 	 	 
	c/o Tennenbaum Capital Partners, LLC	 	 	 	V, LP, as Lender	 	 
	2951 28th St, Suite 1000
	 	 	 	 	 	 	 	 	 	 
	Santa Monica, CA 90405	 	 	 	By: Tennenbaum Capital Partners, LLC	 	 
	Attn: Howard Levkowitz and Liz Greenwood	 	 	 	Its: Investment Manager	 	 
	Tel. No.: (310) 556-1000
	 	 	 	 	 	 	 	 	 	 
	Fax No.: (310) 899-4950
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 /s/ David Hollander	 	 
	 

	 	 	 	 	 	 	 	 

Name: David Hollander
	 	 
	 

	 	 	 	 	 	 	 	Title:   Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Tennenbaum DIP Opportunity Fund, LLC	 	 	 	TENNENBAUM DIP OPPORTUNITY FUND, LLC,	 	 
	c/o Tennenbaum Capital Partners, LLC	 	 	 	as Lender	 	 
	2951 28th St, Suite 1000
	 	 	 	 	 	 	 	 	 	 
	Santa Monica, CA 90405	 	 	 	By: Tennenbaum Capital Partners, LLC	 	 
	Attn: Howard Levkowitz and Liz Greenwood	 	 	 	Its: Investment Manager	 	 
	Tel. No.: (310) 556-1000
	 	 	 	 	 	 	 	 	 	 
	Fax No.: (310) 899-4950
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 /s/ David Hollander	 	 
	 

	 	 	 	 	 	 	 	 

Name: David Hollander
	 	 
	 

	 	 	 	 	 	 	 	Title:   Partner

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