Document:

Exhibit 10.2

 Exhibit 10.2
 FORBEARANCE AGREEMENT 
 TO CREDIT AND SECURITY AGREEMENT
 THIS FORBEARANCE AGREEMENT TO CREDIT AND SECURITY AGREEMENT (this “Agreement”), dated as of March 1, 2019, and effective as of February 28, 2019, is made and entered into by and among CNH FINANCE FUND I, L.P., a Delaware limited partnership (formerly known as SCM Specialty Finance Opportunities Fund, L.P.) (“Lender”), and TRANS-LUX CORPORATION, a Delaware corporation (“Trans-Lux Corp.”), TRANS-LUX DISPLAY CORPORATION, a Delaware corporation, TRANS-LUX MIDWEST CORPORATION, an Iowa corporation, TRANS-LUX ENERGY CORPORATION, a Connecticut corporation (collectively, “Borrowers”).
 WHEREAS, Borrowers and Lender are parties to that certain Credit and Security Agreement dated, as of July 12, 2016 (as amended to date, and as the same may from time to time be further amended, restated, supplemented or otherwise modified, the “Credit Agreement”), pursuant to which, subject to the terms and conditions set forth therein, Lender has made certain credit facilities available to Borrowers;  
 WHEREAS, an Event of Default under the Credit Agreement has occurred and is continuing by reason of Borrowers’ failure to comply with (i) the Fixed Charge Coverage Ratio covenant as of the calendar month ending September 30, 2018, and (ii) the Loan Turnover Rate covenant for the calendar months ending November 30, 2018 and December 31, 2018, in each case as required pursuant to Section 7.1 of the Credit Agreement (collectively, the “Subject Events of Default”);
 WHEREAS, by reason of the occurrence and continuance of the Subject Events of Default, Lender is entitled to immediately exercise its rights and remedies under the Credit Agreement and the other Loan Documents, and Borrowers have no defenses, offsets or counterclaims to the exercise of such rights and remedies;
 WHEREAS, Borrowers have advised Lender that on or before April 10, 2019, Trans-Lux Corp. will be issuing and selling additional shares of Trans-Lux Corp.’s common stock in connection with a rights offering and the exercise of warrants by Unilumin North America Inc. in exchange for cash consideration of not less than $8,000,000.00 (the “Equity Raise”); and
 WHEREAS, Borrowers have requested and Lender has agreed, for the period from the date hereof through the end of the Forbearance Period (as defined below), to forbear from exercising its rights and remedies under the Loan Documents with respect to the Subject Events of Default subject to the terms and conditions set forth herein.
 NOW, THEREFORE, in consideration of the foregoing premises, the mutual covenants and conditions herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
 1.           Defined Terms.  Capitalized terms used but not defined herein that are defined in the Credit Agreement shall have the meanings assigned to them in the Credit Agreement.
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2.           Agreement to Forbear.  During the period commencing on the date hereof and ending on the earlier to occur of (i) April 15, 2019 and (ii) the occurrence of any Additional Default (as defined below) (the “Forbearance Period”), and subject to the specific terms and conditions set forth, Lender agrees that it will forbear from exercising its rights and remedies under the Loan Documents due to the Subject Events of Default.  Notwithstanding any provision of this Agreement, the Forbearance Period shall terminate, and nothing contained herein shall limit any rights or remedies of Lender under the Credit Agreement or any other Loan Document, upon a Default or Event of Default which is not a Subject Event of Default (each, an “Additional Default”).  For purposes of this Agreement, any failure by Borrowers during the Forbearance Period to comply with the Fixed Charge Coverage Ratio covenant as required pursuant to Section 7.1 of the Credit Agreement shall not constitute an Additional Default and the requirement of compliance with the Fixed Charge Coverage Ratio covenant under the Credit Agreement is suspended during the Forbearance Period.  A default or failure to comply with this Agreement shall constitute an Additional Default.  Upon the expiration or termination of the Forbearance Period, Lender’s forbearance shall automatically terminate and Lender shall be entitled to exercise any and all of its rights and remedies under this Agreement, the Credit Agreement and the Loan Documents without further notice.  Borrowers hereby agree that Lender shall have no obligation to extend the Forbearance Period; provided, however, that Borrowers and Lender may extend such Forbearance Period by express written agreement.
 3.            Default Interest.  During the Forbearance Period and while any Event of Default remains ongoing and uncured, in accordance with Section 3.6 of the Credit Agreement, the Applicable Rate of interest with respect to the Obligations shall accrue at the Default Rate.
 4.            Borrowing Base Reserve.  During the Forbearance Period (and thereafter in Lender’s sole discretion), the Lender shall maintain a Borrowing Base reserve of not less than $300,000.00, which reserve shall not be reduced as a result of the consummation or closing of the Equity Raise notwithstanding that any portion of such reserve may constitute the Equity Raise Reserve.
 5.            No Payments of Subordinated Debt.  Borrowers shall not make any payment of principal, interest or any amount or obligation to SM Investors L.P. or SM Investors II, L.P. or any other subordinated creditor until all of the Obligations owing to Lender have been fully and indefeasibly paid and satisfied; provided, however, that the Borrowers shall be permitted to make an interest payment in an amount not to exceed $30,000.00 to SM Investors L.P. on or before March 11, 2019.
 6.            No Waiver.  Nothing contained in this Agreement or any other communication between Lender, Borrowers or any other loan party shall be a waiver of any past, present or future violation, Default or Event of Default of Borrowers under the Credit Agreement or any Loan Document.  Lender hereby expressly reserves any rights, privileges and remedies under the Credit Agreement and each Loan Document that Lender may have with respect to any violation, Default or Event of Default, and any failure by Lender to exercise any right, privilege or remedy as a result of the violations set forth above shall not directly or indirectly in any way whatsoever either (i) impair, prejudice or otherwise adversely affect the rights of Lender, except as set forth herein, at any time to exercise any right, privilege or remedy in connection with the Credit Agreement or any Loan Document, (ii) amend or alter any provision of the Credit Agreement or any Loan Document or any other contract or instrument or (iii) constitute any course of dealing or other basis for altering any obligation of Borrowers or any rights, privilege or remedy of Lender under the Credit Agreement or any Loan Document or any other contract or instrument.  Nothing in this Agreement shall be construed to be a consent by Lender to any prior, existing or future violations of the Credit Agreement or any Loan Document.
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7.             Future Compliance.  Borrowers are hereby notified that irrespective of (i) any waivers or consents previously granted by Lender regarding the Credit Agreement and the Loan Documents, (ii) any previous failures or delays of Lender in exercising any right, power or privilege under the Credit Agreement or the Loan Documents or (iii) any previous failures or delays of Lender in the monitoring or in the requiring of compliance by Borrowers with the duties, obligations and agreements of Borrowers in the Credit Agreement and the Loan Documents, Borrowers will be expected to and required to comply strictly with their duties, obligations and agreements under the Credit Agreement and the Loan Documents.
 8.             Representations and Warranties.  Each Borrower represents and warrants to Lender that, before and after giving effect to this Agreement:
 (a)         All warranties and representations made to Lender under the Credit Agreement and the Loan Documents are true and correct on and as of the date hereof and on and as of the date of execution hereof as though made on and as of each such date (except to the extent such representations and warranties expressly relate to an earlier date).
 (b)         The execution, delivery and performance by each Credit Party of this Agreement and any assignment, instrument, document, or agreement executed and delivered in connection herewith and the consummation of the transactions contemplated hereby and thereby (i) have been duly authorized by all requisite action of the appropriate Credit Party and have been duly executed and delivered by or on behalf of such Credit Party; (ii) do not violate any provisions of (A) applicable law, statute, rule, regulation, ordinance or tariff, (B) any order of any Governmental Authority binding on any Credit Party or any of the Credit Parties’ respective properties the effect of which would reasonably be expected to have a Material Adverse Effect, or (C) the certificate of incorporation or bylaws (or any other equivalent governing agreement or document) of each Credit Party, or any agreement between any Credit Party and its shareholders, members, partners or equity owners or among any such shareholders, members, partners or equity owners; (iii) are not in conflict with, and do not result in a breach or default of or constitute an Event of Default, or an event, fact, condition, breach, Default or Event of Default under, any indenture, agreement or other instrument to which any Credit Party is a party, or by which the properties or assets of any Credit Party are bound, the effect of which would reasonably be expected to have a Material Adverse Effect; (iv) except as set forth herein, will not result in the creation or imposition of any Lien of any nature upon any of the properties or assets of any Credit Party, and (v) do not require the consent, approval or authorization of, or filing, registration or qualification with, any Governmental Authority or Credit Party unless otherwise obtained.
 (c)         This Agreement and any assignment, instrument, document, or agreement executed and delivered in connection herewith constitutes the legal, valid and binding obligation of each respective Credit Party, enforceable against such Credit Party in accordance with its respective terms.
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 (d)         Except for the Subject Events of Default, no Default or Event of Default has occurred and is continuing or would exist under the Credit Agreement or any of the Loan Documents, before and after giving effect to this Agreement.
 9.             Conditions Precedent.  The forbearance set forth in Section 2 hereof shall be effective on the date hereof upon completion of the following conditions precedent (with all documents to be in form and substance satisfactory to Lender and Lender’s counsel):
 (a)         Lender shall have received this Agreement duly executed by Borrowers;
 (b)         Payment of all fees, charges, costs and expenses payable to Lender on or prior to the date hereof, if any, and a forbearance fee which Borrowers hereby agree Lender has fully earned as of the date hereof in an amount equal to Seven Thousand Five Hundred Dollars ($7,500.00); 
 (c)         All corporate, limited partnership and limited liability company proceedings taken in connection with the transactions contemplated by this Agreement and all documents, instruments and other legal matters incident thereto shall be satisfactory to Lender; and
 (d)         Borrowers shall have executed and/or delivered such additional documents, instruments and agreements as requested by Lender.
 10.             Post-Closing Obligations. Borrowers shall comply with each of the following additional covenants and requirements at all times prior to the payment in full of the Obligations, the failure of which would constitute an immediate Event of Default and termination of the forbearance provided for in Section 2 of this Agreement: 
 (a)         On or before April 10, 2019, the Equity Raise shall have been fully consummated and closed.
 (b)         On or before March 8, 2019, Borrowers shall make payment in full of the Revolving Facility and of all Obligations relating to the Revolving Facility.  The Revolving Facility shall remain open but Availability shall be zero and Borrowers shall make no further draws on the Revolving Facility.
 (c)         On or before April 15, 2019, Borrowers shall make payment in full of the Term Loan and of all Obligations relating to the Term Loan.  Borrowers agree that upon such payment in full, the Early Termination Fee is immediately due and owing.
  11.             Miscellaneous.  
 (a)         Ratification.  Borrowers hereby restate, ratify and reaffirm each and every term and condition set forth in the Credit Agreement and the Loan Documents effective as of the date hereof.

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 (b)         Release.  By execution of this Agreement, Borrowers acknowledge and confirm that Borrowers do not have any actions, causes of action, damages, claims, obligations, liabilities, costs, expenses and/or demands of any kind whatsoever, at law or in equity, matured or unmatured, vested or contingent arising out of or relating to this Agreement, the Credit Agreement or the other Loan Documents against any Released Party (as defined below), whether asserted or unasserted.  Notwithstanding any other provision of any Loan Document, to the extent that such actions, causes of action, damages, claims, obligations, liabilities, costs, expenses and/or demands may exist, Borrowers voluntarily, knowingly, unconditionally and irrevocably, with specific and express intent, for and on behalf of itself, its managers, members, directors, officers, employees, stockholders, Affiliates, agents, representatives, accountants, attorneys, successors and assigns and their respective Affiliates (collectively, the “Releasing Parties”), hereby fully and completely release and forever discharge Lender, its Affiliates and its and their respective managers, members, officers, employees, Affiliates, agents, representatives, successors, assigns, accountants and attorneys (collectively, the “Indemnified Persons”) and any other Person or insurer which may be responsible or liable for the acts or omissions of any of the Indemnified Persons, or who may be liable for the injury or damage resulting therefrom (collectively, with the Indemnified Persons, the “Released Parties”), of and from any and all actions, causes of action, damages, claims, obligations, liabilities, costs, expenses and demands of any kind whatsoever, at law or in equity, matured or unmatured, vested or contingent, that any of the Releasing Parties has against any of the Released Parties, arising out of or relating to this Agreement, the Credit Agreement, the other Loan Documents, or any Transaction, which Releasing Parties ever had or now have against any Released Party, including, without limitation, any presently existing claim or defense whether or not presently suspected, contemplated or anticipated.
 (c)         Security Interest.  Borrowers hereby confirm and agree that all security interests and liens granted to Lender continue in full force and effect and shall continue to secure the Obligations.  All Collateral remains free and clear of any liens other than liens in favor of Lender and Permitted Liens.  Nothing herein contained is intended to in any way impair or limit the validity, priority and extent of Lender’s existing security interest in and liens upon the Collateral.
 (d)         Costs and Expenses.  Borrowers agree to pay on demand all costs and expenses of Lender and/or its Affiliates in connection with the preparation, execution, delivery and enforcement of this Agreement and all other agreements and instruments executed in connection herewith, including, without limitation, reasonable attorneys’ fees and expenses of Lender’s counsel.
 (e)         GOVERNING LAW.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ITS CHOICE OF LAW PROVISIONS.
 (f)         Counterparts.  This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, and such counterparts together shall constitute one and the same respective agreement.  Signatures sent by facsimile or electronic mail shall be deemed originals for all purposes and shall bind the parties hereto.
 (g)         Loan Document.  This Agreement and any assignment, instrument, document, or agreement executed and delivered in connection with or pursuant to this Agreement shall be deemed to be a “Loan Document” under and as defined in the Credit Agreement for all purposes.
 [Signature Pages Follow.]
 
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IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Agreement as of the date first hereinabove written.
  	BORROWER:                                                                    	TRANS-LUX CORPORATION, a Delaware corporation
	 	TRANS-LUX DISPLAY CORPORATION, a Delaware corporation
	 	TRANS-LUX MIDWEST CORPORATION, an Iowa corporation
	 	TRANS-LUX ENERGY CORPORATION, a Connecticut corporation
	 	 	
	 	 	 
	 	By:	/s/ Todd Dupee                                                      
	 	Name: 	Todd Dupee 
	 	Title: 	Senior Vice President and Chief Accounting Officer
	 	 As Senior Vice President and Chief Accounting Officer of each of the above entities and, in such capacity, intending by this signature to legally bind each of the above entities

 

 

 

 Signature Page to Forbearance Agreement to Credit and Security Agreement
  
  

  
 
  
  	LENDER:                                                                            	CNH FINANCE FUND I, L.P.,
	 	a Delaware limited partnership
	 	 	
	 	 	 
	 	 	
	 	 	 
	 	By:	/s/ Timothy Peters                                                          
	 	Name: 	Timothy Peters 
	 	Title: 	Authorized Signatory

 Signature Page to Forbearance Agreement to Credit and Security AgreementEX-10.1

 Exhibit 10.1 

Execution Version 
 INCREASE JOINDER NO. 1A 

This INCREASE JOINDER NO. 1A, dated as of March 1, 2019 (this “Increase Joinder”), is being entered into with respect to the First Lien
Term Loan Agreement, dated as of June 15, 2017 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Term Loan Agreement”), among HORNBECK OFFSHORE SERVICES, INC., a Delaware corporation (the
“Parent Borrower”), HORNBECK OFFSHORE SERVICES, LLC, a Delaware limited liability company (the “Co-Borrower”), the Lenders party thereto, and WILMINGTON TRUST, NATIONAL ASSOCIATION, as administrative agent (in such capacity, the
“Administrative Agent”) for the Lenders. 
 A.    Section 2.09 of the Term Loan Agreement provides that Borrowers may,
from time to time, request Incremental Term Commitments in an aggregate amount not to exceed the Incremental Amount subject to the terms and conditions set forth therein. 

B.    The Borrowers desire to incur Incremental Term Commitments pursuant to Section 2.09 of the Term Loan Agreement in an
aggregate principal amount of $50.0 million (the “No. 1 Incremental Term Commitments” and the Loans made pursuant to the No. 1 Incremental Term Commitments, the “No. 1 Incremental Term Loans”), a portion of
which in an aggregate principal amount of $19,903,450 is being evidenced pursuant to this Increase Joinder (such Incremental Term Commitments, the “No. 1A Incremental Term Commitments”; the Lenders providing the No. 1A Incremental Term
Commitments, the “No. 1A Incremental Term Lenders”; and the Loans made pursuant to the No. 1A Incremental Term Commitments, the “No. 1A Incremental Term Loans”), for purposes of Redeeming the Repurchased Notes (as defined in the
No. 1A Note Purchase Agreement referred to below). 
 C.    The No. 1A Incremental Term Lenders desire to provide the No. 1A
Incremental Term Commitments in the several amounts set forth on Schedule A hereto. 
 D.    In addition, the Borrowers desire to
incur additional No. 1 Incremental Term Commitments pursuant to the Increase Joinders attached as Exhibit A hereto (the “Additional Increase Joinders”), and request the Initial Lenders to provide their written consent thereto. 

E.    Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to them in the Term Loan Agreement.

 In consideration of the premises and the agreements, provisions and covenants contained herein, the parties hereto hereby agree, on the terms and
subject to the conditions set forth herein, as follows: 
 SECTION 1.    Increase Joinder. 

(a)    This Increase Joinder is an “Increase Joinder” referenced in Section 2.09(e) of the Term Loan Agreement.
Borrowers, the Administrative Agent and the No. 1A Incremental Term Lenders hereby agree that the No. 1A Incremental Term Commitments shall become effective upon the satisfaction of the conditions set forth in Section 3 hereof (the date on
which such conditions are satisfied, the “Increase Effective Date”). On the Increase Effective Date immediately after the establishment of the No. 1A Incremental Term Commitments, each No. 1A Incremental Term Lender shall, on a several
basis, make No. 1A Incremental Term Loans to the Borrowers in the principal amount set forth opposite such No. 1A Incremental Term Lender’s name on Schedule A hereto; provided that the Borrowers agree that each No. 1A Incremental Term
Lender’s obligation to make a No. 1A Incremental Term Loan to the Borrowers as provided in this Increase Joinder shall be satisfied by the deemed delivery by such No. 1A Incremental Term Lender of 100% of the proceeds of the No. 1A Incremental
Term Loans of such No. 1A Incremental Term Lender to the No. 1A Note Sellers (as defined in Section 3 hereof) as specified in the 

 
applicable Borrowing Request in satisfaction of the payment of the purchase price owed to such No. 1A Note Seller under the No. 1A Note Purchase Agreement. The No. 1A Incremental Term Commitments
shall be decreased to $0 immediately after giving effect to the No. 1A Incremental Term Loans as contemplated by the preceding sentence. 

(b)    Borrowers, the Administrative Agent and the No. 1A Incremental Term Lenders hereby agree that the No. 1A Incremental Term
Loans shall have terms identical to those of the Loans outstanding under the Term Loan Agreement immediately prior to the Increase Effective Date, other than to the extent set forth in any Fee Letter (the “Existing Term Loans”). After
giving effect hereto on the Increase Effective Date, the No. 1A Incremental Term Loans shall be deemed to be Loans and the Loans shall be deemed increased by the amount of the No. 1A Incremental Term Loans. Without limiting the generality of the
foregoing, the No. 1A Incremental Term Loans shall: (i) constitute Indebtedness and have all of the benefits thereof, (ii) have terms, rights, remedies, privileges and protections identical to those applicable to the Existing Term Loans
(other than to the extent set forth in any Fee Letter) and (iii) be secured by the Liens granted to the Collateral Agent for the benefit of the Secured Parties under the Security Instruments. 

(c)    All Interest Periods applicable to Existing Term Loans shall continue in effect after the Increase Effective Date. The No. 1A
Incremental Term Loans shall be initially incurred pursuant to a single Borrowing of Eurodollar Loans, with such Borrowing to be subject to (x) Interest Periods which commence on the Increase Effective Date and end on the last day of the
Interest Periods applicable to the Existing Term Loans and (y) the Adjusted LIBO Rate applicable to the Existing Term Loans. The Administrative Agent shall update the Register to account for the principal amount of the No. 1A Incremental Term
Loans. 
 SECTION 2.    Representations and Warranties. To induce the other parties hereto to enter into this Increase
Joinder, each Loan Party represents and warrants to the Administrative Agent and each Lender party hereto that, on and as of the Increase Effective Date: 

(a)    such Loan Party (i) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its
organization, (ii) has the power and authority, and the legal right, to make, deliver and perform this Increase Joinder and (iii) has taken all necessary corporate or other action to authorize the execution, delivery and performance of
this Increase Joinder; 
 (b)    this Increase Joinder (i) has been duly executed and delivered on behalf of such Loan Party
and (ii) constitutes a legal, valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or
other similar laws relating to or affecting the rights of creditors generally, whether considered in a proceeding at law or in equity; and 

(c)    the execution, delivery and performance of this Increase Joinder by such Loan Party will not result in a violation by such
Loan Party of any requirement of law or any contractual obligation of such Loan Party and will not result in, or require, the creation or imposition of any Lien on any of its Properties pursuant to any requirement of law or any such contractual
obligation, other than as contemplated by the Term Loan Agreement. 

  
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 SECTION 3.    Conditions Precedent. The occurrence of the Increase
Effective Date is subject to the following conditions: 
 (a)    the Administrative Agent shall have received signature pages for
this Increase Joinder from each Loan Party, HOS de Mexico II, S. de R.L. de C.V., the No. 1A Incremental Term Lenders and the Initial Lenders; 

(b)    (i) the Note Purchase Agreement dated as of the date hereof (the “No. 1A Note Purchase Agreement”) by and among the
Parent Borrower and the Persons identified as sellers party thereto (the “No. 1A Note Sellers”) shall have become effective and (ii) the Administrative Agent and the No. 1A Incremental Term Lenders shall have received a certificate
from a Responsible Officer of the Parent Borrower certifying that the conditions precedent set forth in Section 5 of the No. 1A Note Purchase Agreement have been satisfied; 

(c)    (i) the Borrowers shall have executed the Incremental Term Commitments Lender Fee Letters dated as of the date hereof among
the Borrowers and the No. 1A Incremental Term Lenders (collectively, the “Supplemental Fee Letters”); 
 (d)    the
Administrative Agent and the No. 1A Incremental Term Lenders shall have received: 
  

	 	(i)	 a certificate of a Responsible Officer of the Parent Borrower certifying: (x) no Event of Default shall have
occurred and be continuing or would exist after giving effect to the No. 1 Incremental Term Commitments and the use of proceeds of the No. 1 Incremental Term Loans and (y) after giving effect to the No. 1 Incremental Term
Commitments and the use of proceeds of the No. 1 Incremental Term Loans, the representations and warranties of the Loan Parties set forth in the Term Loan Agreement and the other Loan Documents shall be true and correct in all material respects
(without duplication of materiality) on and as of the Increase Effective Date with the same effect as though such representations and warranties had been made on and as of such date; provided that (a) to the extent that a representation
and warranty specifically refers to a given date or period, it shall be true and correct in all material respects as of such date or period, as the case may be, and (b) the representations and warranties contained in Section 7.04(a) of the
Term Loan Agreement shall be deemed to refer to the most recent financial statements furnished pursuant to clause (a) of Section 8.01 of the Term Loan Agreement; 

 

	 	(ii)	 a certificate of the secretary or an assistant secretary of each Borrower and each Guarantor setting forth resolutions of
its board of directors, members or partners with respect to the authorization of such Borrower or such Guarantor to execute and deliver this Increase Joinder, the Additional Increase Joinders and to enter into the transactions contemplated hereby;

  

	 	(iii)	 a solvency certificate from a Responsible Officer of the Parent Borrower, in form and substance reasonably satisfactory
to the No. 1A Incremental Term Lenders, confirming the solvency (as contemplated in Section 7.19 of the Term Loan Agreement) of the Parent Borrower, the Co-Borrower and the Guarantors, taken as a whole,
after giving effect to the transactions contemplated by this Increase Joinder and the Additional Increase Joinders; 

  

	 	(iv)	 a report from a Responsible Officer of the Parent Borrower, in form and substance substantially similar to the reports
previously provided to the Initial Lenders, demonstrating in reasonable detail compliance with Section 9.09 of the Term Loan Agreement as of or immediately prior to the Increase Effective Date; and 

  
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	 	(v)	 an opinion of Latham & Watkins LLP, special counsel to the Borrowers and the Guarantors, an opinion of Winstead
PC, special collateral counsel to the Borrowers and the Guarantors, and an opinion of Garza Tella Clyde & Co, special Mexican counsel to HOS de Mexico II, S. de R.L. de C.V., each in form and substance reasonably satisfactory to the
Administrative Agent and the No. 1A Incremental Term Lenders; 

 (e)     the Administrative Agent shall have
received one or more Borrowing Requests in accordance with Section 2.03 of the Term Loan Agreement (which Borrowing Request(s) shall include the identity of the No. 1A Note Sellers to whom the proceeds of the No. 1A Incremental Term Loans will
be deemed to be delivered); 
 (f)    arrangements satisfactory to the No. 1A Incremental Term Lenders shall have been made for an
amendment to the Fleet Mortgage to be duly executed and submitted for recordation to the National Vessel Documentation Center, which amendment shall be in form and substance satisfactory to the No. 1A Incremental Term Lenders and shall provide for
the addition of a copy of this Increase Joinder as an exhibit to the Fleet Mortgage; and 
 (g)    Borrowers shall have paid all
amounts owed pursuant to the Supplemental Fee Letters and pursuant to Section 12.03 of the Term Loan Agreement in connection with the provisions of the No. 1A Incremental Term Commitments. 

SECTION 4.    Covenants. Within 60 days after the Increase Effective Date (or such later date to which the Required Lenders
consent to in their reasonable discretion) the Loan Parties shall deliver to the No. 1A Incremental Lenders abstracts of title (or equivalent certificates) from the National Vessel Documentation Center and the National Maritime Public Registry
(Registro Público Marítimo Nacional) of Mexico reflecting no outstanding Liens encumbering the Vessel Collateral, other than Liens in favor of the Collateral Agent or the trustee/mortgagee, as the case may be, and Liens
permitted by Section 9.03 of the Term Loan Agreement. 
 SECTION 5.    Consent. Each of the Initial Lenders hereby
consents to (i) the creation or provision of the No. 1A Incremental Term Commitments and Loans made with respect thereto pursuant to this Increase Joinder (including the establishment of the No. 1A Incremental Term Commitments on less than 10
Business Days’ prior written notice to the Administrative Agent) and (ii)(a) the creation or provision of the Incremental Term Commitments and Loans made with respect thereto pursuant to the Additional Increase Joinders (including the
establishment of such Incremental Term Commitments on less than 10 Business Days’ prior written notice to the Administrative Agent) and (b) each Additional Lender’s providing the Incremental Term Commitments pursuant to the Additional
Increase Joinders. 
 SECTION 6.    Term Loan Agreement. Except as specifically provided hereby, the Term Loan Agreement
shall continue in full force and effect in accordance with the provisions thereof as in existence on the date hereof. After the Increase Effective Date, any reference to the Term Loan Agreement in any Loan Document shall mean the Term Loan Agreement
as modified hereby and any reference to a Lender shall include each No. 1A Incremental Term Lender; provided that nothing in this Increase Joinder shall modify the composition of the Initial Lenders. Except as expressly set forth in this
Increase Joinder, nothing herein shall be deemed to be a waiver, amendment, modification or other change of any of the terms, conditions, obligations, covenants or agreements contained in the Term Loan Agreement or any other Loan Document (and
nothing in this Increase Joinder shall entitle the Borrowers to any consent of the type contained herein) in similar or different circumstances. This Increase Joinder shall be a Loan Document for all purposes. 

  
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 SECTION 7.    Applicable Law. This Increase Joinder shall be construed in
accordance with and governed by the law of the State of New York, without regard to conflicts of law principles that would require the application of the laws of another jurisdiction. 

SECTION 8.    Counterparts. This Increase Joinder may be executed in two or more counterparts, each of which shall constitute
an original but all of which when taken together shall constitute one contract. Delivery of an executed signature page of this Increase Joinder by facsimile or “pdf file” transmission shall be effective as delivery of a manually executed
counterpart hereof. 
 SECTION 9.    Reaffirmation. Notwithstanding the effectiveness of this Increase Joinder and the
transactions contemplated hereby, (i) each Loan Party and HOS de Mexico II, S. de R.L. de C.V. acknowledges and agrees that each Loan Document to which it is a party is hereby confirmed and ratified and shall remain in full force and effect
according to its respective terms (in the case of the Term Loan Agreement, as supplemented hereby) and (ii) each Guarantor hereby confirms and ratifies its continuing unconditional obligations as Guarantor under the Loan Documents with respect
to all of the Indebtedness. 
 SECTION 10.    Headings. The Section headings used herein are for convenience of reference
only, are not part of this Increase Joinder and are not to affect the construction of, or to be taken into consideration in interpreting, this Increase Joinder. 

[Signature pages to follow] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Increase Joinder to be duly executed by their
respective authorized officers as of the day and year first written above. 
  

			
	HORNBECK OFFSHORE SERVICES, INC.
		
	By:	 	 /s/ James O. Harp, Jr.

	Name:	 	James O. Harp, Jr.
	Title:	 	Executive Vice President and Chief Financial Officer
	
	HORNBECK OFFSHORE SERVICES, LLC
		
	By:	 	 /s/ James O. Harp, Jr.

	Name:	 	James O. Harp, Jr.
	Title:	 	Executive Vice President and Chief Financial Officer

 Signature Page – Increase Joinder No. 1A 

Hornbeck Offshore Services, Inc. 

 Execution Version 

 

			
	HORNBECK OFFSHORE TRANSPORTATION, LLC
	HOS-IV, LLC
	HORNBECK OFFSHORE TRINIDAD & TOBAGO, LLC
	HORNBECK OFFSHORE OPERATORS, LLC
	ENERGY SERVICES PUERTO RICO, LLC
	HORNBECK OFFSHORE INTERNATIONAL, LLC
	HOS PORT, LLC
	HOS HOLDING, LLC
	HOI HOLDING, LLC
		
	By:	 	 /s/ James O. Harp, Jr.

	Name:	 	James O. Harp, Jr.
	Title:	 	Executive Vice President and Chief Financial Officer
	
	HOS DE MEXICO II, S. DE R.L. DE C.V.
		
	By:	 	 /s/ Samuel A. Giberga

	Name:	 	Samuel A. Giberga
	Title:	 	Vice President

 [Signature Page to Increase Joinder No. 1A] 

 
			
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,
 as
Administrative Agent and Collateral Agent

 
			
		
	By:	 	 /s/ Nicole Kroll

	Name:	 	Nicole Kroll
	Title:	 	Assistant Vice President

 [Signature Page to Increase Joinder No. 1A] 

 Exhibit A 

[See attached]

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