Document:

EX-10.2

 Exhibit 10.2 

WARRANT EXERCISE AGREEMENT 

This Warrant Exercise Agreement (this “Agreement”), dated as of February 8, 2019, is by and between Histogenics
Corporation, a Delaware corporation (the “Company”), and the undersigned holder (the “Holder”) of warrants to purchase shares of the Company’s common stock, par value $0.01 per share (the “Common
Stock”). 
 WHEREAS, the Holder beneficially owns warrants to purchase in the aggregate the number of shares of Common Stock with
an exercise price of $0.70 per share that are exercisable until October 10, 2023, as set forth on the Holder’s signature page hereto (the “2018 Warrants”); 

WHEREAS, in order to induce the Holder to fully exercise the 2018 Warrants, the Company’s board of directors, in accordance with
Section 2(e) of the 2018 Warrants, has reduced the exercise price thereof to $0.01 per share (the “Amended Exercise Price”), provided that the 2018 Warrants are exercised prior to February 8, 2019; and 

WHEREAS, the Holder desires to fully exercise such 2018 Warrants in the amounts set forth on the applicable signature pages hereto using the
Amended Exercise Price. The shares of Common Stock underlying the 2018 Warrants are referred to herein as the “Warrant Shares”. 

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for good and valuable consideration the receipt and
adequacy of which are hereby acknowledged, the Holder and the Company agree as follows: 
 ARTICLE I 

EXERCISE OF 2018 WARRANTS 

Section 1.1 Exercise of Warrants. Subject to the conditions in Sections 2(a) and (d) of each of the 2018 Warrants and the
terms hereof, by executing this Agreement, the Company and the Holder hereby agree that the Holder shall be deemed to have exercised the 2018 Warrants held by such Holder for the number of shares of Common Stock set forth on the signature page
hereto for aggregate cash proceeds to the Company in the amount set forth on the Holder’s signature page hereto pursuant to the terms of the 2018 Warrants, except that the exercise price thereunder shall be the Amended Exercise Price. The
Holder shall deliver the aggregate cash exercise price for such 2018 Warrants to the bank account set forth on the Company’s signature page hereto within two Trading Days after the date hereof and the Company shall cause its transfer agent to
deliver the Warrant Shares, without any restricted legend or other restrictions on transfer, to the Holder via the Depository Trust Company Deposit or Withdrawal at Custodian system pursuant to the terms of the 2018 Warrants and the DWAC
instructions set forth on the Holder’s signature page hereto as if a notice of exercise (subject to reduction for the Beneficial Ownership Limitation (as defined below)) with respect thereto was delivered to the Company on the date hereof. The
date of the closing of the exercise of the 2018 Warrants shall be referred to as the “Closing Date.” Notwithstanding anything herein to the contrary, in the event that the exercise of the 2018 Warrants would otherwise cause the
Holder to exceed the beneficial ownership limitations (“Beneficial Ownership Limitation”) in the 2018 Warrants, the Company shall only issue such number of Warrant Shares to the Holder (as instructed in writing by Holder) that would
not cause such Holder to exceed the maximum number of Warrant Shares permitted thereunder with the balance to be held in abeyance until the balance (or portion thereof) may be issued in compliance with such limitations. Holder shall provide a
written notice of deemed exercise pursuant to the terms of the 2018 Warrants, as modified hereby, to the Company promptly when any additional Warrant Shares may be issued in compliance with the Beneficial Ownership Limitation (including, without
limitation, with respect to the balance of the Warrant Shares when the Holder holds less than the Beneficial Ownership Limitation). 

Section 1.2 Filing of Form 8-K. Prior to 9:30 am ET on February 8, 2019, the Company
shall issue a Current Report on Form 8-K disclosing the material terms of the transactions contemplated hereby, which shall include this form of Agreement as an exhibit (the “8-K Filing”). From and after the issuance of the 8-K Filing, the Company represents to the Holder that it shall not be in possession of any material, nonpublic
information received from the Company, any of its Subsidiaries (as defined below) or any of their respective officers, directors, employees or agents, that is not disclosed in the 8-K Filing. In addition,
effective upon the filing of the 8-K Filing, 

 
the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of
their respective officers, directors, employees or agents, on the one hand, and the Holder or any of its affiliates, on the other hand, shall terminate. The Company shall not, and shall cause each of its Subsidiaries and its and each of their
respective officers, directors, employees and agents, not to, provide the Holder with any material, nonpublic information regarding the Company or any of its Subsidiaries from and after the date hereof without the express prior written consent of
the Holder. To the extent that the Company, any of its Subsidiaries or any of their respective officers, directors, employees or agents, delivers any material, non-public information to the Holder without the
Holder’s consent, the Company hereby covenants and agrees that the Holder shall not have any duty of confidentiality with respect to, or a duty not to trade on the basis of, such material, non-public
information. As used herein, “Subsidiary” means any subsidiary of the Company, and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired after the date hereof. 

Section 1.3 Mutual Release. Each party hereto on behalf of itself and its affiliates (collectively, the “Releasing
Parties”) hereby unconditionally release and forever discharge the other party hereto, including, but not limited to, all of such other party’s present and former subsidiaries, affiliate companies, shareholders, officers, directors,
employees, attorneys and agents, from any and all causes of action, demands, claims, contracts, encumbrances, liabilities, obligations, expenses, losses, and rights of every nature and description, whether arising or pleaded in law or in equity,
under contract, statute, tort or otherwise, whether known or unknown, whether accrued, potential, inchoate, liquidated, contingent or actual, asserted or that might have been asserted which the Releasing Parties now have, have ever had or may
hereafter have, accruing or arising contemporaneously with, or before the date hereof, based upon or arising out of the 2018 Warrants. The Holder agrees that none of the Company nor its present and former subsidiaries, affiliate companies,
shareholders, officers, directors, employees, attorneys and agents shall have any liability to the Holder’s Releasing Parties, whatsoever due to or in connection with the Company’s use or
non-disclosure of the Information (as defined in Section 2.2(d)) or otherwise as a result of the transactions contemplated herein, and the Holder hereby irrevocably waives any claim that it might have
based on the failure of the Company to disclose the Information. For the avoidance of doubt, this mutual release shall not release any Releasing Party of its obligations, if any, under this Agreement, in connection with the Shares or any other
agreement by and between the Company and the Holder. 
 ARTICLE II 

REPRESENTATIONS AND WARRANTIES 

Section 2.1 Representations and Warranties of the Company. The Company hereby makes the representations and warranties set forth
below to the Holder that as of the date of its execution of this Agreement: 
 (a)    Authorization; Enforcement.
The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this
Agreement by the Company and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary action on the part of such Company and no further action is required by such Company, its board of directors or
its stockholders in connection therewith other than in connection with the filings required pursuant to Section 1.2 of this Agreement. This Agreement has been duly executed by the Company and, when delivered in accordance
with the terms hereof will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms except (i) as limited by general equitable principles and applicable bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally and (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable
remedies. 
 (b)    Organization. The Company is a duly organized and validly existing corporation in good
standing under the laws of the State of Delaware. 
 (c)    Registration Statement. The Warrant Shares are
registered for issuance on a Form S-3 Registration Statement (the “Registration Statement”) and the Company knows of no reasons why such registration

 
statement shall not remain available for the issuance of such Warrant Shares for the foreseeable future. The Company shall use commercially reasonable efforts to keep the Registration Statement
effective and available for the issuance of the Warrant Shares underlying the 2018 Warrants until all Warrant Shares have been sold thereunder or are sold under Rule 144 of the Securities Act of 1933, as amended (the “Securities Act”). If
the Company is unable to keep the Registration Statement effective and available through such time despite their commercially reasonable efforts, either the Company or the Holder may, by delivering written notice to the other, terminate all
remaining obligations under this Agreement. 
 (d)    No Conflicts. The execution, delivery and performance of
this Agreement by the Company and the consummation by the Company of the transactions contemplated hereby do not and will not: (i) conflict with or violate any provision of the Company’s certificate of incorporation, bylaws or other
organizational or charter documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any lien upon any of the properties or assets of
the Company, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any material agreement, credit facility, debt or other material instrument (evidencing Company debt
or otherwise) or other material understanding to which the Company is a party or by which any property or asset of the Company is bound or affected, or (iii) conflict with or result in a violation of any law, rule, regulation, order, judgment,
injunction, decree or other restriction of any court or governmental authority to which the Company is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company is bound or affected,
except in the case of each of clauses (ii) and (iii), such as would not have or reasonably be expected to result in (i) a material adverse effect on the legality, validity or enforceability of this Agreement, (ii) a material adverse
effect on the results of operations, assets, business or condition (financial or otherwise) of the Company and its subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform in any material
respect on a timely basis its obligations under this Agreement (any of (i), (ii) or (iii), a “Material Adverse Effect”). 

(e)    Disclosure. Except with respect to the material terms and conditions of the transactions contemplated by
this Agreement, the Company confirms that neither it nor any other Person acting on its behalf has provided any of Holder or their agents or counsel with any information that it believes constitutes or might constitute material, non-public information. The Company understands and confirms that the Holder will rely on the foregoing representation in effecting transactions in securities of the Company. As of the date of this Agreement, all of
the disclosure when furnished by or on behalf of the Company to the Holder regarding the Company and its Subsidiaries, their respective businesses and the transactions contemplated hereby, including but not limited to the disclosure set forth in the
SEC Reports, is true and correct and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not
misleading. As used herein, “SEC Reports” means all reports, schedules, forms, statements and other documents required to be filed by the Company as of the date of this Agreement with the Commission pursuant to the reporting
requirements of the Securities Exchange Act of 1934, as amended, including all exhibits included therein and financial statements, notes and schedules thereto and documents incorporated by reference therein. 

Section 2.2 Representations and Warranties of the Holder. The Holder hereby makes the representations and warranties set forth
below to the Company that as of the date of its execution of this Agreement. 
 (a)    Organization; Due
Authorization. The Holder is either an individual or an entity duly incorporated or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership,
limited liability company or similar power and authority to enter into and to consummate the transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder. The Holder represents and warrants that (i) the
execution and delivery of this Agreement by it and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary action on its behalf and (ii) this Agreement has been duly executed and delivered by
the Holder and constitutes the valid and binding obligation of the Holder, enforceable against it in accordance with its terms. 

 (b)    Understandings or Arrangements. The Holder is acquiring
the Warrant Shares as principal for its own account and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such Warrant Shares (this representation and warranty not limiting
the Holder’s right to sell the Warrant Shares pursuant to a registration statement or otherwise in compliance with applicable federal and state securities laws). The Holder is acquiring the Warrant Shares hereunder in the ordinary course of its
business. 
 (c)    No Conflicts. The Holder represents and warrants that the execution, delivery and performance
of this Agreement by the Holder and the consummation by the Holder of the transactions contemplated hereby do not and will not: (i) conflict with or violate any provision of the Holder’s organizational or charter documents, or
(ii) conflict with or result in a violation of any agreement, law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority which would interfere with the ability of the Holder to perform
its obligations under this Agreement. 
 (d)    Access to Information. The Holder acknowledges that it has had
the opportunity to review this Agreement and the SEC Reports and has been afforded (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and
conditions of the exercise of the 2018 Warrants and the merits and risks of investing in the Warrant Shares, the terms and conditions of the offering of the Warrant Shares and the merits and risks of investing in the Warrant Shares; (ii) access
to information about the Company and its general affairs, business, prospects, management, assets, stockholders’ equity, results of operations or financial condition (collectively, the “Information”) sufficient to enable it to
evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to
the investment. The Holder acknowledges and agrees that neither Canaccord Genuity LLC (the “Advisor”) nor any affiliate of the Advisor has provided the Holder with any information or advice with respect to the Warrant Shares.
Neither the Advisor nor any affiliate has made or makes any representation as to the Company or the quality of the securities issuable hereunder and the Advisor and any affiliate may have acquired non-public
information with respect to the Company which the Holder agrees need not be provided to it. In connection with the issuance of the securities hereunder to the Holder, neither the Advisor nor any of its affiliates has acted as a financial advisor or
fiduciary to the Holder. The Holder acknowledges and understands that (w) the Company may possess material nonpublic information regarding the Company not known to the Holder that may impact the value of the 2018 Warrants and the Warrant
Shares, including, without limitation, (x) information known by principals and employees of the Company in their capacities as directors, officers, significant stockholders and/or affiliates of the Company, and (y) other confidential
Information of the Company, and that the Company is unable to disclose the Information to the Holder. The Holder understands, based on its experience, the disadvantage to which the Holder is subject due to the disparity of information between the
Company and the Holder. Notwithstanding such disparity, the Holder has deemed it appropriate to enter into this Agreement and to consummate the transactions contemplated herein. 

(e)    Holder Status. The Holder represents and warrants that at the time the Holder was offered the Warrant
Shares, it was, and as of the date hereof it is, an “accredited investor” as defined in Rule 501 under the Securities Act. 

(f)    Knowledge. The Holder, either alone or together with its representatives, has such knowledge, sophistication
and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Warrant Shares, and has so evaluated the merits and risks of such investment. The Holder is able to bear the
economic risk of an investment in the Warrant Shares and, at the present time, is able to afford a complete loss of such investment. 

ARTICLE III 

MISCELLANEOUS 

Section 3.1 Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder
shall be made by email to the email address of the Holder set forth on Holders’ signature page. 

 Section 3.2 Successors. This Agreement shall inure to the benefit of and be
binding upon the successors and permitted assigns of each of the parties; provided however that no party may assign this Agreement or the obligations and rights of such party hereunder without the prior written consent of the other parties hereto.

 Section 3.3 Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be
considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any
signature is delivered by facsimile transmission, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile signature page
were an original thereof. 
 Section 3.4 Severability. If any provision of this Agreement is held to be invalid or unenforceable
in any respect, the validity and enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby and the parties will attempt to agree upon a valid and enforceable provision that is a
reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Agreement. 
 Section 3.5
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be determined pursuant to the internal law of the State of Delaware. 

Section 3.6 Entire Agreement. This Agreement and the 2018 Warrants, together with the exhibits and schedules thereto, contain the
entire understanding of the parties with respect to the subject matter hereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents,
exhibits and schedules. 
 Section 3.7 Construction. The headings herein are for convenience only, do not constitute a part of
this Agreement and shall not be deemed to limit or affect any of the provisions hereof. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction
will be applied against any party. Capitalized terms not otherwise defined herein shall have the meanings set forth in the 2018 Warrants. 

Section 3.8 Fees and Expenses. Except as expressly set forth herein, each party shall pay the fees and expenses of its advisers,
counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all transfer agent fees, stamp taxes
and other taxes and duties levied in connection with the delivery of any Warrant Shares. 

 IN WITNESS WHEREOF, the undersigned have executed this Warrant Exercise Agreement as
of the date first written above. 
  

			
	COMPANY:
	
	HISTOGENICS CORPORATION
		
	By:	 	  

	Name:	 	 Adam Gridley

	Title:	 	 Chief Executive Officer

 Bank Account and Wire Instructions 
  

			
	For incoming wires, please use the following Information:
		
	Bank	 	 Silicon Valley Bank
 3003 Tasman Drive

Santa Clara, CA 95054

		
	Routing and Transit Number	 	121140399
		
	Account number	 	3300591053
		
	 Account Name:
 Address:
	 	 Histogenics Corporation
 830 Winter St, 3rd Floor
 Waltham, MA 02451

		
	SWIFT Code (for international wires only)	 	 SVBKUS6S

 [HOLDER SIGNATURE PAGES TO HSGX 

WARRANT EXERCISE AGREEMENT] 

IN WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed by their respective authorized signatories as of the date
first indicated above. 
  

			
	Name of Holder:	 	  

			
		
	Signature of Authorized Signatory of Holder:	 	  

			
		
	Name of Authorized Signatory:	 	  

			
		
	Title of Authorized Signatory:	 	  

			
		
	Email Address of Holder:	 	  

			
		
	Number of subject to 2018 Warrants held:	 	  

			
		
	Number of 2018 subject to Warrants deemed exercised:	 	  

			
		
	Aggregate Exercise Price of Warrants deemed Exercised:	 	  

			
		
	Warrant Shares underlying 2018 Warrants deemed exercised:	 	  

 Instructions for Warrant Shares to be issued upon initial exercise of 2018 Warrants: 

Broker Name & DTC Participant #: 
 Further Credit Acct
#: 
 Contact phone number: 
 Method of
Delivery:         DWACEX-10.1

 Exhibit 10.1 

SECOND LIEN TERM LOAN AGREEMENT 

DATED AS OF 

FEBRUARY 7, 2019 

AMONG 
 HORNBECK
OFFSHORE SERVICES, INC., 
 AS PARENT BORROWER, 

HORNBECK OFFSHORE SERVICES, LLC, 

AS CO-BORROWER, 

WILMINGTON TRUST, NATIONAL ASSOCIATION, 

AS ADMINISTRATIVE AGENT, 

WILMINGTON TRUST, NATIONAL ASSOCIATION, 

AS COLLATERAL AGENT 

AND 
 THE LENDERS PARTY
HERETO 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I Definitions and Accounting Matters
	  	 	1	 
			
	 Section 1.01
	 	Terms Defined Above	  	 	1	 
	 Section 1.02
	 	Certain Defined Terms	  	 	1	 
	 Section 1.03
	 	[Reserved].	  	 	44	 
	 Section 1.04
	 	Terms Generally; Rules of Construction	  	 	44	 
	 Section 1.05
	 	Accounting Terms and Determinations; GAAP	  	 	45	 
	 Section 1.06
	 	Valuation of Certain Investments and Restricted Payments	  	 	46	 
		
	 ARTICLE II The Commitments
	  	 	47	 
			
	 Section 2.01
	 	Commitments	  	 	47	 
	 Section 2.02
	 	Effective Date Mechanics	  	 	47	 
	 Section 2.03
	 	Borrowings; Several Obligations	  	 	47	 
	 Section 2.04
	 	[Reserved]	  	 	48	 
	 Section 2.05
	 	[Reserved]	  	 	48	 
	 Section 2.06
	 	Termination and Reduction of Commitments	  	 	48	 
	 Section 2.07
	 	Replacement of Lenders	  	 	48	 
	 Section 2.08
	 	[Reserved]	  	 	49	 
	 Section 2.09
	 	Incremental Term Loans	  	 	49	 
		
	 ARTICLE III Payments of Principal and Interest; Prepayments; Fees
	  	 	52	 
			
	 Section 3.01
	 	Repayment of Loans	  	 	52	 
	 Section 3.02
	 	Interest	  	 	52	 
	 Section 3.03
	 	[Reserved]	  	 	52	 
	 Section 3.04
	 	Prepayments	  	 	52	 
	 Section 3.05
	 	Fees	  	 	55	 
		
	 ARTICLE IV Payments; Pro Rata Treatment; Sharing
Set-offs
	  	 	55	 
			
	 Section 4.01
	 	Pro Rata Treatment; Sharing of Set-offs	  	 	55	 
	 Section 4.02
	 	Presumption of Payment by the Borrowers	  	 	56	 
	 Section 4.03
	 	Certain Deductions by the Administrative Agent	  	 	56	 
		
	 ARTICLE V Increased Costs; Break Funding Payments; Taxes; Illegality
	  	 	56	 
			
	 Section 5.01
	 	Increased Costs	  	 	56	 
	 Section 5.02
	 	[Reserved]	  	 	57	 
	 Section 5.03
	 	Taxes	  	 	58	 
	 Section 5.04
	 	Mitigation Obligations	  	 	62	 

  
 i 

							
	 ARTICLE VI Conditions Precedent
	  	 	62	 
			
	 Section 6.01
	 	Effective Date	  	 	62	 
	 Section 6.02
	 	Collateral Conditions	  	 	64	 
		
	 ARTICLE VII Representations and Warranties
	  	 	64	 
			
	 Section 7.01
	 	Organization; Powers	  	 	64	 
	 Section 7.02
	 	Authority; Enforceability	  	 	64	 
	 Section 7.03
	 	Approvals; No Conflicts	  	 	65	 
	 Section 7.04
	 	Financial Statements; No Material Adverse Change	  	 	65	 
	 Section 7.05
	 	Litigation	  	 	66	 
	 Section 7.06
	 	Environmental Matters	  	 	66	 
	 Section 7.07
	 	Compliance with the Laws and Agreements; No Defaults	  	 	67	 
	 Section 7.08
	 	Investment Company Act	  	 	67	 
	 Section 7.09
	 	Anti-Terrorism Laws and Sanctions	  	 	67	 
	 Section 7.10
	 	Taxes	  	 	68	 
	 Section 7.11
	 	ERISA	  	 	68	 
	 Section 7.12
	 	Disclosure; No Material Misstatements	  	 	69	 
	 Section 7.13
	 	Insurance	  	 	69	 
	 Section 7.14
	 	Subsidiaries	  	 	70	 
	 Section 7.15
	 	Location of Business and Offices	  	 	70	 
	 Section 7.16
	 	Properties; Titles, Etc.	  	 	70	 
	 Section 7.17
	 	Hedging Obligations	  	 	71	 
	 Section 7.18
	 	Use of Proceeds	  	 	71	 
	 Section 7.19
	 	Solvency	  	 	71	 
	 Section 7.20
	 	Anti-Corruption Laws	  	 	72	 
	 Section 7.21
	 	EEA Financial Institution	  	 	72	 
		
	 ARTICLE VIII Affirmative Covenants
	  	 	72	 
			
	 Section 8.01
	 	Financial Statements	  	 	72	 
	 Section 8.02
	 	Certificates of Compliance; Etc.	  	 	73	 
	 Section 8.03
	 	Taxes and Other Liens	  	 	74	 
	 Section 8.04
	 	Existence; Compliance	  	 	74	 
	 Section 8.05
	 	Further Assurances	  	 	74	 
	 Section 8.06
	 	Performance of Obligations	  	 	74	 
	 Section 8.07
	 	Use of Proceeds	  	 	75	 
	 Section 8.08
	 	Insurance	  	 	75	 
	 Section 8.09
	 	Accounts and Records	  	 	75	 
	 Section 8.10
	 	Right of Inspection	  	 	76	 
	 Section 8.11
	 	Maintenance of Properties	  	 	76	 
	 Section 8.12
	 	Notice of Certain Events	  	 	77	 
	 Section 8.13
	 	ERISA Information and Compliance	  	 	77	 
	 Section 8.14
	 	Security	  	 	78	 
	 Section 8.15
	 	Sanctions, Anti-Corruption Laws and Anti-Terrorism Laws	  	 	80	 
	 Section 8.16
	 	Future Designation of Unrestricted Subsidiaries	  	 	80	 

  
 ii 

							
	 Section 8.17
	 	Post-Closing Undertakings	  	 	81	 
	 Section 8.18
	 	Collateral Proceeds Account	  	 	81	 
		
	 ARTICLE IX Negative Covenants
	  	 	82	 
			
	 Section 9.01
	 	Restricted Payments	  	 	82	 
	 Section 9.02
	 	Incurrence of Debt and Issuance of Disqualified Stock	  	 	86	 
	 Section 9.03
	 	Liens	  	 	90	 
	 Section 9.04
	 	Merger or Consolidation	  	 	90	 
	 Section 9.05
	 	Minimum Available Liquidity	  	 	91	 
	 Section 9.06
	 	Transactions with Affiliates	  	 	91	 
	 Section 9.07
	 	Burdensome Restrictions	  	 	92	 
	 Section 9.08
	 	Asset Sales	  	 	94	 
	 Section 9.09
	 	Restriction on Other 2020 Senior Note or 2021 Senior Note Transactions	  	 	95	 
		
	 ARTICLE X Events of Default; Remedies
	  	 	95	 
			
	 Section 10.01
	 	Events of Default	  	 	95	 
	 Section 10.02
	 	Remedies	  	 	97	 
		
	 ARTICLE XI The Agents
	  	 	98	 
			
	 Section 11.01
	 	Appointment; Powers	  	 	98	 
	 Section 11.02
	 	Duties and Obligations of the Agents	  	 	98	 
	 Section 11.03
	 	Action by Agents	  	 	99	 
	 Section 11.04
	 	Reliance by Agents	  	 	100	 
	 Section 11.05
	 	Sub-Agents	  	 	100	 
	 Section 11.06
	 	Resignation or Removal of Agents	  	 	100	 
	 Section 11.07
	 	Agents as Lenders	  	 	101	 
	 Section 11.08
	 	Funds held by Agents	  	 	101	 
	 Section 11.09
	 	No Reliance	  	 	101	 
	 Section 11.10
	 	Agents May File Proofs of Claim	  	 	102	 
	 Section 11.11
	 	Authority of the Agents to Release Collateral, Liens	  	 	102	 
	 Section 11.12
	 	Merger, Conversion or Consolidation of Agents	  	 	103	 
		
	 ARTICLE XII Miscellaneous
	  	 	103	 
			
	 Section 12.01
	 	Notices	  	 	103	 
	 Section 12.02
	 	Waivers; Amendments	  	 	105	 
	 Section 12.03
	 	Expenses, Indemnity; Damage Waiver	  	 	107	 
	 Section 12.04
	 	Successors and Assigns	  	 	109	 
	 Section 12.05
	 	Survival; Revival; Reinstatement	  	 	114	 
	 Section 12.06
	 	Counterparts; Integration; Effectiveness	  	 	114	 
	 Section 12.07
	 	Severability	  	 	115	 
	 Section 12.08
	 	Right of Setoff	  	 	115	 
	 Section 12.09
	 	GOVERNING LAW; JURISDICTION; WAIVER OF JURY TRIAL	  	 	115	 

  
 iii 

							
	 Section 12.10
	 	Headings	  	 	116	 
	 Section 12.11
	 	Confidentiality	  	 	116	 
	 Section 12.12
	 	Interest Rate Limitation	  	 	117	 
	 Section 12.13
	 	No Third Party Beneficiaries	  	 	118	 
	 Section 12.14
	 	Electronic Communications	  	 	118	 
	 Section 12.15
	 	USA Patriot Act Notice	  	 	120	 
	 Section 12.16
	 	Acknowledgement and Consent to Bail-In Action	  	 	120	 
	 Section 12.17
	 	Intercreditor Agreements.	  	 	121	 
	 Section 12.18
	 	Force Majeure	  	 	121	 
	 Section 12.19
	 	Joint and Several Liability; Etc.	  	 	121	 

  

			
	EXHIBITS AND SCHEDULES
	Exhibit A	  	Form of Note
	Exhibit B-1	  	Form of Borrowing Request
	Exhibit B-2	  	Form of Notice of Prepayment
	Exhibit C	  	[Reserved]
	Exhibit D-1	  	Form of Secretary’s Certificate
	Exhibit D-2	  	Form of Closing Certificate
	Exhibit D-3	  	Form of Opinion of Latham & Watkins LLP, special counsel to the Loan Parties
	Exhibit D-4	  	Form of Opinion of Winstead PC, special collateral counsel to the Loan Parties
	Exhibit D-5	  	Form of Solvency Certificate
	Exhibit E	  	Form of Second Lien Guaranty and Collateral Agreement
	Exhibit F-1	  	Form of U.S. Second Lien Preferred Fleet Mortgage
	Exhibit F-2	  	Form of Mexican Second Lien Maritime Mortgage
	Exhibit G	  	Form of Assignment and Assumption Agreement
	Exhibits H-1 – H-4	  	Forms of Tax Certificates
	Exhibit I	  	Dutch Auction Procedures
	Exhibit J-1	  	Form of Primary Intercreditor Agreement
	Exhibit J-2	  	Form of Second Lien Pari Passu Intercreditor Agreement
	Exhibit J-3	  	Form of Revolver/Term Intercreditor Agreement
	Exhibit K	  	Form of Collateral and Lien Release Officer’s Certificate
		
	Schedule 1.01(a)	  	Commitments
	Schedule 1.01(b)	  	Investment Entity Vessels
	Schedule 7.05	  	Litigation
	Schedule 7.06(f)	  	Property Subject to OPA
	Schedule 7.14	  	Subsidiaries
	Schedule 7.15	  	Location of Business and Offices
	Schedule 7.16	  	Properties; Titles, Etc.
	Schedule 7.17	  	Hedging Obligations
	Schedule 8.14	  	Vessel Collateral
	Schedule 8.17	  	Post-Closing Undertakings
	Schedule 9.02	  	Effective Date Debt
	Schedule 9.03	  	Effective Date Liens

  

  
 iv 

 THIS SECOND LIEN TERM LOAN AGREEMENT dated as of February 7, 2019 (the
“Effective Date”), is entered into by and among: Hornbeck Offshore Services, Inc., a Delaware corporation (“HOSI” or the “Parent Borrower”); Hornbeck Offshore Services, LLC, a Delaware limited
liability company (“HOS” or the “Co-Borrower”); and the Parent Borrower together with the Co-Borrower, collectively, the
“Borrowers” and each, a “Borrower”; each of the Lenders from time to time party hereto; Wilmington Trust, National Association, as administrative agent for the Lenders (in such capacity, together with its successors
in such capacity, the “Administrative Agent”); and Wilmington Trust, National Association, as collateral agent for the Lenders (in such capacity, together with its successors in such capacity, the “Collateral
Agent”). 
 R E C I T A L S 

A. HOS, as borrower, HOSI, as parent guarantor, Wells Fargo Bank, National Association, as the administrative agent and the other parties
thereto entered into the Prior Credit Agreement (as defined below). 
 B. HOS has requested and the Lenders have agreed (x) to refinance
the obligations of the Loan Parties under and replace the Prior Credit Agreement with the term loan facility evidenced by the First Lien Term Loan Agreement (as defined below) and this Agreement and to make new extensions of credit under this
Agreement and (y) to permit the refinancing and replacement of the obligations of the Loan Parties under the Prior Credit Agreement with any other Credit Facility evidenced by any First Lien Documents, any Second Lien Documents, any Junior Lien
Documents or the Revolver Facility permitted hereunder that may subsequently be provided to the Loan Parties by lenders or other investors, in each case on the terms and subject to the conditions set forth herein. 

C. In consideration of the mutual covenants and agreements herein contained and of the loans, extensions of credit and commitments hereinafter
referred to, the parties hereto agree as follows: 
 ARTICLE I 

Definitions and Accounting Matters 

Section 1.01 Terms Defined Above. As used in this Agreement, each term defined above has the meaning indicated above. 

Section 1.02 Certain Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 

“2004 Issue Date” means November 23, 2004, the initial date of issuance of HOSI’s previously outstanding 6.125%
Senior Notes due 2014. 
 “2019 Convertible Senior Notes” means the 1.500% Convertible Senior Notes due 2019 issued
pursuant to the 2019 Convertible Senior Notes Indenture. 

 “2019 Convertible Senior Notes Indenture” means that certain Indenture,
dated as of August 13, 2012, among HOSI, the Guarantors (as defined therein) party thereto and Wells Fargo, as trustee, as amended, restated, supplemented or otherwise modified from time to time in accordance with the requirements thereof. 

“2020 Senior Notes” means the 5.875% Senior Notes due 2020 issued pursuant to the 2020 Senior Notes Indenture. 

“2020 Senior Notes Indenture” means that certain Indenture, dated as of March 16, 2012, among HOSI, the Guarantors (as
defined therein) party thereto and Wells Fargo, as trustee, as amended, restated, supplemented or otherwise modified from time to time in accordance with the requirements thereof. 

“2021 Senior Notes” means the 5.000% Senior Notes due 2021 issued pursuant to the 2021 Senior Notes Indenture. 

“2021 Senior Notes Indenture” means that certain Indenture, dated as of March 28, 2013, among HOSI, the Guarantors (as
defined therein) party thereto and Wells Fargo, as trustee, as amended, restated, supplemented or otherwise modified from time to time in accordance with the requirements thereof. 

“Account Control Agreement” has the meaning assigned such term in the Guaranty and Collateral Agreement. 

“Acquisition Transaction” means any Permitted Acquisition of, or Permitted Investment in, or a Restricted Investment that is
otherwise permitted by Section 9.01 in, a Permitted Business or any acquisition of one or more Vessels or other Property. 

“Additional Eligible Vessel” means (i) each High Spec Vessel and each MPSV owned by the Parent Borrower or any of its
Restricted Subsidiaries as of the Effective Date that does not constitute Vessel Collateral as of the Effective Date and (ii) each High Spec Vessel and each MPSV acquired by the Parent Borrower or any of its Restricted Subsidiaries after the
Effective Date (A) for consideration consisting entirely of the Equity Interests (other than Disqualified Stock) of the Parent Borrower or the proceeds from any issuance of the Equity Interests (other than Disqualified Stock) of the Parent
Borrower or (B) pursuant to a concurrent purchase and sale or in-kind exchange of Vessels (or a combination thereof) that are not Vessel Collateral. 

“Additional Lender” has the meaning assigned such term in Section 2.09(b). 

“Additional Vessel” has the meaning assigned such term in Section 8.14(b). 

“Additional Vessel Collateral Value” means (a) in connection with any Collateral Substitution Transaction (i) the
excess (if any) of the Specified Value of any Additional Vessel mortgaged pursuant to Section 8.14(b) minus (ii) the Specified Value of the transferred Vessel Collateral in respect of which such Additional Vessel was substituted, for so
long as such Additional Vessel remains Collateral and is otherwise subject to no Liens other than (i) Permitted Liens of the type described in clauses (k) and (l) of the definition thereof and (ii) Liens securing First Lien Debt, any
other Second Lien Debt, any Junior Lien Debt or any Permitted Refinancing 

  
 2 

 
Indebtedness in respect thereof permitted hereunder and (b) in connection with any Additional Eligible Vessel mortgaged pursuant to Section 8.14(b), the Specified Value of such
Additional Eligible Vessel, for so long as such Additional Vessel remains Collateral and is otherwise subject to no Liens other than (i) Permitted Liens of the type described in clauses (k) and (l) of the definition thereof and
(ii) Liens securing First Lien Debt, any other Second Lien Debt, any Junior Lien Debt or any Permitted Refinancing Indebtedness in respect thereof permitted hereunder; provided that, unless otherwise approved by the Required Lenders in
writing (it being understood that so long as the First Lien Term Loan Agreement is outstanding, the approval of the First Lien Required Lenders in respect of Additional Vessel Collateral Value shall be deemed to be approval of the Required Lenders
with respect thereto), the Additional Vessel Collateral Value attributable to any Collateral Substitution Transaction or Additional Eligible Vessel mortgaged pursuant to Section 8.14(b) shall be deemed to be $0 until the date that is 91 days
after the date on which the applicable Additional Vessel or Additional Vessels have become subject to a second priority perfected security interest (or, if after the Discharge of First Lien Obligations, a first priority perfected security interest)
in favor of the Collateral Agent in accordance with Section 8.14(b). 
 “Administrative Agent” has the meaning
specified in the recital of parties to this Agreement. 
 “Administrative Agent Parties” has the meaning assigned such term
in Section 12.14(f). 
 “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the
Administrative Agent. 
 “Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly
through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. For the avoidance of doubt, an employee stock ownership plan sponsored by any Borrower shall not be an “Affiliate”. 

“Affiliate Transaction” has the meaning assigned such term in Section 9.06. 

“After-Acquired Vessel” means any Vessel that is acquired or constructed by the
Co-Borrower or any Restricted Subsidiary of the Parent Borrower following the Effective Date (and for the avoidance of doubt, excluding (a) all Vessels that are included in the Vessel Collateral as of the
Effective Date, but including the HOS Warhorse and HOS Wild Horse and (b) other than Vessels acquired using Permitted Acquisition Indebtedness for so long as such Vessel is subject to a Lien securing the applicable Permitted Acquisition
Indebtedness). 
 “Agents” means the Administrative Agent and the Collateral Agent. 

“Agreement” means this Second Lien Term Loan Agreement, together with any and all supplements, restatements, renewals,
refinances, modifications, amendments, extensions for any period, increases or rearrangements thereof. 
 “Anti-Terrorism
Laws” means any laws relating to sanctions, terrorism or money laundering, including the USA PATRIOT Act, the laws comprising or implementing the Bank Secrecy Act (as any of the foregoing laws may from time to time be amended, renewed,
extended, or replaced). 

  
 3 

 “Appraisal Report” has the meaning assigned such term in the definition of
“Appraised Value”. 
 “Appraised Value” means (a) with respect to any Vessel with a Vessel Book Value equal
to or less than $35,000,000, the appraised value thereof determined by a Specified Qualified Appraiser (each such report, an “Appraisal Report”) and (b) with respect to any Vessel with a Vessel Book Value greater than
$35,000,000, the lesser of the appraised value thereof determined by each of two Specified Qualified Appraisers; provided that, if the greater of the two appraised values has an appraised value that exceeds 110% of the other appraised value, then
the “Appraised Value” of such Vessel shall be the average value of the two appraised values. 
 “Approved Fund”
means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in commercial loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a
Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 

“Asset Sale” means the sale, lease, conveyance or other disposition (a “disposition”) of any Collateral (including,
without limitation, by way of a sale and leaseback or a Permitted Asset Swap or as the result of an Event of Loss) or Equity Interests of any Person that owns Vessel Collateral (“Specified Equity Interests”) (provided that
the disposition of all or substantially all of the Property of the Parent Borrower and its Restricted Subsidiaries taken as a whole will be subject to Section 9.04 of this Agreement), whether in a single transaction or a series of related
transactions, provided that such transaction or series of related transactions (i) involves Collateral having a Specified Value in excess of $10,000,000 or (ii) results in the receipt of consideration having a value in excess of
$10,000,000. Notwithstanding the foregoing provisions of this definition, the following transactions will be deemed not to be Asset Sales: (A) the sale, lease, conveyance or other disposition of any Property other than Collateral; (B) a
disposition of Collateral by any Borrower to another Loan Party or by a Guarantor to any Borrower or another Guarantor; (C) a disposition of Collateral that constitutes a Permitted Investment or a Restricted Payment that is permitted by
Section 9.01; (D) any charter or lease of any Vessel Collateral entered into in the ordinary course of business and with respect to which the Parent Borrower or any Restricted Subsidiary thereof is the lessor or Person granting the charter,
unless such charter or lease provides for the acquisition of such Vessel Collateral by the lessee during or at the end of the term thereof; (E) a disposition of inventory in the ordinary course of business; (F) a disposition of cash, Cash
Equivalents or similar investments; (G) any charter or lease of any equipment or other properties or assets (other than Vessel Collateral) entered into in the ordinary course of business and with respect to which the Parent Borrower or any
Restricted Subsidiary thereof is the lessor or Person granting the charter, unless such charter or lease provides for the acquisition of such properties or assets by the lessee during or at the end of the term thereof for an amount that is less than
the fair market value thereof at the time the right to acquire such properties or assets occurs, (H) any disposition of obsolete or excess equipment or other properties or assets; (I) a disposition of properties or assets by a Restricted
Subsidiary of the Parent Borrower to a Loan Party or by a Restricted Subsidiary of the Parent Borrower that is not a Loan Party to another Restricted Subsidiary of the Parent Borrower that is not a Loan Party; and (J) dispositions of property
(other than Vessel Collateral) to the extent that (1) such property is exchanged for credit against the purchase price of similar replacement property that is promptly purchased or (2) the proceeds of such disposition are promptly applied
to the purchase price of such replacement property (which replacement property is actually promptly purchased). 

  
 4 

 “Assignment” has the meaning assigned such term in
Section 12.04(b)(i). 
 “Available Liquidity” means, on any date of determination, the sum as of such date of
(i) all amounts available to be borrowed by the Borrowers under this Agreement plus (ii) all amounts available to be borrowed by any Loan Party under any unused commitments under the Revolver Facility (if any then in effect), after giving
effect to any borrowing base limitations in such Revolver Facility and any unused commitments under any First Lien Debt, any other Second Lien Debt and any Junior Lien Debt plus (iii) the amount of cash and Cash Equivalents (determined in
accordance with GAAP) of the Parent Borrower and its Restricted Subsidiaries; provided, that amounts described in this clause (iii) attributable to Restricted Subsidiaries of the Parent Borrower that are not Loan Parties shall not exceed
$10,000,000. 
 “Bail-In Action” means the exercise of any Write-Down and
Conversion Powers. 
 “Bail-In Legislation” means (a) in relation to an EEA
Member Country which has implemented, or which at any time implements, Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms, the relevant implementing law or
regulation for such EEA Member Country as described in the EU Bail-In Legislation Schedule from time to time; and (b) in relation to any other state, any analogous law or regulation from time to time
which requires contractual recognition of any Write-Down and Conversion Powers contained in that law or regulation. 
 “Bank Secrecy
Act” means the Bank Secrecy Act of 1970 (Titles I and II of Pub. L. No. 91-508 (signed into law October 26, 1970 and as modified, amended, supplemented or restated from time to time)).

 “Board” means the Board of Governors of the Federal Reserve System of the United States of America or any successor
Governmental Authority. 
 “Board of Directors” means the Board of Directors of the Parent Borrower or any other Person, as
applicable, or any authorized committee of the Board of Directors. 
 “Borrower” and “Borrowers” have the
meanings specified in the recital of parties to this Agreement. 
 “Borrowing” means Loans made (or deemed made) on the
same date. 
 “Borrowing Request” means a request by a Borrower for a Borrowing in accordance with Section 2.03. 

“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York are authorized
or required by law to remain closed. 
 “Calculation Date” has the meaning assigned to such term in the definition of
“Pro Forma Basis,” “Pro Forma Compliance” and “Pro Forma Effect”. 

  
 5 

 “Capital Lease Obligation” means, at the time any determination thereof is
to be made, the amount of the liability in respect of a capital lease that would at such time be required to be capitalized on a balance sheet in accordance with GAAP. Notwithstanding the foregoing, any lease (whether entered into before or after
the Effective Date) that would have been classified as an operating lease pursuant to GAAP as in effect on the Effective Date will be deemed not to represent a Capital Lease Obligation. 

“Cash Equivalents” means 

(a) securities issued or directly and fully guaranteed or insured by the government of the United States of America or any agency or
instrumentality of any such government having maturities of not more than six months from the date of acquisition, 
 (b) certificates of
deposit and Eurodollar time deposits with maturities of six months or less from the date of acquisition, bankers’ acceptances with maturities not exceeding six months and overnight bank deposits, in each case with or issued by any commercial
bank organized under the laws of any country that is a member of the Organization for Economic Cooperation and Development having capital and surplus in excess of $300,000,000 and whose long-term debt securities are rated at least A3 by Moody’s
and at least A by S&P, 
 (c) repurchase obligations with a term of not more than seven days for underlying securities of the types
described in clauses (a) and (b) above entered into with any financial institution meeting the qualifications specified in clause (b) above, 

(d) commercial paper having a rating of at least P-1 from Moody’s or at least A-1 from S&P and in each case maturing within 270 days after the date of acquisition, 
 (e) deposits
available for withdrawal on demand with any commercial bank not meeting the qualifications specified in clause (b) above, provided that all deposits referred to in this clause (e) are made in the ordinary course of business and do
not exceed $5,000,000 in the aggregate at any one time, and 
 (f) money market mutual funds substantially all of the assets of which are of
the type described in any of the foregoing clauses (a) through (d).  

“Certificate of Incorporation” means HOSI’s Second Restated Certificate of Incorporation. 

“Change in Control” means the occurrence of any of the following: (a) except as permitted pursuant to Section 9.04,
the sale, assignment, transfer, lease, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of (x) the Property of the Parent Borrower and its
Subsidiaries, taken as a whole or (y) the Vessel Collateral (including pursuant to a sale, assignment, transfer, lease or other disposition of Specified Equity Interests), (b) the adoption of a voluntary plan relating to the liquidation or
dissolution of any Borrower, (c) the consummation of any transaction (including, without limitation, any merger or consolidation, but excluding the effect of any voting arrangement pursuant to any agreement among the Parent Borrower and any
stockholders of the Parent Borrower as in effect on the Effective Date) the result of which is that any “person,” “persons” or “group” (as such terms are used in Section 13(d) (3) of the Exchange Act) becomes
the “beneficial 

  
 6 

 
owner” (as such term is defined in Rule 13d-3 and Rule 13d-5 under the Exchange Act), directly or indirectly
through one or more intermediaries, of more than 50% of the voting power of the outstanding Voting Stock of the Parent Borrower; provided, however, that a transaction in which the Parent Borrower becomes a Subsidiary of another Person
(other than a Person that is an individual) shall not constitute a Change in Control if (i) the shareholders of the Parent Borrower immediately prior to such transaction “beneficially own” (as such term is defined in Rule 13d-3 and Rule 13d-5 under the Exchange Act), directly or indirectly through one or more intermediaries, a majority of the voting power of the outstanding Voting Stock of such
other Person immediately following the consummation of such transaction and (ii) immediately following the consummation of such transaction, no “person,” “persons” or “group” (as such terms are defined above),
other than such other Person (but including the holders of the Equity Interests of such other Person), “beneficially owns” (as such term is defined above), directly or indirectly through one or more intermediaries, more than 50% of the
voting power of the outstanding Voting Stock of the Parent Borrower, (d) the occurrence of a “Change of Control” (or similar event, however denominated), as defined in the Unsecured Indentures (and any Permitted Refinancing
Indebtedness in respect thereof) or the documentation governing any Revolver Facility, any First Lien Debt, any Junior Lien Debt or any other Material Indebtedness. For purposes of this definition, a time charter of, bareboat charter or other
contract for, Vessels to customers in the ordinary course of business shall not be deemed a lease under clause (a) above, or (e) the Parent Borrower shall fail to own and control 100% of the Equity Interests of the Co-Borrower, except as otherwise expressly permitted under Section 9.04. 
 “Change in
Control Offer” has the meaning assigned such term in Section 3.04(c)(ii). 
 “Change in Control Payment Date”
has the meaning assigned such term in Section 3.04(c)(ii). 
 “Change in Law” means the occurrence, after the
Effective Date, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or
application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything
herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all
requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case
pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued. 

“Class” (a) when used with respect to any Lender, refers to whether such Lender has a Loan or Commitment with respect to a
particular Class of Loans or Commitments, (b) when used with respect to Commitments, refers to whether such Commitments are Original Term Commitments or Incremental Term Commitments and (c) when used with respect to Loans, refers to
whether such Loans are Original Term Loans or Incremental Term Loans. 

“Co-Borrower” has the meaning specified in the recital of parties to this Agreement.

  
 7 

 “Code” means the Internal Revenue Code of 1986, as amended from time to
time (unless otherwise provided herein), and any successor statute. 
 “Collateral” means any and all assets, whether real
or personal, tangible or intangible, on which Liens are purported to be granted pursuant to the Security Instruments as security for the payment or performance of the Indebtedness (including, for the avoidance of doubt, the Vessel Collateral). 

“Collateral Agent” has the meaning specified in the recital of parties to this Agreement and shall include the institution
named as Collateral Agent acting as trustee/mortgagee under any Fleet Mortgage. 
 “Collateral and Lien Release Officer’s
Certificate” means a certificate signed by a Responsible Officer of the Borrowers that authorizes the Agents to release Collateral, Liens or any Guarantor, substantially in the form of Exhibit K. 

“Collateral Conditions” means (a) the First Lien Debt evidenced by the First Lien Term Loan Agreement has been amended
or replaced or refinanced with additional First Lien Debt, (b) after giving effect to such amendment, replacement or refinancing thereof, all First Lien Debt of the Loan Parties is secured by First Liens in substantially all of the Property of
the Parent Borrower and its Restricted Subsidiaries as of the date such Debt was incurred or issued (other than a limited list of excluded assets acceptable to the First Lien Lenders), and (c) all Second Lien Debt of the Loan Parties, including
the Indebtedness, is secured by Second Liens in the same Property securing the First Lien Debt as provided in clause (b) above, in each case, as determined in good faith by the Parent Borrower’s Board of Directors and evidenced by an
Officer’s Certificate delivered to the Administrative Agent. 
 “Collateral Proceeds Account” means a deposit account
and/or securities account (as applicable) of a Borrower at a bank or other financial institution that is subject to an Account Control Agreement that provides for control and, following an Event of Default, full dominion in favor of the Collateral
Agent (or the First Lien Collateral Agent as such and as gratuitous bailee under the Primary Intercreditor Agreement) and into which are deposited the proceeds (whether in the form of cash, Cash Equivalents or securities or like instruments (unless
such securities or like instruments have been pledged to the Collateral Agent (or the First Lien Collateral Agent as such and gratuitous bailee under the Primary Intercreditor Agreement) by the physical delivery thereof)) of any Asset Sale (and into
which no other amounts are deposited). 
 “Collateral Substitution Transaction” has the meaning specified in
Section 8.14(b). 
 “Commitment” means, with respect to each Lender, the commitment of such Lender to make Loans
pursuant to Section 2.01 as such commitment may be (a) reduced or terminated from time to time pursuant to Section 2.06, (b) terminated pursuant to ARTICLE X, or (c) modified from time to time to reflect any assignments permitted
by Section 12.04. The amount of each Lender’s Commitment on the Effective Date shall be the amount set forth opposite such Lender’s name on Schedule 1.01(a) hereto. 

“Communications” has the meaning assigned such term in Section 12.14(a). 

  
 8 

 “Connection Income Taxes” means Other Connection Taxes that are imposed on
or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. 
 “Consolidated
EBITDA” means, with respect to any Person for any period, the Consolidated Net Income of such Person for such period plus, to the extent deducted or excluded in calculating Consolidated Net Income for such period and without duplication,

 (a) an amount equal to any extraordinary loss plus any net loss realized by such Person or any of its Restricted Subsidiaries in
connection with an Asset Sale, 
 (b) provision for taxes based on income or profits of such Person and its Restricted Subsidiaries, 

(c) Consolidated Interest Expense of such Person and its Restricted Subsidiaries, 

(d) depreciation and amortization (including impairment charges, write-offs and amortization of goodwill and other intangibles but excluding
amortization of prepaid cash expenses that were paid in a prior period) and all other non-cash expenses of such Person and its Restricted Subsidiaries, 

(e) losses (or minus any gains) on early extinguishment of debt for that period (including, without limitation, any nonrecurring charges
relating to any premium or penalty paid, write off of deferred finance costs or original issue discount or other charges in connection with redeeming or otherwise retiring any Debt prior to its Stated Maturity), 

(f) stock-based compensation expense (or minus any gains) reported for such period under FAS 123R, 

(g) all Transaction Expenses and any expenses, fees, charges, or losses (other than depreciation or amortization expense) related to any Equity
Offering, Permitted Investment of the type described in clause (c), (d), (e), (h) or (i) of the definition thereof, acquisition or disposition of Vessels, Redemption of Debt, or the incurrence of Debt permitted to be incurred by this Agreement
(including a refinancing thereof) (whether or not successful and including any such transaction consummated prior to the Effective Date); and 

(h) any other adjustments to Consolidated Net Income included by the Parent Borrower in calculating EBITDA or adjusted EBITDA for such period
of a type reported in the Parent Borrower’s Form 10-K for the fiscal year ended December 31, 2016 or the Parent Borrower’s Form 10-Q for the fiscal
quarter ended September 30, 2018, in each case, on a consolidated basis and consistent with applicable SEC guidelines regarding non-GAAP financial measures. 

“Consolidated Fixed Charge Coverage Ratio” means, with respect to any Person for any Test Period, the ratio of (a) the
Consolidated EBITDA of such Person for such Test Period to (b) the sum of the Consolidated Interest Expense of such Person and the amount of cash dividends or distributions paid by the Parent Borrower with respect to any preferred Equity
Interest that does not constitute Disqualified Stock or any Disqualified Stock that is permitted to be incurred under Section 9.02, in each case for such Test Period. For the avoidance of doubt, Consolidated Fixed Charge Coverage Ratio shall be
determined for the relevant Test Period on a Pro Forma Basis. 

  
 9 

 “Consolidated Interest Expense” means, with respect to any Person for any
period, the sum, without duplication, of (a) the consolidated interest expense of such Person and its Restricted Subsidiaries for such period, whether paid or accrued (including, without limitation, amortization of original issue discount, the
interest component of any deferred payment obligations, the interest component of all payments associated with Capital Lease Obligations, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’
acceptance financings, and net payments (if any) pursuant to Hedging Obligations but excluding (i) amortization of debt issuance costs and (ii) any nonrecurring charges relating to any premium or penalty paid, write off of deferred finance
costs or original issue discount or other charges in connection with redeeming or otherwise retiring any Debt prior to its Stated Maturity, to the extent that any of such nonrecurring charges constitute interest expense) and (b) the
consolidated interest expense of such Person and its Restricted Subsidiaries that was capitalized during such period; provided that (x) Consolidated Interest Expense shall exclude any interest that is paid-in-kind or is imputed non-cash interest expense in accordance with GAAP and (y) for purposes of the calculation of Consolidated Fixed Charge Coverage Ratio,
in connection with the incurrence of any Debt pursuant to Section 9.02, (i) the Borrowers may elect, pursuant to an Officer’s Certificate, to treat all or any portion of the commitment (any such amount elected until revoked as described
below, an “Elected Amount”) under any Debt which is to be incurred (or any commitment in respect thereof) as being incurred as of the Calculation Date and (A) any subsequent incurrence of Debt under such commitment (so long as
the total amount under such Debt does not exceed the Elected Amount) shall not be deemed, for purposes of this calculation, to be an incurrence of additional Debt or an additional Lien at such subsequent time, (ii) the Borrowers may revoke an
election of an Elected Amount pursuant to an Officer’s Certificate and (iii) for purposes of all subsequent calculations of the Consolidated Fixed Charge Coverage Ratio, the Elected Amount (if any) shall be deemed to be outstanding,
whether or not such amount is actually outstanding, so long as the applicable commitment remains outstanding. 
 “Consolidated Net
Income” means, with respect to any Person for any period, the aggregate of the Net Income of such Person and its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP, provided that
(a) the Net Income (but not loss) of any Person that is not a Restricted Subsidiary or that is accounted for by the equity method of accounting shall be included only to the extent of the amount of dividends or distributions paid in cash to the
referent Person or a Restricted Subsidiary thereof, (b) the Net Income of any Restricted Subsidiary shall be excluded to the extent that the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of that Net
Income is not at the date of determination permitted without any prior governmental approval (that has not been obtained) or, directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order,
statute, rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders, (c) unrealized losses and gains under derivative instruments included in the determination of Consolidated Net Income, including, without
limitation those resulting from the application of FASB ASC Topic No. 815, Derivatives and Hedging, shall be excluded, (d) the cumulative effect of a change in accounting principles shall be excluded and (e) any extraordinary, non-recurring, unusual or infrequent items shall be excluded. In addition, notwithstanding the preceding, there shall be excluded from the calculation of Consolidated Net Income the effect of any nonrecurring
charges relating to any premium or penalty paid, write off of deferred finance costs or original issue discount or other charges in connection with redeeming or otherwise retiring any Debt prior to its Stated Maturity. 

  
 10 

 “Consolidated Net Tangible Assets” means, with respect to any Person as of
any date, the sum of the amounts that would appear on a consolidated balance sheet of such Person and its consolidated Restricted Subsidiaries as the total assets of such Person and its consolidated Restricted Subsidiaries, determined on a
consolidated basis in accordance with GAAP and after deducting therefrom, (a) to the extent otherwise included, unamortized debt discount and expenses and other unamortized deferred charges, goodwill, patents, trademarks, service marks, trade
names, copyrights, licenses, organization or development expenses and other intangible items and (b) the aggregate amount of liabilities of such Person and its Restricted Subsidiaries which may be properly classified as current liabilities
(including tax accrued as estimated), determined on a consolidated basis in accordance with GAAP. Notwithstanding the foregoing, deferred drydocking expenses and the corporate headquarters and HOS Port leasehold improvements shall not be deducted
under (a) above. 
 “Consolidated Subsidiaries” means each Subsidiary of the Parent Borrower (whether now existing or
hereafter created or acquired) the financial statements of which shall be (or should have been) consolidated with the financial statements of the Parent Borrower in accordance with GAAP. 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or
policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

“Convertible Indebtedness” means Debt of the Parent Borrower or a Restricted Subsidiary of the Parent Borrower (which may be
guaranteed by the Guarantors) permitted to exist or be incurred under the terms of this Agreement that is either (a) convertible or exchangeable into common stock of the Parent Borrower (and cash in lieu of fractional shares) and/or cash (in an
amount determined by reference to the price of such common stock) or (b) sold as units with call options, warrants or rights to purchase (or substantially equivalent derivative transactions) that are exercisable for common stock of the Parent
Borrower and/or cash (in an amount determined by reference to the price of such common stock). 
 “Credit Facility” means,
one or more debt facilities, indentures or commercial paper facilities, including, without limitation, this Agreement, the First Lien Term Loan Agreement any First Lien Documents and any Second Lien Documents, in each case, with banks or other
institutional lenders, accredited investors or institutional investors providing for revolving credit loans, term loans, term debt, notes, bonds or other debt securities, receivables financing (including through the sale of receivables to such
lenders or to special purpose entities formed to borrow from such lenders against such receivables) or letters of credit, in each case, as amended, restated, supplemented, waived, replaced (whether or not upon termination, and whether with the
original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time to time, including any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise restructuring all or any
portion of the Debt under such agreement or agreements or indenture or indentures or any successor or replacement agreement or agreements or indenture or indentures or increasing the amount loaned or issued thereunder or altering the maturity
thereof. 

  
 11 

 “Customary Recourse Exceptions” means, with respect to any Non-Recourse Debt of an Unrestricted Subsidiary, exclusions from the exculpation provisions with respect to such Non-Recourse Debt for the voluntary bankruptcy of such
Unrestricted Subsidiary, fraud, misapplication of cash, environmental claims, waste, willful destruction, and other circumstances customarily excluded by lenders from exculpation provisions and/or included in separate indemnification agreements in non-recourse financings. 
 “Debt” means, with respect to any Person, any indebtedness of
such Person, whether or not contingent or secured, in respect of (i) borrowed money including, without limitation, any guarantee thereof, or (ii) evidenced by bonds, debentures, notes, term loans or similar instruments or letters of credit
(or reimbursement agreements in respect thereof) or bankers’ acceptances or representing Capital Lease Obligations or the deferred and unpaid purchase price of any Property, or representing any Hedging Obligations, if and to the extent any of
the foregoing indebtedness (other than letters of credit and Hedging Obligations) would appear as a liability upon a balance sheet of such Person prepared in accordance with GAAP; provided, however, that any accrued expense or trade
payable of such Person shall not constitute Debt. The amount of any Debt outstanding as of any date shall be (a) the accreted value thereof, in the case of any Debt that does not require current payments of interest, and (b) the principal
amount thereof, in the case of any other Debt (with letters of credit being deemed to have a principal amount equal to the maximum potential liability of such Person and its Restricted Subsidiaries thereunder). Furthermore, notwithstanding the
foregoing, the following shall not constitute or be deemed “Debt”: (i) any indebtedness which has been defeased in accordance with GAAP or defeased pursuant to the deposit of cash or Cash Equivalents (in an amount sufficient to satisfy all
such indebtedness obligations at maturity or Redemption, as applicable, and all payments of interest and premium, if any) in a trust or account created or pledged for the sole benefit of the holders of such indebtedness, and subject to no other
Liens, and the other applicable terms of the instrument governing such indebtedness; (ii) any obligations arising from agreements of a Person providing for indemnification, guarantees, adjustment of purchase price, holdbacks, contingent payment
obligations based on a final financial statement or performance of acquired or disposed of assets or similar obligations (other than guarantees of Debt), in each case, incurred or assumed by such Person in connection with the acquisition or
disposition of assets (including through mergers, consolidations or otherwise); (iii) obligations with respect to letters of credit in support of trade obligations or incurred in connection with public liability insurance, workers’
compensation, unemployment insurance, old-age pensions and other social security benefits other than in respect of employee benefit plans subject to the Employee Retirement Income Security Act of 1974, as
amended; and (iv) repayment or reimbursement obligations of the Parent Borrower or any of its Restricted Subsidiaries with respect to Customary Recourse Exceptions unless and until an event or circumstance occurs that triggers the Parent
Borrower’s or such Restricted Subsidiary’s direct payment liability or reimbursement obligation (as opposed to contingent or performance obligations) to the lender or other party to whom such obligation is actually owed, in which case the
amount of such direct payment liability to such lender or other party shall, to the extent otherwise applicable, constitute Debt. 

  
 12 

 “Debtor Relief Laws” means the Bankruptcy Code of the United States of
America, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable
jurisdictions from time to time in effect. 
 “Declined Amount” has the meaning assigned such term in
Section 3.04(c)(i). 
 “Default” means any event or condition which constitutes an Event of Default or which upon
notice, lapse of time or both would, unless cured or waived, become an Event of Default. 
 “Discharge of First Lien
Obligations” has the meaning assigned such term in the Primary Intercreditor Agreement. 
 “Disqualified Stock”
means any Equity Interests that, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event, matures (excluding any maturity as a result of an optional Redemption
by the issuer thereof) or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder thereof, in whole or in part, on or prior to the date that is 91 days after the Maturity Date;
provided, however, that any Equity Interests that would constitute Disqualified Stock solely because the holders thereof (or of any security into which it is convertible or for which it is exchangeable) have the right to require the
issuer to repurchase such Equity Interests (or such security into which it is convertible or for which it is exchangeable) upon the occurrence of any of the events constituting an Asset Sale or a Change in Control shall not constitute Disqualified
Stock if such Equity Interests (and all such securities into which it is convertible or for which it is exchangeable) provide that the issuer thereof will not repurchase or redeem any such Equity Interests (or any such security into which it is
convertible or for which it is exchangeable) pursuant to such provisions prior to compliance by the Parent Borrower with Section 3.04(c). 

“dollars” or “$” refers to lawful money of the United States of America. 

“Domestic Subsidiary” means any Restricted Subsidiary that is organized under the laws of the United States of America or any
state thereof or the District of Columbia. 
 “Dutch Auction” has the meaning assigned to such term in
Section 12.04(g). 
 “EEA Financial Institution” shall mean (a) any credit institution or investment firm
established in any EEA Member Country which is subject to the supervision of a Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or
(c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

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

“Elected Amount” has the meaning assigned to such term in the definition of “Consolidated Interest Expense”. 

  
 13 

 “Environmental Laws” means any law, statute, code, ordinance, order,
determination, rule, regulation, judgment, decree, injunction, franchise, permit, certificate, license, authorization or other directive or requirement, whether now or hereafter in effect, pertaining in any way to health, safety, the environment or
the preservation or reclamation of natural resources, in effect in any and all jurisdictions in which the Parent Borrower or any Subsidiary is conducting or at any time has conducted business, or where any Property of the Parent Borrower or any
Subsidiary is located, including without limitation, the Oil Pollution Act of 1990 (“OPA”), as amended, the Clean Air Act, as amended, the Comprehensive Environmental, Response, Compensation, and Liability Act of 1980
(“CERCLA”), as amended, the Federal Water Pollution Control Act, as amended, the Occupational Safety and Health Act of 1970, as amended, the Resource Conservation and Recovery Act of 1976 (“RCRA”), as amended, the
Safe Drinking Water Act, as amended, the Toxic Substances Control Act (“TSCA”), as amended, the Superfund Amendments and Reauthorization Act of 1986, as amended, the Hazardous Materials Transportation Act (“HMTA”),
as amended, and other environmental conservation or protection Governmental Requirements. The term “oil” shall have the meaning specified in OPA, the terms “hazardous substance” and “release” (or “threatened
release”) have the meanings specified in CERCLA, the terms “solid waste” and “disposal” (or “disposed”) have the meanings specified in RCRA; provided, however, that (a) in the event either
OPA, CERCLA or RCRA is amended so as to broaden the meaning of any term defined thereby, such broader meaning shall apply subsequent to the effective date of such amendment and (b) to the extent the laws of the state or other jurisdiction in
which any Property of the Parent Borrower or any Subsidiary is located establish a meaning for “oil,” “hazardous substance,” “release,” “solid waste,” “disposal” or “oil and gas waste”
which is broader than that specified in either OPA, CERCLA or RCRA, such broader meaning shall apply for such purpose. 
 “Equity
Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights
entitling the holder thereof to purchase or acquire any such Equity Interest (but excluding any debt security that is convertible into or exchangeable for Equity Interests). 

“Equity Offering” shall mean any public or private sale of common stock or preferred stock of the Parent Borrower (excluding
Disqualified Stock), other than: (i) public offerings with respect to the Parent Borrower’s common stock registered on Form S-8, or (ii) issuances to any Subsidiary of the Parent Borrower. 

“ERISA” means the Employee Retirement Income Security Act of 1974, and the rules and regulations thereunder as amended, and
any successor statute. 
 “ERISA Affiliate” means each trade or business (whether or not incorporated) which together with
the Parent Borrower or a Subsidiary would be deemed to be a “single employer” within the meaning of Section 4001(b)(1) of ERISA or subsections (b), (c), (m) or (o) of Section 414 of the Code. 

  
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 “ERISA Event” means: 

(a) any “reportable event,” as defined in Section 4043 of ERISA or the regulations issued thereunder, with respect to a Plan;

 (b) the failure of a Plan to meet the minimum funding standards under Section 412 of the Code or Section 302 of ERISA
(determined without regard to any waiver of the funding provisions therein or in Section 430 of the Code or Section 303 of ERISA); 

(c) the filing pursuant to Section 412 of the Code or Section 303 of ERISA of an application for a waiver of the minimum funding
standard with respect to any Plan; 
 (d) the incurrence by the Parent Borrower, a Subsidiary or any ERISA Affiliate of any liability under
Title IV of ERISA with respect to the termination of any Plan; 
 (e) the receipt by the Parent Borrower, a Subsidiary or any ERISA Affiliate
from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan, but only to the extent such Plan is subject to Section 412 of the Code or
Section 302 of ERISA; 
 (f) the incurrence by the Parent Borrower, a Subsidiary or any ERISA Affiliate of any liability under
Section 4062(e) of ERISA or with respect to the withdrawal or partial withdrawal from any Plan (including as a “substantial employer,” as defined in Section 4001(a)(2) of ERISA) or Multiemployer Plan (including the incurrence by
the Parent Borrower, a Subsidiary or any ERISA Affiliate of any Withdrawal Liability); or 
 (g) the receipt by the Parent Borrower, a
Subsidiary or any ERISA Affiliate of any notice concerning the imposition of a Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, in endangered or critical status, within the meaning of Section 305 of
ERISA, or insolvent or in reorganization, within the meaning of Title IV of ERISA. 
 “EU
Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect
from time to time. 
 “Event of Default” has the meaning assigned such term in Section 10.01. 

“Event of Loss” means any of the following events with respect to any Vessel Collateral: (a) the actual or constructive
total loss of any Vessel Collateral or the agreed or compromised total loss of any Vessel Collateral; or (b) the capture, condemnation, confiscation, nationalization, requisition, purchase, seizure or forfeiture of, or any taking of title to,
any Vessel Collateral. An Event of Loss shall be deemed to have occurred (i) in the event of an actual loss of the Vessel, at noon Greenwich Mean Time on the date of such loss or if that is not known on the date which such Vessel was last heard
from; (ii) in the event of damage which results in a constructive or compromised or arranged total loss of a Vessel, at noon Greenwich Mean Time on the date of the event giving rise to such damage; or (iii) in the case of an event referred
to in clause (b) above, at noon Greenwich Mean Time on the date on which such event is expressed to take effect by the Person making the same. 

  
 15 

 “Excess Proceeds” means any Net Proceeds from an Asset Sale that have not
been applied by the Parent Borrower or any of its Restricted Subsidiaries within 365 days after the receipt thereof to (a) permanently repay First Lien Debt or (b) acquire Productive Assets; provided that progress payments under
contracts of Loan Parties for the construction or conversion of Vessels shall be deemed to be payments for the purchase of Productive Assets; provided further, that Net Proceeds from an Asset Sale shall be deposited in a Collateral
Proceeds Account with respect to which a perfected second priority Lien has been granted in favor of the Collateral Agent (or the First Lien Collateral Agent as such and as gratuitous bailee under the Primary Intercreditor Agreement) to secure the
Indebtedness and shall remain therein until the earliest of (i) the reinvestment of such Net Proceeds in accordance with this definition, (ii) the application of such Net Proceeds in accordance with Section 3.04 and (iii) such
Net Proceeds becoming Declined Amounts. 
 “Excess Proceeds Offer” has the meaning assigned such term in
Section 3.04(c)(i). 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Exchange Transaction Documents” shall mean the Offer to Exchange and Consent Solicitation Statement by the Parent Borrower,
dated January 7, 2019, as supplemented by Supplement No. 1 to the Offer to Exchange and Consent Solicitation Statement, dated January 22, 2019 (as may be further amended or supplemented), and all documents related to the exchange
contemplated therein, including, without limitation this Agreement attached thereto, together with all collateral agreements, intercreditor agreements and other documents entered into in connection with any of the foregoing. 

“Exchange Transactions” shall mean, collectively, the transactions that have or will occur pursuant to the Exchange
Transaction Documents upon acceptance by HOSI. 
 “Exchanged Loans” has the meaning set forth in Section 2.02(a). 

“Exchanged Notes” has the meaning set forth in Section 2.02(a). 

“Excluded Assets” has the meaning set forth in the Guaranty and Collateral Agreement. 

“Excluded Information” means any non-public information with respect to the Parent
Borrower or its Subsidiaries or any of their respective securities to the extent such information could have a material effect upon, or otherwise be material to, an assigning Lender’s decision to assign Loans or a purchasing Lender’s
decision to purchase Loans. 
 “Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient
or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient
being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other
Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date
on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by any Borrower under Section 2.07) or (ii) such Lender changes its lending office, except in each case to the
extent that, 

  
 16 

 
pursuant to Section 5.03, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender
immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 5.03(g), and (d) any withholding Taxes imposed under FATCA. 

“Existing Indebtedness” means the Debt existing on the Effective Date and set forth on Schedule 9.02. 

“Existing Utilization” means, without duplication, the sum of (i) the total outstanding and unutilized
“Commitments” (as defined in the First Lien Term Loan Agreement), or the equivalent term in any replacement or refinancing of the First Lien Term Loan Agreement or in any indenture, credit agreement or other agreement or instrument
pursuant to which First Lien Debt is incurred, (ii) the outstanding aggregate principal amount of the First Lien Debt, (iii) the total outstanding and unutilized Commitments under this Agreement, (iv) the Indebtedness, (v) the
total outstanding and unutilized “Commitments” or the equivalent term in any indenture, credit agreement or other agreement or instrument pursuant to which other Second Lien Debt is incurred, (vi) the outstanding aggregate principal
amount of other Second Lien Debt, (vii) the total outstanding and unutilized “Commitments” or the equivalent term in the Revolver Facility and (viii) the outstanding aggregate principal amount of any Debt under the Revolver
Facility, in the case of (i) through (vi) above, other than any First Lien Debt or Second Lien Debt that constitutes Permitted Loans. 

“Existing Vessel” means any Vessel that is owned by the Parent Borrower or any of its Restricted Subsidiaries on the
Effective Date, including, for the avoidance of doubt, all Vessel Collateral as of the Effective Date. 
 “Fair Market
Value” means (a) with respect to Vessels, Specified Equity Interests or cash, its Specified Value; (b) subject to clause (c), with respect to any Property or Investment (other than Vessels, Specified Equity Interests or cash), the
fair market value of such Property or Investment at the time of the event requiring such determination, as determined in good faith by management or the Board of Directors of the Parent Borrower, as applicable, or (c) with respect to any
Property or Investment (other than Vessels, Specified Equity Interests or cash) in excess of $35,000,000, the fair market thereof as determined by a reputable investment bank, accounting firm, a Specified Qualified Appraiser or appraisal firm that
is, in the judgment of the disinterested members of such Board of Directors, qualified to perform the task for which such firm has been engaged and independent with respect to the Borrowers. 

“FATCA” means the Foreign Account Tax Compliance Act as set forth in sections 1471 through 1474 of the Code, as of the
Effective Date (or any amended or successor version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof and any agreement entered into pursuant to
Section 1471(b)(1) of the Code (or any amended or successor version described above), and any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code and any fiscal or regulatory legislation,
rules or practices adopted pursuant to such intergovernmental agreement. 
 “FCPA” means the Foreign Corrupt Practices Act
of 1977, as amended, and the rules and regulations thereunder. 

  
 17 

 “Federal Funds Effective Rate” means, for any day, the weighted average
(rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight federal funds transactions with members of the Federal Reserve System, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or,
if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Administrative Agent from three
(3) federal funds brokers of recognized standing selected by it. 
 “Fee Letter” means the letter agreement dated as
of February 7, 2019 between the Parent Borrower and the Administrative Agent. 
 “First Lien” means a Lien on the
Collateral senior in priority to the Liens securing the Indebtedness as provided in the Primary Intercreditor Agreement, granted by the Borrowers or any Guarantor in favor of holders of First Lien Debt (or any First Lien Collateral Agent in
connection therewith) at any time, upon any Property of the Borrowers or any Guarantor to secure such First Lien Debt. 
 “First
Lien Administrative Agent” means the “Administrative Agent” (as defined in the First Lien Term Loan Agreement or the equivalent term in any replacement or refinancing of the First Lien Term Loan Agreement). 

“First Lien Collateral” has the meaning set forth in the Primary Intercreditor Agreement. 

“First Lien Collateral Agent” means (a) the “Collateral Agent” (as defined in the First Lien Term Loan
Agreement) and (b) in the case of any Series of First Lien Debt, the collateral trustee or other representative of lenders or holders of such Series of First Lien Debt designated pursuant to the terms of the First Lien Loan Documents governing
such Series of First Lien Debt and the Primary Intercreditor Agreement, in each case, together with its successors and assigns in such capacity. 

“First Lien Debt” means any Debt (other than intercompany Debt owing to the Parent Borrower or its Restricted Subsidiaries)
of the Borrowers or any Guarantor permitted to be incurred hereunder that is secured by a First Lien on the Collateral (and, in each case not by Liens on any assets that do not constitute Collateral), including, without limitation
“Indebtedness” (as defined in the First Lien Term Loan Agreement, or the equivalent term in any replacement or refinancing of the First Lien Term Loan Agreement). 

“First Lien Lenders” means the “Lenders” (as defined in the First Lien Term Loan Agreement, or the equivalent term
in any replacement or refinancing of the First Lien Term Loan Agreement). 
 “First Lien Loan Documents” means the First
Lien Term Loan Agreement and any other “Loan Documents” (as defined in the First Lien Term Loan Agreement), or the equivalent term in any replacement or refinancing of the First Lien Term Loan Agreement or in any indenture, credit
agreement or other agreement or instrument pursuant to which First Lien Debt is incurred. 
 “First Lien Loans” means the
“Loans” (as defined in the First Lien Term Loan Agreement, or the equivalent term in any replacement or refinancing of the First Lien Term Loan Agreement). 

  
 18 

 “First Lien Representatives” means (a) the First Lien Administrative
Agent, and (b) in the case of any other Series of First Lien Debt, the trustee, agent or representative of the holders of such Series of First Lien Debt who maintains the transfer register for such Series of First Lien Debt and is appointed as
a representative of the First Lien Debt (for purposes related to the administration of the security documents) pursuant to the terms of the First Lien Loan Documents governing such Series of First Lien Debt and the Primary Intercreditor Agreement,
in each case, together with its successors and assigns in such capacity. 
 “First Lien Required Lenders” means the
“Initial Lenders” or the “Required Lenders” (as each is defined in the First Lien Term Loan Agreement) or the equivalent term in any replacement or refinancing of the First Lien Term Loan Agreement or in any indenture, credit
agreement or other agreement or instrument pursuant to which First Lien Debt is incurred. 
 “First Lien Term Loan
Agreement” means that certain First Lien Term Loan Agreement, dated as of June 15, 2017, by and among the Borrowers, each lender from time to time party thereto, Wilmington Trust, National Association, as the First Lien Administrative
Agent and Wilmington Trust, National Association, as the First Lien Collateral Agent. 
 “Fixed Coupon Rate” means 9.50%.

 “Fleet Mortgage” means a fleet mortgage with respect to US-flagged Vessel
Collateral in substantially the form of Exhibit F-1 and any fleet mortgage or vessel mortgage with respect to Mexican-flagged Vessel Collateral in substantially the form of Exhibit
F-2 (or with such other changes in order to comply with local law or advice of local counsel to the Parent Borrower). 

“Foreign Lender” means any Lender that is not a U.S. Person. 

“Foreign Subsidiary” means any Restricted Subsidiary that is not a Domestic Subsidiary. 

“Foreign Subsidiary Holding Company” means (a) any Subsidiary that owns (directly or indirectly) no material assets
other than Equity Interests (or Equity Interests and debt) of a Foreign Subsidiary and (b) any Subsidiary of a Foreign Subsidiary Holding Company. 

“Foreign Vessel Reflagging Transaction” has the meaning assigned to such term in Section 8.11(b). 

“Funded Debt” means all Debt of the Parent Borrower and its Restricted Subsidiaries for borrowed money that matures more than
one year from the date of its creation or matures within one year from such date that is renewable or extendable, at the option of the Parent Borrower or any such Restricted Subsidiary, to a date more than one year from the date of its creation or
arises under a revolving credit or similar agreement that obligates the lender or lenders to extend credit during a period of more than one year from such date (including all amounts of such Funded Debt required to be paid or prepaid within one year
from the date of its creation), and, in the case of the Loan Parties, Indebtedness in respect of the Loans. 
 “GAAP” means
generally accepted accounting principles in the United States of America as in effect from time to time subject to the terms and conditions set forth in Section 1.05. 

  
 19 

 “Governmental Authority” means the government of the United States of
America, any other nation or any political subdivision thereof, whether foreign or domestic, federal, state or local, and any agency, authority, instrumentality, regulatory body, court, central bank, department, commissions, boards, officials and
officers or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the
European Union or the European Central Bank) over the Parent Borrower, any Subsidiary, any of their Properties, the Administrative Agent or any Lender. 

“Governmental Requirement” means any law, statute, code, ordinance, order, determination, rule, regulation, judgment, decree,
injunction, franchise, permit, certificate, license, authorization or other directive or requirement, whether now or hereafter in effect, including, without limitation, Environmental Laws, and occupational, safety and health standards or controls,
of any Governmental Authority. 
 “Guarantors” means (i) each Restricted Subsidiary of the Parent Borrower (other than
the Co-Borrower) that is party to the Guaranty and Collateral Agreement on the Effective Date, and (ii) each Restricted Subsidiary of the Parent Borrower that becomes a party to the Guaranty and
Collateral Agreement as a guarantor and lien grantor pursuant to Section 8.14, in each case until such time as any such Restricted Subsidiary of the Parent Borrower shall be released and relieved of its obligations pursuant to the provisions of
this Agreement. 
 “Guaranty and Collateral Agreement” means an agreement executed by each Borrower, the Guarantors and the
Collateral Agent in substantially the form of Exhibit E unconditionally guarantying on a joint and several basis, payment of the Indebtedness. 

“Hazardous Materials” means: 

(i) any “hazardous waste” as defined by RCRA; 

(ii) any “hazardous substance” as defined by CERCLA; 

(iii) any “toxic substance” as defined by TSCA; 

(iv) any “hazardous material” as defined by HMTA; 

(v) asbestos; 
 (vi)
polychlorinated biphenyls; 
 (vii) any substance the presence of which on the Vessels is prohibited by any lawful Governmental Requirement
from time to time in force and effect relating to the Vessels; and 
 (viii) any other substance which by any Governmental Requirement
requires special handling in its collection, storage, treatment or disposal or defines or regulates as “hazardous,” “toxic” or words of similar import or effect. 

  
 20 

 “Hedging Obligations” means, with respect to any Person, the obligations of
such Person under (a) interest rate swap agreements, interest rate cap agreements and interest rate collar agreements, (b) other agreements or arrangements designed to protect such Person against fluctuations in interest rates and
(c) any foreign currency futures contract, option or similar agreement or arrangement designed to protect such Person against fluctuations in foreign currency rates, in each case to the extent such obligations are incurred in the ordinary
course of business of such Person. For the avoidance of doubt, any Permitted Convertible Indebtedness Call Transaction will not constitute Hedging Obligations. 

“High Spec Vessel” means, when referring to a new generation Vessel, a Vessel with cargo-carrying capacity greater than 2,500
deadweight tons (i.e., 240 class notations or higher), and dynamic-positioning systems with a DP-2 classification or higher. For the avoidance of doubt, any MPSV is a High Spec Vessel. 

“Highest Lawful Rate” means, with respect to each Lender, the maximum nonusurious interest rate, if any, that at any time or
from time to time may be contracted for, taken, reserved, charged or received on the Loans or on other Indebtedness under laws applicable to such Lender which are presently in effect or, to the extent allowed by law, under such applicable laws which
may hereafter be in effect and which allow a higher maximum nonusurious interest rate than applicable laws allow as of the date hereof. 

“HOS” has the meaning specified in the recital of parties to this Agreement. 

“HOSI” has the meaning specified in the recital of parties to this Agreement. 

“Increased Amounts” means all premiums, accrued interest and any principal amounts of such Debt attributable to interest that
has been paid in kind, and reasonable expenses incurred in connection with the incurrence of any Permitted Refinancing Indebtedness in respect of any Debt or Disqualified Stock. 

“Incremental Amendment” shall have the meaning set forth in Section 2.09(e). 

“Incremental Available Amount” means the difference between (a) $600,000,000 and (b) the Existing Utilization. 

“Incremental Term Commitments” has the meaning assigned such term in Section 2.09(a). 

“Incremental Term Lender” has the meaning assigned such term in Section 2.09(b). 

“Incremental Term Loans” means, any loans made pursuant to any Incremental Term Commitments. 

“Indebtedness” means any and all amounts owing or to be owing by the Borrowers or any of the Guarantors, whether direct or
indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising, in each case to the Administrative Agent, the Collateral Agent or any Lender under any Loan Document. 

  
 21 

 “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes,
imposed on or with respect to any payment made by or on account of any obligation of the Borrowers under any Loan Document and (b) to the extent not otherwise described in subsection (a) above, Other Taxes. 

“Indemnitee” has the meaning assigned such term in Section 12.03(b). 

“Information” has the meaning assigned such term in Section 12.11. 

“Intercreditor Agreement” means (i) any Revolver/Term Intercreditor Agreement, (ii) any Primary Intercreditor
Agreement or (iii) any Second Lien Pari Passu Intercreditor Agreement, or any of them collectively, as the context may require. 

“Interest Payment Date” means the last day of each April, July, October and January. 

“Investment” means, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the
forms of direct or indirect loans (including guarantees by the referent Person of, and Liens on any Properties of the referent Person securing, Debt or other obligations of other Persons), advances or capital contributions (excluding commission,
travel and similar advances to officers and employees made in the ordinary course of business), purchases or other acquisitions for consideration of Debt, Equity Interests or all or substantially all of the assets of a Person or other securities,
and regardless of the form of consideration used to make any of the foregoing (whether cash, Vessels, Equity Interests or otherwise, or any combination thereof), together with all items that are or would be classified as investments on a balance
sheet prepared in accordance with GAAP, and “Investment” means any of such Investments; provided, however, that the following shall not constitute Investments: (i) extensions of trade credit or other advances to
customers on commercially reasonable terms in accordance with normal trade practices or otherwise in the ordinary course of business, (ii) Hedging Obligations, (iii) endorsements of negotiable instruments and documents in the ordinary
course of business or (iv) purchases of one or more Vessels or other Property not constituting loans, Equity Interests or all or substantially all of the assets of a Person. If the Parent Borrower or any Restricted Subsidiary of the Parent
Borrower sells or otherwise disposes of any Equity Interests of any direct or indirect Restricted Subsidiary of the Parent Borrower such that, after giving effect to any such sale or disposition, such Person is no longer a Restricted Subsidiary of
the Parent Borrower, the Parent Borrower shall be deemed to have made an Investment on the date of any such sale or disposition equal to the Specified Value of the Equity Interests of such Restricted Subsidiary not sold or disposed of. 

“Investment Entity Vessels” has the meaning assigned such term in the definition of “Permitted Business
Investments.” 
 “IRS” means the United States Internal Revenue Service. 

“Joint Venture” means any Person that is not a direct or indirect Subsidiary of the Parent Borrower in which the Parent
Borrower or any of its Restricted Subsidiaries owns an Equity Interest that constitutes a significant portion of the Equity Interests of such Person. 

“Junior Lien” means a Lien on the Collateral junior in priority to the First Lien Debt and the Indebtedness and any other
Second Lien Debt as provided in the Primary Intercreditor Agreement, granted by the Borrowers or any Guarantor in favor of holders of Junior Lien Debt (or any collateral trustee or representative in connection therewith) at any time, upon any
Property of the Borrowers or any Guarantor to secure such Junior Lien Debt. 

  
 22 

 “Junior Lien Collateral Agent” means the collateral trustee or other
representative of lenders or holders of Junior Lien Debt designated pursuant to the terms of the Junior Lien Documents and the Primary Intercreditor Agreement, together with its successors and assigns in such capacity. 

“Junior Lien Debt” means any Debt (other than intercompany Debt owing to the Parent Borrower or its Restricted Subsidiaries)
of the Borrowers or any Guarantor permitted to be incurred hereunder that is secured by a Junior Lien on the Collateral (and, in each case not by Liens on any assets that do not constitute Collateral); provided that, in the case of any Debt
referred to in this definition: 
 (a) such Debt does not mature and does not have any mandatory or scheduled payments or sinking fund
obligations prior to 91 days after the Maturity Date (except as a result of a customary change of control or asset sale repurchase offer provisions, subject to the prior making of any required payments on the Indebtedness hereunder); and 

(b) on or before the date on which the first such Debt is incurred by the Borrowers or any Guarantor, (1) the Junior Lien Representative
and Junior Lien Collateral Agent shall become a party to the Primary Intercreditor Agreement and the Revolver/Term Intercreditor Agreement if then in effect and (2) any other requirements set forth in the Primary Intercreditor Agreement and the
Revolver/Term Intercreditor Agreement shall have been satisfied. 
 “Junior Lien Documents” means, collectively, any
indenture, credit agreement or other agreement or instrument pursuant to which Junior Lien Debt is incurred and the documents pursuant to which such Junior Liens are granted. 

“Junior Lien Representative” means, in the case of any Series of Junior Lien Debt, the trustee, agent or representative of
the holders of such Series of Junior Lien Debt who maintains the transfer register for such Series of Junior Lien Debt and is appointed as a representative of the Junior Lien Debt (for purposes related to the administration of the security
documents) pursuant to the indenture, credit agreement or other agreement governing such Series of Junior Lien Debt. 
 “Latest
Maturity Date” shall mean, at any date of determination, the latest Maturity Date applicable to any Loan or Commitment hereunder at such time. 

“Lenders” means the lenders signatory hereto and any other Person that shall have become a party hereto pursuant to an
Assignment or an Incremental Amendment, other than any such Person that ceases to be a party hereto pursuant to an Assignment. 

“Lien” means, with respect to any Property, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind
in respect of such Property, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or
give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (“UCC”) (or equivalent statutes) of any jurisdiction other than a precautionary financing statement
respecting a lease not intended as a security agreement) or any assignment (or agreement to assign) any right to income or profits from any Property by way of security. 

  
 23 

 “Limited Condition Acquisition” means any Acquisition Transaction the
consummation of which is not conditioned upon the availability of, or on obtaining, third party financing. 
 “Liquid Equity
Securities” means equity securities that are publicly traded on the New York Stock Exchange, the Nasdaq Global Select Market, the Nasdaq Global Market, the Nasdaq Capital Market, the OTC Markets, the Oslo Stock Exchange or any other
recognized national or international exchanges or markets and as to which (a) the holder is not subject to any restrictions on sale or transfer (including any volume restrictions under Rule 144 under the Securities Act or any other restrictions
imposed by the Securities Act to the extent such restrictions would prevent the sale of such equity securities within 365 days following the applicable Asset Sale), (b) a registration statement under the Securities Act covering the resale thereof is
in effect, or (c) the Parent Borrower or any of its Restricted Subsidiaries is entitled to registration rights under the Securities Act and has exercised such rights and such registration process is under way. 

“Loan Documents” means this Agreement, any Incremental Amendment, the Notes, Fee Letter and the Security Instruments. 

“Loan Guarantees” means, collectively, the guarantees of the Indebtedness made by the Guarantors pursuant to the Guaranty and
Collateral Agreement. 
 “Loan Parties” means the Borrowers and the Guarantors, and “Loan Party” means any
one of them. 
 “Loans” means the loans made by the Lenders to the Borrowers pursuant to this Agreement, including for the
avoidance of doubt, the Original Term Loans and the Incremental Term Loans. 
 “Material Adverse Effect” means a material
adverse change in, or material adverse effect on (a) the business, Properties, condition (financial or otherwise) or results of operations of the Parent Borrower and its Subsidiaries taken as a whole, (b) the ability of the Borrowers and
the Guarantors, taken as a whole, to perform any of their payment or other material obligations under the Loan Documents, (c) the validity or enforceability of any Loan Document or (d) the ability of the Administrative Agent or any Lender
to enforce any of their respective material rights under the Loan Documents. 
 “Material Indebtedness” means Funded Debt
(other than the Loans) or Hedging Obligations, of any one or more of the Borrowers and the Guarantors in an aggregate principal amount exceeding $25,000,000. For purposes of determining Material Indebtedness, the “principal amount”
of any Hedging Obligations shall be the Swap Termination Value. 
 “Maturity Date” means the sixth (6th) anniversary of the Effective Date; provided that the Maturity Date with respect to the Loans made pursuant to any Incremental Term Commitment shall mean the maturity date specified with
respect thereto in the Incremental Amendment. 

  
 24 

 “Minimum Fixed Charge Coverage Ratio Test” has the meaning assigned such
term in Section 9.02. 
 “Minimum Liquidity Amount” means $25,000,000. 

“MPSV” means a multi-purpose support vessel. 

“Multiemployer Plan” means a multiemployer plan as defined in Section 3(37) or 4001(a)(3) of ERISA. 

“Net Income” means, with respect to any Person, the net income (or loss) of such Person, determined in accordance with GAAP
and before any reduction in respect of preferred stock dividends, excluding, however, (a) any gain (but not loss), together with any related provision for taxes on such gain (but not loss), realized in connection with (i) any sale, lease,
conveyance or other disposition of Property outside the ordinary course of business or (ii) the disposition of any securities by such Person or any of its Restricted Subsidiaries or the extinguishment of any Debt of such Person or any of its
Restricted Subsidiaries and (b) any extraordinary or nonrecurring gain (but not loss), together with any related provision for taxes on such extraordinary or nonrecurring gain (but not loss). Time charters, bareboat charters and Vessel
management or similar agreements shall not be included in (a)(i) above. 
 “Net Proceeds” means 

(i) in connection with any Asset Sale, the aggregate cash proceeds received by the Parent Borrower or any of its Restricted Subsidiaries in
respect of any Asset Sale (including, without limitation, any cash received upon the sale or other disposition of any non-cash consideration received in any Asset Sale) (including, for the avoidance of doubt,
any insurance proceeds received in the event of an Event of Loss), net of (without duplication) the following: (a) the direct costs relating to such Asset Sale (including, without limitation, legal, accounting and investment banking fees, sales
commissions, recording fees, title transfer fees, title insurance premiums, appraiser fees and costs incurred in connection with preparing such asset for sale) and any relocation expenses incurred as a result thereof, (b) taxes paid or
estimated to be payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements), (c) amounts required to be applied to the repayment of Debt (other than under this Agreement, any other
Second Lien Debt, Junior Lien Debt or any Debt under the Revolver Facility) secured by a Permitted Lien on the Vessel Collateral that was the subject of such Asset Sale (or otherwise to discharge Liens on such Vessel Collateral), and (d) any
reserve established in accordance with GAAP or any amount placed in escrow, in either case for adjustment in respect of the sale price of such Properties, until such time as such reserve is reversed or such escrow arrangement is terminated, in which
case Net Proceeds shall include only the amount of the reserve so reversed or the amount returned to the Parent Borrower or its Restricted Subsidiaries from such escrow arrangement, as the case may be, and (ii) in connection with any issuance
or sale of debt securities or instruments or the incurrence of Debt, the cash proceeds received from such issuance or incurrence, net of attorneys’ fees, investment banking fees, accountants’ fees, consulting fees, appraisal fees,
underwriting discounts and commissions and other customary fees and expenses actually incurred in connection therewith. 

  
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 “Non-Recourse Debt” means Debt
(a) as to which neither the Parent Borrower nor any of its Restricted Subsidiaries (i) provides credit support of any kind (including any undertaking, agreement or instrument that would constitute Debt) or is otherwise directly or
indirectly liable (as a guarantor or otherwise), except with respect to Customary Recourse Exceptions, or (ii) constitutes the lender, (b) no default with respect to which (including any rights the holders thereof may have to take
enforcement action against an Unrestricted Subsidiary) would permit (upon notice, lapse of time or both) the holders of Debt of the Parent Borrower or any of its Restricted Subsidiaries to declare a default on such Debt or cause the payment thereof
to be accelerated or payable prior to its Stated Maturity and (c) as to which the lenders have been notified in writing that they will not have any recourse to the stock or assets of the Parent Borrower or any of its Restricted Subsidiaries.

 “Notes” means the promissory notes of the Borrowers described in Section 2.03(b) and being substantially in the
form of Exhibit A together with any and all supplements, restatements, renewals, refinances, modifications, amendments, extensions for any period, increases and/or rearrangements thereof. 

“Notice of Prepayment” has the meaning assigned such term in Section 3.04(b). 

“OFAC” means the United States Treasury Department’s Office of Foreign Asset Control. 

“Officer’s Certificate” means a certificate signed on behalf of the Borrowers by a Responsible Officer of the Borrowers.

 “OPA” has the meaning set forth in the definition of “Environmental Laws.” 

“Organizational Documents” shall mean, (a) with respect to any corporation, the certificate or articles of incorporation
and the bylaws (or equivalent or comparable constitutive documents); (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement; and (c) with respect to any partnership,
joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its
formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity. 

“Original Term Commitment” means, with respect to each Lender, the commitment of such Lender to make Loans pursuant to
Section 2.01. The amount of each Lender’s Original Term Commitment on the Effective Date shall be the amount set forth opposite such Lender’s name on Schedule 1.01(a) hereto. 

“Original Term Loans” has the meaning set forth in Section 2.01 as of the Effective Date. 

“Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection
between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a
security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

  
 26 

 “Other Taxes” means all present or future stamp, court or documentary,
intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect
to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.07). 

“Parent Borrower” has the meaning specified in the recital of parties to this Agreement. 

“Participant” has the meaning assigned such term in Section 12.04(c)(i). 

“Participant Register” has the meaning specified in Section 12.04(e). 

“PBGC” means the Pension Benefit Guaranty Corporation, or any successor thereto. 

“Permitted Acquisition” has the meaning provided in clause (c) of the definition of Permitted Investment. 

“Permitted Acquisition Indebtedness” means Debt or Disqualified Stock (x) of the Parent Borrower or any of its
Restricted Subsidiaries (other than First Lien Debt, Second Lien Debt or Junior Lien Debt) incurred, issued or assumed, or with respect to which any Property is acquired, in each case (a) to finance the Property acquired pursuant to an
Acquisition Transaction, or (b) that is secured by the Property acquired pursuant to an Acquisition Transaction, in each case, whether incurred, issued or assumed concurrently with or subsequent to such Acquisition Transaction, or (y) of
Persons that are acquired by the Parent Borrower or any of its Restricted Subsidiaries or merged into, amalgamated with or consolidated with the Parent Borrower or any of its Restricted Subsidiaries in accordance with the terms of this Agreement;
provided that in each case on the date such Debt or Disqualified Stock was incurred, issued or assumed, whether concurrently with or subsequent to such Acquisition Transaction, such Debt or Disqualified Stock qualifies as a Permitted Loan;
provided further that any such Debt or Disqualified Stock described in clause (x) or (y) shall not be secured by any Property or Persons other than those being acquired pursuant to such Acquisition Transaction (and, for the
avoidance of doubt, shall not be secured by any Vessel Collateral or other Collateral). 
 “Permitted Asset Swap” shall
mean the concurrent purchase and sale or exchange of assets (or a combination thereof) used or useful in a Permitted Business between the Parent Borrower or any of its Restricted Subsidiaries and another Person; provided, that if the assets
disposed of by the Parent Borrower or any Restricted Subsidiary of the Parent Borrower in such transaction are Collateral, the assets received by the Parent Borrower or Restricted Subsidiary in such transaction shall become Collateral;
provided further, that if such transaction involves the receipt by the Parent Borrower or any of its Restricted Subsidiaries of assets in the form of Vessels, for purposes of Section 9.08, the value of (and the consideration
attributable to) the Vessel to be acquired by the Parent Borrower or any of its Restricted Subsidiaries shall be the Appraised Value thereof. 

  
 27 

 “Permitted Bond Hedge Transaction” means any call or capped call option (or
substantively equivalent derivative transaction) on the Parent Borrower’s common stock purchased by the Parent Borrower in connection with the issuance of any Convertible Indebtedness; provided that the purchase price for such Permitted
Bond Hedge Transaction, less the proceeds received by the Parent Borrower from the sale of any related Permitted Warrant Transaction, does not exceed the net proceeds received by the Parent Borrower from the sale of such Convertible Indebtedness
issued in connection with the Permitted Bond Hedge Transaction. 
 “Permitted Business” means the business of providing
marine transportation or marine logistics services or other businesses reasonably complementary or reasonably related thereto (as determined in good faith by the Parent Borrower’s Board of Directors). 

“Permitted Business Investments” means Investments by the Parent Borrower or any of its Restricted Subsidiaries in any
Restricted Subsidiary of the Parent Borrower that is not a Loan Party, in any Unrestricted Subsidiary of the Parent Borrower or in any Joint Venture, provided that: 

(i) such Investment consists of transfers (pursuant to one or more transactions) of (1) the Vessels set forth on Schedule 1.01(b) and any
After-Acquired Vessels to the extent acquired with the proceeds of Vessels that do not constitute Collateral (and all Property reasonably related thereto) (collectively, the “Investment Entity Vessels”; provided that Vessel
Collateral shall not also constitute Investment Entity Vessels), (2) any Equity Interests in any Person that owns no Property other than Investment Entity Vessels, (3) Equity Interests (other than Disqualified Stock) of the Parent Borrower, or
(4) any combination of the foregoing; 
 (ii) if any such non-Loan Party Restricted Subsidiary,
Unrestricted Subsidiary or Joint Venture has outstanding Debt at the time of such Investment, either (a) all such Debt is Non-Recourse Debt or (b) any such Debt of such
non-Loan Party Restricted Subsidiary, Unrestricted Subsidiary or Joint Venture that is recourse to the Parent Borrower or any of its Restricted Subsidiaries (which shall include, without limitation, all Debt
of such non-Loan Party, Unrestricted Subsidiary or Joint Venture for which the Parent Borrower or any of its Restricted Subsidiaries may be directly or indirectly, contingently or otherwise, obligated to pay,
whether pursuant to the terms of such Debt, by law or pursuant to any guarantee, including, without limitation, any “claw back,” “make-well” or “keep-well” arrangement) (x) could at the time such Investment is
made, be incurred at that time by the Parent Borrower and its Restricted Subsidiaries under the Minimum Fixed Charge Coverage Ratio Test and (y) shall not be secured by any of the Collateral; and 

(iii) any such non-Loan Party Restricted Subsidiary, Unrestricted Subsidiary or Joint Venture is
principally engaged in a Permitted Business. 
 “Permitted Convertible Indebtedness Call Transaction” means any Permitted
Bond Hedge Transaction and any Permitted Warrant Transaction. 
 “Permitted Investments” means 

(a) any Investment in the Parent Borrower (including, without limitation, any acquisition of the First Lien Debt by the Borrowers under the
First Lien Term Loan Agreement or Loans by the Borrowers in accordance with Section 12.04(g)) or in another Loan Party, 

  
 28 

 (b) any Investment in Cash Equivalents, 

(c) any Investment by the Parent Borrower or any Restricted Subsidiary of the Parent Borrower in a Person if as a result of such Investment
(i) such Person becomes a Loan Party or (ii) such Person is merged or consolidated with or into, or transfers or conveys all or substantially all of its properties or assets to, or is liquidated into, the Parent Borrower or another Loan
Party (any such Investment, a “Permitted Acquisition”), 
 (d) any Investment (other than, in the case of clause (ii),
Investments in the form of Specified Non-Cash Consideration) made as a result of the receipt of non-cash consideration from (i) a disposition of assets that does
not constitute an Asset Sale or (ii) an Asset Sale; provided, that the aggregate Specified Value of Liquid Equity Securities permitted under this clause (d)(ii) shall be subject to the limitation set forth in clause (ii)(y) of
Section 9.08, 
 (e) Permitted Business Investments, 

(f) Investments in stock, obligations or securities received in settlement of any debts owing to the Parent Borrower or any Restricted
Subsidiary of the Parent Borrower as a result of bankruptcy or insolvency proceedings or upon the foreclosure, perfection or enforcement of any Lien in favor of the Parent Borrower or any Restricted Subsidiary of the Parent Borrower, in each case as
to any debts owing to the Parent Borrower or any Restricted Subsidiary of the Parent Borrower that arose in the ordinary course of business of the Parent Borrower or any such Restricted Subsidiary, 

(g) any Investment in a Person to the extent such Investment was made or entered into in exchange for the issuance of Equity Interests (other
than Disqualified Stock) of the Parent Borrower, 
 (h) Investments in a Person that is not a Loan Party; provided that the aggregate amount
of all outstanding Investments made pursuant to this clause (h) during the term of this Agreement (including, for the avoidance of doubt, any Investment of the type described in clause (b) of the definition of “Productive
Assets”) shall not exceed (i) $250,000,000 minus (ii) the aggregate amount of repurchases of Equity Interests in the Parent Borrower made by the Parent Borrower or any of its Restricted Subsidiaries after the Effective Date in reliance on
Section 9.01(b)(xiii) plus (iii) if substitute Vessel Collateral is provided in a Collateral Substitution Transaction or in connection with providing mortgages in favor of First Lien Collateral Agents, Second Lien Collateral Agents or
Junior Lien Collateral Agents on Additional Vessels as contemplated in Section 8.14(b), then an amount equal to the Specified Value of such substitute Vessel Collateral and Additional Vessels, as applicable; provided that such addition shall go
into effect on the date that is 91 days after the date on which such substitute Vessel Collateral has been subject to a second-priority perfected security interest (or, after the Discharge of First Lien Obligations, a first-priority perfected
security interest) in favor of the Collateral Agent in accordance with Section 8.14(b); provided, that for purposes of the foregoing limitation, the amount of any Investment shall be the amount thereof at the time such Investment is originally
made; provided further, that the Borrowers may make additional Investments of Vessel Collateral pursuant to this clause (h) (subject to the other requirements set forth in this clause (h)) in an aggregate amount not to exceed the aggregate amount of
the Additional Vessel Collateral Value in effect at the applicable time (reduced by any prior usage thereof to make Investments of Vessel Collateral in accordance with this proviso), 

  
 29 

 (i) any Permitted Bond Hedge Transactions which constitute Investments, and 

(j) intercompany loans, capital contributions and/or advances made to consummate aForeign Vessel Reflagging Transaction. 

Except as otherwise explicitly addressed in any exception to Section 9.01, for purposes of covenant compliance, the amount of any
Investment at any time shall be (1) the amount actually invested (measured at the time made), without adjustment for subsequent increases or decreases in the value of such Investment minus (2) the amount of dividends or
distributions received in connection with such Investment and any return of capital and any payment of principal received in respect of such Investment that in each case is received in cash or Cash Equivalents; provided, that if such
Investment is made with Collateral or proceeds of Collateral, such cash or Cash Equivalents are received by a Loan Party in a deposit account or securities account, as applicable, that is subject to an Account Control Agreement. 

For purposes of determining whether any Investment (or proposed Investment) qualifies as a Permitted Investment, in the event that any such
Investment meets the criteria of more than one of subparts (a) through (j), above, the Parent Borrower shall be permitted to divide or classify such Investment on the date it is made, or later divide or reclassify all or a portion of such
Investment, in any manner that qualifies as a Permitted Investment, and such Investment will be treated as having been made pursuant to one or more of such subparts. 

“Permitted Liens” means 

(a) Liens securing Debt incurred pursuant to Sections 9.02(b)(i), (ix) (provided, that such Liens under Section 9.02(b)(ix) shall not be
(I) on any Vessel Collateral or (II) on any other Collateral other than on the acquired Property and the proceeds thereof), (x) (but, in the case of clause (x), only to the extent (A) such Liens are solely on accounts receivable (and
any cash, contracts and other assets incidental thereto) and the proceeds thereof that in each case constitute Collateral and (B) the Indebtedness is secured by a junior lien thereon), and (xii) (provided that such Liens shall be subject to the
applicable Intercreditor Agreements entered into on or prior to the date of such incurrence), 
 (b) Liens existing on the Effective Date and
set forth on Schedule 9.03, 
 (c) any interest or title of a lessor under an operating lease or precautionary liens on Property covered by
leases, 
 (d) Liens on Property (other than on Vessel Collateral) of the Parent Borrower or any of its Restricted Subsidiaries to secure
Debt incurred for the purpose of (i) financing all or any part of the purchase price of such Property incurred prior to, at the time of, or within 180 days after, completion of the acquisition of such Property or (ii) financing all or any
part of the cost of construction, improvement or conversion of any such Property, provided that such Debt qualifies as either a Permitted Loan or the amount of any such financing shall not exceed the amount expended in the acquisition of, or
the construction, improvement or conversion of, such Property and such Liens shall not extend to any other Property of the Parent Borrower or a Restricted Subsidiary thereof (other than any accounts and contracts associated therewith, accessions
thereto, and upgrades and proceeds thereof), 

  
 30 

 (e) Liens (other than on Vessel Collateral) securing the performance of tenders, bids,
statutory obligations, surety, appeal, return-of-the-money or performance bonds, government contracts, insurance obligations or
other obligations of a like nature incurred in the ordinary course of business, 
 (f) Liens securing Permitted Refinancing Indebtedness with
respect to any Debt secured by Liens referred to in clauses (a), (b) and (d) above and in this clause (f); provided that: 
  

	 	(i)	 in the case of clauses (a) and (f) (in each case to the extent relating to Section 9.02(b)(i)), such
Debt could have originally been incurred in accordance with such Section, and 

  

	 	(ii)	 in the case of clauses (a), to the extent not relating to Section 9.02(b)(i), (b) and (d) above and
this clause (f) (to the extent relating to clauses (a) (to the extent not relating to Section 9.02(b)(i)), (b) and (d) above), such Liens do not extend to any other Property of the Parent Borrower or a Restricted Subsidiary thereof (other
than any accounts and contracts associated therewith, accessions thereto, and upgrades and proceeds thereof)), 

 (g)
judgment Liens not giving rise to an Event of Default so long as any appropriate legal proceeding that may have been duly initiated for the review of such judgment has not been finally terminated or the period within which such proceeding may be
initiated has not expired, 
 (h) Liens upon specific items of inventory or other goods and proceeds of the Parent Borrower or its Restricted
Subsidiaries securing the Parent Borrower’s or any such Restricted Subsidiary’s obligations in respect of bankers’ acceptances issued or created for the account of any such Person to facilitate the purchase, shipment or storage of
such inventory or other goods in the ordinary course of business, 
 (i) legal or equitable Liens deemed to exist by reason of negative
pledge covenants and other covenants or undertakings of a like nature, 
 (j)(1) Liens for Taxes not yet due or which are being contested in
good faith by appropriate action promptly initiated and diligently conducted, with such accruals as shall be required by GAAP having been made therefor, (2) “preferred maritime liens” as defined in 46 U.S. Code §31301 arising by law
in the ordinary course of business for sums either not yet due or being contested in good faith by appropriate action promptly initiated and diligently conducted, with such accruals as shall be required by GAAP having been made therefor, and
(3) shipyard Liens and other Liens arising by operation of law in the ordinary course of business in constructing, operating, maintaining and repairing the Vessels, for sums either not yet due or being contested in good faith by appropriate
action promptly initiated and diligently conducted, with such accruals as shall be required by GAAP having been made therefor, provided that in each of case (1), (2) and (3), such contest will, more likely than not, not result in (i) the sale,
forfeiture, confiscation, distraint, seizure, or loss of any Vessel Collateral or any interest therein in the course of any such proceedings, or as a result of any such Lien or (ii) any materially adverse effect on the interests of any
mortgagee under any Fleet Mortgage or other such mortgage or security, and 

  
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 (k) Liens created pursuant to the Loan Documents securing the Indebtedness. 

(l) rights of banks to set off deposits against Debt owed to said banks, and 

(m) Liens on and pledges of the Equity Interests of any Unrestricted Subsidiary or any Joint Venture owned by the Parent Borrower or any
Restricted Subsidiary of the Parent Borrower to the extent securing Non-Recourse Debt or other Debt of such Unrestricted Subsidiary or Joint Venture; provided that, such Liens on and pledges of the
Equity Interests in any Unrestricted Subsidiary or Joint Venture shall be junior to the Collateral Agent’s Liens on the Equity Interests of such Unrestricted Subsidiary or Joint Venture unless the grant of a Lien to secure the Indebtedness is
prohibited or restricted by the terms of such Non-Recourse Debt or other Debt and such prohibition did not arise as part of, or in contemplation of, the incurrence of such
Non-Recourse Debt or other Debt. 
 “Permitted Loan” means, following the
occurrence of the Collateral Conditions, Debt incurred or Disqualified Stock issued in connection with an Acquisition Transaction, the aggregate principal amount of which, when taken together with the amount of all Debt incurred or Disqualified
Stock issued in all other Acquisition Transactions that have occurred since the Effective Date does not exceed the lesser of (A) fifty percent (50%) of the purchase price or consideration paid or payable in connection with the Acquisition
Transaction and the purchase price or consideration paid or payable in connection with all other Acquisition Transactions that have occurred since the Effective Date, and (B) the VV Values, if with respect to Vessels, and Appraised Values, if
Property other than Vessels, associated with such Acquisition Transaction and all other Acquisition Transactions that have occurred since the Effective Date. 

“Permitted Refinancing Indebtedness” means any Debt of the Parent Borrower or any of its Restricted Subsidiaries issued in
exchange for, or the Net Proceeds of which are used to extend, refinance, renew, replace, defease or refund other Debt of the Parent Borrower or any of its Restricted Subsidiaries; provided, however, that (a) the principal amount
of such Permitted Refinancing Indebtedness does not exceed the principal amount of, plus premium, if any, and accrued interest on, the Debt so extended, refinanced, renewed, replaced, defeased or refunded (plus the amount of reasonable expenses
incurred in connection therewith), (b) such Permitted Refinancing Indebtedness has a final maturity date no earlier than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to
Maturity of, the Debt being extended, refinanced, renewed, replaced, defeased or refunded, (c) if the Debt being extended, refinanced, renewed, replaced, defeased or refunded is subordinated in right of payment to the Loans or the Loan
Guarantees, as the case may be, such Permitted Refinancing Indebtedness is subordinated in right of payment to the Loans or the Loan Guarantees on terms at least as favorable, taken as a whole, to the Lenders as those contained in the documentation
governing the Debt being extended, refinanced, renewed, replaced, defeased or refunded, (d) if the Debt being extended, refinanced, renewed, replaced, defeased or refunded is First Lien Debt, the applicable First Lien Representative and First
Lien Collateral Agent, acting on behalf of the holders of any First Lien Debt shall have become party to or otherwise subject to the provisions of the Primary Intercreditor Agreement, (e) if the Debt being extended, refinanced,

  
 32 

 
renewed, replaced, defeased or refunded is Second Lien Debt, the applicable Second Lien Representative and Second Lien Collateral Agent, acting on behalf of the holders of any Second Lien Debt
shall have become party to or otherwise subject to the provisions of the Primary Intercreditor Agreement and the Second Lien Pari Passu Intercreditor Agreement, (f) if the Debt being extended, refinanced, renewed, replaced, defeased or refunded
is Junior Lien Debt, the Junior Lien Representative and Junior Lien Collateral Agent, acting on behalf of the holders of any Junior Lien Debt shall have become party to or otherwise subject to the provisions of the Primary Intercreditor Agreement
and (g) such Debt is incurred either by the Parent Borrower or any of its Restricted Subsidiaries that is the obligor on the Debt being extended, refinanced, renewed, replaced, defeased or refunded; provided, however, that the
Parent Borrower or a Restricted Subsidiary of the Parent Borrower may guarantee Permitted Refinancing Indebtedness incurred by the Parent Borrower or a Restricted Subsidiary of the Parent Borrower, but only to the extent the Parent Borrower or such
Restricted Subsidiary, as applicable, was an obligor or guarantor of the Debt being extended, refinanced, renewed, replaced, defeased or refunded; provided, further, however, that if such Permitted Refinancing Indebtedness is
subordinated to the Loans, any such guarantee shall be subordinated to the Loans or such Restricted Subsidiary’s guarantee under the Guarantee and Collateral Agreement to at least the same extent. 

“Permitted Warrant Transaction” means any call option, warrant or right to purchase (or substantively equivalent derivative
transaction) on the Parent Borrower’s common stock sold by the Parent Borrower substantially concurrently with any purchase by the Parent Borrower of a related Permitted Bond Hedge Transaction. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, unincorporated organization, Governmental Authority or other entity. 
 “Plan” means any employee pension
benefit plan, as defined in Section 3(2) of ERISA (other than a Multiemployer Plan), which (a) is currently or hereafter sponsored, maintained or contributed to by the Parent Borrower, a Subsidiary or an ERISA Affiliate or (b) was at
any time during the six calendar years preceding the date hereof, sponsored, maintained or contributed to by the Parent Borrower or a Subsidiary or an ERISA Affiliate. 

“Platform” has the meaning assigned such term in Section 12.14(b). 

“Primary Intercreditor Agreement” means an intercreditor agreement among the Loan Parties, the First Lien Representatives,
the First Lien Collateral Agents, the Agents, any other Second Lien Representative (if any), any other Second Lien Collateral Agent (if any), any other Junior Lien Representative (if any), and any other Junior Lien Collateral Agent (if any),
substantially in the form of Exhibit J-1 (or with such other changes in order to comply with local law or advice of local or maritime counsel to the First Lien Administrative Agent, the Agents or the Loan
Parties). 
 “Prior Credit Agreement” means the Second Amended and Restated Credit Agreement dated as of February 6,
2015, by and among HOSI, as parent guarantor, HOS, as borrower, Wells Fargo, as administrative agent, and the other parties thereto, as amended by the First Amendment thereto dated as of July 29, 2016 by and among HOSI, as parent guarantor,
HOS, as borrower, Wells Fargo, as administrative agent, and the other parties thereto. 
  

  
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 “Pro Forma Basis,” “Pro Forma Compliance,”
and “Pro Forma Effect” shall mean, with respect to compliance with any test, financial ratio, or covenant hereunder, including, without limitation, Consolidated EBITDA, Consolidated Fixed Charge Coverage Ratio,
Consolidated Interest Expense, Consolidated Net Income, and Consolidated Net Tangible Assets, that all Specified Transactions and the following transactions in connection therewith shall be deemed to have occurred as of the first day of the
applicable Test Period of measurement in such test, financial ratio or covenant, without duplication: (a) income statement items (whether positive or negative) attributable to the property or Person subject to such Specified Transaction,
(1) in the case of a sale, transfer, or other disposition of all or substantially all of the Equity Interests in any Subsidiary of Parent Borrower or any division, product line, or facility used for operations of Parent Borrower or any of its
Subsidiaries made during the Test Period or subsequent to such Test Period and on or prior to the Calculation Date, shall be excluded, and (2) in the case of an acquisition of one or more Vessels or a Permitted Investment made during the Test
Period or subsequent to such Test Period and on or prior to the Calculation Date, shall be included, (b) any incurrence, assumption, guarantee or Redemption of Debt by the Parent Borrower or any of its Restricted Subsidiaries in connection
therewith (it being agreed that if such Debt has a floating or formula rate, such Indebtedness shall have an implied rate of interest for the applicable period for purposes of this definition determined by utilizing the rate that is or would be in
effect with respect to such Indebtedness as at the relevant date of determination) subsequent to the commencement of the Test Period for which such test, financial ratio or covenant hereunder is being calculated but prior to the date on which the
event occurred for which the calculation of such test, financial ratio or covenant hereunder is made (the “Calculation Date”); (c) any delivery to, or acquisition by, the Parent Borrower or any of its Restricted Subsidiaries or
Joint Ventures of any newly constructed Vessel (or Vessels), whether constructed by the Parent Borrower or any of its Restricted Subsidiaries or Joint Ventures or otherwise or any reactivated Vessel that has been a Stacked Vessel for more than
twelve (12) months (including, but not limited to, offshore supply vessels, offshore service vessels, multi-purpose support vessels, other construction vessels, crewboats, fast supply vessels, anchor handling and towing supply vessels, tankers,
tugs and tank barges) usable in the normal course of business of the Parent Borrower or any of its Restricted Subsidiaries or Joint Ventures, that is (or are) subject to a Qualified Services Contract, (d) solely to the extent relating to or
arising from an Acquisition Transaction, the amount of reasonably identifiable and factually supportable operating expense reductions and other expense synergies, including elimination of duplicative general and administrative expenses and the
economic impact of the stacking of any acquired vessels, that are projected by the Borrowers in good faith to result from actions either taken or reasonably expected to be taken within 12 months of the determination to take such action, net of the
amount of actual benefits realized prior to or during such period from such actions and (e) any other transaction that may be given pro forma effect in accordance with Article 11 of Regulation S-X under
the Securities Act as in effect from time to time; provided, further, however, that (i) the Consolidated EBITDA attributable to discontinued operations and operations or businesses disposed of prior to the Calculation Date, shall
be excluded and (ii) the Consolidated Interest Expense attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses disposed of prior to the Calculation Date, shall be excluded, but only to the
extent that the obligations giving rise to such Consolidated Interest Expense will not be obligations of the referent Person or any of its Restricted Subsidiaries 

  
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following the Calculation Date. For purposes of clause (c) of this definition, the amount of Consolidated EBITDA attributable to such Vessel (or Vessels) shall be calculated in good faith by
a Responsible Officer of the Borrowers and shall include in the calculation of the Consolidated Fixed Charge Coverage Ratio the revenues to be earned pursuant to the Qualified Services Contract relating to such Vessel (or Vessels), taking into
account, where applicable, only contractual minimum amounts, and the estimated expenses related thereto. Such estimated expenses shall be based on the expenses previously incurred by any reactivated Stacked Vessel or, in the case of a new Vessel (or
Vessels), expenses of the most nearly comparable Vessel in such Person’s fleet or, if no such comparable Vessel exists, then on the industry average for expenses of comparable Vessels; provided, however, in determining the
estimated expenses attributable to such new Vessel (or Vessels), the calculation shall give effect to the interest expense attributable to the incurrence, assumption or guarantee of any Debt relating to the construction, delivery, acquisition or
reactivation of such Vessel (or Vessels) in accordance with clause (a) of this definition. Notwithstanding the foregoing, in any calculation of Consolidated Fixed Charge Coverage Ratio based on the foregoing clause (c), the pro forma inclusion
of Consolidated EBITDA attributable to such Qualified Services Contract for the Test Period shall be reduced by the actual Consolidated EBITDA from such Vessel (or Vessels) previously earned and accounted for in the actual results for the Test
Period. Further, where such Qualified Services Contract is held by a Joint Venture, the pro forma inclusion of Consolidated EBITDA attributable to such Qualified Services Contract shall be reduced by a percentage equal to the percentage of such
Joint Venture’s Equity Interests that is not owned by the Parent Borrower or any of its Restricted Subsidiaries as further adjusted in the manner provided in the immediately preceding sentence and such Consolidated EBITDA shall be further
reduced to the extent that there is any contractual or legal prohibition on its distributions to the Parent Borrower or any of its Restricted Subsidiaries. 

“Productive Assets” means (a) Vessels or equipment installed or intended for use in the ordinary course of business on
Vessels or Equity Interests of any Person that owns Vessels that is acquired in a Permitted Acquisition; provided that, in each case such Vessels (including any Vessels owned by a Person the Equity Interests of which are acquired in a
Permitted Acquisition), equipment and/or Equity Interests shall be made subject to a Lien securing the Indebtedness with the priority and perfection required under Section 8.14 of this Agreement or the applicable Security Instruments (it being
understood that such priority shall be second priority (or, after the Discharge of First Lien Obligations, a first-priority), except with respect to Permitted Liens under clauses (a) (other than by reference to Section 9.02(b)(i)), (d) and
(k) of the definition thereof) or (b) interests in any Joint Venture or Unrestricted Subsidiary engaged in a Permitted Business so long as, in the case of this clause (b), the Investment in such interests is permitted under clause
(h) of the definition of “Permitted Investments” and the other applicable conditions set forth in such clause (h) are satisfied. 

“Property” means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible,
including, without limitation, cash, securities, accounts and contract rights. 
 “Public Lender” has the meaning assigned
such term in Section 12.14(c). 

  
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 “Qualified Services Contract” means, with respect to any newly constructed,
substantially converted or substantially reconstructed offshore supply vessel or offshore service vessel (including, without limitation, any crew boat, fast supply vessel, multi-purpose support vessel (MPSV),
other construction vessel and anchor-handling towing supply (AHTS) vessel, tug, double-hulled tank barge and double-hulled tanker or other complementary offshore marine vessel) delivered to the Parent Borrower
or any of its Restricted Subsidiaries or Joint Ventures, or any such newly constructed, substantially converted or substantially reconstructed vessel constructed, converted or reconstructed for a third party and then acquired by the Parent Borrower
or any of its Restricted Subsidiaries or Joint Ventures within 365 days of such vessel’s original delivery date, or any reactivated Vessel (whether previously owned or recently acquired, constructed or converted) that has been a Stacked Vessel
for a period of more than twelve (12) months, a contract that a Responsible Officer of the Borrowers acting in good faith, designates as a “Qualified Services Contract”, which contract: 

(a) provides for services to be performed by the Parent Borrower or one of its Restricted Subsidiaries or Joint Ventures involving the use of
such vessel or a charter (bareboat or otherwise) of such vessel by the Parent Borrower or one of its Subsidiaries, in either case for a minimum period of at least 30 days; and 

(b) provides for a fixed or minimum day rate or fixed or minimum volume or freight rates (including, if applicable, lay time and demurrage) for
such vessel. 
 “Recipient” means (a) any Agent, and (b) any Lender, as applicable. 

“Redemption” means with respect to any Debt, the refinancing, repurchase, redemption, prepayment, repayment, or defeasance or
any other acquisition or retirement for value (or the segregation of funds with respect to any of the foregoing) of such Debt. “Redeem” has the correlative meaning thereto. 

“Register” has the meaning assigned such term in Section 12.04(b)(iv). 

“Rejection Notice” has the meaning assigned such term in Section 3.04(c)(i). 

“Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the partners, directors,
officers, employees, agents and advisors (including attorneys, accountants and experts) of such Person and such Person’s Affiliates. 

“Replacement Indenture” means any indenture or loan agreement that may be entered into as a restatement, renewal, refinance
or rearrangement of any of the Unsecured Indentures. 
 “Required Class Lenders” shall mean, at any time
with respect to any Class of Loans, Lenders having more than fifty percent (50%) of the outstanding aggregate principal amount of such Class of the Loans (without regard to any sale by a Lender of a participation in any Loan under
Section 12.04(c)) with respect to such Class. 
 “Required Lenders” means Lenders having more than fifty percent (50%)
of the outstanding aggregate principal amount of the Loans (without regard to any sale by a Lender of a participation in any Loan under Section 12.04(c)). 

  
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 “Resolution Authority” means any public administrative authority or any
person entrusted with public administration authority having the authority to exercise any Write-Down and Conversion Powers. 

“Responsible Officer” means, as to any Person, the chief executive officer, the president, the chief financial officer, the
principal accounting officer, the treasurer, the corporate finance director or the controller of such Person. Unless otherwise specified, all references to a Responsible Officer herein shall mean a Responsible Officer of the Borrowers. 

“Restricted Investment” means an Investment other than a Permitted Investment. 

“Restricted Payment” has the meaning set forth in Section 9.01. 

“Restricted Payments Basket” has the meaning set forth in Section 9.01. 

“Restricted Subsidiary” of a Person means any Subsidiary of such Person that is not an Unrestricted Subsidiary. 

“Revolver Facility” means any customary revolving credit facility made available to the Parent Borrower and/or one or more of
the Loan Parties on terms and conditions reasonably satisfactory to the Required Lenders (it being understood that so long as the First Lien Term Loan Agreement is outstanding, the approval of the First Lien Required Lenders in respect of any
Revolver Facility shall be deemed to be approval of the Required Lenders with respect thereto), the availability under which is governed by a borrowing base that is based solely on accounts receivable and other assets incidental thereto. 

“Revolver/Term Intercreditor Agreement” means an intercreditor agreement to be entered into by and among the Loan Parties,
the First Lien Representatives, the First Lien Collateral Agents, the Agents, administrative agent, collateral agent, security agent or similar agent under the agreement pursuant to which the Revolver Facility is issued, incurred or otherwise
obtained, as the case may be, and, if any, the other Second Lien Representatives and Junior Lien Representatives, substantially in the form of Exhibit J-3 (or with such other changes as may be reasonably
satisfactory to the First Lien Representative), as the same may be amended, supplemented, modified or restated in accordance with the terms thereof. 

“Sanctioned Country” means, at any time, a country or territory which is the subject or target of any Sanctions. 

“Sanctioned Person” means, at any time, (a) any Person listed in any
Sanctions-related list of designated Persons maintained by OFAC or the U.S. Department of State, or by the United Nations Security Council, Her Majesty’s Treasury of the United Kingdom, the European Union
or any EU member state, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person controlled by, or owned 50 percent or more, directly or indirectly, by, any such Person or Persons. 

“Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by
(a) the U.S. government, including those administered by OFAC or the U.S. Department of State, or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom. 

  
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 “SEC” means the Securities and Exchange Commission or any successor
Governmental Authority. 
 “Second Lien” means a Lien on the Collateral with equal priority as the Liens securing the
Indebtedness as provided in the Primary Intercreditor Agreement and the Second Lien Pari Passu Intercreditor Agreement, granted by the Borrowers or any Guarantor in favor of holders of Second Lien Debt (or any Second Lien Collateral Agent in
connection therewith) at any time, upon any Property of the Borrowers or any Guarantor to secure such Second Lien Debt. 
 “Second
Lien Collateral Agent” means (a) the Collateral Agent and (b) in the case of any other Series of Second Lien Debt, the collateral trustee or other representative of lenders or holders of such Series of Second Lien Debt designated
pursuant to the terms of the Second Lien Loan Documents governing such Series of Second Lien Debt, the Primary Intercreditor Agreement and the Second Lien Pari Passu Intercreditor Agreement, in each case, together with its successors and assigns in
such capacity. 
 “Second Lien Debt” means any Debt (other than intercompany Debt owing to the Parent Borrower or its
Restricted Subsidiaries and the Indebtedness) of the Borrowers or any Guarantor permitted to be incurred hereunder that is secured by a Second Lien on the Collateral (and, in each case not by Liens on any assets that do not constitute Collateral);
provided that, in the case of any Debt referred to in this definition: 
 (a) such Debt does not mature and does not have any
scheduled payments or sinking fund obligations prior to the Latest Maturity Date applicable to the Indebtedness at the time of issuance of such Debt; 

(b) such Debt has a Weighted Average Life to Maturity no shorter than the longest remaining Weighted Average Life to Maturity of the then
outstanding Indebtedness; 
 (c) such Debt shall not be subject to any mandatory prepayment, repurchase or redemption provisions, unless the
prepayment, repurchase or redemption of such Debt is accompanied by an offer to prepay a pro rata portion of the outstanding principal of the Loans pursuant to Section 3.04(c) prior to the Latest Maturity Date at the time such Debt is incurred;

 (d) such Debt shall not be guaranteed by any person other than the Guarantors; and 

(e) on or before the date on which the first such Debt is incurred by the Borrowers or any Guarantor, (1) the Second Lien Representatives
and the Second Lien Collateral Agents shall become a party to the Second Lien Pari Passu Intercreditor Agreement and the other Intercreditor Agreements then in effect and (2) any other requirements set forth in the applicable Intercreditor
Agreements shall have been satisfied. 
 “Second Lien Loan Documents” means (a) the Loan Documents and (b) any
other “Loan Documents” or the equivalent term in any indenture, credit agreement or other agreement or instrument pursuant to which Second Lien Debt is incurred. 

  
 38 

 “Second Lien Pari Passu Intercreditor Agreement” shall mean an
intercreditor agreement to be entered into by and among the Loan Parties, the Agents, the Second Lien Collateral Agents and the Second Lien Representatives, substantially in the form of Exhibit J-2. 

“Second Lien Representatives” means (a), the Administrative Agent, and (b) in the case of any other Series of Second
Lien Debt, the trustee, agent or representative of the holders of such Series of Second Lien Debt who maintains the transfer register for such Series of Second Lien Debt and is appointed as a representative of the Second Lien Debt (for purposes
related to the administration of the security documents) pursuant to the terms of the Second Lien Loan Documents governing such Series of Second Lien Debt, the Primary Intercreditor Agreement and the Second Lien Pari Passu Intercreditor Agreement
and any other applicable Intercreditor Agreement, in each case, together with its successors and assigns in such capacity. 

“Secured Parties” means, collectively, the Agents, the Lenders and each sub-agent
pursuant to Section 11.05 appointed by any Agent with respect to matters relating to the Loan Documents. 
 “Securities
Act” means the Securities Act of 1933, as amended. 
 “Security Instruments” means the Guaranty and Collateral
Agreement, each Fleet Mortgage, the Intercreditor Agreements and any and all other agreements now or hereafter executed and delivered by the Borrowers or any other Person as security for the payment or performance of the Indebtedness, as such
agreements securing the Indebtedness may be amended, modified, supplemented or restated from time to time. 
 “Series of First Lien
Debt” means, severally, each issue or series of First Lien Debt for which a single transfer register is maintained. 

“Series of Junior Lien Debt” means, severally, each issue or series of Junior Lien Debt for which a single transfer register
is maintained. 
 “Series of Second Lien Debt” means, severally, each issue or series of Second Lien Debt for which a
single transfer register is maintained. 
 “Specified Equity Interests” has the meaning assigned such term in the
definition of “Asset Sale”. 
 “Specified Foreign Subsidiary” has the meaning assigned such term in
Section 8.14(a)(ii). 
 “Specified Non-Cash Consideration” has the meaning
assigned such term in Section 9.08. 
 “Specified Qualified Appraisers” means (a) with respect to any Vessel
Collateral, (i) Dufour Laskay & Strouse, Inc., (ii) Fearnley Offshore, (iii) Clarksons Platou, (iv) Pareto, (v) VesselsValue, (vi) North American Marine Consultants, LLC, (vii) Maritime Sales, (viii) Seabrokers
Group, (ix) IHS-Markit, (x) Arctic Offshore and (xi) each other Person that is an independent shipbroker or qualified marine appraiser and that is reasonably satisfactory to the Required Lenders
and (b) with respect to any other Property (other than Vessel Collateral), (i) Dufour Laskay & Strouse, Inc., (ii) North American Marine Consultants, LLC, (iii) Picciola and Associates, Inc., (iv) Murphy Appraisal Service,
(v) Duff & Phelps or (vi) each other appraisal 

  
 39 

 
firm that is reasonably satisfactory to the Required Lenders (it being understood that so long as the First Lien Debt is outstanding, the approval of the First Lien Representative or the First
Lien Required Lenders in respect of any Specified Qualified Appraiser shall be deemed to be approval of the Required Lenders with respect thereto). 

“Specified Representations” shall mean the representations and warranties set forth in Sections 7.01(a), 7.02 (as related to
the borrowing under, guaranteeing under, granting of security interests in the Collateral to, and performance of, the Loan Documents), 7.03(b)(ii) (as related to the borrowing under, guaranteeing under, granting of security interests in the
Collateral to, and performance of, the Loan Documents), 7.08, 7.16 (other than clauses (c) and (d) thereof), 7.18, and 7.19. 

“Specified Transaction” shall mean, with respect to any period, any Investment (including a Permitted Acquisition),
any asset acquisition or sale, incurrence or Redemption of Debt, Restricted Payment, Subsidiary designation, or other event or action that in each case by the terms of this Agreement requires Pro Forma Compliance with a test or covenant hereunder or
requires such test or covenant to be calculated on a Pro Forma Basis. 
 “Specified Value” means, subject in all cases to
Section 1.06: 
 (a) with respect to any Existing Vessel, the Vessel Book Value thereof; provided, that for purposes of
Section 9.08 (other than Events of Loss) (A) subject to the following clause (B), if the Vessel Book Value of any Existing Vessel that is subject to an Asset Sale (other than an Event of Loss) pursuant to Section 9.08 is greater than
$25,000,000, the Specified Value of such Existing Vessel shall instead be the Appraised Value thereof and (B) if the sum of (i) the aggregate Vessel Book Value of all Existing Vessels subject to Asset Sales (other than Events of Loss)
pursuant to Section 9.08 following the Effective Date plus (ii) the aggregate Vessel Book Value of all After-Acquired Vessels subject to Asset Sales (other than Events of Loss) pursuant to Section 9.08 following the
Effective Date exceeds $100,000,000 during any consecutive 36-month period, the Specified Value with respect to any Existing Vessel subject to any Asset Sale that occurs at any time on or following the date on
which such $100,000,000 threshold is exceeded and during such 36-month period shall instead be the Appraised Value thereof; provided, further, however that, in the cases of the preceding
clauses (A) and (B), if the Parent Borrower or other applicable Loan Party receives consideration for such Asset Sale in an amount equal to at least 80% of the Vessel Book Value of such Existing Vessel, then no Appraisal Report shall be
required (and in such case the Specified Value of such Existing Vessel shall be deemed to be (i) for purposes of Section 9.08, the consideration received in connection therewith or (ii) for all other purposes, the Vessel Book Value
thereof); 
 (b) with respect to any After-Acquired Vessel, the Vessel Book Value thereof; provided, that for purposes of
Section 9.08 (other than Events of Loss) (A) subject to the following clause (B) if the Vessel Book Value of any After-Acquired Vessel (other than any Vessel set forth on Schedule 8.17) that is subject to an Asset Sale (other than an
Event of Loss) pursuant Section 9.08 is greater than $25,000,000, the Specified Value of such After-Acquired Vessel shall instead be the Appraised Value thereof and (B) if the sum of (i) the aggregate Vessel Book Value of all
After-Acquired Vessels subject to Asset Sales (other than Events of Loss) pursuant to Section 9.08 following the Effective Date plus (ii) the aggregate Vessel Book Value of all Existing Vessels

  
 40 

 
subject to Asset Sales (other than Events of Loss) pursuant to Section 9.08 following the Effective Date exceeds $100,000,000 during any consecutive
36-month period, the Specified Value with respect to any After-Acquired Vessel subject to any Asset Sale that occurs at any time on or following the date on which such $100,000,000 threshold is exceeded and
during such 36-month period shall instead be the Appraised Value thereof; provided, further, however that, in the cases of the preceding clauses (A) and (B), if the Parent Borrower or
other applicable Loan Party receives consideration for such Asset Sale in an amount equal to at least 80% of the Vessel Book Value of such After-Acquired Vessel, then no Appraisal Report shall be required (and in such case the Specified Value of
such After-Acquired Vessel shall be deemed to be (i) for purposes of Section 9.08, the consideration received in connection therewith or (ii) for all other purposes, the Vessel Book Value thereof); 

(c) with respect to cash, the aggregate amount thereof; 

(d) with respect to any Liquid Equity Securities, the market value thereof as determined by the average of the high and low trading prices on
the applicable trading exchange on the relevant date of determination; 
 (e) except as provided in clause (f) below, with respect to
any other Property or Investment, the fair market value of such Property or Investment at the time of the event requiring such determination, as determined in good faith by management or the Board of Directors of the Parent Borrower; and 

(f) with respect to any Property or Investment, other than as covered in (a) through (e) above, in excess of $35,000,000, the fair market
thereof as determined by a reputable investment bank or accounting or appraisal firm that is, in the judgment of the disinterested members of the Board of Directors of the Parent Borrower, qualified to perform the task for which such firm has been
engaged and independent with respect to the Borrowers; 
 provided, that in the case of Specified Equity Interests, the Specified Value thereof shall
be determined in accordance with clause (a) or (b) above, as applicable, mutatis mutandis. 
 Notwithstanding anything to the
contrary, when calculating the Specified Value of any Vessel at any time, the aggregate principal amount of any Debt secured by a Lien on such Vessel at such time (other than (i) the Indebtedness and (ii) any Junior Lien Debt or any
Permitted Refinancing Indebtedness in respect thereof that is secured by a Junior Lien on such Vessel) shall be deducted, to the extent such Debt has not already been deducted in the applicable calculation (including, without limitation, in the
determination of the Appraised Value thereof). 
 “Stacked Vessel” means a Vessel that has been removed from service in the
exercise of the Parent Borrower’s reasonable judgment consistent with reasonable business practices in light of the facts known at the time the decision was made (including, without limitation, operating costs and available marketing
opportunities) or in the case of any After-Acquired Vessel (whether by acquiring the Vessel or the entity that owns such Vessel) that was stacked at the time of its acquisition or thereafter (including any period immediately prior to the acquisition
of such After-Acquired Vessel that such After-Acquired Vessel was continuously stacked by its previous owner). 

  
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 “Stated Maturity” means, with respect to any mandatory sinking fund or
other installment of interest or principal on any series of Debt, the date on which such payment of interest or principal was scheduled to be paid in the original documentation governing such Debt, and shall not include any contingent obligations to
repay, Redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof, but shall include any rights of the holders to require the obligor to repurchase such Debt at any particular date. 

“Subsidiary” means any Person of which at least a majority of the outstanding Equity Interests having by the terms thereof
ordinary voting power to elect a majority of the board of directors, manager or other governing body of such Person (irrespective of whether or not at the time Equity Interests of any other class or classes of such Person shall have or might have
voting power by reason of the happening of any contingency) is at the time directly or indirectly owned or controlled by the Parent Borrower or one or more of its Subsidiaries. Unless otherwise indicated herein, each reference to the term
“Subsidiary” shall mean a direct or indirect Subsidiary of the Parent Borrower. 
 “Successor Company” has the
meaning assigned such term in Section 9.04(a). 
 “Swap Termination Value” means, in respect of any Hedging
Obligation, after taking into account the effect of any legally enforceable netting agreement relating to such Hedging Obligations, (a) for any date on or after the date such Hedging Obligations have been closed out and termination value(s)
determined in accordance therewith, such termination value(s) and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the
mark-to-market value(s) for such Hedging Obligations, as determined by the counterparties to such Hedging Obligations. 

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding),
assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Test Period” shall mean, for any determination under this Agreement, the four consecutive fiscal quarters of the Parent
Borrower most recently ended on or prior to such date of determination and for which financial statements are internally available at the time of such determination. 

“Transaction Expenses” shall mean any fees, costs, or expenses incurred or paid by the Borrowers in connection with
the Transactions, this Agreement, the First Lien Loan Documents and the other Loan Documents, and the transactions contemplated hereby and thereby. 

“Transactions” means, with respect to (a) the Borrowers, the execution, delivery and performance by the Borrowers of
this Agreement, and each other Loan Document to which it is a party, the borrowing of Loans, the use of the proceeds thereof, and the granting of Liens by the Borrowers on Collateral pursuant to the Security Instruments and (b) each Guarantor,
the execution, delivery and performance by such Guarantor of each Loan Document to which it is a party, the guaranteeing of the Indebtedness and the other obligations under the Guaranty and Collateral Agreement by such Guarantor, and the granting of
Liens by such Guarantor on Collateral pursuant to the Security Instruments (for the avoidance of doubt, excluding Excluded Assets (as defined in the Guaranty and Collateral Agreement)). 

  
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 “U.S. Person” means any Person that is a “United States Person”
as defined in Section 7701(a)(30) of the Code. 
 “U.S. Tax Compliance Certificate” has the meaning assigned to such
term in Section 5.03(g)(ii)(B)(3). 
 “UCC” has the meaning set forth in the definition of “Lien”. 

“Unrestricted Subsidiary” means any Subsidiary of the Parent Borrower that is designated by the Board of Directors of the
Parent Borrower as an Unrestricted Subsidiary pursuant to Section 8.16 and any Subsidiary of an Unrestricted Subsidiary. 

“Unsecured Indentures” means the 2019 Convertible Senior Notes Indenture, the 2020 Senior Notes Indenture and the 2021 Senior
Notes Indenture. 
 “USA PATRIOT Act” means The Uniting and Strengthening America by Providing Appropriate Tools Required
to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001 and as modified, amended, supplemented or restated from time to time)). 

“Vessel Book Value” means, with respect to any applicable Vessel, (i) if such Vessel is an Existing Vessel, the net book
value thereof as included in the balance sheet of the Parent Borrower as of March 31, 2017 in accordance with GAAP and (ii) if such Vessel is an After-Acquired Vessel, the gross book value thereof that would be included in the balance
sheet of the Parent Borrower as of the date such After-Acquired Vessel is acquired (or, in the case of any Vessel that is being constructed, as of the date such construction is completed and such Vessel is delivered) in accordance with GAAP. 

“Vessel Collateral” means, collectively, whether owned by the Parent Borrower or one of its Restricted Subsidiaries,
(i) all Vessels specified on Schedule 8.14, (ii) any additional Vessels acquired by the Parent Borrower or one of its Restricted Subsidiaries after the Effective Date (other than Vessels acquired using Permitted Acquisition Indebtedness for so
long as such Vessel is subject to a Lien securing the applicable Permitted Acquisition Indebtedness) and (iii) all Vessels that cease to be Excluded Assets after the Effective Date. 

“Vessels” means marine vessels, and “Vessel” shall mean any of such Vessels. 

“VesselsValue” means VesselsValue Ltd. 

“Voting Stock” of any Person as of any date means the Equity Interest of such Person that is at the time entitled to vote in
the election of the board of directors, managers or trustees of such Person. 
 “VV Value” means 100% of the daily average
fair value as determined by VesselsValue for the last 30 days prior to the date of the approval by the Parent Borrower’s Board of Directors of the applicable Acquisition Transaction. 

  
 43 

 “Weighted Average Life to Maturity” means, when applied to any Debt at any
date, the number of years obtained by dividing (a) the sum of the products obtained by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment
at final maturity, in respect thereof, by (ii) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment, by (b) the then
outstanding principal amount of such Debt. 
 “Wells Fargo” means Wells Fargo Bank, National Association. 

“Wholly-Owned Restricted Subsidiary” means (a) any Restricted Subsidiary of which all of the outstanding Equity
Interests (other than any directors’ qualifying shares and Equity Interests held by other statutorily required minority shareholders) shall at the time be owned directly or indirectly by such Person or (b) any Restricted Subsidiary that is
organized in a foreign jurisdiction and is required by the applicable laws and regulations of such foreign jurisdiction or its governmental agencies, authorities or state-owned businesses to be partially owned by the government of such foreign
jurisdiction or individual or corporate citizens of such foreign jurisdiction in order for such Restricted Subsidiary to transact business in such foreign jurisdiction, provided that such Person, directly or indirectly, owns the remaining
Equity Interests in such Restricted Subsidiary and, by contract or otherwise, controls the management and business of such Restricted Subsidiary to substantially the same extent as if such Restricted Subsidiary were a Wholly-Owned Restricted
Subsidiary. 
 “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial
withdrawal from such Multiemployer Plan, as such terms are defined in Title IV of ERISA. 
 “Withholding Agent” means the
Parent Borrower and the Administrative Agent. 
 “Write-Down and Conversion
Powers” means (a) in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such
in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule; and (b) in relation to any other applicable
Bail-In Legislation, (i) any powers under that Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or
other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to
convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation
in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers; and (ii) any similar or analogous powers under that Bail-In Legislation. 
 Section 1.03 [Reserved]. 

Section 1.04 Terms Generally; Rules of Construction. 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 neuter forms. The words “include”, “includes” and “including” shall be deemed to
be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise 

  
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 (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 supplemented, restated, renewed, refinanced, modified, amended, extended for any period, increased and/or otherwise rearranged (subject to any
restrictions on such supplements, restatements, renewals, refinances, modifications, amendments, extensions, increases and/or rearrangements as set forth in the Loan Documents), 

(b) any reference herein to any law shall be construed as referring to such law as amended, modified, codified or reenacted, in whole or in
part, and in effect from time to time, 
 (c) any reference herein to any Person shall be construed to include such Person’s successors
and assigns (subject to the restrictions contained in the Loan Documents), 
 (d) 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, 

(e) with respect to the determination of any time period, the word “from” means “from and including” and the word
“to” means “to and including” and 
 (f) any reference herein to Articles, Sections, Annexes, Exhibits and Schedules
shall be construed to refer to Articles and Sections of, and Annexes, Exhibits and Schedules to, this Agreement. 
 No provision of this
Agreement or any other Loan Document shall be interpreted or construed against any Person solely because such Person or its legal representative drafted such provision. 

Section 1.05 Accounting Terms and Determinations; GAAP. 

(a) Unless otherwise specified herein, all accounting terms used herein shall be interpreted, all determinations with respect to accounting
matters hereunder shall be made, and all financial statements and certificates and reports as to financial matters required to be furnished to the Administrative Agent or the Lenders hereunder shall be prepared, in accordance with GAAP, as in effect
from time to time; provided that, if the Parent Borrower notifies the Administrative Agent in writing that the Parent Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof
in GAAP or in the application thereof on the operation of such provision, regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP
as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn, such provision amended in accordance herewith. 

  
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 (b) When calculating the availability under any basket or ratio hereunder, in each case in
connection with an Acquisition Transaction, the date of determination of such basket or ratio and of any Default or Event of Default shall, at the option of the Parent Borrower (which election shall be made, if at all, on the date the definitive
agreements for such Acquisition Transaction are entered into), be the date the definitive agreements for such Acquisition Transaction are entered into and such baskets or ratios shall be calculated with such pro forma adjustments as are consistent
with the pro forma adjustment provisions set forth in the definition of Pro Forma Basis after giving effect to such Acquisition Transaction and the other transactions to be entered into in connection therewith (including any incurrence of Debt and
the use of proceeds thereof) as if they occurred at the beginning of the applicable period for purposes of determining the ability to consummate any such Acquisition Transaction, and, for the avoidance of doubt, (x) if any of such baskets or
ratios are exceeded as a result of fluctuations in such basket or ratio (including due to fluctuations in Consolidated EBITDA or Consolidated Net Tangible Assets of the Parent Borrower or the target company for the applicable measurement period)
subsequent to such date of determination and at or prior to the consummation of the relevant Acquisition Transaction, such baskets or ratios will not be deemed to have been exceeded as a result of such fluctuations solely for purposes of determining
whether the Acquisition Transaction is permitted hereunder and (y) such baskets or ratios shall not be tested at the time of consummation of such Acquisition Transaction or related transactions; provided that if the Parent Borrower
elects to have such determinations occur at the time of entry into such definitive agreement, any such transactions (including any incurrence of Debt and the use of proceeds thereof) shall be deemed to have occurred on the date the definitive
agreements are entered and to be outstanding thereafter for purposes of calculating any baskets or ratios hereunder after the date of such agreement and before the consummation of such Acquisition Transaction unless and until such Acquisition
Transaction has been abandoned, as determined by the Parent Borrower, prior to the consummation thereof; provided, further that the foregoing shall be inapplicable to any determination under clause (h) of the definition of Permitted
Investments. 
 Section 1.06 Valuation of Certain Investments and Restricted Payments. Notwithstanding anything in this
Agreement to the contrary, for purposes of determining the amount of an Investment made or acquired following the Effective Date or any Restricted Payment made following the Effective Date, (a) the amount of any Investment so made or acquired
or Restricted Payment made using the direct or indirect proceeds from the sale, transfer or other disposition of Vessel Collateral or Specified Equity Interests or using Vessel Collateral or Specified Equity Interests shall be deemed to equal
(1) the Vessel Book Value of such Vessels so sold, transferred or otherwise disposed (whether directly or through the sale, transfer or other disposition of such Specified Equity Interests) that generated such proceeds or that were so sold,
transferred or otherwise disposed (whether directly or through the sale, transfer or other disposition of such Specified Equity Interests), without adjustment for subsequent increases or decreases in the value of such Investment minus
(2) the amount of dividends or distributions received in connection with such Investment and any return of capital and any payment of principal received in respect of such Investment that in each case is received in cash or Cash Equivalents;
provided, that if such Investment is made with Collateral or proceeds of Collateral, such cash or Cash Equivalents are received by a Loan Party in a deposit account or securities account, as applicable, that is subject to an Account Control
Agreement by a Loan Party in a deposit account or securities account, as applicable, that is subject to an Account Control Agreement and (b) for purposes of any determination described in the preceding clause (a), proceeds shall be deemed
applied to Investments or Restricted Payments first with the earliest proceeds received from any disposition of Vessel Collateral (or Specified Equity Interests in respect thereof), with the effect being that the first proceeds applied shall be
deemed attributable to (and shall be based on the Vessel Book Value of) the Vessel (or Specified Equity Interests in respect thereof) first disposed, before being deemed attributable to any subsequently disposed Vessel (or Specified Equity Interests
in respect thereof). 

  
 46 

 ARTICLE II 

The Commitments 

Section 2.01 Commitments. Subject to the terms and conditions set forth herein and, with respect to the Exchanged Loans, the
Exchange Transaction Documents, each Lender shall exchange an aggregate principal amount of its 2020 Senior Notes on the Effective Date as provided in Section 2.02 below in an aggregate principal amount equal to such Lender’s Original Term
Commitment (the “Original Term Loans”). Any amounts paid or prepaid in respect of the Loans may not be reborrowed. The aggregate amount of the Original Term Commitments on the Effective Date is $111,884,650. 

Section 2.02 Effective Date Mechanics. 

(a) On the Effective Date, upon the satisfaction of the conditions set forth in the Exchange Transaction Documents, including, without
limitation, the acceptance of tendered notes by HOSI, each Lender severally agrees to deliver its 2020 Senior Notes validly tendered in the Exchange Transactions in exchange for Original Term Loans (such Loans, the “Exchanged
Loans”) in a principal amount for each such Lender set forth opposite its name on Schedule 1.01(a) hereto (which amount, for the avoidance of doubt, will equal $850 in principal amount of the Exchanged Loans for each $1,000 principal amount
of 2020 Senior Notes so tendered and accepted at or prior to 11:59 p.m., New York City time, on February 4, 2019 (collectively, such exchanged 2020 Senior Notes, the “Exchanged Notes”)). 

(b) Each Lender shall deliver the Exchanged Notes held by it in an amount set forth for such Lender in the Exchange Transaction Documents. Each
Lender that has taken the actions described in the preceding sentence shall be deemed to have made on the Effective Date, and shall have made, a Loan in the aggregate principal amount set forth opposite its name on Schedule 1.01(a) hereto. For the
avoidance of doubt, the cashless exchange of Loans for Exchanged Notes shall be the only means by which the Lenders shall make the Original Term Loans hereunder, and nothing under this Agreement shall (i) require any Lender to make its Original
Term Loans by making funds available to the Parent Borrower or (i) require the Administrative Agent to make any Loans or make funds available to the Parent Borrower. 

Section 2.03 Borrowings; Several Obligations. Each Loan made shall be made as part of a Borrowing consisting of Loans made
by the Lenders ratably in accordance with their respective Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments are
several and no Lender shall be responsible for any other Lender’s failure to make Loans as required. 
 (a) [Reserved]. 

(b) Notes. Any Lender may request that the Loans made by it be evidenced by a promissory note. In such event, the Borrowers shall
prepare, execute and deliver to such Lender a promissory note payable to such Lender or its registered assigns, substantially in the form of Exhibit A (with a copy to the Administrative Agent) dated (i) the Effective Date or (ii) the
effective 

  
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date of an Assignment pursuant to Section 12.04(b), in a principal amount equal to its Commitment as originally in effect and otherwise duly completed and such substitute Notes as required
by Section 12.04(b); provided that promissory notes requested in amounts less than $1,000,000 shall require the consent of the Parent Borrower, such consent not to be unreasonably withheld or delayed. The date and amount of each Loan
made by each Lender and all payments made on account of the principal thereof, shall be recorded by such Lender on its books and maintained in accordance with its usual practice. Failure to make such recordation shall not affect any Lender’s or
the Borrowers’ rights or obligations in respect of such Loans. In the event that one or more Notes shall be issued after the Effective Date, it shall not be necessary to tender or present any such Note to the Administrative Agent for any
payment hereunder, including on the Maturity Date. 
 (c) Requests for Borrowings. Except in the case of the Original Term Loans,
which are dealt with as provided in Section 2.02, to request a Borrowing, the Borrowers shall deliver to the Administrative Agent, for distribution to the Lenders, a written Borrowing Request in substantially the form of Exhibit B-1 and signed by the Borrowers not later than 12:00 p.m., Eastern time, on the date of such Borrowing. Each such Borrowing Request shall specify the following information: 

(i) the aggregate amount of the requested Borrowing; 

(ii) the date of such Borrowing, which shall be a Business Day; and 

(iii) the wire instructions of the account to which funds are to be disbursed 

Promptly following receipt of a Borrowing Request in accordance with this Section 2.03, the Administrative Agent shall advise each Lender
of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing. 
 Section 2.04
[Reserved]. 
 Section 2.05 [Reserved]. 

Section 2.06 Termination and Reduction of Commitments. 

(a) Scheduled Termination of Commitments. Upon the making of each Loan hereunder (including any Exchanged Loan), an equal amount of the
Commitment shall terminate on the date of such Borrowing. Unless previously terminated in full, all unused Original Term Commitments shall terminate following the consummation of the Exchange Transactions immediately after the Borrowing on the
Effective Date. Any Incremental Term Commitment shall terminate as set forth in the applicable Incremental Amendment. 
 (b)
[Reserved]. 
 Section 2.07 Replacement of Lenders. The Parent Borrower shall be permitted to replace any Lender that
(a) requests reimbursement for amounts owing pursuant to Section 5.01 or 5.03, or (b) fails to vote in favor of any measure requiring the affirmative vote of one hundred percent (100%) of all Lenders or all affected Lenders, or any
measure requiring the affirmative vote of a lesser percentage of Lenders of affected Lenders, (or, in the case of any consent, wavier or amendment that requires the approval of each Lender, each affected Lender or such lesser percentage with respect
to a particular Class of Loans, any such Required Class Lenders of such Class), with any Person that meets the requirements to be an assignee under Section 12.04; provided that 

  
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 (i) such replacement does not conflict with any Governmental Requirement,

 (ii) no Event of Default shall have occurred and be continuing at the time of such replacement that has not been waived in
accordance with the terms hereof, 
 (iii) prior to any such replacement, such Lender shall have taken no action under
Section 5.04 so as to eliminate the continued need for payment of amounts owing pursuant to Section 5.01 or 5.03(a), 

(iv) the replacement financial institution shall purchase, at par, all Loans and other amounts owing to such replaced Lender on
or prior to the date of replacement, 
 (v) [reserved], 

(vi) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of Section 12.04
(provided that the Borrowers shall be obligated to pay the registration and processing fee referred to therein), 

(vii) until such time as such replacement shall be consummated, the Borrowers shall pay all additional amounts (if any)
required pursuant to Section 5.01 or 5.03(a), as the case may be, and 
 (viii) any such replacement shall not be deemed
to be a waiver of any rights that the Borrowers, the Administrative Agent or any other Lender shall have against the replaced Lender. 

Section 2.08 [Reserved]. 

Section 2.09 Incremental Term Loans. 

(a) Incremental Term Commitments. The Borrowers may, by written notice to the Administrative Agent from time to time (whereupon the
Administrative Agent shall promptly make such notice available to each of the Lenders), request the establishment of one or more new term loan commitments (the “Incremental Term Commitments”), provided that the aggregate principal
amount thereof shall not exceed the sum of (i) the then applicable Incremental Available Amount and (ii) if the Collateral Conditions have been met and the proceeds of such Incremental Term Loans are to be used to finance an Acquisition
Transaction and such Incremental Term Loans qualify as Permitted Loans, an amount allowed by the definition of Permitted Loans. 

  
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 Each such notice shall specify (w) the amount of the Incremental Term Commitments being requested,
(x) whether the Incremental Term Commitments are being established pursuant to clause (a)(i) or (ii) above, (y) whether such Incremental Term Commitments are being designated for all purposes of this Agreement as either (A) a new
Class of Incremental Term Commitments or (B) an increase to an existing Class of Commitments and (z) the date (each, an “Incremental Facility Closing Date”) on which the Borrowers propose that the Incremental
Term Commitments shall be effective, which shall be a date not less than 5 Business Days after the date on which such notice is delivered to Administrative Agent. 

(b) Incremental Term Loans. Incremental Term Loans may be made by any existing Lender or any other Person (any such other Person being
called an “Additional Lender”) (but no existing Lender will have an obligation to provide any Incremental Term Commitment) (each such existing Lender or Additional Lender providing such Incremental Term Commitments, an
“Incremental Term Lender,” as applicable, and, collectively, the “Incremental Term Lenders”). On any Incremental Facility Closing Date, subject to the satisfaction of the terms and conditions in this
Section 2.09, (i) each Incremental Term Lender shall make a Loan to the Borrowers (on a joint and several basis) in an amount equal to its Incremental Term Commitment and (ii) each Incremental Term Lender shall become a Lender
hereunder with respect to the Incremental Term Commitment and the Incremental Term Loans made pursuant thereto. 
 (c) Effectiveness of
Incremental Amendment. The effectiveness of any Incremental Amendment, and the Incremental Term Commitments thereunder, shall be subject to the satisfaction on the Incremental Facility Closing Date of each of the following conditions: 

(i) (x) if the proceeds of such Incremental Term Loans are being used to finance a Limited Condition Acquisition permitted
hereunder, no Event of Default under Section 10.01(a), 10.01(b), 10.01(h) or 10.01(i) shall have occurred and be continuing or would exist after giving effect to such Incremental Term Commitments;, or (y) if otherwise, no Event of Default
shall have occurred and be continuing or would exist after giving effect to such Incremental Term Commitments; and 
 (ii)
after giving effect to such Incremental Term Commitments, the representations and warranties of the Loan Parties set forth in this Agreement and the other Loan Documents shall be true and correct in all material respects (without duplication of
materiality) on and as of the Incremental Facility Closing Date with the same effect as though such representations and warranties had been made on and as of such; provided that 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; provided further, that, if the proceeds of any Incremental Term Commitments are being used to finance a
Limited Condition Acquisition permitted hereunder, (x) the accuracy of the representations and warranties shall refer to the accuracy of the representations and warranties that would constitute Specified Representations and the representations
and warranties in the relevant acquisition agreement the breach of which would permit the buyer to terminate its obligations thereunder or decline to consummate such Limited Condition Acquisition and (y) the reference to “Material Adverse
Effect” in the Specified Representations shall be understood for this purpose to refer to “Material Adverse Effect” or similar definition as defined in the main transaction agreement governing such Acquisition Transaction. 

  
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 (d) Required Terms. The terms and provisions of the Incremental Term Loans made
pursuant to Incremental Term Commitments shall be as follows: 
 (i) terms and provisions of Incremental Term Loans shall be,
except as otherwise set forth herein or in the Incremental Amendment, identical to the Loans (it being understood that Incremental Term Loans may be a part of the Loans) except as to applicable rate, maturity and amortization (which shall be subject
to the following clauses (ii) and (iii)); 
 (ii) the Weighted Average Life to Maturity of any Incremental Term Loans
shall be no shorter than the remaining Weighted Average Life to Maturity of the then existing Loans; and 
 (iii) the
maturity date of Incremental Term Loans shall not be earlier than the Latest Maturity Date then in effect. 
 (e) Incremental
Amendment. 
 (i) Incremental Term Commitments shall become Commitments under this Agreement pursuant to an amendment (an
“Incremental Amendment”) to this Agreement and, as appropriate, amendments to the other Loan Documents, executed by the Borrowers, each Incremental Term Lender providing such Incremental Term Commitments and the Administrative
Agent, as applicable. The Incremental Amendment may, without the consent of any other Loan Party, Agent or Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of
the Borrowers, to effect the provisions of this Section 2.09. The Lenders hereby irrevocably authorize the Administrative Agent to enter into amendments to this Agreement and the other Loan Documents with the Loan Parties as may be necessary in
order to establish new tranches or sub-tranches in respect of Loans or commitments made or established pursuant to this Section 2.09 and such technical amendments as may be necessary or appropriate in the
reasonable opinion of the Borrowers in connection with the establishment of such new tranches or sub-tranches, in each case on terms consistent with this Section 2.09. 

(ii) The Loans and Commitments established pursuant to Section 2.09 shall constitute Loans and Commitments under, and
shall be entitled to all the benefits afforded by, this Agreement and the other Loan Documents, and shall, without limiting the foregoing, benefit equally and ratably from the Guaranty and Collateral Agreement and the security interests created by
the other Security Instruments and shall rank pari passu in right of payment and of security with the Loans, except that the new Loans may be subordinated in right of payment or the Liens securing the new Loans may be subordinated, in each case, to
the extent set forth in the Incremental Amendment. The Loan Parties shall take any actions reasonably required by the Lenders to ensure and/or demonstrate that the Lien and security interests granted hereby and by the other Security Instruments
continue to be perfected under the Uniform Commercial Code or otherwise after giving effect to the establishment of any such class of Loans or any such new Commitments. 

  
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 ARTICLE III 

Payments of Principal and Interest; Prepayments; Fees 

Section 3.01 Repayment of Loans. The Borrowers hereby unconditionally promise to pay to the Administrative Agent, for the
account of each Lender, the then unpaid principal amount of each Loan on the Maturity Date. 
 Section 3.02 Interest. 

(a) Loans. The Original Term Loans shall bear interest at the Fixed Coupon Rate, but in no event to exceed the Highest Lawful Rate. 

(b) [Reserved]. 
 (c)
Post-Default. Notwithstanding the foregoing, if an Event of Default under Sections 10.01(a), (b), (h) or (i) has occurred and is continuing, then all Loans outstanding hereunder shall bear
interest from and after the date of such Event of Default, after as well as before judgment, at a rate per annum equal to two percent (2%) plus the then applicable rate of interest accruing on such Loan as provided in Sections 3.02(a), but in no
event to exceed the Highest Lawful Rate. 
 (d) Interest Payment Dates. Accrued interest on each Loan shall be payable in arrears on
each Interest Payment Date for such Loan and on the Maturity Date and shall be payable entirely in cash; provided that (i) interest accrued pursuant to Section 3.02(c) shall be payable on demand, and (ii) in the event of any
repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment. 

(e) Interest Rate Computations. All interest hereunder shall be computed on the basis of a year of 360 days, unless such computation
would exceed the Highest Lawful Rate, in which case interest shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but
excluding the last day). 
 Section 3.03 [Reserved].  

Section 3.04 Prepayments. 

(a) Optional Prepayments. The Borrowers shall have the right at any time and from time to time to prepay any Borrowing in whole or in
part, subject to prior notice in accordance with Section 3.04(b), and subject to the premium set forth in Section 3.04(d). 
 (b)
Notice and Terms of Optional Prepayment. The Parent Borrower shall notify the Administrative Agent by delivery of a notice of prepayment in the form of Exhibit B-2 hereto
(“Notice of Prepayment”) executed by a Responsible Officer of any prepayment hereunder not later than 1:00 p.m., Eastern time, two Business Days before the date of prepayment. Each such notice shall be irrevocable and shall specify
the prepayment date, the principal amount of each Borrowing or portion thereof to be prepaid; provided that, a Notice of Prepayment delivered by 

  
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 the Parent Borrower may state that such notice is conditioned upon the effectiveness of other credit
facilities or the occurrence of a Change in Control, in which case such Notice of Prepayment may be revoked by the Parent Borrower (by written notice to the Administrative Agent on or prior to the specified effective date) if such condition is not
satisfied. Promptly following receipt of any such Notice of Prepayment, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the
prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by Section 3.02 and the prepayment premium required by Section 3.04(d). Each prepayment hereunder shall be in an amount that is an integral
multiple of $1,000,000 (or such lesser amount or integral to repay a Borrowing in full). 
 (c) Mandatory Prepayments. 

(i) Excess Proceeds from Asset Sales. Not later than 10 Business Days following each date on which the aggregate amount
of Excess Proceeds exceeds $20,000,000, the Parent Borrower shall deliver an offer to the Administrative Agent (which shall furnish such offer pro rata (based on the amount of principal of the outstanding Loans) to each Lender) to prepay the Loans
of the Lenders in an aggregate principal amount equal to the amount of such Excess Proceeds, which prepayment shall be made in cash at par plus accrued and unpaid interest (if any) (which prepayment, for the avoidance of doubt, shall be made without
any premium or call protection) to the date of such prepayment (each such offer, an “Excess Proceeds Offer”). Each Lender may decline all but not less than all of its pro rata share of any Excess Proceeds Offer (any such amounts not
accepted, the “Declined Amounts”) by providing written notice (a “Rejection Notice”) to the Administrative Agent and the Parent Borrower no later than 5:00 p.m., Eastern time, ten Business Days after the date of
delivery of such Excess Proceeds Offer. If a Lender fails to deliver a Rejection Notice to the Administrative Agent within the time period specified above, such Lender shall be deemed to have accepted such Excess Proceeds Offer. The
Borrowers shall prepay all Loans required to be prepaid by it under this Section 3.04(c)(i) no later than five Business Days after expiration of the time period specified above. Any Declined Amounts shall no longer be subject to this
Section 3.04(c)(i) and may be used by the Parent Borrower or any of its Restricted Subsidiaries in any manner not prohibited by this Agreement. If the aggregate principal amount of Loans requested to be repaid exceeds the aggregate amount
to be repaid by the Borrowers pursuant to this Section 3.04(c)(i) the Administrative Agent shall apply the amounts to be repaid by the Borrowers to the Loans requested to be repaid on a pro rata basis as among the various Classes hereof based
on the principal amount of such Loans; provided that any Class of Loans may be prepaid on a less (but not greater) than pro rata basis if agreed to by the Lenders holding such Class of Loans; provided, further, that, if at the time any
amount is required to be paid pursuant to this Section 3.04(c)(i), the Borrowers are required to offer to repurchase or prepay Second Lien Debt pursuant to the terms of the documentation governing such Debt with any Excess Proceeds, then the
Borrower may apply such Excess Proceeds on a pro rata basis (determined on the basis of the aggregate outstanding principal amount of the Loans and Second Lien Debt at such time; provided that the portion of such Excess Proceeds allocated to Second
Lien Debt shall not exceed the amount of such Excess Proceeds required to be allocated to the Second Lien Debt pursuant to the terms thereof, and the 

  
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remaining amount, if any, of such Excess Proceeds shall be allocated to the Loans in accordance with the terms hereof) to the prepayment of the Loans and to the repurchase or prepayment of Second
Lien Debt, and the amount of prepayment of the Loans that would otherwise have been required pursuant to Section 3.04(c)(i) shall be reduced accordingly; provided, further, that to the extent the holders of Second Lien Debt decline to have such
Debt purchased, the Declined Amount shall promptly (and in any event within 10 Business Days after the date of such rejection) be applied to prepay the Loans in accordance with the terms hereof. Notwithstanding anything in this
Section 3.04(c)(i) to the contrary, other than in the case of mandatory prepayments declined by the lenders under the First Lien Loan Documents as “Declined Proceeds” or similar term, no mandatory prepayments of the Loans shall be
required to the extent the applicable proceeds are required to be applied to make mandatory prepayments with respect to Excess Proceeds under the First Lien Loan Documents. 

(ii) Change in Control; Mandatory Commitment Reduction. Within 30 days following any Change in Control, the Parent
Borrower shall deliver to the Administrative Agent an offer to each Lender (each such offer, a “Change in Control Offer”) to prepay all of such Lender’s Loans then outstanding, which offer the Administrative Agent shall furnish
to all of the Lenders, at an offer price in cash at par plus accrued and unpaid interest (if any) (which prepayment, for the avoidance of doubt, shall be made without any premium or call protection) to the date of such prepayment. Each Lender may
decline all but not less than all of its pro rata share of any Change in Control Offer by providing a Rejection Notice to the Administrative Agent and the Parent Borrower no later than 5:00 p.m., Eastern time, ten Business Days after the date of
delivery of the Change in Control Offer. If a Lender fails to deliver a Rejection Notice to the Administrative Agent within the time period specified above, such Lender will be deemed to have accepted such Change in Control Offer. The Commitment of
any Lender that does not deliver a Rejection Notice within the time period specified above shall be automatically reduced to $0. The Borrowers shall prepay all Loans required to be prepaid by it under this Section 3.04(c)(ii) no later than 15
days after expiration of the time period specified above for acceptance by the Lenders of the Change in Control Offer (such date, the “Change in Control Payment Date”). 

(d) Prepayment Premium. In the event that all or any portion of the Original Term Loans are (i) voluntarily prepaid in connection
with (A) the refinancing or repricing of all or any portion of the Original Term Loans with the proceeds of any Debt incurred by any Loan Party, the primary purpose of which is to reduce the Fixed Coupon Rate applicable to the Original Term
Loans, or (B) any amendment, restatement, amendment and restatement or other modification to this Agreement, in the case of each of clauses (A) and (B), which reduces the Fixed Coupon Rate applicable to such Original Term Loans, other than
any refinancing or repricing of Original Term Loans in connection with any Change in Control or (ii) an acceleration occurs in connection with all or any portion of the Original Term Loans, in each case, on or after the date that is six months
after the Effective Date and prior to the first anniversary of the end of such six month period, such prepayments, refinancing, repricings or acceleration will be made at 101.0% of the amount prepaid, refinanced, repriced or accelerated. 

  
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 Section 3.05 Fees. The Borrowers agree to pay to the Administrative Agent, for
its own account, fees payable in the amounts and at the times separately agreed upon between the Borrowers and the Administrative Agent in the applicable Fee Letter.  

ARTICLE IV 
 Payments;
Pro Rata Treatment; Sharing Set-offs 
 Section 4.01 Pro Rata Treatment; Sharing of
Set-offs. 
 (a) Payments by the Borrowers. The Borrowers shall make each
payment required to be made by them hereunder (whether of principal, interest, fees or reimbursement of amounts payable under Section 5.01, Section 5.03 or otherwise) prior to 12:00 p.m., Eastern time, on the date when due, in immediately
available funds, without defense, deduction, recoupment, set-off or counterclaim. Fees, once paid, shall be fully earned and shall not be refundable under any circumstances. Any amounts received after such
time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at its
offices specified in Section 12.01, except that payments pursuant to Section 5.01, Section 5.03 and Section 12.03 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments
received by it for the account of any other Person to the appropriate Recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next
succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder shall be made in U.S. dollars. 

(b) Application of Insufficient Payments. If at any time insufficient funds are received by and available to the Administrative Agent to
pay fully all amounts of principal, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts
of interest and fees then due to such parties, and (ii) second, towards payment of principal then due hereunder (plus any fees and expenses owed to the Administrative Agent), pro rata among the parties entitled thereto in accordance with the
amounts of principal then due to such parties. 
 (c) Sharing of Payments by Lenders. If any Lender shall, by exercising any right of
setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans or other obligations hereunder resulting in such Lender receiving payment of a proportion of the aggregate amount of its Loans and
accrued interest thereon or other such obligations (other than pursuant to Sections 5.01, 5.03 or 12.03) greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall (i) notify the
Administrative Agent of such fact, and (ii) purchase (for cash at face value) participations in the Loans and such other obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such
payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and other amounts owing them; provided that 

  
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 (A) if any such participations are purchased and all or any portion of the
payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and 

(B) the provisions of this Section 4.01(c) shall not be construed to apply to (1) any payment made by the Borrowers
pursuant to and in accordance with the express terms of this Agreement or (2) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other than to
the Parent Borrower or any of its Subsidiaries (except if such assignment is pursuant to Section 12.04(g), as to which the provisions of this Section 4.01(c) shall not apply). The Borrowers consent to the foregoing and agree, to the extent
they may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrowers rights of setoff and counterclaim with respect to such participation as fully as if
such Lender were a direct creditor of each Loan Party in the amount of such participation. 
 Section 4.02 Presumption of Payment by
the Borrowers. Unless the Administrative Agent shall have received notice from the Borrowers prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders that the Borrowers will not make such
payment, the Administrative Agent may assume that the Borrowers have made such payment on such date in accordance herewith and may (but shall have no obligation to), in reliance upon such assumption, distribute to the Lenders the amount due. In such
event, if the Borrowers have not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender with interest thereon, for each day from and
including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking
industry rules on interbank compensation. 
 Section 4.03 Certain Deductions by the Administrative Agent. If any Lender
shall fail to make any payment required to be made by it pursuant to Section 4.02 then the Administrative Agent may (notwithstanding any contrary provision hereof) apply any amounts thereafter received by the Administrative Agent for the
account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. After acceleration or maturity of the Loans, all principal will be paid ratably as provided in
Section 10.02(c). 
 ARTICLE V 

Increased Costs; Break Funding Payments; Taxes; Illegality 

Section 5.01 Increased Costs. 

(a) Changes in Law. If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender; 

  
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 (ii) subject any Recipient to any Taxes (other than (A) Indemnified
Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves,
other liabilities or capital attributable thereto; or 
 (iii) impose on any Lender any other condition, cost or expense
(other than Taxes) affecting this Agreement or Loans made by such Lender; 
 and the result of any of the foregoing shall be to increase the cost to such
Lender or such other Recipient of making, converting to, continuing or maintaining any Loan or of maintaining its obligation to make any such Loan, or to increase the cost to such Lender, or to reduce the amount of any sum received or receivable by
such Lender or other Recipient hereunder (whether of principal, interest or any other amount) then, upon request of such Lender or other Recipient in accordance with Section 5.01(c), the Borrowers will pay to such Lender or other Recipient, as
the case may be, such additional amount or amounts as will compensate such Lender or other Recipient, as the case may be, for such additional costs incurred or reduction suffered. 

(b) Capital Requirements. If any Lender determines that any Change in Law affecting such Lender or any lending office of such Lender or
such Lender’s holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a
consequence of this Agreement the Commitments of such Lender or the Loans made by such Lender to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration
such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy), then from time to time upon request of such Lender in accordance with Section 5.01(c), the Borrowers will pay to such Lender
such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered. 

(c) Certificates. A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding
company, as the case may be, as specified in Section 5.01(a) or (b) together with reasonable supporting documentation shall be delivered to the Borrowers and shall be conclusive absent manifest error. The Borrowers shall pay such Lender
the amount shown as due on any such certificate within ten (10) days after receipt thereof. 
 (d) Effect of Failure or Delay in
Requesting Compensation. Failure or delay on the part of any Lenders to demand compensation pursuant to this Section 5.01 shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the
Borrowers shall not be required to compensate a Lender pursuant to this Section 5.01 for any increased costs incurred or reductions suffered more than 180 days prior to the date that such Lender notifies the Borrowers of the Change in Law
giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then
the 180-day period referred to above shall be extended to include the period of retroactive effect thereof. 

Section 5.02 [Reserved]. 

  
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 Section 5.03 Taxes. 

(a) For purposes of this Section 5.03, the term “applicable law” includes FATCA. 

(b) Payments Free of Taxes. The Borrowers shall cause any and all payments by or on account of any obligation of any Loan Party under
any Loan Document to be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or
withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental
Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been made (including such
deductions and withholdings applicable to additional sums payable under this Section) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made. 

(c) Payment of Other Taxes. The Borrowers shall, and shall cause the other Loan Parties to, pay to the relevant Governmental Authority
in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes. 

(d) Indemnification. The Borrowers shall, and shall cause the other Loan Parties to, jointly and severally indemnify each Recipient,
within ten (10) days after written demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 5.03) payable or paid by such
Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the
relevant Governmental Authority. A certificate of the Recipient as to the amount of such payment or liability under this Section 5.03 shall be delivered to the Borrowers and shall be conclusive absent manifest error. 

(e) Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within ten (10) days after
demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the
Borrowers to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 12.04(c) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such
Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the
Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative
Agent under this paragraph (e). 

  
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 (f) Evidence of Payments. As soon as practicable after any payment of Taxes by any
Loan Party to a Governmental Authority pursuant to this Section 5.03, such Loan Party shall (or the Borrowers shall cause such Loan Party to) deliver to the Administrative Agent the original or a certified copy of a receipt issued by such
Governmental Authority evidencing any payment of Indemnified Taxes by such Loan Party to a Governmental Authority, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

 (g) Status of Lenders. 

(i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any
Loan Document shall deliver to the Borrowers and the Administrative Agent, at the time or times reasonably requested by the Borrowers or the Administrative Agent, such properly completed and executed documentation reasonably requested by the
Borrowers or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrowers or the Administrative Agent, shall deliver such
other documentation prescribed by applicable law or reasonably requested by the Borrowers or the Administrative Agent as will enable the Borrowers or the Administrative Agent to determine whether or not such Lender is subject to backup withholding
or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 5.03(g)(ii)(A),
(ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or
commercial position of such Lender. 
 (ii) Without limiting the generality of the foregoing: 

(A) any Lender that is a U.S. Person shall deliver to the Borrowers and the Administrative Agent on or prior to the date on
which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrowers or the Administrative Agent), executed originals of IRS Form W-9
certifying that such Lender is exempt from U.S. federal backup withholding tax; 
 (B) any Foreign Lender shall, to the
extent it is legally entitled to do so, deliver to the Borrowers and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this
Agreement (and from time to time thereafter upon the reasonable request of the Borrowers or the Administrative Agent), whichever of the following is applicable: 

  
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 (1) in the case of a Foreign Lender claiming the benefits of an income tax
treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other
applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction
of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty; 

(2) executed originals of IRS Form W-8ECI; 

(3) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of
the Code, (x) a certificate substantially in the form of Exhibit H-1 to the effect that such Foreign Lender is not a “bank” within the meaning of
Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrowers within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of
the Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN or IRS Form
W-8BEN-E, as applicable; or 
 (4) to the
extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form
W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit H-2 or Exhibit H-3, IRS Form W-9, and/or other certification documents from each beneficial owner,
as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance
Certificate substantially in the form of Exhibit H-4 on behalf of each such direct and indirect partner. 

(C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrowers and the Administrative
Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrowers or the
Administrative Agent), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be
prescribed by applicable law to permit the Borrowers or the Administrative Agent to determine the withholding or deduction required to be made; and 

  
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 (D) if a payment made to a Lender under any Loan Document would be subject
to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall
deliver to the Borrowers and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrowers or the Administrative Agent such documentation prescribed by applicable law (including as
prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrowers or the Administrative Agent as may be necessary for the Borrowers and the Administrative Agent to comply with their
obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D),
“FATCA” shall include any amendments made to FATCA after the Effective Date. 
 (iii) The Administrative
Agent (and any assignee or successor) will deliver, to the Borrowers, on or prior to the Effective Date (or, assignment or succession, if applicable), either (i) (A) two (2) executed copies of IRS Form
W-8ECI with respect to any amounts payable to the Administrative Agent for its own account and (B) two (2) duly completed copies of IRS Form W-8IMY (certifying that
it is either a “qualified intermediary” or a “U.S. branch”) for the amounts the Administrative Agent receives for the account of others, or (ii) two (2) executed copies of IRS Form
W-9, whichever is applicable, and in each case of (i) and (ii), with the effect that the Borrowers can make payments to the Administrative Agent without deduction or withholding of any taxes imposed by
the United States. 
 Each Lender agrees that if any form or certification it previously delivered expires or becomes
obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrowers and the Administrative Agent in writing of its legal inability to do so. 

(h) Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund
of any Indemnified Taxes as to which it has been indemnified pursuant to this Section 5.03 (including by the payment of additional amounts pursuant to this Section 5.03), it shall pay to the indemnifying party an amount equal to such
refund (but only to the extent of indemnity payments made under this Section with respect to the Indemnified Taxes giving rise to such refund), net of all
out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect
to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (h) (plus any penalties, interest or other charges imposed by the relevant
Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (h), in no event will the indemnified party be required to
pay any amount to an indemnifying party pursuant to this paragraph (h) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would
have been in if the 

  
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indemnification payments or additional amounts giving rise to such refund had never been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with
respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party
or any other Person. 
 (i) Survival. Each party’s obligations under this Section 5.03 shall survive the resignation or
replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document. 

Section 5.04 Mitigation Obligations. If any Lender requests compensation under Section 5.01, or if the Borrowers are required
to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 5.03, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its
Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to
Section 5.01 or Section 5.03, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrowers hereby agree to pay
all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 
 ARTICLE VI 

Conditions Precedent 

Section 6.01 Effective Date. The obligations of the Lenders to make Loans shall not become effective until the date on which each
of the following conditions is satisfied (or waived in accordance with Section 12.02 or the last paragraph of this Section 6.01): 

(a) The Administrative Agent shall have received all fees, expenses and amounts due and payable on or prior to the Effective Date (including
legal fees and expenses), including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrowers
hereunder. 
 (b) The Administrative Agent and the Lenders shall have received a certificate of the secretary or an assistant secretary of
each Borrower and each Guarantor, which shall be substantially in the form of Exhibit D-1, setting forth (i) resolutions of its board of directors, members or partners with respect to the
authorization of such Borrower or such Guarantor to execute and deliver the Loan Documents to which it is a party and to enter into the transactions contemplated in those documents, (ii) the officers of such Borrower or such Guarantor
(y) who are authorized to sign the Loan Documents to which such Borrower or such Guarantor is a party and (z) who will, until replaced by another officer or officers duly authorized for that purpose, act as its representative for the
purposes of signing documents and giving notices and other communications in connection with this Agreement and the transactions contemplated hereby, (iii) specimen signatures of such authorized officers, and (iv) the Organizational
Documents of such Borrower and such Guarantor, certified as being true and complete. The Administrative Agent and the Lenders may conclusively rely on such certificate until the Administrative Agent receives notice in writing from the Parent
Borrower to the contrary. 
 (c) The Administrative Agent and the Lenders shall have received certificates of the appropriate state agencies
with respect to the existence, qualification and good standing of each Borrower and each Guarantor from their jurisdiction of organization. 

  
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 (d) The Administrative Agent and the Lenders shall have received a closing certificate which
shall be substantially in the form of Exhibit D-2, duly and properly executed by a Responsible Officer and dated as of the Effective Date. 

(e) The Administrative Agent and the Lenders shall have received from each party hereto counterparts (in such number as may be requested by the
Administrative Agent) of this Agreement signed on behalf of such party. 
 (f) The Administrative Agent and the Lenders shall have received
copies of duly executed Notes payable to each Lender that has requested a Note in a principal amount equal to its respective Original Term Commitment dated as of the date hereof. 

(g) The Administrative Agent and the Lenders shall have received from each party thereto duly executed counterparts (in such number as may be
requested by the Administrative Agent) of the Security Instruments, including, without limitation, the Primary Intercreditor Agreement. 

(h) The Administrative Agent and the Lenders shall have received (i) an opinion of Latham & Watkins LLP, special counsel to the
Loan Parties, which shall be substantially in the form of Exhibit D-3, and (ii) Winstead PC, special collateral counsel to the Loan Parties, which shall be substantially in the form of Exhibit D-4. 
 (i) The Administrative Agent and the Lenders shall have received a certificate of insurance
coverage of the Parent Borrower evidencing that the Parent Borrower and the Subsidiaries are carrying insurance in accordance with Section 7.13. 

(j) The Administrative Agent and the Lenders shall have received appropriate UCC search results, vessel title abstracts from the National
Vessel Documentation Center or other relevant search certificates reflecting no prior Liens (other than in favor of the First Lien Collateral Agent and the Collateral Agent or the trustee/mortgagee, as the case may be) encumbering the Vessel
Collateral in each of the jurisdictions or offices in which UCC financing statements and the National Vessel Documentation Center should be made to evidence perfected security interests in all Vessel Collateral, other than Liens permitted by
Section 9.03. 
 (k) Arrangements shall have been made to have the Fleet Mortgage with respect to
US-flagged Vessel Collateral duly submitted for recordation to the National Vessel Documentation Center on or promptly following the Effective Date. 

(l) The Administrative Agent shall have received all documentation and other information about the Loan Parties required under applicable
“know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act that has been requested by the Administrative Agent in writing at least three (3) Business Days prior to the Effective Date. 

(m) At the time of and immediately after giving effect to such Borrowing, no Default shall have occurred and be continuing. 

  
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 (n) The representations and warranties of the Borrowers and the Guarantors set forth in this
Agreement and in the other Loan Documents shall be true and correct on and as of the date of such Borrowing, except to the extent any such representations and warranties are expressly limited to an earlier date (in which case such representations
and warranties shall be true and correct on and as of such earlier date). 
 (o) Immediately after giving effect to such Borrowing, Available
Liquidity as of the last day of the most recently ended fiscal quarter shall not be less than the Minimum Liquidity Amount. 

Notwithstanding the foregoing, the obligations of the Lenders to make (or be deemed to have made) Original Term Loans hereunder shall not
become effective unless all of the foregoing conditions are satisfied (or waived pursuant to Section 12.02 or deemed waived and, in the event such conditions are not so satisfied or waived, the Original Term Commitments shall terminate at such
time); provided that upon the funding of the Original Term Loans hereunder, the foregoing conditions in this Section 6.01 shall be deemed satisfied. 

Section 6.02 Collateral Conditions. Upon the occurrence of the Collateral Conditions: 

(a) the Security Instruments shall be amended to grant Liens by any applicable Borrower or Guarantor on the Collateral pursuant to the Security
Instruments (for the avoidance of doubt, excluding Excluded Assets (as defined in the Guaranty and Collateral Agreement)); and 
 (b) the
provisions in this Agreement that are subject to the occurrence of the Collateral Conditions shall become effective. 
 ARTICLE VII

 Representations and Warranties 

Each Borrower represents and warrants to the Administrative Agent and each Lender that: 

Section 7.01 Organization; Powers. Each Loan Party (a) is duly organized, validly existing and in good standing under the
laws of the jurisdiction of its organization, has all requisite corporate or limited liability company power and authority, and has all material governmental licenses, authorizations, consents and approvals necessary, to own its Property and to
carry on its business as now conducted, and (b) is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required, except where failure to have such power, authority, licenses, authorizations,
consents, approvals and qualifications could not reasonably be expected to have a Material Adverse Effect. 
 Section 7.02
Authority; Enforceability. The Transactions are within each Borrower’s and each Guarantor’s limited liability company, corporate or partnership powers and have been duly authorized by all necessary limited liability company or
corporate and, if required, member, or shareholder action. Each Loan Document to which such Borrower or a Guarantor is a party has been duly executed and delivered by such Borrower or such Guarantor and constitutes a legal, valid and binding
obligation of such Borrower and such Guarantor, as applicable, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to
general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

  
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 Section 7.03 Approvals; No Conflicts. The Transactions (a) do not require
any consent or approval of, registration or filing with, or any other action by, any Governmental Authority or any other third Person (including members, partners or shareholders of the Borrowers, the Guarantors or any other Person), nor is any such
consent, approval, registration, filing or other action necessary for the validity or enforceability of any Loan Document or the consummation of the transactions contemplated thereby, except such as have been obtained or made and are in full force
and effect other than the recording and filing of the Security Instruments as required thereby or by this Agreement, (b) will not violate (i) any applicable law or regulation, (ii) the Organizational Documents of the Borrowers, the
Guarantors or any Restricted Subsidiary of the Parent Borrower or (iii) any order of any Governmental Authority, (c) will not violate or result in a default under any indenture, agreement or other instrument evidencing Material
Indebtedness binding upon the Borrowers or any Restricted Subsidiary of the Parent Borrower or their Properties, or give rise to a right thereunder to require any material payment to be made by the Borrowers or such Restricted Subsidiary of the
Parent Borrower and (d) will not result in the creation or imposition of any Lien on any Property of the Borrowers or any Restricted Subsidiary of the Parent Borrower (other than the Liens created by the Loan Documents, any First Lien Loan
Documents and any other Second Lien Loan Documents). 
 Section 7.04 Financial Statements; No Material Adverse
Change. 
 (a) The Parent Borrower has heretofore made publicly available its consolidated balance sheet and statements of income,
stockholders equity and cash flows (i) as of and for the fiscal year ended December 31, 2017, reported on by Ernst & Young LLP, independent public accountants, and (ii) as of and for the fiscal quarter and the portion of the
fiscal year ended September 30, 2018, certified by a Responsible Officer. Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of the Parent Borrower and its
Consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year-end audit adjustments and the absence of certain footnotes in the case of the unaudited quarterly
financial statements. 
 (b) Since December 31, 2017, there has been no event, development or circumstance that has had or could
reasonably be expected to have a Material Adverse Effect. 
 (c) None of the Parent Borrower or any of its Restricted Subsidiaries has any
material Funded Debt or any contingent liabilities, off-balance sheet liabilities or partnerships, liabilities for taxes, unusual forward or long-term commitments or
unrealized or anticipated losses from any unfavorable commitments, except for those arising with respect to the Transactions, those arising under the First Lien Term Loan Agreement and the Unsecured Indentures and those included or otherwise
disclosed in the financial statements or other written materials delivered to the Administrative Agent or otherwise made publicly available (including pursuant to filings with the SEC). 

  
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 Section 7.05 Litigation. 

(a) Except as set forth on Schedule 7.05, there are no actions, suits, investigations or proceedings by or before any arbitrator or
Governmental Authority pending against or, to the knowledge of the Parent Borrower, threatened against or affecting the Parent Borrower or any of its Restricted Subsidiaries or any of their Properties (i) as to which there is a reasonable
possibility of an adverse determination that could reasonably be expected to have a Material Adverse Effect, or (ii) that involve any Loan Document or the Transactions. 

(b) Since the Effective Date, there has been no change in the status of the matters disclosed in Schedule 7.05 that has resulted in, or
could reasonably be expected to have, Material Adverse Effect. 
 Section 7.06 Environmental Matters. Except as could not be
reasonably expected to have a Material Adverse Effect (or with respect to (c), (d) and (e) below, where the failure to take such actions could not be reasonably expected to have a Material Adverse Effect): 

(a) Neither any Property of the Parent Borrower or any of its Restricted Subsidiaries nor any operations conducted by the Parent Borrower or
any of its Restricted Subsidiaries violate or has violated any Environmental Laws. 
 (b) Neither any Property of the Parent Borrower or any
of its Restricted Subsidiaries nor the operations conducted thereon or, to the knowledge of the Parent Borrower, any prior owner or operator of such Property or operation, are subject to any existing, pending or threatened action, suit,
investigation, inquiry or proceeding by or before any court or Governmental Authority or to any remedial obligations or other liabilities under Environmental Laws. 

(c) All notices, permits, licenses, exemptions, approvals or similar authorizations, if any, required to be obtained or filed in connection
with the operation or use of any and all Property of the Parent Borrower and each of its Restricted Subsidiaries, including, without limitation, past or present treatment, storage, disposal or release of a Hazardous Material into the environment,
have been duly obtained or filed, and the Parent Borrower and each of its Restricted Subsidiaries are in compliance with the terms and conditions of all such notices, permits, licenses and similar authorizations. 

(d) All Hazardous Material, if any, generated by the Parent Borrower or any of its Restricted Subsidiaries or by any other Person at any and
all Property of the Parent Borrower or any of its Restricted Subsidiaries, has been transported, treated and disposed of in accordance with Environmental Laws and so as not to pose an imminent and substantial endangerment to public health or welfare
or the environment, and, to the knowledge of the Parent Borrower, all such transport carriers and treatment and disposal facilities have been and are operating in compliance with Environmental Laws and so as not to pose an imminent and substantial
endangerment to public health or welfare or the environment, and are not the subject of any existing, pending or threatened action, investigation or inquiry by any Governmental Authority pursuant to any Environmental Laws. 

  
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 (e) The Parent Borrower has no knowledge that any Hazardous Materials are now located on or
in the Vessels, or that any other Person has ever caused or permitted any Hazardous Materials to be placed, held, located or disposed of on, the Vessels or any part thereof, except for such Hazardous Materials that may have been placed, held, or
located on the Vessels in accordance with and otherwise not in violation of or in a manner reasonably likely to give rise to liability under Environmental Laws. 

(f) To the extent applicable under OPA, all Property of the Parent Borrower and each of its Restricted Subsidiaries currently satisfies all
requirements imposed by OPA and, except as set forth on Schedule 7.06(f), the Parent Borrower does not have any reason to believe that such Property, to the extent subject to OPA, will not be able to maintain compliance with OPA requirements
during the term of this Agreement. 
 (g) To the knowledge of the Parent Borrower, there has been no exposure of any Person or Property to
any Hazardous Materials in connection with any Property or operation of the Parent Borrower or any Subsidiary that could reasonably be expected to form the basis of a claim for damages or compensation. 

Section 7.07 Compliance with the Laws and Agreements; No Defaults. 

(a) The Parent Borrower and each of its Restricted Subsidiaries is in compliance with all Governmental Requirements applicable to it or its
Property and all agreements and other instruments binding upon it or its Property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, and possesses all
licenses, permits, franchises, exemptions, approvals and other governmental authorizations necessary for the ownership of its Property and the conduct of its business, except where the failure to do so, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect. 
 (b) Neither the Parent Borrower nor any of its Restricted Subsidiaries is
in default nor has any event or circumstance occurred which, but for the expiration of any applicable grace period or the giving of notice, or both, would constitute a default under, or would require the Parent Borrower or any of its Restricted
Subsidiaries to Redeem or make any offer to Redeem under any indenture, note, credit agreement or instrument pursuant to which any Material Indebtedness is outstanding or by which the Parent Borrower or any such Restricted Subsidiary or any of their
Properties is bound. 
 (c) No Default has occurred and is continuing. 

Section 7.08 Investment Company Act. Neither the Parent Borrower nor any of its Restricted Subsidiaries is an “investment
company” or a company “controlled” by an “investment company,” within the meaning of, or subject to regulation under, the Investment Company Act of 1940, as amended. 

Section 7.09 Anti-Terrorism Laws and Sanctions. 

(a) No Loan Party nor any Subsidiary of any Loan Party nor, to the knowledge of the Parent Borrower, any director, officer, agent or employee
of any Loan Party or any Subsidiary of any Loan Party is in violation of any Anti-Terrorism Law or Sanctions or engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to
violate, any of the prohibitions set forth in any Anti-Terrorism Law or Sanctions. 

  
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 (b) No Loan Party nor any Subsidiary of any Loan Party nor, to the knowledge of the Parent
Borrower, any director, officer, agent or employee of any Loan Party or any Subsidiary of any Loan Party acting or benefiting in any capacity in connection with the Loans, the Transactions or the other transactions hereunder, is a Sanctioned Person.

 (c) No Loan Party nor any Subsidiary of any Loan Party nor, to the knowledge of the Parent Borrower, any director, officer, agent or
employee of any Loan Party conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any Sanctioned Person. 

(d) The Parent Borrower has implemented and maintains in effect policies and procedures designed to promote and achieve compliance by the
Parent Borrower and its Subsidiaries and their respective directors, officers, agents and employees with Sanctions and Anti-Terrorism Laws in all respects. 

Section 7.10 Taxes. Each of the Parent Borrower and its Restricted Subsidiaries has timely filed (including any available
extension) or caused to be filed all Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate
proceedings and for which the Parent Borrower or such Restricted Subsidiary, as applicable, has set aside on its books adequate accruals in accordance with GAAP (to the extent such accrual may be set up under GAAP) or (b) to the extent that the
failure to do so could not reasonably be expected to result in a Material Adverse Effect. The charges and accruals on the books of the Parent Borrower and its Restricted Subsidiaries in respect of Taxes and other governmental charges are, in the
reasonable opinion of the Parent Borrower, adequate. 
 Section 7.11 ERISA. 

(a) The Parent Borrower, its Restricted Subsidiaries and each ERISA Affiliate have complied in all material respects with ERISA and, where
applicable, the Code regarding each Plan. 
 (b) Each Plan is, and has been, maintained in substantial compliance with ERISA and, where
applicable, the Code. 
 (c) No act, omission or transaction has occurred which could result in imposition on the Parent Borrower, any of its
Restricted Subsidiaries or any ERISA Affiliate (whether directly or indirectly) of (i) either a material civil penalty assessed pursuant to subsections (c), (i), (l) or (m) of Section 502 of ERISA or a tax imposed pursuant to Chapter
43 of Subtitle D of the Code or (ii) material breach of fiduciary duty liability damages under Section 409 of ERISA. 
 (d) No Plan
(other than a defined contribution plan) or any trust created under any such Plan has been terminated since September 2, 1974. No liability to the PBGC (other than for the payment of current premiums which are not past due) by the Parent
Borrower, any of its Restricted Subsidiaries or any ERISA Affiliate has been or is expected by the Parent Borrower, any such Restricted Subsidiary or any ERISA Affiliate to be incurred with respect to any Plan. No ERISA Event has occurred or is
reasonably expected to occur. 

  
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 (e) Full payment when due has been made of all material amounts which the Parent Borrower,
its Restricted Subsidiaries or any ERISA Affiliate is required under the terms of each Plan or applicable law to have been paid as contributions to such Plan, and no waived funding deficiency (as defined in Section 302 of ERISA and
Section 412 of the Code), which could reasonably be expected to have a Material Adverse Effect, exists with respect to any Plan. The actuarial present value of the benefit liabilities under each Plan which is subject to Title IV of ERISA does
not, as of the end of the Parent Borrower’s most recently ended fiscal year, exceed the current value of the assets (computed on a plan termination basis in accordance with Title IV of ERISA) of such Plan allocable to such benefit liabilities
by a material amount, and the sum of such excesses for all such Plans is not material. The term “actuarial present value of the benefit liabilities” shall have the meaning specified in Section 4041 of ERISA. 

(f) None of the Parent Borrower, its Restricted Subsidiaries or any ERISA Affiliate sponsors, maintains, or contributes to an employee welfare
benefit plan, as defined in Section 3(1) of ERISA, including, without limitation, any such plan maintained to provide benefits to former employees of such entities, that may not be terminated by the Parent Borrower, any of its Restricted
Subsidiaries or any ERISA Affiliate in its sole discretion at any time without any material liability. 
 (g) None of the Parent Borrower,
its Restricted Subsidiaries or any ERISA Affiliate is required to contribute to, or has any other absolute or contingent liability in respect of, any Multiemployer Plan that, when taken together with all other such contribution obligations and
liabilities, has resulted in, or could reasonably be expected to have, a Material Adverse Effect. 
 Section 7.12 Disclosure; No
Material Misstatements. None of the information publicly disclosed by the Parent Borrower in its filings with the SEC or in its press releases (as modified or supplemented by other information subsequently so furnished or made available), when
considered as a whole, contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not materially misleading as of the date
such information was furnished or made publicly available. For the avoidance of doubt, it is understood that the Administrative Agent shall have no duty to examine or investigate any written reports, financial statements, certificates or other
written information delivered by the Parent Borrower pursuant to this Article VII. 
 Section 7.13 Insurance. The Parent
Borrower has, and has caused its Restricted Subsidiaries to have, (a) all insurance policies sufficient for the compliance by each of them with all material Governmental Requirements, all material agreements and all other Loan Documents
(including, but not limited to, the Fleet Mortgages) and (b) insurance coverage in at least amounts and against such risk (including, without limitation, public liability) that are reasonably consistent with other companies in the industry
performing the same or a similar business for the assets and operations of the Parent Borrower and its Restricted Subsidiaries. The Administrative Agent or the Collateral Agent, as the case may be, and the Lenders have been named in a manner such
that they are afforded the stature of additional insureds in respect of such liability insurance policies and the Administrative Agent has been named as loss payee with respect to Vessel Collateral loss insurance. 

  
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 Section 7.14 Subsidiaries. As of the Effective Date, except as set forth on
Schedule 7.14, the Parent Borrower has no Subsidiaries. The owner and percentage of ownership of each Subsidiary as of the Effective Date is set forth on such schedule. 

Section 7.15 Location of Business and Offices. As of the Effective Date, the Parent Borrower’s and each Subsidiary’s
jurisdiction of organization, name as listed in the public records of its jurisdiction of organization, organizational identification number in its jurisdiction of organization, and the location of its principal place of business and chief executive
office is stated on Schedule 7.15. 
 Section 7.16 Properties; Titles, Etc. 

(a) The relevant Loan Parties have good title to all of the Vessel Collateral, free and clear of all Liens except (i) Liens pursuant to
the Loan Documents, the First Lien Loan Documents, any other Second Lien Loan Documents and any Junior Lien Documents, and (ii) Permitted Liens of the type permitted under clauses (a), (d) and (k) of the definition thereof. Set forth on
Schedule 8.14 hereto is a complete and accurate list of all Vessel Collateral owned by each Loan Party as of the Effective Date and, subject to Section 8.17, to be subject to a Fleet Mortgage on the Effective Date; as of the Effective Date all
Vessel Collateral is duly documented in the name of the applicable Loan Party as shipowner under the laws and flag of the United States or Mexico, as applicable, and, with respect to US-flagged Vessels that
are Vessel Collateral, except as set forth on Schedule 7.16, eligible to operate in the coastwise trade of the United States. Each Loan Party that owns Vessel Collateral is (i) if such Vessel Collateral is one or more Vessels registered under
the laws and flag of the United States, a citizen of the United States within the meaning of Section 2(c) of the Shipping Act, 1916, as amended (46 U.S.C. § 50501), eligible to own and operate vessels in the coastwise trade of the United
States, or (ii) eligible to own and operate vessels in whatever jurisdiction and trade the Vessel Collateral is qualified, as applicable. 

(b) Except as otherwise permitted under the Loan Documents including the last sentence of this Section 7.16(b) and Section 8.17, all
filings and other actions on behalf of the Parent Borrower or, as applicable, any Restricted Subsidiary of the Parent Borrower necessary or desirable to perfect and protect the security interest in the Vessel Collateral created under the Security
Instruments have been duly made or taken and such security interests are (or, in the case of such Mexican-flagged Vessels, will be) in full force and effect, and the Security Instruments create (or, in the case of such Mexican-flagged Vessels, will
create) in favor of the Collateral Agent or trustee/mortgagee, as the case may be, for the benefit of the Secured Parties a valid and, together with such filings, recordations and other actions, when effected, perfected second priority security
interest (or, after the Discharge of the First Lien Obligations, a perfected priority security interest) in the Vessel Collateral, securing the payment of the Indebtedness. To the extent that the Vessel Collateral is registered under the laws and
flag of the United States, the Fleet Mortgage, executed and delivered, creates in favor of the Collateral Agent, as trustee/mortgagee, a legal, valid, and enforceable second preferred mortgage lien (or, after the Discharge of the First Lien
Obligations, a legal, valid, and enforceable first preferred mortgage lien) over the whole of the Vessel Collateral therein named and when duly recorded shall constitute a perfected second “preferred mortgage” within the meaning of
Section 31301(6)(B) of Title 46 of the United States Code, entitled to the benefits accorded a second preferred mortgage (or, after the Discharge of the First Lien Obligations, a legal, valid, and enforceable first preferred mortgage) on a
vessel registered under the laws and flag of the United States. 

  
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 (c) All of the material Properties of the Parent Borrower and its Restricted Subsidiaries
which are reasonably necessary for the operation of their businesses (other than Stacked Vessels) are in good working condition, ordinary wear and tear excepted, and are maintained in accordance with reasonable commercial business standards, except
(i) as set forth in Schedule 7.16 or (ii) where the failure to be in such condition or maintain such Property could not reasonably be expected to have a Material Adverse Effect. 

(d) The Parent Borrower and each of its Restricted Subsidiaries owns, or is licensed to use, all trademarks, tradenames, copyrights, patents
and other intellectual Property material to its business, and the use thereof by the Parent Borrower and such Restricted Subsidiaries does not infringe upon the rights of any other Person, except for any such infringements that, individually or in
the aggregate, could not reasonably be expected to result in a Material Adverse Effect. The Parent Borrower and its Restricted Subsidiaries either own or have valid licenses or other rights to use all databases, and other technical information used
in their businesses as presently conducted, subject to the limitations contained in the agreements governing the use of the same, which limitations are customary for companies engaged in its line of business, with such exceptions as could not
reasonably be expected to have a Material Adverse Effect. 
 Section 7.17 Hedging Obligations. As of the Effective Date,
Schedule 7.17 sets forth a true and complete list of all Hedging Obligations of the Parent Borrower and each of its Restricted Subsidiaries, the material terms thereof (including the type, term, effective date, termination date and notional
amounts or volumes), the net mark to market value thereof, all credit support agreements relating thereto (including any margin required or supplied) and the counterparty to each such agreement. 

Section 7.18 Use of Proceeds. In addition to the exchange of Original Term Loans for the Exchanged Notes on the Effective Date,
any other proceeds of the Loans shall be used for working capital and general corporate purposes of the Parent Borrower and each of its Restricted Subsidiaries, including Redemption of part or all of the 2020 Senior Notes remaining outstanding,
Redemptions of other Debt, and capital expenditures (including vessel construction or conversions and acquisitions). The Parent Borrower and each of its Restricted Subsidiaries is not engaged principally, or as one of its important activities, in
the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying margin stock (within the meaning of Regulation T, U or X of the Board). No part of the proceeds of the Loans will be used for any
purpose which violates the provisions of Regulations T, U or X of the Board. 
 Section 7.19 Solvency. After giving effect to
the Transactions contemplated hereby that had been effected through the date of determination, (a) the aggregate assets (after giving effect to amounts that could reasonably be received by reason of indemnity, offset, insurance or any similar
arrangement), at a fair valuation, of the Parent Borrower, the Co-Borrower and the Guarantors, taken as a whole, will exceed the aggregate Debt of the Parent Borrower, the
Co-Borrower and the Guarantors on a consolidated basis, as the Debt becomes absolute and matures, (b) each of the Parent Borrower, the Co-Borrower and the
Guarantors will not have incurred or intended to incur, and will not believe that it will incur, Debt beyond its ability to pay such Debt (after taking into account the timing and amounts of cash to be received by each of the Parent Borrower, the Co-Borrower and the Guarantors and the amounts to be payable on or in respect of its liabilities, and giving effect to amounts that could reasonably be received by reason of indemnity, offset, insurance or any
similar arrangement) as such Debt becomes absolute and matures and (c) each of the Parent Borrower, the Co-Borrower and the Guarantors will not have (and will have no reason to believe that it will have
thereafter) unreasonably small capital for the conduct of its business. 

  
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 Section 7.20 Anti-Corruption Laws. No Loan Party nor any Subsidiary of any Loan
Party nor, to the knowledge of the Parent Borrower, any director, officer, agent or employee of any Loan Party or any Subsidiary of any Loan Party is aware of or has taken any action, directly or indirectly, that would result in a violation by such
persons of the FCPA or any other applicable anti-corruption laws of any jurisdiction, domestic or foreign, including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an
offer, payment, promise to pay or authorization or approval of the payment of any money, or other property, gift, promise to give or authorization of the giving of anything of value, directly or indirectly, to any “foreign official” (as
such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office in contravention of the FCPA or any other applicable anti-corruption laws. Each Loan Party and its Subsidiaries has
conducted their businesses in compliance with applicable anti-corruption laws and the FCPA in all material respects and will maintain policies and procedures designed to promote and achieve compliance with such laws and with the representation and
warranty contained herein. No Borrowing, use of proceeds or other transaction contemplated by this Agreement will violate the FCPA or any other applicable anti-corruption laws or applicable Sanctions. 

Section 7.21 EEA Financial Institution. No Loan Party, nor any of its Subsidiaries, is an EEA Financial Institution. 

ARTICLE VIII 

Affirmative Covenants 

Until the principal of and interest on each Loan and all fees payable hereunder and all other amounts payable under the Loan Documents shall
have been paid in full, the Borrowers covenant and agree with the Administrative Agent and the Lenders on behalf of the Loan Parties that: 

Section 8.01 Financial Statements. The Parent Borrower will furnish or cause to be furnished to the Administrative Agent, for
distribution to each Lender, each of the following: 
 (a) Annual and Quarterly Reports – whether or not the Parent Borrower is
required to do so by the rules and regulations of the SEC, so long as any Indebtedness remains outstanding, the Parent Borrower will file with the SEC within the time periods specified in the SEC’s rules and regulations (unless the SEC will not
accept such a filing) and, within 15 days of filing, or attempting to file, the same with the SEC, (i) all quarterly and annual financial and other information with respect to the Parent Borrower and its Subsidiaries that would be required to
be contained in a filing with the SEC on Forms 10-Q and 10-K if the Parent Borrower were required to file such forms, including a “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” and (ii) all current reports that would be required to be filed with the SEC on Form 8-K if the Parent Borrower were required to file such
reports. 

  
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 (b) [reserved]. 

(c) Unrestricted Subsidiaries – if the Parent Borrower has designated any of its Subsidiaries as Unrestricted Subsidiaries, then,
upon request of the Required Lenders, the Parent Borrower shall deliver, together with each delivery of financial statements under Section 8.01(a), the related unaudited consolidating financial information reflecting adjustments necessary to
eliminate the accounts of Unrestricted Subsidiaries from such consolidated financial statements. 
 (d) [reserved]. 

(e) Appraisal Reports – prior to the consummation of any transaction hereunder that requires the determination of the Appraised
Value of any Vessel, the Parent Borrower shall deliver the required Appraisal Report(s). 
 All financial information contained in the
information referred to above (other than in clauses (d) and (e)) shall conform to GAAP applied on a consistent basis, except only for such changes in accounting principles or practice with which the independent certified public accountants
concur. The information required to be delivered pursuant to Section 8.01(a) above shall be deemed to have been delivered if such information, or one or more annual or quarterly reports containing such information, shall be available on the
website of the SEC at www.sec.gov or on the Parent Borrower’s website at www.hornbeckoffshore.com. Delivery of such reports, information and documents to the Administrative Agent is for informational purposes only and the Administrative
Agent’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Parent Borrower’s compliance with any of its covenants hereunder. 

Section 8.02 Certificates of Compliance; Etc.. Within 15 days following the required SEC filing date in respect of the Parent
Borrower’s financial statements (or if the Parent Borrower is not required to make such filings, within 105 days following the last day of each fiscal year and within 60 days following the last day of each of the first three fiscal quarters),
the Parent Borrower will furnish to Administrative Agent a certificate of a Responsible Officer (i) stating that there is no Default or Event of Default at such time, (ii) containing the calculations necessary for determining compliance
with Section 9.05 and (iii) solely in the case of a certificate delivered in connection with the delivery of financial statements under Section 8.01(a)(i), containing a then-current list of all Commodities Accounts, Deposit Accounts
and Securities Accounts (each as defined in the UCC) of the Parent Borrower and its Restricted Subsidiaries (which list shall indicate which accounts are Excluded Accounts under and as defined in the Guaranty and Collateral Agreement and shall
include the balance of such accounts as of the end of such fiscal year). Within 30 days after any Loan Party (i) creating any account that is used or intended to be used for the purpose described in clause (iv) of the definition of
“Excluded Accounts” in the Guaranty and Collateral Agreement or (ii) utilizing an existing account that had not previously been used for the purpose described in the preceding clause (i), the Parent Borrower shall notify the
Collateral Agent thereof and provide the Collateral Agent with a description of such account in the same level as detail as the description of accounts provided in the Perfection Certificate (as defined in the Guaranty and Collateral Agreement).

  
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 Section 8.03 Taxes and Other Liens. The Parent Borrower, the Co-Borrower and the Guarantors will pay and discharge promptly when due all Taxes imposed upon the Parent Borrower, the Co-Borrower or any Guarantor or upon its income or upon
any of its Property as well as all claims of any kind (including claims for labor, materials, supplies and rent) which, if unpaid, might become a Lien (other than Permitted Liens) upon any or all of its Property; provided that the Parent Borrower,
the Co-Borrower and the Guarantors shall not be required to pay any such Tax if the amount, applicability or validity thereof shall concurrently be contested in good faith by appropriate proceedings diligently
conducted and if the contesting party shall have set up accruals therefor adequate under GAAP. 
 Section 8.04 Existence;
Compliance. Except as permitted by Section 9.04 and except to the extent any change therein is not otherwise prohibited hereunder, the Parent Borrower, the Co-Borrower and each Guarantor will maintain
its limited liability company or corporate existence and rights. The Parent Borrower, the Co-Borrower and the Guarantors will observe and comply with all valid laws, statutes, codes, acts, ordinances, orders,
judgments, decrees, injunctions, rules, regulations, certificates, franchises, permits, licenses, authorizations, directions and requirements of Governmental Authority, including Governmental Requirements and Environmental Laws, unless any such
failure to observe and comply would not reasonably be expected to have a Material Adverse Effect. 
 Section 8.05 Further
Assurances. Subject to Section 8.17, the Parent Borrower, the Co-Borrower and the Guarantors will promptly (and in no event later than thirty (30) days after written notice from the
Administrative Agent is received) cure or cause to be cured any defects in the creation, execution and delivery of any of the Loan Documents. The Parent Borrower, the Co-Borrower and the Guarantors will, at
their expense, promptly (and in no event later than thirty (30) days after written notice from the Administrative Agent is received) execute and deliver, or cause to be executed and delivered, to the Administrative Agent and/or the Collateral
Agent upon request all such other and further documents, agreements and instruments (including without limitation further security agreements, financing statements, continuation statements, and assignments of accounts and contract rights, except for
Excluded Contracts (as defined in the Guaranty and Collateral Agreement)) in compliance with or accomplishment of the covenants and agreements of the Parent Borrower, the Co-Borrower and the Guarantors in the
Loan Documents or to further evidence and more fully describe the Vessel Collateral, including any renewals, additions, substitutions, replacements or accessions to the Vessel Collateral, or to correct any omissions in the Security Instruments, or
more fully state the security obligations set out herein or in any of the Security Instruments, or to perfect, protect or preserve any Liens created pursuant to any of the Security Instruments, or to make any recordings, to file any notices, or
obtain any consents as may be necessary or appropriate in connection with the transactions contemplated by this Agreement. It is understood that any requests made by the Administrative Agent and/or the Collateral Agent pursuant to this
Section 8.05 shall be upon written direction from the Required Lenders. 
 Section 8.06 Performance of Obligations. The
Borrowers will repay the Loans in accordance with this Agreement. The Borrowers and the Guarantors will do and perform every act required of the Borrowers and the Guarantors, by the Loan Documents at the time or times and in the manner specified.

  
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 Section 8.07 Use of Proceeds. The Borrowers shall use the proceeds of the Loans
only for the purposes specified in Section 7.18. In addition, the Borrowers will not request any Borrowing and the Borrowers shall not use, and shall procure that its Subsidiaries and its or their respective directors, officers, employees and
agents shall not use, the proceeds of any Borrowing (a) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of the FCPA or any other
applicable anti-corruption law, (b) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country or (c) in any manner that would result in the
violation of any Sanctions applicable to any party hereto. 
 Section 8.08 Insurance. (a) Each Loan Party that owns Vessel
Collateral shall maintain with financially sound and reputable insurance companies not Affiliates of the Parent Borrower insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons
engaged in the same or a similar business of such types and in such amounts (after giving effect to any self-insurance compatible with the following standards) as are customarily carried under similar circumstances by such other Persons, and as
required to be maintained under the terms of the Fleet Mortgages, and the Loan Parties shall cause the Collateral Agent to be named as loss payee, for the ratable benefit of the Secured Parties, as to the Vessel Collateral, including, as
trustee/mortgagee, and the Collateral Agent, as agent for the Secured Parties, to be named as an additional insured, with a waiver of rights of subrogation, under a marine and war-risk insurance policy, and
the Collateral Agent, as agent for the Secured Parties, to be named as an additional insured, with a waiver of rights of subrogation, under the comprehensive general liability insurance, statutory workers’ compensation insurance and
longshoreman and harbor workers’ act coverage policies. Such policies of insurance must also contain a provision prohibiting cancellation or the alteration of such insurance without at least thirty (30) days’ prior written notice to
the Collateral Agent of such intended cancellation or alteration. 
 (b) The Borrowers and the Guarantors agree to notify the Administrative
Agent in writing within fifteen (15) days of any Event of Loss involving Vessel Collateral, whether or not such Event of Loss is covered by insurance. The Borrowers further agree to promptly notify its insurance company and to submit an
appropriate claim and proof of claim to the insurance company in respect of any Event of Loss. As to the Vessel Collateral, the Borrowers and the Guarantors hereby irrevocably appoint the Collateral Agent as its agent and attorney-in-fact, each such agency being coupled with an interest, to make, settle and adjust claims under such policy or policies of insurance (regardless of whether a
settlement or adjustment of a claim is an Event of Default) and to endorse the name of the Borrowers and the Guarantors on any check or other item of payment for the proceeds thereof; provided, however, that the Collateral Agent agrees that it will
not exercise any rights under the power of attorney provided in this Section 8.08(b) unless one or more Events of Default exist under this Agreement and such exercise is permitted by the Primary Intercreditor Agreement. 

Section 8.09 Accounts and Records. The Borrowers and the Guarantors will keep books of record and accounts in which true and
correct entries will be made as to all material matters of all dealings or transactions in relation to the respective business and activities, sufficient to permit reporting in accordance with GAAP, consistently applied. 

  
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 Section 8.10 Right of Inspection. The Borrowers and the Guarantors will permit
any officer, employee or agent of the Collateral Agent (acting upon written direction from the Required Lenders) to visit and inspect the Vessel Collateral subject to applicable safety rules and procedures, at such reasonable times and on reasonable
notice and without hindrance or delay and as often as the Administrative Agent (acting upon the written direction from the Required Lenders) may reasonably desire. Notwithstanding the foregoing, except following an Event of Default that has occurred
and is continuing, the Collateral Agent (acting upon written direction from the Required Lenders) shall not visit or inspect the Vessel Collateral more frequently than twice a year, and then at its own expense, except that the Borrowers will be
responsible for such expense following the occurrence and during the continuance of an Event of Default; provided that any such visits or inspections shall occur when the applicable Vessel is shoreside at a location involved in the ordinary
course of providing its services under its then applicable charter or other vessel service contract. 
 Section 8.11 Maintenance of
Properties; Flag of Vessel. 
 (a) The Borrowers and the Guarantors shall maintain and preserve all of their respective
Properties (and any Property leased by or consigned to any of them or held under title retention or conditional sales contracts) that are used or useful in the conduct of their respective business in the ordinary course (other than Stacked Vessels)
in good working order and condition at all times, ordinary wear and tear excepted, and make all repairs, replacements, additions, betterments and improvements to their respective Properties to the extent necessary so that any failure will not
reasonably be expected to have a Material Adverse Effect. Except with respect to Stacked Vessels, without limiting the generality of the foregoing, the Borrowers and the Guarantors shall at all times maintain the Vessel Collateral in compliance with
the requirements of the American Bureau of Shipping or any other classification society acceptable to the Required Lenders (it being understood that so long as any First Lien Debt is outstanding, the approval of the First Lien Required Lenders in
respect of any classification society shall be deemed to be approval of the Required Lenders with respect thereto), free of all recommendations and notations of such classification society affecting class to the extent necessary so that any failure
will not reasonably be expected to have a Material Adverse Effect. 
 (b) (i) Each Loan Party that owns or operates, or will own or operate,
Vessel Collateral will not transfer or change the flag or documentation of such Vessel Collateral without notifying the Collateral Agent before the proposed date of such transfer or change and (y) promptly (and in the case of transferring or
changing the flag or registration to a foreign jurisdiction or to ownership by a foreign Restricted Subsidiary, within five months following such transfer or change), executing and delivering (or causing to be executed and delivered) all such
documents, agreements or other instruments and/or taking (or causing to be taken) all such actions (including the making of any recordings or filings) as are necessary or desirable to perfect, protect and preserve the security interest in favor of
the Collateral Agent or trustee/mortgagee, as the case may be, for the benefit of the Secured Parties in such Vessel Collateral granted pursuant to any Fleet Mortgage (or provide an alternative security interest or other collateral reasonably
acceptable to the Required Lenders (it being understood that so long as any First Lien Debt is outstanding, the approval of the First Lien Required Lenders in respect of any alternative security interest or other collateral shall be deemed to be
approval of the Required Lenders with respect thereto)). 

  
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 (c) In the event of a change of the flag or documentation of Vessel Collateral permitted
under Section 8.11(b)(i), the Investment made in connection with such a transaction may be structured as a Foreign Vessel Reflagging Transaction notwithstanding anything in other provisions of the Loan Documents to the contrary. A “Foreign
Vessel Reflagging Transaction” is defined as one or more Investments by the Parent Borrower or a Restricted Subsidiary of cash in one or more Subsidiaries, the proceeds of which will be used by a Restricted Subsidiary to purchase Vessel
Collateral from a Loan Party, the net effect of which is that (x) the Vessel Collateral subject to such Foreign Vessel Reflagging Transaction shall continue to be Vessel Collateral (and the requirements under Section 8.11(b)(i) shall apply
to such Vessel Collateral and Foreign Vessel Reflagging Transaction) and (y) such cash is substantially contemporaneously returned to the Parent Borrower or the Restricted Subsidiary making the initial Investment, in each case, in order to
facilitate a change to the flag or registration of any Vessel Collateral (so long as such Investments constitute Permitted Investments or Investments not restricted by Section 9.01). After giving full effect to any Foreign Vessel Reflagging
Transaction where the cash transfer transaction steps occur substantially simultaneously, a receipt by any Subsidiary of such cash and the existence of any intercompany loan receivable created by the further loaning of such funds by such Subsidiary
to another Subsidiary shall not in itself trigger a requirement to provide additional Collateral or to enter into any additional Loan Documents or First Lien Loan Documents. 

Section 8.12 Notice of Certain Events. (a) The Parent Borrower shall promptly notify the Administrative Agent in writing if
the Parent Borrower learns of the occurrence of any event which constitutes a Default, together with a detailed statement by a Responsible Officer of the Parent Borrower as to the nature of the Default and the steps being taken to cure the effect of
such Default. 
 (b) The Parent Borrower shall promptly notify the Administrative Agent in writing of any change in organizational
jurisdiction, location of the principal place of business or the office where records concerning accounts and contract rights are kept, or any change in the federal taxpayer identification number or organizational identification number of the Parent
Borrower or any other Loan Party. 
 Section 8.13 ERISA Information and Compliance. The Parent Borrower will furnish to the
Administrative Agent (i) as soon as is administratively practicable following a request from the Required Lenders copies of each annual or other report filed with the United States Secretary of Labor or the PBGC, copies of each annual and other
report with respect to any Plan sponsored or maintained by the Parent Borrower, any of its Restricted Subsidiaries, or any ERISA Affiliate and (ii) as soon as is administratively practicable upon becoming aware of the occurrence of any
(A) ERISA Event or (B) “prohibited transaction,” as such term is defined in Section 4975 of the Code, in connection with any Plan sponsored or maintained by the Parent Borrower, any of its Restricted Subsidiaries or any ERISA
Affiliate that could reasonably be expected to have a Material Adverse Effect, a written notice signed by a Responsible Officer of the Parent Borrower specifying the nature thereof, what action the Parent Borrower is taking or proposes to take with
respect thereto, and, when known, any action taken by the Internal Revenue Service with respect thereto. The Parent Borrower will comply with all of the applicable funding and other requirements of ERISA as such requirements relate to the Plans of
the Parent Borrower or any of its Restricted Subsidiaries. 

  
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 Section 8.14 Security. 

(a) Subject to Section 8.14(c), the Indebtedness shall be secured by the following: 

(i) the Vessels listed on Schedule 8.14 and any Vessels (if any) described in
Section 8.14(a)(iii), and any Property and rights of the Co-Borrower or the other Loan Parties related to the foregoing or otherwise described in the Guaranty and Collateral Agreement and excepting, as
provided in the Guaranty and Collateral Agreement, Excluded Assets, unless such Vessels have been released in accordance with Section 11.11 in connection with transactions permitted under the Loan Documents and/or substituted as provided in
Section 8.14(b) below; 
 (ii) not later than thirty days (or such longer period as the Required Lenders shall agree in
their reasonable discretion (it being understood that so long as any First Lien Debt is outstanding, the approval of the First Lien Required Lenders in respect of such longer period shall be deemed to be approval of the Required Lenders with respect
thereto)) following the formation, acquisition or designation of any Restricted Subsidiary of the Parent Borrower which results in Parent Borrower having Restricted Subsidiaries (other than the Co-Borrower and
the then existing Guarantors) with assets of $50,000,000 or more in the aggregate, then such Restricted Subsidiary or Restricted Subsidiaries (such that such Restricted Subsidiaries not guarantying the Indebtedness have assets of less than
$50,000,000 in the aggregate) shall (x) guaranty the payment and performance of the Indebtedness by executing and delivering in favor of the Agents, for the ratable benefit of the Secured Parties, a joinder to the Guaranty and Collateral
Agreement or a guaranty agreement comparable to the Guaranty and Collateral Agreement and (y) secure such guaranty by executing and delivering in favor of the Agents, for the ratable benefit of the Secured Parties, a joinder to the Guaranty and
Collateral Agreement or a personal property agreement comparable to the Guaranty and Collateral Agreement. Notwithstanding the foregoing, in the event that, but for this sentence, a Foreign Subsidiary or Foreign Subsidiary Holding Company would be
required to execute and deliver a guaranty, then in lieu of such guaranty the Parent Borrower or applicable Restricted Subsidiary of the Parent Borrower that owns such Foreign Subsidiary or Foreign Subsidiary Holding Company shall promptly pledge to
the Administrative Agent, for the ratable benefit of the Lenders, (x) the lesser of (1) all of the equity in such Foreign Subsidiary or Foreign Subsidiary Holding Company that it owns and (2) sixty-five percent (65%) of the equity
issued and outstanding in such Foreign Subsidiary or Foreign Subsidiary Holding Company (any such Foreign Subsidiary or Foreign Subsidiary Holding Company described in this sentence, a “Specified Foreign Subsidiary”) and
(y) one hundred percent (100%) of the Equity Interests of the entity or entities that are the immediate parent or parents of such Specified Foreign Subsidiary as security for the Indebtedness (and if the pledgor is not a Guarantor, such pledgor
shall guaranty the Indebtedness and become a Guarantor), all pursuant to documentation as necessary and appropriate. For the avoidance of doubt, in the event a Specified Foreign Subsidiary is owned by more than one Restricted Subsidiary, the
obligation to pledge sixty-five percent (65%) of the equity of such Specified Foreign Subsidiary can be satisfied by one or more of the entities that are the immediate parent or parents such Specified Foreign Subsidiary pledging Equity Interests
totaling sixty-five percent (65%) of the equity thereof. Furthermore, if a Restricted Subsidiary of the Parent Borrower guarantees the Debt of others, it shall also guaranty the Indebtedness on at least a pari passu basis with such other
guarantee; 

  
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 (iii) contemporaneously with the granting of a Lien on any Property to
secure any First Lien Debt, a Second Lien (or the foreign equivalent) on the same Property pursuant to Security Instruments substantially similar to the equivalent agreements being executed and delivered in connection with the First Lien Debt; and

 (iv) a guaranty from any Person guaranteeing any First Lien Debt by contemporaneously becoming a Guarantor hereunder in
accordance with Section 8.14(a). 
 (b) If either (I) Vessel Collateral or Specified Equity Interests are to be transferred in
connection with a Permitted Investment or a Restricted Payment or an Asset Sale permitted under this Agreement the result of which would be the release of the Liens on Vessel Collateral securing the Indebtedness in accordance with the terms hereof
or (II) any Borrower or any other Loan Party, in its sole discretion, desires to mortgage an Additional Eligible Vessel, such Borrower or other Loan Party, as the case may be, will, substantially simultaneously with such transfer, as
consideration for the release of Liens on such existing Vessel Collateral (in the case of the preceding clause (I)) and in the case of both the preceding clauses (I) and (II), (i) mortgage, substantially on the terms and conditions set forth in
the applicable Fleet Mortgages, one or more additional Vessels (such Vessels mortgaged pursuant to this Section 8.14(b), including for the avoidance of doubt any Additional Eligible Vessels that are mortgaged pursuant to this
Section 8.14(b), the “Additional Vessels” and each an “Additional Vessel”) in each case, which are not otherwise subject to a Lien (other than a Permitted Lien of the type described in clauses (a) or (k)
of the definition thereof) and which, in the case of the preceding clause (I), have an aggregate Specified Value equal to or greater than the remainder (if positive) of (A) the Specified Value of the transferred Vessel Collateral less
(B) any prepayment (whether optional or mandatory) of the First Lien Debt or the Loans made in connection with such Permitted Investment, Restricted Payment or Asset Sale and/or (ii) supplement and amend the applicable Security Instrument,
or enter into additional collateral documents, pursuant to documentation as necessary and appropriate, so as to grant to the Collateral Agent, for the ratable benefit of the Secured Parties, Second Liens (or, after the Discharge of the First Lien
Obligations, first priority security interests) (or the foreign equivalent) in all related Property (the transactions described in clauses (i) and (ii) with respect to a transfer of Vessel Collateral or Specified Equity Interests in connection
with a Permitted Investment or as otherwise expressly contemplated by this Agreement, collectively, a “Collateral Substitution Transaction”); provided that, for the avoidance of doubt, to the extent the amount in clause
(B) above is equal to or greater than the amount in clause (A) above, neither the Borrowers nor any other Loan Party shall be under any obligation to provide additional Vessel Collateral hereunder with respect to such transaction; provided
further, that notwithstanding the foregoing or anything to the contrary herein, no such Permitted Investment, Restricted Payment or Asset Sale and related Collateral Substitution Transaction shall be permitted hereunder if the Parent Borrower would
not have Available Liquidity after giving effect thereto of at least $65,000,000. Each Loan Party that owns an Additional Vessel acquired after the Effective Date shall, concomitantly with its acquisition of each such Additional Vessel, to the
extent that such Additional Vessel is registered under the laws and flag of the United States, execute, deliver and cause to be duly recorded with the National Vessel Documentation Center a second preferred ship

  
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mortgage (or, after the Discharge of the First Lien Obligations, first preferred ship mortgage), in form and substance equivalent to the Fleet Mortgages covering the then existing US-flagged Vessels that constitute Vessel Collateral (or, with respect to any other Additional Vessel, take such other actions as are required under applicable law to provide a commensurate security interest or
alternative security interest reasonably acceptable to the Required Lenders (it being understood that so long as any First Lien Debt is outstanding, the approval of the First Lien Required Lenders in respect of such other actions shall be deemed to
be approval of the Required Lenders with respect thereto)), and shall otherwise comply with the provisions of Section 8.14 hereof. The parties hereby acknowledge that any Additional Vessel made subject to a Second Lien in connection with a
Collateral Substitution Transaction is in fact, and is intended by the parties to this Agreement and the other Loan Parties to be, a transfer that is a contemporaneous exchange for new value to the applicable Loan Party, as contemplated by 11.
U.S.C. 547(c)(1). 
 (c) Notwithstanding anything to the contrary in the foregoing, but subject to Section 12.02(b)(v), for so long as
First Lien Debt is outstanding, in the event that any of the First Lien Representative, the First Lien Collateral Agent, all First Lien Lenders or First Lien Required Lenders, as applicable, enters into any amendment, waiver or consent in respect of
or replaces any First Lien Loan Document for the purpose of adding to, or deleting from, or waiving or consenting to any departures from any provisions of, any First Lien Loan Document or changing in any manner the rights of such First Lien
Representative, First Lien Collateral Agent or the applicable First Lien Lenders, the Parent Borrower or any other Loan Party thereunder (including the release of any Liens on any First Lien Collateral or any Guarantor), then such amendment, waiver
or consent shall apply automatically to this Section 8.14 and any other comparable provision of each Loan Document without the consent or any action of any of the Administrative Agent, the Collateral Agent, the Lenders or the Required Lenders,
as applicable; provided, that such amendment, waiver or consent does not materially adversely affect the rights of the Administrative Agent, the Collateral Agent and the Lenders in the Collateral unless such amendment, waiver or consent affects the
First Lien Lenders in a like or similar manner (without regard to the fact that the Liens of such First Lien Loan Document are senior to the Liens of the Loan Documents). 

Section 8.15 Sanctions, Anti-Corruption Laws and Anti-Terrorism Laws. The Parent Borrower shall maintain in effect
the policies and procedures with respect to Sanctions and Anti-Terrorism Laws specified in Section 7.09(d) and the anti-corruption laws specified in Section 7.20. 

Section 8.16 Future Designation of Unrestricted Subsidiaries. 

(a) The Board of Directors of the Parent Borrower may designate any Subsidiary (other than the
Co-Borrower) to be an Unrestricted Subsidiary. No Subsidiary may be designated as an Unrestricted Subsidiary unless (i) both at the time of such designation and immediately after giving effect thereto, no
Default shall have occurred and be continuing, (ii) such Subsidiary (A) has no Debt other than Non-Recourse Debt, and (B) is a Person with respect to which neither the Parent Borrower nor any of
its Restricted Subsidiaries has any direct or indirect obligation (1) to subscribe for additional Equity Interests or (2) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified
levels of operating results, and (iii) all outstanding Investments by the Parent Borrower and its Restricted Subsidiaries (except to the extent repaid in cash) in the Subsidiary so designated are permitted pursuant to Section 9.01 (it

  
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being understood that such Investments shall be deemed Restricted Payments made at the time of such designation (except to the extent they qualify as Permitted Investments) in an amount equal to
the greater of (y) the net book value of such Investments at the time of such designation and (z) the Specified Value of such Investments at the time of such designation, but in each case subject to the last sentence of the definition of
“Investment”). If, at any time, any Unrestricted Subsidiary would fail to meet the foregoing requirements of (ii)(A), (ii)(B) or (iii), above, as an Unrestricted Subsidiary, it shall thereafter cease to be an Unrestricted Subsidiary for
purposes of this Agreement and any Debt of such Subsidiary shall be deemed to be incurred by a Restricted Subsidiary of the Parent Borrower as of such date. Schedule 7.14 sets forth a list of all Unrestricted Subsidiaries as of the Effective Date.

 (b) The Board of Directors may also redesignate any Unrestricted Subsidiary to be a Restricted Subsidiary provided that such designation
shall be deemed to be an incurrence of Debt by a Restricted Subsidiary of the Parent Borrower of any outstanding Debt of such Unrestricted Subsidiary and such designation shall only be permitted if: (i) such Debt is permitted under
Section 9.02 hereof, calculated on a Pro Forma Basis as if such designation had occurred at the beginning of the Test Period, and (ii) no Default or Event of Default would be in existence. 

(c) Any designation or redesignation of a Subsidiary shall be evidenced to the Administrative Agent by delivery to the Administrative Agent of
a resolution of the Board of Directors giving effect to such action and evidencing the valuation of any Investment relating thereto (as determined in good faith by the Board of Directors) and an Officer’s Certificate certifying that such action
complied with this Section 8.16. 
 Section 8.17 Post-Closing Undertakings. Within the time periods specified on Schedule
8.17 or such later date to which the Required Lenders (with written notice to the Administrative Agent) consent (it being understood that so long as any First Lien Debt is outstanding, the approval of the First Lien Required Lenders in respect of
such extension of such time periods shall be deemed to be approval of the Required Lenders with respect thereto), comply with the provisions set forth in Schedule 8.17. 

Section 8.18 Collateral Proceeds Account. The Borrowers and each Guarantor shall cause (x) the Net Proceeds (to the extent in
the form of cash, Cash Equivalents, securities or like instruments) from any Asset Sale and (y) the net cash proceeds realized from the sale or assignment of any construction contract related to the Vessels described in Schedule 8.17 or any
other Vessel under construction as to which progress payments are being made in accordance with the definition of “Excess Proceeds”, or monies of whatsoever nature paid to the Parent Borrower or any of its Restricted Subsidiaries in
respect of such contracts or such Vessels described in Section 8.17 or any other Vessel under construction as to which progress payments are being made in accordance with the definition of “Excess Proceeds”, including, without
limitation, the Vessel purchase price (or any refund thereof), commissions, insurances, bonds, damages, awards or judgments, to be deposited in a Collateral Proceeds Account substantially contemporaneously with the receipt thereof (except, subject
to the Primary Intercreditor Agreement, to the extent constituting securities or other instruments that have otherwise been pledged as Collateral to secure the Indebtedness by physical delivery thereof, if physical certificates exist and subject to
the prior rights of the First Lien Collateral Agent to hold such physical certificates), and shall cause all such Net Proceeds to remain therein until the earliest of (i) the reinvestment of such Net Proceeds in accordance with the definition
of “Excess Proceeds”, (ii) the application of such Net Proceeds in accordance with Section 3.04 and (iii) such Net Proceeds becoming Declined Amounts. For the avoidance of doubt, nothing in this Section 8.18 shall limit in
any way the Parent Borrower’s obligations under Section 3.04 or Section 8.14. 

  
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 ARTICLE IX 

Negative Covenants 
 Until
the principal of and interest on each Loan and all fees payable hereunder and all other amounts payable under the Loan Documents shall have been paid in full, the Borrowers covenant and agree with the Administrative Agent and the Lenders on behalf
of the Loan Parties that: 
 Section 9.01 Restricted Payments. (a) The Parent Borrower shall not, and shall not permit any
of its Restricted Subsidiaries to, directly or indirectly, (i) declare or pay any dividend or make any other payment or distribution on account of the Parent Borrower’s or any of its Restricted Subsidiaries’ Equity Interests
(including, without limitation, any such payment in connection with any merger or consolidation involving Parent Borrower) or to the direct or indirect holders of Parent Borrower’s Equity Interests in their capacity as such (other than
dividends or distributions payable in Equity Interests (other than Disqualified Stock) of Parent Borrower); (ii) Redeem (including, without limitation, in connection with any merger or consolidation involving the Parent Borrower) any Equity
Interests of the Parent Borrower or any direct or indirect parent of the Parent Borrower (other than any such Equity Interests owned by the Parent Borrower or any Restricted Subsidiary of the Parent Borrower); (iii) Redeem (x) the 2019
Convertible Senior Notes, the 2020 Senior Notes, the 2021 Senior Notes or any Debt incurred under a Replacement Indenture in respect thereof, (y) Junior Lien Debt, or (z) any Debt that is subordinated in right of payment to the
Indebtedness or the Loan Guarantees, as the case may be, except a payment of interest or a payment of principal at Stated Maturity; or (iv) make any Restricted Investment (all such payments and other actions set forth in clauses
(i) through (iv) above being collectively referred to as “Restricted Payments”) unless at the time of and after giving effect to such Restricted Payment: 

(A) no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof; 

(B) the Parent Borrower would, at the time of such Restricted Payment and after giving Pro Forma Effect thereto as if such
Restricted Payment had been made at the beginning of the Test Period, have been permitted to incur at least $1.00 of additional Debt pursuant to the Minimum Fixed Charge Coverage Ratio Test; and 

(C) such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Parent Borrower
and its Restricted Subsidiaries after the 2004 Issue Date (excluding Restricted Payments permitted by Section 9.01(b)(ii), (iii), (iv), (vi), (vii), (viii), (ix), (x), (xi), (xiii), (xiv) and (xv) but including Restricted Payments
permitted by Section 9.01(b)(i), (v) and (xii), is less than the sum of the following (the “Restricted Payments Basket”): (I) 50% of the cumulative Consolidated Net Income of the Parent Borrower for the period (taken as one
accounting period) from January 1, 2004 to the end of the Parent 

  
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Borrower’s most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment (or, if such Consolidated Net Income for such
period is a deficit, less 100% of such deficit), plus (II) subject to Section 9.01(b)(ii), 100% of the aggregate net cash proceeds, and the Fair Market Value of any property other than cash, received by the Parent Borrower since
January 1, 2004 from the issue or sale of Equity Interests of the Parent Borrower (other than Disqualified Stock) (other than any Permitted Warrant Transaction) or of Disqualified Stock or debt securities of the Parent Borrower that have been
converted into, or exchanged for, such Equity Interests (other than any such Equity Interests, Disqualified Stock or convertible debt securities sold to a Restricted Subsidiary of the Parent Borrower and other than Disqualified Stock or convertible
debt securities that have been converted into, or exchanged for, Disqualified Stock), plus (III) to the extent that any Restricted Investment that was made after the 2004 Issue Date is sold for cash or otherwise liquidated or repaid for cash,
the lesser of (1) cash return of capital with respect to such Restricted Investment (less the cost of disposition, if any) and (2) the initial amount of such Restricted Investment, plus (IV) [reserved], plus (V) $25,000,000). 

(b) The foregoing provisions will not prohibit any of the following: 

(i) the payment of any dividend within 60 days after the date of declaration thereof, if at said date of declaration such
payment would have complied with the provisions of this Agreement; 
 (ii) the Redemption of any Debt of the Borrowers or any
Guarantor (including the 2019 Convertible Senior Notes, the 2020 Senior Notes, the 2021 Senior Notes or any Debt incurred under a Replacement Indenture in respect thereof) or any Equity Interests of the Parent Borrower or any of its Restricted
Subsidiaries in exchange for, or out of the net cash proceeds of the substantially concurrent sale (other than to a Restricted Subsidiary of the Parent Borrower) of, other Equity Interests of the Parent Borrower (other than any Disqualified Stock),
provided that the amount of any such net cash proceeds that are utilized for any such Redemption shall be excluded from Section 9.01(a)(C)(II); 

(iii) the Redemption of Debt of Borrowers or any Guarantor (including the 2019 Convertible Senior Notes, the 2020 Senior Notes,
the 2021 Senior Notes or any Debt incurred under a Replacement Indenture in respect thereof) with the net cash proceeds from an incurrence of, or in exchange for, Permitted Refinancing Indebtedness; 

(iv) (A) prior to the Collateral Conditions being satisfied, the payment of any dividend or distribution (other than with
Vessel Collateral or Specified Equity Interests or the proceeds thereof) by a Restricted Subsidiary of the Parent Borrower to the Parent Borrower or any of its other Restricted Subsidiaries, and if such Restricted Subsidiary is not a Wholly-Owned
Restricted Subsidiary, to minority holders of the Equity Interests of such Restricted Subsidiary so long as the Parent Borrower or another Restricted Subsidiary receives at least its pro rata share of such dividend or distribution and (B) after
the Collateral Conditions have been satisfied, the payment of any dividend or distribution 

  
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by a Restricted Subsidiary of the Parent Borrower to the Parent Borrower or any of its other Restricted Subsidiaries, and if such Restricted Subsidiary is not a Wholly-Owned Restricted
Subsidiary, to minority holders of the Equity Interests of such Restricted Subsidiary so long as the Parent Borrower or another Restricted Subsidiary receives at least its pro rata share of such dividend or distribution; 

(v) (A) prior to the Collateral Conditions being satisfied, so long as no Default or Event of Default has occurred and is
continuing, the Redemption of any Equity Interests (other than with Vessel Collateral or Specified Equity Interests or the proceeds thereof) of the Parent Borrower held by any employee, director or consultant of the Parent Borrower or any of its
Restricted Subsidiaries pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or other agreement or arrangement, provided that the aggregate price paid for all such Redeemed Equity
Interests shall not exceed $500,000 in any calendar year (with unused amounts in any fiscal year being carried over to succeeding fiscal years) and (B) after the Collateral Conditions have been satisfied, so long as no Default or Event of
Default has occurred and is continuing, the Redemption of any Equity Interests (other than with Vessel Collateral or Specified Equity Interests or the proceeds thereof) of the Parent Borrower held by any employee, director or consultant of the
Parent Borrower or any of its Restricted Subsidiaries pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or other agreement or arrangement, provided that the aggregate price paid for
all such Redeemed Equity Interests shall not exceed $500,000 in any calendar year (with unused amounts in any fiscal year being carried over to succeeding fiscal years); 

(vi) the acquisition of Equity Interests by the Parent Borrower in connection with the exercise of stock options or stock
appreciation rights by way of cashless exercise or in connection with the satisfaction of withholding tax obligations; 

(vii) in connection with an acquisition by the Parent Borrower or by any of its Restricted Subsidiaries, the return to the
Parent Borrower or any of its Restricted Subsidiaries of Equity Interests of the Parent Borrower or any of its Restricted Subsidiaries constituting a portion of the purchase price consideration in settlement of indemnification claims; 

(viii) the purchase by the Parent Borrower of fractional shares of Equity Interests of the Parent Borrower arising out of stock
dividends, splits or combinations or business combinations; 

  
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 (ix) the making of cash payments in connection with any conversion of
Convertible Indebtedness in an aggregate amount since the Effective Date not to exceed the sum of (a) the principal amount of such Convertible Indebtedness plus (b) payments received by the Parent Borrower or any of its Restricted
Subsidiaries pursuant to the exercise, settlement or termination of any related Permitted Bond Hedge Transaction if the Parent Borrower has Available Liquidity as of the last day of the most recently ended fiscal quarter for which internal financial
statements are available at the time of such Redemption of at least $65,000,000 as determined on a Pro Forma Basis for such Redemption; 

(x) (a) any cash payments in connection with a Permitted Bond Hedge Transaction and (b) the settlement of any related
Permitted Warrant Transaction (i) by delivery of shares of the Parent Borrower’s common stock upon settlement thereof or (ii) by (A) set-off against the related Permitted Bond Hedge Transaction
or (B) payment of an early termination amount thereof in common stock upon any early termination thereof; 
 (xi) (A)
prior to the Collateral Conditions being satisfied, the Redemption of Debt (other than with Vessel Collateral or Specified Equity Interests or the proceeds thereof) of the Borrowers or any Guarantor (including the 2019 Convertible Senior Notes, the
2020 Senior Notes, the 2021 Senior Notes or any Debt incurred under a Replacement Indenture in respect thereof) if the Parent Borrower has Available Liquidity as of the last day of the most recently ended fiscal quarter for which internal financial
statements are available at the time of such Redemption of at least $65,000,000 as determined on a Pro Forma Basis for such Redemption and (B) after the Collateral Conditions have been satisfied, the Redemption of Debt of the Borrowers or any
Guarantor (including the 2019 Convertible Senior Notes, the 2020 Senior Notes, the 2021 Senior Notes or any Debt incurred under a Replacement Indenture in respect thereof) if the Parent Borrower has Available Liquidity as of the last day of the most
recently ended fiscal quarter for which internal financial statements are available at the time of such Redemption of at least $65,000,000 as determined on a Pro Forma Basis for such Redemption; 

(xii) the payment of any cash dividend or distribution by the Parent Borrower with respect to any preferred Equity Interest
that does not constitute Disqualified Stock or any Disqualified Stock that is permitted to be incurred under Section 9.02 in an aggregate amount not to exceed $25,000,000 per annum; so long as (A) [reserved], (B) the proceeds of the issuance of
such preferred Equity Interests or permitted Disqualified Stock were or are being used to finance an Acquisition Transaction, (C) in each case on the date of such Acquisition Transaction, after giving Pro Forma Effect thereto as if such
transaction had been made at the beginning of the Test Period, the Consolidated Fixed Charge Coverage Ratio for the Parent Borrower and its Restricted Subsidiaries immediately after the date of such Acquisition Transaction would be no worse than the
Consolidated Fixed Charge Coverage Ratio for the Parent Borrower and its Restricted Subsidiaries immediately prior to such issuance and (D) the Parent Borrower has Available Liquidity as determined on a Pro Forma Basis as of the last day of the
most recently ended fiscal quarter for which internal financial statements are available at the time of the payment of any such cash dividend or distribution, of at least $65,000,000; 

(xiii) (A) prior to the Collateral Conditions being satisfied, Restricted Payments (other than with Vessel Collateral or
Specified Equity Interests or the proceeds thereof), including repurchases of Equity Interests in the Parent Borrower, in an aggregate amount not to exceed the lesser of (a) $25,000,000 (but only to the extent there is capacity to make Permitted
Investments in reliance on clause (h) of the definition thereof) and (b) the amount available at such time for Permitted Investments made in reliance on clause 

  
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(h) of the definition thereof so long as, after giving Pro Forma Effect to any such Restricted Payment, the Parent Borrower has Available Liquidity as of the last day of the most recently
ended fiscal quarter for which internal financial statements are available at the time of such prepayment of at least $65,000,000 and (B) after the Collateral Conditions have been satisfied, Restricted Payments, including repurchases of Equity
Interests in the Parent Borrower, in an aggregate amount not to exceed the lesser of (a) $25,000,000 (but only to the extent there is capacity to make Permitted Investments in reliance on clause (h) of the definition thereof) and (b) the
amount available at such time for Permitted Investments made in reliance on clause (h) of the definition thereof so long as, after giving Pro Forma Effect to any such Restricted Payment, the Parent Borrower has Available Liquidity as of the
last day of the most recently ended fiscal quarter for which internal financial statements are available at the time of such prepayment of at least $65,000,000; 

(xiv) redemption of any rights under the Parent Borrower’s Rights Agreement dated July 1, 2013 (or any successor or
replacement thereto); and 
 (xv) redemption of any Equity Interests of the Parent Borrower from Aliens (as defined in the
Certificate of Incorporation) who acquired the same to the extent contemplated under Article 12, Section 4 of the Certificate of Incorporation. 

The amount of all Restricted Payments (other than cash) shall be (A) in the case of Vessel Collateral or the proceeds thereof or
Specified Equity Interests or the proceeds thereof, the amount determined in accordance with Section 1.06 and (B) otherwise, the Fair Market Value on the date that asset(s) or securities are proposed to be paid, transferred or issued by
the Parent Borrower or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment, except that the Fair Market Value (or, if applicable the amount determined in accordance with Section 1.06) of any non-cash dividend made within 60 days after the date of declaration shall be determined as of such declaration date. The Fair Market Value of any non-cash Restricted Payment
shall be determined in the manner contemplated by the definition of the term “Fair Market Value,” and the results of such determination shall be evidenced by an Officer’s Certificate delivered to the Administrative Agent. Not later
than the date of making any Restricted Payment (other than a Restricted Payment permitted by Sections 9.01(b)(ii), (iii), (iv), (vi), (vii), (viii), (ix), (x), (xi), (xiii), (xiv) and (xv)), the Parent Borrower shall deliver to the Administrative
Agent an Officer’s Certificate stating that such Restricted Payment is permitted and setting forth the basis upon which the calculations required by this Section 9.01 were computed. 

Section 9.02 Incurrence of Debt and Issuance of Disqualified Stock. 

(a) The Parent Borrower shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue,
assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur” or an “incurrence”) any Debt and the Parent Borrower shall not issue any Disqualified Stock
and shall not permit any of its Restricted Subsidiaries to issue any Disqualified Stock; provided, however, that the Parent Borrower and its Restricted Subsidiaries may incur Debt, and the Parent Borrower may issue Disqualified Stock,
in each case if the Consolidated Fixed Charge Coverage Ratio for the Test Period preceding the date on which such additional Debt is incurred or such Disqualified 

  
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Stock is issued would have been at least 2.0 to 1.0 (the “Minimum Fixed Charge Coverage Ratio Test”) at the time such additional Debt is incurred or such Disqualified Stock is
issued, in each case as determined on a Pro Forma Basis (including a pro forma application of the Net Proceeds therefrom), as if the additional Debt or Disqualified Stock had been issued or incurred, as the case may be, at the beginning of such Test
Period. 
 (b) The foregoing provisions shall not apply to the incurrence by the Parent Borrower or any of its Restricted Subsidiaries of any
of the following: 
 (i) (A) First Lien Debt under Credit Facilities incurred by the Borrowers or any Guarantor in an aggregate principal
amount at any one time outstanding not to exceed, together with any outstanding Permitted Refinancing Indebtedness in respect thereof (but excluding any Increased Amount), the Incremental Available Amount; 

(B) other Second Lien Debt under Credit Facilities incurred by the Borrowers or any Guarantor in an aggregate principal amount
at any one time outstanding not to exceed, together with any outstanding Permitted Refinancing Indebtedness in respect thereof (but excluding any Increased Amount), the Incremental Available Amount; 

(C) Junior Lien Debt or unsecured Debt (provided that such unsecured Debt satisfies the conditions set forth in clause
(a) of the definition of “Junior Lien Debt”), in each case, under Credit Facilities incurred by the Borrowers or any Guarantor, in an aggregate principal amount at any one time outstanding not to exceed, together with any outstanding
Permitted Refinancing Indebtedness in respect thereof (but excluding any Increased Amount) the sum of (1) the greater of (1) $600,000,000 and (2) 25% of the Parent Borrower’s Consolidated Net Tangible Assets after giving Pro Forma Effect
to any applicable Specified Transactions and applicable transactions in connection therewith identified in the definition of “Pro Forma Effect” determined as of the date such Debt is incurred and (2) if the Collateral Conditions have
been met and the proceeds of such Junior Lien Debt or unsecured Debt are to be used to finance an Acquisition Transaction and such Junior Lien Debt or unsecured Debt qualifies as a Permitted Loan, an amount allowed by the definition of Permitted
Loan; 
 (ii) Existing Indebtedness; 

(iii) Hedging Obligations; 
 (iv)
Debt under this Agreement and the other Loan Documents; 
 (v) intercompany Debt between or among the Parent Borrower and any
of its Restricted Subsidiaries; provided that (1) if a Borrower is the obligor on such Debt and the obligee is not the other Borrower or a Guarantor, such Debt must be expressly subordinated to the prior payment in full in cash of all
obligations with respect to the Loans and (2) if a Guarantor is the obligor on such Debt and the obligee is neither a Borrower nor a Guarantor, such Debt must be expressly subordinated to the prior

  
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payment in full in cash of all obligations of such Guarantor with respect to its Loan Guarantee and (3)(i) any subsequent issuance or transfer of Equity Interests that results in any such Debt
being held by a Person other than the Parent Borrower or a Restricted Subsidiary of the Parent Borrower, or (ii) any sale or other transfer of any such Debt to a Person that is neither the Parent Borrower nor a Restricted Subsidiary of the
Parent Borrower, shall be deemed, in each case, to constitute an incurrence of such Debt by the Parent Borrower or such Restricted Subsidiary, as the case may be, as of the date of such issuance, sale or other transfer that is not permitted by this
clause (v); 
 (vi) Debt in respect of bid, performance or surety bonds issued for the account of the Parent Borrower or any
Restricted Subsidiary thereof, including guarantees or obligations of the Parent Borrower or any Restricted Subsidiary thereof with respect to letters of credit or letters of credit supporting such bid, performance or surety obligations (in each
case other than for an obligation for money borrowed) or other forms of security or credit enhancement supporting performance obligations under service contracts, in each case, in the ordinary course of business; 

(vii) the guarantee (A) by the Parent Borrower of Debt of any of its Restricted Subsidiaries that was permitted to be
incurred by another provision of this Section 9.02 or (B) by any Restricted Subsidiary of the Parent Borrower of Debt of the Parent Borrower or another Restricted Subsidiary of the Parent Borrower that was permitted to be incurred by
another provision of this Section 9.02; provided, that this clause (vii) shall not permit the guarantee by any Restricted Subsidiary of the Parent Borrower that is not a Loan Party of any Indebtedness incurred under
Section 9.02(b)(i) (or any Permitted Refinancing Indebtedness in respect thereof) or Section 9.02(b)(x); 
 (viii)
Permitted Refinancing Indebtedness incurred in exchange for, or the Net Proceeds of which are used to extend, refinance, renew, replace, defease or refund Debt incurred pursuant to Section 9.02(a), 9.02(b)(i), 9.02(b)(ii), this clause (viii),
Section 9.02(b)(xi) or Section 9.02(b)(xii); 
 (ix) Permitted Acquisition Indebtedness and any Permitted
Refinancing Indebtedness in respect thereof (including any subsequent Permitted Refinancing Indebtedness in respect of any Debt previously incurred under this Section 9.02(b)(ix)); provided, that unless the Collateral Conditions have
been met, on the date such Permitted Acquisition Indebtedness was incurred, issued or assumed, whether concurrently with or subsequent to such Acquisition Transaction either (1) the Parent Borrower would be permitted to incur at least $1.00 of
additional Debt pursuant to the Minimum Fixed Charge Coverage Ratio Test or (2) the Consolidated Fixed Charge Coverage Ratio for the Parent Borrower and its Restricted Subsidiaries immediately after such incurrence, issuance or assumption would
be greater than the Consolidated Fixed Charge Coverage Ratio for the Parent Borrower and its Restricted Subsidiaries immediately prior to such incurrence, issuance or assumption; 

  
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 (x) Debt of the Borrowers (and any Guarantee thereof by a Guarantor) under
the Revolver Facility in an aggregate principal amount at any time outstanding not to exceed the lesser of (1) $100,000,000 and (2) 85% of the Loan Parties’ eligible accounts receivable so long as on or before the date on which the such Debt is
incurred under the Revolver Facility, (y) the First Lien Representatives, the First Lien Collateral Agents, the Administrative Agent, the Collateral Agent and the representative with respect to the Revolver Facility, and, if any, the Second
Lien Representatives and the Junior Lien Representatives shall become a party to the Revolver/Term Intercreditor Agreement and (z) any other requirements set forth in the Revolver/Term Intercreditor Agreement shall have been satisfied; 

(xi) other Debt and/or Disqualified Stock in an aggregate principal amount and/or liquidation preference, as applicable, that,
when taken together with the aggregate principal amount and/or liquidation preference, as applicable, of all other Debt and/or Disqualified Stock incurred pursuant to this clause (xi) and then outstanding will not exceed, together with any
outstanding Permitted Refinancing Indebtedness in respect thereof (but excluding any Increased Amount) the greater of (1) $75,000,000 and (2) 2.5% of the Parent Borrower’s Consolidated Net Tangible Assets after giving Pro Forma Effect to any
applicable Specified Transactions and applicable transactions in connection therewith identified in the definition of “Pro Forma Effect” determined as of the date such Debt is incurred or such Disqualified Stock is issued; provided
that (i) any such Debt or Disqualified Stock shall not be secured by any assets that are Collateral and (ii) any such Debt or Disqualified Stock of a Loan Party referred to in this clause (xi) does not mature and does not have any
mandatory or scheduled principal payments or sinking fund obligations prior to 91 days after the Maturity Date (except as a result of a customary change of control or asset sale repurchase offer provisions, subject to the prior making of any
required payments on the Indebtedness hereunder); and 
 (xii) subject to satisfying the Collateral Conditions, First Lien
Debt, Second Lien Debt, Junior Lien Debt or unsecured Debt, in each case that are Permitted Loans . 
 (c) The Borrowers shall not, and shall
not permit any Guarantor to, directly or indirectly, incur any Debt which by its terms (or by the terms of any agreement governing such Debt) is subordinated to any other Debt of the Parent Borrower, the
Co-Borrower or of such Guarantor, as the case may be, unless such Debt is also by its terms (or by the terms of any agreement governing such Debt) made expressly subordinate to the Loans or the Loan Guarantee
of such Guarantor, as the case may be, to the same extent and in the same manner as such Debt is subordinated pursuant to subordination provisions that are most favorable to the holders of any other Debt of the Parent Borrower, the Co-Borrower or of such Guarantor, as the case may be; provided, however, that no Debt shall be deemed to be contractually subordinated in right of payment to any other Debt solely by virtue of being
unsecured. 
 (d) For purposes of determining compliance with this Section 9.02, in the event that an item of proposed Debt meets the
criteria of more than one of the categories of Debt described in Section 9.02(b)(i) through (xii), or is entitled to be incurred pursuant to Section 9.02(a), the Parent Borrower shall be permitted to divide or classify such item of Debt on
the date of its incurrence, or later divide or reclassify all or a portion of such item of Debt, in any manner that complies with this Section 9.02, and such item of Debt will be treated as having been incurred pursuant to one or more of such
categories; provided that all Debt under this Agreement and the other Loan Documents shall at all times be deemed outstanding under Section 9.02(b)(iv), Junior 

  
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Lien Debt under Credit Facilities shall at all times be deemed outstanding under Section 9.02(b)(i)(B) and Debt under the Revolver Facility shall at all times be deemed outstanding under
Section 9.02(b)(x). Accrual of interest or dividends, the accretion of accreted value, the accretion or amortization of original issue discount and the payment of interest or dividends in the form of additional Debt or Disqualified Stock will
not be deemed to be an incurrence of Debt or Disqualified Stock for purposes of this covenant. 
 Section 9.03 Liens. The Parent
Borrower shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur or assume any Lien on any Collateral, except Permitted Liens. 

Section 9.04 Merger or Consolidation. 

(a) No Borrower shall consolidate or merge with or into (whether or not such Borrower is the surviving corporation), or sell, assign, transfer,
lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions to, another Person unless (i) such Borrower is the survivor or the Person formed by or surviving any such
consolidation or merger (if other than such Borrower) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made (the “Successor Company”) is a corporation, partnership or limited
liability company organized or existing under the laws of the United States, any state thereof or the District of Columbia, (ii) the Successor Company (if other than such Borrower) assumes all the obligations of such Borrower under this
Agreement pursuant to a customary assumption agreement, (iii) immediately after such transaction no Default or Event of Default exists, (iv) except in the case of a merger of the Parent Borrower or the
Co-Borrower with or into each other or into a Wholly-Owned Restricted Subsidiary of the Parent Borrower that is a Loan Party, immediately after giving Pro Forma Effect to the transaction as if the same had
occurred at the beginning of the applicable Test Period, either (1) the Successor Company may incur at least $1.00 of additional Debt pursuant to the Minimum Fixed Charge Coverage Ratio Test, or (2) the Consolidated Fixed Charge Coverage
Ratio of the Successor Company is no less than the Consolidated Fixed Charge Coverage Ratio of the Parent Borrower immediately before such transaction, and (v) if such Borrower is not the Successor Company in such transaction, each Guarantor
(unless it is the Successor Company, in which case clause (ii) above will apply) confirms in a customary writing that its Loan Guarantee and the Liens granted by it pursuant to the security interests will apply to the Successor
Company’s obligations in respect of this Agreement and that its Loan Guarantee and such Liens will continue to be in effect. 
 (b) Upon
any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the properties or assets of a Borrower in accordance with Section 9.04(a) hereof, the Successor Company formed
by such consolidation or into or with which such Borrower is merged or to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such
consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition, the provisions of this Agreement referring to the “Parent Borrower” or the “Co-Borrower”, as
applicable, shall refer instead to the Successor Company and not to the Parent Borrower or the Co-Borrower, as applicable), and may exercise every right and power of the Parent Borrower or the Co-Borrower, as applicable, under this Agreement with the same effect as if such successor corporation had been named as the Parent Borrower or the Co-Borrower, as

  
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applicable, herein; provided, however, that the predecessor Borrower shall not be relieved from its obligations under this Agreement in the case of any such lease. For the
purposes of this Section 9.04, a time charter, bareboat charter or Vessel management or similar agreement involving providing Vessels and related services to customers in the ordinary course of business shall not be deemed a lease. 

Section 9.05 Minimum Available Liquidity. The Parent Borrower will not, as of the last day of any fiscal quarter, permit Available
Liquidity to be less than the Minimum Liquidity Amount as of such date. 
 Section 9.06 Transactions with Affiliates. The Parent
Borrower shall not, and shall not permit any of its Restricted Subsidiaries to, make any payment to, or sell, lease, transfer or otherwise dispose of any of its Property to, or purchase any property or assets from, or enter into or make or amend any
transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate (each of the foregoing, an “Affiliate Transaction”), unless (a) such Affiliate Transaction is on terms that
are no less favorable to the Parent Borrower or its relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction by the Parent Borrower or such Restricted Subsidiary with an unrelated Person or, if there is no
such comparable transaction, on terms that are fair and reasonable to the Parent Borrower or such Restricted Subsidiary, and (b) the Parent Borrower delivers to the Administrative Agent (i) with respect to any Affiliate Transaction or
series of related Affiliate Transactions involving aggregate consideration in excess of $20,000,000, a resolution of the Board of Directors of the Parent Borrower set forth in a certificate of a Responsible Officer certifying that such Affiliate
Transaction complies with clause (a) above and that such Affiliate Transaction has been approved by a majority of the disinterested members of the Board of Directors and (ii) with respect to any Affiliate Transaction or series of related
Affiliate Transactions involving aggregate consideration in excess of $50,000,000, an opinion as to the fairness to the Parent Borrower or the relevant Subsidiary of such Affiliate Transaction from a financial point of view issued by an accounting,
appraisal or investment banking firm that is, in the judgment of the Board of Directors, qualified to render such opinion and is independent with respect to the Parent Borrower, provided that such opinion will not be required with respect to any
Affiliate Transaction or series of related Affiliate Transactions involving either (i) shipyard contracts that are awarded following a competitive bidding process and approved by a majority of the disinterested members of the Board of Directors
or (ii) an Affiliate in which an unrelated third person owns Voting Stock in excess of that owned by the Parent Borrower or any of its Restricted Subsidiaries; provided, however, that the following shall be deemed not to be
Affiliate Transactions: 
 (A) any employment agreement or other employee compensation plan or arrangement entered into by the Parent
Borrower or any of its Restricted Subsidiaries in the ordinary course of business of the Parent Borrower or such Restricted Subsidiary; 

(B) transactions between or among the Loan Parties; 

(C) Permitted Investments and Restricted Payments that are permitted by the provisions of Section 9.01 of this Agreement or that are made
as part of a Foreign Vessel Reflagging Transaction; 

  
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 (D) loans or advances to officers, directors and employees of the Parent Borrower or any of
its Restricted Subsidiaries made in the ordinary course of business and consistent with past practices of the Parent Borrower and its Restricted Subsidiaries in an aggregate amount not to exceed $500,000 outstanding at any one time; 

(E) indemnities of officers, directors and employees of the Parent Borrower or any of its Restricted Subsidiaries permitted by bylaw or
statutory provisions; 
 (F) maintenance in the ordinary course of business of customary benefit programs or arrangements for officers,
directors and employees of the Parent Borrower or any of its Restricted Subsidiaries, including without limitation vacation plans, health and life insurance plans, deferred compensation plans, retirement or savings plans and similar plans; 

(G) registration rights or similar agreements with officers, directors or significant shareholders of the Parent Borrower or any of its
Restricted Subsidiaries; 
 (H) issuance of Equity Interests (other than Disqualified Stock) by the Parent Borrower; 

(I) the payment of reasonable and customary regular fees to directors of the Parent Borrower or any of its Restricted Subsidiaries who are not
employees of the Parent Borrower or any Affiliate; 
 (J) transaction with a Person that is an Affiliate of the Parent Borrower or any of its
Restricted Subsidiaries solely because the Parent Borrower or any of its Restricted Subsidiaries owns an Equity Interest in such Person; 

(K) time charter, bareboat charter or management agreements related to Vessels between the Parent Borrower or any of its Restricted
Subsidiaries and a Joint Venture or Unrestricted Subsidiary or a Restricted Subsidiary that is not a Loan Party made on terms generally consistent with terms available in an arms-length transaction with an unrelated third party; and 

(L) (i) any other transaction with an Affiliate reported in any Form 10-K, Form 10-Q, Form 8-K or proxy statement filed by the Parent Borrower with the SEC since December 31, 2011 that was approved by the Board of Directors of the Parent Borrower and
(ii) any other transaction with an Affiliate reported in any Form 10-K, Form 10-Q, Form 8-K or proxy statement filed by the
Parent Borrower with the SEC following the Effective Date that (x) is approved by the Board of Directors and (y) is substantially similar to any transaction described in clause (i) above. 

Section 9.07 Burdensome Restrictions. The Parent Borrower shall not, and shall not permit any of its Restricted 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 Restricted Subsidiary of the Parent Borrower to do any of the following: (a)(i) pay dividends or make any
other distributions to the Parent Borrower or any of its Restricted Subsidiaries on its Equity Interests or (ii) pay any Debt owed to the Parent Borrower or any of its Restricted Subsidiaries (it being understood that the priority of any
preferred stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on common stock shall not be deemed a restriction on the ability to pay dividends or make any other distributions on
Equity Interests); (b) make loans or advances to the Parent Borrower or any of its Restricted Subsidiaries or (c) transfer any of its Property to the Parent Borrower or any of its Restricted Subsidiaries, except for such encumbrances or
restrictions existing under or by reason of 

  
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 (1) the Existing Indebtedness, 

(2) this Agreement and the Guaranty and Collateral Agreement, 

(3) applicable law, 
 (4) any
instrument governing (x) Debt or Equity Interests of a Person acquired by the Parent Borrower or any of its Restricted Subsidiaries as in effect at the time of such acquisition (except to the extent such Debt was incurred in connection with or
in contemplation of such acquisition), which encumbrance or restriction is not applicable to any Person or the assets of any Person, other than the Person, or the assets of the Person, so acquired, provided that, in the case of Debt, such Debt was
permitted by the terms of this Agreement to be incurred and (y) Permitted Acquisition Indebtedness to the extent applicable only to the acquired assets or to assets subject to such Debt, 

(5) by reason of customary non-assignment provisions in leases entered into in the ordinary course of
business and consistent with past practices, 
 (6) by reason of customary provisions restricting the transfer of copyrighted or patented
materials consistent with industry practice, 
 (7) purchase money obligations for property acquired in the ordinary course of business that
impose restrictions of the nature described in clause (c) above on the property so acquired, 
 (8) customary provisions in any
agreement (x) creating any Hedging Obligations permitted under this Agreement or (y) governing any First Lien Debt, Second Lien Debt, Junior Lien Debt or Revolver Facility, 

(9) Permitted Refinancing Indebtedness with respect to any Debt referred to in clauses (1), (2), (4) and (8)(y) above, provided that the
restrictions referred to in this Section 9.07 that are contained in the agreements governing such Permitted Refinancing Indebtedness are not materially more restrictive, taken as a whole, than those contained in the agreements governing the
Indebtedness being refinanced, 
 (10) provisions with respect to the disposition or distribution of assets in joint venture agreements,
asset sale agreements, stock sale agreements and other similar agreements, or 
 (11) those contracts, agreements or understandings that will
govern Permitted Investments. 
  

  
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 Section 9.08 Asset Sales. The Parent Borrower shall not, and shall not permit
any of its Restricted Subsidiaries to, consummate an Asset Sale (excluding for all purposes of this Section 9.08 any Event of Loss) unless (i) the Parent Borrower or such Restricted Subsidiary, as the case may be, receives consideration at
the time of such Asset Sale at least equal to the Specified Value (the calculation of which shall be set forth in an Officer’s Certificate delivered to the Administrative Agent) of the Collateral subject to such Asset Sale; and (ii) except
in the case of a Permitted Asset Swap, (A) at least 75% of the aggregate consideration received by the Parent Borrower and its Restricted Subsidiaries from such Asset Sale and all other Asset Sales since the Effective Date on a cumulative basis
is in the form of cash or Cash Equivalents; provided, however, that the amount of (w) any liabilities that are secured by Permitted Liens on the Collateral under clauses (a), (d), (e) and (k) of the definition thereof and that are
assumed by the transferee of any such Property, rights or Equity Interests pursuant to a customary novation agreement that releases the Parent Borrower or such Restricted Subsidiary from further liability, (x) Liquid Equity Securities having an
aggregate Specified Value in an amount not to exceed $25,000,000 in the aggregate for all such Liquid Equity Securities received following the Effective Date and then held by the Parent Borrower and its Restricted Subsidiaries; provided,
however, that the amount of any Liquid Equity Securities at any time shall be (1) the amount actually invested (measured at the time made), without adjustment for subsequent increases or decreases in the value of such Investment
minus (2) the amount of dividends or distributions received in connection with such Investment and any return of capital and any payment of principal received in respect of such Investment that in each case is received in cash or Cash
Equivalents by a Loan Party in a deposit account or securities account, as applicable, that is subject to an Account Control Agreement, (y) any securities, notes or other obligations received by the Parent Borrower or such Restricted Subsidiary
from such transferee that are converted within 180 days by the Parent Borrower or such Restricted Subsidiary into cash (to the extent of the cash received in that conversion) and (z) Vessels and related Property installed or intended for use in
the ordinary course of business on Vessels shall, in each case of (w), (x), (y) and (z) (provided that Section 8.14(a)(iii) and Section 8.14(a)(iv) are complied with) each be deemed to be Cash Equivalents for purposes of this
Section 9.08; or (B) such consideration is comprised entirely of cash, Cash Equivalents and/or Equity Interests (other than Liquid Equity Securities) of an entity engaged in a Permitted Business (such Equity Interests referred to in this
clause (B), “Specified Non-Cash Consideration”) so long as, in the case of Specified Non-Cash Consideration, the Investment in such Specified Non-Cash Consideration is permitted under clause (h) of the definition of “Permitted Investments” and the other applicable conditions set forth in such clause (h) are satisfied; provided,
that the receipt of Liquid Equity Securities and Specified Non-Cash Consideration and Vessels and related Property installed or intended for use in the ordinary course of business on such Vessels shall be
deemed to constitute Cash Equivalents only if and to the extent such Liquid Equity Securities, Specified Non-Cash Consideration and Vessels and related Property installed or intended for use in the ordinary
course of business on such Vessels (a) are acquired and held by a Loan Party and (b)(i) in the case of Equity Securities and other personal property so acquired, are pledged (or, in the case of Liquid Equity Securities, the Securities Account
which they are held is pledged) to the Collateral Agent, for the ratable benefit of the Lenders, pursuant to the Guaranty and Collateral Agreement and (ii) in the case of Vessels and related Property installed or intended for use in the
ordinary course of business on such Vessels, the Collateral Agent, for the ratable benefit of the Secured Parties, is granted a Second Lien (or, after the Discharge of the First Lien Obligations, a first priority Lien) (subject to Permitted Liens of
the type described in clause (k) of the definition thereof, as applicable) security interests (or the foreign equivalent) in all related Property installed or intended for use in the ordinary course of business on such Vessels. 

  
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 Section 9.09 Restriction on Other 2020 Senior Note or 2021 Senior Note
Transactions. For a period of ninety (90) days following the Effective Date, the Parent Borrower and its Restricted Subsidiaries shall not exchange any other 2020 Senior Notes or 2021 Senior Notes for (a) any First Lien Debt of the
Parent Borrower or any of its Restricted Subsidiaries or (b) any Incremental Term Loans or Second Lien Debt of the Parent Borrower or any of its Restricted Subsidiaries at an exchange ratio greater than in the Exchange Transaction Documents
pursuant to which this Agreement was entered into and the Exchanged Notes exchanged for the Exchanged Loans without providing each Lender with additional Exchanged Loans per $1,000 principal amount of such Lender’s Exchanged Notes exchanged in
the Exchange Transactions equal to the difference between the amount of Exchanged Loans per $1,000 principal amount of provided in the Exchange Transaction and in such subsequent exchange. 

ARTICLE X 
 Events of
Default; Remedies 
 Section 10.01 Events of Default. One or more of the following events shall constitute an “Event
of Default”: 
 (a) the Borrowers shall fail to pay any principal of any Loan when and as the same shall become due and payable,
whether at the due date thereof or at a date fixed for prepayment thereof, by acceleration or otherwise; and (other than a payment due on the Maturity Date) such failure is not cured within three (3) Business Days after the applicable due date.

 (b) the Borrowers shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in
Section 10.01(a)) payable under any Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of three (3) Business Days. 

(c) any representation or warranty made or deemed made pursuant to Section 6.01 by or on behalf of the Parent Borrower, the Co-Borrower or any Guarantor in or in connection with any Loan Document or any amendment or modification of any Loan Document or waiver under such Loan Document, or in any report, certificate, financial statement or
other document furnished pursuant to any Loan Document or any amendment or modification thereof or waiver thereunder, shall prove to have been incorrect in any material adverse respect when made or deemed made pursuant to Section 6.01. 

(d) the Parent Borrower, the Co-Borrower or any Guarantor shall fail to observe or perform any
covenant, condition or agreement contained in Section 8.04 (with respect to the existence of the Borrowers), Section 8.07 or Section 8.12 or in Article IX. 

(e) the Parent Borrower, the Co-Borrower or any Guarantor shall fail to observe or perform any
covenant, condition or agreement contained in this Agreement (other than those specified in Section 10.01(a), Section 10.01(b) or Section 10.01(d)) or any other Loan Document, and such failure shall continue unremedied for a period of
thirty (30) days after the earlier to occur of (i) written notice thereof from the Administrative Agent to the Borrowers (which notice will be given at the written request of the Required Lenders) or (ii) the chief executive officer
or the chief financial officer (or a person holding a similar title) of the Parent Borrower, the Co-Borrower or any Guarantor otherwise becoming aware of such default. 

  
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 (f) the Parent Borrower, the Co-Borrower or any
Guarantor shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable. 

(g) any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or
permits (after the giving of notice, the lapse of time or both) the holder or holders of such Material Indebtedness or any trustee or administrative agent on its or their behalf to cause such Material Indebtedness to become due, or to require the
redemption thereof or any offer to redeem to be made in respect thereof, prior to its scheduled maturity or require the Parent Borrower or any Guarantor being required to make an offer in respect thereof; provided that the occurrence of an
“Event of Default” (under and as defined in the First Lien Term Loan Agreement) shall only result in an Event of Default under this clause (g) to the extent that the First Lien Debt is declared to be due and payable prior to its
stated maturity as a result thereof and the acceleration thereof has not been rescinded or the Event of Default cured within any applicable cure periods. 

(h) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or
other relief in respect of the Parent Borrower, the Co-Borrower or any Guarantor or its debts, or of a substantial part of its assets, under any federal, state or foreign bankruptcy, insolvency, receivership
or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Parent Borrower, the Co-Borrower or any Guarantor
or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered. 

(i) the Parent Borrower, the Co-Borrower or any Guarantor shall 

(i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any
federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, 
 (ii) consent to
the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in Section 10.01(h), 

(iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official
for the Parent Borrower, the Co-Borrower or any Guarantor or for a substantial part of its assets, 

(iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, 

(v) make a general assignment for the benefit of creditors or 

(vi) take any action for the purpose of effecting any of the foregoing. 

  
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 (j) one or more judgments for the payment of money in an aggregate amount in excess of
$25,000,000 (to the extent not covered by independent third party insurance provided by insurers of the highest claims paying rating or financial strength as to which the insurer does not dispute coverage and is not subject to an insolvency
proceeding) shall be rendered against the Parent Borrower, the Co-Borrower or any Guarantor or any combination thereof and the same shall remain undischarged (or the Borrowers and the Guarantor shall not have
provided for its discharge) for a period of sixty (60) consecutive days during which execution shall not be effectively stayed and, if stayed pending appeal, for such longer period during such appeal while providing such accruals as may be
required by GAAP. 
 (k) any material provision of the Loan Documents, after delivery thereof, shall for any reason, except to the extent
permitted by the terms thereof, cease to be in full force and effect and valid, binding and enforceable in accordance with their terms against the Parent Borrower, the Co-Borrower or any Guarantor or shall be
repudiated by any of them, or cease to create a valid and perfected Lien of the priority required thereby on any material part of the collateral purported to be covered thereby, (except to the extent permitted by the terms of this Agreement, or the
Parent Borrower, the Co-Borrower or any Guarantor shall so state in writing) and such invalidity, lack of binding effect or priority is not cured within thirty (30) days after the earliest to occur of
(x) notice from the Administrative Agent (as directed by the Required Lenders) concerning its belief that a material provision is not valid and binding or asserting the lack of priority of a Lien, or (y) the chief executive officer or
chief financial officer of the Borrower otherwise becomes aware that any material provision is not valid and binding or that a Lien lacks the intended priority. 

(l) an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA Events that have
occurred, has resulted in, or could reasonably be expected to result in, liability of the Borrowers and any Guarantor in an aggregate amount that could reasonably be expected to have a Material Adverse Effect. 

Section 10.02 Remedies. 

(a) In the case of an Event of Default other than one described in Section 10.01(h) or Section 10.01(i), at any time thereafter
during the continuance of such Event of Default, the Administrative Agent may, and at the written request of the Required Lenders, shall, by notice to the Borrowers, take either or both of the following actions, at the same or different times:
(i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and
payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees, premiums and other obligations of the Borrowers accrued
hereunder and under the other Loan Documents, shall become due and payable immediately, without presentment, demand, protest, notice of intent to accelerate, notice of acceleration or other notice of any kind, all of which are hereby waived by the
Borrowers; and in case of an Event of Default described in Section 10.01(h) or Section 10.01(i), any Incremental Term Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest
thereon and all fees, premiums and the other obligations of the Borrowers accrued hereunder and under the other Loan Documents, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of
which are hereby waived by the Borrowers. 

  
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 (b) In the case of the occurrence of an Event of Default, the Administrative Agent and the
Lenders will have all other rights and remedies available under the Loan Documents or at law and equity. 
 (c) All proceeds realized from
the liquidation or other disposition of Collateral or otherwise received after maturity of the Loans, whether by acceleration or otherwise, shall be applied, subject to the Intercreditor Agreements: 

(i) first, to payment or reimbursement of that portion of the Indebtedness constituting fees, expenses and indemnities
(including legal fees and expenses) payable to the Administrative Agent in its capacity as such; 
 (ii) second, pro rata to
payment or reimbursement of that portion of the Indebtedness constituting fees, expenses and indemnities payable to the Lenders; 

(iii) third, pro rata to payment of accrued interest on the Loans; 

(iv) fourth, pro rata to payment of principal outstanding on the Loans; 

(v) fifth, pro rata to any other Indebtedness; and 

(vi) sixth, any excess, after all of the Indebtedness shall have been indefeasibly paid in full in cash, shall be paid to the
Borrowers or as otherwise required by any Governmental Requirement. 
 ARTICLE XI 

The Agents 

Section 11.01 Appointment; Powers. Each of the Lenders hereby appoints Wilmington Trust, National Association as its
Administrative Agent and the Collateral Agent (including as trustee/mortgagee under the Fleet Mortgages). Each Lender authorizes the Agents to take such actions on its behalf and to exercise such powers as are delegated to such Agent by the terms
hereof and the other Loan Documents. 
 Section 11.02 Duties and Obligations of the Agents. The Agents shall have no
duties or obligations except those expressly set forth in the Loan Documents. Without limiting the generality of the foregoing, (a) no Agent shall be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred
and is continuing (the use of the term “Administrative Agent”, “Collateral Agent” or “Agent” herein and in the other Loan Documents with reference to the Administrative Agent or the Collateral Agent
is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law; rather, such term is used merely as a matter of market custom, and is intended to create or reflect only an
administrative relationship between independent contracting parties), (b) no Agent shall have any duty to take any discretionary action or exercise any discretionary powers, except as provided in Section 11.03, and (c) except as expressly
set forth herein, no Agent shall have a duty to disclose, 

  
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and shall not be liable for the failure to disclose, any information relating to the Parent Borrower or any of its Subsidiaries that is communicated to or obtained by such Agent or any of its
Affiliates in any capacity. The Agents shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to a responsible officer of such Agent by the Parent Borrower, the
Co-Borrower or a Lender, and shall not be responsible for or have any duty to ascertain or inquire into 

(i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, 

(ii) the contents of any certificate, report or other document delivered hereunder or under any other Loan Document or in connection herewith
or therewith, 
 (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or in
any other Loan Document, 
 (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any
other agreement, instrument or document, 
 (v) the satisfaction of any condition set forth in Article VI or elsewhere herein, other than to
confirm receipt of items expressly required to be delivered to such Agent or as to those conditions precedent expressly required to be to such Agent’s satisfaction, 

(vi) the existence, value, perfection or priority of any collateral security or the financial or other condition of the Parent Borrower and its
Subsidiaries, or 
 (vii) any failure by the Parent Borrower, the Co-Borrower or any other Person
(other than itself) to perform any of its obligations hereunder or under any other Loan Document or the performance or observance of any covenants, agreements or other terms or conditions set forth herein or therein. 

For purposes of determining compliance with the conditions specified in Article VI, each Lender shall be deemed to have consented to, approved
or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless an Agent shall have received written notice from such Lender prior to the
proposed Effective Date specifying its objection thereto. 
 Section 11.03 Action by Agents. Each Agent shall have no
duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that such Agent is required to exercise in writing as directed by the
Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 12.02) and in all cases each Agent shall be fully justified in failing or refusing to act hereunder or
under any other Loan Documents unless it shall (a) receive written instructions from the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 12.02)
specifying the action to be taken and (b) be indemnified to its satisfaction by the Lenders against any and all liability claims, losses, fees and expenses which may be incurred by it by reason of taking or continuing to take any such action.
The instructions as aforesaid and any 

  
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action taken or failure to act pursuant thereto by an Agent shall be binding on all of the Lenders. If a Default has occurred and is continuing, then an Agent shall take such action with respect
to such Default as shall be directed by the requisite Lenders in the written instructions (with indemnities satisfactory to it) described in this Section 11.03; provided that, unless and until such Agent shall have received such
directions, such Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the interests of the Lenders. In no event, however, shall an Agent be
required to take any action which exposes such Agent to a risk of personal liability or which is contrary to this Agreement, the Loan Documents or applicable law. If a Default has occurred and is continuing, no Agent shall have any obligation to
perform any act in respect thereof. Each Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the
circumstances as provided in Section 12.02), and otherwise such Agent shall not be liable for any action taken or not taken by it hereunder or under any other Loan Document or under any other document or instrument referred to or provided for
herein or therein or in connection herewith or therewith including its own ordinary negligence, except for its own gross negligence or willful misconduct. 

Section 11.04 Reliance by Agents. Each Agent shall be entitled to rely upon, and shall not incur any liability for relying
upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. Each Agent also may rely upon any statement made to it orally or by
telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon, except in the case of gross negligence or willful misconduct by such Agent and each of the Borrowers, the Guarantors, and the
Lenders hereby waives the right to dispute such Agent’s record of such statement absent manifest error. Each Agent may consult with legal counsel (who may be counsel for the Borrowers), independent accountants and other experts selected by it,
and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. Each Agent may deem and treat the payee of any Note as the holder thereof for all purposes hereof unless and
until a written notice of the assignment or transfer thereof permitted hereunder shall have been filed with such Agent. 

Section 11.05 Sub-Agents. Each Agent may perform any and all its duties and exercise its
rights and powers by or through any one or more sub-Agents appointed by such Agent. Each Agent and any such sub-Agent may perform any and all its duties and exercise its
rights and powers through their respective Related Parties. The exculpatory provisions of the preceding Sections of this Article XI shall apply to any such sub-Agent and to the Related Parties of such Agent
and any such sub-Agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as such Agent. 

Section 11.06 Resignation or Removal of Agents. Subject to the appointment and acceptance of a successor Agent, including
as the case may be, the Collateral Agent, as trustee/mortgagee under the Fleet Mortgage, as provided in this Section 11.06, each Agent may resign at any time by notifying the Lenders and the Borrowers, and such Agent may be removed at any time
with or without cause by the Required Lenders. Upon any such resignation or removal, the Required Lenders shall have the right, in consultation with the Borrowers, to appoint a successor. If no successor shall have been so appointed by the Required
Lenders and shall have accepted such appointment within thirty (30) days after the retiring Agent gives notice of its 

  
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resignation or removal of the retiring Agent, then the retiring Agent may, on behalf of the Lenders and at the expense of the Borrowers, appoint a successor Agent, or an Affiliate of any such
Lender as approved by the Required Lenders or if no such successor shall be appointed by the retiring Agent as aforesaid, the Required Lenders shall thereafter perform all of the duties of the retiring Agent hereunder (and the retiring Agent shall
be discharged from its duties and obligations hereunder) until such appointment by the Required Lenders is made and accepted. Upon the acceptance of its appointment as Agent hereunder by a successor, such successor shall succeed to and become vested
with all the rights, powers, privileges and duties of the retiring Agent, and the retiring Agent shall be discharged from its duties and obligations hereunder. The fees payable by the Borrowers to a successor Agent shall be the same as those payable
to its predecessor unless otherwise agreed between the Borrowers and such successor. After an Agent’s resignation hereunder, the provisions of this Article XI and Section 12.03 shall continue in effect for the benefit of such retiring
Agent, its sub-Agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Agent. The institution acting as Collateral Agent shall
always also act as trustee/mortgagee under the Fleet Mortgages. 
 Section 11.07 Agents as Lenders. Each Lender
serving as an Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not an Agent, and such Lender and its Affiliates may accept deposits from, lend money to
and generally engage in any kind of business with the Parent Borrower or any of its Subsidiaries or other Affiliates as if it were not an Agent hereunder. 

Section 11.08 Funds held by Agents. The Agents shall have no responsibility for interest or income on any funds held by it
hereunder and any funds so held shall be held uninvested pending distribution thereof. 
 Section 11.09 No Reliance. Each Lender
acknowledges that it has, independently and without reliance upon any Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement and each
other Loan Document to which it is a party. Each Lender also acknowledges that it will, independently and without reliance upon any Agent or any other Lender and based on such documents and information as it shall from time to time deem appropriate,
continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document, any related agreement or any document furnished hereunder or thereunder. No Agent shall be required to keep itself
informed as to the performance or observance by the Parent Borrower or any of its Subsidiaries of this Agreement, the Loan Documents or any other document referred to or provided for herein or to inspect the Property or books of the Parent Borrower
or its Subsidiaries. Except for notices, reports and other documents and information expressly required to be furnished to the Lenders by an Agent hereunder, no Agent shall have any duty or responsibility to provide any Lender with any credit or
other information concerning the affairs, financial condition or business of the Borrowers (or any of their Affiliates) which may come into the possession of such Agent or any of its Affiliates. Each party hereto will consult with its own legal
counsel to the extent that it deems necessary in connection with the Loan Documents and the matters contemplated therein. 

  
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 Section 11.10 Agents May File Proofs of Claim. In case of the pendency of any
receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Borrowers, the Guarantors or any of their Subsidiaries, each Agent (irrespective of whether the
principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether an Agent shall have made any demand on the Borrowers or the Guarantors) shall be entitled and empowered, by
intervention in such proceeding or otherwise: 
 (a) to file a
proof-of-claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other Indebtedness that are owing and unpaid and to
file such other documents as may be necessary and directed by the Required Lenders in order to have the claims of the Lenders and the Agents (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders
and the Agents and their respective agents and counsel and all other amounts due the Lenders and the Agents under Section 12.03) allowed in such judicial proceeding; 

(b) to collect and receive any monies or other Property payable or deliverable on any such claims and to distribute the same; and 

(c) and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is
hereby authorized and directed by each Lender to make such payments to the Agents and, in the event that the Agents shall consent to the making of such payments directly to the Lenders, to pay to the Agents any amount due for the reasonable
compensation, expenses, disbursements and advances of the Agents and their agents and counsel, and any other amounts due the Agents under Section 12.03. 

Nothing contained herein shall be deemed to authorize any Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan
of reorganization, arrangement, adjustment or composition affecting the Indebtedness or the rights of any Lender or to authorize any Agent to vote in respect of the claim of any Lender in any such proceeding. 

Section 11.11 Authority of the Agents to Release Collateral, Liens and Guarantors. Each Lender hereby
authorizes the Agents to, and the Agents shall without any further authorization or consent from any Lender, upon receipt of a Collateral and Lien Release Officer’s Certificate release any Collateral that is permitted to be sold or otherwise
disposed of, used in making any Permitted Investment or Restricted Payment that is permitted under Section 9.01 or becomes an Excluded Asset and to release any Guarantor pursuant to the terms of the Loan Documents. Each Lender hereby authorizes
the Agents, and the Agents shall without any further authorization or consent from any Lender, upon receipt of a Collateral and Lien Release Officer’s Certificate, execute and deliver to the Borrowers or any applicable Restricted Subsidiary, at
the Borrowers’ sole cost and expense, any and all releases of Liens, termination statements, assignments or other documents reasonably requested by the Borrowers in connection with any sale or other disposition of Property to the extent such
sale or other disposition is permitted by the terms of the Loan Documents, is used in making any Permitted Investment or Restricted Payment that is permitted under Section 9.01 or becomes an Excluded Asset and in each instance complies with
Section 9.14 of the Guaranty and Collateral Agreement, as evidenced in the Collateral and Lien Release Officer’s Certificate delivered to the Collateral Agent. Notwithstanding the foregoing, it is understood and agreed that, except as
contemplated by Sections 8.11(b) and 8.14(b) and clause (h) of the definition of “Permitted Investments,” the Liens on any Collateral securing the Indebtedness 

  
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shall not be released (x) upon a sale, transfer or other disposition of such Collateral to any Person that is, or that is required to be, in each case at the time of such sale, transfer or
other disposition, a Loan Party (but disregarding the grace period provided for in Section 8.14(a)(ii)) or (y) if such Collateral is Vessel Collateral, if the transferee is a Restricted Subsidiary of the Parent Borrower; provided, however,
that in connection with (A) a Foreign Vessel Reflagging Transaction if the Person to whom such Collateral is being transferred grants a new Lien on such Collateral or (B) a Permitted Asset Swap where new Collateral is granted consistent
with Section 8.14(a)(iii) or 8.14(a)(iv), then, upon receipt of a Collateral and Lien Release Officer’s Certificate without any further authorization or consent from any Lender, the Collateral Agent shall release such Collateral. For
purposes of the preceding sentence, any Specified Foreign Subsidiary the Equity Interests of which are required to be pledged in accordance with Section 8.14(a)(ii) shall be deemed to be a Loan Party. Upon the request of the Borrowers, in
connection with any transaction otherwise permitted hereunder, any Agent upon receipt of a Collateral and Lien Release Officer’s Certificate without any further authorization or consent from any Lender is authorized to release Collateral that
is disposed of (other than to a Person that is, or that is required to be, in each case at the time of such sale, transfer or other disposition, a Loan Party (but disregarding the grace period provided for Section 8.14(a)(ii)) or whose owner
ceases to be a Restricted Subsidiary of the Parent Borrower) and any Guarantor that ceases to be a Restricted Subsidiary of the Parent Borrower or otherwise ceases to be required to be a Guarantor under the Loan Documents and to execute any
intercreditor arrangements or releases or amendments to the Security Instruments to reflect the senior, pari passu or junior nature of any Liens associated with Debt permitted to be incurred (and so secured) hereunder (including, for the avoidance
of doubt, Debt incurred pursuant to Section 9.02(b)(i), 9.02(b)(ii), 9.02(b)(x) or 9.02(b)(xii) and secured pursuant to Section 9.03), in each case, pursuant to a transaction permitted by this Agreement. 

Section 11.12 Merger, Conversion or Consolidation of Agents. Any corporation into which the Agents may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Agents shall be a party, or any corporation succeeding to the corporate trust and loan agency business of the Agents, shall be
the successor of the Agents hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. 

ARTICLE XII 

Miscellaneous 

Section 12.01 Notices. 

(a) Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to Section 12.01(b)),
all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows: 

(i) if to the Borrowers (or either of them), to it at: 

Hornbeck Offshore Services, Inc. 

Hornbeck Offshore Services, LLC 

103 Northpark Blvd., Suite 300 

  
 103 

 Covington, LA 70433 

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

Email: james.harp@hornbeckoffshore.com 

with a copy to: 
 Hornbeck
Offshore Services, Inc. 
 Hornbeck Offshore Services, LLC 

103 Northpark Blvd., Suite 300 

Covington, LA 70433 
 Attention:
Samuel A. Giberga, Executive Vice President, General Counsel and Chief Compliance Officer 
 Email: Samuel.giberga @hornbeckoffshore.com

 (ii) if to the Administrative Agent, to it at 

Wilmington Trust, National Association 

Suite 1290, 50 South Sixth Street 

Minneapolis, MN 55402 

Attention: Nikki Kroll, Banking Officer 

Email: nkroll@wilmingtontrust.com 

(iii) if to Collateral Agent, to it at: 

Wilmington Trust, National Association 

Suite 1290, 50 South Sixth Street 

Minneapolis, MN 55402 

Attention: Nikki Kroll, Banking Officer 

Email: nkroll@wilmingtontrust.com 

(iv) if to any other Lender, to it at its address (or telecopy number) set forth on its signature page hereto, as the same may
be updated from time to time by written notice to the Administrative Agent and the Borrowers. 
 (b) Notices and other communications to the
Lenders hereunder may be delivered or furnished by electronic communications pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Articles II, III, IV and V unless
otherwise agreed by the Administrative Agent and the applicable Lender. Notices and other communications to the Borrowers may be delivered or furnished by electronic communications; provided that, unless receipt of such electronic communication is
acknowledged by the Borrowers, such communication is followed by telephonic and hard copy communication as well. The Administrative Agent may, in its discretion, agree to accept notices and other communications to it hereunder by electronic
communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications. 

  
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 (c) Any party hereto may change its address or telecopy number for notices and other
communications hereunder by notice to the other parties hereto. 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. 

Section 12.02 Waivers; Amendments. 

(a) No failure on the part of the Administrative Agent or any Lender to exercise and no delay in exercising, and no course of dealing with
respect to, any right, power or privilege, or any abandonment or discontinuance of steps to enforce such right, power or privilege, under any of the Loan Documents shall operate as a waiver thereof, nor shall any single or partial exercise of any
right, power or privilege under any of the Loan Documents preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies of the Administrative Agent and the Lenders hereunder and under
the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or any other Loan Document or consent to any departure by the Parent Borrower, the Co-Borrower or any other Loan Party therefrom shall in any event be effective unless the same shall be permitted by Section 12.02(b), and then such waiver or consent shall be effective only in the specific
instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent or any other Lender may have had
notice or knowledge of such Default at the time. 
 (b) Neither this Agreement nor any provision hereof nor any Security Instrument nor any
provision thereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrowers and the Required Lenders or by the Borrowers and the Administrative Agent with the consent of the Required
Lenders (or the deemed approval, waiver or consent of the Required Lenders based on the approval, waiver or consent of the First Lien Required Lenders, as specifically provided herein); provided that no such agreement shall 

(i) increase the Commitment of any Lender without the written consent of such Lender, 

(ii) reduce the principal amount of any Loan or reduce the rate of interest thereon, or reduce any fees payable hereunder, or
reduce any other Indebtedness hereunder or under any other Loan Document, without the written consent of each Lender affected thereby, 

(iii) postpone the scheduled date of payment or prepayment of the principal amount of any Loan, or any interest thereon, or any
fees payable hereunder, or any other Indebtedness hereunder or under any other Loan Document, or reduce the amount of, waive or excuse any such payment, or postpone or extend the Maturity Date without the written consent of each Lender affected
thereby, 

  
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 (iv) change Section 4.01(b) or Section 4.01(c) in a manner that
would alter the pro rata sharing of payments required thereby or change Section 10.02(c), in each case, without the written consent of each Lender, 

(v) release all or substantially all of the collateral or all or substantially all of the value of the guarantees of the
Indebtedness made by the Guarantors without the written consent of each Lender, 
 (vi) change any of the provisions of this
Section 12.02(b) or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or under any other Loan Documents or
make any determination or grant any consent hereunder or any other Loan Documents, without the written consent of each Lender, 

(vii) amend or modify Section 2.09 or any condition precedent to the incurrence of any Incremental Term Commitments or
Incremental Term Loans, or otherwise amend this Agreement in any manner that would permit the incurrence of any additional Indebtedness hereunder, in each case without the consent of each Lender, or 

(viii) affect the rights or duties of Lenders holding Loans of a particular Class (but not the Lenders holding Loans of any
other Class), without the written consent of the requisite percentage in interest of the affected Class of Lenders that would be required to consent thereto if such Class of Lenders was the only Class; 

provided, further that no such agreement shall amend, modify or otherwise affect the rights or duties of any Agent hereunder or
under any other Loan Document without the prior written consent of such Agent. 
 (c) Notwithstanding anything to the contrary contained in
this Section 12.02, the Administrative Agent may, with the consent of the Borrowers only, amend, modify or supplement this Agreement or any of the other Loan Documents to correct any clerical errors or cure any ambiguity, omission, mistake,
defect or inconsistency so long as such correction is not materially adverse to the Lenders as certified in an Officer’s Certificate. 

(d) The Security Instruments and related documents in connection with this Agreement and the other Loan Documents may be in a form reasonably
determined by the Administrative Agent and the Collateral Agent and may be, together with this Agreement, amended, supplemented and waived with the consent of the Administrative Agent and the Collateral Agent at the request of the Borrowers without
the need to obtain the consent of any other Lender if such amendment, supplement or waiver is delivered in order (i) to comply with local law or advice of local counsel, or (ii) to cause such Security Instruments or other documents to be
consistent with this Agreement and the other Loan Documents, including, without limitation, Section 6.02, so long as such facts are certified in an Officer’s Certificate. 

  
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 Section 12.03 Expenses, Indemnity; Damage Waiver. 

(a) The Borrowers shall pay (i) all reasonable
out-of-pocket fees and expenses incurred by the Agents and their respective Affiliates, including, without limitation, the reasonable fees, charges and disbursements of
counsel for the Agents (but limited to one primary counsel for the Agents and their respective Affiliates, collectively and in each case, if necessary, one local counsel in each relevant jurisdiction (which may include a single special counsel
acting in multiple jurisdictions) and special counsel for each relevant specialty (and, in the case of an actual conflict of interest, where the party affected by such conflict, informs the Borrowers of such conflict and thereafter retains its own
counsel, of another firm of counsel for each such affected person)), the reasonable travel, photocopy, mailing, courier, telephone and other similar expenses, in connection with the preparation, negotiation, execution, delivery and administration
(both before and after the execution hereof and including advice of counsel to the Agents and/or the Lenders as to the rights and duties of the Administrative Agent and the Lenders with respect thereto) of this Agreement and the other Loan Documents
and any amendments, modifications or waivers of or consents related to the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all costs, expenses, Taxes, assessments and other
charges incurred by any Agent or any Lender in connection with any filing, registration, recording or perfection of any security interest contemplated by this Agreement or any Security Instrument or any other document referred to therein, and
(iii) all out-of-pocket fees and expenses incurred by any Agent or any Lender, including the fees, charges and disbursements of any counsel for any Agent or any
Lender (but limited to one primary counsel for each of (x) the Agents and their respective Affiliates, collectively and (y) the Lenders and their respective Affiliates, collectively, and in each case, if necessary, one local counsel
in each relevant jurisdiction (which may include a single special counsel acting in multiple jurisdictions) and special counsel for each relevant specialty (and, in the case of an actual conflict of interest, where the party affected by such
conflict, informs the Borrowers of such conflict and thereafter retains its own counsel, of another firm of counsel for each such affected person)), in connection with the enforcement or protection of its rights in connection with this Agreement or
any other Loan Document, including its rights under this Section 12.03, and including, without limitation, all such out-of-pocket expenses incurred during any
workout or restructuring in respect of such Loans. 
 (b) THE BORROWERS SHALL INDEMNIFY THE ADMINISTRATIVE AGENT AND EACH LENDER, AND EACH
RELATED PARTY OF ANY OF THE FOREGOING PERSONS (EACH SUCH PERSON BEING CALLED AN “INDEMNITEE”) AGAINST, AND HOLD EACH INDEMNITEE HARMLESS FROM, ANY AND ALL LOSSES, CLAIMS, DAMAGES, LIABILITIES, FEES AND RELATED EXPENSES, INCLUDING
THE FEES, CHARGES AND DISBURSEMENTS OF ANY COUNSEL FOR ANY INDEMNITEE, INCURRED BY OR ASSERTED AGAINST ANY INDEMNITEE ARISING OUT OF, IN CONNECTION WITH, OR AS A RESULT OF (i) THE EXECUTION OR DELIVERY OF THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT OR ANY AGREEMENT OR INSTRUMENT CONTEMPLATED HEREBY OR THEREBY, THE PERFORMANCE BY THE PARTIES HERETO OR THE PARTIES TO ANY OTHER LOAN DOCUMENT OF THEIR RESPECTIVE OBLIGATIONS HEREUNDER OR THEREUNDER OR THE CONSUMMATION OF THE TRANSACTIONS
CONTEMPLATED HEREBY OR BY ANY OTHER LOAN DOCUMENT, (ii) THE FAILURE OF THE PARENT BORROWER OR ANY SUBSIDIARY TO COMPLY WITH THE TERMS OF ANY LOAN DOCUMENT, INCLUDING THIS AGREEMENT, OR WITH ANY GOVERNMENTAL REQUIREMENT, (iii) ANY
INACCURACY OF ANY REPRESENTATION OR ANY BREACH OF ANY WARRANTY OR COVENANT OF ANY LOAN PARTY SET FORTH IN ANY OF THE 

  
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LOAN DOCUMENTS OR ANY INSTRUMENTS, DOCUMENTS OR CERTIFICATIONS DELIVERED IN CONNECTION THEREWITH, (iv) ANY LOAN OR THE USE OF THE PROCEEDS THEREFROM, (v) ANY OTHER ASPECT OF THE LOAN
DOCUMENTS, (vi) THE OPERATIONS OF THE BUSINESS OF THE PARENT BORROWER AND ITS SUBSIDIARIES BY THE PARENT BORROWER AND ITS SUBSIDIARIES, (vii) ANY ASSERTION THAT THE LENDERS WERE NOT ENTITLED TO RECEIVE THE PROCEEDS RECEIVED PURSUANT TO THE
SECURITY INSTRUMENTS, (viii) ANY ENVIRONMENTAL LAW APPLICABLE TO THE PARENT BORROWER OR ANY SUBSIDIARY OR ANY OF THEIR PROPERTIES, INCLUDING WITHOUT LIMITATION, THE PRESENCE, GENERATION, STORAGE, RELEASE, THREATENED RELEASE, USE, TRANSPORT,
DISPOSAL, ARRANGEMENT OF DISPOSAL OR TREATMENT OF OIL, OIL AND GAS WASTES, SOLID WASTES OR HAZARDOUS SUBSTANCES ON ANY OF THEIR PROPERTIES, (ix) THE BREACH OR NON-COMPLIANCE BY THE PARENT BORROWER OR ANY
SUBSIDIARY WITH ANY ENVIRONMENTAL LAW APPLICABLE TO THE PARENT BORROWER OR ANY SUBSIDIARY, (x) THE PAST OWNERSHIP BY THE PARENT BORROWER OR ANY SUBSIDIARY OF ANY OF THEIR PROPERTIES OR PAST ACTIVITY ON ANY OF THEIR PROPERTIES WHICH, THOUGH
LAWFUL AND FULLY PERMISSIBLE AT THE TIME, COULD RESULT IN PRESENT LIABILITY, (xi) THE PRESENCE, USE, RELEASE, STORAGE, TREATMENT, DISPOSAL, GENERATION, THREATENED RELEASE, TRANSPORT, ARRANGEMENT FOR TRANSPORT OR ARRANGEMENT FOR DISPOSAL OF OIL,
OIL AND GAS WASTES, SOLID WASTES OR HAZARDOUS SUBSTANCES ON OR AT ANY OF THE PROPERTIES OWNED OR OPERATED BY THE PARENT BORROWER OR ANY SUBSIDIARY OR ANY ACTUAL OR ALLEGED PRESENCE OR RELEASE OF HAZARDOUS MATERIALS ON OR FROM ANY PROPERTY OWNED OR
OPERATED BY THE PARENT BORROWER OR ANY SUBSIDIARY, (xii) ANY ENVIRONMENTAL LIABILITY RELATED IN ANY WAY TO THE PARENT BORROWER OR ANY SUBSIDIARY, (xiii) ANY OTHER ENVIRONMENTAL, HEALTH OR SAFETY CONDITION IN CONNECTION WITH THE LOAN
DOCUMENTS, OR (xiv) ANY ACTUAL OR PROSPECTIVE CLAIM, LITIGATION, INVESTIGATION OR PROCEEDING RELATING TO ANY OF THE FOREGOING, WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY AND REGARDLESS OF WHETHER ANY INDEMNITEE IS A PARTY THERETO, AND
SUCH INDEMNITY SHALL EXTEND TO EACH INDEMNITEE NOTWITHSTANDING THE SOLE OR CONCURRENT NEGLIGENCE OF EVERY KIND OR CHARACTER WHATSOEVER, WHETHER ACTIVE OR PASSIVE, WHETHER AN AFFIRMATIVE ACT OR AN OMISSION, INCLUDING WITHOUT LIMITATION, ALL TYPES OF
NEGLIGENT CONDUCT IDENTIFIED IN THE RESTATEMENT (SECOND) OF TORTS OF ONE OR MORE OF THE INDEMNITEES OR BY REASON OF STRICT LIABILITY IMPOSED WITHOUT FAULT ON ANY ONE OR MORE OF THE INDEMNITEES; PROVIDED THAT ANY OF THE ABOVE INDEMNITIES
(EXCEPT FOR ANY INDEMNITIES REGARDING ENVIRONMENTAL LAW) SHALL NOT, AS TO ANY INDEMNITEE, BE AVAILABLE TO THE EXTENT THAT SUCH LOSSES, CLAIMS, DAMAGES, LIABILITIES OR RELATED EXPENSES ARE DETERMINED BY A COURT OF COMPETENT JURISDICTION BY FINAL AND
NONAPPEALABLE JUDGMENT TO HAVE RESULTED FROM (X) THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH INDEMNITEE OR (Y) ANY DISPUTE SOLELY AMONG INDEMNITEES (OTHER THAN ANY CLAIMS 

  
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AGAINST AN INDEMNITEE IN ITS CAPACITY OR IN FULFILLING ITS ROLE AS AN AGENT OR ARRANGER OR ANY SIMILAR ROLE HEREUNDER OR UNDER ANY OTHER LOAN DOCUMENT AND OTHER THAN ANY CLAIMS ARISING OUT OF ANY
ACT OR OMISSION OF THE PARENT BORROWER OR ANY OF ITS SUBSIDIARIES). 
 (c) To the extent any Agent is not reimbursed and/or indemnified by
the Borrowers in accordance with the provisions of this Agreement, the Lenders will reimburse and indemnify such Agent, severally and not jointly, in proportion to each Lender’s pro rata share (determined as of the time that the applicable
unreimbursed expense or indemnity payment is sought), 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 such Agent in connection with or arising out of any act or omission of such Agent related to its duties hereunder or under any other Loan Document or the performance thereof or in any way relating to or arising
out of this Agreement or any other Loan 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 such Agent’s gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and non-appealable decision). In the case of any investigation, litigation or
proceeding giving rise to any claim for indemnification hereunder, this Section 12.03 applies whether any such investigation, litigation or proceeding is brought by any Lender or any other Person. 

(d) To the extent permitted by applicable law, no party hereto shall assert, and each party hereto hereby waives, any claim against each other,
on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or
instrument contemplated hereby or thereby, the Transactions, any Loan or the use of the proceeds thereof; provided that the foregoing shall not limit the Borrower’s indemnification obligations pursuant to Section 12.03(b) to the
extent such damages are included in any such claim that is entitled to such indemnification. 
 (e) All amounts due under this
Section 12.03 shall be payable not later than ten (10) days after written demand therefor. This Section 12.03 shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. 
 Section 12.04 Successors and Assigns. 

(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby, except that (i) except as expressly permitted by Section 9.04, no Borrower may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any
attempted assignment or transfer by such Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section 12.04. Nothing in
this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants (to the extent provided in Section 12.04(c)) and, to the
extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

  
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 (b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may
assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of any Commitments and the Loans at the time owing to it) pursuant to an Assignment and Assumption Agreement
substantially in the form of Exhibit G (an “Assignment”) with the prior written consent of: (A) the Borrowers (such consent not to be unreasonably withheld); provided that no consent of the Borrowers shall be
required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund (as defined below) or, except as provided in clause (f) below, if an Event of Default under Section 10.01(a), (b), (h) or (i) has occurred and is
continuing, any other Person; and (B) the Administrative Agent. 
 (ii) Assignments shall be subject to the following
additional conditions: 
 (A) except in the case of an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or
an assignment of the entire remaining amount of the assigning Lender’s Loans, the amount of the Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment is delivered to the Administrative Agent)
shall not be less than $1,000,000, unless each of the Borrowers and the Administrative Agent otherwise consent; provided, that simultaneous assignments to affiliated funds may be aggregated; provided, further, that no such
consent of the Borrowers shall be required if an Event of Default under Section 10.01(a), (b), (h) or (i) has occurred and is continuing; 

(B) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment, together with a
processing and recordation fee of $3,500; provided that (x) the Administrative Agent may, in its sole discretion, elect to waive or reduce such processing and recordation fee in the case of any assignment and (y) simultaneous assignments
to affiliated funds shall be deemed to constitute a single assignment for purposes of the foregoing; 
 (C) the assignee, if
it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire; and 
 (D)
notwithstanding anything to the contrary herein, no assignments shall be made to (1) the Parent Borrower or any of its Subsidiaries except as permitted by Section 12.04(g) or (2) any Lender if such Lender would request reimbursement
for Indemnified Taxes pursuant to Section 5.03 or cannot comply with the requirements of Section 5.03(g). 
 (iii)
Subject to Section 12.04(b)(iv) and the acceptance and recording thereof, from and after the effective date specified in each Assignment the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such
Assignment, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment, be released from its obligations under this Agreement (and, in the
case of an Assignment 

  
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covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of
Section 5.01, Section 5.03 and Section 12.03 with respect to facts and circumstances occurring prior to the Effective Date). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply
with this Section 12.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 12.04(c)(i). 

(iv) The Administrative Agent, acting for this purpose as an administrative agent of the Borrowers, shall maintain at one of
its offices a copy of each Assignment delivered to it and a register for the recordation of the names, addresses and telecopy number of the Lenders, and the Commitment of, and principal amount (and stated interest) of the Loans owing to, each Lender
pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrowers, the Administrative Agent and the Lenders shall treat each Person whose name
is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrowers and any Lender, at any
reasonable time and from time to time upon reasonable prior notice. 
 (v) Upon its receipt of a duly completed Assignment
executed by an assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire and applicable required tax forms (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to
in Section 12.04(b) and any written consent to such assignment required by Section 12.04(b), the Administrative Agent shall accept such Assignment and record the information contained therein in the Register. No assignment shall be
effective for purposes of this Agreement unless it has been recorded in the Register after meeting the requirements provided in this Section 12.04(b). 

(c) (i) Any Lender may, without the consent of the Borrowers or the Administrative Agent, sell participations to one or more Lenders or other
entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that (A) such
Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the Borrowers, the Administrative Agent and
the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall
provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender
will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the proviso to Section 12.02 that affects such Participant. In addition such agreement must provide that the Participant be bound by
the provisions of Section 12.03. Subject to Section 12.04(c)(ii), the Borrowers agree that each Participant shall be entitled to the benefits of Sections 5.01 and 5.03 to the same extent as if it were a Lender and had acquired its interest
by assignment pursuant to Section 12.04(b). To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 12.08 as though it were a Lender; provided such Participant agrees to be subject to
Section 4.01(c) as though it were a Lender. 

  
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 (ii) A Participant shall not be entitled to receive any greater payment
under Section 5.03 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrowers’ prior
written consent or to extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation. A Participant shall not be entitled to the benefits of Section 5.03
unless such Participant agrees to comply with Section 5.03(g) as though it were a Lender (it being understood that the documentation shall be delivered to the participating Lender). 

(iii) Each Lender that sells a participation shall, acting solely for this purpose as a
non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the
Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any
Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish
that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) and Proposed Treasury Regulations 1.163-5(b) of the
United States Treasury Regulations (or any successor version). The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner
of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a
Participant Register. 
 (d) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this
Agreement to secure obligations of such Lender, including, without limitation, any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section 12.04(d) shall not apply to any such pledge or assignment of a security
interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

(e) Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole
right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant,
agree to any amendment, modification or waiver that affects such Participant. Each Lender that sells a participation agrees, at the Borrowers’ request and expense, to use reasonable efforts to cooperate with the Borrowers to effectuate the
provisions of Section 2.07 with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 12.08 as though it were a Lender; provided that such Participant agrees
to be 

  
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subject to Section 4.01 as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrowers, maintain a register on which it
enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”);
provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans,
letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded
in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have
no responsibility for maintaining a Participant Register. 
 (f) Notwithstanding anything in this Agreement to the contrary, in no event
shall any Lender or Participant assign any portion of or sell any participations in its rights and obligations under this Agreement to a competitor of the Parent Borrower or a Subsidiary in the business of providing the services of offshore supply
vessels, or offshore service vessels (including, without limitation, crew boats, fast supply vessels, multi-purpose support vessels, construction vessels, anchor handling towing supply vessels, tugs, double hulled tank barges and double hulled
tankers or other complementary offshore marine vessels) or any other marine vessel business, including any logistics services related thereto or any ancillary, complementary or related line of business, or an Affiliate of any such competitor. This
prohibition shall be included in any documentation effecting an assignment of any interest herein or in any Loans and any attempted assignment in violation of this provision shall be void ab initio. 

(g) Notwithstanding anything in this Agreement to the contrary, any Lender may, at any time, assign all or a portion of its Loans on a non-pro rata basis to the Borrowers pursuant to open market purchases or in accordance with the procedures set forth on Exhibit I, pursuant to an offer made by the Borrowers available to all Lenders on a pro
rata basis (a “Dutch Auction”), subject to the following limitations: 
 (i) the Borrowers shall represent
and warrant, as of the date of the launch of the Dutch Auction and on the date of any such assignment, that neither it, its Affiliates nor any of its respective directors or officers has any Excluded Information that has not been disclosed to the
Lenders generally (other than to the extent any such Lender does not wish to receive material non-public information with respect to the Parent Borrower or its Subsidiaries or any of their respective
securities) prior to such date; 
 (ii) immediately and automatically, without any further action on the part of the
Borrowers, any Lender, the Administrative Agent or any other Person, upon the effectiveness of such assignment of Loans from a Lender to the Borrowers, such Loans and all rights and obligations as a Lender related thereto shall, for all purposes
under this Agreement, the other Loan Documents and otherwise, be deemed to be irrevocably prepaid (provided that the Borrowers shall also pay any applicable premium or call protection), terminated, extinguished, cancelled and of no further force and
effect and the Borrowers shall neither obtain nor have any rights as a Lender hereunder or under the other Loan Documents by virtue of such assignment; 

  
 113 

 (iii) the Borrowers shall not use the proceeds of any Loans for any such
assignment; and 
 (iv) no Event of Default shall have occurred and be continuing before or immediately after giving effect
to such assignment. 
 Section 12.05 Survival; Revival; Reinstatement. 

(a) All covenants, agreements, representations and warranties made by the Borrowers herein and in the certificates or other instruments
delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the making of any
Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time
any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and so long as the Commitments
have not expired or terminated. The provisions of Sections 3.05, 5.01, 5.03 and 12.03 and Article XI shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the
Loans, the resignation or removal of any Agent, the expiration or termination of the Commitments or the termination of this Agreement, any other Loan Document or any provision hereof or thereof. 

(b) To the extent that any payments on the Indebtedness or proceeds of any Collateral are subsequently invalidated, declared to be fraudulent
or preferential, set aside or required to be repaid to a trustee, debtor in possession, receiver or other Person under any Debtor Relief Law, common law or equitable cause, then to such extent, the Indebtedness so satisfied shall be revived and
continue as if such payment or proceeds had not been received and the Administrative Agent’s and the Lenders’ Liens, rights, powers and remedies under this Agreement and each Loan Document shall continue in full force and effect. In such
event, each Loan Document shall be automatically reinstated and the Borrowers shall take such action as may be reasonably requested by the Administrative Agent (as directed by the Required Lenders) to effect such reinstatement. 

Section 12.06 Counterparts; Integration; Effectiveness. 

(a) This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute
an original, but all of which when taken together shall constitute a single contract. The exchange of copies of this Agreement and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this
Agreement as to the parties hereto and may be used in lieu of the original Agreement and signature pages for all purposes. 

  
 114 

 (b) This Agreement, the other Loan Documents and any separate letter agreements with respect
to fees payable to the Administrative Agent or the Lenders constitute the entire contract among the parties relating to the subject matter hereof and thereof and supersede any and all previous agreements and understandings, oral or written, relating
to the subject matter hereof and thereof. 
 (c) Except as provided in Section 6.01, this Agreement shall become effective when it shall
have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be as effective as delivery of a manually executed counterpart of
this Agreement. 
 Section 12.07 Severability. Any provision of this Agreement or any other Loan Document held to be invalid,
illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions
hereof or thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

Section 12.08 Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of their
respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever
currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender or any such Affiliate to or for the credit or the account of the Borrowers or any other Loan Party against any and all of the obligations of the
Borrowers or such Loan Party now or hereafter existing under this Agreement or any other Loan Document to such Lender or their respective Affiliates, irrespective of whether or not such Lender or Affiliate shall have made any demand under this
Agreement or any other Loan Document and although such obligations of the Borrowers or such Loan Party may be contingent or unmatured or are owed to a branch, office or Affiliate of such Lender different from the branch, office or Affiliate holding
such deposit or obligated on such indebtedness. The rights of each Lender and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender or their respective
Affiliates may have. Each Lender agrees to notify the Borrowers and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and
application. 
 Section 12.09 GOVERNING LAW; JURISDICTION; WAIVER OF JURY TRIAL. 

(a) THIS AGREEMENT AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

(b) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO ANY LOAN DOCUMENT SHALL BE BROUGHT EXCLUSIVELY IN THE COURTS OF THE STATE OF NEW YORK
SITTING IN NEW YORK COUNTY OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY HEREBY ACCEPTS FOR ITSELF 

  
 115 

 
AND (TO THE EXTENT PERMITTED BY LAW) IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS; PROVIDED THAT NOTHING IN THIS AGREEMENT SHALL
BE DEEMED OR OPERATE TO PRECLUDE (I) ANY AGENT FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE OBLIGATIONS UNDER THE LOAN DOCUMENTS, OR TO ENFORCE A JUDGMENT
OR OTHER COURT ORDER IN FAVOR OF THE ADMINISTRATIVE AGENT OR THE COLLATERAL AGENT OR (II) ANY PARTY FROM BRINGING ANY LEGAL ACTION OR PROCEEDING IN ANY JURISDICTION FOR THE RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT. EACH PARTY HEREBY AGREES
THAT A FINAL JUDGMENT IN ANY SUCH LEGAL ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY OBJECTION,
INCLUDING, WITHOUT LIMITATION, ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY SUCH ACTION OR PROCEEDING IN SUCH RESPECTIVE JURISDICTIONS. 

(c) EACH PARTY HEREBY (i) IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, TRIAL BY JURY IN ANY LEGAL
ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN; (ii) CERTIFIES THAT NO PARTY HERETO NOR ANY REPRESENTATIVE OR ADMINISTRATIVE AGENT OR COUNSEL FOR ANY PARTY HERETO HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, OR IMPLIED THAT SUCH PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, AND (iii) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT, THE LOAN DOCUMENTS AND THE
TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS CONTAINED IN THIS SECTION 12.09. 

Section 12.10 Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference
only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

Section 12.11 Confidentiality. Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the
Information (as defined below), except that Information may be disclosed 
 (a) to its and its Affiliates’ directors, officers,
employees and Administrative Agents, including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep
such Information confidential), 
 (b) to the extent requested by any regulatory authority, 

  
 116 

 (c) to the extent required by applicable laws or regulations or by any subpoena or similar
legal process, 
 (d) to any other party to this Agreement or any other Loan Document, 

(e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any suit, action or proceeding relating to
this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, 
 (f) subject to an agreement containing
provisions substantially the same as those of this Section 12.11, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or
prospective counterparty (or its advisors) to any Hedging Obligation relating to the Parent Borrower or the Co-Borrower, as applicable, and its obligations, 

(g) with the consent of the Borrowers or 

(h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section 12.11 or
(ii) becomes available to the Administrative Agent or any Lender on a nonconfidential basis from a source other than the Borrowers. 

For the purposes of this Section 12.11, “Information” means all information received from the Parent Borrower or any
Subsidiary relating to the Borrowers or any Subsidiary and their businesses, other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Parent Borrower or a
Subsidiary; provided that, in the case of information received from the Parent Borrower or any Subsidiary after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain
the confidentiality of Information as provided in this Section 12.11 shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as
such Person would accord to its own confidential information. 
 Section 12.12 Interest Rate Limitation. It is the intention of
the parties hereto that each Lender shall conform strictly to usury laws applicable to it. Accordingly, if the transactions contemplated hereby would be usurious as to any Lender under laws applicable to it (including the laws of the United States
of America and the State of New York or any other jurisdiction whose laws may be mandatorily applicable to such Lender notwithstanding the other provisions of this Agreement), then, in that event, notwithstanding anything to the contrary in any of
the Loan Documents or any agreement entered into in connection with or as security for the Loans, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under law applicable to any Lender that is contracted
for, taken, reserved, charged or received by such Lender under any of the Loan Documents or agreements or otherwise in connection with the Loans shall under no circumstances exceed the maximum amount allowed by such applicable law, and any excess
shall be canceled automatically and if theretofore paid shall be credited by such Lender on the principal amount of the Indebtedness (or, to the extent that the principal amount of the Indebtedness shall have been or would thereby be paid in full,
refunded by such Lender to the Borrowers); and (ii) in the event that the maturity of the Loans is accelerated by reason of an 

  
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election of the holder thereof resulting from any Event of Default under this Agreement or otherwise, or in the event of any required or permitted prepayment, then such consideration that
constitutes interest under law applicable to any Lender may never include more than the maximum amount allowed by such applicable law, and excess interest, if any, provided for in this Agreement or otherwise shall be canceled automatically by such
Lender as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited by such Lender on the principal amount of the Indebtedness (or, to the extent that the principal amount of the Indebtedness shall have been or would
thereby be paid in full, refunded by such Lender to the Borrowers). All sums paid or agreed to be paid to any Lender for the use, forbearance or detention of sums due hereunder shall, to the extent permitted by law applicable to such Lender, be
amortized, prorated, allocated and spread throughout the stated term of the Loans evidenced by the Notes until payment in full so that the rate or amount of interest on account of any Loans hereunder does not exceed the maximum amount allowed by
such applicable law. If at any time and from time to time (i) the amount of interest payable to any Lender on any date shall be computed at the Highest Lawful Rate applicable to such Lender pursuant to this Section 12.12 and (ii) in
respect of any subsequent interest computation period the amount of interest otherwise payable to such Lender would be less than the amount of interest payable to such Lender computed at the Highest Lawful Rate applicable to such Lender, then the
amount of interest payable to such Lender in respect of such subsequent interest computation period shall continue to be computed at the Highest Lawful Rate applicable to such Lender until the total amount of interest payable to such Lender shall
equal the total amount of interest which would have been payable to such Lender if the total amount of interest had been computed without giving effect to this Section 12.12. 

Section 12.13 No Third Party Beneficiaries. This Agreement, the other Loan Documents, and the agreement of the Lenders to make
Loans hereunder are solely for the benefit of the Borrowers, the Guarantors and no other Person (including, without limitation, any Subsidiary of the Borrowers, any Subsidiary of the Guarantors, any obligor, contractor, subcontractor, supplier or
materialsman) shall have any rights, claims, remedies or privileges hereunder or under any other Loan Document against the Administrative Agent or any Lender for any reason whatsoever. There are no third party beneficiaries other than the
Guarantors. 
 Section 12.14 Electronic Communications. 

(a) The Borrowers hereby agree that, unless otherwise requested by the Administrative Agent, each will provide to the Administrative Agent all
information, documents and other materials that it is obligated to furnish to the Administrative Agent pursuant to the Loan Documents, including, without limitation, all notices, requests, financial statements, financial and other reports,
certificates and other information materials, but excluding any such communication that (i) relates to a request for a new Borrowing or other extension of credit, (ii) relates to the payment of any principal or other amount due under this
Agreement prior to the scheduled date therefor, (iii) provides notice of any Default or Event of Default under this Agreement, (iv) is required to be delivered to satisfy any condition precedent to the effectiveness of this Agreement
and/or any Borrowing or other extension of credit hereunder or (v) initiates or responds to legal process (all such non-excluded information being referred to herein collectively as the
“Communications”) by transmitting the Communications in an electronic/soft medium (provided such Communications contain any required signatures) in a format acceptable to the Administrative Agent, to such e-mail address designated by the Administrative Agent from time 

  
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to time. Each of the Agents and the Lenders hereby agrees that, unless otherwise requested by the Borrowers, to the extent such Agent or Lender delivers or furnishes any communication hereunder
to the Loan Parties by electronic communications, unless receipt of such electronic communication is acknowledged by the Borrowers, such Agent or Lender will provide such notice or communication by telephone and hard copy communication as well. 

(b) Each party hereto agrees that the Administrative Agent may make the Communications available to the Lenders by posting the Communications
on IntraLinks or another relevant website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent) (the “Platform”). Nothing
in this Section 12.14 shall prejudice the right of the Administrative Agent to make the Communications available to the Lenders in any other manner specified in the Loan Documents. 

(c) The Parent Borrower hereby acknowledges that certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish
to receive material non- public information with respect to the Parent Borrower or its securities) (each, a “Public Lender”). The Parent Borrower hereby agrees that (i) Communications that may
not be made available to Public Lenders shall be clearly and conspicuously marked “PRIVATE” which, at a minimum, shall mean that the word “PRIVATE” shall appear prominently on the first page thereof, (ii) by not marking
Communications “PRIVATE,” the Parent Borrower shall be deemed to have authorized the Administrative Agent and the Lenders to treat such Communications as either publicly available information or not material information (although it may be
sensitive and proprietary) with respect to the Parent Borrower or its securities for purposes of United States federal and state securities laws, (iii) all Communications not marked “PRIVATE” are permitted to be made available through
a portion of the Platform designated “Public Lender,” and (iv) the Administrative Agent shall be entitled to treat any Communications that are marked “PRIVATE” as being suitable only for posting on a portion of the Platform
not designated “Public Lender.” 
 (d) Each Lender agrees that e-mail notice to it (at the
address provided pursuant to the next sentence and deemed delivered as provided in the next paragraph) specifying that Communications have been posted to the Platform shall constitute effective delivery of such Communications to such Lender for
purposes of the Loan Documents. Each Lender agrees (i) to notify the Administrative Agent in writing (including by electronic communication) from time to time to ensure that the Administrative Agent has on record an effective e-mail address for such Lender to which the foregoing notice may be sent by electronic transmission and (ii) that the foregoing notice may be sent to such e-mail address.

 (e) Each party hereto agrees that any electronic communication referred to in this Section 12.14 shall be deemed delivered upon the
posting of a record of such communication (properly addressed to such party at the e-mail address provided to the Administrative Agent) as “sent” in the e-mail
system of the sending party or, in the case of any such communication to the Administrative Agent, upon the posting of a record of such communication as “received” in the e-mail system of the
Administrative Agent; provided that if such communication is not so received by the Administrative Agent during the normal business hours of the Administrative Agent, such communication shall be deemed delivered at the opening of business on
the next Business Day for the Administrative Agent. 

  
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 (f) Each party hereto acknowledges that (i) the distribution of material through an
electronic medium is not necessarily secure and that there are confidentiality and other risks associated with such distribution, (ii) the Communications and the Platform are provided “as is” and “as available,” (iii) none
of the Administrative Agents, their affiliates nor any of their respective officers, directors, employees, Administrative Agents, advisors or representatives (collectively, the “Administrative Agent Parties”) warrants the adequacy,
accuracy or completeness of the Communications or the Platform, and each Administrative Agent Party expressly disclaims liability for errors or omissions in any Communications or the Platform, and (iv) no warranty of any kind, express, implied
or statutory, including, without limitation, any warranty of merchantability, fitness for a particular purpose, non-infringement of third party rights or freedom from viruses or other code defects, is made by
any Administrative Agent Party in connection with any Communications or the Platform. 
 Section 12.15 USA Patriot Act Notice.
Each Lender and the Administrative Agent hereby notifies the Borrowers that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that identifies the Borrowers, which information includes the
names and addresses of each of the Borrowers and other information that will allow such Lender to identify the Borrowers in accordance with the USA PATRIOT Act. The Borrowers hereby each agree that it will provide each Lender and the Administrative
Agent with such information as they may request in order to satisfy the requirement of the USA PATRIOT Act. 
 Section 12.16
Acknowledgement and Consent to Bail-In Action. Notwithstanding any other term of any Loan Document or any other agreement, arrangement or understanding between the parties hereto, each party
hereto acknowledges and accepts any liability of any EEA Financial Institution arising under any Loan Document may be subject to the Write-Down and Conversion Powers of a Resolution Authority and agrees and consents to, and acknowledges and agrees
to be bound by: 
 (a) the application of any Write-Down and Conversion Powers by a Resolution Authority to any such liabilities arising
hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; 
 (b) the effects of any Bail-In Action in relation to any such liability, including (without limitation) (i) a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid
interest) in respect of any such liability; (ii) a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to, or conferred on, it, and that such shares or other instruments of
ownership will be accepted by it in lieu of any rights with respect to any such liability under any Loan Document; and (iii) a cancellation of any such liability; or 

(c) a variation of any term of any Loan Document to the extent necessary to give effect to any Bail-In
Action in relation to any such liability. 

  
 120 

 Section 12.17 Intercreditor Agreements.  

(a) Each Lender hereunder authorizes and instructs the Agents to enter into each Intercreditor Agreement as and when contemplated
hereunder (including, in each case, any and all amendments, amendments and restatements, modifications, supplements and acknowledgements thereto permitted hereby from time to time) as the Agents, in each case, on behalf of such Lender, and by its
acceptance of the benefits of the Security Instruments, hereby acknowledges and agrees to be bound by all such provisions to the extent in effect. Notwithstanding anything herein to the contrary, each Lender, the Administrative Agent and the
Collateral Agent acknowledges that the Lien and security interest granted to the Collateral Agent pursuant to the Security Instruments and the exercise of any right or remedy by the Administrative Agent and/or the Collateral Agent thereunder, are
subject to the provisions of the Intercreditor Agreements to the extent in effect. In the event of a conflict or any inconsistency between the terms of either Intercreditor Agreement and the Security Instruments, the terms of the applicable
Intercreditor Agreement shall prevail to the extent then in effect. 
 (b) In connection with the incurrence by any Loan Party of Debt under
the Revolver Facility, any other Second Lien Debt or any Junior Lien Debt permitted to be incurred pursuant to the terms hereof, each of the Administrative Agent and the Collateral Agent agree to execute and deliver each applicable Intercreditor
Agreement and/or any necessary supplements, joinders or confirmations to such Intercreditor Agreements and any amendments, amendments and restatements, restatements or waivers of or supplements to or other modifications to any Security Instrument,
and to make or consent to any filings or take any other actions in connection therewith, as may be reasonably deemed by the Borrowers to be necessary or reasonably desirable for any Lien on the assets of any Loan Party permitted to secure such Debt
to become a valid, perfected lien (with such priority as may be designated by the relevant Loan Party to the extent such priority is permitted by the Loan Documents) pursuant to the Security Instrument being so amended, amended and restated,
restated, waived, supplemented or otherwise modified or otherwise. 
 Section 12.18 Force Majeure. In no event shall the Agents
be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts
of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software or hardware) services; it being understood that the
Agents shall use reasonable efforts that are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

Section 12.19 Joint and Several Liability; Etc.. 

(a) The Borrowers shall have joint and several liability in respect of all Indebtedness hereunder without regard to any defense (other than the
defense of payment), setoff or counterclaim which may at any time be available to or be asserted by any other Loan Party against the Lenders, or by any other circumstance whatsoever (with or without notice to or knowledge of the Borrowers) which
constitutes, or might be construed to constitute, an equitable or legal discharge of the Borrowers’ liability hereunder, in bankruptcy or in any other instance, and such Indebtedness of the Borrowers shall not be conditioned or contingent upon
the pursuit by the Lenders or any other person at any time of any right or remedy against the Borrowers or against any other person which may be or become liable in respect of all or any part of the Indebtedness or against any Collateral or
guarantee therefor or right of offset with respect thereto. The 

  
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Borrowers hereby acknowledge that this Agreement is the independent and several obligation of each Borrower (regardless of which Borrower shall have delivered a Borrowing Request) and may be
enforced against each Borrower separately, whether or not enforcement of any right or remedy hereunder has been sought against any other Borrower. Each Borrower hereby expressly waives, with respect to any of the Loans made to any other Borrower
hereunder and any of the amounts owing hereunder by such other Loan Parties in respect of such Loans, diligence, presentment, demand of payment, protest and all notices whatsoever, and any requirement that the Administrative Agent or any Lender
exhaust any right, power or remedy or proceed against such other Loan Parties under this Agreement or any other Loan Document or any other agreement or instrument referred to herein or against any other person under any other guarantee of, or
security for, any of such amounts owing hereunder. 
 (b) Without in any way affecting or limiting Section 12.19(a), (x) the Co-Borrower hereby agrees that all actions required or permitted to be taken hereunder by the Borrowers may be taken by the Parent Borrower on behalf of the Co-Borrower, and
any such action so taken by the Parent Borrower shall be binding on the Co-Borrower and (y) the Parent Borrower hereby agrees that all actions required or permitted to be taken hereunder by the Borrowers
may be taken by the Co-Borrower on behalf of the Parent Borrower, and any such action so taken by the Co-Borrower shall be binding on the Parent Borrower. 

[SIGNATURES BEGIN NEXT PAGE] 

  
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 The parties hereto have caused this Second Lien Term Loan Agreement to be duly executed as
of the day and year first above written. 
  

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

		 		 		 	Name: James O. Harp, Jr.
		 		 		 	Title: Executive Vice President and
		 		 		 	Chief Financial Officer
			
	CO-BORROWER:	 		 	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 – Second Lien Term Loan Agreement 

Hornbeck Offshore Services, Inc. 

							
	ADMINISTRATIVE AGENT:	 		 	WILMINGTON TRUST, NATIONAL ASSOCIATION
				
		 		 	By:	 	 /s/ Nicole Kroll

		 		 		 	Name: Nicole Kroll
		 		 		 	Title: Assistant Vice President

 Signature Page – Second Lien Term Loan Agreement 

Hornbeck Offshore Services, Inc. 

							
	COLLATERAL AGENT:	 		 	WILMINGTON TRUST, NATIONAL ASSOCIATION
				
		 		 	By:	 	 /s/ Nicole Kroll

		 		 		 	Name: Nicole Kroll
		 		 		 	Title: Assistant Vice President

 Signature Page – Second Lien Term Loan Agreement 

Hornbeck Offshore Services, Inc. 

 [Lender signature pages on file with Administrative Agent] 

Signature Page – Second Lien Term Loan Agreement 

Hornbeck Offshore Services, Inc. 

 SCHEDULE 1.01(a) 

COMMITMENTS 
 [Schedule
on file with Administrative Agent] 

 SCHEDULE 1.01(b) 

INVESTMENT ENTITY VESSELS 
  

							
	 VESSEL NAME
	  	OFFICIAL
NUMBER	  	 FLAG
	  	 VESSEL OWNER

	 HOS ACHIEVER
	  	1759	  	Vanuatu	  	Hornbeck Offshore Services, LLC
	 HOS BEAUFORT
	  	1076186	  	U.S.	  	Hornbeck Offshore Services, LLC
	 HOS BRASS RING
	  	2211	  	Brazil	  	Hornbeck Offshore Navegacao, Ltda.
	 HOS BRIGADOON
	  	1077123	  	Mexico	  	HOS de Mexico, S. de R.L. de C.V.
	 HOS CORNERSTONE
	  	1091051	  	U.S.	  	Hornbeck Offshore Trinidad & Tobago, LLC
	 HOS CROSSFIRE
	  	1073262	  	Mexico	  	Hornbeck Offshore Services, LLC
	 HOS DAKOTA
	  	1077124	  	Mexico	  	HOS de Mexico, S. de R.L. de C.V.
	 HOS DEEPWATER
	  	1088301	  	Mexico	  	HOS de Mexico, S. de R.L. de C.V.
	 HOS DOMINATOR
	  	1122403	  	U.S.	  	Hornbeck Offshore Services, LLC
	 HOS DOUGLAS
	  	1088475	  	U.S.	  	Hornbeck Offshore Services, LLC
	 HOS EXPLORER
	  	1076230	  	U.S.	  	HOS-IV, LLC
	 HOS HAWKE
	  	1076185	  	Vanuatu	  	Hornbeck Offshore Services, LLC
	 HOS INNOVATOR
	  	1108573	  	U.S.	  	Hornbeck Offshore Services, LLC
	 HOS IRON HORSE
	  	1989	  	Mexico	  	HOS de Mexico II, S. de R.L. de C.V.
	 HOS NAVEGANTE
	  	2247	  	Vanuatu	  	Hornbeck Offshore Services, LLC
	 HOS NOME
	  	1097128	  	U.S.	  	Hornbeck Offshore Services, LLC
	 HOS PIONEER
	  	1091418	  	U.S.	  	HOS-IV, LLC
	 HOS SAYLOR
	  	8230	  	Vanuatu	  	Hornbeck Offshore Services, LLC
	 HOS SUPER H
	  	1075422	  	U.S.	  	Hornbeck Offshore Services, LLC
	 HOS THUNDERFOOT
	  	XCAR5	  	Mexico	  	HOS de Mexico, S. de R.L. de C.V.
	 HOS VOYAGER
	  	1065076	  	U.S.	  	HOS-IV, LLC

 SCHEDULE 7.05 

LITIGATION 
 Gulf Island Shipyards, LLC v.
Hornbeck Offshore Services, LLC 
 Case No. 201814866, 22 & JDC, St. Tammany Parish, La. Div. A. 

 SCHEDULE 7.06(f) 

PROPERTY SUBJECT TO OPA 
 None. 

 SCHEDULE 7.14 

SUBSIDIARIES 
 Each of the following
Persons is a 100% owned subsidiary of Hornbeck Offshore Services, Inc. 
  

			
	Legal name:	  	Hornbeck Offshore Services, LLC
		
	Legal name:	  	Hornbeck Offshore Transportation, LLC
		
	Legal name:	  	HOS-IV, LLC
		
	Legal name:	  	Hornbeck Offshore Trinidad & Tobago, LLC
		
	Legal name:	  	Hornbeck Offshore Operators, LLC
		
	Legal name:	  	Energy Services Puerto Rico, LLC
		
	Legal name:	  	HOS Port II, LLC
		
	Legal name:	  	Hornbeck Offshore International, LLC
		
	Legal name:	  	HOS Port, LLC
		
	Legal name:	  	Hornbeck Offshore Rigging Services & Equipment, LLC
		
	Legal name:	  	HOS International, Inc.
		
	Legal name:	  	Hornbeck Offshore Specialty Services, LLC
		
	Legal name:	  	KMS 124, LLC
		
	Legal name:	  	HOS WELLMAX Services, LLC

 The following Person is a 100% owned subsidiary of Hornbeck Offshore Services, LLC 

 

			
	Legal name:	  	HOS Holding, LLC

 The following Person is a 49% owned subsidiary of Hornbeck Offshore Services, LLC 

 

			
	Legal name:	  	Hornbeck Offshore Services de Mexico, S. de R.L. de C.V.

 Each of the following Persons is a 99% owned subsidiary of Hornbeck Offshore Services, LLC and a 1% owned subsidiary of
Hornbeck Offshore International, LLC 

 
			
	Legal name:	  	HOS Leasing de Mexico, S.A. de C.V. SOFOM E.N.R.
		
	Legal name:	  	Hornbeck Offshore Operators de Mexico, S. de R.L. de C.V.

 Each of the following Persons is a 100% owned subsidiary of Hornbeck Offshore International, LLC 

 

			
	Legal name:	  	Hornbeck Offshore Cayman, Ltd.
		
	Legal name:	  	HOI Holding, LLC

 The following Person is a 100% owned subsidiary of Hornbeck Offshore Cayman, Ltd. 

 

			
	Legal name:	  	Seahorse Crew Management, Ltd.

 The following Person is a 1% owned subsidiary of Hornbeck Offshore Services, LLC and a 99% owned subsidiary of Hornbeck
Offshore International, LLC 
  

			
	Legal name:	  	T.N. Percheron, S. de R.L. de C.V.

 The following Person is a 1% owned subsidiary of Hornbeck Offshore Specialty Services, LLC and a 99% owned subsidiary of
Hornbeck Offshore International, LLC 
  

			
	Legal name:	  	HOS de Mexico, S. de R.L. de C.V.

 The following Person is a 99% owned subsidiary of HOI Holding, LLC and a 1% owned subsidiary of HOS Holding, LLC 

 

			
	Legal name:	  	HOS de Mexico II, S. de R.L. de C.V.

 Each of the following Persons is a 0.01% owned subsidiary of Hornbeck Offshore Services, LLC and a 99.99% owned
subsidiary of Hornbeck Offshore International, LLC 
  

			
	Legal name:	  	Hornbeck Offshore Navegacao, Ltda.
		
	Legal name:	  	HON Navegacao II, Ltda.

 SCHEDULE 7.15 

LOCATION OF BUSINESS AND OFFICES 

Borrower 
  

			
	Legal name:	  	Hornbeck Offshore Services, Inc.
		
	Current location of chief executive office or principal place of business:	  	 103 Northpark Boulevard, Suite 300
 Covington,
Louisiana 70433

		
	Jurisdiction of organization:	  	Delaware
		
	Organization number:	  	2757751

 Each of the following Persons is a 100% owned subsidiary of Hornbeck Offshore Services, Inc. 

Subsidiaries 
  

			
	Legal name:	  	Hornbeck Offshore Services, LLC
		
	Current location of chief executive office or principal place of business:	  	 103 Northpark Boulevard, Suite 300
 Covington,
Louisiana 70433

		
	Jurisdiction of organization:	  	Delaware
		
	Organization number:	  	2603868

  

			
	Legal name:	  	Hornbeck Offshore Transportation, LLC
		
	Current location of chief executive office or principal place of business:	  	 103 Northpark Boulevard, Suite 300
 Covington,
Louisiana 70433

		
	Jurisdiction of organization:	  	Delaware
		
	Organization number:	  	3469782
		
	Legal name:	  	HOS-IV, LLC
		
	Current location of chief executive office or principal place of business:	  	 103 Northpark Boulevard, Suite 300
 Covington,
Louisiana 70433

 
			
	Jurisdiction of organization:	  	Delaware
		
	Organization number:	  	3664519
		
	Legal name:	  	Hornbeck Offshore Trinidad & Tobago, LLC
		
	Current location of chief executive office or principal place of business:	  	 103 Northpark Boulevard, Suite 300
 Covington,
Louisiana 70433

		
	Jurisdiction of organization:	  	Delaware
		
	Organization number:	  	3756721
		
	Legal name:	  	Hornbeck Offshore Operators, LLC
		
	Current location of chief executive office or principal place of business:	  	 103 Northpark Boulevard, Suite 300
 Covington,
Louisiana 70433

		
	Jurisdiction of organization:	  	Delaware
		
	Organization number:	  	2757747
		
	Legal name:	  	Energy Services Puerto Rico, LLC
		
	Current location of chief executive office or principal place of business:	  	 103 Northpark Boulevard, Suite 300
 Covington,
Louisiana 70433

		
	Jurisdiction of organization:	  	Delaware
		
	Organization number:	  	3469783
		
	Legal name:	  	HOS Port II, LLC
		
	Current location of chief executive office or principal place of business:	  	 103 Northpark Boulevard, Suite 300
 Covington,
Louisiana 70433

		
	Jurisdiction of organization:	  	Delaware
		
	Organization number:	  	3855226

 
			
	Legal name:	  	Hornbeck Offshore International, LLC
		
	Current location of chief executive office or principal place of business:	  	 103 Northpark Boulevard, Suite 300
 Covington,
Louisiana 70433

		
	Jurisdiction of organization:	  	Delaware
		
	Organization number:	  	3920301
		
	Legal name:	  	HOS Port, LLC
		
	Current location of chief executive office or principal place of business:	  	 103 Northpark Boulevard, Suite 300
 Covington,
Louisiana 70433

		
	Jurisdiction of organization:	  	Delaware
		
	Organization number:	  	4077391
		
	Legal name:	  	 Hornbeck Offshore Rigging Services &

Equipment, LLC

		
	Current location of chief executive office or principal place of business:	  	 103 Northpark Boulevard, Suite 300
 Covington,
Louisiana 70433

		
	Jurisdiction of organization:	  	Delaware
		
	Organization number:	  	4366577
		
	Legal name:	  	HOS International, Inc.
		
	Current location of chief executive office or principal place of business:	  	 103 Northpark Boulevard, Suite 300
 Covington,
Louisiana 70433

		
	Jurisdiction of organization:	  	Delaware
		
	Organization number:	  	5503861
		
	Legal name:	  	Hornbeck Offshore Specialty Services, LLC
		
	Current location of chief executive office or principal place of business:	  	 103 Northpark Boulevard, Suite 300
 Covington,
Louisiana 70433

 
			
		
	Jurisdiction of organization:	  	Delaware
		
	Organization number:	  	4379725
		
	Legal name:	  	KMS 124, LLC
		
	 Current location of chief executive
 office or
principal place of business:
	  	103 Northpark Boulevard, Suite 300 Covington, Louisiana 70433
		
	Jurisdiction of organization:	  	Delaware
		
	Organization number:	  	5747799
		
	Legal name:	  	HOS WELLMAX Services, LLC
		
	 Current location of chief executive
 office or
principal place of business:
	  	103 Northpark Boulevard, Suite 300 Covington, Louisiana 70433
		
	Jurisdiction of organization:	  	Delaware
		
	Organization number:	  	5812928

 The following Person is a 100% owned subsidiary of Hornbeck Offshore Services, LLC 

 

			
		
	Legal name:	  	HOS Holding, LLC
		
	 Current location of chief executive
 office or
principal place of business:
	  	103 Northpark Boulevard, Suite 300 Covington, Louisiana 70433
		
	Jurisdiction of organization:	  	Delaware
		
	Organization number:	  	6671628

 The following Person is a 49% owned subsidiary of Hornbeck Offshore Services, LLC 

 

			
	Legal name:	  	Hornbeck Offshore Services de Mexico, S. de R.L. de C.V.
		
	 Current location of chief executive
 office or
principal place of business:
	  	103 Northpark Boulevard, Suite 300 Covington, Louisiana 70433
		
	Jurisdiction of organization:	  	Mexico
		
	Organization number:	  	389382

 Each of the following Persons is a 99% owned subsidiary of Hornbeck Offshore Services, LLC and a 1% owned
subsidiary of Hornbeck Offshore International, LLC 
  

			
	Legal name:	  	HOS Leasing de Mexico, S.A. de C.V. SOFOM E.N.R.
		
	 Current location of chief executive
 office or
principal place of business:
	  	 103 Northpark Boulevard, Suite 300
 Covington,
Louisiana 70433

		
	Jurisdiction of organization:	  	Mexico
		
	Organization number:	  	98203
		
	Legal name:	  	Hornbeck Offshore Operators de Mexico, S. de R.L. de C.V.
		
	Current location of chief executive office or principal place of business:	  	 103 Northpark Boulevard, Suite 300
 Covington,
Louisiana 70433

		
	Jurisdiction of organization:	  	Mexico
		
	Organization number:	  	390994

 Each of the following Persons is a 100% owned subsidiary of Hornbeck Offshore International, LLC 

 

			
	Legal name:	  	Hornbeck Offshore Cayman, Ltd.
		
	 Current location of chief executive
 office or
principal place of business:
	  	 103 Northpark Boulevard, Suite 300
 Covington,
Louisiana 70433

		
	Jurisdiction of organization:	  	Cayman Islands
		
	Organization number:	  	CT 145149
		
	Legal name:	  	HOI Holding, LLC
		
	Current location of chief executive office or principal place of business:	  	 103 Northpark Boulevard, Suite 300
 Covington,
Louisiana 70433

		
	Jurisdiction of organization:	  	Delaware
		
	Organization number:	  	6671625

 The following Person is a 100% owned subsidiary of Hornbeck Offshore Cayman, Ltd. 

 

			
	Legal name:	  	Seahorse Crew Management, Ltd.
		
	 Current location of chief executive
 office or
principal place of business:
	  	103 Northpark Boulevard, Suite 300 Covington, Louisiana 70433
		
	Jurisdiction of organization:	  	Cayman Islands
		
	Organization number:	  	CT 145162

 The following Person is a 1% owned subsidiary of Hornbeck Offshore Services, LLC and a 99% owned subsidiary of Hornbeck
Offshore International, LLC 
  

			
	Legal name:	  	T.N. Percheron, S. de R.L. de C.V.
		
	Current location of chief executive office or principal place of business:	  	103 Northpark Boulevard, Suite 300 Covington, Louisiana 70433
		
	Jurisdiction of organization:	  	Mexico
		
	Organization number:	  	5252911

 The following Person is a 1% owned subsidiary of Hornbeck Offshore Specialty Services, LLC and a 99% owned subsidiary of
Hornbeck Offshore International, LLC 
  

			
	Legal name:	  	HOS de Mexico, S. de R.L. de C.V.
		
	Current location of chief executive office or principal place of business:	  	 103 Northpark Boulevard, Suite 300
 Covington,
Louisiana 70433

		
	Jurisdiction of organization:	  	Mexico
		
	Organization number:	  	5250481

 The following Person is a 99% owned subsidiary of HOI Holding, LLC and a 1% owned subsidiary of HOS Holding,
LLC 
  

			
	Legal name:	  	HOS de Mexico II, S. de R.L. de C.V.
		
	Current location of chief executive office or principal place of business:	  	 103 Northpark Boulevard, Suite 300
 Covington,
Louisiana 70433

		
	Jurisdiction of organization:	  	Mexico
		
	Organization number:	  	N2018024136

 Each of the following Persons is a 0.01% owned subsidiary of Hornbeck Offshore Services, LLC and a 99.99% owned
subsidiary of Hornbeck Offshore International, LLC 
  

			
	Legal name:	  	Hornbeck Offshore Navegacao, Ltda.
		
	 Current location of chief executive
 office or
principal place of business:
	  	Avenida Paisagista Jose Silva de Azevadi Neto n200, Sala 201 Bloco 04 Barra da Tijuca, Rio de Janeiro, RJ CEP 2275-056
		
	Jurisdiction of organization:	  	Brazil
		
	Organization number:	  	11.022.104/0001-13
		
	Legal name:	  	HON Navegacao II, Ltda.
		
	Current location of chief executive office or principal place of business:	  	Rua Sa e Albuquerque N454, Sala 2D Jaragua, Maceio, AL CEP 57.022-180
		
	Jurisdiction of organization:	  	Brazil
		
	Organization number:	  	25.295.865/0001-53

 SCHEDULE 7.161 

PROPERTIES; TITLES, ETC. 
 7.16(a) 

 

	 	•	 	 The Certificate of Classification for HOS BEIGNET expired on April 14, 2015. 

 

	 	•	 	 The Certificate of Classification for HOS BOUDIN expired on April 30, 2015. 

 

	 	•	 	 The Certificate of Classification for HOS WILDWING expired on November 22, 2015. 

 

	 	•	 	 The Certificate of Classification for HOS BRIMSTONE expired on June 12, 2017. 

 

	 	•	 	 The Certificate of Classification for HOS STORMRIDGE expired on August 9, 2017. 

 

	 	•	 	 The Certificate of Classification for HOS SANDSTORM expired on October 16, 2017. 

 

	 	•	 	 The Certificate of Classification for HOS BLUEWATER expired on March 15, 2018. 

 

	 	•	 	 The Certificate of Classification for HOS POLESTAR expired on April 25, 2018. 

 

	 	•	 	 The Certificate of Classification for HOS GEMSTONE expired on June 18, 2018. 

 

	 	•	 	 The Certificate of Classification for HOS SHOOTING STAR expired on July 9, 2018. 

 

	 	•	 	 The Certificate of Classification for HOS RESOLUTION expired on August 23, 2018. 

 

	 	•	 	 The Certificate of Classification for HOS GREYSTONE expired on September 16, 2018. 

 

	 	•	 	 The Certificate of Classification for HOS NORTH STAR expired on November 19, 2018. 

 

	 	•	 	 The Certificate of Classification for HOS CAYENNE expired on November 24, 2018. 

7.16(c) 
 None. 

 

	1 	 In order to satisfy the bringdown of the representation in Section 7.16(a) in connection with any future
draw on the Commitments, we will add to this list any additional Stacked Vessels that comprise part of the Vessel Collateral for which the classification has expired and which Vessels have become ineligible to operate in the coastwise trade of the
United States pending their reactivation and recertification. 

 SCHEDULE 7.17 

HEDGING OBLIGATIONS 
 None. 

 SCHEDULE 8.14 

VESSEL COLLATERAL 
  

			
	 VESSEL NAME
	 	 OFFICIAL NUMBER

	HOS BAYOU	 	1244577
	HOS BEIGNET	 	1097129
	HOS BLACK FOOT	 	1244582
	HOS BLACK ROCK	 	1244583
	HOS BLACK WATCH	 	1244581
	HOS BLUEWATER	 	1136268
	HOS BOUDIN	 	1088474
	HOS BOURRE	 	1076184
	HOS BRIARWOOD	 	1244594
	HOS BRIMSTONE	 	1124426
	HOS BROWNING	 	1225768
	HOS CALEDONIA	 	1244585
	HOS CAPTAIN	 	1244589
	HOS CAROLINA	 	1244587
	HOS CAROUSEL	 	1246522
	HOS CAYENNE	 	1076117
	HOS CEDAR RIDGE	 	1246521
	HOS CENTERLINE	 	981472
	HOS CHICORY	 	1076182
	HOS CLAYMORE	 	1244588
	HOS CLEARVIEW	 	1244579
	HOS COLT	 	1253896
	HOS COMMANDER	 	1244578
	HOS COQUILLE	 	1076183
	HOS CORAL	 	1214383
	HOS CRESTVIEW	 	1244586
	HOS CROCKETT	 	1244584
	HOS GEMSTONE	 	1141952
	HOS GREYSTONE	 	1144440
	HOS LODE STAR	 	1205155
	HOS MYSTIQUE	 	1205143
	HOS NORTH STAR	 	1205154
	HOS PINNACLE	 	1205149
	HOS POLESTAR	 	1205152
	HOS RED DAWN	 	1244590
	HOS RED ROCK	 	1244591
	HOS REMINGTON	 	1253895
	HOS RENAISSANCE	 	1244592
	HOS RESOLUTION	 	1205144
	HOS RIDGEWIND	 	1114862
	HOS RIVERBEND	 	1244595

			
	HOS SANDSTORM	 	1124424
	HOS SHOOTING STAR	 	1205153
	HOS SILVER ARROW	 	1217911
	HOS SILVERSTAR	 	1144439
	HOS STORMRIDGE	 	1124421
	HOS STRONGLINE	 	988333
	HOS SWEET WATER	 	1217910
	HOS WARLAND	 	1253611
	HOS WARHORSE	 	1258860
	HOS WILD HORSE	 	1258861
	HOS WILDWING	 	1205151
	HOS WINCHESTER	 	1225118
	HOS WINDANCER	 	1205150
	HOS WOODLAND	 	1253612

 SCHEDULE 8.17 

POST-CLOSING UNDERTAKINGS 
  

	1.	 In the event of an Asset Sale, subject to the Primary Intercreditor Agreement, the Borrowers will establish in
accordance with Section 8.18 of the Credit Agreement a deposit account at a bank or other financial institution reasonably satisfactory to the Required Lenders that is subject to a “springing” account control agreement in favor of the
Collateral Agent and into which are deposited the proceeds of any Asset Sale that either Borrower or a Restricted Subsidiary intends to apply in accordance with the definition of Excess Proceeds (and into which no other amounts are deposited, which
account shall be available to use in accordance with Section 8.18 of Credit Agreement). 

  

	2.	 The Borrowers and the Guarantors will establish account control agreements with respect to deposit accounts,
securities accounts and commodity accounts of the Borrowers and the Guarantors in favor of the Collateral Agent as provided for under and within the timeframe set forth in the Guaranty and Collateral Agreement. 

 

	3.	 Promptly upon completion of construction and delivery, the Co-Borrower
will pledge and enter into a second preferred fleet mortgage for the benefit of the Secured Parties for each of the following vessels, subject to no other Liens other than Permitted Liens, and Liens granted by the
Co-Borrower to secure any surety bond or letter of credit provided as a result of litigation disclosed in Schedule 7.05: 

 

			
	 VESSEL NAME
	 	 OFFICIAL NUMBER

	HOS WARHORSE	 	1258860
	HOS WILD HORSE	 	1258861

  

	4.	 No later than 30 days after the Effective Date, the Parent Borrower will cause its Subsidiaries to enter into a
Subordination Letter of Undertaking whereby certain Subsidiaries of the Parent Borrower agree to subordinate their claims against the Vessel to the rights and claims of the Mortgagee. 

 

	5.	 No later than 30 days after the Effective Date (or such later date as the Lenders may agree in writing), the
Parent Borrower shall have delivered to the Administrative Agent the agreed endorsements to the certificates of insurance delivered pursuant to Section 6.01(i) of the Credit Agreement. 

 

	6.	 No later than six (6) months after the Effective Date (or such later date as the Lenders may agree in
writing), HOS de Mexico II, S. de R.L. de C.V. will pledge and enter into second preferred maritime mortgages for the benefit of the Secured Parties for each of the following vessels, subject to no other Liens other than Permitted Liens, and the
Administrative Agent shall have received an opinion of Garza Tello Clyde & Co., Mexican counsel to the Borrowers and the Guarantors, substantially similar to the form of opinion of Garza Tello Clyde & Co. attached hereto that was
delivered in connection with the First Lien Term Loan Agreement, in connection therewith: 

			
	 VESSEL NAME
	 	 OFFICIAL NUMBER

	HOS BROWNING	 	1225768
	HOS CORAL	 	1214383
	HOS CRESTVIEW	 	1244586
	HOS REMINGTON	 	1253895
	HOS SILVER ARROW	 	1217911
	HOS WINCHESTER	 	1225118
	HOS SWEET WATER	 	1217910

 SCHEDULE 9.02 

EFFECTIVE DATE DEBT 
  

	 	•	 	 The First Lien Term Loan Agreement, dated as of June 15, 2017, among the Parent Borrower, the Co-Borrower, Wilmington Trust, National Association, as the Administrative Agent and the Collateral Agent, and the lenders party thereto, as amended, restated, supplemented or otherwise modified from time to time in
accordance with the requirements thereof. 

  

	 	•	 	 The 1.500% Convertible Senior Notes due 2019 issued pursuant to the 2019 Convertible Senior Notes Indenture,
dated as of August 13, 2012, among the Parent Borrower, the Guarantors (as defined therein) party thereto and Wells Fargo, as trustee, as amended, restated, supplemented or otherwise modified from time to time in accordance with the
requirements thereof. 

  

	 	•	 	 The 5.875% Senior Notes due 2020 issued pursuant to the 2020 Senior Notes Indenture, dated as of March 16,
2012, among the Parent Borrower, the Guarantors (as defined therein) party thereto and Wells Fargo, as trustee, as amended, restated, supplemented or otherwise modified from time to time in accordance with the requirements thereof.

  

	 	•	 	 The 5.000% Senior Notes due 2021 issued pursuant to the 2021 Senior Notes Indenture, dated as of March 28,
2013, among the Parent Borrower, the Guarantors (as defined therein) party thereto and Wells Fargo, as trustee, as amended, restated, supplemented or otherwise modified from time to time in accordance with the requirements thereof.

 SCHEDULE 9.03 

EFFECTIVE DATE LIENS 
  

													
	 Debtor
	  	 Secured Party
	  	 Date Filed
	  	 Filing Office
	  	 File Number
	  	 Collateral
	  	 Vessel

	 Hornbeck Offshore
 Services, LLC
	  	Gulf Island Shipyards, LLC	  	02/17/17	  	Delaware Secretary of State	  	2017 1120028	  	 All of Debtor’s right, title and interest in and to all of the following:

(a) the Vessel;
 (b) the Owner Furnished Items;

(c) any and all other goods, equipment, components, Materials, supplies, and property at any time delivered to Secured Party for incorporation into, or that
has been incorporated in, the Vessel; liens and privileges arising by operation of law asserted in litigation disclosed in Schedule 7.05
	  	HOS Warhorse
							
	Hornbeck Offshore Services, LLC	  	Gulf Island Shipyards, LLC	  	02/17/17	  	Delaware Secretary of State	  	2017 1120200	  	 All of Debtor’s right, title and interest in and to all of the following:

(a) the Vessel;
 (b) the Owner Furnished Items;

(c) any and all other goods, equipment, components, Materials, supplies, and property at any time delivered to Secured Party for incorporation into, or that
has been incorporated in, the Vessel; liens and privileges arising by operation of law asserted in litigation disclosed in Schedule 7.05
	  	HOS Wild Horse

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