Document:

Exhibit 10.1

 

EXECUTION VERSION

 

Information in this exhibit (indicated by asterisks)
is confidential and has been omitted pursuant to Item 601(b)(1)) of Regulation S-K.

 

THIS
RESTRUCTURING SUPPORT AGREEMENT AND THE DOCUMENTS ATTACHED HERETO COLLECTIVELY DESCRIBE A PROPOSED RESTRUCTURING OF THE COMPANY PARTIES
THAT WILL BE EFFECTUATED THROUGH AN OUT-OF-COURT TRANSACTION OR CHAPTER 11 CASES IN THE BANKRUPTCY COURT ON THE TERMS DESCRIBED
HEREIN.

 

THIS RESTRUCTURING SUPPORT AGREEMENT IS NOT
AN OFFER OR ACCEPTANCE WITH RESPECT TO ANY SECURITIES OR A SOLICITATION OF ACCEPTANCES OF A CHAPTER 11 PLAN WITHIN THE MEANING OF SECTION 1125
OF THE BANKRUPTCY CODE. ANY SUCH OFFER OR SOLICITATION WILL COMPLY WITH ALL APPLICABLE U.S. SECURITIES LAWS AND/OR PROVISIONS OF THE
BANKRUPTCY CODE. Nothing contained in thIS RESTRUCTURING SUPPORT AGREEMENT shall be an admission
of fact or liability OR, UNTIL THE OCCURRENCE OF THE AGREEMENT EFFECTIVE DATE ON THE TERMS DESCRIBED HEREIN, DEEMED BINDING ON ANY OF
THE PARTIES HERETO.

 

ThIS
restructuring SUPPORT AGREEMENT is the product of Settlement discussions among the parties hereto. Accordingly, thIS restructuring SUPPORT
AGREEMENT is protectED BY Rule 408 of the Federal Rules of Evidence and any other applicable statutes or doctrines protecting
the use or disclosure of confidential settlement discussions.

 

THIS
RESTRUCTURING SUPPORT AGREEMENT DOES NOT PURPORT TO SUMMARIZE ALL OF THE TERMS, CONDITIONS, REPRESENTATIONS, WARRANTIES, AND OTHER PROVISIONS
WITH RESPECT TO THE RESTRUCTURING TRANSACTIONS DESCRIBED HEREIN, WHICH TRANSACTIONS WILL BE SUBJECT TO THE COMPLETION OF DEFINITIVE DOCUMENTS
INCORPORATING THE TERMS SET FORTH HEREIN AND THE CLOSING OF ANY TRANSACTION SHALL BE SUBJECT TO THE TERMS AND CONDITIONS SET FORTH IN
SUCH DEFINITIVE DOCUMENTS AND THE APPROVAL RIGHTS OF THE PARTIES SET FORTH HEREIN AND IN SUCH DEFINITIVE DOCUMENTS.

 

RESTRUCTURING SUPPORT AGREEMENT

 

This RESTRUCTURING SUPPORT
AGREEMENT (including all exhibits, annexes, and schedules hereto in accordance with Section 15.03, this “Agreement”)
is made and entered into as of August 12, 2022 (the “Execution Date”), by and among the following parties,
each solely in the capacity set forth on its signature page to this Agreement (each of the following described in sub-clauses (i) through
(vii) of this preamble are individually a “Party” and collectively the “Parties”):1

 

 

 

		1	Capitalized
                                            terms used but not defined in the preamble and recitals to this Agreement have the meanings
                                            ascribed to them in Section 1.

 

     

     

    

 

		i.	Altera Infrastructure L.P., a limited partnership
                                            formed under the Laws of the Republic of the Marshall Islands (“Altera”),
                                            Altera Infrastructure GP LLC, a limited liability company formed under the Laws of the Republic
                                            of the Marshall Islands (“Altera GP”), and each of their affiliates
                                            listed on Exhibit A to this Agreement that have executed and delivered
                                            counterpart signature pages to this Agreement (together with Altera and Altera GP, the
                                            “Company”) to counsel to the Consenting Stakeholders (the Entities
                                            in this clause (i), collectively, the “Company Parties”);

 

		ii.	the undersigned holders of Credit Agreement
                                            Claims that have executed and delivered counterpart signature pages to this Agreement,
                                            a Joinder, or a Transfer Agreement to counsel to the Company Parties (who shall promptly
                                            provide copies of such signature pages to counsel to the other Consenting Stakeholders)
                                            (the Entities in this clause (ii), collectively, the “Consenting Bank Lenders”);

 

		iii.	the Export-Import Bank of Korea,
                                            the Korea Trade Insurance Corporation, Export Finance Norway, and Japan Bank for International
                                            Cooperation, and any affiliate thereof (collectively, the “ECAs”),
                                            in each case in its capacity as a holder of Credit Agreement Claims itself, as an issuer
                                            of an ECA Guarantee, or to the extent it is subrogated to the rights of a lender under a
                                            Prepetition Credit Agreement;

 

		iv.	Brookfield TK Loan 2 LP, in its capacity
                                            as the holder of, or the investment advisor, sub-advisor, or manager of discretionary
                                            accounts that hold IntermediateCo RCF Claims (the “Consenting IntermediateCo
                                            RCF Lender”);

 

		v.	Brookfield TK Loan LP, Brookfield TK Loan
                                            2 LP, Brookfield TK TOLP LP, Brookfield TK Bond LP, and Brookfield TK Block Acquisition LP,
                                            in each case in its capacity as the holder of, or the investment advisor, sub-advisor, or
                                            manager of discretionary accounts that hold, IntermediateCo Notes Claims (the “Consenting
                                            IntermediateCo Noteholders”);

 

		vi.	Brookfield TK Loan 2 LP and Brookfield
                                            TK Loan 3 LP, in each case in its capacity as a lender under the DIP Facility (the “DIP
                                            Lender”); and

 

		vii.	the undersigned holders of, or the investment
                                            advisor, sub-advisor, or manager of discretionary accounts that hold, Existing Common Equity
                                            in the Company Parties (the “Consenting Equityholder” and, together
                                            with the Consenting IntermediateCo RCF Lender, the Consenting IntermediateCo Noteholders,
                                            and the DIP Lender, the “Consenting Sponsor” and, together
                                            with the Consenting Bank Lenders and the ECAs, collectively, the “Consenting
                                            Stakeholders”).

 

    2

     

    

 

RECITALS

 

WHEREAS, the Company
Parties and the Consenting Stakeholders have in good faith and at arm’s-length negotiated or been apprised of certain restructuring
and recapitalization transactions with respect to the Company Parties’ capital structure on the terms set forth in this Agreement
and as specified in the term sheet attached as Exhibit C hereto (the “Restructuring Term Sheet”
and, such transactions as described in this Agreement and the Restructuring Term Sheet, the “Restructuring Transactions”);

 

WHEREAS, if all of
the conditions to the consummation of the Restructuring Transactions by means of an out-of-court transaction (the “Out-of-Court
Restructuring”) are satisfied or waived by the Company Parties and the Required Consenting Stakeholders, then the Restructuring
Transactions shall be consummated pursuant to the Out-of-Court Restructuring on the terms and conditions set forth in this Agreement
and the Restructuring Term Sheet;

 

WHEREAS, if all of
the conditions to consummation of the Out-of-Court Restructuring are not satisfied or waived by the Company Parties and the Required
Consenting Stakeholders, then the Company Parties shall implement the Restructuring Transactions through the commencement by the Debtors
of voluntary cases under chapter 11 of the Bankruptcy Code in the Bankruptcy Court and the consummation of the Restructuring Transactions
by means of the Plan (the “In-Court Restructuring,” and the cases commenced, the “Chapter
11 Cases”); and

 

WHEREAS, if the Company
Parties implement the Restructuring Transactions on the terms and conditions set forth in this Agreement and the Restructuring Term Sheet
through the In-Court Restructuring, the Company Parties shall commence the Chapter 11 Cases on behalf of all or a subset of the Company
Parties, as determined by any of the Company Parties’ managers, officers, directors, or other similar governing body, in their
sole discretion (the full list of such Company Parties, collectively, the “Debtors” being those entities
set out in Exhibit B hereto; provided that Exhibit B hereto may be amended by the Company
Parties in their sole discretion at any time; and

 

WHEREAS, each Party
and its respective counsel and other advisors (i) have reviewed or have had the opportunity to review this Agreement, including
all the exhibits, annexes, and schedules hereto (including the Restructuring Term Sheet) and (ii) acknowledge and agree that the
Restructuring Term Sheet is a summary of the material terms of the Restructuring Transactions and that implementation of the Restructuring
Transactions will require the negotiation and agreement of terms not covered by the Restructuring Term Sheet; and

 

WHEREAS, the Parties
have agreed to take certain actions in support of the Restructuring Transactions subject to the terms and conditions set forth in this
Agreement and the Restructuring Term Sheet;

 

NOW, THEREFORE, in
consideration of the promises and mutual covenants and agreements contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, each Party, intending to be legally bound on a several but not joint basis,
hereby agrees as follows:

 

AGREEMENT

 

Section 1.     Definitions
and Interpretation.

 

1.01.            Definitions.
The following terms shall have the following definitions:

 

    3

     

    

 

“4x ALP Facilities”
refers, collectively, to each of the following agreements, as each may be amended, amended and restated, supplemented, or otherwise modified
from time to time in accordance with the terms thereof, but which shall not include any agreements related to any Hedging Claims:

 

		(a)	the $45,272,000 senior secured credit
                                            facility originally dated July 17, 2015 between, among others, ALP Keeper B.V.
                                            as borrower and Citibank, N.A., Tokyo Branch as facility agent (as amended, amended and restated,
                                            modified, or supplemented, the “Keeper Facility”);

 

		(b)	the $48,224,000 senior secured credit
                                            facility originally dated July 17, 2015 between, among others, ALP Striker B.V.
                                            as borrower and Citibank, N.A., Tokyo Branch as facility agent (as amended, amended and restated,
                                            modified, or supplemented, the “Striker Facility”);

 

		(c)	the $45,384,000 senior secured credit
                                            facility originally dated July 17, 2015 between, among others, ALP Sweeper B.V.
                                            as borrower and Citibank, N.A., Tokyo Branch as facility agent (as amended, amended and restated,
                                            modified, or supplemented, the “Sweeper Facility”); and

 

		(d)	the $45,904,000 senior secured credit
                                            facility originally dated July 17, 2015 between, among others, ALP Defender B.V.
                                            as borrower and Citibank, N.A., Tokyo Branch. as facility agent (as amended, amended and
                                            restated, modified, or supplemented, the “Defender Facility”;

 

provided, however, that if this
Agreement is terminated by or as to the Required Consenting Bank Lenders under the Keeper Facility, the Striker Facility, the Sweeper
Facility, and/or the Defender Facility, in their capacity as lenders under such facilities, the foregoing facilities that are not the
subject of such termination will be referred to as the 4x ALP Facilities in this Agreement.

 

“6x Documents”
means any term sheet or agreement, if any, addressing, amending, restating, supplementing, or otherwise modifying the terms and conditions
of the 6x ALP Facility and any proposed order to approve the same.

 

“Acceptable Noteholder
Settlement Terms” means Noteholder Settlement Terms that (1) provide for (a) the Consenting Sponsor and/or its
Affiliates remaining as the controlling equity holder of Reorganized Altera, and (b) holders of Altera Unsecured Notes Claims receiving
any equity instrument (but not debt), including New Common Stock, subscription rights to participate in a Rights Offering, or New Warrants
under the Plan, and (2) do not (a) alter the treatment under the Plan of other Claims and Interests (other than the Altera
Unsecured Notes Claims or Claims or Interest held by the Consenting Sponsor or its Affiliates), and (b) materially and adversely
affect the economic treatment of the Consenting Bank Lenders under the Bank Term Sheet and the Common Terms.

 

“Administrative
Claim” means a Claim against a Debtor allowed under section 503(b) of the Bankruptcy Code and entitled to priority
under section 507(a)(2) of the Bankruptcy Code.

 

“Affiliate”
has the meaning set forth in section 101(2) of the Bankruptcy Code as if such entity was a debtor in a case under the Bankruptcy
Code.

 

    4

     

    

 

“Agent”
means any facility agent, administrative agent, collateral agent or trustee, security agent or trustee, or similar Entity under the Prepetition
Credit Agreements or the IntermediateCo Revolving Credit Facility, including any successors thereto.

 

“Agents/Trustees”
means, collectively, each of the Agents and Trustees.

 

“Agreement”
has the meaning set forth in the preamble to this Agreement and, for the avoidance of doubt, includes all the exhibits, annexes, and
schedules hereto in accordance with Section 15.03 (including the Restructuring Term Sheet).

 

“Agreement Effective
Date” means the date on which the conditions set forth in Section 2 have been satisfied or waived by the appropriate
Party or Parties in accordance with this Agreement.

 

“Agreement Effective
Period” means, with respect to a Party, the period from the Agreement Effective Date to the Termination Date applicable
to that Party (except where a provision of this Agreement survives the Termination Date in accordance with Section 15.20, in which
case such provision shall remain in effect to the extent set forth in Section 15.20).

 

“All Party Matters”
means any amendment or waiver that has the effect of changing or which relates to (a) the definition of “Outside Date”
in this Agreement; (b) the definition of “Required Consenting Bank Lenders,” “Consenting Bank Lenders,”
or “CoCom” in this Agreement; (c) the definition of “Required Consenting Stakeholders” or “Consenting
Stakeholders” in this Agreement; (d) the definition of “Acceptable Noteholder Settlement Terms” in this Agreement;
and (e) Section 13 of this Agreement.

 

“Allowed”
means, as to a Claim or an Interest, a Claim or an Interest allowed under the Plan, under the Bankruptcy Code, or by a final order, as
applicable.

 

“Altera”
has the meaning set forth in the preamble to this Agreement.

 

“Altera Finance
Corp.” means Altera Infrastructure Finance Corp., a corporation formed under the Laws of the Republic of the Marshall Islands.

 

“Altera GP”
has the meaning set forth in the preamble to this Agreement.

 

“Altera Unsecured
Notes” means those certain 8.500% Senior Notes due 2023, issued pursuant to the Altera Unsecured Notes Indenture.

 

“Altera
Unsecured Notes Claim” means any Claim arising under or in connection with the Altera Unsecured Notes,
including Claims based on a Company Party’s guarantee of obligations thereunder.

 

“Altera Unsecured
Notes Indenture” means that certain indenture dated as of July 2, 2018, as may be amended, amended and restated,
or otherwise supplemented from time to time, for the Altera Unsecured Notes by and among Altera Infrastructure L.P., Altera Infrastructure
Finance Corp., each of the guarantors party thereto, and the Altera Unsecured Notes Indenture Trustee.

 

    5

     

    

 

“Altera Unsecured
Notes Indenture Trustee” means The Bank of New York Mellon, acting through such of its affiliates or branches as it may
designate, in its capacity as indenture trustee under the Altera Unsecured Notes Indenture, or any indenture trustee as permitted by
the terms set forth in the Altera Unsecured Notes Indenture.

 

“Alternative
Restructuring Proposal” means any inquiry, plan, proposal, offer, bid, term sheet, discussion, or agreement with respect
to a sale, disposition, new-money investment, restructuring, reorganization, refinancing, merger, amalgamation, acquisition, consolidation,
dissolution, debt investment, equity investment, liquidation, asset sale, consent solicitation, exchange offer, tender offer, recapitalization,
plan of reorganization, share exchange, business combination, or similar transaction involving any one or more Company Parties or the
debt, equity, or other interests in any one or more Company Parties that is an alternative to one or more of the Restructuring Transactions.

 

“Amended and
Restated Bank Facilities” means the amended and restated Prepetition Credit Agreements on the terms set forth in the Bank
Term Sheet.

 

“Article 55
BRRD” means Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit
institutions and investment firms.

 

“Avoidance Actions”
means any and all avoidance, recovery, subordination, or other claims, actions, or remedies that may be brought by or on behalf of the
Company Parties or their estates or other authorized parties in interest under the Bankruptcy Code or applicable non- bankruptcy law,
including actions or remedies under sections 510, 542, 544, 545, and 547 through and including 553 of the Bankruptcy Code, or other similar
or related state, federal, or foreign statutes, common law, or other applicable law.

 

“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 BRRD, the relevant implementing
                                            law or regulation as described in the EU Bail-In Legislation Schedule from time to time;

 

		(b)	in relation to the United Kingdom, the
                                            UK Bail-In Legislation; and

 

		(c)	in relation to any other state other than
                                            such an EEA Member Country and the United Kingdom, 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.

 

“Bankruptcy Code”
means title 11 of the United States Code, 11 U.S.C. §§ 101–1532, as amended, and as applicable to the Chapter
11 Cases.

 

    6

     

    

 

“Bankruptcy Court”
means the United States Bankruptcy Court in which the Chapter 11 Cases are commenced or another United States Bankruptcy Court with
jurisdiction over the Chapter 11 Cases.

 

“Bankruptcy Rules”
means the Federal Rules of Bankruptcy Procedure and the local rules and general orders of the Bankruptcy Court, as in effect
on the Petition Date, if applicable, together with all amendments and modifications thereto subsequently made applicable to the Chapter 11 Cases.

 

“Bank Term Sheet”
means that certain term sheet attached to the Restructuring Term Sheet as Exhibit 2.

 

“Business Day”
means any day other than a Saturday, Sunday, a “legal holiday” (as defined in Bankruptcy Rule 9006(a)), or other day
on which commercial banks are authorized to close under the Laws of, or are in fact closed in, (a) Canada or any province thereof,
(b) London, England, (c) the state of New York, or (d) Tokyo, Japan.

 

“Cash Collateral”
has the meaning ascribed to it in section 363(a) of the Bankruptcy Code.

 

“Cash Collateral
Order” means any order (which may be the DIP Order) entered in the Chapter 11 Cases authorizing the use of Cash Collateral
(whether interim or final).

 

“Causes of Action”
means any claims, interests, damages, remedies, causes of action, demands, rights, actions, controversies, proceedings, agreements, suits,
obligations, liabilities, accounts, defenses, offsets, powers, privileges, licenses, Liens, indemnities, guaranties, and franchises of
any kind or character whatsoever, whether known or unknown, foreseen or unforeseen, existing or hereinafter arising, contingent or non-contingent,
liquidated or unliquidated, disputed or undisputed, secured or unsecured, assertable, directly or derivatively, matured or unmatured,
suspected or unsuspected, whether arising before, on, or after the Restructuring Effective Date, in contract, tort, law, equity, or otherwise.
Causes of Action also include: (a) all rights of setoff, counterclaim, or recoupment and claims under contracts or for breaches
of duties imposed by law or in equity; (b) any claim based on or relating to, or in any manner arising from, in whole or in part,
tort, breach of contract, breach of fiduciary duty, violation of state or federal law or breach of any duty imposed by law or in equity,
including securities laws, negligence, and gross negligence; (c) the right to object to or otherwise contest Claims or Interests;
(d) claims pursuant to section 362 or chapter 5 of the Bankruptcy Code; (e) such claims and defenses as fraud, mistake,
duress, and usury, and any other defenses set forth in section 558 of the Bankruptcy Code; and (f) any other Avoidance Action.

 

“Chapter 11 Cases”
has the meaning set forth in the recitals to this Agreement.

 

“Chosen Court”
means the United States District Court for the Southern District of New York, or, to the extent such court lacks the requisite jurisdiction
or is otherwise not permitted by law, the courts of the State of New York; provided that if any of the Company Parties commence
Chapter 11 Cases, then the Bankruptcy Court (or court of proper appellate jurisdiction) shall be the exclusive Chosen Court.

 

    7

     

    

 

“Claim”
has the meaning ascribed to such term in section 101(5) of the Bankruptcy Code.

 

“CoCom”
means the members of the coordinating committee of the ECAs and financial institutions appointed pursuant to the CoCom Appointment Letter
that have issued ECA Guarantees and/or hold Credit Agreement Claims, which at the Execution Date comprises (a) ABN AMRO Bank N.V.;
(b) Citibank N.A., London Branch; (c) Credit Agricole Corporate and Investment Bank; (d) DNB Capital LLC; (e) Export
Credit Norway (Eksfin); (f) National Australia Bank Limited; (g) DVB Bank SE, which may merge, or may have merged, to become
DZ Bank AG; and (h) The Export-Import Bank of Korea.

 

“CoCom Advisors”
means (a) Norton Rose Fulbright LLP and Norton Rose Fulbright US LLP, as lead counsel, and all other professional advisors (including
non-U.S. counsel and local counsel) currently retained or that may be retained from time to time by the CoCom in accordance with the
CoCom Appointment Letter, and (b) subject to the CoCom Appointment Letter, any professional advisors retained or that may be retained
from time to time by Norton Rose Fulbright LLP or Norton Rose Fulbright US LLP, as lead counsel, to the CoCom, including PJT Partners
(UK) Limited, as financial advisor in accordance with the PJT Engagement Letter.

 

“CoCom Appointment
Letter” means the coordinator letter originally dated May 6, 2022 among Altera and each member of the CoCom (as
amended, restated, supplemented, or otherwise modified from time to time).

 

“Common Terms”
has the meaning set forth in the Restructuring Term Sheet.

 

“Company”
has the meaning set forth in the preamble to this Agreement.

 

“Company Claims/Interests”
means, collectively, all Claims against, and Interests in, a Company Party, including the Credit Agreement Claims, the IntermediateCo
RCF Claims, the IntermediateCo Notes Claims, the Altera Unsecured Notes Claims, the Consenting Sponsor’s Interests in a Company
Party, and any DIP Claims.

 

“Company Parties”
has the meaning set forth in the recitals to this Agreement.

 

“Company Releasing
Party” means each of the Company Parties, and, to the maximum extent permitted by law, each of the Company Parties, on
behalf of their respective current and former Affiliates and Related Parties.

 

“Confidentiality
Agreement” means an executed confidentiality agreement, including with respect to the issuance of a “cleansing letter”
or other public disclosure of material non-public information agreement, in connection with any proposed Restructuring Transactions.

 

“Confirmation
Order” means the confirmation order with respect to the Plan, which shall be in form and substance consistent with this
Agreement.

 

“Consenting Bank
Lenders” has the meaning set forth in the preamble to this Agreement.

 

    8

     

    

 

“Consenting Bank
Lenders Credit Agreements” refers, collectively, to each of the following agreements, as each may be amended, amended and
restated, supplemented, or otherwise modified from time to time in accordance with the terms thereof, but which shall not include any
agreements related to any Hedging Claims:

 

		(a)	the $75,000,000 senior secured credit
                                            facility originally dated February 25, 2021 between, among others, Petrojarl I
                                            L.L.C. as borrower and DNB Bank ASA, New York Branch, as facility agent (as amended, amended
                                            and restated, modified, or supplemented, the “Petrojarl I Facility”);

 

		(b)	the $815,000,000 senior secured credit
                                            facility originally dated February 24, 2014 between, among others, Knarr L.L.C.
                                            as borrower and Crédit Agricole Corporate and Investment Bank as facility agent (as
                                            amended, amended and restated, modified, or supplemented, the “Knarr Facility”);

 

		(c)	the $230,000,000 senior secured credit
                                            facility originally dated November 24, 2015 between, among others, Gina Krog Offshore
                                            Pte Ltd. as borrower and ING Bank N.V., Singapore Branch as facility agent (as amended, amended
                                            and restated, modified, or supplemented, the “Gina Krog Facility”);

 

		(d)	the $26,250,000 senior secured credit
                                            facility originally dated August 28, 2019 between, among others, Clipper L.L.C.
                                            as borrower and DNB Bank ASA, New York Branch as agent (as amended, amended and restated,
                                            modified, or supplemented, the “Suksan Salamander Facility”);

 

		(e)	the 4x ALP Facilities; and

 

(f)            the
$112,500,000 senior secured credit facility originally dated September 15, 2017 between, among others, Arendal Spirit L.L.C.
as borrower and Citibank Europe plc, UK Branch as agent (as amended, amended and restated, modified, or supplemented, the “Arendal
Facility”).

 

“Consenting Equityholder”
has the meaning set forth in the preamble to this Agreement.

 

“Consenting IntermediateCo
Noteholders” has the meaning set forth in the preamble to this Agreement.

 

“Consenting IntermediateCo
RCF Lender” has the meaning set forth in the preamble to this Agreement.

 

“Consenting Sponsor”
has the meaning set forth in the preamble to this Agreement.

 

“Consenting Sponsor
Entities” means the Consenting Sponsor, Brookfield Asset Management Inc., Brookfield Business Partners L.P., and Brookfield
Capital Partners Ltd.

 

    9

     

    

 

“Consenting Stakeholder
Releasing Party” means each of, and in each case in its capacity as such: (a) each of the Consenting Sponsor Entities
and to the maximum extent permitted by Law, each current and former Affiliate or Related Party of the foregoing; (b) each Consenting
Bank Lender; (c) the Agents/Trustees, if any, that execute this Agreement in their capacity as an Agent/Trustee; and (d) the
CoCom and each member of the CoCom.

 

“Consenting Stakeholders”
has the meaning set forth in the preamble to this Agreement.

 

“Corporate Reorganization”
has the meaning set forth in the Restructuring Term Sheet.

 

“Credit Agreement
Claim” means any Claim (but not including a Hedging Claim) arising under or in connection with a Prepetition Credit Agreement,
including Claims based on a Company Party’s guarantee of obligations thereunder.

 

“Credit Agreement
Waiver Letters” means those certain consent and extension letters, originally dated June 16, 2022 and July 13,
2022, by and among certain of the Company Parties, the Consenting Sponsor, and the Consenting Bank Lenders under each of the Knarr Facility,
the Petrojarl I Facility, the Gina Krog Facility, and the 4x ALP Facilities.

 

“Debtors”
means the Company Parties that commence Chapter 11 Cases.

 

“Definitive Documents”
means the documents listed in Section 3.01.

 

“Disclosure Statement”
means the related disclosure statement with respect to the Plan, including all exhibits and schedules thereto and references therein
that relate to the Plan, that is prepared and distributed in accordance with the Bankruptcy Code, the Bankruptcy Rules, and any other
applicable law.

 

“Disclosure Statement
and Solicitation Motion” means the motion seeking, among other things, entry of an order (i) approving the procedures
for soliciting, receiving, and tabulating votes on the Plan and for filing objections to the Plan, (ii) approving the Solicitation
Materials, and (iii) scheduling the hearing to consider final approval of the Disclosure Statement and confirmation of the Plan.

 

“DIP Claim”
means any Claim arising under the DIP Facility.

 

“DIP Facility”
has the meaning set forth in the Restructuring Term Sheet.

 

“DIP Facility
Term Sheet” means that certain term sheet attached to the Restructuring Term Sheet as Exhibit 1.

 

“DIP Lender”
has the meaning set forth in the preamble to this Agreement.

 

“DIP Order”
means any order entered in the Chapter 11 Cases approving the DIP Facility (whether interim or final) consistent with the DIP Facility
Term Sheet.

 

“ECA”
has the meaning set forth in the preamble to this Agreement.

 

“ECA Covered
Lender” means each Consenting Bank Lender that is a beneficiary of one or more ECA Guarantees (whether through an agent
or otherwise).

 

    10

     

    

 

“ECA Guarantee”
means any guarantee granted or insurance policy issued by an ECA under which such ECA has agreed to provide cover to an ECA Covered Lender
under and in connection with each relevant obligor's obligations under one or more of the Prepetition Credit Agreements, in each case,
in accordance with the general terms and conditions of that guarantee or insurance policy (whether through an agent or otherwise).

 

“ECA Matters” means
any amendment to or waiver of any provision of this Agreement that has the effect of changing any right or discretion granted to any
ECA under any Prepetition Credit Agreement or ECA Guarantee, solely in its capacity as an ECA, including:

 

		(a)	repayment, prepayment, and cancellation
                                            provisions in respect of any ECA tranche under the Prepetition Credit Agreements (including
                                            with respect to break costs);

 

		(b)	amendment and waiver and consent provisions
                                            of any Prepetition Credit Agreements that require ECA consent or provide any ECA with a decision-making,
                                            voting or consultation right under any Prepetition Credit Agreement or ECA Guarantee;

 

		(c)	any ECA recourse, subrogation, or transfer
                                            right under any Prepetition Credit Agreement;

 

		(d)	any provision conferring any obligation
                                            on any finance party (however defined under the relevant Prepetition Credit Agreement) towards
                                            an ECA; and/or

 

		(e)	any
                                            reduction in the amount of or change of terms relating to any ECA fees and premiums (including
                                            in relation to any fee or premium increase provisions) under any Prepetition Credit Agreement
                                            or ECA Guarantee.

 

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

 

“Enforcement
Action” means any action of any kind to:

 

		(a)	declare prematurely due and payable or
                                            otherwise seek to accelerate payment of all or any part of any Company Claims/Interests;

 

		(b)	recover, or demand cash cover in respect
                                            of, all or any part of any Company Claims/Interests (including by exercising any set-off,
                                            save as required by law);

 

		(c)	exercise or enforce any right under any
                                            guarantee or any right in respect of any Lien (including, for the avoidance of doubt, any
                                            security interest granted under any of the Prepetition Credit Agreements, the IntermediateCo
                                            Notes, the IntermediateCo Revolving Credit Facility and/or the Altera Unsecured Notes), in
                                            each case granted in relation to (or given in support of) all or any part of any Company
                                            Claims/Interests;

 

		(d)	petition for (or take or support any other
                                            step which may lead to) any corporate action, legal process (including legal proceedings,
                                            execution, distress, and diligence) or other procedure or step being taken in relation to
                                            any Company Party entering into Insolvency Proceedings; or

 

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		(e)	sue, claim or institute or continue legal
                                            process (including legal proceedings, execution, distress, and diligence) against any Company
                                            Party,

 

but excluding, for the avoidance of doubt, any
Enforcement Action (i) an ECA Covered Lender may take to enforce the terms of an ECA Guarantee against an ECA by a Consenting Bank
Lender, (ii) permitted to be taken by the DIP Lender under the DIP Facility in accordance with the DIP Documents (as defined in
the DIP Facility Term Sheet) or the DIP Order, or (iii) permitted to be taken by a Consenting Bank Lender or the Consenting Sponsor
under the DIP Order.

 

“Entity”
shall have the meaning set forth in section 101(15) of the Bankruptcy Code.

 

“Equinor”
means Equinor UK Limited, a company incorporated under the Laws of the United Kingdom.

 

“Equinor Contract”
has the meaning ascribed to such term in the Restructuring Term Sheet.

 

“EU Bail-In Legislation
Schedule” means the document described as such and published by the Loan Market Association (or any successor person) from
time to time.

 

“Execution Date”
has the meaning set forth in the preamble to this Agreement.

 

“Existing Common
Equity” means, collectively, all Interests in Altera arising from or related to the Class A or Class B common
units of Altera that existed immediately prior to the Restructuring Effective Date.

 

“Existing Preferred
Equity” means, collectively, all Interests in Altera arising from or related to the Series A preferred units, Series B
preferred units, or Series E preferred units of Altera that existed immediately prior to the Restructuring Effective Date.

 

“First Day Pleadings”
means the first-day pleadings that the Company Parties determine are necessary or desirable to file.

 

“Flag State”
means the law of the state under which a Pledged Vessel is flagged.

 

“Forbearance
Period” means the period of time beginning on the Agreement Effective Date and ending on the earlier of (a) 30 days
following the Agreement Effective Date or (b) termination of this Agreement with respect to a Company Party or a Consenting Bank
Lenders in accordance with its terms, unless such period is extended with the prior written consent of the applicable Consenting Bank
Lender.

 

“General Amendment
Matters” means any amendment, supplement, waiver, or other modification other than in respect of Lender Matters or All
Party Matters.

 

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“Governmental
Unit” shall have the meaning set forth in section 101(27) of the Bankruptcy Code.

 

“Hedging Claims”
means, collectively, Claims against a Company Party under International Swaps and Derivatives Association Master Agreements, or other
documentation of interest rate swaps, currency swaps, or other hedging or derivative contract arrangements, entered into between a Company
Party and another Entity and any document entered into in connection therewith including any guarantee thereof.

 

“In-Court
Restructuring” has the meaning set forth in the preamble to this Agreement.

 

“Insolvency Proceeding”
means any corporate action, legal proceedings, or other procedure or step taken in any jurisdiction in relation to:

 

		(a)	the suspension of payments, a moratorium
                                            of any indebtedness, winding-up, bankruptcy, liquidation, dissolution, administration, receivership,
                                            administrative receivership, judicial composition or reorganization (by way of voluntary
                                            arrangement, scheme or otherwise) of any of the Company Parties, including under the Bankruptcy
                                            Code;

 

		(b)	a composition, conciliation, compromise
                                            or arrangement with the creditors generally of any of the Company Parties or an assignment
                                            by any of the Company Parties of its assets for the benefit of its creditors generally or
                                            any of the Company Parties becoming subject to a distribution of its assets;

 

		(c)	the appointment of a liquidator, receiver,
                                            administrator, administrative receiver, compulsory manager or other similar officer in respect
                                            of any of the Company Parties or any of its assets;

 

		(d)	enforcement of any security over any assets
                                            of any of the Company Parties; or

 

		(e)	any procedure or step in any jurisdiction
                                            analogous to those set out in paragraphs (a) to (d) above.

 

“Interests”
means, collectively, the shares (or any class thereof), common stock, preferred stock, limited liability company interests, and any other
equity, ownership, or profits interests of any Company Party, and options, warrants, rights, or other securities or agreements to acquire
or subscribe for, or which are convertible into the shares (or any class thereof) of, common stock, preferred stock, limited liability
company interests, or other equity, ownership, or profits interests of any Company Party (in each case whether or not arising under or
in connection with any employment agreement).

 

“IntermediateCo”
means Altera Infrastructure Holdings L.L.C.

 

“IntermediateCo
Claim” means any Claim arising under or in connection with the IntermediateCo Notes or the IntermediateCo Revolving Credit
Facility.

 

“IntermediateCo
Notes” means those certain 11.500% Senior Secured PIK Notes due 2026 issued pursuant to the IntermediateCo Notes Indenture.

 

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“IntermediateCo
Notes Claim” means any Claim arising under or in connection with the IntermediateCo Notes, including Claims based on a
Company Party’s guarantee of obligations thereunder.

 

“IntermediateCo
Notes Indenture” means that certain indenture dated as of August 27, 2021, as may be amended, amended and restated,
or otherwise supplemented from time to time, for the IntermediateCo Notes by and among Altera Infrastructure Holdings L.L.C., each
of the guarantors party thereto, and the IntermediateCo Notes Indenture Trustee.

 

“IntermediateCo
Notes Indenture Trustee” means U.S. Bank National Association, acting through such of its affiliates or branches as it
may designate, in its capacity as indenture trustee under the IntermediateCo Notes Indenture, or any indenture trustee as permitted by
the terms set forth in the IntermediateCo Notes Indenture.

 

“IntermediateCo
RCF Claim” means any Claim arising under or in connection with the IntermediateCo Revolving Credit Facility, including
Claims based on a Company Party’s guarantee of obligations thereunder.

 

“IntermediateCo
Revolving Credit Facility” means that certain credit agreement, dated January 14, 2022, among Altera Infrastructure
Holdings L.L.C., as borrower, the lenders from time to time party thereto, and U.S. Bank National Association, as administrative agent
(as amended, restated, amended and restated, supplemented, or otherwise modified from time to time).

 

“Joinder”
means a joinder to this Agreement substantially in the form attached as Exhibit E hereto.

 

“Law”
means any federal, state, local, or foreign law (including common law), statute, code, ordinance, rule, regulation, order, ruling, or
judgment, in each case, that is validly adopted, promulgated, issued, or entered by a governmental authority of competent jurisdiction
(including the Bankruptcy Court).

 

“Lender Matters”
means any amendment or waiver that has the effect of changing or which relates to (in each case relative to what was set out in the Bank
Term Sheet and the Common Terms on the Agreement Effective Date): (a) the definitions of “Change of Control” and/or
 “Majority Lenders” in the applicable Amended and Restated Bank Facility; (b) any extension to the maturity date under
the applicable Amended and Restated Bank Facility; (c) any reduction in the margin payable under the applicable Amended and Restated
Bank Facility or any reduction in the amount of any payment of principal, interest, fees, or commission payable under the applicable
Amended and Restated Bank Facility; (d) an increase in or extension of any Lender’s commitment under the applicable Amended
and Restated Bank Facility, or any requirement that a cancellation of commitments reduces a Consenting Bank Lender’s commitments
pro rata; (e) a change to any Security Party, Charterer, or guarantor of any Charterer under and as defined in the applicable Amended
and Restated Bank Facility; (f) waterfall provisions providing the order of payments under the applicable Amended and Restated Bank
Facility or the Common Terms; (g) the currency in which any amount is payable under the applicable Amended and Restated Bank Facility;
(h) the nature or scope of collateral or the manner in which the proceeds of enforcement of collateral are distributed under the
applicable Amended and Restated Bank Facility; (i) the nature or scope of the collateral, guarantee and/or indemnity provided by
the Obligors under and as defined in the applicable Amended and Restated Bank Facility; (j) the circumstances in which security
is permitted or required to be released under the applicable Amended and Restated Bank Facility; (k) any provision which expressly
requires the consent or approval of all of the Lenders under and as defined in the applicable Amended and Restated Bank Facility; (l) the
voting provisions under the applicable Amended and Restated Bank Facility or the Common Terms; and (m) any provision that requires
ECA consent under the applicable Amended and Restated Bank Facility or the Common Terms.

 

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“Libra Documents”
means the term sheet or agreement, if any, addressing, amending, restating, supplementing, or otherwise modifying the terms and conditions
of the Libra HoldCo Facility.

 

“Lien”
shall have the meaning set forth in section 101(37) of the Bankruptcy Code.

 

“Management Incentive
Plan” has the meaning ascribed to such term in the Restructuring Term Sheet.

 

“Milestones”
means the milestones set forth in Section 4.03 of this Agreement.

 

“New Common Stock”
has the meaning ascribed to such term in the Restructuring Term Sheet.

 

“New Money Knarr
Commitment Letter” means the commitment letter entered into by certain of the Company Parties and the New Money Knarr Lenders
with respect to the New Money Knarr Facility.

 

“New Money Knarr
Lenders” means the lenders that will be party to the New Money Knarr Facility.

 

“New Organizational
Documents” has the meaning ascribed to such term in the Restructuring Term Sheet.

 

“New Warrants”
has the meaning set forth in the Restructuring Term Sheet.

 

“Noteholder Settlement
Terms” means any documentation related to any agreement or settlement with respect to the treatment of Altera Unsecured
Notes Claims under the Plan, whether documented as amendments to this Agreement or through a separate support agreement or other form
of documentation.

 

“Other Priority
Claim” means any Claim against any of the Debtors other than an Administrative Claim or a Priority Tax Claim entitled to
priority in right of payment under section 507(a) of the Bankruptcy Code.

 

“Other Secured
Claim” means any Secured Claim other than a DIP Claim, a Priority Tax Claim, an IntermediateCo Claim, or a Credit Agreement Claim.

 

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“Out-of-Court
Effective Date” means the date on which the conditions precedent to the Out-of-Court Restructuring have been satisfied
or otherwise waived in writing and the Restructuring Transactions are implemented in accordance with the Definitive Documents.

 

“Out-of-Court
Restructuring” has the meaning set forth in the preamble to this Agreement.

 

“Outside Date”
means the date that is 180 days from (i) the Petition Date or (ii) if the Parties pursue the Out-of-Court Restructuring, the
Agreement Effective Date.

 

“Parties”
has the meaning set forth in the preamble to this Agreement.

 

“Permitted Transferee”
means each transferee of any Company Claims/Interests who meets the requirements of Section 8.01.

 

“Person”
has the meaning ascribed to such term in section 101(41) of the Bankruptcy Code.

 

“Petition Date”
means the first date any of the Company Parties commences a Chapter 11 Case.

 

“PJT Engagement
Letter” means the engagement letter dated May 17, 2022 among PJT Partners (UK) Limited, Norton Rose Fulbright
US LLP, Altera, and each member of the CoCom (as amended, restated, supplemented, or otherwise modified from time to time).

 

“Plan”
means the joint plan of reorganization filed by the Debtors under chapter 11 of the Bankruptcy Code, including all exhibits and
schedules thereto and references therein, that embodies the Restructuring Transactions.

 

“Plan Effective
Date” means the date on which the Plan becomes effective in accordance with its terms.

 

“Plan Supplement”
means the compilation of documents and forms of documents, schedules, and exhibits to the Plan that will be filed by the Debtors with
the Bankruptcy Court in connection with any In-Court Restructuring.

 

“Pledged Vessel”
means any vessel pledged as collateral for a Prepetition Credit Agreement.

 

“Prepetition
Credit Agreements” refers, collectively, to each of the following agreements, as each may be amended, amended and restated,
supplemented, or otherwise modified from time to time in accordance with the terms thereof:

 

		(a)	the $120,000,000 senior secured credit
                                            facility originally dated September 4, 2019 between, among others, Altera Libra
                                            Netherlands B.V. as borrower and Wilmington Trust, National Association as mezzanine collateral
                                            agent (the “Libra HoldCo Facility”);

 

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		(b)	the $150,000,000 senior secured credit
                                            facility originally dated February 6, 2015 between, among others, ALP Forward B.V.,
                                            ALP Ace B.V., ALP Centre B.V., ALP Guard B.V., ALP Winger B.V., and ALP Ippon B.V. as borrowers
                                            and Credit Suisse AG as agent (the “6x ALP Facility”);

 

		(c)	each of the Consenting Bank Lenders Credit
                                            Agreements; and

 

		(d)	all other documents entered into pursuant
                                            to or in connection with each document in clauses (a) through (c) of this definition
                                            with the exception of any agreements exclusively governing Hedging Claims.

 

“Priority Tax
Claims” means Claims of any Governmental Unit of the type described in section 507(a)(8) of the Bankruptcy Code.

 

“Qualified Marketmaker”
means an entity that (a) holds itself out to the public or the applicable private markets as standing ready in the ordinary course
of business to purchase from customers and sell to customers Company Claims/Interests (or enter with customers into long and short positions
in Company Claims/Interests), in its capacity as a dealer or market maker in Company Claims/Interests and (b) is, in fact, regularly
in the business of making a market in claims against issuers or borrowers (including debt securities or other debt).

 

“Related Party”
means each of, and in each case in its capacity as such, current and former directors, managers, officers, committee members, members
of any governing body, equity holders (regardless of whether such interests are held directly or indirectly), affiliated investment funds
or investment vehicles, managed accounts or funds, predecessors, participants, successors, assigns, subsidiaries, Affiliates, partners,
limited partners, general partners, principals, members, management companies, fund advisors or managers, employees, agents, trustees,
advisory board members, financial advisors, attorneys (including any other attorneys or professionals retained by any current or former
director or manager in his or her capacity as director or manager of an Entity), accountants, investment bankers, consultants, representatives,
and other professionals and advisors and any such Person’s or Entity’s respective heirs, executors, estates, and nominees.

 

“Released Claim”
means, with respect to any Releasing Party, any Claim or Cause of Action that is released by such Releasing Party under Section 14
of this Agreement.

 

“Released Company
Parties” means each of, and in each case in its capacity as such: (a) Company Party; (b) current and former Affiliates
of each Entity in clause (a) through the following clause (c); and (c) each Related Party of each Entity in clause (a) through
this clause (c).

 

“Released Parties”
means each Released Company Party and each Released Stakeholder Party.

 

“Released Stakeholder
Parties” means, each of, and in each case in its capacity as such: (a) the Consenting Sponsor Entities and to the
maximum extent permitted by Law, each current and former Affiliate or Related Party of the Consenting Sponsor Entities; (b) each
Consenting Bank Lender, (c) the Agents/Trustees, if any, that execute this Agreement in their capacity as an Agent/Trustee; and
(d) the CoCom and each member of the CoCom.

 

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“Reorganized
Altera” means either Altera, or any successor or assignee thereto, by merger, consolidation, reorganization, or otherwise,
in the form of a corporation, limited liability company, partnership, or other form, as the case may be, on and after the Restructuring
Effective Date.

 

“Reorganized
Altera GP” means either Altera GP, or any successor or assignee thereto, by merger, consolidation, reorganization, or otherwise,
in the form of a corporation, limited liability company, partnership, or other form, as the case may be, on and after the Restructuring
Effective Date.

 

“Reorganized
Debtor” means a Debtor, or any successor or assignee thereto, by merger, consolidation, reorganization, or otherwise, in
the form of a corporation, limited liability company, partnership, or other form, as the case may be, on and after the Restructuring
Effective Date, including Reorganized Altera.

 

“Required Consenting
Bank Lenders” means, as of the relevant date, (i) with respect to any consent, amendment, waiver, or other modification
relating to the Bank Term Sheet, the Common Terms, the Amended and Restated Bank Facilities, or any Definitive Documents listed in Sections 3.01(a)(1) and
(3) of this Agreement (other than any Lender Matter), Consenting Bank Lenders holding at least 66.67% of the aggregate outstanding
principal amount of Credit Agreement Claims held by Consenting Bank Lenders under each of the applicable affected Prepetition Credit
Agreements, and (ii) except as otherwise set forth in specific Sections of this Agreement, for all other purposes under this Agreement
(other than any Lender Matter), Consenting Bank Lenders holding 66.67% of the aggregate outstanding principal amount of Credit Agreement
Claims held by all Consenting Bank Lenders at such time; provided, however, that any purpose relating to specific Amended
and Restated Bank Facilities (other than any Lender Matter or with respect to any consent, amendment, waiver, or other modification relating
to any matter set forth or reflected in the Bank Term Sheet or the Common Terms) shall require only the consent of the Consenting Bank
Lenders holding at least 66.67% of the aggregate outstanding principal amount of Credit Agreement Claims held by Consenting Bank Lenders
party to such facilities if such consent, amendment, waiver, or other modification does not materially adversely affect the Consenting
Bank Lenders under the other Amended and Restated Bank Facilities; provided, further, that, with respect to clauses (i) and
(ii) above, (a) if the proposed consent, amendment, waiver, or modification has a disproportionate, material adverse effect
of the treatment or economic rights of a Consenting Bank Lender, then the consent of each such affected Consenting Bank Lender shall
be required to effectuate such consent, amendment, waiver, or modification in accordance with Section 13 hereof; and (b) if
any Consenting Bank Lender (other than a Consenting Bank Lender that is a member of the CoCom) fails to respond to such a request for
a consent, waiver, amendment of or in relation to any of the terms of this Agreement within ten (10) Business Days of that request
being made (unless the Company Parties and the CoCom agree in writing to a longer period in relation to any such request), the outstanding
principal amount of such Consenting Bank Lender’s Credit Agreement Claims at such time shall not be included for the purpose of
calculating the aggregate outstanding principal amount of Credit Agreement Claims held by all Consenting Bank Lenders at such time when
ascertaining whether any relevant percentage of the aggregate outstanding principal amount of Credit Agreement Claims held by all Consenting
Bank Lenders has been obtained to approve that request.

 

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“Required Consenting
Stakeholders” means the Required Consenting Bank Lenders and the Consenting Sponsor.

 

“Requisite Equity
Contribution” means an equity contribution to ShuttleCo in an amount necessary, but not to exceed $15 million, in the sole
discretion of the Company Parties, to ensure covenant compliance under the ShuttleCo debt facility documents for all financial covenants
tested as of the end of the third reporting quarter for fiscal year 2022.

 

“Resolution Authority”
means any Entity that has authority to exercise any Write-down and Conversion Powers.

 

“Restructuring
Effective Date” means the Out-of-Court Effective Date or the Plan Effective Date, as applicable.

 

“Restructuring
Term Sheet” has the meaning set forth in the recitals to this Agreement.

 

“Restructuring
Transactions” has the meaning set forth in the recitals to this Agreement.

 

“Rights Offering”
has the meaning set forth in the Restructuring Term Sheet.

 

“Rules”
means Rule 501(a)(1), (2), (3), and (7) of the Securities Act.

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

“Secured”
means, when referring to a Claim: (a) secured by a Lien on collateral to the extent of the value of such collateral, as determined
in accordance with section 506(a) of the Bankruptcy Code, or (b) subject to a valid right of setoff pursuant to section 553
of the Bankruptcy Code.

 

“Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder.

 

“ShuttleCo”
means Altera Shuttle Tankers L.L.C. and its direct and indirect subsidiaries.

 

“Solicitation
Materials” means any materials used in connection with the solicitation of votes on the Plan, including the Disclosure
Statement and related ballots, and any procedures established by the Bankruptcy Court with respect to solicitation of votes on the Plan.

 

“Solicitation
Scheduling Order” means the order approving the Disclosure Statement and Solicitation Motion.

 

“Termination
Date” means the date on which termination of this Agreement as to a Party is effective in accordance with Section 12.

 

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“Transfer”
means to sell, resell, reallocate, use, pledge, assign, transfer, hypothecate, participate, donate or otherwise encumber or dispose of,
directly or indirectly (including through derivatives, options, swaps, pledges, forward sales or other transactions).

 

“Transfer Agreement”
means an executed form of the transfer agreement providing, among other things, that a transferee is bound by the terms of this Agreement
and substantially in the form attached hereto as Exhibit D.

 

“Trustee”
means any indenture trustee, collateral trustee, or other trustee or similar entity under the IntermediateCo Notes or the Altera Unsecured
Notes.

 

“UK Bail-In Legislation”
means Part I of the United Kingdom Banking Act 2009 and any other law or regulation applicable in the United Kingdom relating to
the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through
liquidation, administration, or other insolvency proceedings).

 

“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;

 

		(b)	in relation to any UK Bail-In Legislation,
                                            any powers under that UK 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 UK Bail-In Legislation
                                            that are related to or ancillary to any of those powers; and

 

		(c)	in relation to any other applicable Bail-In
                                            Legislation other than the UK 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

 

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(ii)            any
similar or analogous powers under that Bail-In Legislation.

 

1.02.            Interpretation.
For purposes of this Agreement:

 

(a)            in
the appropriate context, each term, whether stated in the singular or the plural, shall include both the singular and the plural, and
pronouns stated in the masculine, feminine, or neutral gender shall include the masculine, feminine, and the neutral gender;

 

(b)            capitalized
terms defined only in the plural or singular form shall nonetheless have their defined meanings when used in the opposite form;

 

(c)            unless
otherwise specified, any reference herein to a contract, lease, instrument, release, indenture, or other agreement or document being
in a particular form or on particular terms and conditions means that such document shall be substantially in such form or substantially
on such terms and conditions;

 

(d)            unless
otherwise specified, any reference herein to an existing document, schedule, or exhibit shall mean such document, schedule, or exhibit,
as it may have been or may be amended, restated, supplemented, or otherwise modified from time to time; provided that any capitalized
terms herein which are defined with reference to another agreement, are defined with reference to such other agreement as of the date
of this Agreement, without giving effect to any termination of such other agreement or amendments to such capitalized terms in any such
other agreement following the date hereof;

 

(e)            unless
otherwise specified in this Agreement, the provisions of Bankruptcy Rule 9006(a) shall apply in computing any period of time
prescribed or allowed herein. If any payment, distribution, act, or deadline is required to be made or performed or occurs on a day that
is not a Business Day, then the making of such payment or distribution, the performance of such act, or the occurrence of such deadline
shall be deemed to be on the next succeeding Business Day, but shall be deemed to have been completed or to have occurred as of the required
date;

 

(f)            unless
otherwise specified, all references herein to “Sections” are references to Sections of this Agreement;

 

(g)            the
words “herein,” “hereof,” and “hereto” refer to this Agreement in its entirety rather than to any
particular portion of this Agreement;

 

(h)            captions
and headings to Sections are inserted for convenience of reference only and are not intended to be a part of or to affect the interpretation
of this Agreement;

 

(i)            references
to “shareholders,” “directors,” and/or “officers” shall also include “members” and/or
 “managers,” as applicable, as such terms are defined under the applicable limited liability company Laws;

 

(j)            the
use of “include” or “including” is without limitation, whether stated or not;

 

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(k)            the
Consenting Bank Lenders that are members of the CoCom act in their individual capacities as a Consenting Bank Lender and not as agent,
trustee, or in any other fiduciary capacity with respect to any other Consenting Bank Lender or any other Party; and

 

(l)            the
phrase “counsel to the Consenting Stakeholders” refers in this Agreement to each counsel specified in Section 15.11
other than counsel to the Company Parties.

 

Section 2.     Effectiveness
of this Agreement.

 

2.01.            This
Agreement shall become effective and binding upon each of the Parties at 12:00 a.m., prevailing Eastern Standard Time, on the Agreement
Effective Date, which is the date on which all of the following conditions have been satisfied or waived in accordance with this Agreement:

 

(a)            each
of the Company Parties shall have executed and delivered counterpart signature pages of this Agreement to counsel to each of the
Parties;

 

(b)            each
of the Company Parties shall have provided to counsel to each of the Consenting Stakeholders a copy of the resolutions, minutes, or written
consents of its board of directors, board of managers, or such similar governing body (1) approving the terms of this Agreement
and (2) authorizing a specified person or persons to execute this Agreement on its behalf;

 

(c)            the
following shall have executed and delivered counterpart signature pages of this Agreement to counsel to the Company Parties,
who shall promptly provide copies of such signature pages to counsel to each of the Consenting Stakeholders:

 

(i)            the
Consenting Sponsor; and

 

(ii)            certain
holders of Credit Agreement Claims under the Consenting Bank Lenders Credit Agreements;

 

(d)            all
reasonable and documented fees and expenses of the CoCom Advisors (in each case subject to giving written notice of such retention to
counsel to the Company Parties where practicable), Clifford Chance LLP, as counsel to the Consenting Bank Lenders under the Gina Krog
Facility, and Bae, Kim & Lee LLC and Yulchon, LLC, as counsel to Export-Import Bank of Korea and the Korea Trade Insurance Corporation,
respectively, and the advisors to the Consenting Sponsor that are due and payable and for which an invoice has been provided to the Company
Parties at least five (5) Business Days prior to the Agreement Effective Date shall have been paid;

 

(e)            IntermediateCo
shall have made the Requisite Equity Contribution;

 

(f)            counsel
to the Company Parties shall have provided to counsel to each of the Consenting Stakeholders a copy of the “standstill” letter
by the Consenting Sponsor to the Company Parties and their non-debtor Affiliates confirming that the Consenting Sponsor has agreed to
forbear from exercising any rights or remedies against the Company Parties’ non-debtor Affiliates until the earlier of the
Outside Date and termination of this Agreement with respect to the Consenting Sponsor, which letter shall be in form and substance reasonably
acceptable to the Required Consenting Bank Lenders; and

 

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(g)            counsel
to the Company Parties shall have given notice to counsel to the Consenting Stakeholders in the manner set forth in Section 15.11
hereof (by email or otherwise) that the conditions to the Agreement Effective Date set forth in this Section 2 have occurred.

 

Section 3.     Definitive
Documents.

 

3.01.            The
Definitive Documents governing the Restructuring Transactions shall include the following:

 

(a)            irrespective
of implementation: (1) the Amended and Restated Bank Facilities and all agreements, documents (including security, collateral, or
pledge agreement or documents), guarantees, intercreditor agreements, mortgages, or instruments to be executed or delivered in connection
with the Amended and Restated Bank Facilities, including all opinions, certificates, filings, and other deliverables required to satisfy
the conditions precedent to the effectiveness of the foregoing documents and agreements; (2) any documents providing for the corporate
governance of the reorganized Company Parties, including charters, bylaws, operating agreements, or other organizational documents or
shareholders’ agreements, as applicable (the “Corporate Governance Documents”); (3) this Agreement,
including the Bank Term Sheet and Common Terms; (4) the Management Incentive Plan; (5) the Libra Documents; (6) the 6x
Documents; (7) the New Warrants and any new warrant agreement related thereto; (8) any documentation necessary to consummate
the Rights Offering (the “Rights Offering Documents”); (9) the New Common Stock and any steps plan or
documents necessary to implement the Corporate Reorganization and any related agreements, documents, or instruments; and (10) the
New Money Knarr Commitment Letter; and

 

(b)            if
the Chapter 11 Cases are commenced: (1) the DIP Order (including the Cash Collateral Order), and any amendments thereto, and any
motion, declaration, affidavit, or other papers to be filed with the Bankruptcy Court in support thereof; (2) the Plan and the Plan
Supplement; (3) the Confirmation Order; (4) the Disclosure Statement and the Solicitation Motion; (5) the Solicitation
Materials; (6) the Solicitation Scheduling Order; (7) the First Day Pleadings and all orders sought pursuant thereto; and (8) the
Noteholder Settlement Terms.

 

3.02.            The
Definitive Documents not executed or in a form attached to this Agreement as of the Execution Date remain subject to negotiation and
completion. Upon completion, the Definitive Documents and every other document, deed, agreement, filing, notification, letter, or instrument
related to the Restructuring Transactions shall contain terms, conditions, representations, warranties, and covenants consistent with
the terms of this Agreement, as they may be modified, amended, or supplemented in accordance with Section 13. Further, the Definitive
Documents not executed or in a form attached to this Agreement as of the Execution Date shall otherwise be in form and substance
reasonably acceptable to the Company Parties and the Required Consenting Stakeholders; provided that any provision of any
Definitive Document that constitutes a Lender Matters shall be in form and substance reasonably acceptable to each Consenting Bank Lender
under the applicable Amended and Restated Bank Facility, the Company Parties, and the Consenting Sponsor; provided, further, that
notwithstanding anything to the contrary herein, (a) (i) the Corporate Governance Documents, (ii) the Management Incentive
Plan, (iii) the Libra Documents and (iv) the Rights Offering Documents shall be in form and substance reasonably acceptable
only to the Company Parties and the Consenting Sponsor, and (b) the 6x Documents shall be subject to the consent rights set forth
in Section 7.04; provided, further, that Acceptable Noteholder Settlement Terms shall be in form and substance reasonably
acceptable only to the Company Parties and the Consenting Sponsor.

 

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Section 4.     Commitments
of the Consenting Stakeholders.

 

4.01.            General
Commitments, Forbearances, and Waivers.

 

(a)            Each
Consenting Stakeholder agrees (on a several and not joint basis) that, for the duration of the Agreement Effective Period applicable
to such Consenting Stakeholder, such Consenting Stakeholder shall, in respect of all of its Company Claims/Interests:

 

(i)            support
the Restructuring Transactions and vote (or instruct its proxy or any other party legally entitled to vote on its behalf) and exercise
any powers or rights available to it (including in any board, shareholders’, or creditors’ meeting or in any process requiring
voting or approval to which they are legally entitled to participate) in each case in favor of any matter requiring approval to the extent
necessary to implement the Restructuring Transactions, including the Plan;

 

(ii)            use
reasonable efforts to cooperate with and assist the Company Parties in obtaining additional support for the Restructuring Transactions
from the Company Parties’ other stakeholders;

 

(iii)            give
any notice, order, instruction, or direction to the applicable Agents/Trustees necessary to give effect to the Restructuring Transactions;

 

(iv)            execute
and deliver, within any reasonably requested time period, any other document, giving any notice, confirmation, consent, order, instruction
or direction, and making any application or announcement, which, in each case, is consistent with and which are reasonably necessary
to support, facilitate, implement, or otherwise give effect to the Restructuring Transactions;

 

(v)            support
petitions or application to any courts, in each case which are contemplated by this Agreement or the Restructuring Term Sheet and which
are reasonably necessary to support, facilitate, implement, consummate, or otherwise give effect to the Restructuring Transactions, including
the Plan; and

 

(vi)            negotiate
in good faith regarding the form and substance of the Definitive Documents and use reasonable efforts to execute and implement the Definitive
Documents that are consistent with this Agreement to which it is required to be a party.

 

(b)            Each
Consenting Stakeholder agrees (on a several and not joint basis) that, for the duration of the Agreement Effective Period applicable
to such Consenting Stakeholder, such Consenting Stakeholder, in respect of all of its Company Claims/Interests, shall not directly or
indirectly:

 

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(i)            object
to, challenge, encourage or support any challenge or delay, impede, or take any other action to interfere with acceptance, implementation,
or consummation of the Restructuring Transactions or any petitions or application, including any retention or fee applications of professionals
retained by the Company Parties, to any courts, in each case which are contemplated by this Agreement or the Restructuring Term Sheet
and which are reasonably necessary to support, facilitate, implement, consummate, or otherwise give effect to the Restructuring Transactions;

 

(ii)            either
itself or through any representatives or agents solicit, initiate, encourage (including by furnishing information), induce, negotiate,
facilitate, continue, or respond to Alternative Restructuring Proposals from or with any Entity or propose, file, support, consent to,
seek formal or informal credit committee approval of, or vote for Alternative Restructuring Proposals (and shall immediately inform the
other Consenting Stakeholders of any notification of an Alternative Restructuring Proposal); provided that at the request of the
Company Parties in their sole discretion, the Consenting Stakeholders or their advisors may consult with the Company Parties at the time
the Company Parties are making the determination whether to exercise their fiduciary duties to accept and enter into (or seek authorization
from the Bankruptcy Court to enter into) a commitment supported by the board of directors, board of managers, or such similar governing
body of any Company Party with respect to an Alternative Restructuring Proposal;

 

(iii)            file
any motion, pleading, or other document with the Bankruptcy Court or any other court (including any modifications or amendments thereof)
that, in whole or in part, is not materially consistent with this Agreement or the Plan, as applicable;

 

(iv)            initiate,
or have initiated on its behalf, any litigation or proceeding of any kind with respect to the Chapter 11 Cases, this Agreement, or the
other Restructuring Transactions contemplated herein against the Company Parties or the other Parties other than to enforce this Agreement
or any Definitive Document or as otherwise permitted under this Agreement;

 

(v)            (A) take
(directly or indirectly) any Enforcement Actions; (B) direct or encourage any other person to take any Enforcement Action; or (C) vote
or direct any proxy appointed by it to vote in favor of any Enforcement Action, in each case except as contemplated by this Agreement
or the Definitive Documents or as otherwise agreed in writing to be necessary or desirable for the implementation of the Restructuring
Transactions by the Company Parties, the Consenting Sponsor, and the CoCom; provided that nothing herein shall impact the automatic
acceleration of a Debtor’s indebtedness that may occur under the Prepetition Credit Agreements or the definitive documentation
for the IntermediateCo Revolving Credit Facility and the IntermediateCo Notes or applicable Credit Agreement Waiver Letters, in each
case due to the filing of the Chapter 11 Cases;

 

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(vi)            investigate,
analyze, commence, prosecute, threaten, litigate, object to, contest, or challenge in any manner or support any challenge to any Consenting
Stakeholders’ Company Claims/Interests, including by (i) challenging the validity, extent, amount, perfection, priority or
enforceability of the obligations under the DIP Facility, the IntermediateCo Notes Indenture, the IntermediateCo Revolving Credit Facility,
or the Consenting Bank Lenders Credit Agreements, (ii) challenging the validity, extent, perfection, priority, or enforceability
of any mortgage, security interest, or lien with respect thereto, or any other rights or interests or replacement liens with respect
thereto, (iii) seeking to subordinate or recharacterize the obligations under the DIP Facility, the IntermediateCo Notes Indenture,
the IntermediateCo Revolving Credit Facility, or the Consenting Bank Lenders Credit Agreements, or to disallow or avoid any claim, mortgage,
security interest, lien, or replacement lien or payment thereunder, or (iv) asserting any Claims or Causes of Action, including,
without limitation, any actions under chapter 5 of the Bankruptcy Code, against any Consenting Stakeholder or any of their respective
officers, directors, agents or employees;

 

(vii)            except
as explicitly provided for in Section 5(h) or (i) or pursuant to the DIP Order, exercise, or direct any other person to
exercise, any right or remedy for the enforcement, collection, or recovery of any Claims against or Interests in the Company Parties; or

 

(viii)            object
to, delay, impede, or take any other action to interfere with the Company Parties’ ownership and possession of their assets, wherever
located, or interfere with the automatic stay arising under section 362 of the Bankruptcy Code; provided, however,
that nothing in this Agreement shall limit the right of any party hereto to exercise any right or remedy provided under any Definitive
Document, the DIP Order, or any Cash Collateral Order (which may be the DIP Order).

 

(c)            Subject
to the Company Parties having entered into the Equinor Contract that is materially consistent with the heads of agreement that existed
as of the Execution Date, except with respect to any Consenting Bank Lender under the Knarr Facility that terminates its obligations
under this Agreement pursuant to Section 12.03 or 12.04 or to the extent this Agreement is terminated with respect to the Consenting
Bank Lenders under the Knarr Facility or the Consenting Sponsor, each New Money Knarr Lender agrees (on a several and not joint
basis) that it shall enter into the New Money Knarr Commitment Letter on or before the Restructuring Effective Date with respect to its
commitments under the New Money Knarr Facility as set forth in the Bank Term Sheet and from such date the commitment fee shall become
payable.

 

4.02.            Commitments
with Respect to Chapter 11 Cases.

 

(a)            In
addition to the affirmative and negative commitments set forth in Section 4.01, if the Restructuring Transactions are to be implemented
through the In-Court Restructuring, during the Agreement Effective Period, each Consenting Stakeholder that is entitled to vote to
accept or reject the Plan pursuant to its terms agrees, severally and not jointly, that it shall, subject to receipt of the Solicitation
Materials by such Consenting Stakeholder, whether before or after the commencement of the Chapter 11 Cases, as applicable:

 

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(i)            vote
(or instruct its proxy or any other party legally entitled vote on its behalf) each of its Company Claims/Interests to accept and support
the Plan by delivering its duly executed and completed accepting ballot on a timely basis following the commencement of the solicitation
of the Plan, and its actual receipt of the Solicitation Materials and the ballot;

 

(ii)            to
the extent it is permitted to elect whether to opt out of the releases set forth in the Plan, elect not to opt out of the releases, or,
to the extent applicable, opt in to the releases set forth in the Plan, in each case by timely delivering its duly executed and completed
ballot(s) indicating such election; provided that such Plan releases are materially consistent with those set forth in the
Restructuring Term Sheet; and

 

(iii)            not
change, withdraw, amend, or revoke (or cause to be changed, withdrawn, amended, or revoked) any vote or election referred to in clauses
(i) and (ii) above; provided that nothing in this Agreement shall prevent any Party from changing, withholding, amending,
or revoking (or causing the same) its timely consent or vote with respect to the Plan if this Agreement has been validly and timely terminated
with respect to such Party pursuant to Section 12.

 

(b)            During
the Agreement Effective Period, each Consenting Stakeholder, in respect of each of its Company Claims/Interests, will support, and will
not directly or indirectly object to, delay, impede, or take any other action to interfere with any motion or other pleading or document
filed by a Company Party in the Bankruptcy Court or any other court; provided that such motions and pleadings are consistent with
this Agreement and the consent and consultation rights provided hereunder.

 

4.03.            Milestones.
The following milestones (the “Milestones”) shall apply to this Agreement unless waived or extended by the
Required Consenting Stakeholders:

 

(a)            unless
an Out-of-Court Restructuring has been implemented by the Company Parties, the Petition Date shall be no later than August 15, 2022;

 

(b)            no
later than 3 days after the Petition Date, the Debtors shall have filed with the Bankruptcy Court a motion seeking approval of the DIP
Facility consistent with the DIP Facility Term Sheet and use of the Consenting Bank Lenders’ Cash Collateral consistent with the
Cash Collateral Order (which may be the DIP Order);

 

(c)            no
later than 5 days after the Petition Date, the Debtors shall have obtained an interim order approving the DIP Facility consistent with
the DIP Facility Term Sheet and an interim order authorizing the use of the Consenting Bank Lenders’ Cash Collateral materially
consistent with the Cash Collateral Order (which may be the DIP Order);

 

(d)            no
later than 25 days after the Petition Date, holders of at least 66.67% of the aggregate outstanding principal amount of Credit Agreement
Claims under each individual Consenting Bank Lenders Credit Agreement other than the Suksan Salamander Facility and holders of at least
50% of the aggregate outstanding principal amount of the Credit Agreement Claims under the Suksan Salamander Facility shall have executed
and delivered counterpart signature pages of this Agreement to counsel to the Company Parties and the Consenting Stakeholders;

 

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(e)            no
later than 45 days after the Petition Date, the Debtors shall have obtained a final order approving the DIP Facility consistent with
the DIP Facility Term Sheet and a final order authorizing the use of the Consenting Bank Lenders’ Cash Collateral (which may be
the DIP Order);

 

(f)            no
later than 90 days after the Petition Date, the Debtors shall have obtained the Solicitation Scheduling Order;

 

(g)            no
later than 120 days after the Petition Date, the Bankruptcy Court shall have entered the Confirmation Order; and

 

(h)            no
later than the earlier of (i) 150 days after the Petition Date and (ii) the maturity of the DIP Facility, the Debtors shall
have consummated the transactions contemplated by the Plan and satisfied all of the conditions precedent to the effective date of the
Plan, including entry into the Equinor Contract.

 

4.04.            ECA
Confirmations. On and from the date it becomes party to this Agreement, and at all times during and after the Agreement Effective
Period, The Export-Import Bank of Korea agrees for the benefit of each ECA Covered Lender that is a beneficiary under an ECA Guarantee
issued by The Export-Import Bank of Korea:

 

(a)            such
ECA Guarantee shall remain in full force and effect, and any rights or remedies of the ECA Covered Lenders under such ECA Guarantee shall
remain fully and freely exercisable by such ECA Covered Lenders as if the Agreement Effective Date had not occurred, notwithstanding
the entry into and performance of this Agreement by any Company Party or each ECA Covered Lender, nor whether such ECA Guarantee has
been or has not been called in accordance with its terms, nor the implementation of the Restructuring Transactions in accordance with
the Restructuring Term Sheet (including, without limitation, the execution of any amendments to and the granting of any consents and
waivers in respect of any Prepetition Credit Agreement contemplated by the Restructuring Term Sheet);

 

(b)            subject
to each relevant ECA Covered Lender complying with the terms of this Agreement, such ECA Guarantee shall, following the implementation
of the Restructuring Transactions, remain enforceable by the relevant ECA Covered Lenders in accordance with the same terms and conditions
of such ECA Guarantee as of the Agreement Effective Date (save for any amendments to such ECA Guarantee expressly agreed by the relevant
ECA Covered Lenders, The Export-Import Bank of Korea, and the relevant Company Party (if applicable) outside the terms of this Section 4.04;
and

 

(c)            automatically
and without further need for any further instruction other than instructions required in accordance with Section 4.05, each applicable
ECA Covered Lender is authorized and directed to comply with and perform its obligations under this Agreement as a Consenting Bank Lender,
including, without limitation, executing any amendments to and granting any consents and waivers in respect of any Prepetition Credit
Agreement and any Definitive Document contemplated by the Restructuring Term Sheet; provided that:

 

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(i)            The
Export-Import Bank of Korea shall be entitled to direct the vote of each relevant ECA Covered Lender with respect to All Party Matters,
Lender Matters, and General Amendment Matters;

 

(ii)            The
Export-Import Bank of Korea shall act as attorney-in fact on behalf of each relevant ECA Covered Lender pursuant to Section 15.02
of this Agreement for purposes of directing the vote of such ECA Covered Lender under the terms of this Agreement;

 

(iii)            no
ECA Covered Lender shall vote in relation to any matter in respect of which The Export-Import Bank of Korea is entitled to direct the
vote of such ECA Covered Lender; and

 

(iv)            any
vote by an ECA Covered Lender in relation to any matter in respect of which the relevant ECA is entitled to direct the vote of such ECA
Covered Lender shall be null and void.

 

4.05.            ECA
Standstill.

 

(a)            Unless
otherwise agreed by Export Credit Norway (Eksfin) and the ECA Covered Lenders that are beneficiaries under an ECA Guarantee issued by
Export Credit Norway (Eksfin), on and from the date it becomes party to this Agreement and at all times during the period from the Agreement
Effective Date until the earlier of (A) the Restructuring Effective Date, and (B) the date upon which this Agreement terminates
for such an ECA Covered Lender, and subject to Section 4.02, each such ECA Covered Lender agrees not to (i) make any claim
under any such ECA Guarantee of which it is a beneficiary or exercise any other rights and remedies available to it under the terms thereof
(unless otherwise separately agreed with Export Credit Norway (Eksfin)); and/or (ii) agree to or implement any amendment to
any Definitive Document if such amendment would be inconsistent with this Agreement (including the Restructuring Term Sheet) or any ECA
Matter.

 

(b)            Any
decisions to grant any consent or waiver of or amendment to any term hereof or exercise any right, power or discretion in relation to
this Agreement, the Restructuring Term Sheet, the relevant Bank Term Sheet, or the Common Terms, shall be taken with the consent of such
ECA Covered Lenders and Export Credit Norway (Eksfin). If such ECA Covered Lenders and Export Credit Norway (Eksfin) provide conflicting
instructions, the consent, waiver or amendment shall not be approved.

 

(c)            Upon
receipt of any request from a Company Party to amend or grant a consent or waiver of any term of this Agreement, Export Credit Norway
(Eksfin) shall promptly notify the relevant ECA Covered Lender of its acceptance or refusal (as the case may be) of such request. No
such ECA Covered Lender shall be obliged to respond to any such request from a Company Party, or be in breach of this Agreement for failing
to do so, unless and until such ECA Covered Lender has received instructions in respect of such request from Export Credit Norway (Eksfin).

 

(d)            Upon
the termination of this Agreement in relation to any such ECA Covered Lender in accordance with Section 12 or otherwise, any rights
and remedies of such ECA Covered Lender under such ECA Guarantee shall be fully and freely exercisable by such ECA Covered Lender, and
the period during which the ECA Covered Lenders may make any claims under such ECA Guarantee (whether through an agent of otherwise)
shall run from the date such ECA Covered Lender is no longer a party to this Agreement.

 

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4.06.            ECA
Support.

 

(a)            Any
decisions to grant any consent or waiver of or amendment to any term hereof or exercise any right, power, or discretion in relation to
this Agreement, the Restructuring Term Sheet, the relevant Bank Term Sheet, or the Common Terms, shall be taken with the consent of the
ECA Covered Lenders that are beneficiaries under an ECA Guarantee issued by Korea Trade Insurance Corporation and Korea Trade Insurance
Corporation. If such ECA Covered Lenders and Korea Trade Insurance Corporation provide conflicting instructions, the consent, waiver,
or amendment shall not be approved.

 

(b)            Upon
receipt of any request from a Company Party to amend or grant a consent or waiver of any term of this Agreement, Korea Trade Insurance
Corporation shall promptly notify the relevant ECA Covered Lender of its acceptance or refusal (as the case may be) of such request.
No such ECA Covered Lender shall be obliged to respond to any such request from a Company Party, or be in breach of this Agreement for
failing to do so, unless and until such ECA Covered Lender has received instructions in respect of such request from Korea Trade Insurance
Corporation.

 

(c)            Any
rights and remedies of such ECA Covered Lender under the ECA Guarantee issued by Korea Trade Insurance Corporation shall be fully and
freely exercisable by such ECA Covered Lender, notwithstanding entry into this Agreement.

 

4.07.            Locked-Up
Company Claim/Interest Confirmations. During the Agreement Effective Period, each Consenting Stakeholder must notify counsel to the
Company Parties and counsel to the other Consenting Stakeholders as soon as reasonably practicable of any change to that Consenting Stakeholder’s
Company Claims/Interests (any Transfer of which shall, for the avoidance of doubt, be made in compliance with Section 8).

 

4.08.            Consenting
Bank Lender Forbearance. Effective upon the Agreement Effective Date, and only to the extent that (i) holders of at least 75%
of the outstanding principal amount of the Altera Unsecured Notes similarly agree to forbear from exercising any rights or remedies on
account of any default or event of default arising under the Altera Unsecured Notes during the Forbearance Period in form and substance
reasonably acceptable to the Company Parties and the Required Consenting Stakeholders, and (ii) the holders of the IntermediateCo
Notes and the IntermediateCo Revolving Credit Facility similarly agree to forbear from exercising any rights or remedies on account of
any default or event of default arising under the Altera Unsecured Notes during the Forbearance Period in form and substance reasonably
acceptable to the Company Parties and the Required Consenting Stakeholders, each Consenting Bank Lender hereby agrees to, without any
waiver of any existing default or event of default, forbear from exercising or directing any other Entity, including the Agent, from
exercising any of the rights and remedies with respect to any default or event of default under any Prepetition Credit Agreement during
the Forbearance Period. For the avoidance of doubt, during the Forbearance Period, each Consenting Bank Lender agrees that it will not
deliver any notice or instruction to the Agent directing the Agent, in each case, to exercise any of the rights and remedies with respect
to any default or event of default under and of the Prepetition Credit Agreements or applicable law against the Company Parties. Notwithstanding
anything to the contrary, the Consenting Bank Lender’s agreement to forebear as set forth in this Section 4.07 is subject
to (i) the applicable Company Party having satisfied the conditions in the relevant Credit Agreement Waiver Letter under the applicable
Prepetition Credit Agreement of the Consenting Bank Lender, including payment of interest, issuance of instruction to insurers and/or
brokers to pay insurance proceeds, if applicable, and delivery of a 13 week forward-looking cash flow forecast, (ii) the payment
of interest at the non-default rate under the applicable Prepetition Credit Agreement of the Consenting Bank Lender during the Forbearance
Period, and (iii) termination in accordance with the relevant Credit Agreement Waiver Letter under the applicable Prepetition Credit
Agreement of the Consenting Bank Lender (unless any such termination event relates to an act expressly permitted by this Agreement).

 

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Section 5.     Additional
Provisions Regarding the Consenting Stakeholders’ Commitments.

 

Notwithstanding anything contained in this Agreement,
and notwithstanding any delivery of a consent or vote to accept the Plan by any Consenting Stakeholder, or any acceptance of Plan by
any class of creditors, nothing in this Agreement shall:

 

(a)            affect
the ability of any Consenting Stakeholder to consult with any other Consenting Stakeholder, the Company Parties, or any other party in
interest in the Chapter 11 Cases (including any official committee and the United States Trustee);

 

(b)            impair
or waive the rights of any Consenting Stakeholder to assert or raise any objection permitted under this Agreement in connection with
the Restructuring Transactions;

 

(c)            impair
or waive the rights of any Consenting Stakeholder to appear as a party in interest in any matter to be adjudicated in order to be heard
concerning any matter arising under the Chapter 11 Cases so long as the exercise of such right is not in violation of or inconsistent
with this Agreement;

 

(d)            prevent
any Consenting Stakeholder from enforcing this Agreement or contesting whether any matter, fact, or thing is a breach of, or is inconsistent
with, this Agreement;

 

(e)            obligate
a Consenting Stakeholder to deliver a vote to support the Plan or prohibit a Consenting Stakeholder from withdrawing such vote, in each
case upon such Consenting Stakeholder terminating this Agreement in accordance with Section 12;

 

(f)            require
any Consenting Stakeholder to take any action that is prohibited by applicable Law or to waive or forego the benefit of any applicable
legal professional privilege;

 

(g)            prevent
any Consenting Stakeholder from taking any action that is required by applicable Law;

 

(h)            prevent
any Consenting Stakeholder from making, seeking, or receiving any regulatory filings, notifications, consents, determinations, authorizations,
permits, approvals, licenses, or the like;

 

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(i)            except
as set forth in this Agreement, including Section 4, and, if applicable, the stay under section 362 of the Bankruptcy Code, prevent
any Consenting Stakeholder from exercising any right under any Prepetition Credit Agreement, the IntermediateCo Revolving Credit Facility,
or the IntermediateCo Notes Indenture, nor shall anything contained in this Agreement be deemed to constitute a waiver or amendment of
any provision of any Prepetition Credit Agreement, the IntermediateCo Revolving Credit Facility, or the IntermediateCo Notes Indenture,
in each case other than as expressly set forth herein;

 

(j)            except
as set forth in this Agreement, including Section 4 and, if applicable, the stay imposed by section 362 of the Bankruptcy Code,
prevent any Consenting Stakeholder from taking any customary perfection step or other action as is necessary to preserve or defend the
validity, existence, or priority of its Company Claims/Interests in accordance with the terms of the IntermediateCo Revolving Credit
Facility, the IntermediateCo Notes Indenture, or the relevant Prepetition Credit Agreement (including the filing of a proof of claim
against any Debtor);

 

(k)            require
any Consenting Stakeholder to incur any expenses, liability or other obligations, or agree to any commitments, undertakings, concessions,
indemnities or other arrangements that would reasonably be expected to result in expenses, liabilities or other obligations to any Consenting
Stakeholder other than as expressly described in this Agreement;

 

(l)            prevent
any Consenting Stakeholder from taking any action that is not prohibited by the Agreement;

 

(m)            be
construed to prohibit any Consenting Stakeholder from appearing as a party-in-interest in any matter to be adjudicated in a Chapter 11
Case, so long as such appearance and the positions advocated in connection therewith are not inconsistent with this Agreement and are
not for the purpose of delaying, interfering, impeding, or taking any other action to delay, interfere or impede, directly or indirectly,
the Restructuring Transactions; or

 

(n)            prevent,
limit, or otherwise impair any Consenting Stakeholder’s ability to exercise any rights or remedies under the DIP Facility, the
DIP Order, or the Cash Collateral Order (which may be the DIP Order).

 

Section 6.     Commitments
of the Company Parties.

 

6.01.            Affirmative
Commitments. Except as set forth in Section 7, during the Agreement Effective Period, the Company Parties agree to:

 

(a)            support
and take all steps reasonably necessary and desirable to consummate the Restructuring Transactions in accordance with this Agreement;

 

(b)            to
the extent any legal or structural impediment arises that would prevent, hinder, or delay the consummation of the Restructuring Transactions
contemplated herein, support and take all steps reasonably necessary and desirable to address any such impediment;

 

(c)            use
reasonable efforts to obtain any and all required regulatory and/or third-party approvals for the Restructuring Transactions;

 

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(d)            use
reasonable efforts to actively oppose any effort to object to, delay, impede, or take any other action to interfere with the acceptance,
implementation, or consummation of the Restructuring Transactions (including, if applicable, the timely filing of objections or written
responses in a Chapter 11 Case) to the extent such opposition or objection is necessary to facilitate implementation of the Restructuring
Transactions;

 

(e)            negotiate
in good faith and use reasonable efforts to execute and deliver the Definitive Documents and any other required agreements to effectuate
and consummate the Restructuring Transactions as contemplated by this Agreement;

 

(f)            use
reasonable efforts to seek additional support for the Restructuring Transactions from their other material stakeholders to the extent
reasonably prudent and to the extent the Company Parties receive any Joinders, notify the Consenting Stakeholders of such Joinders;

 

(g)            use
reasonable efforts to commence and continue to market and solicit proposals, bids, and/or offers for the sale, conveyance, transfer,
assignment, delivery of, contracting, and/or similar transaction with respect to, the Piranema vessel;

 

(h)            upon
reasonable request of the Consenting Stakeholders, inform the advisors to the Consenting Stakeholders as to: (i) the material business
and financial (including liquidity) performance of the Company Parties, including reports on negotiations with Equinor with respect to
the Equinor Contract and the status of any marketing and sale process related to the Piranema vessel; (ii) the general status and
progress of the Restructuring Transactions, including progress in relation to the documentation and negotiations of the Definitive Documents;
and (iii) the status of obtaining any necessary or desirable authorizations (including any consents) from each Consenting Stakeholder,
any competent judicial body, governmental authority, banking, taxation, supervisory, or regulatory body or any stock exchange;

 

(i)            inform
counsel to the Consenting Stakeholders of: (i) any event that the Company Parties have actual knowledge has occurred that would
result in the termination of this Agreement; (ii) the occurrence of any event of which the Company Parties have actual knowledge
and that would be a material impediment to the implementation or consummation of the Restructuring Transactions; (iii) the commencement
of any material involuntary Insolvency Proceeding that has not been dismissed within 45 days; (iv) any material representation or
statement made by them under this Agreement which is or proves to have been materially incorrect or misleading in any respect when made;
and (vi) if no Chapter 11 Case is filed, any legal suit for payment of debt in excess of $10,000,000 or enforcement of security
from or any person in respect of any Company Party;

 

(j)            obtain
orders of the Bankruptcy Court as contemplated by this Agreement and the Milestones set forth in Section 4.03 herein;

 

(k)            consult
with the advisors to the Consenting Stakeholders regarding the implementation of the Restructuring Transactions, including with respect
to (1) the Bankruptcy Court and the jurisdiction and steps for the filing of the Chapter 11 Cases, (2) the identity of the
Debtors in any Chapter 11 Cases, and (3) whether it is necessary or desirable for the Company Parties to commence any ancillary
proceedings;

 

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(l)            comply
with their obligations under the CoCom Appointment Letter and the PJT Engagement Letter, including payment of the CoCom Advisor’s
fees and expenses, and not terminate the CoCom Appointment Letter or the PJT Engagement Letter or seek to reject the CoCom Appointment
Letter or the PJT Engagement Letter in any Chapter 11 Case and pay the CoCom Advisors, Agents/Trustee’s fees and expenses, and
fees and expenses of Clifford Chance LLP, as counsel to the Consenting Bank Lenders under the Gina Krog Facility, and Bae, Kim &
Lee LLC and Yulchon, LLC, as counsel to Export-Import Bank of Korea and the Korea Trade Insurance Corporation, respectively, in accordance
with any DIP Order or Cash Collateral Order (which may be the DIP Order), as applicable;

 

(m)            pay
the Consenting Sponsor’s fees in accordance with any DIP Order or Cash Collateral Order (which may be the DIP Order), as applicable;

 

(n)            make
counsel to the Company Parties available to participate in calls (on a reasonable schedule to be agreed to between counsel to the Company
Parties and counsel to the CoCom) with the advisors to the CoCom regarding the status and progress of the implementation of the Restructuring
Transactions, including the Chapter 11 Cases and the Company Parties' efforts with respect to confirmation of the Plan;

 

(o)            provide
updates to counsel to the Consenting Stakeholders upon reasonable request of the status of the negotiations, if any, with (i) the
lenders under the Libra HoldCo Facility, and (ii) the lenders under the 6x ALP Facility;

 

(p)            make
commercially reasonable efforts to maintain their good standing under the Laws of the state or other jurisdiction in which they are incorporated
or organized;

 

(q)            make
commercially reasonable efforts to operate their business in the ordinary course, taking into account the Restructuring Transactions;

 

(r)            (1) provide
counsel for the Consenting Stakeholders with draft copies of the Definitive Documents as soon as reasonably practicable, but no later
than two (2) days before filing such Definitive Document with the Bankruptcy Court (if applicable), and, (2) to the extent
reasonably practicable, provide counsel to any Consenting Stakeholder materially affected by any motion, document, or other pleading
with a reasonable opportunity to review draft copies of such motion, document, or other pleading prior to it being filed by the Company
Parties with the Bankruptcy Court; and

 

(s)            provide
the Consenting Stakeholders draft copies of any press releases or other external communications materials or disclosure documents, including
any SEC or other regulatory filings (to the extent permitted by Law), pertaining to the Out-of-Court Restructuring or In-Court Restructuring
as soon as reasonably practicable.

 

6.02.            Negative
Commitments. Except as set forth in Section 7, during the Agreement Effective Period, each of the Company Parties shall not
directly or indirectly:

 

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(a)            object
to, delay, impede, or take any other action to interfere with acceptance, implementation, or consummation of the Restructuring Transactions,
including object to or otherwise commence any proceeding opposing any of the terms of this Agreement (including the Restructuring Term
Sheet) or commence any proceeding to prosecute, join in, or otherwise support any action to oppose, object to, or delay entry of the
Confirmation Order;

 

(b)            take
any action that is inconsistent in any material respect with, or is intended to frustrate or impede approval, implementation and consummation
of the Restructuring Transactions described in this Agreement (including the Restructuring Term Sheet) or the Plan, as applicable;

 

(c)            modify
the Plan, in whole or in part, in a manner that is not consistent with this Agreement (including the Restructuring Term Sheet) in all
material respects;

 

(d)            file
any motion, pleading, or Definitive Documents with the Bankruptcy Court or any other court (including any modifications or amendments
thereof) that, in whole or in part, is not materially consistent with this Agreement or the Plan, as applicable;

 

(e)            initiate
any proceeding that does not comply with this Agreement (including with respect to the consultation rights of the Consenting Stakeholders);

 

(f)            engage
in any transaction outside the ordinary course of its business without the written consent of the Required Consenting Stakeholders;

 

(g)            except
as otherwise contemplated by this Agreement (including the Restructuring Term Sheet), (i) sell (including any sale leaseback transaction),
lease, mortgage, pledge, grant, or incur any encumbrance on, or otherwise transfer, any material properties or assets of a Company Party,
including any Pledged Vessels or Interests, including Interests in an Affiliate or subsidiary of a Company Party, other than in the ordinary
course of business, (ii) purchase, lease, or otherwise acquire (by merger, exchange, consolidation, acquisition of stock or assets
or otherwise) any material assets or properties, including other vessels, or enter into contracts related to acquiring vessels to be
constructed, other than in the ordinary course of business, (iii) enter into any merger with or into, or consolidation or amalgamation
with, any other Person or Entity, other than in the ordinary course of business, (iv) permit any other Person or Entity to enter
into any merger with or into, or consolidation or amalgamation with, it, other than in the ordinary course of business, (v) enter
into any joint venture, partnership, sharing of profits or other similar arrangement involving co-investment between a Company Party
and any other Person or Entity, other than in the ordinary course of business, (vi) upgrade or refurbish any vessels, other than
in the ordinary course of business, or (vii) novate, amend, replace, terminate or extend any existing charter agreement, enter into
any new charter agreements or extend any existing charter agreements, other than in the ordinary course of business; provided, however,
that the Company Parties may sell Pledged Vessels, Interests, the Piranema vessel, the Voyager vessel, or any interest in any joint
venture, partnership, sharing of profits, or other similar arrangement involving co-investment between a Company Party and any other
Person or Entity only with the consent of the Required Consenting Bank Lenders and the Consenting Sponsor;

 

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(h)            effectuate
any scrapping, retiring or other disposition of any vessel owned, chartered, or in the possession of a Company Party, including a Pledged
Vessel, or any internal restructuring of the ownership of any of their vessels, or implement or consummate any related transactions or
otherwise enter into a transaction outside the ordinary course of business, in each case, without the written consent of the Required
Consenting Stakeholders; and

 

(i)            except
as otherwise contemplated by this Agreement (including the Restructuring Term Sheet), directly or indirectly, incur or suffer to exist
any material indebtedness, except indebtedness existing and outstanding immediately prior to the date hereof, trade payables, liabilities
arising in the ordinary course of business, and as otherwise contemplated by this Agreement, or grant any Liens or encumbrances in favor
of any Entity, except as arising in the ordinary course of business, and as otherwise contemplated by this Agreement.

 

Section 7.     Additional
Provisions Regarding Company Parties’ Commitments.

 

7.01.            Notwithstanding
anything to the contrary in this Agreement, nothing in this Agreement shall require a Company Party or the board of directors, board
of managers, or similar governing body of a Company Party, after consulting with counsel, to take any action or to refrain from taking
any action with respect to the Restructuring Transactions to the extent taking or failing to take such action would be inconsistent with
applicable Law or its fiduciary obligations under applicable Law, and any such action or inaction pursuant to this Section 7.01
shall not be deemed to constitute a breach of this Agreement. Notwithstanding the foregoing, the Company Parties acknowledge that their
execution of this Agreement is consistent with their fiduciary duties.

 

7.02.            Notwithstanding
anything to the contrary in this Agreement (but subject to Section 7.01), each Company Party and their respective directors, officers,
employees, investment bankers, attorneys, accountants, consultants, and other advisors or representatives, from the Execution Date until
the Restructuring Effective Date (but, for the avoidance of doubt, not thereafter) (a) shall not solicit or initiate an Alternative
Restructuring Proposal from any Entity that does not hold a Company Claim/Interest but (b) shall have the rights to: (i) consider
in good faith, respond to, facilitate, and develop any Alternative Restructuring Proposal; (ii) provide access to non-public information
concerning any Company Party to any Entity or enter into Confidentiality Agreements or nondisclosure agreements with any Entity; (iii) maintain
or continue discussions or negotiations with respect to any Alternative Restructuring Proposal; (iv) otherwise cooperate with, assist,
participate in, or facilitate any inquiries, proposals, discussions, or negotiation of any Alternative Restructuring Proposal; and (v) enter
into or continue discussions or negotiations with holders of Claims against or Interests in a Company Party (including any Consenting
Stakeholder), any other party in interest in the Chapter 11 Cases (including any official committee and the United States Trustee), or
any other Entity regarding the Restructuring Transactions. The Company Parties shall provide notice of all Alternative Restructuring
Proposals, with a copy of each written proposal or a summary of each oral proposal, to counsel to the CoCom and counsel to the Consenting
Sponsor as soon as reasonably practicable and no later than two (2) Business Days from the receipt of such Alternative Restructuring
Proposal; provided that, to the extent any Company Party is prohibited from doing so due to a confidentiality restriction or condition
upon which such proposal was submitted, such Company Party shall (x) promptly notify counsel to the CoCom and counsel to the Consenting Sponsor
upon receipt of any confidential proposal of the existence of such confidential proposal and (y) use commercially reasonable efforts
to obtain relief from such restriction or condition as promptly as practicable in order to comply with its obligations under this Section 7.02.

 

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7.03.            Notwithstanding
anything to the contrary in this Agreement (including the Restructuring Term Sheet), a Company Party may not sell (including by any sale
leaseback transaction), lease, mortgage, pledge, grant, or incur any encumbrance on, or otherwise transfer, or effectuate any scrapping,
retiring or other disposition of any Pledged Vessel without the consent of holders of at least 66.67% of the aggregate outstanding principal
amount of Credit Agreement Claims under such Prepetition Credit Agreement that is secured by such Pledged Vessel, Consenting Bank Lenders
holding 66.67% of the aggregate outstanding under the other Consenting Bank Lenders Credit Agreements and the Consenting Sponsor.

 

7.04.            The
Company Parties shall use commercially reasonable efforts to restructure the Company Parties’ obligations under the 6x ALP Facility
on the terms contained or otherwise reflected in the Bank Term Sheet. In the event of a future agreement with lenders under the 6x ALP
Facility on terms more favorable to such lenders than proposed in the Bank Term Sheet relating to the 6x ALP Facility, the Company Parties
agree to offer the lenders under the 4x ALP Facilities improvements (including to interest, amortization and/or cash flow sweep, but
excluding maturity) based on the same principles as for the 6x ALP lenders, which such terms shall, in order to be approved, require
the consent of each of the Consenting Bank Lenders under the 4x ALP Facilities, the Company Parties, the Consenting Sponsor, and Consenting
Bank Lenders holding 66.67% of the aggregate outstanding principal amount of Credit Agreement Claims held by the Consenting Bank Lenders.2

 

7.05.            Nothing
in this Agreement shall: (a) impair or waive the rights of any Company Party to assert or raise any objection permitted under this
Agreement in connection with the Restructuring Transactions; or (b) prevent any Company Party from enforcing this Agreement or contesting
whether any matter, fact, or thing is a breach of, or is inconsistent with, this Agreement.

 

Section 8.     Transfer
of Interests and Securities.

 

8.01.            During
the Agreement Effective Period, no Consenting Stakeholder shall Transfer any ownership (including any beneficial ownership as defined
in the Rule 13d-3 under the Securities Exchange Act of 1934, as amended) in any Company Claims/Interests to any Person or Entity,
including any party in which it may hold a direct or indirect beneficial interest, unless:

 

(a)            in
the case of any Company Claims/Interests (other than Credit Agreement Claims) the authorized transferee is either (1) a qualified
institutional buyer as defined in Rule 144A of the Securities Act, (2) a non-U.S. person in an offshore transaction as
defined under Regulation S under the Securities Act, (3) an institutional accredited investor (as defined in the Rules), or (4) a
Consenting Stakeholder;

 

 

 

		2	Provided that,
                                            for the avoidance of doubt, paydown of the 6x ALP Facilities from the remaining proceeds
                                            from the sale of Ace/Ippon shall not be deemed an improvement to the 6x ALP Facility and
                                            will not be offered to the lenders under the 4x ALP Facilities.

 

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(b)            in
the case of any Credit Agreement Claims, the Transfer is in compliance with subsection (c) below; and

 

(c)            either
(i) the transferee executes and delivers to counsel to the Company Parties, at or before the time of the proposed Transfer, a Transfer
Agreement or (ii) the transferee is a Consenting Stakeholder or an ECA and the transferee provides notice of such Transfer (including
the amount and type of Company Claim/Interest Transferred) to counsel to the Company Parties at or before the time of the proposed Transfer.

 

For the avoidance of doubt, the Company Parties
and the other Consenting Stakeholders acknowledge and agree that, to the extent any entity, including an ECA, complies with this Section 8.01
and acquires the ownership interest of a Consenting Bank Lender with respect to any Credit Agreement Claims that are the subject of such
cover arrangements, no consent of any Company Party or any other Consenting Stakeholder shall be required for such entity, including
an ECA, to become a Consenting Bank Lender hereunder; provided that such entity, including an ECA, shall comply with the obligations
of a Consenting Bank Lender hereunder.

 

8.02.            Upon
compliance with the requirements of Section 8.01, the transferor shall be deemed to relinquish its rights (and be released from
its obligations) under this Agreement to the extent of the rights and obligations in respect of such transferred Company Claims/Interests.
Any Transfer in violation of Section 8.01 shall be void ab initio. A Consenting Stakeholder that makes a Transfer pursuant
to Section 8.01(c)(ii) shall provide notice of such Transfer to counsel to the Company Parties, counsel to the CoCom, and counsel
to the Consenting Sponsor as soon as reasonably practicable after such Transfer.

 

8.03.            This
Agreement shall in no way be construed to preclude the Consenting Stakeholders from acquiring additional Company Claims/Interests; provided,
however, that (a) such additional Company Claims/Interests shall automatically and immediately upon acquisition by a Consenting
Stakeholder be deemed subject to the terms of this Agreement (regardless of when or whether notice of such acquisition is given to counsel
to the Company Parties or counsel to the Consenting Stakeholders) and (b) such Consenting Stakeholder must provide notice of such
acquisition (including the amount and type of Company Claim/Interest acquired) to counsel to the Company Parties, counsel to the CoCom,
and counsel to the Consenting Sponsor within five (5) Business Days of such acquisition.

 

8.04.            This
Section 8 shall not impose any obligation on any Company Party to issue any “cleansing letter” or otherwise publicly
disclose information for the purpose of enabling a Consenting Stakeholder to Transfer any of its Company Claims/Interests. Notwithstanding
anything to the contrary herein, to the extent a Company Party and another Party have entered into a Confidentiality Agreement, the terms
of such Confidentiality Agreement shall continue to apply and remain in full force and effect according to its terms, and this Agreement
does not supersede any rights or obligations otherwise arising under such Confidentiality Agreements; provided that any Consenting
Bank Lender that is a member of the CoCom or their respective advisors may participate in discussions with third parties (or take any
other action permitted by this Agreement) regarding Alternative Restructuring Proposals with the express written consent of counsel to
the Company Parties.

 

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8.05.            Notwithstanding
Section 8.01, a Qualified Marketmaker that acquires any Company Claims/Interests with the purpose and intent of acting as a Qualified
Marketmaker for such Company Claims/Interests shall not be required to execute and deliver a Transfer Agreement in respect of such Company
Claims/Interests if (i) such Qualified Marketmaker subsequently transfers such Company Claims/Interests (by purchase, sale assignment,
participation, or otherwise) within five (5) Business Days of its acquisition to a transferee that is an entity that is not an affiliate,
affiliated fund, or affiliated entity with a common investment advisor; (ii) the transferee otherwise is a Permitted Transferee
under Section 8.01; and (iii) the Transfer otherwise is permitted under Section 8.01. To the extent that a Consenting
Stakeholder is acting in its capacity as a Qualified Marketmaker, it may Transfer (by purchase, sale, assignment, participation, or otherwise)
any right, title, or interests in Company Claims/Interests that the Qualified Marketmaker acquires from a holder of the Company Claims/Interests
who is not a Consenting Stakeholder without the requirement that the transferee be a Permitted Transferee.

 

8.06.            Notwithstanding
anything to the contrary, if the Consenting Sponsor or a Company Party, or in each case, any Related Party thereof, acquires a Credit
Agreement Claim, it shall be deemed not to be a Consenting Bank Lender and shall not be entitled to any of the rights of a Consenting
Bank Lender under this Agreement, including the right to vote as a Consenting Bank Lender on any matter under this Agreement.

 

8.07.            Notwithstanding
anything to the contrary in this Section 8, the restrictions on Transfer set forth in this Section 8 shall not apply to the
grant of any Liens or encumbrances on any claims and interests in favor of a bank or broker-dealer holding custody of such claims and
interests in the ordinary course of business and which Lien or encumbrance is released upon the Transfer of such claims and interests.

 

Section 9.     Representations
and Warranties of Consenting Stakeholders. Each Consenting Stakeholder severally, and not
jointly, represents and warrants that, as of the date such Consenting Stakeholder executes and delivers this Agreement and as of the
Restructuring Effective Date, and with respect to any ECA Covered Lender, subject to ECA direction:

 

(a)            it
is the beneficial or record owner of the face amount of the Company Claims/Interests or is the nominee, investment manager, or advisor
for beneficial holders of the Company Claims/Interests reflected in, and, having made reasonable inquiry, is not the beneficial or record
owner of any Company Claims/Interests other than those reflected in, such Consenting Stakeholder’s signature page to this
Agreement, Joinder, or a Transfer Agreement, as applicable (as may be updated pursuant to Section 8);

 

(b)            it
has the full power and authority to act on behalf of, vote and consent to matters concerning, such Company Claims/Interests;

 

(c)            such
Company Claims/Interests are free and clear of any pledge, Lien, security interest, charge, claim, equity, option, proxy, voting restriction,
right of first refusal, or other limitation on disposition, transfer, or encumbrances of any kind, that would adversely affect in any
way such Consenting Stakeholder’s ability to perform any of its obligations under this Agreement at the time such obligations are
required to be performed;

 

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(d)            it
has the full power to vote, approve changes to, and Transfer all of its Company Claims/Interests referable to it as contemplated by this
Agreement subject to the terms and conditions of any applicable agreements and Law; and solely with respect to holders of Company Claims/Interests
(other than Credit Agreement Claims) (i) it is either (A) a qualified institutional buyer as defined in Rule 144A of the
Securities Act, (B) not a U.S. person (as defined in Regulation S of the Securities Act), or (C) an institutional accredited
investor (as defined in the Rules), and (ii) any securities acquired by the Consenting Stakeholder in connection with the Restructuring
Transactions will have been acquired for investment and not with a view to distribution or resale in violation of the Securities Act.

 

Section 10.     Representations
and Warranties of Company Parties. Each Company Party severally, and not jointly, represents
and warrants that, as of the date such Company Party executes and delivers this Agreement:

 

(a)            to
the best of its knowledge, no order has been made, petition presented, or resolution passed for the winding up of or appointment of a
liquidator, receiver, administrative receiver, administrator, compulsory manager, or other similar officer in respect of it or any other
Company Party, and no analogous procedure has been commenced in any jurisdiction; and

 

(b)            it
has not entered into any arrangement in respect of any of the Prepetition Credit Agreements, the IntermediateCo Revolving Credit Facility, IntermediateCo
Notes, or Existing Common Equity (including with any individual lender, creditor, or equity holder thereunder, irrespective of whether
it is or is to become a Consenting Stakeholder) on terms that are not reflected in the Restructuring Term Sheet.

 

Section 11.     Mutual
Representations, Warranties, and Covenants. Each of the Parties represents, warrants, and
covenants to each other Party, as of the date such Party executed and delivers this Agreement, and on the Restructuring Effective Date:

 

(a)            it
is validly existing and in good standing under the Laws of the state of its organization, and this Agreement is a legal, valid, and binding
obligation of such Party, enforceable against it in accordance with its terms, except as enforcement may be limited by applicable Laws
relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability;

 

(b)            except
as expressly provided in this Agreement (including the Restructuring Term Sheet) or the Plan, as applicable, and the Bankruptcy Code,
no consent or approval is required by any other Person or Entity in order for it to effectuate the Restructuring Transactions contemplated
by, and perform its respective obligations under, this Agreement; provided certain of the Consenting Stakeholders may be required
to file with, seek consent or approval from, provide notice to, or take other actions with respect to certain federal, state, or other
applicable local governmental authorities or regulatory bodies in order for such Consenting Stakeholder to effectuate the Restructuring
Transactions and otherwise comply with its respective obligations under this Agreement;

 

(c)            the
entry into and performance by it of, and the transactions contemplated by, this Agreement do not, and will not, conflict in any material
respect with any Law or regulation applicable to it or with any of its articles of association, memorandum of association or other constitutional
documents;

 

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(d)            except
as expressly provided in this Agreement, it has (or will have, at the relevant time) all requisite corporate or other power and authority
to enter into, execute, and deliver this Agreement and to effectuate the Restructuring Transactions contemplated by, and perform its
respective obligations under, this Agreement; and

 

(e)            except
as expressly provided by this Agreement, it is not party to any restructuring or similar agreements or arrangements with the other Parties
to this Agreement that have not been disclosed to all Parties to this Agreement.

 

Section 12.     Termination
Events.

 

12.01.            Consenting
Stakeholder Termination Events. This Agreement may be terminated (a) with respect to the Consenting Sponsor, by the Consenting
Sponsor, and (b) with respect to the Consenting Bank Lenders under a Prepetition Credit Agreement, by the holders of at least 66.67%
of the aggregate outstanding principal amount of Credit Agreement Claims held by the Consenting Bank Lenders under such Prepetition Credit
Agreement, in each case, by the delivery to the Company Parties of a written notice in accordance with Section 15.11 hereof upon
the occurrence of the following events:

 

(a)            the
breach in any material respect by a Company Party of any of the representations, warranties, or covenants of the Company Parties set
forth in this Agreement that (i) is adverse to the Consenting Stakeholders seeking termination pursuant to this provision and (ii) remains
uncured (to the extent curable) for fifteen (15) Business Days after such terminating Consenting Stakeholders transmit a written notice
in accordance with Section 15.11 hereof detailing any such breach;

 

(b)            the
economic substance or the legal rights, remedies, or benefits of the Restructuring Transactions are adversely affected (i) as a
result of fraud, bad faith, or willful misconduct by any of the Company Parties or their applicable boards of directors or officers and
(ii) remains uncured (to the extent curable) for ten (10) Business Days after such terminating Consenting Stakeholders transmit
a written notice in accordance with Section 15.11 hereof detailing any such occurrence;

 

(c)            the
Company Parties announce (in a SEC filing, official press release, or Bankruptcy Court filing) their intention to not support the Restructuring
Transactions or to accept an Alternative Restructuring Proposal;

 

(d)            unless
such public announcement is subsequently retracted before the expiration of the period in this Section 12.01(d), sixty (60) days
after Equinor makes a public announcement that it will not enter into an Equinor Contract that is materially consistent with the heads
of agreement that existed as of the Execution Date;

 

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(e)            the
issuance by any governmental authority, including any regulatory authority or court of competent jurisdiction, of any final, non-appealable
ruling or order that (i) enjoins or otherwise prevents the consummation of a material
portion of the Restructuring Transactions and (ii) remains in effect for
thirty (30) Business Days after such terminating Consenting Stakeholders transmit a written notice in accordance with Section 15.11
hereof detailing any such issuance; provided, that this termination right may not be exercised by any Party that sought or requested
such ruling or order in contravention of any obligation set out in this Agreement;

 

(f)            provided
that the Company Parties commence the Chapter 11 Cases, the Bankruptcy Court enters an order denying confirmation of the Plan
or any Confirmation Order is reversed, stayed, dismissed, or vacated without the prior written
consent of the Required Consenting Stakeholders, or is modified or amended (i) in a manner that is materially inconsistent with
this Agreement and adverse to either the Consenting Sponsor or the Required Consenting Stakeholders, as applicable, and (ii) the Bankruptcy
Court does not within ten (10) Business Days enter a revised order confirming the Plan reasonably acceptable to the Consenting Sponsor
or the Required Consenting Stakeholders, as applicable;

 

(g)            provided
that the Company Parties commence the Chapter 11 Cases, the entry of an order by the Bankruptcy Court, or the filing of a motion
or application by any Company Party seeking an order (without the prior written consent of the Required Consenting Stakeholders), (i) converting
one or more of the Chapter 11 Cases of a Company Party to a case under chapter 7 of the Bankruptcy Code, (ii) appointing an examiner
with expanded powers beyond those set forth in sections 1106(a)(3) and (4) of the Bankruptcy Code or a trustee in one
or more of the Chapter 11 Cases of a Company Party, (iii) rejecting this Agreement, (iv) dismissing one or more of the Chapter
11 Cases of a Company Party, or (v) invalidating, disallowing, subordinating, or limiting the enforceability, priority, or validity
of any of the Company Claims/Interests held by any of the Consenting Stakeholders;

 

(h)            the
failure to meet any Milestone that has not been previously waived or extended by the Required Consenting Stakeholders;

 

(i)            any
Definitive Document is executed or filed by a Company Party or entered by the Bankruptcy Court that includes terms (by amendment or otherwise)
that are in any respect materially inconsistent with this Agreement (including the Plan and Restructuring Term Sheet) and is adverse
to any Consenting Bank Lender party to such Definitive Document or the Consenting Sponsor if the Consenting Sponsor is party to or otherwise
affected by such Definitive Document, unless such filing has been approved in writing by such Consenting Bank Lender or Consenting Sponsor,
as applicable;

 

(j)            provided
that the Company Parties commence the Chapter 11 Cases, any Company Party uses or seeks to use any of the Consenting Stakeholders’
Cash Collateral other than pursuant to the Cash Collateral Order (which may be the DIP Order) or without obtaining the prior written
consent of the applicable Consenting Stakeholder;

 

(k)            provided
that the Company Parties commence the Chapter 11 Cases, any Company Party (i) subsequent to its filing, withdraws the
Plan without the prior written consent of the Required Consenting Stakeholders or (ii) executes a definitive written agreement with
respect to an Alternative Restructuring Proposal;

 

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(l)            other
than for the purpose of implementing the Restructuring Transactions in accordance with the terms of this Agreement, one or more Insolvency
Proceedings are commenced in respect of any Company Party that is obligated under the Prepetition Credit Agreements that has not been
dismissed within forty-five (45) days of the commencement thereof; provided that this termination right shall not apply to or
be exercised by any Party that initiated or supported the initiation of the Insolvency Proceedings in question in contravention of any
contrary obligation set out in this Agreement;

 

(m)            the
repudiation or disavowal by one or more of the Company Parties of this Agreement;

 

(n)            a
Company Party terminates this Agreement pursuant to Section 12.05(b) of this Agreement;

 

(o)            a
Company Party breaches its covenant not to (i) sell (including any sale leaseback transaction), lease, mortgage, pledge, grant,
or incur any encumbrance on, or otherwise transfer, any material properties or assets of a Company Party, including any Pledged Vessels
or Interests, including Interests in an Affiliate or subsidiary of a Company Party, (ii) purchase, lease, or otherwise acquire (by
merger, exchange, consolidation, acquisition of stock or assets or otherwise) any assets or properties, including other vessels, or enter
into contracts related to acquiring vessels to be constructed, other than in the ordinary course of business, (iii) enter into any
merger with or into, or consolidation or amalgamation with, any other Person or Entity, other than in the ordinary course of business,
(iv) permit any other Person or Entity to enter into any merger with or into, or consolidation or amalgamation with, it, other than
in the ordinary course of business, (v) enter into any joint venture, partnership, sharing of profits or other similar arrangement
involving co-investment between a Company Party and any other Person or Entity, other than in the ordinary course of business, (vi) upgrade
or refurbish any vessels, other than in the ordinary course of business, or (vii) novate, amend, replace, terminate or extend any
existing charter agreement, enter into any new charter agreements or extend any existing charter agreements, other than in the ordinary
course of business; provided, however, that the Company Parties may sell the Piranema vessel, the Voyager vessel, or any interest
in any joint venture, partnership, sharing of profits, or other similar arrangement involving co-investment between a Company Party and
any other Person or Entity only with the consent of the Required Consenting Bank Lenders and the Consenting Sponsor;

 

(p)            the
Required Consenting Bank Lenders terminate this Agreement or their obligations under this Agreement in accordance with Section 12.01;

 

(q)            Consenting
Bank Lenders holding in the aggregate more than 66.67% of the aggregate outstanding principal amount of Credit Agreement Claims under
the Knarr Facility terminate this Agreement in accordance with Section 12.04 or holders of Claims in the class of the Knarr
Facility vote as a class to reject the Plan;

 

(r)            the
Consenting Sponsor terminates this Agreement or its obligations under this Agreement;

 

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(s)            with
respect to any Consenting Bank Lender, the breach in any material respect by the Consenting Sponsor of any of the commitments set forth
in Sections 4.01 or 4.02 of this Agreement that (i) is adverse to the Consenting Bank Lenders seeking termination pursuant to this
provision and (ii) remains uncured (to the extent curable) for fifteen (15) Business Days after such terminating Consenting Bank
Lender transmits a written notice in accordance with Section 15.11 hereof detailing any such breach;

 

(t)            with
respect to the Consenting Sponsor, the breach in any material respect by any Consenting Bank Lender of any of the commitments set forth
in Sections 4.01 or 4.02 of this Agreement that (i) is adverse to the Consenting Sponsor and (ii) remains uncured (to the extent
curable) for fifteen (15) Business Days after the Consenting Sponsor transmits a written notice in accordance with Section 15.11
hereof detailing any such breach;

 

(u)            any
Company Party enters into the 6x Documents other than in compliance with the consent requirements set forth in Section 7.04 of this
Agreement;

 

(v)            the
acceleration or termination of commitments under the DIP Facility or the termination of the consensual use of a Consenting Bank Lender’s
Cash Collateral under the DIP Order; or

 

(w)            any
Company Party files a plan of reorganization that is not consistent with the Restructuring Term Sheet or does not provide treatment for
the DIP Facility that is consistent with the Restructuring Term Sheet.

 

12.02.            Consenting
Sponsor Termination Events. The Consenting Sponsor may terminate this Agreement, as to itself only, upon prior written notice to
all Parties in accordance with Section 15.11 hereof if the Consenting Bank Lenders under an applicable Prepetition Credit Agreement
terminate this Agreement pursuant to Section 12.03 in respect of Credit Agreement Claims under the applicable Prepetition Credit
Agreement that constitute at least 66.67% of the aggregate outstanding principal amount of Credit Agreement Claims held by all Consenting
Bank Lenders under such Prepetition Credit Agreement as of the Execution Date.

 

12.03.            Consenting
Bank Lender Termination Events. Each Consenting Bank Lender may terminate this Agreement, as to itself only, upon prior written notice
to all Parties in accordance with Section 15.11 hereof upon the occurrence of, with respect to any Pledged Vessel under such Consenting
Bank Lender’s Prepetition Credit Agreement, of any of the following events:

 

(a)            A
Total Loss (as defined in the applicable Prepetition Credit Agreement) occurs, and upon such termination the applicable Consenting Bank
Lender will be entitled to the applicable insurance proceeds or recovery as set forth in the Prepetition Credit Agreement (if applicable)
or Cash Collateral Order (which may be the DIP Order), and may otherwise take any actions permitted under Section 12.08;

 

(b)            A
Pledged Vessel is (other than at the direction of such terminating Consenting Bank Lender) arrested, confiscated, seized, taken in execution,
impounded, forfeited, detained in exercise or purported exercise of any possessory lien or other claim or otherwise taken from the possession
of the applicable Consenting Bank Lender and the Company Parties fail to procure the release of the Pledged Vessel within ten (10) Business
Days thereafter;

 

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(c)            The
early termination of (or delivery of any notice (which is not revoked within three (3) Business Days of receipt) of the charter
party's intention to terminate) any of the charter agreements in respect of a Pledged Vessel with a remaining term of more than twelve
(12) months, unless (A) such terminated charter is replaced by a charter containing terms at least as favorable as the terminated
charter within fifteen (15) Business Days after either (i) the termination of the charter and (ii) delivery of any notice of
the charter party's intention to terminate or (B) such termination is enjoined by the Bankruptcy Court; or

 

(d)            The
registration of the Pledged Vessel under the law of the Flag State is cancelled or terminated without the prior written consent of the
applicable Agent, or, where applicable, not renewed or, if such Pledged Vessel is only provisionally registered on the date of its mortgage,
such Pledged Vessel is not permanently registered under such laws, and the Pledged Vessel is not re-registered with the Flag State within
twenty (20) Business Days after such cancellation, termination or non-renewal.

 

12.04.            Knarr
Lender Termination Event. Any of the Consenting Bank Lenders that are party to the Knarr Facility may terminate this Agreement, solely
with respect to itself, if the terms of the Equinor Contract are materially inconsistent with the heads of agreement that existed as
of the Execution Date in a manner that is adverse to the Consenting Bank Lenders that are party to the Knarr Facility.

 

12.05.            Company
Party Termination Events. Any Company Party may terminate this Agreement as to all Parties upon prior written notice to all Parties
in accordance with Section 15.11 hereof upon the occurrence of any of the following events:

 

(a)            the
breach in any material respect by one or more of the Consenting Stakeholders of any provision set forth in this Agreement that remains
uncured (to the extent curable) for a period of fifteen (15) Business Days after the receipt by the Consenting Stakeholders of notice
of such breach;

 

(b)            the
board of directors, board of managers, or such similar governing body of any Company Party determines, after consulting with counsel,
(i) that proceeding with any of the Restructuring Transactions would be inconsistent with the exercise of its fiduciary duties or
applicable Law or (ii) in the exercise of its fiduciary duties, to pursue an Alternative Restructuring Proposal;

 

(c)            the
issuance by any governmental authority, including any regulatory authority or court of competent jurisdiction, of any final, non-appealable
ruling or order that (i) enjoins or otherwise prevents the
consummation of a material portion of the Restructuring Transactions and (ii) remains in effect for thirty (30) Business Days after
such terminating Company Party transmits a written notice in accordance with Section 15.11 hereof detailing any such issuance; provided,
that this termination right shall not apply to or be exercised by any Company Party that sought or requested such ruling or order in
contravention of any obligation or restriction set out in this Agreement;

 

(d)            provided
that the Company Parties commence the Chapter 11 Cases, the Bankruptcy Court enters an order denying confirmation of the Plan;
or

 

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(e)            the
Consenting Sponsor or the Required Consenting Bank Lenders terminate this Agreement.

 

12.06.            Mutual
Termination.  This Agreement, and the obligations of all Parties hereunder, may be terminated by mutual written agreement among
all of the following: (a) the Required Consenting Stakeholders; and (b) each Company Party.

 

12.07.            Automatic
Termination.  This Agreement shall terminate automatically without any further required action or notice on the earlier of (i) the
Outside Date, and (ii) the Restructuring Effective Date.

 

12.08.            Effect
of Termination.  Upon the occurrence of a Termination Date as to a Party, except as expressly set forth herein, this Agreement
shall be of no further force and effect as to such Party and each Party subject to such termination shall be released from its commitments,
undertakings, and agreements under this Agreement and shall have the rights and remedies that it would have had, had it not entered into
this Agreement, and shall be entitled to take all actions, whether with respect to the Restructuring Transactions or otherwise, that
it would have been entitled to take had it not entered into this Agreement, including with respect to any and all Claims or Causes of
Action.  Upon the occurrence of a Termination Date prior to the Confirmation Order being entered by a Bankruptcy Court, any and
all consents or ballots tendered by the Parties subject to such termination before a Termination Date shall be deemed, for all purposes,
to be null and void from the first instance and shall not be considered or otherwise used in any manner by the Parties in connection
with the Restructuring Transactions and this Agreement or otherwise; provided, however, any Consenting Stakeholder withdrawing or changing
its vote pursuant to this Section 12.08 shall promptly provide written notice of such withdrawal or change to each other Party to
this Agreement and, if such withdrawal or change occurs on or after the Petition Date, file notice of such withdrawal or change with
the Bankruptcy Court. Nothing in this Agreement shall be construed as prohibiting a Company Party or any of the Consenting Stakeholders
from contesting whether any such termination is in accordance with its terms or to seek enforcement of any rights under this Agreement
that arose or existed before a Termination Date. Except as expressly provided in this Agreement, nothing herein is intended to, or does,
in any manner waive, limit, impair, or restrict (a) any right of any Company Party or the ability of any Company Party to protect
and preserve its rights (including rights under this Agreement), remedies, and interests, including its claims against any Consenting
Stakeholder, and (b) any right of any Consenting Stakeholder, or the ability of any Consenting Stakeholder, to protect and preserve
its rights (including rights under this Agreement), remedies, and interests, including its claims against any Company Party or Consenting
Stakeholder. No purported termination of this Agreement shall be effective under
this Section 12.08 or otherwise if the Party seeking to terminate this Agreement is in material breach of this Agreement, and such
material breach causes or results in the occurrence of the applicable termination event, except a termination pursuant to Section 12.05(b) or
Section 12.05(d). Nothing in this Section 12.08 shall restrict any Company Party’s right to terminate this Agreement
in accordance with Section 12.05(b).

 

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Section 13.     Amendments
and Waivers.

 

(a)            This
Agreement, including any exhibits of schedules thereto, may not be modified, amended, or supplemented, and no condition or requirement
of this Agreement may be waived, in any manner except in accordance with this Section 13.

 

(b)            The
Lender Matters may not be modified, waived, amended, supplemented, or otherwise affected in any manner except in writing signed by: (i) each
Consenting Bank Lender; (ii) each Company Party; and (iii) the Consenting Sponsor.

 

(c)            The
All Party Matters may not be modified, amended, waived, supplemented, or otherwise affected in any manner except in writing signed by:
(i) the Required Consenting Bank Lenders; (ii) each Company Party; and (iii) the Consenting Sponsor.

 

(d)            The
General Amendment Matters may not be modified, amended, waived, supplemented, or otherwise affected in any matter except in writing signed
by: (a) each Company Party, (b) the Consenting Sponsor, and (c) the Required Consenting Bank Lenders; provided,
however, that if the proposed modification, amendment, waiver, or supplement has a material, disproportionate, and adverse effect
on any of the Company Claims/Interests held by a Consenting Stakeholder then the consent of each such affected Consenting Stakeholder
shall also be required to effectuate such modification, amendment, waiver, or supplement.

 

(e)            Section 7.04
of the Agreement may not be modified, amended, waived, supplemented, or otherwise affected in any matter except in writing signed by
each Consenting Bank Lender under the 4x ALP Facilities.

 

(f)            Any
amendment to this Agreement necessary to implement Acceptable Noteholder Settlement Terms shall be in form and substance reasonably acceptable
only to the Company Parties and the Consenting Sponsor.

 

(g)            Any
proposed modification, amendment, waiver or supplement that does not comply with this Section 13 shall be ineffective and void ab
initio.

 

(h)            The
waiver by any Party of a breach of any provision of this Agreement shall not operate or be construed as a further or continuing waiver
of such breach or as a waiver of any other or subsequent breach. No failure on the part of any Party to exercise, and no delay in exercising,
any right, power or remedy under this Agreement shall operate as a waiver of any such right, power or remedy or any provision of this
Agreement, nor shall any single or partial exercise of such right, power or remedy by such Party preclude any other or further exercise
of such right, power or remedy or the exercise of any other right, power or remedy. All remedies under this Agreement are cumulative
and are not exclusive of any other remedies provided by Law.

 

(i)            The
ECA Matters may not be modified, amended, waived, supplemented, or otherwise affected in any manner except in writing signed by each
affected ECA Covered Lender and each affected ECA.

 

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(j)            For
the avoidance of doubt, Sections 4.04, 4.05, 4.06, and Section 13(i) are solely for the benefit of each ECA and each ECA Covered
Lender that has executed and delivered a counterpart signature page to this Agreement or signature page to a Joinder or a Transfer
Agreement (as applicable) to counsel to the Company Parties in its capacity as such. Notwithstanding any provision of this Agreement
to the contrary, such sections may only be amended or waived with the consent of the applicable ECA and each applicable ECA Covered Lender
that has executed and delivered a counterpart signature page to this Agreement or a signature page to a Joinder or a Transfer
Agreement (as applicable) to counsel to the Company Parties in its capacity as such.

 

Section 14.     Mutual
Releases.

 

14.01.            Releases.
The Releases contained in this Section 14 shall be effective on the Restructuring Effective Date and solely to the extent (i) the
Parties consummate the Restructuring Transactions through the Out-of-Court Restructuring or (ii) the Restructuring Transactions
are consummated through the In-Court Restructuring and the Plan approved by the Confirmation Order does not include release and exculpation
provisions materially consistent with those contained in the Restructuring Term Sheet.

 

(a)            Releases
by the Company Releasing Parties. Except as expressly set forth in this Agreement, effective on the Restructuring Effective Date,
in exchange for good and valuable consideration, the adequacy of which is hereby confirmed, each Released Party is hereby deemed released
and discharged by each and all of the Company Releasing Parties, in each case on behalf of themselves and their respective successors,
assigns, and representatives, and any and all other entities who may purport to assert any Cause of Action, directly or derivatively,
by, through, for, or because of the foregoing entities, from any and all Causes of Action, whether known or unknown, including any derivative
claims, asserted or assertable on behalf of any of the Company Releasing Parties, that the Company Releasing Parties would have been
legally entitled to assert in their own right (whether individually or collectively) or on behalf of the Holder of any Claim against,
or Interest in, a Company Party, based on or relating to, or in any manner arising from, in whole or in part, the Company Parties (including
the management, ownership, or operation thereof), the purchase, sale, or rescission of any security of the Company Parties, the subject
matter of, or the transactions or events giving rise to, any Claim or Interest that is treated in the Plan, the business or contractual
arrangements between any Debtor and any Released Party, the Debtors’ in- or out-of-court restructuring efforts, intercompany transactions,
the DIP Facility, the Prepetition Credit Agreements, the Amended and Restated Bank Facilities, the IntermediateCo Revolving Credit Facility,
the IntermediateCo Notes Indenture, the Chapter 11 Cases, this Agreement, the Definitive Documents, or any Restructuring Transaction,
contract, instrument, release, or other agreement or document created or entered into in connection with this Agreement, the Definitive
Documents, the DIP Facility, the Amended and Restated Bank Facilities, or the Plan, the filing of the Chapter 11 Cases, the pursuit of
confirmation, the pursuit of consummation, the administration and implementation of the Plan, including the issuance or distribution
of securities pursuant to the Plan, or the distribution of property under the Plan or any other related agreement, or upon any other
act, or omission, transaction, agreement, event, or other occurrence taking place on or before the Restructuring Effective Date.

 

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(b)            Releases
by the Consenting Stakeholder Releasing Parties. Except as expressly set forth in this Agreement, effective on the Restructuring
Effective Date, in exchange for good and valuable consideration, the adequacy of which is hereby confirmed, each Released Party is hereby
deemed released and discharged by each and all of the Consenting Stakeholder Releasing Parties, in each case on behalf of themselves
and their respective successors, assigns, and representatives, and any and all other entities who may purport to assert any Cause of
Action, directly or derivatively, by, through, for, or because of the foregoing entities, from any and all Causes of Action, whether
known or unknown, including any derivative claims, asserted or assertable on behalf of any of the Company Parties, that the Company Parties
would have been legally entitled to assert in their own right (whether individually or collectively) or on behalf of the Holder of any
Claim against, or Interest in, a Company Party, based on or relating to, or in any manner arising from, in whole or in part, the Company
Parties (including the management, ownership, or operation thereof), the purchase, sale, or rescission of any security of the Company
Parties or the Reorganized Debtors, the subject matter of, or the transactions or events giving rise to, any Claim or Interest that is
treated in the Plan, the business or contractual arrangements between any Debtor and any Released Party, the Debtors’ in- or out-of-court
restructuring efforts, intercompany transactions, the DIP Facility, the Prepetition Credit Agreements, the Amended and Restated Bank
Facilities, the IntermediateCo Revolving Credit Facility, the IntermediateCo Notes Indenture, the Chapter 11 Cases, this Agreement,
the Definitive Documents, or any Restructuring Transaction, contract, instrument, release, or other agreement or document created or
entered into in connection with this Agreement, the Definitive Documents, the DIP Facility, the Amended and Restated Bank Facilities,
or the Plan, the filing of the Chapter 11 Cases, the pursuit of confirmation, the pursuit of consummation, the administration and implementation
of the Plan, including the issuance or distribution of securities pursuant to the Plan, or the distribution of property under the Plan
or any other related agreement, or upon any other act, or omission, transaction, agreement, event, or other occurrence taking place on
or before the Restructuring Effective Date. Notwithstanding anything to the contrary in the foregoing, the releases set forth above do
not release any post-Restructuring Effective Date obligations of any party or Entity under the Plan, the Restructuring Transactions,
or any document, instrument, or agreement (including those set forth in the Plan Supplement) executed to implement the Plan or obligations
under any guarantee granted or insurance policy issued by an export credit agency or similar entity.

 

14.02.            No
Additional Representations and Warranties. Each of the Parties agrees and acknowledges that, except as expressly provided in this
Agreement and the Definitive Documents, no other Party, in any capacity, has warranted or otherwise made any representations concerning
any Released Claim (including any representation or warranty concerning the existence, nonexistence, validity, or invalidity of any Released
Claim). Notwithstanding the foregoing, nothing contained in this Agreement is intended to impair or otherwise derogate from any of the
representations, warranties, or covenants expressly set forth in this Agreement or any of the Definitive Documents.

 

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14.03.            Releases
of Unknown Claims. Each of the Releasing Parties in each of the Releases contained in this Agreement expressly acknowledges that
although ordinarily a general release may not extend to Released Claims which the Releasing Party does not know or suspect to exist in
its favor, which if known by it may have materially affected its settlement with the party released, they have carefully considered and
taken into account in determining to enter into the above Releases the possible existence of such unknown losses or claims. Without limiting
the generality of the foregoing, each Releasing Party expressly waives and relinquishes any and all rights such Party may have or conferred
upon it under any federal, state, or local statute, rule, regulation, or principle of common law or equity which provides that a release
does not extend to claims which the claimant does not know or suspect to exist in its favor at the time of providing the Release or which
may in any way limit the effect or scope of the Releases with respect to Released Claims which such Party did not know or suspect to
exist in such Party’s favor at the time of providing the Release, which in each case if known by it may have materially affected
its settlement with any Released Party. Each of the Releasing Parties expressly acknowledges that the Releases and covenants not to sue
contained in this Agreement are effective regardless of whether those released matters or Released Claims are presently known or unknown,
suspected or unsuspected, or foreseen or unforeseen.

 

14.04.            Turnover
of Subsequently Recovered Assets. In the event that any Releasing Party (including any successor or assignee thereof and including
through any third party, trustee, debtor in possession, creditor, estate, creditors’ committee, or similar Entity) is successful
in pursuing or receives, directly or indirectly, any funds, property, or other value on account of any Claim, Cause of Action, or litigation
against any Released Party that was released pursuant to the Release (or would have been released pursuant to the Release if the party
bringing such claim were a Releasing Party), such Releasing Party (i) shall not commingle any such recovery with any of its other
assets and (ii) agrees that it shall promptly turnover and assign any such recoveries to, and, pending such turnover and assignment,
the Releasing Party shall hold any such recoveries in trust for, such Released Party.

 

14.05.            Certain
Limitations on Releases. For the avoidance of doubt, nothing in this Agreement and the Releases contained in this Section 14
shall or shall be deemed to result in the waiving or limiting by (a) the Company Parties, or any officer, director, member of any
governing body, or employee thereof, of (i) any indemnification against any Company Party, any of their insurance carriers, or any
other Entity, (ii) any rights as beneficiaries of any insurance policies, (iii) wages, salaries, compensation, or benefits,
(iv) intercompany claims between and/or among the Debtors (except as otherwise provided in the Plan or the Restructuring Term Sheet),
or (v) any interest held by a Company Party; (b) the Consenting Stakeholders or the Agents/Trustee of any Claims against the
Company Parties that are treated and discharged under the Plan (except as may be expressly amended or modified by the Plan, or any other
financing document under and as defined therein); and (c) any Party or other Entity of any post-Agreement Effective Date obligations
under this Agreement or post-Restructuring Effective Date obligations under the Plan, the Confirmation Order, the Restructuring Transaction,
or any document, instrument, or agreement (including those set forth in the Plan Supplement) executed to implement the Plan, or any Claim
or obligation arising under the Plan.

 

14.06.            Covenant
Not to Sue. Each of the Releasing Parties hereby further agrees and covenants not to, and shall not, commence or prosecute, or assist
or otherwise aid any other Entity in the commencement or prosecution of, whether directly, derivatively or otherwise, any Released Claims.

 

14.07.            Third-Party
Beneficiaries. Any Released Party that is not party to this Agreement shall be an intended third-party beneficiary of this Section 14
of this Agreement.

 

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Section 15.     Miscellaneous

 

15.01.            Acknowledgement.
Notwithstanding any other provision herein, this Agreement is not and shall not be deemed to be an offer with respect to any securities
or solicitation of votes for the acceptance of a plan of reorganization for purposes of sections 1125 and 1126 of the Bankruptcy
Code or otherwise.  Any such offer or solicitation will be made only in compliance with all applicable securities Laws, provisions
of the Bankruptcy Code, and/or other applicable Law.

 

15.02.            Appointment
as Attorney-in-Fact. Each ECA Covered Facility Lender hereby irrevocably constitutes and appoints the applicable ECA under the pertinent
Prepetition Credit Agreement as such ECA Covered Facility Lender’s true and lawful attorney-in-fact with full irrevocable power
and authority in the place and stead of each such ECA Covered Facility Lender and in the name of such ECA Covered Facility Lender or
in its own name, for the sole purpose of directing the vote of each ECA Covered Facility Lender with respect to All Party Matters and
General Amendment Matters and ECA Matters as contemplated by this Agreement. Each ECA Covered Facility Lender hereby ratifies all that
said attorneys shall lawfully do or cause to be done by virtue of this Section 15.02.

 

15.03.            Exhibits
Incorporated by Reference; Conflicts. Each of the exhibits, annexes, signatures pages, and schedules attached hereto is expressly
incorporated herein and made a part of this Agreement, and all references to this Agreement shall include such exhibits, annexes, and
schedules. In the event of any inconsistency between this Agreement (without reference to the exhibits, annexes, and schedules hereto)
and the exhibits, annexes, and schedules hereto, this Agreement (without reference to the exhibits, annexes, and schedules thereto) shall
govern.

 

15.04.            Further
Assurances.  Subject to the other terms of this Agreement, the Parties agree to execute and deliver such other instruments and
perform such acts, in addition to the matters herein specified, as may be reasonably appropriate or necessary, or as may be required
by order of the Bankruptcy Court from time to time, to effectuate the Restructuring Transactions, as applicable.

 

15.05.            Complete
Agreement.  Except as otherwise explicitly provided herein or as otherwise referred to herein, this Agreement constitutes the
entire agreement among the Parties with respect to the subject matter hereof and supersedes all prior agreements, oral or written, among
the Parties with respect thereto, other than any Confidentiality Agreement.

 

15.06.            GOVERNING
LAW; SUBMISSION TO JURISDICTION; SELECTION OF FORUM.  THIS AGREEMENT IS TO BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN SUCH STATE, WITHOUT GIVING EFFECT TO THE CONFLICT OF
LAWS PRINCIPLES THEREOF.  Each Party hereto agrees that it shall bring any action or proceeding in respect of any claim arising
out of or related to this Agreement, to the extent possible, in the Chosen Court, and solely in connection with claims arising under
this Agreement: (a) irrevocably submits to the exclusive jurisdiction of the Chosen Court; (b) waives any objection to laying
venue in any such action or proceeding in the Chosen Court; and (c) waives any objection that the Chosen Court is an inconvenient
forum or does not have jurisdiction over any Party hereto.

 

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15.07.            Trial
by Jury Waiver. EACH PARTY HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY
LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

15.08.            Execution
of Agreement.  This Agreement, any Joinder, and any Transfer Agreement may be executed and delivered in any number of counterparts
and by way of electronic signature and delivery, each such counterpart, when executed and delivered, shall be deemed an original, and
all of which together shall constitute the same agreement.  Except as expressly provided in this Agreement, each individual executing
this Agreement on behalf of a Party has been duly authorized and empowered to execute and deliver this Agreement on behalf of said Party.
The words “execution”, “signed”, “signature”, “delivery” and words of like import in
or relating to this Agreement, any Joinder and any Transfer Agreement shall be deemed to include electronic signatures, deliveries or
the keeping of records in electronic form, each of which shall be of the same legal effect, validity and enforceability as a manually
executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and
as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York
State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. Without
limiting the generality of the foregoing, each Party hereby waives any argument, defense or right to contest the validity or enforceability
of this Agreement, any Joinder or any Transfer Agreement based solely on the lack of paper original copies of such document, including
with respect to any signature pages hereto.

 

15.09.            Rules of
Construction.  This Agreement is the product of negotiations among the Company Parties and the Consenting Stakeholders, and
in the enforcement or interpretation hereof, is to be interpreted in a neutral manner, and any presumption with regard to interpretation
for or against any Party by reason of that Party having drafted or caused to be drafted this Agreement, or any portion hereof, shall
not be effective in regard to the interpretation hereof. The Company Parties and the Consenting Stakeholders were each represented by
counsel during the negotiations and drafting of this Agreement and continue to be represented by counsel.

 

15.10.            Successors
and Assigns; Third Parties.  This Agreement is intended to bind and inure to the benefit of the Parties and their respective
successors and permitted assigns, as applicable. Other than with respect to the Released Parties, there are no third party beneficiaries
under this Agreement, and the rights or obligations of any Party under this Agreement may not be assigned, delegated, or transferred
to any other person or entity.

 

15.11.            Notices. 
All notices hereunder shall be deemed given if in writing and delivered, by electronic mail, courier, or registered or certified mail
(return receipt requested), to the following addresses (or at such other addresses as shall be specified by like notice):

 

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(a)            if
to a Company Party, to:

 

Altera Infrastructure L.P.

Altera House, Unit 3,

Prospect Park,

Arnall Business Park,

Westhill, Aberdeenshire, AB32 6FJ

United Kingdom

Attention: Duncan Donaldson, General Counsel

E-mail address: duncan.donaldson@alterainfra.com

 

with copies to:

 

Kirkland & Ellis LLP

300 North LaSalle Street

Chicago, IL 60654

Attention: Jack R. Luze

E-mail address: john.luze@kirkland.com

 

and

 

Kirkland & Ellis LLP

601 Lexington Avenue

New York, New York 10022

Attention: Joshua A. Sussberg, P.C., Brian Schartz, P.C., and Francis Petrie

E-mail address: joshua.sussberg@kirkland.com; brian.schartz@kirkland.com; francis.petrie@kirkland.com

 

(b)           if
to the CoCom, to:

 

Norton Rose Fulbright LLP

3 More London Riverside

London, SE1 2AQ, United Kingdom

Attention: Eleanor Martin

E-mail address: GLOProjectBlackGold@nortonrosefulbright.com

 

and

 

Norton Rose Fulbright US LLP

1301 Avenue of the Americas

New York, NY 10019

Attention: David A. Rosenzweig

E-mail address: GLOProjectBlackGold@nortonrosefulbright.com

 

(c)            if
to the Consenting Sponsor, to:

 

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 6th Avenue

New York, New York 10019

Attention: Paul Basta, Brian Hermann, and Jacob Adlerstein

E-mail address: pbasta@paulweiss.com; bhermann@paulweiss.com; jadlerstein@paulweiss.com

 

Any notice given by delivery, mail, or courier
shall be effective when received.

 

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15.12.            Independent
Due Diligence and Decision Making. Each Consenting Stakeholder hereby confirms that its decision to execute this Agreement has been
based upon its independent investigation of the operations, businesses, financial and other conditions, and prospects of the Company
Parties.

 

15.13.            Enforceability
of Agreement. Each of the Parties to the extent enforceable waives any right to assert that the exercise of termination rights under
this Agreement is subject to the automatic stay provisions of the Bankruptcy Code, and expressly stipulates and consents hereunder to
the prospective modification of the automatic stay provisions of the Bankruptcy Code for purposes of exercising termination rights under
this Agreement, to the extent the Bankruptcy Court determines that such relief is required.

 

15.14.            Waiver.
If the Restructuring Transactions are not consummated, or if this Agreement is terminated for any reason, the Parties fully reserve any
and all of their rights. Pursuant to Federal Rule of Evidence 408 and its foreign equivalents, and any other applicable rules of
evidence, this Agreement and all negotiations relating hereto shall not be admissible into evidence in any proceeding other than a proceeding
to enforce its terms or the payment of damages to which a Party may be entitled under this Agreement.

 

15.15.            Specific
Performance. It is understood and agreed by the Parties that money damages would be an insufficient remedy for any breach of this
Agreement by any Party, and each non-breaching Party shall be entitled to specific performance and injunctive or other equitable
relief (without the posting of any bond and without proof of actual damages) as a remedy of any such breach, including an order of the
Bankruptcy Court or other court of competent jurisdiction requiring any Party to comply promptly with any of its obligations hereunder.

 

15.16.            Several,
Not Joint, Claims. Except where otherwise specified, the agreements, representations, warranties, and obligations of the Parties
under this Agreement are, in all respects, several and not joint.

 

15.17.            Severability
and Construction. If any provision of this Agreement shall be held by a court of competent jurisdiction to be illegal, invalid, or
unenforceable, the remaining provisions shall remain in full force and effect if essential terms and conditions of this Agreement for
each Party remain valid, binding, and enforceable.

 

15.18.            Remedies
Cumulative. All rights, powers, and remedies provided under this Agreement or otherwise available in respect hereof at Law or in
equity shall be cumulative and not alternative, and the exercise of any right, power, or remedy thereof by any Party shall not preclude
the simultaneous or later exercise of any other such right, power, or remedy by such Party.

 

15.19.            Capacities
of Consenting Stakeholders. Each Consenting Stakeholder has entered into this agreement on account of all Company Claims/Interests
that it holds as specified on its signature page (directly or through discretionary accounts that it manages or advises) and, except
where otherwise specified in this Agreement, shall take or refrain from taking all actions that it is obligated to take or refrain from
taking under this Agreement with respect to all such Company Claims/Interests.

 

    54

     

    

 

15.20.            Survival.
Notwithstanding (i) any Transfer of any Company Claims/Interests in accordance with this Agreement or (ii) the termination
of this Agreement in accordance with its terms, the agreements and obligations of the Parties in this Section 15 (other than Section 15.04)
and the Confidentiality Agreements and, in the case of a termination of this Agreement pursuant to Section 12.07 hereof upon the
occurrence of the Restructuring Effective Date, the releases set forth in Section 14 hereof shall survive such Transfer and/or termination
and shall continue in full force and effect for the benefit of the Parties in accordance with the terms hereof and thereof.

 

15.21.            Email
Consents. Where a written consent, acceptance, approval, or waiver is required pursuant to or contemplated by this Agreement, pursuant
to Section 3.02, Section 13, or otherwise, including a written approval by the Company Parties or the Required Consenting Stakeholders,
such written consent, acceptance, approval, or waiver shall be deemed to have occurred if, by agreement between counsel to the Parties
submitting and receiving such consent, acceptance, approval, or waiver, it is conveyed in writing (including electronic mail) between
each such counsel without representations or warranties of any kind on behalf of such counsel.

 

15.22.            Disclosure.
No Party or its advisors shall disclose to any person or entity (including, for the avoidance of doubt, any other Party) the holdings
information of any Consenting Stakeholder without such Consenting Stakeholders’ prior written consent; provided that signature
pages executed by Consenting Stakeholder shall be delivered to (a) all Consenting Stakeholders in redacted form that removes
the details of such Consenting Stakeholders’ holdings of Company Claims/Interests listed thereon and (b) the Company Parties
in unredacted form (to be held by the Company Parties on a professionals’ eyes only-basis). Any public filing of this Agreement
(including with the SEC) shall not contain signature pages or shall contain signature pages in redacted form.

 

15.23.            Hedging
Claims. Notwithstanding anything contained in this Agreement to the contrary, nothing in this Agreement shall (i) apply to,
affect, modify or limit in any way the rights of holders of Hedging Claims in respect of such Hedging Claims, including the rights of
any holder of Hedging Claims who is a Consenting Stakeholder, or (ii) prohibit any holder of Hedging Claims, in respect of such
Hedging Claims, from taking any action in or in connection with the Chapter 11 Cases, or otherwise, including without limitation exercising
any right in respect of Hedging Claims, interposing any objection to the relief sought therein or voting against the Plan. Notwithstanding
anything herein to the contrary in this Agreement, any amendment to the definition of "Hedging Claims" or the provisions that
reference the Hedging Claims shall require the consent of the Consenting Stakeholders holding such Hedging Claims.

 

15.24.            Contractual
Recognition of Bail-In. Notwithstanding any other term of this Agreement or any other agreement, arrangement or understanding between
the Parties, each Party acknowledges and accepts that any liability of any Consenting Bank Lender to another Party under or in connection
with this Agreement may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by
the effect of:

 

    55

     

    

 

(a)            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

 

(iii)            a
cancellation of any such liability; and

 

(b)            a
variation of any term of this Agreement to the extent necessary to give effect to any Bail-In Action in relation to any such liability

 

IN WITNESS WHEREOF, the Parties
hereto have executed this Agreement on the day and year first above written.

 

    56

     

    

 

Company Parties’ Signature Page to

the Restructuring Support Agreement

 

ALP
Ace B.V. 

ALP
Centre B.V. 

ALP
Defender B.V. 

ALP
Forward B.V. 

ALP
Guard B.V. 

ALP
Ippon B.V. 

ALP
Keeper B.V. 

ALP
Maritime Group B.V. 

ALP
Maritime Holding B.V. 

ALP
Maritime Services B.V. 

ALP
Ocean Towage Holding B.V. 

ALP
Striker B.V. 

ALP
Sweeper B.V. 

ALP
Winger B.V. 

Altera
Al Rayyan L.L.C. 

Altera
Infrastructure Finance Corp. 

Altera
Infrastructure FSO Holdings Limited 

Altera
Infrastructure GP L.L.C. 

Altera
Infrastructure Holdings L.L.C. 

Altera
Infrastructure L.P. 

Altera
Infrastructure Production Holdings Limited 

Altera
Infrastructure Project Services LLC 

Altera
Knarr AS 

Altera
Production UK Limited 

Altera
Voyageur Production Limited 

Arendal
Spirit AS 

Arendal
Spirit L.L.C. 

Clipper
L.L.C. 

Gina
Krog AS 

Gina
Krog Offshore Pte Ltd 

Golar-Nor
(UK) Limited 

Knarr
L.L.C. 

Petrojarl
I L.L.C. 

Petrojarl
I Production AS 

Piranema
L.L.C. 

Piranema
Production AS

Salamander
Production (UK) Limited 

Voyageur
L.L.C.

 

	By:	        	 
	 	 	 
	Name:	 
	Authorized Signatory	 

 

     

     

    

 

Consenting Stakeholder Signature Page to

the Restructuring Support Agreement

 

[Consenting
Stakeholder SIGNATURE PAGES OMITTED]

 

	 	 
	Name:	 
	Title:	 

 

Address:

 

E-mail address(es):

 

	Aggregate
    Amounts Beneficially Owned or Managed on Account of:
	IntermediateCo
    Notes	 
	Altera
    Unsecured Notes	 
	Libra
    HoldCo Facility	 
	Petrojarl
    I Facility	 
	Knarr
    Facility	 
	Gina
    Krog Facility	 
	Suksan
    Salamander Facility	 
	Keeper
    Facility	 
	Striker
    Facility	 
	Sweeper
    Facility	 
	Defender
    Facility	 
	6x
    ALP Facility	 
	Arendal
    Facility	 
	Interests	 

 

     

     

    

 

 

EXHIBIT A

 

Company Parties

 

ALP Ace B.V.

ALP Centre B.V.

ALP Defender B.V.

ALP Forward B.V.

ALP Guard B.V.

ALP Ippon B.V.

ALP Keeper B.V.

ALP Maritime Group B.V.

ALP Maritime Holding B.V.

ALP Maritime Services B.V.

ALP Ocean Towage Holding B.V.

ALP Striker B.V.

ALP Sweeper B.V.

ALP Winger B.V.

Altera Al Rayyan L.L.C.

Altera Infrastructure Finance Corp.

Altera Infrastructure FSO Holdings Limited

Altera Infrastructure GP L.L.C.

Altera Infrastructure Holdings L.L.C.

Altera Infrastructure L.P.

Altera Infrastructure Production Holdings Limited

Altera Infrastructure Project Services LLC

Altera Knarr AS

Altera Production UK Limited

Altera Voyageur Production Limited

Arendal Spirit AS

Arendal Spirit L.L.C.

Clipper L.L.C.

Gina Krog AS

Gina Krog Offshore Pte Ltd

Golar-Nor (UK) Limited

Knarr L.L.C.

Petrojarl I L.L.C.

Petrojarl I Production AS

Piranema L.L.C.

Piranema Production AS

Salamander Production (UK) Limited

Voyageur L.L.C.

 

     

     

    

 

EXHIBIT B

 

Debtors

 

     

     

    

 

EXHIBIT C

 

Restructuring Term Sheet

 

EXECUTION VERSION

 

THIS RESTRUCTURING TERM SHEET IS NOT AN OFFER
WITH RESPECT TO ANY SECURITIES OR A SOLICITATION OF ACCEPTANCES OF A CHAPTER 11 PLAN WITHIN THE MEANING OF SECTION 1125 OF THE BANKRUPTCY
CODE. ANY SUCH OFFER OR SOLICITATION WILL COMPLY WITH ALL APPLICABLE SECURITIES LAWS AND/OR PROVISIONS OF THE BANKRUPTCY CODE. NOTHING
CONTAINED IN THIS RESTRUCTURING TERM SHEET SHALL BE AN ADMISSION OF FACT OR LIABILITY OR, UNTIL THE OCCURRENCE OF THE AGREEMENT EFFECTIVE
DATE OF THE RESTRUCTURING SUPPORT AGREEMENT ON THE TERMS DESCRIBED HEREIN AND IN THE RESTRUCTURING SUPPORT AGREEMENT, DEEMED BINDING
ON ANY OF THE PARTIES HERETO.

 

Restructuring
Term Sheet

 

INTRODUCTION

 

This Restructuring Term Sheet1
describes the principal terms of the Restructuring and the Restructuring Transactions of Altera Infrastructure GP LLC, Altera
Infrastructure L.P. (“Altera”) and Altera’s direct and indirect subsidiaries that will be effectuated
through a consensual out-of-court restructuring or pursuant to an in-court restructuring and a chapter 11 plan of reorganization on the
terms set forth in the Restructuring and Support Agreement (the “Restructuring Support Agreement” or “RSA”)
to which this Restructuring Term Sheet is attached as Exhibit B. The statements contained in this Restructuring Term Sheet
and the discussions between and among the Parties to the RSA in connection therewith constitute privileged settlement discussions. Accordingly,
this Restructuring Term Sheet and the information contained herein are entitled to protection from any use or disclosure to any party
or person pursuant to Rule 408 of the Federal Rules of Evidence and any other applicable rule, statute, or doctrine of similar
import protecting the use or disclosure of confidential settlement discussions.

 

This Restructuring Term Sheet does not include
a description of all of the terms, conditions, and other provisions that will be contained in the Definitive Documents governing the
Restructuring, which remain subject to negotiation and completion in accordance with and consistent with the Restructuring Support Agreement
(including the attachments thereto), this Restructuring Term Sheet (including the attachments hereto), and applicable bankruptcy law.
The Restructuring will not contain any material terms or conditions that are inconsistent in any material respect with this Restructuring
Term Sheet or the Restructuring Support Agreement. This Restructuring Term Sheet incorporates the
rules of construction as set forth in the Restructuring Support Agreement and section 102 of the Bankruptcy Code.

 

 

1      Capitalized terms used
but not defined in this Restructuring Term Sheet have the meanings given to such terms in the Restructuring Support Agreement.

 

     

     

    

 

	GENERAL PROVISIONS REGARDING THE RESTRUCTURING
	Out-of-Court
    Restructuring / Chapter 11 Plan	On
    the Restructuring Effective Date, or as soon as is reasonably practicable thereafter, each holder of a Claim or Interest, as applicable,
    shall receive under the Plan or pursuant to the Out-of-Court Restructuring the treatment described in this Restructuring Term Sheet
    in full and final satisfaction, settlement, release, and discharge of and in exchange for such holder’s Claim or Interest,
    except to the extent less favorable treatment is consistent the Restructuring Support Agreement and agreed to by the Reorganized
    Debtors and the holder of such Allowed Claim or Interest, as applicable.

     

    Absent
    the requisite consents to consummate the Out-of-Court Restructuring by the Out-of-Court Effective Date, the Company Parties will
    commence the Chapter 11 Cases and seek to consummate the Restructuring Transactions pursuant to the Plan on the terms set forth herein
    and in the Restructuring Support Agreement.

     

    Any
    action required to be taken by the Debtors on the Restructuring Effective Date pursuant to this Restructuring Term
    Sheet may be taken on the Restructuring Effective Date or as soon as is reasonably practicable thereafter.

	DIP
    Facility	If
    the Company Parties pursue the In-Court Restructuring, certain funds or accounts for which Brookfield is the investment advisor,
    sub-advisor or manager shall provide a postpetition debtor-in-possession facility in an aggregate amount of $50 million
    (the “DIP Facility”), on the terms set forth in the term sheet attached hereto as Exhibit 1
    (the “DIP Facility Term Sheet”).
	Use
    of Cash Collateral	If
    the Company Parties pursue the In-Court Restructuring, the Company Parties may use Cash Collateral and the holders of Credit Agreement
    Claims that sign the RSA will support the Debtors’ consensual use of their cash collateral during the Chapter 11 Cases on the
    terms and conditions set forth in the DIP Facility Term Sheet and the Cash Collateral Order (which may be the DIP Order).
	Amended
    and Restated Bank Facilities	On
    the Restructuring Effective Date, certain of the Reorganized Debtors will enter into the Amended and Restated Bank Facilities on
    the terms set forth in that certain term sheet attached hereto as Exhibit 2 (the “Bank Term
    Sheet”) and, as applicable, the Common Terms (as defined below).  
	New
    Money Knarr Facility	On the Restructuring
    Effective Date, certain of the Consenting Stakeholders shall commit to their respective portions of a $183 million new money term
    loan facility (the “New Money Knarr Facility”) to fund certain upgrade costs required under the Equinor
    Contract (as defined below). The New Money Knarr Facility shall be on the terms set forth in the Bank Term Sheet and shall otherwise
    contain terms and conditions and be documented in a manner acceptable to the Company Parties, the Consenting Sponsor, and the Consenting
    Bank Lenders that are lenders thereunder.

 

    2

     

    

 

	GENERAL
    PROVISIONS REGARDING THE RESTRUCTURING

	New
    Common Stock	On
    the Restructuring Effective Date, Reorganized Altera will issue a single class of common Interests (the “New Common Stock”).
    The New Common Stock will be distributed in accordance with this Restructuring Term Sheet. On the Restructuring Effective Date, 100%
    of the New Common Stock will be distributed to holders of Allowed IntermediateCo RCF Claims, Allowed IntermediateCo Notes
    Claims, Allowed DIP Claims, and Reorganized Altera GP (with such allocation to be determined
    by the Company Parties and the Consenting Sponsor on or before the Restructuring Effective Date).

     

    On
    the Restructuring Effective Date, Reorganized Altera GP will issue a single class of common Interests (the “New GP Common
    Stock”). On the Restructuring Effective Date, 100% of the New GP Common Stock will be distributed to holders of Allowed
    IntermediateCo RCF Claims, Allowed IntermediateCo Notes Claims, and Allowed DIP Claims.

     

    Reorganized
    Altera will be treated as a corporation for U.S. federal income tax purposes. Reorganized Altera GP will be a pure holding company,
    holding no assets other than New Common Stock in Reorganized Altera. 

	New
    Warrants	On
    the Restructuring Effective Date, Reorganized Altera will issue 5-year warrants (the “New Warrants”) convertible
    into up to 7.6% of the New Common Stock, subject to dilution on account of the Management Incentive Plan, at a strike price equal
    to the value that results in a full recovery to holders of IntermediateCo Notes Claims (inclusive of all “make whole”
    claims related thereto).  The documentation for the New Warrants will be included in the Plan Supplement.  The
    New Warrants shall be transferable subject to (i) a restriction on transferring the New Warrants to competitors of the Company
    Parties; (ii) the provisions set forth below in the Corporate Reorganization terms; and (iii) customary exceptions, including
    such requirements as are necessary for the New Warrants to remain exempt from registration under the Securities Act.
	Rights
    Offering	Reorganized
    Altera may, with the consent of the Consenting Sponsor, consummate an equity rights offering (the “Rights Offering”)
    on terms reasonably acceptable to the Consenting Sponsor, which, if consummated on the Restructuring Effective Date, the proceeds
    will be first used to repay the DIP Facility and then any outstanding amounts due under the IntermediateCo Revolving Credit Facility,
    with any excess proceeds used in a manner acceptable to the Company Parties and the Consenting Sponsor.
	Cash on
    Hand	Cash
    distributions in accordance with this Restructuring Term Sheet and the Plan shall be made from cash on hand, including proceeds from
    the DIP Facility, as of the Restructuring Effective Date.
	Definitive
    Documents	Any
    documents, including any Definitive Documents, that remain the subject of negotiation and completion as of the Agreement Effective
    Date shall be subject to the rights and obligations set forth in Section 3 of the Restructuring Support Agreement.  Failure
    to reference such rights and obligations as it relates to any document referenced in this Restructuring Term Sheet shall not impair
    such rights and obligations.
	Tax Matters	The Parties will
    work together in good faith and will use commercially reasonable efforts to structure and implement the Restructuring in a tax efficient
    and cost-effective manner for the Debtors and the Consenting Sponsor.

 

    3

     

    

 

	TREATMENT OF CLAIMS AND INTERESTS OF THE
    DEBTORS UNDER 

    THE PLAN
	Class No.	Type of
    Claim	Treatment	Impairment
    / Voting
	Unclassified
    Non-Voting Claims
	N/A	DIP Claims	On
    the Restructuring Effective Date, each holder of an Allowed DIP Claim shall receive
    (i) cash payments from proceeds of the Rights Offering, if any, and (ii) for any portion of the Allowed DIP Claims not
    paid in cash, an allocation of the Intermediate Co New Common Stock Distribution2
    to be determined by the Company Parties and the Consenting Sponsor on or before the Restructuring Effective Date, subject
    to dilution on account of the New Warrants, the Rights Offering, and the Management Incentive Plan.	N/A
	N/A	Administrative Claims	On
    the Restructuring Effective Date, each holder of an Allowed Administrative Claim shall
    receive payment in full in cash; provided that if the Debtors consummate the Out-of-Court Restructuring, such Claims will
    be paid in the ordinary course of business.	N/A
	N/A	Priority Tax Claims	On
    the Restructuring Effective Date, each holder of an Allowed Priority Tax Claim shall
    receive treatment in a manner consistent with section 1129(a)(9)(C) of the Bankruptcy Code; provided that if the Debtors
    consummate the Out-of-Court Restructuring, such Claims will be paid in the ordinary course of business.	N/A

 

 

2          “IntermediateCo
New Common Stock Distribution” shall mean 100% of the New Common Stock and 100% of the New GP Common Stock, which New Common
Stock and New GP Common Stock shall be distributed to the holders of Allowed IntermediateCo RCF Claims, Allowed IntermediateCo Notes
Claims and Allowed DIP Claims on the Restructuring Effective Date and allocated among such holders in a manner to be determined by the
Company Parties and the Consenting Sponsor on or before the Restructuring Effective Date, and in each case with respect to the New Common
Stock, subject to dilution on account of the New Warrants, the Rights Offering, if any, and the Management Incentive Plan.

 

    4

     

    

 

	TREATMENT OF CLAIMS AND INTERESTS OF THE
    DEBTORS UNDER 

    THE PLAN
	Class No.	Type of
    Claim	Treatment	Impairment
    / Voting

	Classified
    Claims and Interests of the Debtors
	Class 1	Other
    Secured Claims	On
    the Restructuring Effective Date, in exchange for the full and final satisfaction, settlement,
    release, and discharge of the Other Secured Claims, each holder of an Allowed Other Secured Claim shall receive, at the Debtors’
    option and with the consent of the Consenting Sponsor:  (a) payment in full in cash; (b) the collateral securing
    its Allowed Other Secured Claim; (c) reinstatement of its Allowed Other Secured Claim; or (d) such other treatment rendering
    its Allowed Other Secured Claim unimpaired in accordance with section 1124 of the Bankruptcy Code; provided that if the Debtors
    consummate the Out-of-Court Restructuring, such Claims will be paid in the ordinary course of business.	Unimpaired
    / Deemed to Accept
	Class 2	Other Priority Claims	Each
    holder of an Allowed Other Priority Claim shall receive treatment in a manner consistent with section 1129(a)(9) of the Bankruptcy
    Code; provided that if the Debtors pursue the Out-of-Court Restructuring, such Claims will be paid in the ordinary course
    of business.	Unimpaired / Deemed to
    Accept
	Class 3	IntermediateCo Notes
    Claims	On
    the Restructuring Effective Date, in exchange for the full and final satisfaction, settlement,
    release, and discharge of the IntermediateCo Notes Claims, each holder of an Allowed IntermediateCo Notes Claim shall receive an
    allocation of the IntermediateCo New Common Stock Distribution to be determined by the Company Parties and the Consenting Sponsor
    on or before the Restructuring Effective Date, subject to dilution on account of the New Warrants, the Rights Offering, and the Management
    Incentive Plan.	Impaired / Entitled to
    Vote
	Class 4	IntermediateCo RCF
    Claims	On
    the Restructuring Effective Date, in exchange for the full and final satisfaction, settlement,
    release, and discharge of the IntermediateCo RCF Claims, each holder of an Allowed IntermediateCo RCF Claim shall receive (i) cash
    payments from proceeds of the Rights Offering, if any, and (ii) for any portion of the Allowed IntermediateCo RCF Claims not
    paid in cash, an allocation of the IntermediateCo New Common Stock Distribution to be determined by the Company Parties and the Consenting
    Sponsor on or before the Restructuring Effective Date, subject to dilution on account of the New Warrants, the Rights Offering, and
    the Management Incentive Plan.	Impaired / Entitled to
    Vote

 

    5

     

    

 

	TREATMENT OF CLAIMS AND INTERESTS OF THE
    DEBTORS UNDER 

    THE PLAN
	Class No.	Type of Claim	Treatment	Impairment / Voting

	Classes 5(a)-(g)	Subsidiary
    Credit Agreement Claims	On the Restructuring
    Effective Date, in exchange for the full and final satisfaction, settlement, release, and discharge of the Credit Agreement
    Claims against the applicable subsidiary Debtors other than Altera, each holder of an Allowed Credit Agreement Claim against the
    applicable subsidiary Debtors other than Altera shall receive:

     

    To the extent the applicable holders
    of Allowed Credit Agreement Claims in Classes 5(a)-(g) vote as a class to accept the Plan, such accepting class shall
    receive treatment as provided for in the Bank Term Sheet.

     

    To the extent the applicable holders
    of Allowed Credit Agreement Claims in Classes 5(a)-(g) vote as a class to reject the Plan, with respect to such rejecting
    class, return of any collateral securing such Allowed Credit Agreement Claims or treatment otherwise in compliance with section 1129(b)(2)(A) of
    the Bankruptcy Code.
	Impaired
    / Entitled to Vote

 

    6

     

    

 

	TREATMENT OF CLAIMS AND INTERESTS OF THE
    DEBTORS UNDER 

    THE PLAN
	Class No.	Type of
    Claim	Treatment	Impairment
    / Voting

	Classes
    6(a)-(g)	Altera
    Credit Agreement Claims	On
    the Restructuring Effective Date, in exchange for the full and final satisfaction, settlement, release, and discharge of the Credit
    Agreement Claims against Altera, each holder of an Allowed Credit Agreement Claim3
    against Altera shall receive its pro rata share (calculated by reference to the aggregate amount of Allowed Altera Credit
    Agreement Claims, Allowed IntermediateCo Guarantee Claims, and Allowed Altera Unsecured Notes Claims, and other General Unsecured
    Claims at Altera or Altera Finance Corp.) of the New Warrants, subject to dilution on account of the Management Incentive Plan; provided
    that to the extent the holders of Allowed Altera Credit Agreement Claims in Classes 6(a)-(g) vote as a Class to accept
    the Plan, the pro rata share of New Warrants to be received by such Class shall be calculated by reference to the aggregate
    amount of Allowed Altera Credit Agreement Claims and Allowed Altera Unsecured Notes Claims and other General Unsecured Claims at
    Altera or Altera Finance Corp. only; provided, further, that notwithstanding the foregoing, in no event shall holders
    of Allowed Altera Credit Agreement Claims receive New Warrants convertible into more than 5% of the New Common Stock in the aggregate
    (prior to dilution on account of the Management Incentive Plan).	Impaired
    / Entitled to Vote

 

 

3           Allowed
Altera Credit Agreement Claims shall be the total amount owed under the relevant Prepetition Credit Agreement without any setoff, deduction,
or reduction of any kind, including, without limitation, on account of distributions or treatment received by such parties in Classes
5(a)-(g).

 

    7

     

    

 

	TREATMENT OF CLAIMS AND INTERESTS OF THE
    DEBTORS UNDER 

    THE PLAN
	Class No.	Type of
    Claim	Treatment	Impairment
    / Voting

	Class 7
    	Intermediate
    Co Guarantee Claims 	On
    the Restructuring Effective Date, in exchange for the full and final satisfaction, settlement, release, and discharge of the IntermediateCo
    Guarantee Claims, each holder of an Allowed IntermediateCo Guarantee Claim shall receive its pro rata share (calculated by reference
    to the aggregate amount of Allowed Altera Credit Agreement Claims, Allowed IntermediateCo Guarantee Claims, and Allowed Altera Unsecured
    Notes Claims and other General Unsecured Claims at Altera or Altera Finance Corp.) of the New Warrants, subject to dilution on account
    of the Management Incentive Plan; provided that such holder shall waive its entitlement to any such New Warrants in respect
    of Classes 6(a)-(g) and Class 8 (without altering the amount of New Warrants otherwise allocable to such Class) to the
    extent such Classes vote to accept the Plan.	Impaired
    / Entitled to Vote
	Class 8	Altera Unsecured Notes
    Claims and other General Unsecured Claims at Altera and Altera Finance Corp.	On
    the Restructuring Effective Date, in exchange for the full and final satisfaction, settlement, release, and discharge of the Altera
    Unsecured Notes Claims and other General Unsecured Claims at Altera or Altera Finance Corp., each holder of an Allowed Altera Unsecured
    Notes Claim or other General Unsecured Claim at Altera or Altera Finance Corp. not otherwise included in Classes 6(a)-(g) or
    Class 7 shall receive its pro rata share (calculated by reference to the aggregate amount of Allowed Altera Credit Agreement
    Claims, Allowed IntermediateCo Guarantee Claims, and Allowed Altera Unsecured Notes Claims and other General Unsecured Claims at
    Altera or Altera Finance Corp.) of the New Warrants, subject to dilution on account of the Management Incentive Plan; provided
    that to the extent holders of Allowed Altera Unsecured Notes Claims and other General Unsecured Claims at Altera and Altera Finance
    Corp. vote as a Class to accept the Plan, the pro rata share of New Warrants to be received by such Class shall be calculated
    by reference to the aggregate amount of Allowed Altera Credit Agreement Claims and Allowed Altera Unsecured Notes Claims and other
    General Unsecured Claims at Altera or Altera Finance Corp. only.	Impaired / Entitled to
    Vote

 

    8

     

    

 

 

	TREATMENT OF CLAIMS AND INTERESTS OF THE
    DEBTORS UNDER 

    THE PLAN
	Class No.	Type of
    Claim	Treatment	Impairment
    / Voting

	Class 9	General
    Unsecured Claims at Debtors other than Altera and Altera Finance Corp.	On
    the Restructuring Effective Date, in exchange for the full and final satisfaction, settlement,
    release, and discharge of the General Unsecured Claims at Debtors other than Altera and Altera Finance Corp., each holder of a General
    Unsecured Claim at Debtors other than Altera and Altera Finance Corp. shall receive, at the Debtors’ option and with the consent
    of the Consenting Sponsor: (a) payment in full in cash; (b) reinstatement pursuant to section 1124 of the Bankruptcy Code;
    or (c) such other treatment rendering such Claim unimpaired in accordance with section 1124 of the Bankruptcy Code; provided
    that if the Debtors consummate the Out-of-Court Restructuring, such Claims will be paid in the ordinary course of business.	Unimpaired
    / Deemed to Accept
	Class 10	Intercompany Claims	On
    the Restructuring Effective Date, each holder of an Allowed Intercompany Claim 4
    shall have its Claim reinstated or cancelled, released, and extinguished without any distribution at the Debtors’
    election and with the consent of the Consenting Sponsor.	Impaired / Deemed to
    Reject or Unimpaired / Deemed to Accept
	Class 11	Intercompany Interests	On
    the Restructuring Effective Date, Intercompany Interests shall be reinstated, set
    off, settled, distributed, contributed, cancelled, and released without any distribution on account of such Intercompany Interests,
    or such other treatment as reasonably determined by the Debtors, at the Debtors’ election and with the consent of the Consenting
    Sponsor; provided that if the Debtors consummate the Out-of-Court Restructuring, such Interests will be maintained
    in the ordinary course of business.	Impaired / Deemed to
    Reject or Unimpaired / Deemed to Accept
	Class 12	Existing Preferred
    Equity Interests in Altera	On
    the Restructuring Effective Date, each holder of an Existing Preferred Equity Interest
    in Altera shall have such Interest cancelled, released, and extinguished without any distribution.  	Impaired / Deemed to
    Reject
	Class 13	Existing Common Equity
    Interests in Altera and Altera GP	On
    the Restructuring Effective Date, each holder of an Existing Common Equity Interest
    in Altera or Altera GP shall have such Interest cancelled, released, and extinguished without any distribution.	Impaired / Deemed to
    Reject
	Class 14	Section 510(b) Claims	Any
    Claims arising under section 510(b) of the Bankruptcy Code shall be discharged without any distribution; provided that
    if the Debtors consummate the Out-of-Court Restructuring, such Claims will be maintained in the ordinary course of business.	Impaired / Deemed to
    Reject

 

 

4          “Intercompany
Claim” means any Claim held by a direct or indirect subsidiary of Altera against a direct or indirect subsidiary of Altera.

 

    9

     

    

 

 

	GENERAL PROVISIONS REGARDING THE RESTRUCTURING
    TRANSACTIONS
	Subordination	The classification
    and treatment of Claims under the Plan shall conform to the respective contractual, legal, and equitable subordination rights of
    such Claims, and any such rights shall be settled, compromised, and released pursuant to the Plan.
	Restructuring
    Transactions	The Confirmation Order,
    if applicable, shall be deemed to authorize, among other things, all actions as may be necessary or appropriate to effectuate any
    transaction described in, approved by, contemplated by, or necessary to consummate the Plan, as well as the Restructuring Transactions
    therein.  On the Restructuring Effective Date, the Debtors, as applicable, shall issue all securities, notes, instruments,
    certificates, and other documents required to be issued pursuant to the Restructuring.
	Cancellation
    of Notes, Instruments, Certificates, and Other Documents 	On the Restructuring
    Effective Date, except to the extent otherwise provided in this Restructuring Term Sheet or the Plan, as applicable, all notes, instruments,
    certificates, and other documents evidencing Claims or Interests, including credit agreements and indentures, shall be canceled,
    and the Debtors’ obligations thereunder or in any way related thereto shall be deemed satisfied in full and discharged.  Notwithstanding
    such cancellation and discharge, if any, the Altera Unsecured Notes Indenture, Prepetition Credit Agreements, IntermediateCo
    Notes Indenture, and the IntermediateCo Revolving Credit Facility, shall continue in effect to the extent necessary (a) to allow
    the holders of the applicable Claims to receive distributions under the Plan, and (b) to allow the Agents/Trustees to make distributions
    pursuant to the Plan and to preserve and exercise against such distributions their respective charging liens with respect to any
    unpaid fees, expenses, and indemnification obligations, as applicable.  Except for the foregoing, subsequent to the performance
    by the Trustees of their obligations pursuant to the Plan, the Trustees shall be relieved of all further duties and responsibilities
    related to the applicable indentures.

 

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	GENERAL PROVISIONS REGARDING THE RESTRUCTURING
    TRANSACTIONS
	Executory
    Contracts and Unexpired Leases	If the Company
    Parties pursue the In-Court Restructuring, the Plan will provide that the executory contracts and unexpired leases that are not,
    with the consent of the Consenting Sponsor (and with respect to executory contracts and unexpired leases at applicable subsidiary
    Debtors, the consent of the Required Consenting Bank Lenders), rejected as of the Restructuring Effective Date (either pursuant to
    the Plan or a separate motion) will be deemed assumed pursuant to section 365 of the Bankruptcy Code; provided, however,
    that the Company Parties shall not reject any charters related to the Amended and Restated Bank Facilities.
	Retention of Jurisdiction	If the Company Parties pursue the In-Court Restructuring,
    the Plan will provide that the Bankruptcy Court shall retain jurisdiction for usual and customary matters to the extent consistent
    with applicable law.
	Discharge of Claims and Termination of Interests	If
    the Company Parties pursue the In-Court Restructuring, pursuant to section 1141(d) of the Bankruptcy Code and except as otherwise
    specifically provided in the Plan, or in any contract, instrument, or other agreement or document created pursuant to the Plan, the
    distributions, rights, and treatment that are provided in the Plan shall be in complete satisfaction, discharge, and release, effective
    as of the Restructuring Effective Date, of Claims (including any intercompany claims that the Debtors resolve or compromise after
    the Restructuring Effective Date), Interests, and Causes of Action of any nature whatsoever, including any interest accrued
    on Claims or Interests from and after the Petition Date, whether known or unknown, against, liabilities of, liens on, obligations
    of, rights against, and Interests in the Debtors or any of their assets or properties, regardless of whether any property shall have
    been distributed or retained pursuant to the Plan on account of such Claims and Interests, including demands, liabilities, and Causes
    of Action that arose before the Restructuring Effective Date, any liability (including withdrawal liability) to the extent such Claims
    or Interests relate to services that employees of the Debtors have performed prior to the Restructuring Effective Date, and that
    arise from a termination of employment, any contingent or non-contingent liability on account of representations or warranties
    issued on or before the Restructuring Effective Date, and all debts of the kind specified in sections 502(g), 502(h), or 502(i) of
    the Bankruptcy Code, in each case whether or not (a) a proof of claim based upon such debt or right is filed or deemed filed
    pursuant to section 501 of the Bankruptcy Code, (b) a Claim or Interest based upon such debt, right, or Interest is Allowed
    pursuant to section 502 of the Bankruptcy Code, or (c) the holder of such a Claim or Interest has accepted the Plan.  The
    Confirmation Order, if applicable, shall be a judicial determination of the discharge of all Claims and Interests subject to the
    occurrence of the Restructuring Effective Date.

 

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	GENERAL PROVISIONS REGARDING THE RESTRUCTURING
    TRANSACTIONS
	Releases by the Debtors	If the Company Parties pursue the In-Court
    Restructuring, except as expressly set forth in the Plan, effective on the Restructuring Effective Date, in exchange for good and
    valuable consideration, the adequacy of which is hereby confirmed, each Released Party is hereby deemed released and discharged by
    each and all of the Debtors, the Reorganized Debtors, and their estates, in each case on behalf of themselves and their respective
    successors, assigns, and representatives, and any and all other entities who may purport to assert any Cause of Action, directly
    or derivatively, by, through, for, or because of the foregoing entities, from any and all Causes of Action, whether known or unknown,
    including any derivative claims, asserted or assertable on behalf of any of the Debtors, the Reorganized Debtors, or their estates
    that such Entities would have been legally entitled to assert in their own right (whether individually or collectively) or on behalf
    of the Holder of any Claim against, or Interest in, a Debtor or any other Entity, based on or relating to, or in any manner arising
    from, in whole or in part, the Debtors, the Reorganized Debtors, or their estates (including the management, ownership, or operation
    thereof), the purchase, sale, or rescission of any security of the Debtors or the Reorganized Debtors, the subject matter of, or
    the transactions or events giving rise to, any Claim or Interest that is treated in the Plan, the business or contractual arrangements
    between any Debtor and any Released Party, the Debtors’ in- or out-of-court restructuring efforts, intercompany transactions,
    the DIP Facility, the Prepetition Credit Agreements, the IntermediateCo Revolving Credit Facility, the IntermediateCo Notes Indenture,
    the Amended and Restated Bank Facilities, the Chapter 11 Cases, this Agreement, the Definitive Documents, or any Restructuring
    Transaction, contract, instrument, release, or other agreement or document created or entered into in connection with this Agreement,
    the Definitive Documents, the DIP Facility, the Amended and Restated Bank Facilities, the IntermediateCo Revolving Credit Facility,
    the IntermediateCo Notes Indenture, or the Plan, the filing of the Chapter 11 Cases, the pursuit of confirmation, the pursuit of
    consummation, the administration and implementation of the Plan, including the issuance or distribution of securities pursuant to
    the Plan, or the distribution of property under the Plan or any other related agreement, or upon any other act, or omission, transaction,
    agreement, event, or other occurrence taking place on or before the Restructuring Effective Date.
	Releases by Holders of Claims and Interests 	If
    the Company Parties pursue the In-Court Restructuring, except as expressly set forth in the Plan, effective on the Restructuring
    Effective Date, in exchange for good and valuable consideration, the adequacy of which is hereby confirmed, each Released Party is
    hereby deemed released and discharged by each and all of the Releasing Parties (other than the Debtors or the Reorganized Debtors),
    in each case on behalf of themselves and their respective successors, assigns, and representatives, and any and all other entities
    who may purport to assert any Cause of Action, directly or derivatively, by, through, for, or because of the foregoing entities,
    from any and all Causes of Action, whether known or unknown, including any derivative claims, asserted or assertable on behalf of
    any of the Debtors, that such Entity would have been legally entitled to assert in their own right (whether individually or collectively)
    or on behalf of the Holder of any Claim against, or Interest in, a Debtor, based on or relating to, or in any manner arising from,
    in whole or in part, the Debtors (including the management, ownership, or operation thereof), the purchase, sale, or rescission of
    any security of the Debtors or the Reorganized Debtors, the subject matter of, or the transactions or events giving rise to, any
    Claim or Interest that is treated in the Plan, the business or contractual arrangements between any Debtor and any Released Party,
    the Debtors’ in- or out-of-court restructuring efforts, intercompany transactions, the DIP Facility, the Prepetition Credit
    Agreements, the IntermediateCo Revolving Credit Facility, the IntermediateCo Notes Indenture, the Amended and Restated Bank Facilities,
    the Chapter 11 Cases, this Agreement, the Definitive Documents, or any Restructuring Transaction, contract, instrument, release,
    or other agreement or document created or entered into in connection with this Agreement, the Definitive Documents, the DIP Facility,
    the Amended and Restated Bank Facilities, the IntermediateCo Revolving Credit Facility, the IntermediateCo Notes Indenture, or the
    Plan, the filing of the Chapter 11 Cases, the pursuit of confirmation, the pursuit of consummation, the administration and implementation
    of the Plan, including the issuance or distribution of Securities pursuant to the Plan, or the distribution of property under the
    Plan or any other related agreement, or upon any other act, or omission, transaction, agreement, event, or other occurrence taking
    place on or before the Restructuring Effective Date.  Notwithstanding anything to the contrary in the foregoing, the releases
    set forth above do not release any post-Restructuring Effective Date obligations of any party or Entity under the Plan, the Restructuring
    Transactions, or any document, instrument, or agreement (including those set forth in the Plan Supplement) executed to implement
    the Plan or obligations under any guarantee granted or insurance policy issued by an export credit agency or similar entity.

 

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	GENERAL PROVISIONS REGARDING THE RESTRUCTURING
    TRANSACTIONS
	Exculpation
    	If the Company
    Parties pursue the In-Court Restructuring, except as otherwise specifically provided in the Plan, no Exculpated Party shall have
    or incur, and each Exculpated Party is released and exculpated from any Cause of Action for any claim related to any act or omission
    in connection with, relating to, or arising out of, the Chapter 11 Cases, the formulation, preparation, dissemination, negotiation,
    or filing of the Restructuring Support Agreement and related prepetition transactions, the Disclosure Statement, the Plan, or any
    Restructuring Transaction, contract, instrument, release or other agreement or document created or entered into in connection with
    the Disclosure Statement or the Plan, the filing of the Chapter 11 Cases, the pursuit of confirmation, the pursuit of consummation,
    the administration and implementation of the Plan, including the issuance of securities pursuant to the Plan, or the distribution
    of property under the Plan, or any other related agreement, except for claims related to any act or omission that is determined in
    a final order to have constituted actual fraud, willful misconduct or gross negligence, but in all respects such Entities shall be
    entitled to reasonably rely upon the advice of counsel with respect to their duties and responsibilities pursuant to the Plan.  The
    Exculpated Parties have, and upon completion of the Plan shall be deemed to have, participated in good faith and in compliance with
    the applicable laws with regard to the solicitation of votes and distribution of consideration pursuant to the Plan, and, therefore,
    are not, and on account of such distributions shall not be, liable at any time for the violation of any applicable law, rule, or
    regulation governing the solicitation of acceptances or rejections of the Plan, or such distributions made pursuant to the Plan.

 

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	GENERAL PROVISIONS REGARDING THE RESTRUCTURING
    TRANSACTIONS
	Injunction	If the Company
    Parties pursue the In-Court Restructuring, except as otherwise expressly provided in the Plan, or for obligations issued or required
    to be paid pursuant to the Plan or the Confirmation Order, all Entities who have held, hold, or may hold claims or interests that
    have been released, discharged, or are subject to exculpation are permanently enjoined, from and after the Restructuring Effective
    Date, from taking any of the following actions against, as applicable, the Debtors, the Reorganized Debtors, the Exculpated Parties,
    or the Released Parties:  (a) commencing or continuing in any manner any action or other proceeding of any kind on
    account of or in connection with or with respect to any such claims or interests; (b) enforcing, attaching, collecting, or recovering
    by any manner or means any judgment, award, decree, or order against such Entities on account of or in connection with or with respect
    to any such claims or interests; (c) creating, perfecting, or enforcing any encumbrance of any kind against such Entities or
    the property or the estates of such Entities on account of or in connection with or with respect to any such claims or interests;
    (d) asserting any right of setoff, subrogation, or recoupment of any kind against any obligation due from such Entities or against
    the property of such Entities on account of or in connection with or with respect to any such claims or interests unless such holder
    has filed a motion requesting the right to perform such setoff on or before the Restructuring Effective Date, and notwithstanding
    an indication of a claim or interest or otherwise that such holder asserts, has, or intends to preserve any right of setoff pursuant
    to applicable law or otherwise; and (e) commencing or continuing in any manner any action or other proceeding of any kind on
    account of or in connection with or with respect to any such claims or interests released or settled pursuant to the Plan.
	Certain
    Definitions	The following definitions shall be applicable
    to the foregoing release and exculpation provisions:

     

    “Released Parties” means
    collectively, and in each case in its capacity as such: (a) each of the Debtors; (b) each of the Reorganized Debtors; (c) each
    Consenting Stakeholder; (d) the CoCom and each member of the CoCom; (e) each of the Agents/Trustees; (f) each of the
    Consenting Sponsor Entities, (g) each current and former Affiliate of each Entity in clause (a) through the following clause
    (h); and (h) each Related Party of each Entity in clause (a) through this clause (h); provided that in each case,
    an Entity shall not be a Released Party if it: (x) elects to opt out of the release contained in the Plan; or (y) timely
    objects to the releases contained in the Plan and such objection is not resolved before Confirmation.

     

    “Releasing Parties” means,
    collectively, and in each case in its capacity as such: (a) each of the Debtors; (b) each of the Reorganized Debtors; (c) each
    Consenting Stakeholder; (d) the CoCom and each member of the CoCom; (e) each of the Agents/Trustees; (f) each of the
    Consenting Sponsor Entities, (g) all Holders of Claims; (h) each current and former Affiliate of each Entity in clause
    (a) through the following clause (i); and (i) each Related Party of each Entity in clause (a) through this clause
    (i) for which such Entity is legally entitled to bind such Related Party to the releases contained in the Plan under applicable
    law; provided that, in each case, an Entity shall not be a Released Party if it: (x) elects to opt out of the releases
    contained in the Plan; or (y) timely objects to the releases contained in the Plan and such objection is not resolved before
    Confirmation.

     

    “Exculpated Parties” means,
    collectively, and in each case in its capacity as such: (a) each of the Debtors; (b) each of the Reorganized Debtors; (c) each
    current and former Affiliate of each Entity in clause (a) through the following clause (d); and (d) the directors, officers,
    and restructuring professionals of each Entity in clauses (a) through this clause (d).

 

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	OTHER MATERIAL
    PROVISIONS REGARDING THE RESTRUCTURING
	Management
    Incentive Plan	On
    or after the Restructuring Effective Date, the Reorganized Debtors may implement a management incentive plan (the “Management
    Incentive Plan”) with the consent of the Consenting Sponsor.  Any such Management Incentive Plan may replace,
    in whole or in part, the existing long-term cash-based incentive plan for the Reorganized Debtors.   

 

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	OTHER MATERIAL
    PROVISIONS REGARDING THE RESTRUCTURING
	Corporate
    Reorganization	On
    the Restructuring Effective Date, the Reorganized Debtors will consummate a corporate reorganization (the “Corporate
    Reorganization”) to achieve the structure and otherwise on the terms set forth in the “Common Terms” in
    the Bank Term Sheet and otherwise in form and substance reasonably acceptable to the Company Parties and the Required Consenting
    Stakeholders (the “Common Terms”). The Corporate Reorganization may include, among other things, movement
    of subsidiaries not specifically referenced in the Common Terms or required for the functioning of the obligors and pledgers under
    the Amended and Restated Bank Facilities, and all parties rights with respect to the ultimate position of such subsidiaries in the
    resulting corporate structure, and allocation of shared costs incurred by such subsidiaries, are reserved.

     

    Additionally,
    on the Restructuring Effective Date, Reorganized Altera will enter into a comfort letter with certain of its subsidiaries acknowledging,
    while it will have no obligation and makes no commitment to do so, its current and non-binding expectation is to support the
    FSO, FPSO, Towage, and Accommodation business units after the Restructuring Effective Date in a manner consistent with historical
    practice and until August 31, 2028, which comfort letter will be shared with counsel for the CoCom for distribution to the Consenting
    Bank Lenders, the Agents/Trustees, and the ECAs.

     

    Reorganized
    Altera shall (i) emerge from the Chapter 11 Cases as a private company on the Restructuring Effective Date and the New Common
    Stock shall not be listed on a public stock exchange, (ii) not be voluntarily subjected to any reporting requirements promulgated
    by the SEC, and (iii) not be required to list the New Common Stock on a recognized U.S. stock exchange or register the New Common
    Stock, the New Warrants or any other equity security or debt security under Section 12(g) or 12(b) of the Securities
    Exchange Act of 1934, as amended (the “Exchange Act”), except, in each case, as otherwise may be required
    pursuant to the New Organizational Documents (as defined below).

     

    The
    New Organizational Documents shall provide that, without the consent of the board of directors of Reorganized Altera or any other
    equivalent governing body (the “New Board”), no holder of the New Common Stock, the New Warrants or any
    other equity of the Reorganized Debtors may transfer such securities (i) in violation of the Securities Act or any applicable
    U.S. federal or state securities laws or any foreign equivalent thereof or (ii) if such transfer shall result in any requirement
    that Reorganized Altera register the New Common Stock, the New Warrants or any other equity security under Section 12(g) of
    the Exchange Act, in each case as determined by the Board.

     

    The
    Parties will cooperate to structure the Corporate Reorganization (including any restructuring undertaken in connection with a delisting
    of the Debtor’s shares) in a tax efficient manner. Any restructuring done in connection with delisting the Debtor’s shares
    will be tax-deferred for holders of Existing Common Equity Interests.

 

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	OTHER MATERIAL
    PROVISIONS REGARDING THE RESTRUCTURING
	Governance	The New
    Board shall be appointed by the Consenting Sponsor and the identities of directors on the New Board shall be set forth in the Plan
    Supplement to the extent known at the time of filing.  Corporate governance for Reorganized Altera, including charters,
    bylaws, operating agreements, or other organization documents, as applicable (the “New Organizational Documents”),
    shall be consistent with this Restructuring Term Sheet and section 1123(a)(6) of
    the Bankruptcy Code, if applicable, and otherwise reasonably acceptable to the Company Parties and the Consenting Sponsor.
	Exemption
    from SEC Registration	The Plan
    and Confirmation Order, if applicable, shall provide that the issuance of any securities under the Plan, including the New Common
    Stock and the New Warrants, will be exempt from securities laws in accordance with section 1145 of the Bankruptcy Code to the greatest
    extent possible and, to the extent the section 1145 exemption is unavailable, will be issued in reliance on the exemption provided
    by section 4(a)(2) under the Securities Act or another applicable exemption.  For the avoidance of doubt, the New
    Common Stock issued under the Management Incentive Plan shall be issued in accordance with applicable exemptions under federal and
    state securities laws.
	Employment
    Obligations	Pursuant to the Restructuring
    Support Agreement and this Restructuring Term Sheet, the Parties consent to the continuation of the Debtors’ wages, compensation,
    and benefits programs according to existing terms and practices, including executive compensation programs and any motions in the
    Bankruptcy Court for approval thereof.  If the Company Parties pursue the
    In-Court Restructuring, on the Restructuring Effective Date, the Debtors shall (a) assume
    all employment agreements, indemnification agreements, or other agreements entered into with current employees or (b) enter
    into new agreements with such employees on terms and conditions acceptable to the Debtor, such employee, and the Consenting Sponsor.
	Indemnification
    Obligations	Consistent with applicable
    law, all indemnification provisions in place as of the Restructuring Effective Date
    (whether in the by-laws, certificates of incorporation or formation, limited liability company agreements, other organizational
    documents, board resolutions, indemnification agreements, employment contracts, or otherwise) for current and former directors, officers,
    managers, employees, attorneys, accountants, investment bankers, and other professionals of the Debtors, as applicable, will not
    be discharged or impaired by confirmation of the Plan and shall be reinstated and remain intact, irrevocable, and shall survive the
    effectiveness of the Restructuring on terms no less favorable to such current and former directors, officers, managers, employees,
    attorneys, accountants, investment bankers, and other professionals of the Debtors than the indemnification provisions in place prior
    to the Restructuring.
	Retained
    Causes of Action	The Reorganized Debtors
    shall retain all rights to commence and pursue any Causes of Action, other than any Causes of Action that the Debtors have released
    pursuant to the release and exculpation provisions outlined in this Restructuring Term
    Sheet and implemented pursuant to the Plan.

 

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	OTHER
    MATERIAL PROVISIONS REGARDING THE RESTRUCTURING
	Conditions
    Precedent to Restructuring	The
    following shall be conditions to the Restructuring Effective Date (the “Conditions Precedent”):
	 	(a)	if
    the Company Parties pursue the In-Court Restructuring, the Bankruptcy Court shall have entered the Confirmation Order, which shall
    be in form and substance consistent in all material respects with this Restructuring Term Sheet and the Restructuring Support Agreement
    and shall:
	 	 	(i)	authorize
    the Debtors to take all actions necessary to enter into, implement, and consummate the contracts, instruments, releases, leases,
    indentures, and other agreements or documents created in connection with the Plan;
	 	 	(ii)	decree
    that the provisions in the Confirmation Order and the Plan are nonseverable and mutually dependent;
	 	 	(iii)	authorize
    the Debtors to: (a) implement the Restructuring Transactions; (b) distribute the New Common Stock and New Warrants pursuant
    to the exemption from registration under the Securities Act provided by section 1145 of the Bankruptcy Code or other exemption from
    such registration or pursuant to one or more registration statements; (c) make all distributions and issuances as required under
    the Plan, including cash, the New Common Stock, and the New Warrants; and (d) enter into any agreements, transactions, and sales
    of property as set forth in the Plan Supplement, including the Management Incentive Plan;
	 	 	(iv)	authorize
    the implementation of the Plan in accordance with its terms; and
	 	 	(v)	provide
    that, pursuant to section 1146 of the Bankruptcy Code, the assignment or surrender of any lease or sublease, and the delivery of
    any deed or other instrument or transfer order, in furtherance of, or in connection with the Plan, including any deeds, bills of
    sale, or assignments executed in connection with any disposition or transfer of assets contemplated under the Plan, shall not be
    subject to any stamp, real estate transfer, mortgage recording, or other similar tax; and
	 	(b)	the
    Debtors shall have complied, in all material respects, with the terms of the Plan that are to be performed by the Debtors on or prior
    to the Restructuring Effective Date;
	 	(c)	the
    Debtors shall not be in default under the DIP Facility or the DIP Order;
	 	(d) 	the
    Corporate Governance Documents shall be in full force and effect, in form and substance consistent in all respects with this Restructuring
    Term Sheet and the Restructuring Support Agreement, and otherwise reasonably acceptable to the Company Parties and the Consenting
    Sponsor;

 

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	 	(e) 	the
    Debtors shall have obtained all authorizations, consents, regulatory approvals, rulings, or documents that are necessary to implement
    and effectuate the Plan, and all waiting periods imposed by any governmental entity shall have terminated or expired;
	 	(f) 	if
    the Company Parties pursue the In-Court Restructuring, the final version of the Plan Supplement and all of the schedules, documents,
    and exhibits contained therein shall have been filed in a manner consistent in all material respects with the Restructuring Support
    Agreement, this Restructuring Term Sheet, and the Plan;
	 	(g) 	the
    Restructuring Support Agreement shall not have been terminated as to all parties thereto and shall remain in full force and effect,
    and there shall be no active termination event thereunder as to all parties thereto that has not been waived;
	 	(h) 	the
    Definitive Documents shall be in full force and effect and in form and substance consistent in all respects with this Restructuring
    Term Sheet and the Restructuring Support Agreement and otherwise reasonably acceptable to the Company Parties and the Required Consenting
    Stakeholders or Consenting Sponsor, as applicable pursuant to the Restructuring Support Agreement;
	 	(i)	if
    the Company Parties pursue the In-Court Restructuring, the final DIP Order (which will provide for the consensual use of cash collateral
    in accordance with the DIP Facility Term Sheet) shall remain in full force and effect;
	 	(j) 	the
    Amended and Restated Bank Facilities and New Money Knarr Facility shall have been duly executed and delivered by all of the Entities
    that are parties thereto and all conditions precedent (other than any conditions related to the occurrence of the Restructuring Effective
    Date) to the effectiveness of such facilities shall have been satisfied or duly waived in writing in accordance with the terms of
    the applicable facility and the closing of each facility shall have occurred;
	 	(k) 	if
    the Company Parties pursue the In-Court Restructuring, the Rights Offering, if any, shall have been fully consummated pursuant to
    the Rights Offering Documents and consistent in all respects with this Restructuring Term Sheet and the Restructuring Support Agreement;
	 	(l) 	the
    Corporate Reorganization shall have been fully consummated in form and substance acceptable to the Required Consenting Bank Lenders,
    the Consenting Sponsor, and the Company Parties;
	 	(m) 	if
    the Company Parties pursue the In-Court Restructuring, all professional fees and expenses of retained professionals that require
    the approval of the Bankruptcy Court shall have been paid in full or amounts sufficient to pay such fees and expenses after the Restructuring
    Effective Date shall have been placed in a professional fee escrow account pending the approval of such fees and expenses by the
    Bankruptcy Court;

 

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	OTHER
    MATERIAL PROVISIONS REGARDING THE RESTRUCTURING
	 	(n) 	all
    fees and expenses of the Consenting Stakeholders shall have been paid in accordance with the Restructuring Support Agreement, the
    Final DIP Order, the Plan, or otherwise, including, without limitation, all fees and expenses of the CoCom Advisors as per any agreement
    entered into between such professional and/or the CoCom and any of the Company Parties;
	 	(o) 	the
    Debtors shall have implemented the Restructuring Transactions and all transactions contemplated in this Restructuring Term Sheet
    in a manner consistent with the Restructuring Support Agreement, this Restructuring Term Sheet, and the Plan;
	 	(p) 	the
    Debtors shall have entered into a new contract (the “Equinor Contract”) with Equinor with regard to the
    Petrojarl Knarr FPSO on terms and conditions reasonably acceptable to the Company Parties, the lenders and the ECAs under the Knarr
    Facility, and the Consenting Sponsor; and
	 	(q)	no
    court of competent jurisdiction or other competent governmental or regulatory authority shall have issued a final and non-appealable
    order making illegal or otherwise restricting, preventing or prohibiting the consummation of the Restructuring Transactions, the
    Restructuring Support Agreement, or any of the definitive documentation contemplated thereby.
	Waiver
    of Conditions Precedent	The
    Debtors, with the prior written consent of the Required Consenting Stakeholders (not to be withheld unreasonably), may waive any
    one or more of the Conditions Precedent.

 

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EXHIBIT 1

 

     

     

    

 

 

 

 

EXECUTION VERSION

 

DIP TERM SHEET

 

ALTERA INFRASTRUCTURE HOLDINGS, L.L.C.

 

This summary of terms and
conditions (this “DIP Term Sheet”) sets forth the material terms of a proposed debtor-in-possession financing
facility that the DIP Lenders (as defined below) are contemplating providing to Altera Infrastructure Holdings, L.L.C. (“IntermediateCo”),
Altera Infrastructure, L.P. (“Topco”) and certain of Topco’s affiliates and subsidiaries that will be
debtors and debtors in possession (collectively, the “Debtors”) in connection with the chapter 11 cases (the
 “Chapter 11 Cases”) to be filed by the Debtors under chapter 11 of title 11 of the United States Code, 11 U.S.C.
 §§ 101-1532, as amended (the “Bankruptcy Code”).

 

This DIP Term Sheet does
not attempt to describe all of the terms, conditions, and requirements that would pertain to the financing described herein, but rather
is intended to be a summary outline of certain basic items, which shall be set forth in final documentation, which documentation shall
be acceptable in all respects to the DIP Agent and the DIP Lenders in their sole discretion. This DIP Term Sheet should not be construed
as a commitment to lend or to arrange for any credit facility, and is for discussion purposes only.

 

	Borrower	IntermediateCo
	Guarantors	The obligations of the
    Borrower shall be unconditionally guaranteed, on a joint and several basis, by each Debtor (including Topco) and each entity that
    guarantees (or is required to guarantee) the Revolving Credit Facility or the PIK Notes (each as defined below) (each, a “Guarantor”
    and, collectively, the “Guarantors,” and the Guarantors, together with the Borrower, the “DIP
    Loan Parties”) (it being agreed and understood that not all Guarantors shall be Debtors), in each case subject to the
    agreed security principles (the “Agreed Security Principles”) for the DIP Facility (as defined below).
	DIP Facility	A
                                            $50 million superpriority new money term loan facility, plus any amounts necessary to fund
                                            the Prepetition RCF Roll-Up (as defined below) (the “DIP Facility,”
                                            the loans made thereunder, the “DIP Loans,” and the commitments
                                            thereunder, the “DIP Commitments”) in accordance with the terms
                                            of a debtor-in-possession credit agreement (the “DIP Credit Agreement”)
                                            and the other definitive documentation, the forms of which shall be acceptable to the DIP
                                            Agent, the DIP Lenders and the Borrower, with respect to the DIP Facility (collectively with
                                            the DIP Credit Agreement and the related security and ancillary documents, the “DIP
                                            Loan Documents”, and all obligations arising thereunder, the “DIP
                                            Obligations”), with up to $25 million to be available and funded within five
                                            (5) Business Days following the entry of the Interim DIP Order (as defined below) (the
                                            “Interim Draw”) and the remaining $25 million to be available and
                                            funded within five (5) Business Days following the entry of the Final DIP Order (as
                                            defined below) (the “Final Draw”). The Borrower may not re-borrow
                                            amounts under the DIP Facility that are repaid.

 

     

     

    

 

		$25 million of the proceeds of the DIP Loans
from the Final Draw shall be funded into an escrow account of the Borrower with the DIP Agent or another party to be agreed that is subject
to a first priority lien in favor of the DIP Agent and the DIP Lenders and not any liens or claims of existing prepetition creditors,
including the Existing Secured Facilities, the Prepetition Obligations, the Adequate Protection Liens and the Prepetition 507(b) Claims,
but shall be subject to the Carve Out (the “Escrow Account”). The Debtors will not be permitted to draw upon
the Escrow Account other than (i) to pay the restructuring, sale, success, or other transaction fee of any investment bankers or
financial advisors to the Debtors or the Committee, the DIP Lenders or the CoCom] (collectively, the “Transaction Fees”)
as they become allowed and/or payable pursuant to the Bankruptcy Code, the Bankruptcy Rules, the Local Rules, any interim or final orders
of the Court, or otherwise, including upon such amounts becoming earned and payable upon the closing of any sale, restructuring, or other
transaction (collectively, a “Transaction”) (to the extent not paid to investment bankers or financial advisors
to the Debtors or the Committee, the DIP Lenders or the CoCom upon the closing of a Transaction out of the cash proceeds of such Transaction),
including upon the effective date of an Acceptable Plan (as defined below), (ii) to pay the fees of any other estate retained Professional
Persons as they become allowed and payable pursuant to the Bankruptcy Code, the Bankruptcy Rules, the Local Rules, and any interim or
final orders of the Court, including upon such amounts becoming earned and payable upon the closing of a Transaction (to the extent not
paid upon the closing of a Transaction out of the cash proceeds of such Transaction), including upon the effective date of an Acceptable
Plan (as defined below) or (iii) to fund the Carve Out (as defined below) The Debtors’ obligations to pay Allowed Professional
Fees and Transaction Fees or fund the Carve Out shall not be limited or be deemed limited to funds held in the Escrow Account. For the
avoidance of doubt, amounts held in the Escrow Account shall not in any way act as a cap on Allowed Professional Fees or Transaction
Fees. An “Acceptable Plan” means a chapter 11 plan that (a) provides for (i) the termination of the
DIP Commitments and the payment in full in cash of all DIP Loans and (ii) the payment in full in cash of all Prepetition Obligations,
(b) otherwise provides for a treatment consented to by the DIP Lenders in their sole discretion, or (c) treatment otherwise
in compliance with the terms of the Restructuring Support Agreement.1

 

 

	1	“Restructuring Support Agreement”
                                            means that certain agreement dated August 12, 2022, setting forth the terms of the restructuring
                                            contemplated herein.

 

    2

     

    

 

	 	Starting
    with the fifth Business Day of the first full calendar month following the Petition Date, each Debtor Professional (as defined below)
    shall deliver to the Debtors and the DIP Agent a statement (each such statement, a “Monthly Statement”)
    setting forth a good-faith estimate (the “Estimated Fees and Expenses”) of the amount of unpaid fees
    and expenses incurred during the preceding month by such Debtor Professional (through the final day of such month, the “Calculation
    Date”), along with a good faith estimate of the cumulative total amount of unreimbursed fees and expenses incurred
    through the applicable Calculation Date and a statement of the amount of such fees and expenses that have been paid to date by the
    Debtors (the “Cumulative Total Unpaid Fees and Expenses”). No later than five (5) Business Days after
    the delivery of a Carve Out Trigger Notice (as defined below), each Debtor Professional shall deliver one additional statement (the
    “Final Statement”) to the Debtors, their lead restructuring counsel, the U.S. Trustee, counsel to the CoCom
    (for distribution to the Existing Secured Facility Lenders and any applicable export credit agencies), counsel to the Committee (if
    any), and the DIP Agent setting forth a good faith estimate of the amount of unpaid fees and expenses incurred during the period
    commencing on the calendar day after the most recent Calculation Date for which a Monthly Statement has already been delivered and
    concluding on the Termination Declaration Date. The Debtors shall on a monthly basis, transfer cash proceeds from the DIP Facility
    or cash on hand in an amount equal to (x) the Cumulative Total Unpaid Fees and Expenses included in the most recent Monthly
    Statement provided by all Debtor Professionals (other than any Transaction Fees) timely received by the Debtors (or if an estimate
    is not provided, the total budgeted monthly fees of Debtor Professionals (other than any Transaction Fees) for the prior month set
    forth in the DIP Budget plus a good faith estimate of any Transaction Fees that would be payable upon consummation of the Restructuring
    Transactions less (y) the amount of cash already on deposit in the Escrow Account, to the Escrow Account, which shall be reported
    to the DIP Agent.
	Interest
    Rate and Fees	SOFR+11.00%,
    with (i) a commitment fee payable upon entry of the Interim DIP Order of 1.50% of the aggregate amount of commitments that will
    be made available under the DIP Facility (including upon entry of the Final DIP Order but excluding any DIP Commitments in respect
    of the Prepetition RCF Roll-Up) by an increase in the principal amount of the DIP Loans, (ii) an exit fee (the “Exit
    Fee”) payable in cash upon the Maturity Date (as defined below) or any other repayment of the DIP Loans (including
    the DIP Commitments in respect of the Prepetition RCF Roll-Up) of 1.50% of the aggregate amount of the DIP Commitments (including
    any unused DIP Commitments); and (iii) a ticking fee on unused DIP Commitments (excluding any DIP Commitments in respect of
    the Prepetition RCF Roll-Up) payable in cash upon entry of the Final Order, which ticking fee shall begin accruing upon entry of
    the Interim DIP Order and shall accrue until the earlier of the termination of the DIP Commitments or funding thereunder of 5.5%
    per annum; provided, however, if the DIP Loans are converted to equity or repaid from the proceeds of a Rights Offering (as
    defined in the Restructuring Support Agreement) in connection with an Acceptable Plan, then so shall the Exit Fee.  For
    the avoidance of doubt, there will be no SOFR Floor, but there shall be a credit spread adjustment equal to (i) 0.10% for DIP
    Loans with a one month interest period and (ii) 0.15% for DIP Loans with a three month interest period.
	DIP Agent	To be selected by the DIP Lenders.

 

    3

     

    

 

	DIP
    Lenders	To include the lenders under the
    Revolving Credit Agreement and/or the PIK Noteholders.
	Maturity	The DIP Facility will mature on the earliest
    of (such earliest date, the “Maturity Date”):

     

    (a)   the
    date that is 120 days after the Petition Date (the “Scheduled Maturity Date”);

     

    (b)   the
    effective date of a chapter 11 plan in the Chapter 11 Cases (the “Effective Date”);

     

    (c)   the
    consummation of a sale of all or substantially all of the assets of the Debtors pursuant to section 363 of the Bankruptcy Code or
    otherwise (a “Sale”);

     

    (d)   the
    date of termination of the DIP Lenders’ commitments and the acceleration of any
    outstanding DIP Loans under DIP Loan Documents;

     

    (e)   dismissal
    of the Chapter 11 Cases or conversion of the Chapter 11 Cases into cases under chapter 7 of the Bankruptcy Code; and

     

    (f)    the
    date that is 45 days after the Petition Date or such later date as agreed by the Required Lenders unless the Final DIP Order has
    been entered by the Court on or prior to such date.

	Collateral	Subject
                                            to the carve out (as attached here as Annex A, the “Carve Out”),
                                            and the Agreed Security Principles, the DIP Facility shall be secured by automatically perfected
                                            liens on and security interests in (and with the priorities set forth below and on Exhibit A)
                                            (collectively, the “DIP Liens”):

                                                                                                                                                             

                                                                                                                                                            (a)   all
                                            collateral securing the Revolving Credit Facility and the PIK Notes, including the proceeds
                                            thereof (collectively, the “Prepetition Collateral”), on a first
                                            priority priming basis; provided, however, for the avoidance of doubt, such priming
                                            liens shall not prime any Existing Secured Facility Liens (defined below) on any Existing
                                            Secured Facility Collateral;

                                                                                                                                                             

                                                                                                                                                            (b)   all
                                            other assets of the DIP Loan Parties that do not constitute Prepetition Collateral or Existing
                                            Secured Facility Collateral that are subject to valid and perfected security interests immediately
                                            prior to the Petition Date or that are perfected as permitted by section 546(b) of the
                                            Bankruptcy Code (the “Encumbered Collateral”) on a second priority
                                            basis;

                                                                                                                                                             

                                                                                                                                                            (c)   all
                                            other assets of the DIP Loan Parties that do not constitute Prepetition Collateral or Existing
                                            Secured Facility Collateral that constitute unencumbered assets immediately prior to the
                                            Petition Date and that are not perfected as permitted by section 546(b) of the Bankruptcy
                                            Code (collectively, the “Unencumbered Collateral”) on a first priority
                                            basis, senior to, (x) in the case of the Unencumbered Collateral held by the obligors
                                            under such respective Existing Secured Facilities (other than Topco), the Existing Secured
                                            Facility Adequate Protection Liens and (y) in the case of Unencumbered
                                            Collateral held by the obligors on the Prepetition Obligations, the Prepetition Obligations
                                            Adequate Protection Liens;

 

    4

     

    

 

		

    (d)   the
    Existing Secured Facility Collateral, including the proceeds thereof, on a third priority basis junior only to the Existing Secured
    Facility Liens and the Existing Secured Facility Adequate Protection Liens;

     

    (e)   the
    proceeds of any actions brought under section 549 of the Bankruptcy Code to recover any postpetition transfer of DIP Collateral (as
    defined below) to the extent the DIP Liens on such DIP Collateral are first priority (“Transfer Actions”)
    but in no event shall the DIP Liens extend to Transfer Actions;

     

    (f)    subject
    to and upon entry of the Final DIP Order, the proceeds of any claims or causes of action arising under or pursuant to chapter 5
    of the Bankruptcy Code, section 724(a) of the Bankruptcy Code or any other similar provisions of applicable state, federal or
    foreign law (including any other avoidance actions under the Bankruptcy Code) (“Avoidance Actions”)2
    but in no event shall the DIP Liens extend to Avoidance Actions; and

     

    (g)   subject
    to and upon entry of the Final DIP Order, the proceeds of any exercise of the Debtors’ rights under section 506(c) and
    550 of the Bankruptcy Code (“Recovery Actions”) but in no event shall the DIP Liens extend to the Recovery
    Actions

     

    (collectively,
    the “DIP Collateral”).

     

    The
    DIP Facility shall also benefit from superpriority administrative expense claims against all Debtors (the “DIP Superpriority
    Claims”) that are senior to all other administrative expenses or other claims against the Debtors, but which shall
    be junior to (i) the Carve Out and (ii) the Existing Secured Facilities 507(b) Claims (as defined below) with
    respect to the obligors under the Existing Secured Facilities.

     

    The
    DIP Liens described herein shall, to the fullest extent permitted by applicable law, be effective and perfected upon entry of the
    Interim DIP Order (as defined below) and/or Final DIP Order, as applicable, and without the necessity of the execution of mortgages,
    security agreements, pledge agreements, financing statements or other agreements, and the Debtors shall not be required to take any
    action to create or perfect the liens in the DIP Collateral, other than the filing of financing statements and additional actions
    consistent with the Agreed Security Principles to create or perfect the liens in the DIP Collateral owned by non-Debtor Guarantors
    (the “Non-Debtor Guarantor Collateral”). The Interim DIP Order and Final DIP Order will contain customary
    intercreditor agreement provisions, including, without limitation, turn-over and enforcement rights consistent with the lien priority
    provided herein.

    

 

 

	2	For the avoidance of doubt, if the Existing
                                            Secured Facility Collateral is subject to a successful Avoidance Action on which there is
                                            a recovery, the DIP Lenders agree to return such property, including the applicable proceeds,
                                            to the applicable Existing Secured Facility Lenders.

 

    5

     

    

 

	 	Upon entry of the Interim
    DIP Order, the Debtors shall waive as to the DIP Lenders certain rights to surcharge the DIP Collateral pursuant to section 506(c) of
    the Bankruptcy Code and any right to apply the equitable doctrine of marshaling as to the DIP Collateral (unless otherwise agreed
    by the Required DIP Lenders), and upon entry of the Final DIP Order, the Debtors shall waive as to the Prepetition Secured Parties
    any rights to surcharge the Prepetition Collateral pursuant to sections 105(a) and/or 506(c) of the Bankruptcy Code or
    otherwise, any “equities of the case exception” under section 552(b) of the Bankruptcy Code, and any right to apply
    the equitable doctrine of marshaling as to the Prepetition Collateral, among other customary terms and provisions.
	Use of Proceeds	The
    proceeds of the DIP Facility and/or cash collateral shall be available (i) subject to and upon entry of the Interim DIP Order,
    to roll-up $20 million of the outstanding principal balance under the Revolving Credit Facility
    into DIP Loans under the DIP Facility (the “Prepetition RCF Roll-Up”) (which, for the avoidance of doubt,
    shall not reduce the $50 million new money commitment under the DIP Facility and shall not be rolled-up using cash collateral),
    (ii) for the Debtors’ working capital needs, including to fund the costs of the administration of the Chapter 11 Cases
    and to pay adequate protection payments as authorized by the Bankruptcy Court in the Interim DIP Order and the Final DIP Order, in
    each case in a manner consistent with the DIP Budget and in compliance with the Minimum Liquidity Covenant (defined below), (iii) to
    pay professional fees and expenses and (iv) to pay obligations arising from or related to the Carve Out.  No proceeds
    of the DIP Facility, the Carve Out, or any cash collateral may be used by the DIP Loan Parties or any other party in interest, or
    their representatives, to (a) investigate, analyze, commence, prosecute, threaten, litigate, object to, contest, or challenge
    in any manner or raise any defenses to the debt or collateral position of the DIP Agent, the DIP Lenders, lenders under the Existing
    Secured Facilities (the “Existing Secured Facility Lenders”), or the Prepetition Secured Parties, whether
    by (i) challenging the validity, extent, amount, perfection, priority or enforceability of the obligations under the DIP Facility
    or any of the obligations under the Revolving Credit Facility, the PIK Notes, the PIK Notes Indenture, or the other Prepetition Documents,
    (collectively, the “Prepetition Obligations”) or the Existing Secured Facilities, (ii) challenging
    the validity, extent, perfection, priority or enforceability of any mortgage, security interest or lien with respect thereto, or
    any other rights or interests or replacement liens with respect thereto, (iii) seeking to subordinate or recharacterize the
    obligations under the DIP Facility, the Prepetition Obligations, or the Existing Secured Facilities, or to disallow or avoid any
    claim, mortgage, security interest, lien, or replacement lien or payment thereunder or (iv)  asserting any claims or causes
    of action, including, without limitation, any actions under chapter 5 of the Bankruptcy Code, against the DIP Agent, the DIP Lenders,
    the Existing Secured Facility Lenders, or the Prepetition Secured Parties or any of their respective officers, directors, agents
    or employees, (b) prevent, hinder or otherwise delay the DIP Agent’s, the DIP Lenders’, Existing Secured Facility
    Lenders’, or the Prepetition Secured Parties’ assertion, enforcement or realization on the DIP Collateral, the Prepetition
    Collateral, or the Existing Secured Facility Collateral, in accordance with the DIP Loan Documents, Prepetition Documents, or the
    Existing Secured Facilities Documents, (c) seek to modify the rights granted to the DIP Agent, the DIP Lenders, the Prepetition
    Secured Parties, or the Existing Secured Facilities Lenders, under the Prepetition Documents or the Existing Secured Facilities Documents,
    in each case without such parties’ prior written consent, which may be given or withheld by such party in the exercise of its
    respective sole discretion, or (d) pay any amount on account of any claims arising prior to the Petition Date unless such payments
    are (i) approved by an order of the Bankruptcy Court (which order may be the Interim DIP Order or the Final DIP Order) and (ii) permitted
    by the DIP Documents; provided that during the Challenge Period, an investigation budget in an aggregate amount of $100,000
    of the DIP Loans, the Prepetition Collateral, and/or Existing Secured Facility Collateral, including cash collateral, and the proceeds
    thereof, may be used by any official committee of unsecured creditors (the “Committee”) to investigate,
    but not to prepare, initiate, litigate, prosecute, object to, or otherwise challenge, (i) the claims and liens of the Prepetition
    Secured Parties and the Existing Secured Facility Lenders, and (ii) potential claims, counterclaims, causes of action or defenses
    against the Prepetition Secured Parties or the Existing Secured Facility Lenders.]

 

    6

     

    

 

	Conditions Precedent to Initial Draw	The
    conditions precedent to the Interim Draw shall be limited to those set forth on Annex C.
	Conditions
    Precedent to Final Draw	The conditions precedent
    to the Final Draw shall be limited to those set forth on Annex D.
	Milestones	Customary for a facility of this type and limited to:

     

    (a)    the
    filing of a motion seeking approval of the Debtors’ entry into the DIP Facility no later than three days after the Petition
    Date;

     

    (b)    the
    entry of an order approving entry into the DIP Facility on an interim basis (the “Interim DIP Order”) no
    later than five days after the Petition Date;

     

    (c)    the
    entry of an order approving entry into the DIP Facility on a final basis (the “Final DIP Order”) no later
    than forty-five days after the Petition Date; and

     

    (d)    the
    other milestones set forth in Section 4.03 of the Restructuring Support Agreement.

 

    7

     

    

 

	Mandatory Prepayments	The
    mandatory prepayment provisions in the DIP Loan Documents shall be consistent with the Revolving Credit Agreement (subject to customary
    modifications required to reflect the Chapter 11 Cases, which shall be limited to mandatory prepayments of the DIP Facility with
    100% of the Net Proceeds of (a) issuances of any indebtedness (with exceptions for certain permitted indebtedness), (b) sales
    or other dispositions (including casualty events) of any assets (excluding sales in the ordinary course of business and the proceeds
    from the recycling of the Falcon), (c) Extraordinary Receipts3
    by the Borrower or any DIP Loan Party that guarantees (or is required to guarantee) the Revolving Credit Facility or
    the PIK Notes, and (d) distributions from joint venture entities above certain ordinary course amounts to be agreed.  For
    the avoidance of doubt, (x) clause (b)(ii) of the definition of “Net Proceeds” in the Revolving Credit Agreement
    shall be preserved in respect of the Existing Secured Facilities and (y) the DIP Loan Documents shall not include an excess
    cash flow sweep.
	Covenants	The affirmative and
    negative covenants in the DIP Loan Documents shall be consistent with the Revolving Credit Agreement (but subject to customary modifications
    required to reflect the Chapter 11 Cases); provided, that the affirmative covenants for the DIP Facility will include compliance
    with the Minimum Liquidity Covenant (defined below), compliance with milestones and additional provisions relating to bankruptcy
    matters and prohibiting restricted payments, optional prepayments of debt, the incurrence of additional indebtedness, the granting
    of additional liens, the making of investments and the consummation of asset dispositions, in each case unless otherwise specifically
    provided for in the DIP Loan Documents.  

 

 

	3	“Extraordinary Receipts”
                                            means an amount equal to (a) any cash payments or proceeds (including permitted investments)
                                            received (directly or indirectly) by or on behalf of TopCo or any of its subsidiaries not
                                            in the ordinary course of business (and other than consisting of net proceeds from a disposition
                                            or any recovery event or in connection with any issuance or sale of debt securities or instruments
                                            or the incurrence of indebtedness) in respect of (i) foreign, U.S. federal, state or local
                                            tax refunds (excluding for the avoidance of doubt, tariff refunds and value added tax refunds
                                            to the extent reflected in the budget), (ii) pension plan reversions, (iii) judgments, proceeds
                                            of settlements or other consideration of any kind in connection with any cause of action
                                            (other than receipts from settlements with customers), (iv) indemnity payments (other than
                                            to the extent such indemnity payments are (A) immediately payable to a person that is not
                                            an affiliate of TopCo or any of its subsidiaries or (B) received by TopCo or its subsidiaries
                                            as reimbursement for any payment previously made to such person) and (v) any purchase price
                                            adjustment received in connection with any purchase agreement to the extent not constituting
                                            net proceeds, minus (b) any selling and settlement costs and out-of-pocket expenses (including
                                            reasonable broker’s fees or commissions and legal fees) and any taxes paid or reasonably
                                            estimated to be payable by TopCo or any of its subsidiaries (after taking into account any
                                            tax credits or deductions actually realized by IntermediateCo or any of its subsidiaries
                                            with respect to the transactions described in clause (a) of this definition) in connection
                                            with the transactions described in clause (a) of this definition; provided that, for the
                                            avoidance of doubt, any cash payments or proceeds received (directly or indirectly) by or
                                            on behalf of TopCo or any of its subsidiaries that constitute collateral under the Existing
                                            Secured Facilities shall not constitute Extraordinary Receipts.

 

    8

     

    

 

	Approved DIP Budget and Minimum Liquidity Covenant 	It
    shall be a condition precedent to the effectiveness of the DIP Facility that the Debtors shall have delivered a 13-week cash flow
    budget (the “DIP Budget”), broken down week by week, substantially in the form attached as Exhibit B,
    in form and substance acceptable to the DIP Lenders and the Required Consenting Bank Lenders (as defined in the Restructuring Support
    Agreement) (including with respect to any updated DIP Budget; it being agreed and understood that a form substantially consistent
    with the form attached as Exhibit B is acceptable to the DIP Lenders and the Required Consenting Bank Lenders).  The
    Debtors’ use of the DIP Facility and the Existing Secured Facility Lenders’ cash collateral shall be subject to (i) a
    minimum liquidity4 covenant of $15,000,000
    (the “Minimum Liquidity Covenant”) and (ii) a disbursement variance of 20% (excluding professional
    fees) tested on a rolling four week period, beginning with the fourth week immediately following the Petition Date, with negative
    disbursement variances carried forward until a new DIP Budget is approved (the “Disbursements Variance Covenant”).  The
    Debtors shall update the DIP Budget every four weeks (with such DIP Budget update (along with a 13-week cash flow forecast (in Microsoft
    Excel) in the same format as the Debtors’ short term cash flow forecast) being delivered to the DIP Agent and counsel to the
    CoCom (for distribution to the Consenting Bank Lenders and any applicable export credit agencies) no later than the Friday of the
    week after the beginning of the applicable 13-week period) (or delivered more frequently and on such dates as consented to exclusively
    by the Required DIP Lenders and the Required Consenting Bank Lenders); provided, that the updated DIP Budget shall be deemed
    immediately effective once approved by the DIP Lenders; provided, however, Consenting Bank Lenders holding of at least 66.67%
    of the aggregate outstanding principal amount of Credit Agreement Claims (as defined in the Restructuring Support Agreement) held
    by Consenting Bank Lenders shall have ten (10) Business Days from receipt of the updated DIP Budget to provide written notice
    (email to suffice) to counsel for the Debtors and the DIP Lenders that such Consenting Bank Lenders object to the proposed updated
    DIP Budget.  The DIP Budget (including as updated every four weeks) and the variance reports will be delivered to the DIP
    Agent and counsel to the CoCom (for distribution to the Consenting Bank Lenders and any applicable export credit agencies).  For
    the avoidance of doubt, during any period a proposed DIP Budget has not been approved, the previously approved DIP Budget shall be
    the DIP Budget.

 

 

	4	For purposes of the Minimum Liquidity Covenant,
                                            “Liquidity” means unrestricted cash as defined in accordance
                                            with IFRS (other than cash in the Arendal Segregated Account, that certain reserve account
                                            for the Knarr Facility at account no. ***********************7747 (the “Knarr
                                            Reserve Account”), that certain retention account for the Knarr Facility at
                                            account no. ***********************7447 (the “Knarr Retention Account”
                                            and together with the Knarr Reserve Account, the “Knarr Segregated Accounts”),
                                            that certain retention account for the Petrojarl Facility at account no. ****8001 (“Petrojarl
                                            1 Account”), those certain restricted tax account at account nos. *******9479,
                                            *******1053, *******7526, *******6308, *******1436, *******3683, that certain DSRA account
                                            for the Libra HoldCo Facility at account no. ****6003, and that certain guarantee account
                                            for the COSCO settlement at account no. ****4598), which for avoidance of doubt shall not
                                            include unrestricted cash at Altera Shuttle Tankers L.L.C. and its subsidiaries, or at any
                                            joint venture.

 

    9

     

    

 

	Reporting	Substantially
    the same as the Revolving Credit Agreement (but subject to customary modifications required to reflect the Chapter 11 Cases, including
    delivery of weekly updates on professional fees and variance reports with regard to the DIP Budget, which such weekly updates and
    variance reports in respect of a particular week shall be delivered no later than Friday of the immediately following week).   
	Cash Management	The Company will maintain
    their cash management arrangements consistent with past practice and in compliance with the Debtors’ Emergency Motion For
    Entry of Interim and Final DIP Orders Authorizing The Debtors To (I) Continue To Operate Their Cash Management System and Maintain
    Existing Bank Accounts and  (II) Continue To Perform Intercompany Transactions (such motion, the “Cash
    Management Motion” and, the applicable interim or final order approving such motion or otherwise authorizing the Company
    to continue to use their existing cash management system, the “Cash Management Orders”); provided
    that the Cash Management Motion and the Cash Management Order shall be in form and substance reasonably acceptable to the DIP Lenders
    and the Required Consenting Bank Lenders (as defined in the Restructuring Support Agreement).  No pledged bank account
    will be closed during the Chapter 11 Cases without the prior consent of the applicable secured parties and nothing in the Interim
    DIP Order or Final DIP Order will alter or impair any security interest or perfection thereof that existed as of the Petition Date
    or that arises after the Petition Date.   
	Representations
    and Warranties	Substantially the same
    as the Revolving Credit Agreement, and subject to modification as provided herein (but subject to customary modifications required
    to reflect the Chapter 11 Cases), provided that the DIP Loan Documents will include additional representations and warranties
    with respect to the DIP Orders, the superpriority administrative expense claims of the DIP Agent and the DIP Lenders and related
    bankruptcy matters.
	Events of
    Default / Cash Collateral Termination	Substantially
                                            the same as the Revolving Credit Agreement (but subject to customary modifications required
                                            to reflect the Chapter 11 Cases); provided, that, in addition, the events of default
                                            for the DIP Facility will include, among other things, the following: (a) conversion
                                            of any of the Chapter 11 Cases to a case under Chapter 7 of the Bankruptcy Code; (b) the
                                            dismissal of any of the Chapter 11 Cases (or any subsequent Chapter 7 case); (c) the
                                            entry of an order modifying or terminating the Company’s exclusive right to file and/or
                                            solicit acceptances of a chapter 11 plan; (d) the failure of any Debtor to comply with
                                            the DIP Orders; (e) any DIP Order is revoked, remanded, vacated, reversed, stayed, rescinded,
                                            or modified (other than modifications consented to by the Required DIP Lenders); (f) appointment
                                            of a trustee, examiner or disinterested person with expanded powers relating to the operations
                                            or the business of any of the Debtors in the Chapter 11 Cases (having powers beyond those
                                            set forth in the Bankruptcy Code sections 1106(a)(3) and (4)); (g) any administrative
                                            expense claim (other than the Carve Out) is allowed having priority over or ranking in parity
                                            with the rights of the DIP Agent; (h) any sale of any material assets of a Debtor other
                                            than a sale on terms and conditions acceptable to the Required DIP Lenders; (i) payment
                                            of or granting adequate protection with respect to any of the existing secured debt of the
                                            Debtors, other than to the extent permitted under the DIP Orders; (j) liens or superpriority
                                            claims with respect to the DIP Facility shall at any time cease to be valid, perfected and
                                            enforceable in all respects with the priority described herein; (k) the failure to meet
                                            any Milestone (as defined above); (l) the Debtors propose, file or support, or the Bankruptcy
                                            Court enters of an order in the Bankruptcy Cases confirming, a plan of reorganization that
                                            is not an Acceptable Plan; or (m) any of the Debtors seek postpetition loans or other
                                            financial accommodations other than from the DIP Agent or the DIP Lenders pursuant to 364(c) or
                                            (d) of the Bankruptcy Code and other loans permitted by the DIP Loan Documents and such
                                            loans or financial accommodations do not pay the DIP Loans in full in cash.

 

    10

     

    

 

		Cash collateral use will be terminated in any
of the following circumstances (unless otherwise waived or consented to by the Required Existing Lenders) (each, a “Cash
Collateral Termination Event”): (a) conversion of any of the Chapter 11 Cases to a case under Chapter 7 of the Bankruptcy
Code; (b) the dismissal of any of the Chapter 11 Cases (or any subsequent Chapter 7 case); (c) the entry of an order modifying
or terminating the Company’s exclusive right to file and/or solicit acceptances of a chapter 11 plan; (d) subject to a seven
(7) day grace period, failure of any Debtor to: (i) timely fulfill their Adequate Protection obligations when due, or (ii) comply
with any other provision of the Interim DIP Order or Final DIP Order in any material respect; (e) any DIP Order is revoked, remanded,
vacated, reversed, stayed, rescinded, or modified in any material respect (other than modifications consented to by the Required Existing
Lenders); (f) appointment of a trustee, examiner or disinterested person with expanded powers relating to the operations or the
business of any of the Debtors in the Chapter 11 Cases (having powers beyond those set forth in the Bankruptcy Code sections 1106(a)(3) and
(4)); (g) the Bankruptcy Court shall grant any application, motion, or borrowing request seeking to: (i) other than the DIP
Facility, incur indebtedness from any party secured by a lien on, or otherwise having a claim against or recourse to, as the case may
be, the Debtors, the Existing Secured Facility Collateral, or the Existing Facilities Adequate Protection Collateral, unless such liens
or claims are junior and subordinated (contractually or structurally) in all respects to the Existing Secured Facility Liens and the
Existing Secured Facility Adequate Protection Liens; or (ii) use Cash Collateral on a nonconsensual basis; (h) any administrative
expense claim (other than the DIP Liens and the Carve Out) or adequate protection (other than to the extent permitted under the DIP Orders)
is granted having priority over or ranking in parity with the rights of the Existing Secured Facility Lenders; (i) any sale (including
by any sale leaseback transaction) of a material asset of a Debtor subject to a lien in favor of the Existing Secured Facility Lenders
that is senior to a lien held by the DIP Lenders, without the consent of holders of at least 66.67% of the aggregate outstanding principal
amount of Credit Agreement Claims under such Prepetition Credit Agreement (as defined in the Restructuring Support Agreement) that is
secured by such asset and the Consenting Bank Lenders holding 66.67% of the aggregate outstanding under the other Consenting Bank Lenders
Credit Agreements (as defined in the Restructuring Support Agreement); (j) the Existing Secured Facility Adequate Protection Liens
or Existing Secured Facilities 507(b) Claims granted to the Existing Secured Facility Lenders shall at any time cease to be valid,
perfected and enforceable in all respects with the priority described herein, or any Debtor shall assert the invalidity, non-perfection
or unenforceability of any of the Existing Secured Facility Adequate Protection Liens; (k) the failure to meet any Milestone (as
defined above) unless extended in accordance with the DIP Orders; (l) an acceleration of the DIP Facility; (m) subject to a
five (5) Business Day grace period (during which time any applicable Event of Default declared by a DIP Lender may be cured, waived
by the Required DIP Lenders), delivery by the DIP Agent of a Default Notice (as defined below); (n) any Debtor shall make any material
payment (including “adequate protection” payments) on or in respect of any prepetition indebtedness other than in accordance
with the DIP Budget or otherwise pursuant to the Interim DIP Order or any other interim or final order entered with respect to the Debtors’
 “first day” motions; (o) the entry of an order of this Court avoiding, disgorging, or requiring repayment of any portion
of the Adequate Protection made by the Debtors hereunder; (p) upon entry of the Final Order, the entry of an order of this Court
approving any claims for recovery of amounts under section 506(c) of the Bankruptcy Code or otherwise arising from the preservation
or disposition of any Existing Secured Facility Collateral, except as otherwise permitted by the Final Order; (q) any Debtor shall
seek, or shall support (in any such case by way of, inter alia, any motion or other pleading filed with this Court or any other writing
to another party-in-interest executed by or on behalf of any Debtor) any other person’s motion, to disallow or subordinate in whole
or in part any Existing Secured Facility Lender’s claim in respect of Existing Secured Facility Collateral or to challenge the
validity, enforceability, perfection or priority of the liens in favor of any Existing Secured Facility Lender (including, without limitation,
any Existing Secured Facility Liens); (r) the entry of an order by this Court or any other court having jurisdiction to do so granting
relief from or modifying the automatic stay applicable under section 362 of the Bankruptcy Code to allow a holder or holders of any lien
or security interest to foreclose or otherwise realize upon their liens or security interests in respect of a Vessel; (s) breach
of the Minimum Liquidity Covenant; or (t) breach of the Disbursements Variance Covenant; provided that any breach of the
Disbursements Variance Covenant shall be deemed waived as to the Existing Secured Facility Lenders unless, within ten (10) Business
Days of any such breach, holders of at least 66.67% of the aggregate outstanding principal amount of Credit Agreement Claims held by
the Consenting Bank Lenders provide written notice (email to suffice) of such breach to the Borrower (and there shall be no Cash Collateral
Termination Event pending the receipt of such notice).

    

 

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	 	The
                                            Interim DIP Order and the Final DIP Order will contain remedies language substantially consistent
                                            with the following: Without requiring further order from the Court and without the need for
                                            filing any motion (except as expressly required by this paragraph) for relief from the automatic
                                            stay or any other pleading, immediately upon the date of delivery of a written notice (with
                                            a copy filed with the Court) (a “Default Notice,” and the date
                                            of delivery of such Default Notice, the “DIP Termination Date”)
                                            by (1) the DIP Agent to the Debtors, counsel to the CoCom (for distribution to the Existing
                                            Secured Facility Lenders and any applicable export credit agencies), any Committee and the
                                            U.S. Trustee of the occurrence of the Expiration Date5
                                            or an Event of Default, or (2) the agents and indenture trustees under
                                            the Existing Secured Facilities (the “Existing Secured Facility Agents”)
                                            or the Required Existing Lenders to the Debtors, any Committee, the DIP Agent and the U.S.
                                            Trustee of the occurrence of a Cash Collateral Termination Event, as applicable, unless such
                                            Cash Collateral Termination Event is waived by the Required Existing Lenders or the Existing
                                            Secured Facility Agents (as applicable), the automatic stay shall terminate solely to the
                                            extent necessary for one or more (without limitation) of the following to occur to the extent
                                            elected by the Required DIP Lenders, the Existing Secured Facility Agents or the Required
                                            Existing Lenders, as applicable, each in their sole discretion: (a) the Debtors’
                                            authority to use cash collateral shall immediately terminate (subject only to the Carve Out
                                            and except as set forth in this paragraph); (b) the DIP Obligations shall (subject only
                                            to the Carve Out) be immediately accelerated and due and payable for all purposes, rights,
                                            and remedies, without presentment, demand, protest or other notice of any kind, all of which
                                            are expressly waived by the Debtors; (c) the termination, reduction, or restriction
                                            of any further DIP Commitments to the extent any DIP Commitments remain outstanding; (d) the
                                            DIP Facilities shall be terminated with respect to any future liability or obligation of
                                            the DIP Agent and the DIP Lenders, but, for the avoidance of doubt, without affecting any
                                            of the DIP Liens, the DIP Superpriority Claims or the DIP Obligations; (e) any and all
                                            obligations of the DIP Lenders in connection with the DIP Facility or the Required Existing
                                            Lenders or the Existing Secured Facility Lenders with respect to cash collateral, as applicable,
                                            under this Interim DIP Order and the DIP Documents shall immediately terminate; (f) the
                                            application of the Carve Out through the delivery of the Carve-Out Trigger Notice; and (g) the
                                            exercise of any other right or remedy with respect to the DIP Collateral or the DIP Liens
                                            permitted under the DIP Documents or the Prepetition Collateral or the Prepetition Liens
                                            permitted under the Prepetition Documents; provided, however, that (i) in
                                            the case of the termination of the use of cash collateral pursuant to clause (a) above,
                                            unless, in the case of an Event of Default declared by the Required DIP Lenders, such Event
                                            of Default is cured by the Debtors, as determined by the Required DIP Lenders, prior to the
                                            expiration of five (5) Business Days following the Termination Date (the “Default
                                            Notice Period”), and (ii) in the case of the enforcement of liens or other
                                            remedies with respect to the DIP Collateral or Prepetition Collateral pursuant to clause
                                            (g) above, the DIP Agent, the Prepetition Secured Parties or the Required Existing Lenders,
                                            as applicable, shall first file a motion (the “Stay Relief Motion”)
                                            with the Court seeking emergency relief to exercise such remedies on at least five (5) Business
                                            Days’ written notice (the “Remedies Notice Period”) seeking
                                            an emergency hearing before the Court (a “Stay Relief Hearing”).

 

 

	5 	“Expiration Date” shall mean
  (a) the entry of an order pursuant to section 363 of the Bankruptcy Code approving the sale of substantially all of the Debtors’
  assets; (b) the effective date of any chapter 11 plan; or (c) forty-six (46) days after the Petition Date unless the Final DIP Order
  has been approved and entered by such date.

 

    12 

     

    

 

	 	At
    a Stay Relief Hearing the Court may consider whether an Event of Default or Cash Collateral Termination Event has occurred and any
    other appropriate relief and may fashion an appropriate remedy, including permitting the DIP Agent, the DIP Lenders, the Prepetition
    Secured Parties or the lenders under the Existing Secured Facilities, as applicable, to exercise any or all of their other rights
    and remedies set forth in the Interim DIP Order, the DIP Documents or the Prepetition Documents pursuant to and subject to the terms
    and provisions of the Interim DIP Order and the DIP Documents or the Prepetition Documents, as applicable; provided, further,
    that, the Debtors and any official Committee may seek an emergency hearing before the Court, and must provide prompt notice of such
    hearing to the DIP Agent and its counsel, or the Required Existing Lenders, as applicable, to contest whether an Event of Default
    has occurred and to seek non-consensual use of cash collateral; provided, further, that the Debtors shall be entitled
    to continue to use cash collateral in accordance with the terms of the Interim DIP Order and the DIP Documents during any Default
    Notice Period or Remedies Notice Period only to make payroll and fund critical business-related expenses necessary to operate the
    Debtors’ business to preserve the Existing Secured Facility Collateral and the Prepetition Collateral, in each case in accordance
    with the terms of the DIP Budget and this Interim Order, but shall not be permitted to use cash collateral following any Default
    Notice Period absent further order of the Court. Notwithstanding the foregoing, and irrespective of the Default Notice Period or
    Remedies Notice Period, the DIP Lenders shall not be obligated to provide any DIP Loans or advances at any time an Event of Default
    has occurred and is continuing or after the Expiration Date. Notwithstanding the occurrence of the Expiration Date, an Event of Default
    and/or termination of the commitments under the DIP Credit Agreement, all of the rights, remedies, benefits, and protections provided
    to the DIP Agent, DIP Lenders, the Prepetition Secured Parties and the Required Existing Lenders, as applicable, under the DIP Documents
    and the Interim DIP Order shall survive. For the avoidance of doubt, the “Required Existing Lenders” shall be defined
    to have the meaning given in clause (ii) of the definition of “Required Consenting Bank Lenders” as defined in the
    Restructuring Support Agreement (including the provisos therein).
	Voting
    / Thresholds	Subject
    to customary exceptions for certain provisions that require the consent of each affected DIP Lender or all DIP Lenders, amendments
    and waivers of the DIP Facility, approval of the DIP Budget, waivers of Events of Default and modifications of any Milestones will
    require the approval of DIP Lenders holding more than 50% of the outstanding principal amount of the DIP Loans (collectively, the
    “Required DIP Lenders”). Consents, amendments, waivers and extensions can be effectuated pursuant to email.

 

    13 

     

    

 

	Expenses 	Subject
    to the DIP Loan Documents and the terms contained herein, all reasonable and documented out-of-pocket accrued and unpaid fees, costs,
    disbursements and expenses of the DIP Agent and the DIP Lenders (including, without limitation, the reasonable and documented fees,
    costs and expenses of Paul, Weiss, Rifkind, Wharton & Garrison LLP, as counsel, Ducera Partners, LLC, as financial advisor,
    Porter & Hedges LLP, as Texas counsel, and any other professionals retained by the DIP Lenders) incurred in connection with
    the Chapter 11 Cases  shall be paid by the Debtors on a current basis.
	Adequate
    Protection	Pursuant
                                            to sections 361, 363(e) and 364(d)(1) of the Bankruptcy Code, the administrative
                                            agents under the Existing Secured Facilities, the Revolving Credit Agreement Agent and the
                                            PIK Notes Trustee, in each case for the benefit of themselves and the respective lenders
                                            and holders thereunder, shall be granted, respectively, the following adequate protection
                                            (collectively, the “Adequate Protection”):

     

    (a)    Adequate
    Protection Lien for the Existing Secured Facilities. With respect to each Existing Secured Facility, as security for and
    solely to the extent of, and in an aggregate amount equal to, any diminution in the value of
    the pre-petition collateral securing the respective Existing Secured Facility, including on
    a dollar-for-dollar basis in respect of any cash collateral, from and after the Petition Date (to
    the extent such diminution in value occurs on account of the Debtors’ sale, lease or use of the Prepetition Collateral or the
    collateral securing the respective Existing Secured Facility, as applicable, including cash collateral (if any) during the Chapter
    11 Cases, the priming of the liens securing the respective Existing Secured Facility (the “Existing Secured Facility
    Liens,” and the collateral securing such liens the “Existing Secured Facility Collateral”),6
    as applicable, the imposition and enforcement of the automatic stay pursuant to section 362 of the Bankruptcy Code and
    the imposition of the Carve Out) (each such diminution, a “Diminution in Value”), each administrative agent
    under the respective Existing Secured Facility shall be granted, effective and perfected as of the date of the entry of the Interim
    DIP Order and without the necessity of the execution of mortgages, security agreements, pledge agreements, financing statements or
    other agreements, or delivery of any notice, a security interest in and lien on the respective collateral for such Existing Secured
    Facility, any Encumbered Collateral held by the applicable obligors under such Existing Secured Facilities (other than TopCo), and
    any Unencumbered Collateral held by the applicable obligors under such Existing Secured Facility (other than TopCo), with the priority
    set forth below and in Exhibit A for the sole benefit of such Existing Secured Facility (and not, for the avoidance of doubt,
    for any other Existing Secured Facility), which shall (i) be subject and subordinate to (A) the Carve Out, (B) the
    applicable Existing Secured Facility Liens, (C) any valid, perfected, and non-avoidable liens in existence as of the Petition
    Date, (D) any valid and non-avoidable liens in existence as of the Petition Date that are perfected after the Petition Date
    as permitted by section 546(b) of the Bankruptcy Code, which, in each case of (C) and (D), are senior in priority to the
    applicable Existing Secured Facility Liens and are permitted by the terms of the applicable Existing Secured Facilities, (E) solely
    with respect to the Encumbered Collateral held by such obligors under such Existing Secured Facilities (other than TopCo), the DIP
    Liens and the holders of liens on the Encumbered Collateral, and (F) solely with respect to the Unencumbered Collateral held
    by such obligors under such Existing Secured Facility (other than Topco), the DIP Liens, and (ii) be senior to (A) the
    DIP Liens (solely with respect to the collateral for the Existing Secured Facilities) and (B) all other liens on and security
    interests of any third parties that were junior to the applicable Existing Liens as of the Petition Date (collectively, the “Existing
    Secured Facility Adequate Protection Liens”).7
    Notwithstanding anything to the contrary herein, each Existing Secured Facility Lender is hereby granted and shall have
    replacement liens in all postpetition revenues deposited and held in the earnings accounts owned by each borrower and obligor (other
    than Topco) under the applicable Existing Secured Facility under which such Existing Secured Facility Lender is a party to the extent
    such assets constitute Existing Secured Facility Collateral.

    

 

 

	6 	The Existing Secured Facility Collateral shall include all collateral for the Existing Secured Facilities,
  whether now owed or after-acquired, and whether real or personal, tangible, or intangible, including all pre-petition collateral, vessels,
  post-petition revenues, insurance, bank accounts, and other security or deposit accounts (including, for the avoidance of doubt, any
  accounts opened prior to, on, or after the Petition Date), all equity interests, all intercompany claims, accounts, and receivables
  (and all rights associated therewith), and any and all proceeds, products, rents, and profits of all of the foregoing, in each case
  to the extent such property or assets constitutes Existing Secured Facility Collateral as of the Petition Date or, if acquired after
  the Petition Date, would have constituted or been required to have constituted Existing Secured Facility Collateral, had the Chapter
  11 Cases not been commenced. For avoidance of doubt, (i) the Equinor Contract (and any related security or guarantees related thereto)
  constitutes Existing Secured Facility Collateral and (ii) any other new or replacement charters and/or charter guarantees entered into
  after the Petition Date will constitute Existing Secured Facility Collateral under the applicable Existing Secured Facilities to the
  extent such charters or charter guarantees would have constituted or been required to have constituted Existing Secured Facility Collateral
  had the Chapter 11 Cases not been commenced.

 

    14 

     

    

 

	 	

    (b)    Adequate
    Protection Lien for the Prepetition Secured Parties. As security for and solely to the extent of any Diminution in Value of the
    pre-petition security interests securing the Revolving Credit Facility and the PIK Notes, the Revolving Credit Agreement Agent (to
    the extent the obligations under the Revolving Credit Facility remain outstanding after the Petition Date, including as a result
    of any unwinding of the Prepetition RCF Roll-Up) and the PIK Notes Trustee shall be
    granted for their benefit and the benefit of the applicable secured parties thereunder, effective and perfected as of the date of
    the entry of the Interim DIP Order and without the necessity of the execution of mortgages, security agreements, pledge agreements,
    financing statements or other agreements, Adequate Protection Liens on any assets constituting Prepetition Collateral, Encumbered
    Collateral and Unencumbered Collateral held or owned by the obligors on the Prepetition Obligations with the priority set forth below
    and in Exhibit A (collectively, the “Prepetition Obligations Adequate Protection Liens” and, together
    with the Existing Secured Facility Adequate Protection Liens, the “Adequate Protection Liens”), which shall
    be (i) subject and subordinate to (A) the Carve Out, (B) the DIP Liens, (C) any valid, perfected, and non-avoidable
    liens in existence as of the Petition Date and (D) any valid and non-avoidable liens in existence as of the Petition Date that
    are perfected after the Petition Date as permitted by section 546(b) of the Bankruptcy Code, which, in each case of (C) and
    (D), are senior in priority to the liens securing the Revolving Credit Facility and PIK Notes, as applicable, and are permitted by
    the terms of the Revolving Credit Facility and PIK Notes, as applicable, and (ii) be senior to all other liens on and security
    interests of any third parties that were junior to the applicable liens securing the Revolving Credit Facility and PIK Notes, as
    applicable, as of the Petition Date.

    

 

 

	7 	“Existing Facilities Adequate Protection Collateral” shall mean any collateral
  secured by an Existing Secured Facility Adequate Protection Lien.

 

    15 

     

    

 

	 	

    (c)    Super-Priority
    Claim for the Existing Secured Facilities. With respect to each Existing Secured Facility, to the extent of any Diminution in
    Value of the Existing Secured Facility Liens during the Chapter 11 Cases, the administrative agents under the respective Existing
    Secured Facility, on behalf of themselves and the applicable secured parties thereunder, shall be granted, subject to the payment
    of the Carve Out, a superpriority administrative expense claim as provided for in section 507(b) of the Bankruptcy Code against
    the obligors under such respective Existing Secured Facility (other than Topco) for the sole benefit of such Existing Secured Facility
    (and not, for the avoidance of doubt, for any other Existing Secured Facility) (the “Existing Secured Facilities 507(b) Claims”),
    which shall be senior to the DIP Superpriority Claims as to the obligors under such respective Existing Secured Facility (other than
    Topco); provided that, for the avoidance of doubt, the DIP Superpriority Claims shall be senior in priority with respect to the proceeds
    of any Unencumbered Collateral held by such obligors.

     

    (d)    Super-Priority
    Claim for the Prepetition Secured Parties. To the extent of any Diminution in Value of the pre-petition security interests securing
    the Revolving Credit Facility and PIK Notes during the Chapter 11 Cases, the Revolving Credit Agreement Agent (to the extent the
    obligations under the Revolving Credit Facility remain outstanding after the Petition Date, including as a result of any unwinding
    of the Prepetition RCF Roll-Up) and the PIK Notes Trustee shall be granted, subject
    to the payment of the Carve Out, a superpriority administrative expense claim as provided for in section 507(b) of the Bankruptcy
    Code against the obligors under the Revolving Credit Facility and the PIK Notes (including, for the avoidance of doubt, Topco) (the
    “Prepetition Obligations 507(b) Claims” and, together with the Existing Secured Facilities 507(b) Claims,
    the “Prepetition 507(b) Claims”), which shall be junior to the DIP Superpriority Claims.

    

 

    16 

     

    

 

	 	

    (e)    Fees
    and Expenses. The agents and indenture trustees under the Existing Secured Facilities, the Revolving Credit Facility and PIK
    Notes shall receive (for the benefit of the secured parties thereunder) from the Debtors current cash payments of all reasonable
    and documented professional fees and expenses (including any such fees and expenses accrued as of the Petition Date) payable to any
    professionals appointed under paragraph 2.3.1 of that certain Letter to Company Governing Appointment of Co-ordinating Committee
    dated as of May 6, 2022 (the “Co-Com Letter”) in accordance with article 6 thereof, the PJT Engagement
    Letters (as defined in the Restructuring Support Agreement), and the reasonable fees and disbursements of (i) one primary counsel
    and one local counsel in each applicable jurisdiction, if applicable, and one investment banker, and one primary counsel for each
    of the indenture trustee under the PIK Notes and the administrative agent under the Revolving Credit Facility, (ii) counsel
    for the agents under the Existing Secured Facilities, (iii) Clifford Chance LLP, as counsel to the Consenting Bank Lenders under
    the Gina Krog Facility, and (iv) Bae, Kim & Lee LLC and Yulchon, LLC, as counsel to Export-Import Bank of Korea and
    Korea Trade Insurance Corporation, respectively, promptly upon receipt of invoices therefor, in each case, (x) promptly upon
    entry into the DIP Facility in the full amounts set forth in any outstanding invoices received by the Debtors at least five (5) Business
    Days prior to the entry of the Interim DIP Order and (y) thereafter, within ten (10) Business Days after the presentment
    of any such invoices (which may be in summary form only) to the Debtors and the U.S. Trustee. The agents, trustees, ECAs, and/or
    lenders entitled to reimbursement under this clause (e) shall not be required to comply with the U.S. Trustee fee guidelines
    and shall not be subject to application or allowance by the Court, but shall provide copies of their invoices as set forth above
    to the U.S. Trustee and the Debtors; provided, that the Debtors shall make reasonable efforts to pay the fees and expenses
    in romanettes (ii), (iii), and (iv) above from corporate cash on hand.

    

 

    17 

     

    

 

	 	

    (f)     Interest
    and ECA Payments. The agent under the Existing Secured Facilities and the Revolving Credit Agreement Agent (to the extent the
    obligations under the Revolving Credit Facility remain outstanding after the Petition Date, including as a result of any unwinding
    of the Prepetition RCF Roll-Up) shall receive from the Debtors on each applicable non-default
    interest payment date, all accrued but unpaid interest on the Existing Secured Facilities (including for any straddle period prior
    to the Petition Date) and the Revolving Credit Facility and letter of credit and other fees, in each case, at the non-default contract
    rate applicable on the Petition Date under the Existing Secured Facilities or the Revolving Credit Facility, as applicable; provided,
    that interest under the Knarr Facility shall be (x) paid in cash from funds in the Knarr Retention Account to existing lenders
    under the Knarr Facility that will be lenders in Facility C and, if shown as receiving cash interest in the Knarr Facilities Schedules,
    Facility I of the Amended and Restated Bank Facility (as defined in the Restructuring Support Agreement), and (y) in PIK for
    all other lenders under the Knarr Facility. Any interest payments pursuant to this clause (f) shall be subject to recharacterization
    as principal payment in the event that the applicable Existing Secured Facilities are determined by a final order of the Bankruptcy
    Court to be unsecured. To the extent of any Diminution in Value of the pre-petition security interests securing the PIK Notes during
    the Chapter 11 Cases, interest under the PIK Notes shall continue to accrue and be added to the principal amount of the PIK Notes
    on such dates and in such manner (at the non-default rate) as provided for in the PIK Notes Indenture. In addition, the Debtors shall
    continue to pay all interest, premiums and/or other fees (whether incurred prior to or after the Petition Date) due and payable to
    any ECA under, and in accordance with, such ECA’s respective ECA Guarantee.

     

    (g)    Reporting.
    The CoCom and the agents and indenture trustees under the Existing Secured Facilities, the Revolving Credit Facility and PIK Notes
    shall receive (for the benefit of the secured parties thereunder) copies of any reporting provided to counsel to the CoCom (for distribution
    to the Existing Secured Facility Lenders and any applicable export credit agencies) and the DIP Lenders or DIP Agent, which such
    reporting shall be provided to the applicable advisors so designated by such agent or indenture trustee.

     

    (h)    Payments
    to Arendal Segregated Account. Upon receipt of charter payments in connection with the Arendal 100 Day Charter8,
    the Debtors shall deposit and maintain one million dollars ($1,000,000) per month on each of September 30, October 30,
    and November 30, 2022 (totaling three million dollars ($3,000,000) into the applicable restricted account (the “Arendal
    Segregated Account”). Amounts in the Arendal Segregated Account shall not be used during the pendency of the Chapter
    11 Cases; provided that excess funds above three million dollars ($3,000,000) in the Arendal Segregated Account may be used
    in accordance with this DIP Term Sheet.

    

 

 

	8 	“Arendal 100 Day Charter” shall mean that certain forthcoming charter agreement
  consistent with the letter of intent signed on February 2, 2022 with Energean PLC for the Arendal Spirit.

 

    18 

     

    

 

		(i)    Maintenance
    of Knarr and Petrojarl Accounts. The Debtors understand, acknowledge and agree that the use of cash collateral notwithstanding,
    they will maintain the earnings, retention, and reserve accounts, as applicable, under the Knarr Facility and Petrojarl Facility
    in accordance with the terms and conditions of the applicable credit agreements, and the amounts set forth in Schedule 2 attached
    hereto (the “Floor Amounts”), provided the Debtors will have no obligation to fund further amounts into
    such accounts following the Petition Date. Amounts held in such accounts shall not be used during the pendency of the Chapter 11
    Cases; provided that (i) excess funds above the Floor Amounts may be used in accordance with this DIP Term Sheet, and
    (ii) cash from funds in the Knarr Segregated Accounts may be used in accordance with clause (f) above.

     

    All intercompany/affiliate liens of the Debtors,
    if any (other than any DIP Liens), will be contractually subordinated to the DIP Facility, the Existing Secured Facilities, the Prepetition
    Liens and to the Adequate Protection liens described above on terms satisfactory to the DIP Lenders and the Existing Secured Facility
    Lenders.

     

    In addition, the Interim DIP Order and the
    Final DIP Order shall provide for customary prepetition secured lender protections for the lenders under the Existing Secured Facilities
    and the Revolving Credit Facility and holders of the PIK Notes including, but not limited to, stipulations to amount of claims and
    validity of liens under the Existing Secured Facilities, the Revolving Credit Facility and the PIK Notes (including any interest
    on such claims that accrued prepetition or continues to accrue post-petition), waivers of Section 506(c) and the equities
    of the case exception under 552(b) of the Bankruptcy Code (subject to entry of the Final DIP Order), waiver of the equitable
    doctrine of marshaling with respect to the Final DIP Order and limitations on the use of collateral.

     

    For the avoidance of doubt, the scope of
    the Adequate Protection Liens at any individual Debtor that has assets subject to such Adequate Protection Liens shall be the same
    as the DIP Liens as it relates to proceeds of Avoidance Actions and any exceptions agreed as part of the Agreed Security Principles.
    The Adequate Protection Liens shall not be (i) subject or subordinate to (A) any lien or security interest that is avoided
    and preserved for the benefit of the Debtors and their estates under section 551 of the Bankruptcy Code or (B) any lien or security
    interest arising after the Petition Date, subject only to the DIP Liens and the Carve-Out. The Adequate Protection Liens shall be
    in addition to all valid and enforceable liens and security interests now existing in favor of the Existing Secured Facility Agents
    for the benefit of the Existing Secured Facility Lenders and the Revolving Credit Agreement Agent and the PIK Notes Trustee in favor
    of the applicable Prepetition Secured Parties and not in substitution therefor.

    

	Indemnification	Substantially
    the same as the RCF.
	Waivers	Upon
                                            entry of the Interim DIP Order, the DIP Facility shall include a waiver of any right that
                                            any Debtor may have to seek authority to:

     

    (a)   challenge,
    contest or otherwise seek to impair or object to the validity, extent, enforceability or priority of the DIP Agent’s or the
    DIP Lenders’ liens and claims under the DIP Facility, the Revolving Credit Agreement Lenders’ liens and claims under
    the Revolving Credit Facility, the PIK Noteholders’ liens and claims under the PIK Notes Indentures or the lenders’ liens
    and claims under the Existing Secured Facilities; or

    

 

    19 

     

    

 

	 	

    (b)   challenge
    the application of any payments or collections received in respect of the DIP Facility, the Revolving Credit Facility, the PIK Notes,
    or the Existing Secured Facilities.

    

	Transferability	Substantially
    the same as the Revolving Credit Agreement. Specifically, and subject to the terms and
    conditions of the Restructuring Support Agreement, no DIP Lender may assign all or a portion of its rights and obligations under
    the DIP Facility (including all or a portion of its commitment and the DIP Loans at the time owing to it) without the prior written
    consent of the Borrower and the other DIP Lenders; provided, that the Borrower’s consent to such assignment shall not be required
    after the occurrence and during the continuance of an Event of Default; provided, further, that (i) the Borrower shall be deemed
    to consent to any assignment of rights and obligations under the DIP Facility if there is no objection to such assignment within
    ten (10) Business Days after receipt of notice thereof; and (ii) any DIP Lender may syndicate or assign all or a portion
    of its rights and obligations under the DIP Facility (including all or a portion of its commitment and the DIP Loans at time owing
    to it) to an affiliate without the prior consent of the Borrower or the other DIP Lenders.
	Other Bankruptcy
    Matters	The
                                            DIP Order shall be in form and substance reasonably satisfactory to the DIP Lenders and the
                                            Existing Secured Facility Lenders and shall include the following provisions:

     

    (a)   modifying
    the automatic stay to permit the creation and perfection of the DIP Lenders’ liens on the DIP Collateral and the Adequate Protection
    Liens, in each case, subject to the Carve Out;

     

    (b)   authorizing
    and approving the DIP Facility and the transactions contemplated thereby, including the granting of the superpriority status, security
    interests and liens and the payment of all premiums, payments and fees referred to herein;

     

    (c)   without
    limiting the scope of the releases described herein, subject to a customary challenge period of 60 days from the date of formation
    of the Committee (the “Challenge Period”), acknowledging the validity and enforceability of the Revolving
    Credit Facility, the PIK Notes, the PIK Notes Indenture and the Existing Secured Facilities, the debt outstanding thereunder and
    the liens granted in connection therewith;

     

    (d)   providing
    that the DIP Lenders and their respective counsel, advisors, and consultants shall be entitled to the benefit of a “good faith”
    finding pursuant to section 364(e) of the Bankruptcy Code;

    

 

    20 

     

    

 

	 	(e)   subject
                                            to and upon entry of (i) the Interim DIP Order, providing that the DIP Lenders shall
                                            have the right to credit bid (pursuant to section 363(k) of the Bankruptcy Code and/or
                                            applicable law) the full amount of the DIP Loans approved pursuant to the Interim DIP Order,
                                            and, (ii) subject to and upon entry of the Final DIP Order, the Revolving Credit Facility
                                            Lenders, the PIK Noteholders, and the Existing Secured Facility Lenders, shall have the right
                                            to credit bid (pursuant to section 363(k) of the Bankruptcy Code and/or applicable law)
                                            the full amount of the Revolving Credit Agreement Loans, the PIK Notes, and the Existing
                                            Secured Facilities, as applicable, in each case, in whole or in part, in connection with
                                            any sale or disposition of assets in the Chapter 11 Cases and shall not be prohibited or
                                            limited from making such credit bid “for cause” under section 363(k) of
                                            the Bankruptcy Code;

                                                                                                                                                                        

    (f)    subject
    to and upon entry of the Final DIP Order, prohibiting the assertion of claims arising under section 506(c) of the Bankruptcy
    Code against any of the Prepetition Secured Parties and the Existing Secured Facility Lenders;

     

    (g)   subject
    to and upon entry of the Final DIP Order, providing that the Prepetition Secured Parties are entitled to all of the benefits of section
    552(b) of the Bankruptcy Code and that the “equities of the case” exception thereunder shall not apply to any of
    the Prepetition Secured Parties and the Existing Secured Facility Lenders with respect to proceeds, product, offspring, or profits
    of any of the Prepetition Collateral and Existing Secured Facility Collateral; and

     

    (h)   subject
    to and upon entry of the Final DIP Order, providing that in no event shall any of the Prepetition Secured Parties or Existing Secured
    Facility Lenders be subject to the equitable doctrine of “marshaling” or any similar doctrine with respect to the Prepetition
    Collateral.

	Releases	As set forth on Annex B.
	Governing
    Law	New York but excluding any principles of
    conflicts of law or other rule of law that would cause the application of the law of any jurisdiction other than the State of
    New York (and, to the extent applicable, the Bankruptcy Code).
	Counsel
    to the DIP Lenders	Paul, Weiss, Rifkind, Wharton &
    Garrison LLP

	Definitions
	PIK
    Notes	The 11.50%
    Senior Notes due 2026 (the “PIK Notes,” and the holders thereof, the “PIK Noteholders”)
    issued pursuant to that certain indenture, dated as of August 27, 2021 (as amended, amended and restated, modified, or otherwise
    supplemented from time to time, the “PIK Notes Indenture” and, together with the other definitive
    documentation for the PIK Notes, including the related security and ancillary documents, the “PIK Notes Documents”)
    by and among IntermediateCo, as issuer, Altera Infrastructure, L.P. as Parent, each of the guarantors named therein, and U.S. Bank
    National Association, as trustee (the “PIK Notes Trustee” and, together with the PIK Noteholders, the “PIK
    Notes Secured Parties”).

 

    21 

     

    

 

	Revolving Credit Facility	The
    Credit Agreement, dated as of January 14, 2022 (as amended, amended and restated, modified, or otherwise supplemented from time
    to time, the “Revolving Credit Agreement,” and the loans made thereunder, the “Revolving Credit
    Agreement Loans”; and the Revolving Credit Agreement, together with the other definitive documentation for the Revolving
    Credit Facility, including the related security and ancillary documents, the “Revolving Credit Agreement Documents,”
    and the Revolving Credit agreement Documents, together with the PIK Notes Documents, the “Prepetition Documents”),
    by and among IntermediateCo, as borrower, Altera Infrastructure, L.P. as Parent, U.S. Bank National Association, as administrative
    agent (the “Revolving Credit Agreement Agent”), the guarantors named therein, and the lenders named
    therein (the “Revolving Credit Agreement Lenders” and, together with the Revolving Credit Agreement
    Agent, the “Revolving Credit Agreement Secured Parties,” and the Revolving Credit Agreement Secured Parties,
    together with the PIK Notes Secured Parties, the “Prepetition Secured Parties”).
	Knarr Facility	The senior secured credit
    facility originally dated February 24, 2014 between, among others, Knarr L.L.C. as borrower and Crédit Agricole
    Corporate and Investment Bank as facility agent (as amended, amended and restated, modified, or otherwise supplemented from time
    to time, the “Knarr Facility”).
	Gina Krog
    Facility	The senior secured credit
    facility originally dated November 24, 2015 between, among others, Gina Krog Offshore Pte Ltd. as borrower and ING Bank
    N.V., Singapore Branch as facility agent (as amended, amended and restated, modified, or otherwise supplemented from time to time,
    the “Gina Krog Facility”).
	Suksan Salamander
    Facility	The senior secured credit
    facility originally dated August 28, 2019 between, among others, Clipper L.L.C. as borrower and DNB Bank ASA, New York
    Branch as agent (as amended, amended and restated, modified, or otherwise supplemented from time to time, the “Suksan
    Salamander Facility”).
	Petrojarl
    Facility 	The senior secured credit
    facility originally dated February 25, 2021 between, among others, Petrojarl I L.L.C. as borrower and DNB Bank ASA, New
    York Branch, as facility agent (as amended, amended and restated, modified, or otherwise supplemented from time to time, the “Petrojarl
    I Facility”).
	Arendal
    Facility 	The senior secured credit
    facility originally dated September 15, 2017 between, among others, Arendal Spirit L.L.C. as borrower and Citibank Europe
    plc, UK Branch as agent (as amended, amended and restated, modified, or otherwise supplemented from time to time, the “Arendal
    Facility”).

 

    22 

     

    

 

	6x ALP Facility 	The
    senior secured credit facility originally dated February 6, 2015 between, among others, ALP Forward B.V., ALP Ace B.V.,
    ALP Centre B.V., ALP Guard B.V., ALP Winger B.V., and ALP Ippon B.V. as borrowers and Credit Suisse AG as agent (as amended, amended
    and restated, modified, or otherwise supplemented from time to time, the “6x ALP Facility”).
	4x ALP Facilities	The senior secured credit
    facility originally dated July 17, 2015 between, among others, ALP Keeper B.V. as borrower and Citibank Japan Ltd. as facility
    agent (as amended, amended and restated, modified, or otherwise supplemented from time to time, the “Keeper Facility”),
    the senior secured credit facility originally dated July 17, 2015 between, among others, ALP Striker B.V. as borrower and
    Citibank Japan Ltd. as facility agent (as amended, amended and restated, modified, or otherwise supplemented from time to time, the
    “Striker Facility”), the senior secured credit facility originally dated July 17, 2015
    between, among others, ALP Sweeper B.V. as borrower and Citibank Japan Ltd. as facility agent (as amended, amended and restated,
    modified, or otherwise supplemented from time to time, the “Sweeper Facility”) and the senior secured
    credit facility originally dated July 17, 2015 between, among others, ALP Defender B.V. as borrower and Citibank Japan
    Ltd. as facility agent (as amended, amended and restated, modified, or otherwise supplemented from time to time, the “Defender
    Facility,” and, together with the Keeper Facility, the Striker Facility, and the Sweeper Facility, the “4x ALP
    Facilities”).
	Existing
    Secured Facilities	The Knarr Facility,
    the Gina Krog Facility, the Suksan Salamander Facility, the Petrojarl Facility, the Arendal Facility, the 4x ALP Facility and the
    6x ALP Facility, collectively (the “Existing Secured Facilities”).

 

    23 

     

    

  

Annex A

 

Carve Out

 

(a)            Carve
Out.  As used in the [Final/Interim DIP Order], the “Carve Out” means, without duplication, the sum of (i) all
fees required to be paid to the Clerk of the Court and to the Office of the United States Trustee under section 1930(a) of title
28 of the United States Code plus interest at the statutory rate (without regard to the notice set forth in (iii) below); (ii) all
reasonable fees and expenses up to $100,000 incurred by a trustee under section 726(b) of the Bankruptcy Code (without regard to
the notice set forth in (iii) below); (iii) to the extent allowed at any time, whether by interim order, procedural order,
or otherwise, all unpaid fees and expenses (the “Allowed Professional Fees”) incurred by persons or firms retained
by the Debtors pursuant to section 327, 328, or 363 of the Bankruptcy Code (the “Debtor Professionals”) and the Committee
(if any)  pursuant to section 328 or 1103 of the Bankruptcy Code (the “Committee Professionals” and, together
with the Debtor Professionals, the “Professional Persons”) at any time before or on the first Business Day following
delivery by the DIP Agent of a Carve Out Trigger Notice (as defined below), whether allowed by the Court prior to or after delivery
of a Carve Out Trigger Notice; and (iv) Allowed Professional Fees of Professional Persons in an aggregate amount not to exceed $7,500,000
incurred after the first Business Day following delivery by the DIP Agent of the Carve Out Trigger Notice, to the extent allowed at any
time, whether by interim order, procedural order, or otherwise (the amounts set forth in this clause (iv) being the “Post-Carve
Out Trigger Notice Cap”). For purposes of the foregoing, “Carve Out Trigger Notice” shall mean a written
notice delivered by email (or other electronic means) by the DIP Agent to the Debtors, their lead restructuring counsel, the U.S. Trustee,
primary counsel to the CoCom (for distribution to the Existing Secured Facility Lenders and any applicable export credit agencies), and
counsel to the Committee (if any), which notice may be delivered following the occurrence and during the continuation of an Event of
Default and acceleration of the DIP Obligations under the DIP Facility, stating that the Post-Carve Out Trigger Notice Cap has been invoked.

 

     

     

    

  

(b)            Carve
Out Reserves.  On the day on which a Carve Out Trigger Notice is given by the DIP Agent to the Debtors with a copy to counsel
to the Committee (if any) (the “Termination Declaration Date”), the Carve Out Trigger Notice shall constitute a demand
to the Debtors to utilize all cash on hand (including cash in the Escrow Account) as of such date and any available cash thereafter held
by any Debtor to fund a reserve in an amount equal to the then unpaid amounts of the Allowed Professional Fees. The Debtors shall deposit
and hold such amounts in a segregated account at the DIP Agent in trust to pay such then unpaid Allowed Professional Fees (the “Pre-Carve
Out Trigger Notice Reserve”) prior to any and all other claims. On the Termination Declaration Date, the Carve Out Trigger
Notice shall also constitute a demand to the Debtors to utilize all cash on hand as of such date and any available cash thereafter held
by any Debtor, after funding the Pre-Carve Out Trigger Notice Reserve, to fund a reserve in an amount equal to the Post-Carve Out
Trigger Notice Cap. The Debtors shall deposit and hold such amounts in a segregated account at the DIP Agent in trust to pay such Allowed
Professional Fees benefiting from the Post-Carve Out Trigger Notice Cap (the “Post-Carve Out Trigger Notice Reserve”
and, together with the Pre-Carve Out Trigger Notice Reserve, the “Carve Out Reserves”)
prior to any and all other claims.  All funds in the Pre-Carve Out Trigger Notice Reserve
shall be used first to pay the obligations set forth in clauses (i) through (iii) of the definition of Carve Out set forth
above (the “Pre-Carve Out Amounts”), but not, for the avoidance of doubt, the Post-Carve Out Trigger Notice Cap, until
paid in full, and then, to the extent the Pre-Carve Out Trigger Notice Reserve has not been reduced to zero, to pay the DIP Agent
for the benefit of the DIP Lenders, unless the DIP Obligations have been indefeasibly paid in full, in cash, and all DIP Commitments
have been terminated, in which case any such excess shall be paid to the PIK Notes Trustee on behalf of the PIK Notes Secured Parties
(or the Revolving Credit Agreement Agent to the extent the obligations under the Revolving Credit Facility remain outstanding after the
Petition Date, including as a result of any unwinding of the Prepetition RCF Roll-Up) in
accordance with their rights and priorities as of the Petition Date. All funds in the Post-Carve Out Trigger Notice Reserve shall be
used first to pay the obligations set forth in clause (iv) of the definition of Carve Out set forth above (the “Post-Carve
Out Amounts”), and then, to the extent the Post-Carve Out Trigger Notice Reserve has not been reduced to zero, to pay the
DIP Agent for the benefit of the DIP Lenders, unless the DIP Obligations have been indefeasibly paid in full, in cash, and all DIP Commitments
have been terminated, in which case any such excess shall be paid to the PIK Notes Trustee on behalf of the PIK Notes Secured Parties
(or the Revolving Credit Agreement Agent to the extent the obligations under the Revolving Credit Facility remain outstanding after the
Petition Date, including as a result of any unwinding of the Prepetition RCF Roll-Up) in
accordance with their rights and priorities as of the Petition Date.  Notwithstanding anything to the contrary in the DIP Loan Documents,
[the Final/Interim DIP Order, if either of the Carve Out Reserves is not funded in full in the amounts set forth in this paragraph [●],
then, any excess funds in one of the Carve Out Reserves following the payment of the Pre-Carve Out Amounts and Post-Carve Out Amounts,
respectively, shall be used to fund the other Carve Out Reserve, up to the applicable amount set forth in this paragraph [●], prior
to making any payments to the DIP Agent or the PIK Notes Trustee on behalf of the PIK Notes Secured Parties (or the Revolving Credit
Agreement Agent to the extent the obligations under the Revolving Credit Facility remain outstanding after the Petition Date, including
as a result of any unwinding of the Prepetition RCF Roll-Up), as applicable.  Notwithstanding
anything to the contrary in the DIP Documents or this [Final/Interim] Order, following delivery of a Carve Out Trigger Notice, the DIP
Agent and the [Prepetition Secured Agent] shall not sweep or foreclose on cash (including cash received as a result of the sale or other
disposition of any assets) of the Debtors until the Carve Out Reserves have been fully funded, but shall have a security interest in
any residual interest in the Carve Out Reserves, with any excess paid to the DIP Agent for application in accordance with the DIP Documents. 
Further, notwithstanding anything to the contrary in this [Final/Interim] Order, (i) disbursements by the Debtors from the Carve
Out Reserves shall not constitute DIP Loans (as defined in the DIP Credit Agreement) or increase or reduce the DIP Obligations, (ii) the
failure of the Carve Out Reserves to satisfy in full the Allowed Professional Fees shall not affect the priority of the Carve Out, and
(iii) in no way shall the DIP Budget, Carve Out, Post-Carve Out Trigger Notice Cap, Carve Out Reserves, or any of the foregoing
be construed as a cap or limitation on the amount of the Allowed Professional Fees due and payable by the Debtors.  For the avoidance
of doubt and notwithstanding anything to the contrary in this [Final/Interim] Order, the DIP Facility, or in any Prepetition Secured
Facilities, the Carve Out shall be senior to all liens and claims securing the DIP Facility, the Adequate Protection Liens, and the 507(b) Claim,
and any and all other forms of adequate protection, liens, or claims securing the DIP Obligations or the Prepetition Secured Obligations.

 

     

     

    

 

(c)            Payment
of Allowed Professional Fees Prior to the Termination Declaration Date.  Any payment or reimbursement made prior to the occurrence
of the Termination Declaration Date in respect of any Allowed Professional Fees shall not reduce the Carve Out.

 

(d)            No
Direct Obligation To Pay Allowed Professional Fees.  None of the DIP Agent, DIP Lenders, or the Prepetition Secured Parties
shall be responsible for the payment or reimbursement of any fees or disbursements of any Professional Person incurred in connection
with the Chapter 11 Cases or any successor cases under any chapter of the Bankruptcy Code.  Nothing in the [Interim/Final DIP Order
or this DIP Term Sheet] or otherwise shall be construed to obligate the DIP Agent, the DIP Lenders, or the Prepetition Secured Parties,
in any way, to pay compensation to, or to reimburse expenses of, any Professional Person or to guarantee that the Debtors have sufficient
funds to pay such compensation or reimbursement.

 

(e)            Payment
of Carve Out On or After the Termination Declaration Date.  Any payment or reimbursement made on or after the occurrence of
the Termination Declaration Date in respect of any Allowed Professional Fees shall permanently reduce the Carve Out on a dollar-for-dollar
basis.

 

     

     

    

 

(f)            Allocation
of Carve Out Reserves. In the event that a Carve Out Trigger Notice has been delivered, the appropriate allocation for funding of
the Carve Out Reserves as among the DIP Lenders’ Cash Collateral, the Prepetition Secured Parties’ Cash Collateral and Cash
Collateral of the lenders under the Existing Secured Facilities shall be negotiated in good faith among the DIP Lenders, the Prepetition
Secured Parties and the lenders under the Existing Secured Facilities; provided that the Debtors, the DIP Lenders, the Prepetition
Secured Parties, and the lenders under the Existing Secured Facilities reserve all rights, arguments, and defenses with respect to the
allocation for funding of the Carve Out Reserves; provided, further, that the Debtors, the DIP Lenders, the Prepetition Secured
Parties and the lenders under the Existing Secured Facilities may seek an expedited hearing before this Court to resolve such matters
if necessary; provided, further, that nothing in this paragraph shall delay funding of the Carve Out Reserve in accordance
with this paragraph [●].

 

     

     

    

 

Annex B

 

Releases

 

Subject to and upon entry of the Final DIP Order,
in exchange for good and valuable consideration, the adequacy of which is hereby confirmed, each of the Debtors, (in their own right,
on behalf of their estates and their current and former direct and indirect subsidiaries, and each such entity’s and its current
and former direct and indirect subsidiaries’ current and former directors, officers, managers, predecessors, and successors and
assigns, and each of such entity’s current and former officers, members, managers, directors, principals, members, employees, agents,
independent contractors, representatives, managed accounts or funds, management companies, fund advisors, investment advisors, financial
advisors, partners (including both general and limited partners), and representatives, in each case to the extent permitted by applicable
law and solely in such parties capacity as such) (collectively, the “Releasing Parties”) hereby unconditionally
and irrevocably releases, acquits, absolves, forever discharges and covenants not to sue the DIP Lenders, the Prepetition Secured Parties,
or, effective only upon the later of the expiration of the Challenge Period and the final, non-appealable resolution of any challenges
filed before the expiration of the Challenge Period, the Consenting Bank Lenders (as defined in the Restructuring Support Agreement)
or lenders that otherwise support in writing the use of cash collateral in accordance with the DIP Term Sheet and each such entities’
current and former affiliates, and each such entity’s current and former directors, officers, managers and equityholders (regardless
of whether such interests are held directly or indirectly), predecessors, successors and assigns, and direct and indirect subsidiaries,
and each of such entity’s current and former officers, members, managers, directors, equityholders (regardless of whether such
interests are held directly or indirectly), principals, members, employees, agents, independent contractors, representatives, managed
accounts or funds, management companies, fund advisors, investment advisors, financial advisors, and partners (including both general
and limited partners) (the “Released Parties”) and their respective property and assets from any and all acts
and omissions of the Released Parties, and from any and all claims, interests, causes of action, avoidance actions, counterclaims, defenses,
setoffs, demands, controversies, suits, judgments, costs, debts, sums of money, accounts, reckonings, bonds, bills, damages, obligations,
objections, legal proceedings, equitable proceedings, executions of any nature, type, or description and liabilities whatsoever (including
any derivative claims asserted or assertable on behalf of the Debtors, their estates, or such entities’ successors or assigns,
whether individually or collectively), which the Releasing Parties now have, may claim to have or may come to have against the Released
Parties through the date of the Final DIP Order, at law or in equity, by statute or common law, in contract or in tort, including, without
limitation, (a) any so-called “lender liability” or equitable subordination claims or defenses, (b) any and all
 “claims” (as defined in the Bankruptcy Code) and causes of action arising under the Bankruptcy Code and (c) any and
all offsets, defenses, claims, counterclaims, set off rights, objections, challenges, causes of action, and/or choses in action of any
kind or nature whatsoever, whether liquidated or unliquidated, fixed or contingent, known or unknown, suspected or unsuspected, disputed
or undisputed, whether arising at law or in equity, including any recharacterization, recoupment, subordination, disallowance, avoidance,
challenge, or other claim or cause of action arising under or pursuant to section 105, chapter 5, or section 724(a) of the Bankruptcy
Code or under other similar provisions of applicable state, federal, or foreign laws, including without limitation, any right to assert
any disgorgement, recovery, and further waives and releases any defense, right of counterclaim, right of setoff, or deduction on the
payment of the Prepetition Obligations, but excluding obligations of the DIP Lenders under the DIP Facility arising after the date of
the Final DIP Order (collectively, the “Released Claims”). This paragraph is in addition to and shall not in
any way limit any other release, covenant not to sue, or waiver by the Releasing Parties in favor of the Released Parties. Notwithstanding
the releases and covenants in favor of the Released Parties contained above in this paragraph, such releases and covenants in favor of
the Released Parties shall be deemed acknowledged and reaffirmed by the Debtors each time there is an advance of funds, extension of
credit, or financial accommodation under this DIP Term Sheet, an Interim DIP Order or the DIP Documents. As of the date hereof, there
exist no claims or causes of action against the DIP Lenders with respect to, in connection with, related to, or arising from this DIP
Term Sheet, an Interim DIP Order or the DIP Documents that may be asserted by the Debtors or, to the Debtors’ knowledge, any other
person or entity.

 

     

     

    

 

Annex C – Conditions Precedent to Initial
Draw

 

The obligations of the DIP
Lenders to fund the DIP Loans upon the entry of the Interim DIP Order hereunder shall not become effective until the date on which each
of the following conditions shall be satisfied (or waived by the DIP Lenders in their sole discretion) after giving effect to the initial
borrowing (the “Closing Date”):

 

		(a)	DIP
                                            Loan Documents. The DIP Agent shall have received from (i) the Borrower a counterpart
                                            (either originally executed or a PDF) of the DIP Credit Agreement and the U.S.-law governed
                                            collateral agreement for the DIP Loans, (ii) Topco and each other Guarantor a counterpart
                                            (either originally executed or a PDF) of a U.S.-law governed guarantee agreement for the
                                            DIP Loans and (iii) for the DIP Loan Parties that are not Debtors, a counterpart of
                                            each other collateral document set forth on Schedule I to this Annex C, in each case, or
                                            such other written evidence reasonably satisfactory to the DIP Agent (which may include delivery
                                            of a signed signature page by facsimile or other means of electronic transmission (e.g.,
                                            “pdf”)) that such party has signed a counterpart of such DIP Loan Document; provided
                                            that, to the extent that such collateral documents are governed by the laws of jurisdictions
                                            outside of the United States or require signature of or cooperation by a third party outside
                                            of the control of the DIP Loan Parties, the DIP Lenders or the DIP Agent, delivery of such
                                            shall not constitute a condition to effectiveness of the DIP Credit Agreement or the obligations
                                            of the DIP Lenders to make the DIP Loans under the DIP Credit Agreement, and the DIP Loan
                                            Parties, as applicable, shall, instead, cause such collateral documents to be delivered to
                                            the DIP Agent not later than thirty (30) days following the Closing Date (or such later date
                                            as the DIP Agent shall agree in its discretion), provided further that, upon entry
                                            of the Interim DIP Order (and, if entered, the Final Order), the DIP Agent shall have valid
                                            and automatically perfected security interests as set forth in this DIP Term Sheet and in
                                            the DIP Orders, and no filing or other action will be necessary to perfect or protect such
                                            security interests with respect to the Debtors’ obligations under the DIP Loan Documents
                                            and such DIP Order.

 

		(b)	Secretary’s
                                            Certificate. The DIP Agent and the DIP Lenders shall have received a copy of (i) each
                                            organizational document of each DIP Loan Party certified, to the extent applicable, by the
                                            applicable governmental authority, (ii) signature and, to the extent such concept exists,
                                            incumbency certificates of the responsible officers, directors, authorized signatories or
                                            attorneys-in-fact of each DIP Loan Party executing the DIP Loan Documents to which it is
                                            a party, (iii) resolutions of the applicable board and/or similar governing bodies of
                                            each DIP Loan Party approving and authorizing the execution, delivery and performance of
                                            DIP Loan Documents to which it is a party, certified as of the Closing Date by its secretary,
                                            an assistant secretary, director, authorized signatory, attorney-in-fact or a responsible
                                            officer or board member as being in full force and effect without modification or amendment,
                                            in a form reasonably acceptable to the DIP Lenders (other than as adapted to reflect the
                                            requirements of the local laws of each Guarantor).

 

		(c)	Representations
                                            and Warranties. The representations and warranties contained in the DIP Loan Documents
                                            shall be true and correct in all material respects (except such representations and warranties
                                            that by their terms are qualified by materiality or a material adverse effect, which representations
                                            and warranties shall be true and correct in all respects) on and as of the Closing Date (or
                                            to the extent such representations and warranties specifically relate to an earlier date,
                                            on and as of such earlier date).

 

     

     

    

 

		(d)	Closing
                                            Date Certificate. The DIP Agent and the DIP Lenders shall have received a certificate,
                                            dated the Closing Date and signed by a responsible officer of each Borrower, confirming compliance
                                            with the conditions set forth in clauses (c), (f), (h), (r), (s) and (t) of this
                                            Annex C, in a form reasonably acceptable to the DIP Lenders.

 

		(e)	Governmental
                                            Authorizations. On or prior to the Closing Date, each DIP Loan Party shall have obtained
                                            all governmental authorizations and all consents of other persons in each case, that are
                                            necessary or advisable in connection with the transactions contemplated by the DIP Loan Documents
                                            and each of the foregoing shall be in full force and effect and in form and substance reasonably
                                            satisfactory to the DIP Lenders. All applicable waiting periods shall have expired without
                                            any action being taken or threatened by any competent authority which would restrain, prevent
                                            or otherwise impose adverse conditions on the transactions contemplated by the DIP Loan Documents
                                            or the financing thereof and no action, request for stay, petition for review or rehearing,
                                            reconsideration, or appeal with respect to any of the foregoing shall be pending, and the
                                            time for any applicable agency to take action to set aside its consent on its own motion
                                            shall have expired.

 

		(f)	Material
                                            Adverse Effect. Since December 31, 2021, no event, circumstance or change shall
                                            have occurred that has caused or evidences, either in any case or in the aggregate, a material
                                            adverse effect (other than as a result of the commencement of the Chapter 11 Cases).

 

		(g)	Service
                                            of Process. On the Closing Date, the DIP Agent and the DIP Lenders shall have received
                                            evidence that the Borrower has appointed an agent in New York City for the purpose of service
                                            of process in New York City and such agent shall agree in writing to give the DIP Agent notice
                                            of any resignation of such service agent or other termination of the agency relationship.

 

		(h)	No
                                            Default or Event of Default. As of the Closing Date, no event shall have occurred and
                                            be continuing or would result from the consummation of the DIP Loan Documents and after giving
                                            effect to the initial credit extension under the DIP Facility, that would constitute an Event
                                            of Default or a Default, including, for the avoidance of doubt, a default (or any event which
                                            with the giving of notice or lapse of time or both would be a default) under any of the DIP
                                            Loan Parties’ or their respective subsidiaries’ debt instruments and other material
                                            agreements which (i) in the case of the DIP Loan Parties’ debt instruments and
                                            other material agreements, would permit the counterparty thereto to exercise remedies thereunder
                                            (in the case of DIP Loan Parties that are Debtors, on a post-petition basis) (other than
                                            any such exercise of remedies that would be subject to the automatic stay) or (ii) in
                                            the case of the debt instruments and other material agreements of any subsidiary that is
                                            not a DIP Loan Party, would, individually or in the aggregate, reasonably be expected to
                                            have a material adverse effect.

 

		(i)	Collateral
                                            Documents. The DIP Loan Parties shall have used commercially reasonable efforts to take
                                            on or prior to the Closing Date the relevant perfection steps contemplated under the collateral
                                            documents delivered on the Closing Date (subject in all respects to the DIP Term Sheet) ;
                                            provided that, upon entry of the Interim DIP Order (and, if entered, the Final Order), the
                                            DIP Agent shall have valid and automatically perfected security interests as set forth in
                                            this DIP Term Sheet and in the DIP Orders, and no filing or other action will be necessary
                                            to perfect or protect such security interests with respect to the Debtors’ obligations
                                            under the DIP Loan Documents and such DIP Order.

 

     

     

    

 

		(j)	Legal
                                            Opinions. The DIP Agent and the DIP Lenders shall have received written opinions of Kirkland &
                                            Ellis LLP as of the Closing Date addressed to the DIP Agent and the DIP Lenders and in form
                                            and substance reasonably satisfactory to the DIP Lenders.

 

		(k)	Fees.
                                            The DIP Agent shall have received all fees payable thereto and the DIP Lenders shall have
                                            received all fees payable to any DIP Lender on or prior to the Closing Date and, to the extent
                                            invoiced, all other amounts due and payable pursuant to the DIP Loan Documents on or prior
                                            to the Closing Date, including, to the extent invoiced at least one (1) Business Day
                                            prior to the Closing Date, reimbursement or payment of all reasonable out-of-pocket expenses
                                            (including reasonable fees, charges and disbursements of Covington & Burling LLP,
                                            as counsel to the DIP Agent, Paul, Weiss, Rifkind, Wharton & Garrison LLP, as counsel
                                            to the DIP Lenders, Porter & Hedges LLP, as Texas counsel to the DIP Lenders and
                                            Ducera Partners, LLC, as financial advisors to the DIP Lenders) required to be reimbursed
                                            or paid by the DIP Loan Parties hereunder or under any DIP Loan Document.

 

		(l)	Fee
                                            Letter. The Borrower shall have entered into a fee letter with the DIP Agent.

 

		(m)	Borrowing
                                            Request. The DIP Agent shall have received a borrowing request from the Borrower with
                                            respect to the DIP Loans to be made pursuant to the Interim Draw.

 

		(n)	[Reserved.]

 

		(o)	Restructuring
                                            Support Agreement. The Restructuring Support Agreement shall be in full force and effect
                                            and there shall be no defaults by the DIP Loan Parties thereunder.

 

		(p)	Interim
                                            DIP Order. The Interim DIP Order shall have been approved and entered by the Court, which
                                            Interim DIP Order shall be in form and substance acceptable to the Required Lenders and the
                                            DIP Agent (solely with respect to its own treatment), shall be a final order, and shall not
                                            have been modified or amended in any respect without the consent of the DIP Agent and the
                                            Required Lenders, and the DIP Loan Parties and their subsidiaries shall be in compliance
                                            with the Interim DIP Order; provided, that notwithstanding anything herein to the
                                            contrary, any right of approval or consent of the DIP Agent pursuant to this clause (p) shall
                                            be solely limited to its own treatment under the Interim DIP Order.

 

		(q)	First
                                            Day Orders. (i) The DIP Lenders and the DIP Agent shall have received advanced drafts
                                            of the orders to be entered by the Bankruptcy Court in respect of the first day motions and
                                            applications in respect of the Chapter 11 Cases (the “First Day Orders”)
                                            (including, without limitation, any order approving significant or outside the ordinary course
                                            of business transactions entered on (or prior to) the Closing Date and a Cash Management
                                            Order) and a list of critical vendors, in each case, in form and substance satisfactory to
                                            the Required Lenders and (solely with respect to its own treatment) the DIP Agent and (ii) all
                                            First Day Orders intended to be entered by the Bankruptcy Court at or immediately after the
                                            Debtors’ “first day” hearing shall have been entered by the Bankruptcy
                                            Court, shall be acceptable to the Required Lenders and (solely with respect to its own treatment)
                                            the DIP Agent, shall be in full force and effect, shall be a Final Order and shall not have
                                            been modified or amended other than as acceptable to the Required Lenders and (solely with
                                            respect to its own treatment) the DIP Agent; provided, that notwithstanding anything
                                            herein to the contrary, any right of approval or consent of the DIP Agent pursuant to this
                                            clause (q) shall be solely limited to its own treatment under the First Day Orders.

 

     

     

    

 

		(r)	Petition
                                            Date. The Petition Date shall have occurred, and the Borrower and each Guarantor as of
                                            the Closing Date shall be a debtor and a debtor-in-possession in the Chapter 11 Cases.

 

		(s)	No
                                            Trustee. No trustee under chapter 7 or chapter 11 of the Bankruptcy Code or examiner
                                            with enlarged powers beyond those set forth in Section 1106(a)(3) and (4) of
                                            the Bankruptcy Code shall have been appointed in any of the Chapter 11 Cases.

 

		(t)	Chapter
                                            11 Cases. The Chapter 11 Cases of any of the Debtors shall not have been dismissed or
                                            converted to cases under chapter 7 of the Bankruptcy Code.

 

		(u)	Budget.
                                            The DIP Agent and the DIP Lenders shall have received a copy of the initial DIP Budget, which
                                            shall be in form and substance satisfactory to the Required Lenders.

 

		(v)	Conflict.
                                            Other than the Interim DIP Order, there shall not exist any law, regulation, ruling, judgment,
                                            order, injunction or other restraint that prohibits, restricts or imposes a materially adverse
                                            condition on the DIP Facility or the exercise by the DIP Agent of its rights as a secured
                                            party with respect to a material portion of the DIP Collateral.

 

		(w)	USA
                                            Patriot Act. The DIP Agent and the DIP Lenders shall have received from the Borrower
                                            and each of the Loan Parties, all documentation and other information reasonably requested
                                            by the DIP Agent and any DIP Lender no less than three (3) Business Days prior to the
                                            Closing Date that the DIP Agent and any such Lender reasonably determines is required by
                                            regulatory authorities under applicable “know your customer” and anti-money laundering
                                            rules and regulations, including the USA Patriot Act.

 

		(x)	Filings.
                                            There shall have been delivered to the DIP Agent in proper form for filing each UCC financing
                                            statement as required by the collateral agreement in order to create in favor of the DIP
                                            Agent, for the benefit of the DIP Lenders, a superpriority perfected lien on the DIP Collateral
                                            described therein.

 

		(y)	[Reserved].

 

		(z)	Lien
                                            Searches. The DIP Agent and the DIP Lenders shall have received appropriate UCC search
                                            results or other relevant search certificates reflecting no liens (other than liens permitted
                                            pursuant to the DIP Credit Agreement encumbering the DIP Collateral) in each of the jurisdictions
                                            or offices in which UCC financing statements should be made to evidence perfected security
                                            interests in all Collateral, other than those being released prior to the Closing Date.

 

     

     

    

 

Schedule I – Collateral Documents

 

     

     

    

 

Annex D – Conditions Precedent to Final
Draw

 

The obligations of the DIP
Lenders to fund the DIP Loans upon the entry of the Final DIP Order hereunder shall not become effective until the date on which each
of the following conditions shall be satisfied (or waived by the DIP Lenders in their sole discretion) after giving effect to the initial
borrowing:

 

		(a)	Effective
                                            Date. The conditions precedent to the Interim Draw shall have been satisfied or waived
                                            in accordance with the DIP Loan Documents and the Interim Draw shall have been made.

 

		(b)	Final
                                            DIP Order. The Final DIP Order shall have been approved and entered by the Bankruptcy
                                            Court, which Final DIP Order shall be in form and substance acceptable to the Required Lenders
                                            and the DIP Agent (solely with respect to its own treatment) and the Final DIP Order shall
                                            be a final order and shall not have been modified or amended in any respect without the consent
                                            of the DIP Agent (solely with respect to its own treatment) and the Required Lenders, and
                                            the DIP Loan Parties and their subsidiaries shall be in compliance with the Final DIP Order;
                                            provided, that notwithstanding anything herein to the contrary, any right of approval
                                            or consent of the DIP Agent pursuant to this clause (b) shall be solely limited
                                            to its own treatment under the Final DIP Order.

 

		(c)	Second
                                            Day Orders. (x) All material “second day orders” and all related pleadings
                                            intended to be entered on or prior to the date of entry of the Final DIP Order and any order
                                            establishing material procedures for the administration of the Chapter 11 Cases, shall have
                                            been entered by the Bankruptcy Court and shall be final orders, and (y) all pleadings
                                            related to procedures for approval of significant transactions, including, without limitation,
                                            asset sale procedures, regardless of when filed or entered, shall be reasonably satisfactory
                                            in form and substance to the DIP Agent (solely with respect to its own treatment) and the
                                            Required Lenders, or this condition is waived by the DIP Agent (solely with respect to its
                                            own treatment) and satisfactory to the Required Lenders; provided, that notwithstanding anything
                                            herein to the contrary, any right of approval or consent of the DIP Agent pursuant to this
                                            clause (c) shall be solely limited to its own treatment under the “second
                                            day orders” and pleadings described herein.

 

		(d)	Borrowing
                                            Request. The DIP Agent shall have received a borrowing request from the Borrower with
                                            respect to the Final Draw.

 

		(e)	Representations
                                            and Warranties. The representations and warranties contained in the DIP Loan Documents
                                            shall be true and correct in all material respects (except such representations and warranties
                                            that by their terms are qualified by materiality or a material adverse effect, which representations
                                            and warranties shall be true and correct in all respects) (or to the extent such representations
                                            and warranties specifically relate to an earlier date, on and as of such earlier date).

 

		(f)	Default.
                                            Immediately before and after giving effect to the borrowing of DIP Loans, no event shall
                                            have occurred and be continuing or would result therefrom that would constitute an Event
                                            of Default or a Default.

 

		(g)	Reports.
                                            The Administrative Agent shall have received the DIP Budget and reporting on the Minimum
                                            Liquidity Covenant and variances from the DIP Budget as required to be delivered pursuant
                                            to DIP Loan Documents.

 

     

     

    

 

		(h)	Chapter
                                            11 Cases. The Chapter 11 Cases of any of the Debtors shall have not been dismissed or
                                            converted to cases under chapter 7 of the Bankruptcy Code.

 

		(i)	Trustee.
                                            No Trustee under chapter 7 or chapter 11 of the Bankruptcy Code or examiner with enlarged
                                            powers beyond those set forth in Section 1106(a)(3) and (4) of the Bankruptcy
                                            Code shall have been appointed in any of the Chapter 11 Cases.

 

		(j)	Restructuring
                                            Support Agreement. The Restructuring Support Agreement shall be in full force and effect
                                            and there shall be no defaults by the DIP Loan Parties thereunder.

 

		(k)	Fees.
                                            The Borrower shall have paid all reasonable and documented fees, costs, disbursements and
                                            expenses accrued or incurred by the DIP Agent and the DIP Lenders and invoiced on or prior
                                            to the date that is three (3) Business Days prior to the date of the Final Draw (subject
                                            to any other limitations provided by the Court).

 

		(l)	Aggregate
                                            Amount. The aggregate amount of the DIP Loans shall
                                            not exceed the amount of the DIP Commitments.

 

     

     

    

 

 

Schedule 2

 

Floor Amounts

 

	Account	 	Account Number	 	Amount	 
	Knarr Retention Account	 	 	***********************7447	 	$	34,874,648.61	 
	Knarr Reserve Account	 	 	***********************0774	 	$	45,243,920.69	 
	Petrojarl 1 Account	 	 	****8001	 	$	20,041,466.91	 

 

     

     

    

 

Exhibit A

 

Adequate Protection and DIP Lien Priorities

 

	Prepetition
    Collateral and Existing Secured Facility Collateral 
	Priority	Prepetition

    IntermediateCo

    Collateral (including

    the assets and

    property of Altera)	Prepetition
    Gina

    Krog Collateral	Prepetition
    Knarr

    Collateral	Prepetition
    Petrojarl

    Collateral	Prepetition
    4x ALP 

    Collateral	Prepetition
    6x ALP 

    Collateral	Prepetition
    Clipper

    Collateral	Prepetition
    Arendal

    Collateral
	1st	Carve
    Out	Carve
    Out	Carve
    Out	Carve
    Out	Carve
    Out	Carve
    Out	Carve
    Out	Carve
    Out
	2nd	DIP
    Liens	Gina
    Krog AP Liens	Knarr
    AP Liens	Petrojarl
    AP Liens	4x
    ALP AP Liens	6x
    ALP AP Liens	Clipper
    AP Liens	Arendal
    AP Liens
	3rd	IntermediateCo
    RCF AP Liens	Gina Krog Liens	Knarr Liens	Petrojarl Liens	4x
    ALP Liens	6x
    ALP Liens	Clipper
    Liens	Arendal
    Liens
	4th	IntermediateCo
    RCF Liens	DIP
    Liens	DIP
    Liens	DIP
    Liens	DIP
    Liens	DIP
    Liens	DIP
    Liens	DIP
    Liens
	5th	IntermediateCo
    Notes AP Liens	 	 	 	 	 	 	 
	6th	IntermediateCo
    Notes Liens	 	 	 	 	 	 	 

 

	Unencumbered
    Collateral
	Priority	IntermediateCo
    

    Unencumbered

    Collateral (including

    the assets and

    property of Altera)	Gina
    Krog

    Unencumbered

    Collateral	Knarr
    Unencumbered

    Collateral	Petrojarl

    Unencumbered

    Collateral	4x
    ALP Unencumbered

    Collateral	6x
    ALP Unencumbered

    Collateral	Clipper
    Unencumbered

    Collateral	Arendal

    Unencumbered

    Collateral
	1st	Carve
    Out	Carve
    Out	Carve
    Out	Carve
    Out	Carve
    Out	Carve
    Out	Carve
    Out	Carve
    Out
	2nd	DIP
    Liens	DIP
    Liens	DIP
    Liens	DIP
    Liens	DIP
    Liens	DIP
    Liens	DIP
    Liens	DIP
    Liens
	3rd	IntermediateCo
    RCF AP Liens	Gina
    Krog AP Liens	Knarr
    AP Liens	Petrojarl
    AP Liens	4x
    ALP AP Liens	6x
    ALP AP Liens	Clipper
    AP Liens	Arendal
    AP Liens
	4th	IntermediateCo
    Notes AP Liens	 	 	 	 	 	 	 

 

     

     

    

 

Exhibit B

 

Form of Budget

 

     

     

    

 

Exhibit 2

 

Bank Term Sheet

 

     

     

    

 

PROPOSED TREATMENT
OF CREDIT FACILITY CLAIMS1

 

	Knarr 

    Classes 5a & 6a
	Current
    Terms	Balance2	$290,624,999.90
    plus interest and any Specified Default Interest (as defined below) accrued as at the Petition Date
	Maturity	Subject
                                            to earlier mandatory prepayment event in October 2022:

    ·
      Commercial: June 2023

    ·
      GIEK: June 2024

    ·
      ECA: June 2026

	Applicable
    Debtor 

    Subsidiaries	·
                                              Knarr L.L.C.

    ·   Altera
    Infrastructure Production Holdings Limited

    ·   Altera
    Knarr AS

	Amended &
                                            Restated 

                                            Bank Facility Terms

                                            for Existing Facility

    (“A&R Knarr 

    Facility”)
	Size	$290,624,999.90
    plus (i)(A) interest (to the extent not payable in cash) and (B) default interest on missed amortization payments (in respect
    of any applicable facility, sub-clause (i)(B) being the “Specified Default Interest”), in each case accrued
    and unpaid as at the Petition Date, and thereafter plus (ii)(A) interest (to the extent not payable in cash) (clauses (i)(A) and
    (ii)(A) together, in respect of any applicable facility, “Unpaid Interest”) and (B) default interest
    on unpaid amortization payments (based on the original payment schedule) (clauses (i)(B) and (ii)(B), together, in respect of
    any applicable facility, “Default Interest”) in each case, after the Petition Date and up to the Restructuring
    Effective Date and (C) unpaid costs reimbursable to the lenders under the applicable credit agreement relating to the collateral  (“Collateral
    Costs”) up to the Restructuring Effective Date (without duplication) (calculated before giving effect to the Upfront Fee
    (as defined below) but after giving effect to (and without duplication of) any adequate protection payments) (the “Loan
    Amount”), to be re-tranched as shown in, and as defined in, Schedule I entitled “Black Gold -  Knarr Breakdown”
    (the “Knarr Facilities Schedule”) as Facility C, Facility E, Facility H and Facility I

 

 

	1	Capitalized terms used but not defined in this Bank Term Sheet have the meanings given to such terms in the Restructuring Support
  Agreement or Restructuring Term Sheet, as applicable.

 

	2	All balances current as of April 30, 2022.

 

    2

     

    

 

	Knarr
    

    Classes 5a & 6a
	 	Interest	·
                                              Existing interest rate in cash paid to those Lenders of Facility C and
                                            if shown as receiving cash interest in the Knarr Facilities Schedule, Facility I (in each
                                            case calculated on SOFR + CAS)

    ·
      Existing interest rate paid in PIK to the Lenders (other than Lenders of Facility C and if shown as receiving
    cash interest in the Knarr Facilities Schedule, Facility I) up to first oil under the Equinor Contract and thereafter paid in cash
    (calculated on SOFR + CAS)

    ·
      3% PIK upfront fee on the Loan Amount (excluding Collateral Costs) (the “Loan”) at the Restructuring
    Effective Date to be paid at the Restructuring Effective Date by adding such amount to the outstanding Loan and the PIK upfront fee
    shall form part of such Loan and interest shall be payable on the Loan and the PIK upfront fee (the “Upfront Fee”)

    ·
      EKSFIN/KEXIM/K SURE insurance/guarantee premium increase, as the case may be, as a result of amortization /
    maturity deferrals (subject to mutual agreement on amount to be paid in cash at the Restructuring Effective Date). For the avoidance
    of doubt, the amount of the final insurance premium increase shall be determined by each respective ECA

	Amortization	No
    fixed amortisation save for Cash Flow Sweep starting on the date of first oil under the Equinor Charter
	Maturity
    Extension	Earlier
                                            of (i) 12 months from first oil under the Equinor Contract and (ii) December 31,
                                            2027

    Springs if conditions precedent to Knarr New Money Facility not
    satisfied

	Restricted
    Cash3	·
                                              USD20m contributed as Facility G to Knarr New Money Facility by Facility
                                            G Lenders

    ·
      USD34.3m contributed as Facility D to Knarr New Money Facility by Facility D Lenders

    ·
      USD26.1m to remain in Reserve Account and used to fund cash interest for Facilities C and (to the extent expressed
    to be payable in cash) I

    ·
      Upon repayment of Facility D and/or Facility G, principal amount received by Lenders under Facility D and Facility
    G to be deposited into Retention Account and/or Reserve Account

    ·
      For the avoidance of doubt, it is agreed that double interest shall never be charged on the Facility G and Facility
    D amounts4

 

 

3 Practical mechanism to be discussed and finalised in the context of the Definitive
Documents, in coordination with the Agent

 

4 Company will pay SOFR+7% / commitment fee on both Facilities D and G. Debt service
payments on Facilities D and G shall be treated as follows: (i) for amounts related to the underlying existing exposure (SOFR + approximately
2.30% plus repayment of the principal (including PIK interest) of Facilities D and G), debt service shall accrue to the Retention Account
and ultimately be used for mandatory prepayment of the existing facility, and (ii) for debt service above those amounts related to the
underlying existing exposure (SOFR + 7% / commitment fee less SOFR + approximately 2.30%), debt service payments shall ultimately
be paid to Lenders under Facility D and Facility G as a fee.

 

    3

     

    

 

	Knarr
                                

                                Classes 5a & 6a
	Bank
                                            Facility Terms 

                                            for Knarr New Money

                                            facility

    (“Knarr New Money

    Facility”)
	Size	$183.0
                                            million, consisting of the following classes of loans (the amounts of which are set forth
                                            on the Knarr Facilities Schedule): Facility A1, Facility A2, Facility B, Facility
                                            D and Facility G

	Interest	·
                                              SOFR + CAS + 10% per annum for Lenders under Facility A1 and Facility
                                            A2

    ·
      SOFR + CAS + 7% per annum for the Lenders under Facility B, Facility D and Facility G

    ·
      Paid PIK until first oil under the Equinor Contract and paid in cash thereafter

    ·
      Commitment fee of 35% of relevant margin per annum on undrawn amount (paid in kind) each quarter

    ·
      Eksfin direct funding to be confirmed

	Maturity	Earlier
    of (i) 12 months after first oil under the Equinor Contract and (ii) December 31, 2027
	 	Equinor
    Portion of Capex	Equinor’s
    portion of capex TBD but will include a purchase option, the prices of which have been agreed to in principle at levels that are
    in excess of the debt outstanding under the Knarr New Money Facility and the A&R Facility
	Equinor
    Reimbursement	100%
    of any upgrade cost reimbursement received from Equinor under the Equinor Contract to be applied in mandatory prepayment of the Knarr
    New Money Facility and thereafter the A&R Knarr Facility in accordance with the Knarr Intercreditor Agreement
	Conditions
    Precedent to Funding under Knarr New Money Facility 	·
                                              Customary conditions precedent including technical advisers report on
                                            Equinor Charter and EPCI Contract and related documentation

    ·
      Successful final investment decision and Equinor regulatory approval to develop field

    ·
      Equinor funding Equinor Portion of Capex under the Equinor Contract first

    
 

    4

     

    

 

	Terms
    of A&R Knarr Facility and Knarr New Money Facility 	Additional
    Security	   ·    To
    include: (i) full security assignment of accounts receivable and rights related to any charter contracts for FPSO Petrojarl
    Knarr, Equinor Contract and any guarantees or security therefor directly in favour of security trustee, (ii) the break-up fee,
    Equinor Reimbursement and/or purchase option fee under the Equinor Contract, (iii) rights under EPCI contract and any guarantees
    or security therefor, (iv) supplemental security following terms of existing security package, (v) FPSO Sub HoldCo guarantee,
    (vi) intragroup loan assignment and subordination, (vii) negative pledge from Applicable Debtor Subsidiaries and FPSO Sub
    HoldCo and (viii) manager’s undertaking from manager of FPSO Petrojarl Knarr
	FFTA
    Shared Security in favour of Common Security Trustee	To include the following:

    ·      Guarantee
    from HoldCo Cross Guarantor (including negative pledge from and in relation to it)

·      Cash
Collateral Account Pledge granted by HoldCo Cross Guarantor

·      Intercreditor
Agreement with all creditors under Amended and Restated Bank Facilities

·      Intragroup
Loan Assignment and Subordination

	Priority	Pre-enforcement waterfall (related to cash flow sweep, Equinor
    Reimbursement and any other principal payments prior to enforcement):

    ·       Pro
    rata and pari passu Facility A1 and Facility A2 and Facility B

    ·       Facility
    D

    ·       Facility
    G

    ·       Facility
    C

    ·       Facility
    E

    ·       Facility
    H

    ·       Facility
    I

     

    Post-enforcement waterfall:

    ·       Pro
    rata and pari passu Facility A1 and Facility A2 and Facility B

    ·       Facility
    C

    ·       Facility
    D

    ·       Facility
    E

    ·       Facility
    G

    ·       Facility
    H

    ·       Facility
    I

    ·       Facilities
    A1, A2, B, C, D and E benefit from first lien – voting rights for first lien granted to Facilities A1, A2, B and D

    ·       Facilities
    G, H and I benefit from second lien

  

    5

     

    

 

	 	Cash
    Flow Sweep	·	Post
    first oil, 75% of earnings under the Equinor Contract (excluding Equinor Reimbursement) after payment of (i) asset specific
    operating costs, (ii) interest (iii) scheduled amortization (if any) and (iv) Allocated Expenses capable of being
    allocated to such asset in line with past practices
	Knarr
    Intercreditor

    Agreement	·	Intercreditor
    Agreement between Knarr New Money Facility and A&R Knarr Facility including the Priority referred to above
		·	To
    remain in full force and effect
	ECA
                                            Cover

                                                                    
	·	K-Sure
    Insurance Policy to remain at 95% of principal and interest (including PIK interest), relating to K-Sure tranche of Facility C, K-Sure
    tranche of Facility E, K-Sure tranche of Facility H and K-Sure tranche of Facility I, excluding the Upfront Fee and any interest
    thereon

	 		·	Altera Guarantee to be released upon
    Restructuring Effective Date
	 	 	·	Change of control provisions as set forth in the
    Common Terms including that Applicable Debtor Subsidiaries remain 100% directly or indirectly owned and controlled by FPSO Sub HoldCo
	 	Other
    Terms	·	Effectiveness of facility and/or Restructuring Effective
    Date conditioned upon entry into Equinor Contract in satisfactory form and substance
	 	 	·	Cross Event of Default to each Amended and Restated
    Bank Facility (but not to FPSO Silo B or ShuttleCo) to be included
	 	 	·	Prepayment fee for
    facility amounts guaranteed or funded by KEXIM to be considered further (but in no event shall such prepayment fee be less favorable
    to the Company than the corresponding terms set forth in the existing Knarr facility)
	Precedent
    Documents	·	Definitive
    documentation will be based on the existing credit facility documentation, as the same has been amended, restated, supplemented,
    and otherwise modified from time to time, and will contain the terms set forth in this term sheet 

 

 

    6

     

    

 

 

 

	Petrojarl
    I

    Classes 5b & 6b
	Current
    Terms	Balance	$43,750,000
    plus interest and Specified Default Interest accrued as at the Petition Date 
	Maturity	February 26,
    2024
	Applicable
    Debtor Subsidiaries	•       Petrojarl
    I L.L.C.

    •       Petrojarl
    I Production AS

    •       Altera
    Infrastructure Production Holdings Limited

    •       Petrojarl
    I Servicos de Petroleo Ltda

	Amended &
    Restated Bank Facility Terms (“A&R PJ1 Facility”)	Principal
    Amount	$43,750,000
    plus (i) Unpaid Interest, (ii) Default Interest and (iii) Collateral Costs 
	Interest	No
    change (calculated on SOFR + CAS)
	Amortization
    	No
    change; during extension period, continues at current rate of $2.1 million per month; provided that no amortization payment
    shall be due or payable or accrue in respect of any period prior to the later of (i) January 1, 2023 and (ii) the
    Restructuring Effective Date 
	Maturity
    Extension	Extended
    to June 26, 2024 
	Trapped
    Cash	Upon
    Restructuring Effective Date, funds in excess of $13.5 million shall be released to the Company Parties. If no Event of Default,
    funds in excess of $6.75 million shall be released from the Earnings Account to the Company Parties on 26 February 2023.  At
    least $6.75 million shall remain in the Earnings Account until final maturity of the A&R PJ1 Facility
	Cash
    Flow Sweep	None

 

    7

     

    

 

	 	Piranema
    Disposition	Lenders
    solely under the A&R PJ1 Facility and A&R Gina Krog Facility to benefit by up to $10mm from security granted in favour of
    the Common Security Trustee (as defined in the Common Terms) over Piranema FPSO (mortgage, insurances, earnings account and earnings)
    and Company Parties to use commercially reasonable efforts to sell or enter into a long-term contract by 30 September 2023
	 	 	·	Company to provide monthly email updates to lenders on sale process
	 	 	·	Failure to consummate sale or enter into long-term contract not a default
	 	 	First
    $10 million in sales proceeds or net proceeds from re-contracting placed in the Cash Collateral Account (as defined in the Common
    Terms) as a “maturity reserve” for the sole benefit of the A&R PJ1 Facility (50%) and A&R Gina Krog Facility
    (50%). To the extent the $5 million in the “maturity reserve” is not needed to cover the final maturity payment on the
    A&R PJ1 Facility, such excess funds will be kept for the benefit of the A&R Gina Krog Facility (in addition to Gina Krog’s
    initial $5 million allocation) (and vice versa)
	 	 	Upon
    repayment in full of A&R PJ1 Facility and A&R Gina Krog Facility, security in respect of the Piranema FPSO to be released
    but FPSO Silo A (including the Piranema asset) to remain an FFTA Obligor
		·	Altera Guarantee to be released upon Restructuring Effective Date
	Other Terms	·	Change of control provision facility as set forth in Common Terms, including that
    Applicable Debtor Subsidiaries remain 100% directly or indirectly owned and controlled by FPSO Sub HoldCo
	 	·	Effectiveness of facility conditioned on Restructuring Effective Date
	 	·	Cross Event of Default to each Amended and Restated Bank Facility (but not to FPSO
    Silo B or ShuttleCo) to be included
	Precedent
    Document	·	Definitive
    documentation will be based (where applicable) on the existing documentation, as the same has been amended, restated, supplemented,
    and otherwise modified from time to time, and will contain the terms set forth in this term sheet

  

    8

     

    

 

 

 

	 	

    Additional Security
	To
    include the following:
	 	·	Supplemental
    security following terms of existing security package
	 	·	Assignment
    and subordination of intragroup loans
	 	·	Guarantee
    from FPSO Sub HoldCo (including negative pledge from and in respect of it)
	 	·	Assignment
    of any future charter contracts/any operations agreements entered into by Applicable Debtor Subsidiaries
	 	·	Manager’s
    undertaking from operator of the FPSO Petrojarl I
	 	·	Negative
    pledge in respect of Applicable Debtor Subsidiaries and their shares
	 	·	Lien
    on Piranema as described under “Piranema Disposition” above
	 	FFTA Shared Security
    in favour of Common Security Trustee 
	To
    include the following:
	 	·	Guarantee
    from HoldCo Cross Guarantor (including negative pledge from and in relation to it)
	 	·	Cash
    Collateral Account Pledge granted by HoldCo Cross Guarantor
	 	·	Intercreditor
    Agreement with creditors under Amended and Restated Bank Facilities
	 	·	Intragroup
    Loan Assignment and Subordination
	 	Conditions
    Precedent to Restructuring Effective Date	·	Customary
    conditions precedent

 

    9 

     

    

 

	Gina
    Krog 

    Classes 5c & 6c
	 

    Current Terms 
	Balance	$52,026,864.56
    plus interest and Specified Default Interest accrued as at the Petition Date
	Maturity	4
    October 2022
	Applicable
    Debtor Subsidiaries 	·	Gina
    Krog Offshore PTE. Ltd.
	·	Gina
    Krog AS
	·	Altera
    Infrastructure FSO Holdings Limited
		Principal
    Amount	$52,026,864.56
    plus (i) Unpaid Interest, (ii) Default Interest and (iii) Collateral Costs (calculated before giving effect to the upfront
    extension fee described below) (the “Loan Amount”)
	Amended
                                            & Restated Bank Facility Terms (“A&R Gina Krog Facility”)
	Interest

     
	·	Existing
    cash interest (calculated on SOFR + CAS)
	·	1%
    PIK upfront extension fee on the Loan Amount (excluding Collateral Costs) (the “Loan”) at the Restructuring Effective
    Date to be paid at the Restructuring Effective Date by adding such amount to the outstanding Loan and the PIK upfront fee shall form
    part of such Loan and interest shall be payable on the Loan and the PIK upfront fee (the “Upfront Fee”)
	Amortization	Increased
    to $5 million per quarter; provided that no amortization payment shall be due or payable or accrue in respect of any period
    prior to the later of (i) January 1, 2023 and (ii) the Restructuring Effective Date
	Maturity
    Extension	Extended
    to October 3, 2024 (springs forward to October 3, 2023 if existing charter contract not extended by August 1, 2023)
	Trapped
    Cash	None
	PJ1
    Security	Second
    lien in respect of Petrojarl I FPSO (mortgage and assignment of insurances); such lien will rank behind, and be subordinate to, with
    no voting rights, the A&R PJ1 Facility until it is fully repaid. Post A&R PJ1 Facility repayment, first lien on PJ1 until
    such time as the A&R Gina Krog Facility is fully repaid

 

    10

     

    

 

	 	Cash
    Flow Sweep	50%
    of charter earnings after payment of (i) asset specific operating costs, (ii) interest (iii) scheduled amortization (if any) and
    (iv) Allocated Expenses capable of being allocated to such asset in line with past practices
	 	Piranema Disposition
	Lenders
    solely under the A&R PJ1 Facility and A&R Gina Krog Facility to benefit by up to $10mm from security granted in favour of
    the Common Security Trustee (as defined in the Common Terms) over Piranema FPSO (mortgage, insurances and earnings) and Company Parties
    to use commercially reasonable efforts to sell or enter into a long-term contract by 30 September 2023
	 	·	Company
    to provide monthly email updates to lenders on sale process
	 	·	Failure
    to consummate sale or enter into long-term contract not a default
	 	First
    $10 million in sales proceeds or net proceeds from re-contracting placed in the Cash Collateral Account (as defined in the Common
    Terms) as a “maturity reserve” for the sole benefit of the A&R PJ1 Facility (50%) and A&R Gina Krog Facility
    (50%). To the extent the $5 million in the “maturity reserve” is not needed to cover the final maturity payment on the
    A&R PJ1 Facility, such excess funds will be kept for the benefit of the A&R Gina Krog Facility (in addition to Gina Krog’s
    initial $5 million allocation) (and vice versa)
	 	Upon
    repayment in full of A&R PJ1 Facility and A&R Gina Krog Facility, security in respect of the Piranema FPSO to be released
    but FPSO Silo A (including the Piranema asset) to remain an FFTA Obligor
	 	Other Terms
	·	Altera
    Guarantee to be released upon Restructuring Effective Date
	 	·	Change
    of control provision as set forth in the Common Terms, including that Applicable Debtor Subsidiaries remain 100% directly or indirectly
    owned and controlled by FSO Sub HoldCo
	 	·	Effectiveness
    of facility conditioned on Restructuring Effective Date
	 	·	Bareboat
    Charter between Gina Krog Offshore Pte. Ltd and Gina Krog AS to be extended if and as need be so that it expires no sooner than the
    corresponding external bareboat charter (including following any extension of such external charter) but without prejudice to Lender
    consent rights, may be terminated upon disposition or recycling of assets at or prior to maturity
	 	·	Cross
    Event of Default to each Amended and Restated Bank Facility (but not to FPSO Silo B or ShuttleCo) to be included

 

    11

     

    

 

	 	Precedent
    Document	·	Definitive
    documentation will be based (where applicable) on the existing documentation, as the same has been amended, restated, supplemented,
    and otherwise modified from time to time, and will contain the terms set forth in this term sheet
	 	Additional Security
	To
    include the following:
	 	·	Supplemental
    security following terms of existing security package
	 	·	Assignment
    and subordination of intragroup loans
	 	·	Guarantee
    from FSO Sub HoldCo (including negative pledge from and in respect of it)
	 	·	Negative
    pledge in respect of Applicable Debtor Subsidiaries and their shares
	 	·	Assignment
    of future charter contracts
	 	·	Assignment
    of any operations agreement and manager’s undertaking
	 	·	Lien
    on Piranema as described under “Piranema Disposition” above
	 	FFTA Shared Security in favour of Common
    Security Trustee
	To
    include the following:
	 	·	Guarantee
    from HoldCo Cross Guarantor (including negative pledge from and in relation to it)
	 	·	Cash
    Collateral Account Pledge granted by HoldCo Cross Guarantor
	 	·	Intercreditor
    Agreement with creditors under Amended and Restated Bank Facilities
	 	·	Intragroup
    Loan Assignment and Subordination
	 	Conditions
    Precedent to Restructuring Effective Date	·	Customary
    conditions precedent

 

    12

     

    

 

	Suksan
    Salamander 

    Classes 5d & 6d
	Current Terms
	Balance	$12,500,000
    plus interest and Specified Default Interest accrued as at the Petition Date
	Maturity	August
    28, 2022
	Applicable Debtor Subsidiaries
	·	Clipper
    L.L.C.
	·	Altera
    Infrastructure FSO Holdings Limited
	·	Altera
    Production UK Limited
	·	Arendal
    Spirit UK Limited
	Amended
    & Restated Bank Facility Terms	Principal
    Amount	$12,500,000
    plus (i) Unpaid Interest, (ii) Default Interest and (iii) Collateral Costs (calculated before giving effect to the upfront
    extension fee described below) (“Loan Amount”)
	 

    (“A&R Clipper Facility”)
	Interest

     
	·	Existing
    cash interest (calculated on SOFR + CAS)
	·	1%
    PIK upfront extension fee on the Loan Amount (excluding Collateral Costs) (the “Loan”) at the Restructuring Effective
    Date to be paid at the Restructuring Effective Date by adding such amount to the outstanding Loan and the PIK upfront fee shall form
    part of such Loan and interest shall be payable on the Loan and the PIK upfront fee (the “Upfront Fee”)
	Amortization
    	$1.25
    million per quarter; provided that no amortization payment shall be due or payable or accrue in respect of any period prior
    to the later of (i) January 1, 2023 and (ii) the Restructuring Effective Date
	Maturity
    Extension	Extended
    to August 28, 2024

 

    13

     

    

 

	 	Cash
    Flow Sweep	50%
    of charter earnings after payment of (i) asset specific operating costs, (ii) interest (iii) scheduled amortization (if any)
    and (iv) Allocated Expenses capable of being allocated to such asset in line with past practices
	 	Other Terms
	·	Altera
    Guarantee to be released upon Restructuring Effective Date
	 	·	Change
    of control provision as set forth in Common Terms including that Applicable Debtor Subsidiaries remain 100% directly or indirectly
    owned and controlled by FSO Sub HoldCo
	 	·	Effectiveness
    of facility conditioned on Restructuring Effective Date
	 	·	Bareboat
    Charter between Clipper LLC and Altera Production UK Limited to be extended if and as need be so that it expires no sooner than the
    corresponding external bareboat charter (including following any extension of such external charter) but without prejudice to Lender
    consent rights, may be terminated upon disposition or recycling of assets at or prior to maturity
	 	·	Cross
    Event of Default to each Amended and Restated Bank Facility (but not to FPSO Silo B or ShuttleCo) to be included
	 	Precedent
    Document	·	Definitive
    documentation will be based (where applicable) on the existing documentation, as the same has been amended, restated, supplemented,
    and otherwise modified from time to time, and will contain the terms set forth in this term sheet
	 	Additional Security
	To
    include the following:
	 	·	Supplemental
    security following terms of existing security package
	 	·	Assignment
    and subordination of intragroup loans
	 	·	Guarantee
    from FSO Sub HoldCo (including negative pledge from and in respect of it)
	 	·	Negative
    pledge in respect of Applicable Debtor Subsidiaries and their shares
	 	·	Assignment
    of any future charter contracts
	 	·	Assignment
    of operations agreement and manager’s undertaking
	 	·	Account
    pledge granted by Altera Production UK Limited
	 	·	Share
    pledge in respect of Altera Production UK Limited
	 	·	Share
    pledge in respect of operator of Suksan Salamander FSO

 

    14

     

    

 

	 	FFTA Shared Security in favour of Common
    Security Trustee
	To
    include the following:
	 	·	Guarantee
    from HoldCo Cross Guarantor (including negative pledge from and in relation to it)
	 	·	Cash
    Collateral Account Pledge granted by HoldCo Cross Guarantor
	 	·	Intercreditor
    Agreement with creditors under Amended and Restated Bank Facilities
	 	·	Intragroup
    Loan Assignment and Subordination
	 	Conditions
    Precedent to Restructuring Effective Date	·	Customary
    conditions precedent

 

 

    15

     

    

 
	Arendal
    

    Classes 5e & 6e

	Current Terms
	Balance	$8,500,000
    plus interest and Specified Default Interest accrued as at the Petition Date
	Maturity	February
    2023
	Applicable Debtor Subsidiaries
	·	Arendal
    Spirit L.L.C.
	·	Arendal
    Spirit AS
	·	Altera
    Infrastructure Holdings LLC
	Amended & Restated Bank Facility Terms
    (“A&R Arendal Facility”)

     
	Principal
    Amount	$8,500,000
    plus (i) Unpaid Interest, (ii) Default Interest and (iii) Collateral Costs (calculated before giving effect to the
    upfront extension fee and $3 million in principal payments described below) (“Loan Amount”)
	Interest
	·	Existing
    rate (calculated on SOFR + CAS)
	·	1%
    PIK fee on the Loan Amount (excluding Collateral Costs) (the “Loan”) at the Restructuring Effective Date to be
    paid at the Restructuring Effective Date by adding such amount to the outstanding Loan and the PIK upfront fee shall form part of
    such Loan and interest shall be payable on the Loan and the PIK upfront fee (the “Upfront Fee”)
	Amortization
    	None
    other than Cash Flow Sweep
	Maturity
    Extension	February
    2024
	Cash
    Flow Sweep	50%
    of charter earnings after payment of (i) asset specific operating costs, (ii) interest, (iii) scheduled amortization (if any) and
    (iv) Allocated Expenses capable of being allocated to such asset in line with past practices
	ECA
    Cover	To
    remain in full force and effect

    16

     

    

 

	 	Other Terms
	·	Altera
    Guarantee to be released upon Restructuring Effective Date
	 	·	Change
    of control provision as set forth in the Common Terms including that Applicable Debtor Subsidiaries remain 100% directly or indirectly
    owned and controlled by Arendal Sub HoldCo
	 	·	Effectiveness
    of facility conditioned on Restructuring Effective Date
	 	·	Bareboat
    Charter between Arendal Spirit LLC and Arendal Spirit AS to be extended if and as need be so that it expires no sooner than the corresponding
    external bareboat charter (including following any extension of such external charter) but without prejudice to Lender consent rights,
    may be terminated upon disposition or recycling of assets at or prior to maturity
	 	·	Cross
    Event of Default to each Amended and Restated Bank Facility (but not to FPSO Silo B or ShuttleCo) to be included
	 	·	$3
    million in principal payments paid on Restructuring Effective Date and applied in prepayment
	 	·	Release
    of second priority security over Arendal Spirit unit and related debt in favour of TopCo/NewCo
	 	Precedent
    Document	·	Definitive
    documentation will be based (where applicable) on the existing documentation, as the same has been amended, restated, supplemented,
    and otherwise modified from time to time, and will contain the terms set forth in this term sheet
	 	Additional Security
	To
    include the following:
	 	·	Supplemental
    security following terms of existing security package
	 	·	Share
    pledge in respect of Arendal Spirit AS
	 	·	Assignment
    and subordination of intragroup loans
	 	·	Guarantee
    from Arendal Sub HoldCo (including negative pledge from and in respect of it)
	 	·	Negative
    pledge in respect of Applicable Debtor Subsidiaries and their shares
	 	·	Assignment
    of any future charter contracts
	 	·	Assignment
    of operations agreement and manager’s undertaking

 

    17

     

    

 

	 	FFTA Shared Security in favour of Common
    Security Trustee
	To
    include the following:
	 	·	Guarantee
    from HoldCo Cross Guarantor (including negative pledge from and in relation to it)
	 	·	Cash
    Collateral Account Pledge granted by HoldCo Cross Guarantor
	 	·	Intercreditor
    Agreement with creditors under Amended and Restated Bank Facilities
	 	·	Intragroup
    Loan Assignment and Subordination
	 	Conditions
    Precedent to Restructuring Effective Date	·	Customary
    conditions precedent

 

 

    18

     

    

 

	6x
    ALP
	Classes
    5f & 6f

	Current
    Terms	Balance	$42,544,000
    plus interest and Specified Default Interest accrued as at the Petition Date
	Maturity	·	Guard:
    02/2023
	·	Winger:
    02/2023
	·	Centre:
    03/2023
	·	Forward:
    06/2023
	Applicable
    Debtor Subsidiaries	·	ALP
    Forward B.V.
	·	ALP
    Centre B.V.
	·	ALP
    Guard B.V.
	·	ALP
    Winger B.V.
	·	ALP
    Maritime Services B.V.
	 	Amend
    and Restate Facility or Take Collateral	Lenders
    under the existing facilities may elect whether to (1) receive similar treatment (but as modified per below) as the Lenders under
    4x ALP Facility, in-line with discussions with CoCom advisors and as set forth in this term sheet, including paydown from remaining
    proceeds from the sale of Ace / Ippon (or such other terms as the Company Parties and the Consenting Sponsor (as defined in the RSA)
    may agree) or (2) take ownership of collateral
	Amended
    & Restated Bank Facility Terms  (“A&R 6x ALP Facility”)	Principal
    Amount	$42,544,000
    plus (i) Unpaid Interest, (ii) Default Interest and (iii) Collateral Costs (calculated before giving effect to the upfront
    extension fee described below) (“Loan Amount”)
	Interest
	·	Existing
    interest (calculated on SOFR + CAS)
	·	1%
    PIK fee on the Loan Amount (excluding Collateral Costs) (the “Loan”) at the Restructuring Effective Date to be
    paid at the Restructuring Effective Date by adding such amount to the outstanding Loan and the PIK upfront fee shall form part of
    such Loan and interest shall be payable on the Loan and the PIK upfront fee (the “Upfront Fee”)

 

    19

     

    

 

	 	Amortization
    	$1.2
    million per year beginning January 2025 (payable quarterly)
	 	Maturity
    Extension	December
    31, 2028
	 	Cash
    Flow Sweep	Starting
    Q1 2023, 50% of charter earnings after payment of (i) asset specific operating costs, (ii) interest (iii) scheduled amortization
    (if any) and (iv) Allocated Expenses capable of being allocated to such assets in line with past practices, through end of Q2
    2025, then increases to 75%
	 	Other Terms
	·	Altera
    Guarantee to be released upon Restructuring Effective Date
	 	·	Change
    of control provision as set forth in the Common Terms including that Applicable Debtor Subsidiaries remain 100% directly or indirectly
    owned and controlled by Towage Sub HoldCo
	 	·	Effectiveness
    of facility conditioned on Restructuring Effective Date
	 	·	Cross
    Event of Default to each Amended and Restated Bank Facility (but not to FPSO Silo B or ShuttleCo) to be included
	 	Precedent
    Document	·	Definitive
    documentation will be based (where applicable) on the existing documentation, as the same has been amended, restated, supplemented,
    and otherwise modified from time to time, and will contain the terms set forth in this term sheet
	 	Additional Security
	To
    include the following:
	 	·	Supplemental
    security following terms of existing security package
	 	·	Share
    pledges over, and earnings account pledges for, each borrower
	 	·	Managers
    undertaking from each vessel manager
	 	·	Assignment
    and subordination of intragroup loans
	 	·	Guarantee
    from Towage Sub HoldCo (including negative pledge from and in respect of it)
	 	·	Negative
    pledge in respect of Applicable Debtor Subsidiaries and their shares

 

    20

     

    

 

	 		To
    include the following:
	 	FFTA Shared Security	·	Guarantee
    from HoldCo Cross Guarantor (including negative pledge from and in relation to it)
	 	in favour of Common	·	Cash
    Collateral Account Pledge granted by HoldCo Cross Guarantor
	 	Security Trustee	·	Intercreditor
    Agreement with creditors under Amended and Restated Bank Facilities
	 	 	·	Intragroup
    Loan Assignment and Subordination
	 	 	 	 
	 	Conditions
    precedent to

    Restructuring Effective

    Date	·	Customary
    conditions precedent

 

    22

     

    

  

	 4x
                                            ALP

                                                                                 

                                                                                Classes
                                            5g & 6g

		Balance	$101,705,413
    plus interest and Specified Default Interest accrued as at the Petition Date
	 		· 	Striker:
    01/05/2028
	 	Maturity	·	Defender:
    02/29/2028
	 	 	·	Sweeper:
    05/31/2028
	Current
    Terms	 	·	Keeper:
    08/31/2028
	 	 	·	ALP
    Keeper B.V.
	 	 	·	ALP
    Striker B.V.
	 	Applicable
    Debtor	·	ALP
    Sweeper B.V.
	 	Subsidiaries	·	ALP
    Defender B.V.
	 	 	·	ALP
    Maritime Services B.V.
	 	 	·	ALP
    Maritime Holding B.V.
	 	 	·	Striker:
    Biannual, 1/5 and 7/5
	 	 	·	Defender:
    Biannual, 2/28 and 8/31
	 	 	·	Sweeper:
    Biannual, 5/31 and 11/30
	 	Interest
    and	·	Keeper:
    Biannual, 2/28 and 8/31
	 	amortization payment	 
	 	dates	To
    be changed to 22 January, 22 April, 22 July and 22 October across all 4 facilities; provided that no amortization
    payment shall be due or payable or accrue in respect of any period prior to the later of (i) January 1, 2023 and (ii) the
    Restructuring Effective Date
	Amended &
    Restated Bank 	Principal
    Amount	$101,705,413
    plus (i) Unpaid Interest, (ii) Default Interest and (iii) Collateral Costs (“Loan Amount”)
	Facility Terms	Interest	Existing
    cash interest (Tranche B calculated on SOFR + CAS)

 

    23

     

    

  

	(“A&R
    4x ALP 

    Facility”)	NEXI
    Premium	One
    off payment of NEXI insurance premium due to amortization deferrals (subject to mutual agreement on amount paid in cash at Restructuring
    Effective Date)
	 	Amortization
    	$3.75
    million per year beginning January 2025 (payable quarterly)
	 	Maturity
    Extension	None
	 	Cash
    Flow Sweep	50%
    after payment of (i) asset specific operating costs, (ii) interest (iii) scheduled amortization (if any) and (iv) Allocated
    Expenses capable of being allocated to such assets in line with past practices through December 2024, then increases to 75%
    (with same qualifications), payable quarterly
	 	NEXI
    Cover	To
    remain in full force and effect

	 	 	·	Altera
    Guarantee to be released upon Restructuring Effective Date
	 	 	 	 
	 	 	·	Change
    of control provisions as set forth in the Common Terms including that Applicable Debtor Subsidiaries remain 100% directly or indirectly
    owned and controlled by Towage Sub HoldCo
	 	 	 	 
	 	 	·	Effectiveness
    of facility conditioned on Restructuring Effective Date
	 	 	 	 
	 	Other
    Terms	·	In
    the event of a future agreement with lenders under the 6x ALP Facility on terms more favorable to such lenders than proposed in the
    Bank Term Sheet relating to the 6x ALP Facility, the Company Parties agree to offer the lenders under the 4x ALP Facilities improvements
    (including to interest, amortization and/or cash flow sweep, but excluding maturity) based on the same principles as for the 6x ALP
    lenders, which such terms shall, in order to be approved, require the consent of each of the Consenting Bank Lenders under the 4x
    ALP Facilities, the Company Parties, the Consenting Sponsor, and Consenting Bank Lenders holding 66.67% of the aggregate outstanding
    principal amount of Credit Agreement Claims held by the Consenting Bank Lenders.5
	 	 	 	 
	 	 	·	Cross
    Event of Default to each Amended and Restated Bank Facility (but not to FPSO Silo B or ShuttleCo) to be included
	 	 	 	 
	 	 	·	Undertaking
    to continue with towage business if 6XALP Lenders do not agree to the Plan
	 	 	 	 
	 	 	·	Break
    Costs for JBIC on Tranche A to be considered further (but, in no event, shall such Break Costs be less favorable to the Company than
    the corresponding terms set forth in the existing 4x ALP facility)
	 	 	 	 
	 	 	·	No
    hedging of interest payments in respect of the 4xALP Facility to be required
	 	Precedent
    Document	·	Definitive
    documentation will be based (where applicable) on the existing documentation, as the same has been amended, restated, supplemented,
    and otherwise modified from time to time, and will contain the terms set forth in this term sheet

 

 

5 Provided that, for the avoidance of doubt, paydown of the 6x ALP Facilities from the
remaining proceeds from the sale of Ace/Ippon shall not be deemed an improvement to the 6x ALP Facilities and will not be offered to
the lenders under the 4x ALP Facilities.

 

    24

     

    

 

	 		To
    include the following:
	 	 	 
	 	 	·	Supplemental
    security following terms of existing security package (cross collateralized between the 4 facilities only)
	 	 	 	 
	 	Additional
    Security	·	Assignment
    of any future charter contracts and any guarantees therefor (to the extent not spot charters)
	 	 	 	 
	 	 	·	Assignment
    and subordination of intragroup loans
	 	 	 	 
	 	 	·	Guarantee
    from Towage Sub HoldCo (including negative pledge from and in respect of it)
	 	 	 	 
	 	 	·	Negative
    pledge in respect of Applicable Debtor Subsidiaries and their shares
	 	 	To
    include the following:
	 	 	 
	 		·	Guarantee
    from HoldCo Cross Guarantor (including negative pledge from and in relation to it)
	 	FFTA
    Shared Security	 	 
	 	favour of Common	·	Cash
    Collateral Account Pledge granted by HoldCo Cross Guarantor
	 	Security Trustee	 	 
	 		·	Intercreditor
    Agreement with creditors under Amended and Restated Bank Facilities
	 	 	·	Intragroup
    Loan Assignment and Subordination
	 	Conditions
    precedent to

    Restructuring Effective

    Date	·	Customary
    conditions precedent 

 

    25

     

    

 

 

	Common Terms

    Classes 5 and 6
	 	Structure
    description	Company
    Parties to be reorganised into the structure as set out in Exhibit A
	TopCo/NewCo	Holding
    company of HoldCo Cross Guarantor, ShuttleCo group and FPSO Silo B
	HoldCo
    Cross Guarantor	A limited liability
    company, incorporated in a jurisdiction to be discussed and agreed, which undertakes no other business than being the holding company
    for FPSO Sub HoldCo, FSO Sub HoldCo, Arendal Sub HoldCo and Towage Sub HoldCo
	FPSO Sub HoldCo	A limited liability company, incorporated in
    a jurisdiction to be discussed and agreed, which undertakes no other business than being the holding company of FPSO Silo A, the
    Knarr subsidiaries and the Petrojarl subsidiaries
	

                                                                                 

                                                                                 

                                                                                 

                                                                                Parties
	FSO
    Sub HoldCo	A
    limited liability company, incorporated in a jurisdiction to be discussed and agreed, which undertakes no other business than being
    the holding company of the Clipper subsidiaries and the Gina Krog subsidiaries
	Arendal
    Sub HoldCo	A limited liability
    company, incorporated in a jurisdiction to be discussed and agreed, which undertakes no other business than being the holding company
    of the Arendal subsidiaries
	Towage
    Sub HoldCo	A limited liability
    company, incorporated in a jurisdiction to be discussed and agreed, which undertakes no other business other than being the holding
    company of the ALP subsidiaries
	Sub
    HoldCos	FPSO Sub HoldCo,
    FSO Sub HoldCo, Arendal Sub HoldCo and Towage Sub HoldCo
	FFTA
    Obligors	HoldCo Cross
    Guarantor, Sub HoldCos, Applicable Debtor Subsidiaries for each Amended and Restated Bank Facility and FPSO Silo A
	Management
    Companies	Structure and
    ownership of subsidiaries of TopCo/NewCo providing management services to the FFTA Obligors and related protections to be discussed
    and agreed
	FPSO
    Silo A	Companies holding
    Piranema FPSO and Voyageur FPSO

 

    26

     

    

 

 

	 	FPSO
    Silo B	Companies
    party to or holding Libra JV, Itajai JV and Falcon Spirit FPSO
	ShuttleCo
    group	Altera Shuttle
    Tankers LLC and each of its Subsidiaries
	Common
    Security

    Trustee	Acceptable
    bank or financial institution appointed by all creditors under the Amended and Restated Bank Facilities

			·	Bank
    account of the HoldCo Cross Guarantor held with an acceptable bank in an acceptable jurisdiction
	 	 	·	Cash
    available (subject to applicable liquidity thresholds and New Knarr Facility restriction below) unless an Event of Default has occurred
    and is continuing
	Deliverables	Cash
    Collateral Account	·	Cash
    available at all times (exceptions to be agreed) to be applied in payment of (i) general and administrative expenses allocated
    or allocable to the FFTA Obligors in the ordinary course of business and consistent with historical practices, subject to modifications
    to reflect transfer pricing requirements (“Allocated Expenses”) and (ii) corporate overhead costs subject
    (solely in the case of this clause (ii)) to an annual cap to be agreed that provides headroom for increases therein (including an
    inflation adjustment) (clause (ii), the “Corporate Expenses”)
	 	Intercompany
    Debt	Assignment
    and (if an event of default is continuing) subordination of Intercompany Debt in favour of Common Security Trustee

 

    27

     

    

 

			·	All
    cash received by HoldCo Cross Guarantor paid into Cash Collateral Account
	 	 	 	 
	

         

         

         

        
		· 	Minimum
    free liquidity (excluding undrawn Knarr New Money Facility and restricted accounts referred to in footnote 6 of the DIP Term Sheet)
    of $15m for FFTA Obligors as of the last day of each fiscal quarter, beginning with the earlier of (i) the last day of the eighth
    full fiscal quarter after the Restructuring Effective Date or (ii) the day on which the first loans are drawn under the commitment
    in respect of the Knarr New Money Facility
	 	 	 	 
	 	 	·	No
    upstreaming permitted from HoldCo Cross Guarantor if commitments in respect of the Knarr New Money Facility remain outstanding, other
    than to cover Corporate Expenses (it being agreed that FFTA Obligors may pay Allocated Expenses to whom they are owed)
	 	 	 	 
	 	 	·	To
    remain 100% legal and beneficial owner of each Sub HoldCo
	Restrictive
    covenants	HoldCo
    Cross	 	 
	 	Guarantor	·	TopCo/NewCo
    (or another entity that meets agreed qualifications) to remain the direct or indirect 100% shareholder of HoldCo Cross Guarantor
    and there shall be a mandatory prepayment event under each Amended and Restated Bank Facility if a TopCo/NewCo Change of Control
    occurs (described below)
	 	 	 	 
	 	 	·	No
    financial indebtedness with recourse to any FFTA Obligor to be incurred (with the exclusion of the 4x ALP Facility if all other Amended
    and Restated Bank Facilities have been repaid/refinanced in full), other than (i) refinancings (or replacements by the same
    obligors (and no additional obligors), after repayment) of any one (or more) Amended and Restated Bank Facility for no more than
    the outstanding amount of such facility (including accrued and unpaid interest, fees and premium), with a final maturity no shorter
    than the previous final maturity amount and amortization schedule no greater than the previous amortization schedule, and guarantees
    thereof, (ii) refinancings (or replacements by the same obligors (and no additional obligors), after repayment) of any one (or
    more) Amended and Restated Bank Facility or any new financing, in each case, in connection with a new or improved or financeable
    external charter contract, subject to customary parameters to be mutually agreed, or (iii) unsecured debt (A) among FFTA
    Obligors and subject to intragroup assignment and (during an event of default) subordination or (B) subordinated to creditors
    of Amended and Restated Bank Facilities; provided that, in the case of clauses (i) (subject to exceptions to be consented
    to), (ii) and (iii)(B), after giving effect to such debt incurrence, pro forma minimum liquidity (including 12 months’
    scheduled interest and amortization) across the FFTA Obligors is no worse. No financial indebtedness permitted to fund dividends/distributions
    (other than payment of Allocated Expenses and Corporate Expenses)

 

    28

     

    

 

	 		·	HoldCo
    Cross Guarantor to remain 100% legal and beneficial owner of each Sub HoldCo
	 	 	 	 
	 	 	·	Subject
    to limitations on indebtedness set forth under “HoldCo Cross Guarantor” above
	 	 	 	 
	 	 	·	Company
    able to freely move all cash in facility-level pledged earnings account within FFTA Obligors
	 	Sub
    HoldCos	 	 
	 	 	·	Sub
    HoldCos may upstream cash to HoldCo Cross Guarantor on an unrestricted basis
	 	 	 	 
	 	 	·	If
    security released in respect of FPSO Silo A, FPSO Silo A remains an FFTA Obligor
	 	 	 	 
	 	 	·	Negative
    pledge on and in respect of FPSO Silo A and each FFTA subsidiary
	 	FPSO
    Silo B	Not
    restricted by, and not a guarantor or a grantor of security under, Amended & Restated Bank Facilities
	 		·	No
    restrictions on distributions from TopCo to New Shareholders
	 	 	 	 
	 	TopCo/NewCo	·	TopCo/NewCo
    to provide the comfort letter provided for under the heading “Corporate Reorganization” in the Restructuring Term Sheet
    to which these term sheets are attached

	 		·	All creditors of Amendment
    and Restated Bank Facilities to be party
	 	 	 	 
	 	 	·	Decisions of Common Security Trustee directed by
    Majority Facility Lenders under each Amended and Restated Bank Facility
	 	 	 	 
	 	 	·	Holdco Cross Guarantor and Sub HoldCo guarantees
    released upon repayment of all Amended and Restated Bank Facilities
	 	 	 	 
	 	Intercreditor
    principles	·	HoldCo Cross Guarantor security and guarantees to
    rank pari passu across Amended and Restated Bank Facilities
	 	 	 	 
	 	 	·	Sub HoldCo security and guarantees to rank pari passu
    across Amended and Restated Bank Facilities owned by such Sub HoldCo
	 	 	 	 
	 	 	·	No cross guarantees or liens at Applicable Debtor
    Subsidiaries entities or Sub Holdcos except as provided in Bank Term Sheets or these Common Terms
	 	 	 	 
	 	 	·	Cash
    management/pooling permitted within FFTA Obligor group
	 	Equity
    Warrants	As
    compensation for releasing the current guarantees provided by pre-transaction TopCo: New Warrants offered to the Consenting Bank
    Lenders in accordance with the Restructuring Term Sheet

 

    29

     

    

  

	 	TopCo/NewCo
    Change

    of Control	Change
                                            of Control means, in relation to TopCo/NewCo (for all purposes hereof, including
                                            another entity that meets agreed qualifications):

     

    (i) at a time when all management powers over the business
    and affairs of TopCo/NewCo are vested in a general partner (the General Partner), either:(A) a person or Controlling
    Group other than:

     

    (1) [Brookfield] or any of its Controlled
    Investment Affiliates;

     

    (2) any Controlling Group of which any
    of the foregoing are members; or

     

    (3) a holding company controlled by the
    parties referenced in clauses (1) and (2),

     

    accumulates, directly or indirectly, a minimum
    of fifty point one per cent (50.1%) of the voting rights in the General Partner; or

     

    (B) subject to paragraph (ii) below,
    the General Partner ceases to be the general partner of TopCo/NewCo; or

     

    (ii) at a time when all management powers
    of the business and affairs of TopCo/NewCo becomes vested in a board of directors, any person or Controlling Group other than:

     

    (A) [Brookfield] or any of Its Controlled
    Investment Affiliates;

     

    (B) any Controlling Group of which any
    of the foregoing are members; or

     

    (C) a holding company controlled by
    the parties referenced in clauses (1) and (2),

     

    accumulates, directly or Indirectly, a minimum of fifty point
    one per cent. (50.1%) of the voting rights to elect the members of the board of directors of TopCo/NewCo or the voting rights to
    elect a minimum of fifty point one per cent. (50.1%) of the board of directors of TopCo/NewCo (it being understood that a change
    in corporate form of TopCo/NewCo whereby all management powers of the business and affairs of TopCo/NewCo become vested in a board
    of directors and consequently the General Partner ceases to be the general partner, shall, unless the test in this subparagraph (ii) is
    breached, not in and of itself be deemed a Change of Control),

     

    and where:

     

    Controlling Group means, two or
    more people who agree to act together, through partnership, limited partnership, syndicate or other group or arrangement for the
    purpose of acquiring, holding, voting or disposing of securities of the General Partner or TopCo/NewCo, as applicable.

     

    Controlled Investment Affiliate means
    with respect to the Consenting Sponsor (as defined in the RSA), any investment fund, co-investment vehicle and/or similar investment
    vehicle or managed account that (1) is organised by the Consenting Sponsor or any person that controls, is controlled by or
    is under common control with the Consenting Sponsor for the purpose of making equity or debt investments in one or more companies
    and (b) is controlled by or is under common control with the Consenting Sponsor. For the purpose hereof, “control”,
    “controlled” or “controlling” shall mean possession of the power to direct or cause the direction of, the
    management, policies and day-to-day operations of a person, whether by contract or voting of securities

	 	Conditions
    precedent to

    Restructuring Effective 

    Date	·     Customary
                                            conditions precedent

     

 

 

    30

     

    

  

EXHIBIT D

 

Provision for Transfer Agreement

 

The undersigned (“Transferee”)
hereby acknowledges that it has read and understands the Restructuring Support Agreement, dated as of __________ (the “Agreement”),3
by and among Altera Infrastructure L.P. and its affiliates and subsidiaries bound thereto and the Consenting Stakeholders, including
the transferor to the Transferee of any Company Claims/Interests (each such transferor, a “Transferor”), and agrees
to be bound by the terms and conditions thereof to the extent the Transferor was thereby bound, and shall be deemed a “Consenting
Stakeholder” under the terms of the Agreement.

 

The Transferee specifically
agrees to be bound by the terms and conditions of the Agreement and makes all representations and warranties contained therein as of
the date of the Transfer, including the agreement to be bound by the vote of the Transferor if such vote was cast before the effectiveness
of the Transfer discussed herein.

 

Date Executed:

 

	 	 

Name:

Title:

Address:

E-mail address(es):

 

	Aggregate
    Amounts Beneficially Owned or Managed on Account of:
	IntermediateCo
    Notes	 
	Altera
    Unsecured Notes	 
	Libra
    HoldCo Facility	 
	Petrojarl
    I Facility	 
	Knarr
    Facility	 
	Gina
    Krog Facility	 
	Suksan
    Salamander Facility	 
	Keeper
    Facility	 
	Striker
    Facility	 
	Sweeper
    Facility	 
	Defender
    Facility	 
	6x
    ALP Facility	 
	Arendal
    Facility	 
	Interests	 

 

 

		1	Capitalized
                                            terms used but not otherwise defined herein shall having the meaning ascribed to such terms
                                            in the Agreement.

 

    31Form of Medium-Term Notes, Series U, Senior Redeemable Fixed-to-Floating Rate

 Exhibit 4.1 

[Face of Note] 

CUSIP NO. 95000U3C5                     
                                         
                                         
             PRINCIPAL AMOUNT: $             

REGISTERED NO.      

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES U 

SENIOR REDEEMABLE FIXED-TO-FLOATING RATE NOTES 

☑    Check this box if this Security is a Global Security. 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as requested by an authorized representative of DTC
(and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered
owner hereof, Cede & Co., has an interest herein. 
 This Security is not a deposit or other obligation of a
depository institution and is not insured by the Federal Deposit Insurance Corporation, the Deposit Insurance Fund or any other governmental agency. 

					
	 ORIGINAL ISSUE DATE: August 15, 2022
	  		  	 STATED MATURITY DATE: August 15, 2026

			
	 FIXED RATE PERIOD: From August 15, 2022 to, but excluding, August 15, 2025
	  	 FLOATING RATE PERIOD: If this Security has not been previously redeemed, from, and including, August 15, 2025 to, but
excluding, Maturity
	  	 INTEREST RATE PER ANNUM: Fixed Rate Period: 4.54%

Floating Rate Period: Base Rate plus the Spread, subject to the Minimum Interest Rate and to modification as provided on the reverse hereof
under the section entitled “Determination of Interest Rate for the Floating Rate Period”

			
	 INITIAL INTEREST RATE: 4.54%
	  	 FIXED RATE INTEREST PAYMENT DATES: Each February 15 and August 15, commencing February 15, 2023 and ending
August 15, 2025
	  	 INITIAL FIXED RATE INTEREST PAYMENT DATE: February 15, 2023

			
	 INITIAL INTEREST RATE FOR THE FLOATING RATE PERIOD: Compounded SOFR plus 1.56%, subject to the Minimum Interest Rate and to
modification as provided on the reverse hereof under the section entitled “Determination of Interest Rate for the Floating Rate Period”
	  	 FLOATING RATE INTEREST PAYMENT DATES: Each February 15, May 15, August 15 and November 15, commencing
November 15, 2025, and at Maturity
	  	 INITIAL FLOATING RATE INTEREST PAYMENT DATE: November 15, 2025

			
	 BASE RATE: Compounded SOFR, as defined and subject to modification as provided on the reverse hereof under the sections
entitled “Determination of Compounded SOFR” and “Determination of Interest Rate for the Floating Rate Period”
	  		  	 SPREAD:     +156 basis points

			
	 INTEREST PERIOD WITH RESPECT TO AN INTEREST PAYMENT DATE DURING THE FLOATING RATE PERIOD: The period from, and including,
the immediately preceding Interest Payment Date (or, in the case of the first Interest Period during the Floating Rate Period, August 15, 2025) to, but excluding, that Interest Payment Date
	  	 OBSERVATION PERIOD IN RESPECT OF EACH INTEREST PERIOD DURING THE FLOATING RATE PERIOD: The period from, and including, the
date two U.S. Government Securities Business Days preceding the first date in such Interest Period to, but excluding, the date two U.S. Government Securities Business Days preceding the Interest Payment Date for such Interest Period
	  	 MINIMUM INTEREST RATE FOR AN INTEREST PERIOD: 0% per annum

			
	 REGULAR RECORD DATES: The fifteenth calendar day, whether or not a Business Day, prior to an Interest Payment Date
	  		  	 CALCULATION AGENT: The Calculation Agent will be appointed prior to August 15, 2025

			
	 INDEX CURRENCY: U.S. Dollars
	  	 OPTIONAL REDEMPTION (at option of Company): Yes
	  	 REDEMPTION PRICE: See “Redemption” on the reverse hereof

			
	 REDEMPTION DATE(S)

(at option of Company): See “Redemption” on the reverse hereof
	  	 OPTION TO ELECT REPAYMENT: N/A
	  	 REPAYMENT PRICE: N/A

☐  100%

☐  Other

			
	 OPTIONAL REPAYMENT DATE(S): N/A
	  	 SINKING FUND: N/A
	  	 DEPOSITARY
 (Only
applicable if this Security is a
 Global Security): The Depository Trust Company

			
	 SPECIFIED CURRENCY: U.S. Dollars
	  	 MINIMUM DENOMINATIONS:

☑  U.S. $1,000

☐  Other
	  	 OTHER/ADDITIONAL TERMS: References herein to “Interest Payment Dates” shall mean the Fixed Rate Interest Payment
Dates and the Floating Rate Interest Payment Dates

	 ADDENDUM ATTACHED: No
	  		  	

  
 2 

 WELLS FARGO & COMPANY, a corporation duly organized and existing
under the laws of the State of Delaware (hereinafter called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or
registered assigns, the principal sum of                      DOLLARS ($        ) on the Stated
Maturity Date shown above (except to the extent redeemed prior to such date) and to pay interest, if any, on the principal amount hereof, (i) from the Original Issue Date specified above or from the most recent Fixed Rate Interest Payment Date
to which interest has been paid or duly provided for to, but excluding, August 15, 2025 at the rate per annum of 4.54% on the Fixed Rate Interest Payment Dates specified above, and (ii) if this Security has not been previously redeemed,
from, and including August 15, 2025 or from the most recent Floating Rate Interest Payment Date to which interest has been paid or duly provided for to, but excluding, the date of Maturity on the Floating Rate Interest Payment Dates specified
above at the Base Rate plus the Spread specified above, subject to the Minimum Interest Rate and as determined by the Calculation Agent in accordance with the provisions on the reverse hereof under the headings “Determination of Compounded
SOFR” and “Determination of Interest Rate for the Floating Rate Period,” as applicable. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date next preceding such Interest Payment Date. Interest payable upon Maturity will be paid to the Person to whom
principal is payable. 
 If a Fixed Rate Interest Payment Date is not a Business Day, interest on this Security shall be
payable on the next day that is a Business Day, with the same force and effect as if made on such Fixed Rate Interest Payment Date, and without any interest or other payment with respect to the delay. If a Floating Rate Interest Payment Date falls
on a day that is not a Business Day, other than a Floating Rate Interest Payment Date that is also the date of Maturity, such Floating Rate Interest Payment Date will be postponed to the following day that is a Business Day, except that, if such
following Business Day is in the next calendar month, such Floating Rate Interest Payment Date shall be the immediately preceding day that is a Business Day. If the date of Maturity would fall on a day that is not a Business Day, the payment of
principal and interest shall be made on the next Business Day, with the same force and effect as if made on the due date, and no additional interest shall accrue on the amount so payable for the period from and after such date of Maturity. For
purposes of this Security, “Business Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in New York, New
York and, for a Floating Rate Interest Payment Date and any date of Maturity during the period from, and including, July 15, 2026 to, but excluding, the Stated Maturity Date, a day that is also a U.S. Government Securities Business Day. For
purposes of this Security, “U.S. Government Securities Business Day” means any day other than a Saturday, a Sunday or a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of
its members be closed for the entire day for purposes of trading in U.S. government securities. 
 Interest payments on this
Security shall be the amount of interest accrued from and including the Original Issue Date specified above or from and including the last date to which interest has been paid, or provided for, as the case may be, to but excluding, the following
Interest Payment Date or the date of Maturity. If this Security has been issued upon transfer of, in exchange for, or in replacement of, a Predecessor Security, interest on this Security shall accrue from the last

  
 3 

 
Interest Payment Date to which interest was paid on such Predecessor Security or, if no interest was paid on such Predecessor Security, from the Original Issue Date specified above. The first
payment of interest on a Security originally issued and dated between a Regular Record Date specified above and an Interest Payment Date will be due and payable on the Interest Payment Date following the next succeeding Regular Record Date to the
registered owner on such next succeeding Regular Record Date. 
 The principal and interest on this Security is payable by
the Company in the Specified Currency specified above. 
 Any interest not punctually paid or duly provided for will
forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the
payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

Payment of interest on this Security, other than payments of interest at Maturity, will be paid by check mailed to the Person
entitled thereto at such Person’s last address as it appears in the Security Register or by wire transfer to such account as may have been designated by such Person. Any such designation for wire transfer purposes shall be made by providing
written notice to the Paying Agent not later than 10 calendar days prior to the applicable Interest Payment Date. Payment of principal of and interest on this Security at Maturity will be made against presentation of this Security at the office or
agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota, or such other place or places as the Company may designate from time to time. Notwithstanding the foregoing, for so long as this Security is a Global Security
registered in the name of the Depositary, payments of principal and interest on this Security will be made to the Depositary by wire transfer of immediately available funds. 

The Company will pay any administrative costs imposed by banks on payors in making payments on this Security in immediately
available funds and the Holder of this Security will pay any administrative costs imposed by banks on payees in connection with such payments. Any tax, assessment or governmental charge imposed upon payments on this Security will be borne by the
Holder of this Security. 
 Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the
certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall
not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 [The remainder of this page has been
intentionally left blank.] 

  
 4 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed. 
 DATED:
                     
  

	
	 WELLS FARGO & COMPANY

	
	
By:                      
                                         
        

	 Name:

	 Its:

	
	
Attest:                      
                                         
   

	 Name:

	 Its:

  

			
	 TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Securities of the

series designated therein referred to

in the within-mentioned Indenture.

	
	 CITIBANK, N.A.,

	       as Trustee

	
	
By:                      
                                         
                

	       Authorized Signature

		
		 	                  OR
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION

as Authenticating Agent for the Trustee

		
	 By:
	 	
Computershare Trust Company, N.A., as agent 
and attorney-in-fact

	
	
By:                      
                                         
                 

	       Name:
                                         
                           

	       Title:
                                         
                             

  
 5 

 [Reverse of Note] 

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES U 

SENIOR REDEEMABLE FIXED-TO-FLOATING RATE NOTES 

General 
 This Security
is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an indenture dated as of February 21, 2017, as amended or supplemented from time to
time (herein called the “Indenture”), between the Company and Citibank, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures
supplemental thereto, reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the
Securities are, and are to be, authenticated and delivered. This Security is one of the series of the Securities designated as Medium-Term Notes, Series U, of the Company. The Securities of this series may mature at different times, bear
interest, if any, at different rates, be redeemable at different times or not at all, be repayable at the option of the Holder at different times or not at all, be issued at an original issue discount and be denominated in different currencies. 

The Securities are issuable only in registered form without coupons and will be
book-entry securities represented by one or more global securities recorded in the book-entry system maintained by the Depositary (“Global Securities”). 

Interest Rate 
 The
interest rate in effect for the Fixed Rate Period shall be the Initial Interest Rate specified on the face hereof. The interest rate in effect for the Floating Rate Period shall be the Base Rate plus the Spread specified on the face hereof, subject
to the Minimum Interest Rate identified on the face hereof and to modification as provided herein. 
 The amount of interest
to be paid on this Security for each Interest Period occurring during the Fixed Rate Period shall be computed on the basis of a 360-day year of twelve 30-day months.

 The amount of interest to be paid on this Security for each Interest Period occurring during the Floating Rate Period
will be equal to the product of (i) the outstanding principal amount of this Security multiplied by (ii) the product of (a) the Base Rate for the relevant Interest Period plus the Spread multiplied by (b) the quotient of the
actual number of calendar days in such Interest Period divided by 360, subject to the Minimum Interest Rate identified on the face hereof. 

All U.S. dollar amounts used in or resulting from any of the calculations referred to herein will be rounded, if necessary, to
the nearest cent, with one-half cent rounded upward. All U.S. 

  
 6 

 
Dollar amounts used in or resulting from these calculations will be rounded to the nearest two decimal places, with 0.005 round up to 0.01. 

The Calculation Agent will determine the Base Rate specified on the face hereof, the interest rate and the amount of interest
payable for each Interest Period during the Floating Rate Period in arrears as soon as reasonably practicable on or after the last day of the applicable Observation Period, and in any event on or prior to the Business Day immediately preceding the
relevant Interest Payment Date, and will notify the Company of the Base Rate and such interest rate and the amount of interest payable for each Interest Period during the Floating Rate Period as soon as reasonably practicable after such
determination, but in any event by the Business Day immediately prior to the Interest Payment Date. For the avoidance of doubt, all determinations referenced in this paragraph shall be subject to the Minimum Interest Rate identified on the face
hereof and to modification as provided herein. 
 The interest rate on this Security shall in no event be higher than the
maximum rate permitted by New York law, as the same may be modified by United States law of general application. 
 Determination of Compounded SOFR

 “Compounded SOFR” (a compounded average of daily SOFR), calculated in accordance with the formula set forth
below, with the resulting percentage being rounded, if necessary, to the nearest one hundred-thousandth of a percentage point (0.000005 being rounded upwards to 0.00001): 
  

 
 where for purposes of applying the above formula to the terms of this Security: 

“d0”, for any Observation Period, is the number of U.S. Government Securities Business Days in the relevant
Observation Period; 
 “i” is a series of whole numbers from one to d0, each representing the relevant U.S.
Government Securities Business Days in chronological order from, and including, the first U.S. Government Securities Business Day in the relevant Observation Period; 

“SOFRi”, for any U.S. Government Securities Business Day “i” in the relevant Observation
Period, is equal to SOFR (as defined below under the section entitled “Determination of Interest Rate for the Floating Rate Period”) in respect of that day; 

“ni”, for any U.S. Government Securities Business Day “i” in the relevant Observation
Period, is the number of calendar days from, and including, such U.S. Government Securities Business Day “i” to, but excluding, the following U.S. Government Securities Business Day (“i+1”); and 

  
 7 

 “d” is the number of calendar days in the relevant Observation
Period. 
 Determination of Interest Rate for the Floating Rate Period 

This Security will bear interest for each Interest Period during the Floating Rate Period at a per annum rate equal to
Compounded SOFR plus the Spread, subject to the Minimum Interest Rate and the other terms described on the face hereof. Compounded SOFR will be determined by the Company or its designee using the formula described under the section entitled
“Determination of Compounded SOFR.” References in this section entitled “Determination of Interest Rate for the Floating Rate Period” to “its designee” refer to the Calculation Agent to be appointed by the Company. SOFR
will be determined by the Company or its designee in the following manner: 
 “SOFR” means, with respect to any
U.S. Government Securities Business Day: 
 (1) the Secured Overnight Financing Rate published for such U.S. Government
Securities Business Day as such rate appears on the SOFR Administrator’s Website at 3:00 p.m. (New York time) on the immediately following U.S. Government Securities Business Day (the “SOFR Determination Time”); 

(2) if the rate specified in (1) above does not so appear, the Secured Overnight Financing Rate as published in respect
of the first preceding U.S. Government Securities Business Day for which the Secured Overnight Financing Rate was published on the SOFR Administrator’s Website; 

where: 

“SOFR Administrator” means the Federal Reserve Bank of New York (or a successor administrator of the Secured
Overnight Financing Rate); and 
 “SOFR Administrator’s Website” means the website of the Federal Reserve
Bank of New York, or any successor source. 
 Notwithstanding the foregoing, if the Company or its designee determines that
a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any determination of the then-current Benchmark on any date for the Floating Rate Period, the Benchmark Replacement will
replace the then-current Benchmark for all purposes relating to this Security in respect of such determination on such date and all determinations on all subsequent dates. 

In connection with the implementation of a Benchmark Replacement, the Company or its designee will have the right to make
Benchmark Replacement Conforming Changes from time to time. 
 Any determination, decision, election or calculation that may
be made by the Company or its designee pursuant to the provisions described in this section “Determination of Interest Rate for the Floating Rate Period,” including any determination with respect to a rate or adjustment or of the
occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest

  
 8 

 
error, may be made in the Company’s or its designee’s sole discretion, and, notwithstanding anything to the contrary in the documentation relating to this Security, shall become
effective without consent from any other party. 
 For the avoidance of doubt, after a Benchmark Transition Event and its
related Benchmark Replacement Date have occurred, interest payable on this Security for the Floating Rate Period will be an annual rate equal to the sum of the applicable Benchmark Replacement and the Spread set forth on the face hereof. 

Upon the request of the Holder of this Security, the Company or its designee will provide the calculation of the amount of
interest payable in respect of any Interest Payment Date during the Floating Rate Period. 
 As used herein: 

“Benchmark” means, initially, Compounded SOFR, as defined under the section entitled “Determination of
Compounded SOFR”; provided that if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Compounded SOFR (or the published daily SOFR used in the calculation thereof) or the then-current
Benchmark, then “Benchmark” means the applicable Benchmark Replacement. 
 “Benchmark Replacement” means
the first alternative set forth in the order below that can be determined by the Company or its designee for the applicable Benchmark Replacement Date: 

(1)     the sum of: (a) the alternate rate of interest that has been selected or recommended by
the Relevant Governmental Body as the replacement for the then-current Benchmark and (b) the Benchmark Replacement Adjustment; 

(2)     the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement
Adjustment; 
 (3)   the sum of: (a) the alternate rate of interest that has been selected by the
Company or its designee as the replacement for the then-current Benchmark giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate notes at such time
and (b) the Benchmark Replacement Adjustment. 
 “Benchmark Replacement Adjustment” means the first
alternative set forth in the order below that can be determined by the Company or its designee for the applicable Benchmark Replacement Date: 

(1)    the spread adjustment, or method for calculating or determining such spread adjustment, (which may
be a positive or negative value or zero), that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement; 

(2)   if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA
Fallback Adjustment; 

  
 9 

 (3)     the spread adjustment (which may be a
positive or negative value or zero) that has been selected by the Company or its designee giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of
the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated floating rate notes at such time. 

For the avoidance of doubt, the Benchmark Replacement Adjustment for the applicable Benchmark Replacement Date may be
selected, recommended or determined on a day other than such Benchmark Replacement Date. 
 “Benchmark Replacement
Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definitions of “Interest Period” and “Observation Period”, timing and
frequency of determining rates and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the Company or its designee decides may be appropriate to reflect the adoption of such Benchmark Replacement in a
manner substantially consistent with market practice (or, if the Company or its designee decides that adoption of any portion of such market practice is not administratively feasible or if the Company or its designee determines that no market
practice for use of the Benchmark Replacement exists, in such other manner as the Company or its designee determines is reasonably necessary). 

“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current
Benchmark (including the daily published component used in the calculation thereof): 
 (1)     in
the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator
of the Benchmark permanently or indefinitely ceases to provide the Benchmark (or such component); or 

(2)   in the case of clause (3) of the definition of “Benchmark Transition Event,” the first
date on which such Benchmark (or such component) is no longer representative based on the determination and announcement by the regulatory supervisor for the administrator of such Benchmark (or such component); provided, that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (3) and even if such Benchmark (or such component) continues to be provided on such
date. For avoidance of doubt, the Benchmark Replacement Date could occur some period of time after the most recent statement or publication referenced in clause (3) of the definition of “Benchmark Transition Event.” 

For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier
than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination. 

  
 10 

 “Benchmark Transition Event” means the occurrence of one or more
of the following events with respect to the then-current Benchmark (including the daily published component used in the calculation thereof): 

(1)     a public statement or publication of information by or on behalf of the administrator of the
Benchmark (or such component) announcing that such administrator has ceased or will cease to provide the Benchmark (or such component), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor
administrator that will continue to provide the Benchmark (or such component); 
 (2)   a public statement or
publication of information by the regulatory supervisor for the administrator of the Benchmark (or such component), the central bank for the currency of the Benchmark (or such component), an insolvency official with jurisdiction over the
administrator for the Benchmark (or such component), a resolution authority with jurisdiction over the administrator for the Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator
for the Benchmark (or such component), which states that the administrator of the Benchmark (or such component) has ceased or will cease to provide the Benchmark (or such component) permanently or indefinitely, provided that, at the time of such
statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such component); or 

(3)   a public statement or publication of information by the regulatory supervisor for the administrator of
the Benchmark (or such component) announcing that the Benchmark (or such component) is no longer, or as of a specified future date will no longer be, representative. 

“ISDA Definitions” means the 2021 ISDA Interest Rate Definitions published by the International Swaps and
Derivatives Association, Inc. (“ISDA”) or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 

“ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that
would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor. 

“ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions
to be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. 

“Reference Time” with respect to any determination of the Benchmark means (1) if the Benchmark is Compounded
SOFR, the SOFR Determination Time, and (2) if the Benchmark is not Compounded SOFR, the time determined by the Company or its designee in accordance with the Benchmark Replacement Conforming Changes. 

  
 11 

 “Relevant Governmental Body” means the Federal Reserve Board
and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto. 

“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

 Events of Default 

If an Event of Default, as defined in the Indenture, with respect to Securities of this series shall occur and be continuing,
the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

Modification and Waivers 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the
Securities at the time Outstanding of all series to be affected, acting together as a class; provided, however, that amendments or modifications to this Security contemplated by the provisions set forth in the section entitled “Determination of
Interest Rate for the Floating Rate Period” shall not require the consent of the Holder of this Security. The Indenture also contains provisions permitting the Holders of a majority in principal amount of the Securities of all series at the
time Outstanding affected by certain provisions of the Indenture, acting together as a class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with those provisions of the Indenture. Certain past defaults
under the Indenture and their consequences may be waived under the Indenture by the Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series. Any
such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu
hereof, whether or not notation of such consent or waiver is made upon this Security. 
 Defeasance and Covenant Defeasance 

The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness on this Security and
(b) certain restrictive covenants, upon compliance by the Company with certain conditions set forth therein, which provisions apply to this Security. 

Redemption 
 This
Security is redeemable at the option of the Company. The Company may redeem this Security, (i) in whole, but not in part, on August 15, 2025 (the “First Par Call Date”) or (ii) in whole at any time or in part from time to
time, on or after July 15, 2026, in each case at a Redemption Price equal to 100% of the principal amount of this Security being redeemed plus accrued and unpaid interest thereon to, but excluding, the date of such redemption. 

  
 12 

 This Security is also redeemable at the option of the Company, in whole at
any time or in part from time to time, on any day included in the Make-Whole Redemption Period (as defined below), at a Redemption Price equal to the greater of: (i) the Make-Whole Amount (as defined below) and (ii) 100% of the principal amount
of this Security being redeemed, plus in either case, accrued and unpaid interest on this Security or the portion thereof to be redeemed to, but excluding, the date of such redemption. 

As used in this Security: 

The “Make-Whole Amount” is (i) the sum of the present values of the remaining scheduled payments of principal
and interest thereon discounted to the date of such redemption (assuming this Security matured on the First Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus the Make-Whole Spread (as defined below) less (ii) interest accrued to the date of such redemption. 

The “Make-Whole Redemption Period” is the period commencing on and including August 22, 2023 and ending on and
including August 14, 2025. 
 The “Make-Whole Spread” is 0.25%. 

“Treasury Rate” means, with respect to any Redemption Date, the yield determined by the Company in accordance with
the following two paragraphs. 
 The Treasury Rate shall be determined by the Company after 4:15 p.m., New York City time
(or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve Board (the “FRB”), on the third Business Day preceding the Redemption Date based upon the yield or yields for the
most recent day that appear after such time on such day in the most recent statistical release published by the FRB designated as “Selected Interest Rates (Daily) - H.15” (or any successor designation or publication) (“H.15”)
under the caption “U.S. government securities—Treasury constant maturities—Nominal” (or any successor caption or heading) (“H.15 TCM”). In determining the Treasury Rate, the Company shall select, as applicable:
(1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the Redemption Date to the First Par Call Date (the “Remaining Life”); or (2) if there is no such Treasury constant maturity on H.15
exactly equal to the Remaining Life, the two yields—one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the
Remaining Life—and shall interpolate to the First Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant
maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on
H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the Redemption Date. 

If on the third Business Day preceding the Redemption Date H.15 TCM (or any successor designation or publication) is no longer
published, the Company shall calculate the Treasury Rate 

  
 13 

 
based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second Business Day preceding such Redemption Date of the United States
Treasury security maturing on, or with a maturity that is closest to, the First Par Call Date, as applicable. If there is no United States Treasury security maturing on the First Par Call Date but there are two or more United States Treasury
securities with a maturity date equally distant from the First Par Call Date, one with a maturity date preceding the First Par Call Date and one with a maturity date following the First Par Call Date, the Company shall select the United States
Treasury security with a maturity date preceding the First Par Call Date. If there are two or more United States Treasury securities maturing on the First Par Call Date or two or more United States Treasury securities meeting the criteria of the
preceding sentence, the Company shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States
Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the
average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places. 

Any Redemption Price will be expressed as a percentage of principal amount and rounded to three decimal places. 

The Company may exercise its options to redeem this Security by mailing a notice by first-class mail, postage prepaid, of such
redemption to each Holder of the Securities of this series to be redeemed or, in the case of Global Securities, the Company shall provide such notice to the Depositary, as holder of the Global Securities pursuant to the applicable procedures of such
Depositary, at least 15 days and not more than 60 days prior to the applicable Redemption Date. Unless the Company defaults in the payment of the Redemption Price, on and after the applicable Redemption Date interest will cease to accrue on
this Security or portion hereof called for redemption. 
 Repayment 

This Security will not be repayable prior to the Stated Maturity Date at the option of the Holder. 

Sinking Fund 
 This
Security will not be entitled to any sinking fund. 
 Authorized Denominations 

This Security is issuable only in registered form without coupons in denominations of $1,000 and integral multiples of $1,000
in excess thereof and cannot be exchanged for debt securities of the Company in smaller denominations. Beneficial interests in this Security will only be held in denominations of $1,000 and integral multiples of $1,000 in excess thereof. 

  
 14 

 Registration of Transfer 

Upon due presentment for registration of transfer of this Security at the office or agency of the Company in the City of
Minneapolis, Minnesota (or such other place or places as the Company may designate from time to time), a new Security or Securities of this series in authorized denominations for an equal aggregate principal amount will be issued to the transferee
in exchange herefor, as provided in the Indenture and subject to the limitations provided therein and to the limitations described below, without charge except for any tax or other governmental charge imposed in connection therewith. 

This Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the
Company that it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and a qualified successor depositary
is not appointed within 90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines that this Security shall be exchangeable for definitive Securities in
registered form or elects to terminate the book-entry system through the Depositary and notifies the Trustee thereof or (z) an Event of Default with respect to the Securities represented hereby has occurred and is continuing. If this Security
is exchangeable pursuant to the preceding sentence, it shall be exchangeable for definitive Securities in registered form, bearing interest at the same rate, having the same date of issuance, redemption provisions, Stated Maturity Date and other
terms and of authorized denominations aggregating a like amount. 
 This Security may not be transferred except as a whole
by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee of such successor.
Except as provided above, owners of beneficial interests in this Global Security will not be entitled to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under the Indenture.

 Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the
Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice
to the contrary. 
 Obligation of the Company Absolute 

No reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay the principal of and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed, except as otherwise provided in this Security and except that in
the event the Company deposits money or Eligible Instruments as provided in Articles 4 and 15 of the Indenture, such payments will be made only from proceeds of such money or Eligible Instruments. 

  
 15 

 No Personal Recourse 

No recourse shall be had for the payment of the principal of or the interest on this Security, or for any claim based hereon,
or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor
corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof,
expressly waived and released. 
 Notices 

All notices to the Company under this Security shall be in writing and addressed to Wells Fargo & Company, 550 South
4th Street, 6th Floor, MAC N9310-060, Minneapolis, Minnesota 55415, Attention: Treasury Department, or
to such other address as the Company may notify to the Holder. All notices to the Paying Agent under this Security shall be in writing and addressed to Computershare Trust Company, N.A., c/o Wells Fargo Bank, N.A., Corporate Trust Services, Attn:
David Pickett, 600 South 4th Street, 6th Floor, MAC: N9300-060, Minneapolis, Minnesota 55415, or to
such other address as the Company may notify to the Holder. 
 Defined Terms 

All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture
unless otherwise defined in this Security. 
 Governing Law 

This Security shall be governed by and construed in accordance with the law of the State of New York, without regard to
principles of conflicts of laws. 

  
 16 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they
were written out in full according to applicable laws or regulations: 
  

							
	TEN COM	 	--	 	as tenants in common	  	
				
	TEN ENT	 	--	 	as tenants by the entireties	  	
				
	JT TEN	 	--	 	 as joint tenants with right
 of survivorship and
not
 as tenants in common
	  	

  

											
	UNIF GIFT MIN ACT	 	--	 	 	 	Custodian	 	 	 	  
	 	 	 	 	                            (Cust)	 	 	 	                              (Minor)	 	 

 Under Uniform Gifts to Minors Act 
  

                       
                                         
     
             (State) 

Additional abbreviations may also be used though not in the above list. 

FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto 

Please Insert Social Security or 

Other Identifying Number of Assignee 
  

                       
                                         
     
  
  

 
  
  

 
 (PLEASE
PRINT OR TYPE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE)

  
 17 

 the within Security of WELLS FARGO & COMPANY and does hereby irrevocably constitute
and appoint                      attorney to transfer the said Security on the books of the Company, with full power of substitution in the
premises. 
 Dated:
                                         
        
  

                       
                                         
     
 NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within
instrument in every particular, without alteration or enlargement or any change whatever. 

  
 18

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